Registered number: 04712419
Charity number.. 1097174
THE MORLEY AGRICULTURAL FOUNDATION
(A Company Limited by Guarantee)
TRUSTEES. REPORT AND FINANCIAL STATEMENTS---" -
FOR THE YEAR ENOED 31 AUGUST 2024

THE MORLEY AGRICULTURAL FOUNDATION
IA Company Limited by Guarant••)
CONTENTS
Page
Reference and Adrnini$trative Details ol the Charity, Its Trust•os and Advisers
Trustee$. Report
Independent Auditors. Report on the Financial Ststements
Consolidated Statement of Financlal Activities
1D-13
14
Consolidatod Balance Sheet
15-16
17-18
Charity Balance Sh¢et
Consolidated Statement of Ca$h Flows
19
Notes to the Flnancial Statements
20-42

THE IAORLEY AGRICULTURAL FOUNDATION
A Company Llmiled by Gu4rnntee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 AUGUST 2024
Trustees
S Rawsthorne
CEAPHill
R Wilboum
N J Steed
T S Evans
B W R Hadingham
SELord
P Mubmer
Company registered
number
04712419
Charity registered
number
1097174
Registered office
Morfey Busness Centre
Deopham Road
Wymondham
Norfolk
NR18 9DF
Company secretary
M Canham
Independènt auditors
MA Partners Audit LLP
charte￿[d Accountants and Statutory Auditors
7 The Cl¢se
NoNrch
Norfolk
NR1 4DJ
Soll¢ltors
Birketts LLP
Kingfisher House
1 Guilders Way
Off BaRrack Street
Norwth
NR3 1UB
Investment Managers
8arratt & Cooke
5 Opie Street
Notwich
Norfolk
NR130W
Page 1

THE AIORLEY AGRICULTURAL FOUNDATION
IA Company Llmited by Guarantee
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The Trustees present their annual rewrt together with the audited financial statements of the The Modey
Agricultural Foundation for the 1 September 2023 to 31 August 2024. The Annual Report serves the purposes Of
both a Trustees, report and a Directors, report under company law. The Trustees confimi that the Annual Report
and financial statements of the Charity compty ￿th the current statutory requirements, the requirements of the
Chanty's governing d￿Ument and the provi￿OnS of the Staterr*nt of Recommended Practice ISORP) applicable
lo charities preparin9 their accounts in accordan￿ wlh the Financhal Rewrting Standard applicable in the UK
and Republic of Ireland IFRS102} leffeclThie 1 January 20191.
Objectives and activitles
Pollcles and objectives
The Foundation exists lo proffb)te for public bene￿t the study and knowledge ol agricultural science and the
application of modem techniques to agr￿ultUre and husbandry in all their branches, including the breeding,
feeding and management of Iweslock and poultry, horticulture and sifviculiure.
In seth'ng objectwes and planning for actNities. the Trustees have given due consKlerali)n lo general guidance
published by the Charity Commission relating ID public benefiL including the guidance 'Public benefit.. running a
charity IPB21'.
b. Strategies for achieving objectlves
The Trustees focus on makiTrJ a positive impact ofi the promotion for public benefit the study and knowledge of
agricultural saence and the ap1￿￿tion of modem lechnwu8S to agriculture and husbandry in all their branches.
They seek lo do this by making optimum investment of the Foundation's funds and distributing income and work
with kcal organisalions and individuals trtat conform to the MerrThandum of Artscles.
Page 2

THE MORLEY AGRICULTURAL FOUNDATION
(A Company Llmlled by Guarantse
TRUSTEES. REPORT IcoKllNUED
FOR THE YEAR ENDED 31 AUGUST 2024
Otsjectives and activities (continued)
c. Acllvltles und¢rtakon to achiove objectives
Grant commitments were made during the course of the year to..
NIAB, two main grants. one lo continue fvnding the New Fam Systems project: now in its 12th year and
the other to Mortey Long Tenn Trial Series ILoTS}. Thi8 is a cdleclion of initiatives which al maintain long
lemi experiments at Modey, b) collaborate wth education providers lo support undergraduate and
postgraduate opportunities assoualed with TMAF. c) test and evaluate new innovab'ons and technologies
and report on this to students an¢J farmers in the region. d) communicate and collaborate with TMAF to
h051, deliver and demonstrate impartial research in the region.
Morfey Soil and Agronomic Monitoring Study (SAMS)
Harper Adaffls Controlled Resear(* into reduang field traffic intensity
British B￿t Research Organi&thin assessing carbon dynamics in sugar beel
Agri Tech East's Young Innovators Forum.
The Essex Schly￿s Fo(Kl and FanYMng day
John Edgar Trust Management e4)urse- funding East Anglia ap￿IcantS
NIAB CTP
Co4evelopment of new wheat varieties
Various Mortey PhD (in tandem wth NIAB, Cambridge UnNersty and UEA}
Ma￿MiS1ng sustainable maize growng
Our Bu(saries fund for students.
d. Sotlal Inv•stment polkles
The Trustee$ continue to believe the current mix of property assets and investrnenl portfolio provide the best
long term stategy for the creation of incorne lo support r(s grant programme. Together with portfolio managers,
the Trustees review investment performance against objecti'ves set. The social, enVir(￿Mental and ethical
considerations of the Trustees are disc¥Jssed wtth the pothlio manager on an annual basis to ensure il is in line
with the b￿￿1$ of the Found*i¢)n.
. Grant-making pollcles
The Foundation accepts applications for fvnding from both individuals and institutions. Applications are reviewed
to ensure compliance with the Chanty's objectrv8s and for suitability by the Tmstees before any grants are made.
Total grant commitments are determined in line wrth the propcted investffEnl income for the period.
Page 3

THE MORLEY AGRICULTURAL FOUNDATION
(A Company Limlted by Guarantee)
TRUSTEES. REPORT {CONTINUED
FOR THE YEAR ENDED 31 AUGUST 2024
Otyectivas and actlvities (contlnued)
f. Volunt8•rs
The Foundation relies on the professional expertise of ivs Trustees, all of whom provide their services on a
voluntary basis, in order lo fulffil the ChariVs objectives. The Foundats"on is gratefvl for the unslinling efForts of it's
volunteers.
Slralegic report
Achlevements and pérfonnance
. Maln achl•vem•nts of the Charity
The Trustees have Continued lo provide substantial grants to indNtduals {lo train agricultural students and lo
provide access lo training for fanners: researchers and advisors to the agricultural induslryl. They have a150
been able to support a number of organisations to engage and conduct agricurtural research, and for the
purposes lo plan and carry out experiments and fiebj trials for the invesligation and solution of famiing problems
and for the adaption of the results of xienlific research generalty to the needs and praclise of agriculture.
The Trustees have purchased futher land at Wymondham Road which will generate ftJrtherthth.for. the
charitable purposes in the fijture.
b. R•¥iow of a¢tlvities
The Foundats"on's policy contn'butes to the ftlnding of indeFÉndent research and education in all aspeGts of
farrning and husbandry, preferabiy wthin East Anglia.
To that end.,
a) Funding for the proposals from NIAB, one for fve yeats and one for three years.
bl The Foundation continues to make fvnds available fw relevant research by PhD students.
cl Provmjing funding to Morley Farms Limited in support of the an￿lIary research and educational acts'vities It
conducts.
c. Fundralslng a¢tiviti¢s and incc•me generallon
Neither the Charity. nor anyone acting on its behaw. undertakes conventional charitable fijndraising aclivilies.
d. Investment policy and perfomHnc•
The Trustees continue lo believe the curyenl mix of proFerty assets and investment portfolio provide the best
long te￿ slrale9y for the creation of Inco￿ to support its grants prcgramme. Together with Fortfolio managers,
the Trustees review inveslmenl performance against obje¢tives set.
Morky Farms Limited continues to pay a commercial ￿nI to the Foundation.
Page 4

THE MORLEY AGRICULTURAL FOUNDATION
IA Company Llmit¢d by Guarantee
TRUSTEES. REPORT (CONTINLIEDI
FOR THE YEAR ENDED 31 AUGUST 2024
strateglc report l¢ontinued)
Flnan¢lal review
Going ¢on¢ern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate
resources lo continue in operational existence for the foreseeable fvture. For this reason. they conts'nLTre lo adopt
the going concern basis in preparing the financial statements. Further details regarding the adopts.on of the going
oncern basis can be found in Ihe accountin9 pO￿￿e$.
b. Roservgs policy
The Trustees regard the Chari￿s property & inveslment assets as permanent funds. The Trustees, wlicy is that
these funds should be maintained in real terms, in order to generate income to finance current and fvlure grant
giving in accordance with th8 Foundation's objectives to..
Promote the study & knowledg8 of agricJJlbJral Scien￿ & the applution of modern sGientific techniques to
agriculture & husbandry in all their branches.
As part of these objectives, the Trustees remain Committed to fijnding significant agricultural research projects.
Funding commitments for SLJch projects routinety extend lo a period of behveen 3 - 5 years. The Trustees
therefore take account of these longer lem commitrnenls when considering the level of reserves to be Tetsined
by the Foundakn'on.
General funds of the Charity at 31 August 2024 amounted to £31.494,512 {2023: £29.256,8811. In delemiining
the level of resources, the board is mindful of the need lo rnaintain a contingency fvnd in order to meet any
unexpected repair costs in relation lo the Charivs property assets. Similarty reserves are required lo fund
ongoing working capital requirements of Morley Faryns Limited. After taking account of these issues and
retaining a suitable level of fijnds lo cover these aspects, the Tnjstees. policy is to use substantially all of the
Charity's surplus investment income over a 3 10 5 year time frame in order to fvnd the Foundation's grant making
a¢tivity over lfve same period.
At 31 August 2024 the 9￿Jp'S free reseNes a￿￿Unted to £3,061,90912023'. £61,032}.
. Material Investments polky
Al each board meeting the Tnrstees r￿1Ve a report from the portrolio manager (Barratt & Cooke} on the
investment's perfonnance over the last quarter. The F¥￿tfol￿ n￿nager attends the finance board meeting
ann￿￿lY and is also available to provhle advice to the Trustees when requi￿. The Trustees look to maxmise
the retum on the investrnent whilst avo￿1ng ary unnecessary risk based on the advice gNen.
d. Principal risk5 •nd uncertaintles
Principal ri5k5 are 11 a cotlapse in our portfolio kading lo a k)ss of diV￿lend income, 2) a very poor faming year
leading io no profit and an inabilty for Morley Farrrts ￿mited lo pay ￿ftt to the Foundation.
Page 5

THE MORLEY AGRICULTURAL FOUNDATION
(A Company Llmlted by Guarantee)
TRUSTEES. REPORT {CONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
e. Prlncipal fundlng
The Foundations income for the reporting period ending 31 August 2024 comprised Largely of rental and dividend
income. This enabled the FoundatvJn to meet ils objectNes set out above. In addition, the Foundakn'ons
subsidiary trading company carries out Com￿er¢I01 fanning ath"vities, historically with a view lo profi15 generated
being paid by gift aid to the Foundation.
f. Flnancial rgviow
Incorne from the portfolio, rent from properties and laming profit from Modey Far￿ts Limited enable the
Foundab'on lo maintain its grants, prc#JranYne and cover its overheads.
Tre Foundab'on's inconwng resources arTh)unted to £600,171 12023.. £406,141 net exFenditure} as shown ir¢ the
Consolidated Slalemenl of Finanaal Aclivilies on page 14. This includes nel profit from the SUbs￿lary company
of £19a,44612023.' £138,507) prior to the dimination of intel g￿up transathons and gains on investsments.
There was a nel increase in funds of£2,237,631 (2023.. £708,428 decrease in funds).
The Charty's investment portfulio increased in value from £8,692,950 at the beginning of the year to £9,545,135
a5 al 31 August 2024. This is 8 reflection of the general rnarket conditions.
In order lo help the Trustees to C0115ider fiJrKling projects beyorKI tts (yjrrent finanual period. a budget process
that extends four years beyond the current one is in opefation.
Structurp, governance and managem•nt
Constitution
The Mortey Agricultural Foundation is registered as a charitab￿ Company limtted by guarantee and was Set up
by a MemcKandum of Assouation on 23 April 2003 and is a registered Charity number 1097174.
Page 6

THE IAORLEY AGRICULTURAL FOUNDATION
IA Company Limlted by Guarante&)
TRUSTEES. REPORT {coKfiNUED}
FOR THE YEAR ENDEO 31 AUGUST 2024
Struetur•, gov•rnanc• and management {C(￿linued)
b. Methods of appolntm•nt or ek¢tion of Trustees
The Chartty is controlled by its Trustees. Under the Charitys Articles of AS5(￿latiOn, the Trustees are elected al
the AGM. Al eath AGM. one third of the ekcted Trustees retire. If a vacancy Is riot filled, a retiring Trustee, if
willing, is deemed to be re elected. Al Trustees ex￿p1 an elected Tnjstee retiring by rolalion. musl be
nominated in writing lo the Chairman by al least three Members. ts¥o of which musl already be Trustees. The
Trustees may appoint a person who is willing to act to be an elected Trustee either lo fill a vacancy or as an
additional Trustee but he shall hold Offi￿ onty until the next AGM where he may be reappointed.
Members of the Council, who are Directors for the purpose of company law and Trustees for the purpose of
charity law, who served during the year and up to the dale of thi$ ￿pOrt a￿ sel out on page 1.
Members of the Charty guarantee lo contribute an arwunt not ex￿edIng £1 to the assets of the Charity in the
event of winding up. The total numker of such guarantees al 31 Augusl 2024 wa$ 50912023= 5091.
Annually, prior to the AGM, the Chairman writes lo all Memt¢r5 seeking proposals to tse ¢onsidered at the AGM
to fill any Trustee or Counal vacancies.
The Trustees each contn'bule their professional expertise in different s￿1￿¢ areas and as such no addib'onal
training is deemed necessary in those areas. However, the Tru51eeg consider and attend any relevant training
opportunities which enhan￿ th*r knowledge of the gener￿ role and responsibilrties of a Trustee.
c. Oryanlsatlonal struc￿le and dt¢isionwrnaking policies
The day-l04ay management of the Foundation has been delegated to the Cornpany Secretary, M Canham, who
is contracted by the Foundation on an annual basis. Lknsions relating to the acquisition or disposal Df assets are
made by the Tru$lee$ al one of their reguLar meetings.
The Foundation's subsidiary trading company carries out comrrErcial farnin9 activities, historicalfy with a view to
profits generated being paid by gift aid lo the Foundation. Morfey Famis Limited continues lo cary out and
support various ancillary research and educational aCtiv￿.eS fof the benefft of the Foundab'on. The farm
management works closely wlh a regional agriCU￿Ural educab'onal oryanisation to develop training schemes for
its students.
The capital base of Mortey Farms will need to expand lo finance these *Nilies. This is likety lo be through
programme related loan funding from the Foundation but also from the relenb'on of some future commercial
farming profits. Where profrts are retained in ftrture this may give rise io a liabiltty to corporation tax within Morley
Farms Limited.
d. Pay polioy lor key management pgrnonngl
There are no suth arrangements for setting pay and remuneration as key management consists of the Trustees,
11 of whom are unpaid.
o. Related party r91ationships
T S Evans is a Partner at Amold Keys LLP. Chartered Surveyors. S E Lord is a Director al Norfok FWAG.
Page 7

THE MORLEY AGRICULTURAL FOUNDATION
(A Company Limited by Gu•Anteel
TRUSTEES. REPORT {CONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2024
Slructure. governance and management Icontinued)
f. Financial risk mana9ement
The Trustees have assessed the tnajor risks to which the Group and the Charity are extKJsed, in particular those
related to the operats'ons and finar￿$ of the Group and the Charity. and are satisfied that systems and
procedures are in place lo mitigate exposure to the major risks.
The Trustees keep under review the major rtsks to which the Charity is exposed.
A management committee, under the Ch￿rn￿nShiP of a Foundation Truslee, has been establtshed for Morfey
Farms Limited and meets regularfy to review perfomwnce as well as ¢ommunicab'ng relevant matters lo the
Foundalitsn Board. An independent consullant has been empbyed to assist the fam manager in preparing
budgets and reviewing procedures and controls against industry benchmarks.
The major risks lo the in¢ome of the Foundations are the level of the dividend Stream from its portfolio Currently
managed by Barratt and Cooke. and the volatility of farm Inco￿￿.
Plans for future peri4xIs
The Morley Agricullural Foundation will continue to fund research conducted by NIAB, providing grants for the
New Farming Systems programme Inow in its 12th year) and for the Morley Lorkg Term Trial Series ILOTSI
programme which in¢ludes, a) conbnuing kjng term fiekj experiments, bl collaborating vthh edu¢ati¢n providers,
cl providing and evaluats'ng new lechndogies with stakehoklers and d} providing NIAB and TMAF research at
events at Modey and elsewhere. We also continue lo host NIAB trials with other funders and we have become a
demonslralion fami and trials sile for The 8ritish Beet Research Organisation IBBRO}.
A further portion of available funds will be used to SUPF4)rt PhD studenis researthing topics relevant to TMAF'S
aims., informing the publi¢ about the techniques and science used in modern agriculture., supporting the
communication be￿Ween young faryners and young scientists and prov￿Ing bufsaries lo stL￿ents who need
monetary assistance with their courses.
A final po￿On wll be devoted speuficalty to the study of soil. Funding is being provided for 1 } a Harper Adams
PhD examining controlled traffic farming and soil ￿MpactIOn issues and 21 a University of East Anglia project
investigating the impacts of cover crops and reduced tillage regimes on water, soil and crop yields. BBRO has
started research entilled 'lnlerpreting and managing the spatial perforrThan￿ of crops. NIAB is also carrying out
the Modey Soil and Agronomic Monitoring Study (SAMS).
Page B

ThE AIORLEY AGRICULTURAL FOUNDATKIN
IA Company Llmited by Guaranteo)
TRUSTEES. REPORT {COPITrIUED)
FOR THE YEAR ENDED 31 AUGUST 2024
The TnJste8s (who *e al¥J dir&tus olthe Ch￿lty lor w1￿)se$ crf C(ry￿Y lthvl ¥e re$￿s￿le ftjr
preparing Ihe Trustees, Reyjrt irKknirwJ tho Stsatw Repmxt and Itt8 finarKAal sl*ments in accordance wth
appll*k l&v and Unlied ￿ryd¢)M I£￿unti￿ SlarKlards (United lQngdom Gwaty P£oJunts'ng
Prathe).
Company lthv rBquirts tr*TnJ5tees to F¥OPaP for ffin￿ra1. UrKl8r cts77pany law, the
Truste•s musl D)t appro¥e the finanoat slatemerts unle55 they are SatL8￿ that lh￿ give a trug and falr of
Ihe slate ofaftW￿ ofts GrrAJP and the of Ihw Y¥))M￿9 resour￿ and applltabon of resourees,
Incknliro thdr inr£￿* and eypenditure, for that In wrin9 thes• fir￿¢￿?1 statements, the Truste¢¥ are
to..
s*t sullablè ￿0>MIng F￿￿1@5 and apk* them
obseNe tre methc#Js and prina*s oflhe Charthes SORP IFRS 102k
make judgments aNI &cQunb'￿j •stirMtes that are rea>￿ arnj
slate whether appkatrAe UK AcfAiunlry Stsndarts {FRS 1021 been Ic•>wl, sublect trj any matetsl
departures dlscks•d and Mi the fMKal statemeft14
Prepa￿ the financia slaternts cfft tying c4)nc•m b¥is [￿e$S it 1$ to w•ume thè
Group ¢￿tinue wi tr￿iness
The TNstws ore ra$F￿$[ble for kooplThJ that are sufficient *) sh¢)w e41d expldn
of the Group a￿1 the Chwity and énable theffl to ensure that the stat¥r￿t$ rJ)mpty ¥hlh the
Ccffipaniès Act 20C6. TW ar• also for safpguardirvj assets of Grtyjp the Charity
hence for ta￿r￿j r&gSor￿b1• Steps for and ¢J*lirm of fra￿1 aKI (ther Irmgularitses.
Dls¢lo•uv• of Infornutlon to audltom
o far as thal Trustee is aw￿8. lTr*re is no rele¥•tt a￿111 infr*makn thè c￿19b18 group's
aud￿ 8r¢ unwdre, and
that TNstee has lak￿ all the sleps that w to t*en as a Trusteo In order trJ be of
any tel8vant audit In1￿ aThJ to oskblgh th* th• ch¥itth wp'8 auditors ofthat
The audrtUf¥, MA Partners A￿￿1t LLP. have nJi¢ated th•* wth'rgr*s$ lo Cotilirwje in office. The des¥nated
Trustées wll propose • motion reapw'rty Ihe at a ofthe Truste
opro
by ord•r dthe Mern￿ Of￿ of Tnjstees ￿ 13 Fotrfuary 21r25 ar￿ *ned on thdr iEh&lf ty.
Page g

THE MORLEY AGRICULTURAL FOUNDATION
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS. REPORT TO THE IAEMBERS OF THE MORLEY AGRICULTURAL
FOUNDATION
Opinion
We have audited the finanaal statements of The Morley Agri¢)Jltural Foundation (the 'parent tharitable
company'l and its sUbS￿laneS (the 'group'l for the year end8d 31 August 2024 which cornpri5e the Consolidated
statement of Financial Activities, the ConS￿ldated Balance Sheet. the Charity Balall￿ Sheet, the Consolidated
Statement of Cash Flows and the rdated notes, induding a summary of significant accounting policies. The
financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom
Accounting Standards, including Finan￿al Reporting Standard 102 The Financial R8POrting Standard applicable
in the UK and Republic of I￿land, (United Kingdom Generalty Accepted Accounts"ng Practice}.
In our opinKJn the finan¢ial state￿Ents..
give a true and fair view of the stste of the GfOUP'$ arKI of the parent charitable compaws affairs as at 31
August 2024 and of the Group's incoming resources and applicalion of resources, induding its income
and expenditure for the year then ended.,
have been prtsFedy prepared in accordan￿ with United Kingdom Generalty Accepted Accounting
Practice," and
have been prepared in a¢￿an￿ the requirements of the CompanEs A¢t 2006.
8a$ls for opinion
We conducted our audit in accordance with Intemational Standards on Audibng IUK} IISAS IUKII and applicable
law. Our responsibilitSes under those standards are further described in the Auditors, responsibilities for the audit
of the finanoal statements section of Ouf reFN)rt. We are independent of the Group in ￿cOrdan￿ with the ethical
requirements that are relevant to our audit of the financial 5taterrents in the United Kingdom, Including the
Financial Rep¢rting Council's Ethical Stsndard, and we have fulfilled our other ethical respongbililies in
accordance wrth these requirements. We believe that Ihe audit evidence we have obtained is sufficient and
appropriate to pro¥￿e a basis for our opinion.
Conclusions rnlating to golng concem
In auditing the finanaal statements, we have conduded that the Trustees. use of the going concern basis of
accounting in the preparation of Ihe finanaal statements is appropriate.
Based on the work we have perforrned, we have not ilentified any material Un￿rtaIntleS relating lo events or
conditions tha( indiv￿￿alty or collectively, may cast signfficant doubt on the Group's or the parent charitable
companys ability to continue as a going concem for a period of at least ￿e1Ve ry￿nths from when the financial
statements are authorised for issue.
Our responsibilit￿5 and the re$￿n￿￿'1￿S of the Trustees with respect to going concern are described in the
relewant section5 of this r8porL
Page 10

THE AIORLEY AGRICULTURAL FOUNDATION
IA Company Llmited by Guarnnte•l
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MORLEY AGRICULTURAL
FOUNDATION (CONTINUED}
Other information
The other informalion comprises the information induded in the Annual Report other than the finanual
slalemenls and our Auditors, Report thereon. The Tnjslees are responsible for the other information contained
within the Annual Rewrt. Our opinion on the finan￿al statements not cover the other information and,
except to the extent otherwse eXpl1￿￿Y stated in Ouf report. we do not express any lomi of assurance conclusion
Ihereon. Our responsibilty is ID read the other inf0m￿t'0n and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the course of the
audit, or olheThvise appears to be materially misstated. If we idenb.fy such material inconsistencies or apparent
material misstatements, we ar8 required to detemine whether this gNes rise to a material misststemenl in the
financial statements thernselves. If. based on the work we have perfon7)ed, we conclude that there is a material
misststemenl of this other informalion, we are required to re￿￿rt that facL
We have nothing to report in this regard.
Oplnion on other matters prescribed by the C¢)mpanios Act 2006
In our opinion, based on the worf( undertaken in the o)urse of the audit.
the information given in the Trustees, Report induding the Strategic Rertht for the financial year for which
the financial staterrEnts are prepared is consistent wih the financial Statements.
the Trustees, Report and the strateg￿ Report have been prepared in a¢¢ofdance with applicable legal
quiremenl$.
Matters on which w? are requlr•d to report by exceplion
In the light of our knowledge and urKlerstanding of the charitable company and ils environment obtained in the
course of the audrt, we have not K18nkn"fied material misstatements in the Trustees, Report including the Strategic
Report.
We have Tr)Ihing to report in r8spect of the folk)wing matters in relabon to whth Companies Act 2006 requires
us lo report lo you rf, in our ￿ink)n'.
the parent charitable company has not kept adequate and SuffiC￿￿t accounting records, or returns
adequate for o(Lr audit have not been r￿1Ved from branches not visited by us,. or
the parent charitable company finanaal statements are r￿t in agreement with the accounting records and
relums; or
certain disck)sure$ of Trustees. rer￿neration SPe￿fied by are not made., or
we have not r￿Ved al the information and explanations we require for our audit.
Page11

THE MORLEY AGRICULTURAL FOUNDATION
IA Company Limited by Guarantee)
INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE MORLEY AGRICULTURAL
FOUNDATION ICONTINUEDI
Responsibilities ol truslees
As explained n￿re fvlty in the Trustees, ReSpon￿bill￿e8 StateffEnL the Trustees (who are also the directors of
the charitable company for the purposes Df company lawl are responsible tor the preparation of the financial
statements and ftsr being satisfied that they give a true ar)d fair view, and for such inlemal control as the
Trustees determine is necessary lo enable the preparation of financial statemen15 that are free from material
misstatement, whether due to fraud or erTOr.
In preparing the financial statements, the Trustees are reswnsible for assessing the Group's and the pa￿nt
chari18ble ¢ompanls ability lo continue as a going o)ncem, disclosing, as applicable, matters related lo going
concern and using the going con￿rn basis of ac£ounb"ng unless the Trustees either intend lo liquidate the Group
or the parent charitable company or to cease operatson5: or have no realistic alternatNe bul to do so.
Auditors, responsibllltles for th• audlt of the financial statements
Our objecti'ves are lo obtain reasonable assurance ab(K41 whether the financial statements as a whole are free
from material misststement, whether due to fraud or error. and to issue an Auditors, Report that indudes our
opinion. Reasonable assuran￿ is a high level of assurance, but is rbot a guarantee that an audit ¢onduded in
accordance with ISAS IUKI will afvvays deleet a matenal misstatement when it e￿$1$. Misstatements can arise
from fraud or error and are Con￿dered materi81 if. indmdualty or in the aggregate, they coubj reasonably be
8xpected to influence the econom￿ decisN)ns of users taken on the basis of these financial slatemenls.
Irregularits'es, including fraud, are instances of non-¢ompliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to delect material rnis5talemenls in respect of irregularities,
including fraud. The exlent to whKh our procedures are capabb of detecting irregularities, including fraud is
detailed below..
The objectives of our audit in respect of fraud: are- to identify and assess the risks of materfal misstatement of
the financi81 statements due to fraud,. to obtsin sufficient appropriate audit evidence regarding the assessed risks
of material misstalerrEnl due lo fraud, through designing and implewling appropriate responses lo those
assessed risks., and to resF¥)nd appropriatety to Instan￿ of fraLKJ or suspected fraud identified during the audit.
However, the primary responsibility for the preventh)n and detectKin of fraud rests wlth both management and
those charged wlth governan￿ of the Charity.
Page 12

THE MORLEY AGRICULTURAL FOUNDATION
{A Company Limited by Guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE MORLEY AGRICULTURAL
FOUNDATION (CONTINUED)
Our approach was a5 follows:
We obtained an understanding of the legal and regulatory requirements applicable to the Charity and
considered that the most significant are the Companies Act 20[￿, UK ffinancial reporting slandard5 as
issued by th8 Finanoal Reporting Council, and UK tsXat￿n legislation.
We obtained an undeT51anding of how the CharTty complies with these requirernent5 by discus5ion5 Wlth
management and those (*arged with governance.
We assessed the risk of matenal misstatement of the financial statements, including the risk of malerial
misstatement éue to fraud and how rt might ocujr. by hohjing discussions with management and those
charged with govemance.
We inquired of management and those charged govemance as lo any known instances of
noncompliance or suspected non-CX)mpliance with laws and reguLations.
Based on this understanding, we desoned Spe￿r￿ appropriate audil procedures lo identify instances of
non-compliance laws and regulations. This included making enquiries of management and those
charged with govemance and obtaining addib'onal eOfroLK)rative evNJence as required.
Be¢ause of the inherent limitaltons of an audit there is a risk that we wll nol detect all irregularities. including
those leading lo a material misslalement in the financi81 si8temenls or non-compliance with regulation. This risk
Increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statefflents, as we will be less likety lo become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than efror, as fraud invoNfes
intentional Goncealmenl forgery, collusion, Orni￿0n or misrewe5entab"on.
A further description of our responsibilities for the audit of the financial staterrftnts is located on the Financial
Reporting Council'5 website at www.frc.o
.ukJauditorsre
bilities. This description forrns part of our
Auditors, Report.
Use ofour report
This report is made solely lo the Chariys members: as a bc¥Jy, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audil work has been undertaken so that we might state lo the Charity's members
those matters we are required lo stale to them in an Auditors, Report and for no other purpose. To the Mllesl
extenl pemiitted by law, we do nol accept or assume respon￿bilIty lo anyone other than the Charity and rts
members, as a body, for ￿r audit work, for this reFrf)rL Cf for the opinions we have f0M￿d.
Alistair Fish FCA (Senlor Statutory Auditor)
for and on behalf ol
MA Partners Audit LLP
Chartererd Accountants and Statutory Auditors
7 The Close
NOrw￿h
Norfolk
NR14DJ
Date..
3141 Lf
Page 13

THE MORLEY AGRICULTURAL FOUNDATION
(A Company Limited by Guarnntee
CONSOLIDATED STATEMENT OF FINANCIAL AC￿TIEs (INCORPORATING INCOME AND
EXPENDrruRE ACCOUNT}
FOR THE YEAR ENDED 31 AUGUST 2024
Unrestricled
funds
2024
Total
funds
2024
Tolal
lunds
2023
Income from:
Other trading activities
Investments
other income
1.394,037
438,100
6.126
1,394,037
438,100
6,126
1, 121,656
421,367
1,403
Totsl income
1￿38,263
1,838,263
1,544,426
Expendilure on:
Raising funds
Charitable actwits'es
1.086.029
152.063
1.086,029
152,063
889,282
1,061,285
Total expendithre
1,238.092
1.238,092
1,950,567
Net incomel{expendtture) before not galn$l{losses
pn investmgnts
Net gainslllossesl on investrTlents
Net rnovemont in funds before other recognis¢d
gainsl{losse$l
600.171
1,668,475
600,171
1,668,475
(406, 141)
(302,287)
2,268,646
2268,646
(708,428)
othor recognl$¢d gainsJ{lossesl".
Losses on revaluats.on of investment property
{31.015
131,015}
Net movement in funds
2.237.631
2.237,631
(708,428)
Re¢on¢iliation of funds:
Total funds brought forward
Net movement in fvnds
29,256,881
2.237.631
29,2S6,881
2.237.631
29,965,309
1708,428)
Total funds carried foThArd
31,494,512
31,494￿12
29,256, 881
The Consolidated Statement of Financk31 ActsvIt￿$ include5 ￿1 gains and knsses recognised in the year.
The not¢$ on pages 20 to 42 form part of these financial statements.
Page 14

THE MORLEY AGRICULTURAL FOUNDATION
IA Cofflpany Limited by Guarantee)
REGISTERED NUMBER: 04712419
CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2024
2024
2023
Note
Fixed assets
Tangible as%ls
Investments
Investment propety
14
645.602
9,545,135
18241,866
735,951
8,692.960
19, 766,948
16
15
28.432,603
29.195,849
Currnnt ass•ts
sto¢k$
Debtors
Cash at bank and in hand
17
18
369,517
2,038.IM8
2.129,321
456,370
227,698
1,177,190
4,536,886
1,861,798
Creditors.. amounts falling due within one
year
19
836.3131
(887,387)
Nèt currènt assets
3,71X)A73
973,817
Total as$ets less ¢urrent liabilities
31133,176
30.169,860
Creditots.. amounts falling due after m
than one year
20
1638,6641
(912, 779)
Total net assots
31,44512
29,256,881
Chartty funds
Reslricled tunds
Unrestricted funds
22
31h94,512
29,256, 881
Total fund$
31A94,512
29,256, 881
Page 15

THE IAORLEY AGRICULTURAL FOUNDATION
IA Company Limited by Guaranlee
REGISTERED NUMBER: 04712419
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
The Trustees acknowledge their responsibilitRs for complying wth the requirements of the Act with respect lo
accounting re￿d$ and preparath'on of financial stalemenls.
The financial slaternents were approved and authorised for issue by the Trustees on
and signed on their by-.
R Wllbou
The notes on pages 20 to 42 fomi part of these financial statements.
Pago 16

THE MORLEY AGRICULTURAL FOUNDATION
(A Company Limited by Guarantee)
REGISTERED NUMBER: 04712419
CHARITY BALANCE SHEEr
AS AT 31 AUGUST 2024
2024
2023
Note
Fix8d assois
Tangible assets
Investments
Investm8nl proFerty
14
16
15N12
9.932.472
18,241I66
17,541
9,Q80,287
19,766,948
15
28,189,750
28, 864, 776
Current assets
Oeblors
18
1,912.356
1,758,221
53,240
1,025.612
Cash at bank and in hand
3,670,577
1,078,852
Credttors." amounts falling due wrthin one
year
19
(696.969)
{777. 870)
Net current assets
2.973.608
300,982
Total assets less current Ilabllitks
31.163,358
29,165, 758
Creditors.. amounts falling due after more
than one year
20
1638,664)
(912, 779)
Total net assgts
30.524,694
28,252,979
Charfty furbd$
Restricted funds
Unrestn'cted funds
30,524,694
28,252,979
Total funds
30,524,694
28,252,979
Page 17

THE MORLEY AGRICULTURAL FOUNDATION
IA Company Limit•d by Guaranlee
REGISTERED NUMBER: 04712419
CHARITY BALANCE SHEET {CONTINUED}
AS AT 31 AUGUST 2024
The Charity's net movement in fvnds for the year was Q.271,715 (2023- £(842, 192)).
The Trustees acknowledge their responsibilities for complw'ng with the requirements of the Act with respect to
aC￿ntIng re¢ord$ and preparation of )Inar￿1 siateTh￿nts.
The financial Statements were approved and authorised for issue by the Trustees on 16 lotlwtg
and sgned on their behalf by..
RWII
urn
The notes on pages 20 to 42 fom part of these financial statements.
Page 18

THE MORLEY AGRICULTURAL FOUNDATION
IA Company Limlted by Guarantee
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
2024
2023
Cash flows from operating activities
Nel cash used In i)perating activities
11,328,926>
776,577
Cash Ilows from Investing activities
Dividends, interests and rents from investrnents
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Proceeds Irom sale of investments
Purchase of investments
Purchase of investrnent property
Proceeds from disposal ol investsnent property
3S,322
6,479
8.500
6,150
1S4.8021
(5t,888)
976,605
1,325,028
11,052,000> (1,430,086)
1933) (495,198)
2,425,923
Net cash provided byllused inl investlng activities
2.338.615
(579,515
Cash flows froffl financing adivitles
Repayments of finance leases
157,5581
(57,558)
Net cash used In flnan¢ing activlt
157,5581
157,558)
Change in cash and cash equlvalents in the year
Cash and cash equivalents at the teginning of the year
952,131
1460N961
1,637,686
1,177.190
Cash and cash equivalents at the end ol th• y•ar
2,129,321
1,177.190
The notes on pages 20 10 42 form part of these financial state￿￿nts
Page 19

THE IAORLEY AGRICULTURAL FOUNDATION
IA C(vnpany Limlted by Guarantee
NOTES TO THE FINANCIAL STATEAIENTS
FOR THE YEAR ENDED 31 AUGUST 2024
General inforniatlon
The Modey AgriCul￿ra1 Foundation is a prT¥ale charitable company limrted by guarantee and incorporated
in England and Wales, registration number 04712419. The registered offi¢e is Modey Business Cenlre,
Deopham Road. Mortey St Botolph, Norf￿k. NR18 9DF.
The Members of the Charity are the Trustees named on page 1. In Ihe event of The Morley Agricultural
Foundation being wound up, the liabilty in respect of the guarantee is limited lo £1 per Member of The
Morfey Agricultural Foundation.
Accotsnting policies
2.1 Basis of preparation of financial statements
The finanaal statements have been prepared in acthance with the Charities SORP IFRS 1021-
Accounting and Reporting by Charit￿S.. Statement of Recommended Practice applicable lo charities
preparing their accounts in accordance with Ihe Finanaal Reporting Stsndard applicable in the UK
and Republic of Ireland IFRS 1021 leffeciive 1 January 2015}, the Financial Reporbng Starkdaré
applicable irTr the UK and Republic of IreLand IFRS 102> and the Companies Act 2006.
The Morley AgricUl￿ra1 Foundation meet$ the definition of a public benefit entity under FRS 102.
Assets arvj liabilib.es are inib'ally reo)gnised at historic￿ cost or transaction value unless otherwise
stated in the relevant accounting wlicy.
The Consolidated Statement of Financial A¢tivib'es {SOFA} and Consolidated Balance Sheet
consolidate the financial statements of the Group and ils subsidiary undertaking. The results of the
SUb￿diary are Gonsolidated on a line by line bass.
The Group has taken advantap of the exemption allowed under section 408 of the Companies Act
2006 and has not presented its own Statement of Financial Activits'es in these finanaal 5taternenls.
2.2 Incom•
JI income is recognised on¢e the Charity has entillement to the inconE, it is probable that the
income will be received and the amount of income receivable Can be n￿aSured reliably.
other income is re¢cgnised in the pericxj in vthich it is receivable and to the extent the goods have
been provided or on Comp￿tion of the seNice.
2.3 Exp•ndiiur•
Expenditure is recognised On￿ there is a legal or constructive OtAua￿n lo transfer economic benefit
to a third party, rt i8 probable that a transfer of economic beneffts will be required in settlement and
the armunl of the ON￿ation can be measured reliabty.
Expenditure on raising funds indudes al expenditure incurred by the Group lo raise funds for its
charitable wrposes and include$ costs of all fundraising ￿tiV￿e5 events and non-charitable trading.
Expenditure on charitable activit'es ts incurred on directty undertaking the activities which fvrther the
Group's objectives, as well as any associated support costs.
Pa3e 20

THE MORLEY AGRICULTURAL FOUNDATION
{A Company LIMIt￿ by Guarnnteel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Accounllng policies (continued)
2.3 Expenditure (continued
Costs of generating fijnds are costs incurred in attracting voluntary income: and those incurred in
trading acts"vities that raise furKIs.
Charitable activit￿ and Governance costs ar8 costs inCu￿ed on the company's educats'onal
operations. including supwjrt costs and costs rdating to the governance of the company apportioned
lo charitable activities.
2A Interest recelvable
Interest on funds held on depwt is induded when receivable and the amount ¢an be measured
relBbly by the Group,. this is norrnally up)n notification of the interest paKI or payable by the instiluts'on
with whom the funds are detxxled.
2.5 Tanglble fixed assgts and depreclation
Tangible fixed assets are initialty rwnised at cost After recognib'on, under the cost model, tangible
fixed assets are measured at cost ￿sS accumuL8ted depreciab.on and any &cumulated impairment
losses. Al costs incurred lo bring a Lqngible ffixed asset into rts intendeil working condition should be
included in the measurement of cost.
Assets in the course of construction are induded at costs in¢urred to date. Depreciation on these
assets 1$ not ¢harged until they are biought into use.
At each repo￿.ng dale the Charity assesses whether there is any indKation of impairment. If such
indication exists. the recoverable amount of the asset is determined to be the higher of ils fair value
less costs to sell and its value in use. An impairrwt loss is recognised where the carrying amount
exceeds the recoverable amount
Depreciation is charged so 8S to alkjcate the cost of tangible fixed assets less their residual value
over their estimated useful lives .
Depreciation is provided on the folk)￿"ng bases..
Freehold propety
Plant and machinery
Motor vehicles
Fixtures and fith'ngs
offi￿ equipm8nl
10% straight line
10% or 20% straight line
15% reducing balance or 20% straight line
- 20% straKJht line
2.6 Investments
Fixed ass8t investments are a fonrj of financial InstrU￿Ent and are initially recognised at their
transath.on rK)st and subsequenuy n￿aSuRd at fair value al the Balance Sheet date, unless the value
cannot be measured reliabty in which case it is measured at cost less impaimient. Investment gain5
and losses, whether realised or unrealised. a￿ combined and presented as 'GainsllLossesl on
investments, in the Consolidated Statement of Financial knts"vities.
Investments in Sub￿dIaTieS are valued al Cost less provis￿￿ for impaimienL
Page 21

THE MORLEY AGRICULTURAL FOUNDATION
IA Company Llmlted by Guarantee
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Ac¢ounting policies {conliTruedl
2.7 Stocks and work In prOgr￿S
Stocks and work in progress are valued at the k)wer of ¢osl and nel realisable value after making due
allowance lor obsolete and sh)W-moving stocks. Cost includes all direct costs and an appropriate
proportion of fixed and variable overheads.
2.6 Debtorn
Trade and other debtors are recognised at the setuement amount after any trade discount offered.
Prepayments are valued al the anK)unl prepaid nel of any trade dI￿oUnt5 due.
2.9 Cash at bank and In hand
Cash at bank and in hand includes ¢ash and short-tem highly liquid investments with a short maturity
of three I￿nthS or less from the date of acquisitson or opening of the depostt or sirNlar account.
2.10 Liabilitios and provislons
LiabAities are recognised when there is an ¢*4igation al the Balan￿ Sheet date as a result of a past
event, it is probable that 8 transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estifflated reliabty.
Liabilities are recoJnised at the arnounl that the Charity ants'cipates it will pay lo settle the debt or the
amount it has received as advan¢ed payments for the gcrf)ds or services it musl provide.
Provisions are measured at tho best estsmate of the amounts required to setue the obligation. Where
bye effect of the b'me value of money is material. the pmwsion is based on the present value of those
arnounts, discounted at the pre-tax discount rale that reflects the risks specific lo the liability, The
unwinding of the discount is Teccgnised in the Consolidated Statemgnl of Finan￿al Activities as a
finance cost.
2.11 Flnanclal Instruments
The Group onty has financial assets and finanual liabilities of a that qualify as basic financial
instruments. Basic financial instruments a￿ inrtially recognised at transaction value and subsequendy
measured at th￿[ seluemenl vaiue the exception of bank loans whith are subsequently
measured at arwrtised cost ￿￿￿9 the effective interest method.
2.12 Finance l•ases and hire pur¢ha$¢
Assets obtained under hire Fwr¢hase contracts and finance leases are capitalised as tangible fixed
assets. Assets acquired by finance lease are depreciated over the shorter of the lease lem and their
usefvl lives. Assets acquired by hire purchase are depreaated over their use￿1 lives. Finance leases
are those where substsntially all of the benefits and risks of ownership are assumed by the Group.
Obligations under such agreements are included in creditors, nel of the finance charge alk)¢ated to
future periods. The finance element of the rental payment 15 charged to the Consolidated Statement
of Financiai ActNities $0 as to prr>Juce a constant peric*JiG rats of charge on the net obligation
outstanding in each peri¢XI.
Page 22

THE MORLEY AGRICULTURAL FOUNDATION
IA Company Limited by Guarantee
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Accountlng policies {continuedl
2.13 Pension$
The Group opeiales a defined contribubon pension scheme and the pension charge represents the
amounts payable by the Group to the fund in respect of the year.
2.14 Fund accounting
General fvnds are unrestricted hjnds are available for use at the discretion of the Trustees in
furtherance of the general objedives of the Group and which have not been designated for other
purposes.
Restricted funds are ￿ndS which are to b8 used in accordance ￿ specific reslrith.ons imposed by
donors or which have been raised by the Group for pa￿'Cular purposes. The costs of raising an
administering such funds are charged against the specific fund. The aim and use of exh restricted
fund is set out in the notes to the fjnancial statements.
Investment incom8, gains and losses are all(Kated lo the appropriate fund.
crttlcal acwuntlng estlmates and areas of Judgment
Estimates and judgments are continualty evaluated and are based on hvstorical experience and other
factors, including expectations of future events that are belEved to be reasonable under the
circumstancEs.
crit￿al accounting estimates and asgJmptM)ns'.
The Charity makes estimates and assumptK)ns concerning the fvjture. The resulting a¢¢ounting estimates
and assurnpt￿ins will, by definition, seldom equal the related actual result5. The estimates and
assumptions that have a significant risk of caU￿n9 a material adjustment lo the carrying arr￿Ints of
assets and liabilities within the next final￿1 year are discussed below.
The annual depreciat'on for tangible assets is SenS￿ve to changes in the eslimaled usefvl economic lives
and residual values of th8 assets. The usefvl economic lives and residual values are re-assessed
annually. They are amended when necessary to reflect ujrrent estimates, based on technological
advancement fvture investments: economK ulilisats'on and the physical Cijnélt￿n of the asset
Investrnent property valuats'ons have been based UFrt)n professional valuations and Trustees, assessment
of recent market trends.
Fixed asset investment valuations are based on the stock market rates as al the year end. These rates
are subject to constant flu¢￿atiOn, based on a numtw of factors.
Page 23

THE MORLEY AGRICULTURAL FOUNDATION
{A Company Limited by Guarantee)
140TES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Income from other trading aetlvllles
Income from fundraislng wonts
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Faming income
1.394.037
1,394,037
1,121,656
Total 2023
I, t21, 656
1. 121,656
Inve$tment Income
Unrestrlcted
fvnds
2024
Total
funds
2024
Total
funds
2023
Rent received
Investment income
Inlefesl reCeiva￿e
Bank interest and other interest receivable
142,035
260.743
29,771
5,551
142,035
260.743
29.771
5,551
146,294
265, 121
6,475
3,477
Totsl 2024
438.100
438,100
421,367
Totsf 2023
421,367
421,36T
Page 24

THE MORLEY AGRICULTURAL FOUNDATION
(A Company Limited by Guarantee
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Other in¢omlng resoU￿e$
Unrestricted
fund$
2024
Total
fund5
2024
Total
funds
2023
Other incoming resources
6.126
6.126
1.403
Tot812023
1,403
1.403
Investhient management costs
Unrgstricted
funds
2024
Total
funds
2024
Total
funds
2023
Investment propety- maintenanee
Investment propety- professional fees
Investment property- rates
Investment management fees
Investment propety- ￿ght and heat
15,996
958
15,996
958
127
900
17,205
55,967
2, 836
1, 169
612
(1,613)
127
900
17,205
Tolal 2024
35,186
35.186
58,971
Total 2023
58,971
58,971
Page 25

THE MORLEY AGRICULTURAL FOUNDATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Anatysis of arable research proigcts - other grants
Total fund$ Total funds
2024
2023
Agri Fcx)d Charity Pathership CTP
BBRO Inlegrab'ng the use of endophyte grasses with sugar beet for vims
ydlows and aphhl management
Morley PhD
Harvest Heroes Nonmich Suen¢e FestNal
University of ￿ncoln
Suffolk Agricultural Association Schools Fami & County Fair
John Forrest Award communicat￿ Course
John Edgar Trust Management Cwr5e
NIAB Modey SAMS Phase 2
Agri-TechE Earty Careers Innovators, Forum
AFCP Coaordinator
The Ay15ham Show Food. Farming and the Colrntyside Ol￿ery Area
RNAA Food & Farming Dr6covery Trust
BBRO optimi￿ng sugar teel management practices to redu￿ greenhouse
gas emissions
INSPIRE
12.000
28,000
15,22T
21,459
8,500
6,485
4, 800
6,000
13,0(10
273,616
66,000
4,0
9,000
9,750
20.000
9,059
20,CQO
3.504
116,680
3,OlX)
Essex Food and Farmer Sth¢Jols Day
Cranfield UnNeTsity
NIAB Morfey New Famiing Systems soil aTr*ndment & cover crop rotations
NIAB C￿eVe￿)prnen1 of new vtheal variets.es and regenerative agriculture
Rolhamstsd Research
Herts SCho¢￿s Focxj & Farning Day 2024
Moulton College
Maize Growers AsS￿la￿On
Lincoln University
Harper Adams University
Other grants and bursaries
Movement in the discounting of grant$
3.000
15,000
161,810
293,289
61,760
{S2,9081
187,9871
3,000
3,000
28,$00
25.903
45.000
5,929
6,356
The recognition of these amounts reflects the ur￿ndI￿onal ot4igatw)n by The Modey Agncultural
Foundation for this fvnding and is in ￿rdance the treatment required by the Statement of
Recommended Practice (FRS 102).
Expenditure on chantable activities was £152.06312023.' £1.061.285), all of which was unrestricted.
Page 26

THE PIORLEY AGRICULTURAL FOUNDATION
(A Company Llmlted by Guaranleel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Anatysis of expendlture on charllable aclivitles
Summary by fund type
Unrestricted
funds
2024
Total
2024
Total
2023
Grants payable- Arable research proiects
ey Business Centre
63.553
88,510
63,553
88,510
958,115
lQ3, 170
Total 2024
152 063
152,063
t,06t,285
Total 2023
1,061,285
1.061,285
10.
Anatysis of expenditure by actlvltles
Acdvtt
undertaken
directly
2024
Support
costs
2024
Total
funds
2024
Total
funds
2023
ants payable- Arable research projects
Morley Business Centre
63,553
21.763
63,553
B8,510
958, 115
103, 170
66.747
Total 2024
85,316
66.747
152,063
1,061,285
rotal 2023
980,613
80,672
1,061,285
Page 27

THE MORLEY AGRICULTURAL FOUNDATION
IA Company Llmited by Guarante¢
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
10. Anatysis of expendtture by aclivllies Icontlnuod)
Analysis of direct costs
VA)rhy
Buslness
Centre
2024
Grants
yable
2024
Totsl
funds
2024
Total
funds
2023
Depwali
Grants payable
Office expenses
Insurance
Travel
Open day expenses
2,129
2,129
63,553
8.358
9,742
727
2,21T
958, 115
10,360
4,192
1,292
4,437
63,553
8,358
9.742
727
807
807
Total 2024
63,553
21.763
85,316
980,613
Total 2023
958. 115
22,498
980,613
Anatysis ol support Costs
Morfey
Business
Contrg
2024
Total
fund$
2024
Total
funds
2023
Staff costs
Sundry expenses
Legal f*$
Accountancy
Sofhvare maintenance
8ank charges
Partial exernplion adjustment
Subscriptions
Training
20,523
20,523
961
18,236
2.308
177
6,615
8. 756
$65
39,069
4.434
412
988
6,815
13.138
735
18,819
4,259
6,815
13,138
735
18,819
4.259
66.747
66,747
80,672
To1812023
80,672
80,672
Page 28

THE MORLEY AGRICULTURAL FOUNDATION
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
11.
Audltors. remunaratlon
2024
2023
Fees payable to the Charitys auditor for the audit of the Chaws annual
accounts
7,520
7,300
11 Staff costs
Group
2024
Gr(iup
2023
Charlty
2024
Charity
2023
Wages and salaries
Social security costs
Contribution to defined conln'buts'on pension
schemes
174,744
13.2S5 .
154,573
10.876
18,618
1,905
16,555
1,680
6,032
6,599
194,031
172.048
20,523
18,235
The average number of p8rsons employed by the Chanty during the year was as follows..
Group
2024
Group
2023
Employees
No employee received remuneration amunting to more than £60,000 in either year.
The Charivs key management rer50nnel are the Trustees, all ofwhom are unpaid. Key management
Compensation is therefore £NIL (2023.- £NIL)-
13. Tnxtees. remuneration and expenses
During the year, no Trustees receNed any re￿￿neratIOn or other be￿fits (2023- £NIL).
During the year ended 31 August 2024, expenses totalling £870 were reimbursed or paid direcuy lo 2
Trustees (2023- £404).
Page 29

THE MORLEY AGRICULTURAL FOUNDATION
{A Company Limited by GuaAntee>
NOTES TO ThE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
14. Tangibh fixed assets
Group
PlantaDd
ma¢hinory
Motor Fixtures and
v•hlcles
frttlngs
Office
•qulpment
Total
Cost or valuation
Al 1 September 2023
Additior)s
Disposals
653.176
54,802
(23,SW)
969,154
17,331
10,415
1,650,076
54,802
123,5001
Al 31 August2024
684.478
969,154
17,331
10,415
1,681,378
Depreciation
Al 1 September 2023
Charge for the y8ar
On disposals
433.164
40￿74
120,7581
456,824
11X>.762
15,088
397
9,049
276
914,125
142,409
120.7581
At 31 August 2024
453J80
557,$86
15A85
9.325
1,035,776
Net book value
At 31 August 2024
231.098
411.568
645,602
At 31 August 2023
220,012
512,330
2.243
1,366
T35,951
Page 30

THE MORLEY AGRICULTURAL FOUNDATION
IA Company Limited by Guarantee
NOTES TO TrIE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
14. Tangible fixed assets Icontinued
Charity
Plant and Fixtures and
machinery
fittings
Total
Cost or valuallon
At 1 September 2023
17,319
17,331
34,650
At 31 August 2024
17.319
17,331
34,650
Deprociation
At 1 Seplembef 2023
Charge for the year
2,021
1,732
15,088
397
17.109
2,129
At 31 August 2024
3,753
15,485
19,238
Not book valuo
Al 31 August 2024
13,566
15,412
At 31 Augusl 2023
15.298
2,243
t7,541
Page 31

THE MORLEY AGRICULTURAL FOUNDATION
(A Company Limited by Guaranlee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
15. Investment propgrty
Group
Freehold
In¥¢$tm¢nt
property
Valuation
At 1 September 2023
Addth'ons
Disposa15
Surplus on revaluation
19,766,948
933
11895,0001
131,0151
Al 31 August 2024
18,241,866
Charity
Freehold
Investment
property
Valuat*)n
Al 1 September 2023
Addib'ons
19.766.948
933
Disposals
Surplus on revaluation
11 A95,0001
131,015)
Ai 31 August 2024
18,241,866
The investrnenl properties were valued in 2020 by T W Corfiehj and T S Evans, RICS registered valuers
trom Arnolds Keys LLP. The valuab'ons were ￿rfOrmed on an open market value basis.
The Directors with referer￿e to the prOfeSs￿nal Valuati￿ undertaken by T W Corfield and T S Evans from
Amold Keys LLP in 2020 have determined that valuation as at 31 August 2024 to remain appropriate.
Page 32

THE MORLEY AGRICULTURAL FOUNDATION
IA Company Limlted by Guarant￿)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
16. Fixed ass•t investments
Listed
Unlisted
investments investments
Total
Group
Cost or valuatkni
At 1 September 2023
Additil￿s
Disposals
Revalualions
8,692,900
1,052.rM)o
{976.6051
776,790
8,692,950
1,052,000
1976,605}
776.790
At 31 August 2024
9,545,085
50
9.545,135
Net book value
Al 31 August2024
9,54S,08S
50
9,S45,135
At 31 August 2023
8,692.900
8,692,9S)
Invoslments
subsidlary
Listed
companles Investments
Total
Charity
Cost or valuation
At 1 Septemb¥ 2023
Additions
Disposals
Revaluations
387,387
8,692.91x1
1,052,000
1976,6051
776,790
9.080,287
1,052,01)0
{976,6051
776,790
AI 31 Au9USt2024
387.387
9,545,085
9,932,472
Net book valu¢
At 31 August 2024
387.387
9,545,085
9,932,472
At 31 August 2023
387.387
8,692,900
9,080,287
Page 33

THE MORLEY AGRICULTURAL FOUNDATION
IA Company Limited by Guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
17. Stocks
Group
2024
Group
2023
Crop5 in store
Growing crops
Consumables
211,458
q38.132
19.927
236,423
166,96T
52, 920
369,517
456,310
18. Debtors
Group
2024
Group
2023
Charlty
2024
Charity
2023
Due after more than one year
Trade debtors
1885.021
1,485,021
1,48S,021
1,485,021
Due withln on• year
Trade debtors
446.318
61,299
374.321
50,538
27.304
Amounts owed by group undertakn'ngs
(Xher debt¢)fS
Prepayments and accrued income
23,924
31,193
135,206
2N76
25,936
I038,048
227,698
1.912,356
53,240
Page 35

THE PK)RLEY AGRICULTURAL FOUNDATION
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
19. Cr￿ltors. Amounts falllng due within one year
Group
2024
Group
2023
Charity
2024
Charity
2023
Trade ¢reditors
Amounts owed lo group undertakings
Other taxation and social securtty
Obligations und8r finance lease and hi
purchase COntr￿ts
Other txeditors
Accwals and defeffed incow
153,109
79,082
45.610
41,574
15, 712
25,476
27A15
25.476
21,688
57,558
674, t 15
51. 156
600,172
55,617
600,172
29,499
674,115
20,993
836.313
887,387
696.969
777, 810
20. Credltors: Amounts falllng due after more than one year
Group
2024
Gn)up
2023
Charity
2024
Chanty
2023
Other creditors
912,779
638,664
912, 719
Page 36

ThE MORLEY AGRICULTURAL FOUNDATION
(A Company Lknited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
21. Flnanclal Instruments
Group
2024
Group
2023
Charity
2024
Charity
2023
Financlal assets
Finanual assets rneasured at fair value
through profit and loss
Financial assets measured at amortised cost
11,674A56
1.955.263
9.870, 140 11,303,306
92,492
1.909.880
9.718,512
2T,304
13,629,719
9.962,632 13,213.186
9,745,816
Group
2024
Group
2023
Charity
2024
Charity
2023
Financial Ilablllties
Financ4al liabilities measured at amortised
cost
11,474,9TII (1,800, 166) (1,335,6331 (1,690,649J
Financial assets measured at fair value through income and exFÉnditure Compnse listed investments
valued at the stock market price at year end and cash al bank.
Financial assets that are debt instruments Th￿aSured at amortised cost ¢omprise trade and other d8btors.
Finanaal liabilities measured at aMOrti￿ cost comprise finance bases, trade creditors, other creditors
and accnjals.
Page 37

THE MORLEY AGRICULTURAL FOUNDATION
(A C¢xnpany Llmlted by Guarantee
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
22. Staternent of funds
Slatemenl of funds - curyent year
Balan¢e at 1
September
2023
Balancg at
Gainsl 31 August
(Losse81
2024
Transfers
inlout
Income Expenditure
Unrns¢ri¢t•d
funds
General Funds
Funds retained
in subsidiary
Reserves
14.970,906
1h88,98S 11,079.2601 1,490,878
1,086,375 17,957,884
3,583,766
10,702209
349278
1158,832)
3,T14,212
9,762rt16
{1.490.8781
551,085
29,256,881
1.838.263 11.238,0921
1.637.460 31,494￿12
statement of funds - prior y•ar
Balance al
q S8Ptember
2022
Balance al
31 August
2023
Gain
(Losses)
InGorne Expenditure
Unrestricled fund8
Gelleral Funds
Funds retained in Sub￿diary
Revaluation reserve
15,314,065
3,445,261
11,205,983
1, 162,349 {1, 706.995)
382,077
(243,572)
201,487 14,970,906
3,583,766
(503, 774J 10, 702,209
29.965,309
1.544,426 (1,9￿,567)
(302,28n 29,256,881
Page 38

THE MORLEY AGRICULTURAL FOUNDATION
{A Company Llmfted by Guarantge)
NOTES TO ThE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Summary offunds
Summary of funds- ¢urrent year
Balancg at 1
Septgmber
2023
Balance at
Gain￿ 31 Au9USt
ILo$$tsl
2024
Trnnsfers
inlout
Incom• Expenditure
General funds
29,256,881
1.838.263 {1238,092)
1.637,460 31,494.512
Summary of funds- prlor year
Balance at
I S8Pt8mber
2022
Balanc8 al
31 Augusl
2023
Gainsi
(Lossesj
InLxyne Expenditure
General funds
29,965.309
1.544,426 (1.950, 567)
(302,287) 29,256,881
24. Analysis of net a$$ets betW￿n funds
Analysis of not assets between funds . cuffent p•rlod
Unrestri¢ted
funds
2024
Total
funds
2024
Tangible fixed assets
Fixed asset investsnents
Investment property
Debtors due after mre than one year
Current assets
Creéitors due wthin one year
Creditors du8 in [￿re than one year
645,602
645,802
9.545.135
9A45.135
18,241,866 18241,866
1,485.021
1,48S,021
3,051,865
3,051.865
1836,3131
{836,3131
1638,664) {638,664)
Total
31,494,512 31,494,512
Page 39

THE MORLEY AGRICULTURAL FOUNDATION
(A Company Limited ty Guarant¢el
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
24. Analysis ol net assets belwwn funds (contlnued)
Anatysls of net assets betweon funds- prlor period
Unr8strict8d
funds
2023
Total
funds
2023
Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Credrtors due within one year
Creditors due in more than one year
735,951
735,951
8,692,950
8,692,950
19, 766,948 19, 766.948
1.861, f 98
1,861, 198
f887,387) (887.387)
(912, T79)
(912, 779)
Total
29,256,881 29,256,881
2& Reconciliation of net movmwnt in funds to net flow from operating actlvities
Group
2024
Group
2023
Net incorrElexpendrture for the peri￿￿ (as per state￿Ent of Finanual
tivib'esl
2,268,646
(708,428)
Adlustments for.
Depreciation charges
Gainslllosses) on investments
Div￿endS, interests and rents from investThEnts
Profil on the sale of fixed assets
Decreasel{increase) in stctks
Decreasellin¢rease} in debtors
InGr8asel{decr8asel in creditors
Gains on sale of investment proFe
142,409
{n6,7901
(35,3221
15,7581
86,793
11,810,350)
(267,6311
(930,9231
141,503
281, 968
(9,952)
(6, 150)
(58,848)
11,364
525, t20
Net ¢ash provlded byl{used In) operatlng actlvltl•s
{1,328,9261
176,577
Page 40

THE MORLEY AGRICULTURAL FOUNDATION
(A Company Limited by Guarant80)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
26. Analysis of cash and cash equlvalents
Group
2024
Group
2023
Cash in hand
Cash held by investment broker
2,112.017
17,304
1,043,585
133,605
Total cash and cash equivalents
2,129,321
1,17T,190
27. Analysis of changes in net debt
September
At31
2023 Cash flows August 2024
Cash at bank and in hand
Finance leases
1.177,190
IS7,558)
952.131
57,558
1129,321
1,119,632
1.009.689
2,129,321
28.
Pension commitm8nts
The group op8rates a defined contribution pension stheme. The assets of Ihe Scheme are held separatety
from those of the group in an indepermjenty •Jministered fvnd. The Fenson ¢o$t charge represents
contributions payable by the group to the fijnd and amounted to £Nil 12023 - £N￿ were payable lo the
fijnd at the balance sheet dai8 and are induded in creditors.
29. Operatlng lease commitments
Al 31 August 2024 the Group and the Charity had comThMtrnents to make future minimum lease payments
under non<ancellable operating leases as fclows..
Group
2024
Group
2023
Not later than 1 year
64
Page 41