65tr. Jc)HN INNES l (_)D,Nl)A I IL).N John Innes Foundation Report and Financial Statements Year ended: 3 1st March 2024 Charity no: l 111527 Company no: 05574485 Pag¢ l of 32 l { )L,,Nl)A I11).N INDEX Page Report of the irusices Independent auditor'5 rep(Trrt 12-14 Consolidaicd stalemcnl of financÉal activities 15 Consolidaicd balance sheet Charity aggregaled balance sheci Con501idaied siaiemeni of cashnows Consolidated summary income and expenditure aceounl 18 Accounting policics and noies 10 the flnancial Slatemcnis 19-32 Page 2 of 32 Jc)HN INNE% l ()LJiNI_).411(),N Report of the triistees for the }'ear ended 31$¢ March 2024 lintorporating the Directors, report) The trusieeb (who arc also the direcLor8 for the purposes of company law) presen[ Lheir annual report and financial statements of ihe chariiy for the year ended 31 st March 2024. The financial statemenis have been prepared in accordance with the accounting policies Set oui in noie 110 the finanei21 staiemenls and comply wirh ihc chariiy's governiT]g document, Ihe Charitics Act 2011. Ihc Companies ALI 2006 and Accounting and Reportsng by Chariiies.. St41teFn¢ni of Recommended Praciice applicablc to ¢hari(ies preparing their accounls in accordancc with the financial Reporting Standard applicabl¢ in the UK and Republic of Ireland published in October 2019. For registraiion and accounting purposeb under ihe Charities Ac¢ 2011 the chariiy regisiraiion number 1111527 applies to both John Innes Foundation I"The Charitable Company" or "JtF") and John Innes Foundation Trusi ("The Trusi"), together with subbididry entitie% this comprises "The Chdritdble Group" Objectlves and ¥rtlvlties for the public benefit Thc John Innes Foundation is a charity supporiing education and research and f05tering commercial innovation for (he benefii of agriculture, (he cnvironmeni and society through.. (il the provision of premises and facilities for research and the disseminaiion of the results of such research and aSSISldnce with ihe provision of funding for staffing, studeniships. scholarbhips. professorships or bursaries in collabordtioii Inainly with the John Inn¢s Centre other organi&Jtion.s locatcd on th¢ Norwich Res¢ar¢h Pdrk, and the Univer%iiy of Easi Angliu. lil) Ihe app12cation of a yearly of noi less ihan £500 or such oiher sum as the Commission may from lime 10 timc in wllriiing approi'e iowards mainiaining or providing bcholarship5 to be called "John Innes Scholarships to be awarded in d¢cordJnce with rules io be made from time 10 time by the Governors of Rutlish School in Ihe London Borough of Merton. Also. Ihe provision of facilities in the interesis of social we[f￿re for recreaiion and leisure-(ime occupation or children and young persons in the London Borough of Merton. and such oiher charitable purposes as are required in Ihe Law of England and Walc5 as the Trustee5 think fit. The trustees (who are directors of ihe chariti￿ble Company) confirIn thai (hey have referred to Ihe Charity CommisSiO1)..￿ guidance on public benefJ( wheii reviewing JIF'S aims and objeciÉve5. iii planning fulure activiiies, seitxng ihe grani fflaking policy for ihe ycar and tn measuring the impaci of Ihe range of ac(iv51ies supported by JIF. The charitablc company owns l Oogo of ihe share capitsl of John Innes Bioprospecis Limiled I'JIB"). which was set up 10 carry oul coinmercial aciivilics ihai support the charitable company's aims. JIB was dormant during thc yedr ended 31st M￿Ch 2024. JIF 15 a member of Anglia Innovtttion Partnership LLP ("AIP LLP") through its invesimcnt via JIB and also Ihrough owncrship of freehold land at Norwich Research Park leased io AIP LLP on a peppercorn basis. The aiTn is to exploii ihe full value of the land working in collaboraiion wilh AIP LLP (which is responsible for facilitating the furthcr d¢v¢lopment of a world clas5 research park in Norwich) in pursuance of ihe Foundation's charitable objectives. Grant making policy JIF and the TrusL rtl part furthcr th¢ir charilable purposes for ihc public b¢ncfiL through lis grant making policy whi¢h aiins ai-. tndking it5 land and buildings on the Norwich ReseaThh Park, Colney, Nonvi¢h available for scientifio rc5carch by John Innes Cenlrc {"JIC"). and other rcsearch insurnies and OTganisaLions. provisioii of siudentships and fellowships. fostering a collkboraiive culiure at Norwich Research Park by working with the lllstiiute$ 10 In￿Oduce and fund new cross park res¢8rch projecis. 3.lb 3.1 Page 3 of 32 J()HN INNIS 3.ld maintaining as an educational resouree ihe Hi5torica] CollecLions of botanical books and other material which illustrate the hisiory of bolany and geneiics and which ineludcs the ￿chiveS of certain senioi JIC researchers. 3.le making an annual donaiion of a 'John Innes Scholarship, to be awarded by the Governors of Ruilish School. 3.lf leasing the 'John Inn¢$ Youth Centre, premises in Merton to the YMCA as a progrdmme related investment. JIF and the TThst carry oui (hi8 programme, enabling oiher.8 io provide beneflt on Ihcir behalf, Ihrough partnerships wilh institutlolls. In panicular, Ihc Trusi has conccntral¢d on dcvcloping the exisiing partnerships primarily wilh the John Innes Cenire in Norwich Ircgistercd chariiy 223852) a closely related eduralional charity and world leading scicntific instituic undenaking fundamental research on plants and microbes. As Pdrt of JIF'S dssessinent in achieving publi¢ benefit, Trustees receive regular reports #nd briefings from granr Teeipients on research and educaiional advai)eemeni. This moniioring. which follow5 Charity Commission guidance. is reviewed ai each Tru8i¢e m¢eting. Trusiee.s a150 assess the impact of grant5 made on an annual basis and are satisfi￿ JJF achicvcs its objective io deliver public benefit. A revlew of our aehievements and performance: How our gTants and research programmes ddiver public bcnefit. Land and buildings deiailed in 3.la above are leased on concessionary iernis and are 'pro8ramtne related. invesiments in the Norwich Rescarch Park complex coniributing to JtF's aims and obje¢tiV¢s. This cnables lessees io mdximise r¢50urces in undertaking scientific resc￿Ch. The value of concebsions was last estimuted at £1,552,050 in Oc(ober 2021. The following reviews grants cornTnitEnents for the Ye￿ {no£es 3d 3b EO the accounts). 4.13 Studentships Year ended 31103124 £.5 Committed Paid Accrual c/f JIC Siudcniships {John Inncs Foundaiion PhD Programme in Plani and Mi¢robial Sciences) 600,000 510,000 2,700,000 JIC atirrtfolio. The op¢ralion31 risk from ineffeciive research and studenl grani awards ihat arc not consisicn( wilh ihe Jdvancemeni of education is managed by firsdy reiaining Itustees of sufficienl skill and expenisc and secondly through ihe quality olthe insiilutions. particularly JIC, and iheir rigorous Selection of the people who w¢ suppor¢. A thorough process of reporting and reviewing thc progress of students has been introduccd which assists us in measuring the cffeciiveness and impacl of JIF'5 support for cduc21ion in agriculiurc, Iiorticuliure and biotcchnology. This review proces5 ietains our focus on thc public benefi( derived from our funding of their work. Operationdl risk covering both incotne dnd expendicure is also mdlldged with the prepardtion of nel movement in funds and C&ishflow forecdsts. reguldr monitoring of actual pcrformance against these torecdsts dnd ensuring that Jdequate liquid resources iirc in place to mcet ihe requireincni s of the business. The Charitable Group maiJJtttins liabiliry insurance for il% trusiees and officers as pertnitted by %ecfioi) 233 of ihe Companies Aci 2006. The Chariiable Group's insurance policy doe8 not provide cover in the ei'e13t that a trustee or officer is proved to have acied fraudulenily or dishone.stly. The Trust holds a library collection of books and papers. The ass¢ts w¢re acquired in past a¢¢ounting periods and noi capitsli5¢d. The value of such af sets is excluded from lh¢ balance sheei reflecting ihe fact that reliable cosi inforrnalion is not availablc and conventional valuaiion approaches lack sufficient rcliability. 11 is alsc* assessed thai the inclusion of such information would provide very limited lif any) additional benefit io users of thc accounis in assessing the trustees, siewardship OF the asseis. The library collection is under Ihe guardianship of John Innes Centrc who employ an archivist, the eos( io which JIF conttibuies. JIC is also responsible for insurance, valualion for insurance purposes a(31 si March 2024 was £2.73 1,700. Th¢ Charily ha5 generaied sufficient financial resources from its aciivities and holds a significanl level of funds. The financial impa¢i on JIF of changing global economies is balan¢ed by ils diverse portfolio and fund management. In this contexr Trusiees have a]$0 r¢viewed forecdSiS for the nexi I ro 5 years from thc date of dpproving (hese finan¢idl staiemenis to confirm the resilience of ihe ch￿ilY. consulting with all invebiment illdnagers on fuiure prospects with regard ro portl'olio structvre5 and rcturns. Trustees do noi consider that there has been aiiy other.¥ignificant increase in Tisks during ihe year and thai fllnds have been applied appropriaiely. A risk register is maintained and reviewed at each Tru51ee meeting. Reserves Polify The reserves policy of Ihe irusiees is lha¢ ¢h¢ aggregaied rcscrves of the Ch&riiable Company and The Ttusi shall be sufficieni io ensurc ihal. whcn invesled by ihe appoinlcd inves¢mcni manager, they sh011 produce surricient income to fund budgeied costs carh year and. over the long term. increase their capital value ai leasi in linc wilh inflaiion. Ai 31 si March 2024 the chari¢iible Eroup had unresirictcd nei ¢urrcnt asseis of £273,537 12023= nei current liabilities £118,589) with long Icrm liabilities of £6,945,834 {2023: £2.746,5081. Suificieni funds are hcld In unre51ricied invesimenrs and cash, including income from ini'cstmenis in futl]Te yedrs, (o meet long ierm liabilities IgrdntS cominitled to over the nexi 415 ye￿￿￿}. Applicaiion hils been tnude io the Chdrities Comini4sion ro utilise some Page 7 of 32 Jc)HN INNI% I-( )L,NL).4 I I().N endow'ed funds towards the gianl 01 £4.5m awarded lo JIC NGI infrastruciure siie redevelopment as the endowmenl fund includes profils of £17in froin the salL of land in the year ended 3 1st March 2017. At 31 si March 2024 the chariiable gTOUP held £39,735,730 {2023.. £38.331.761) in endowmeni fund5. Plans for the future JIF is a foundtng i))einber of Anglta Jnnovalion Panner%hip LLP. which coniinue¥ io provide a unique opportunity for the Chdri141ble Group primarily 10 reiLli%e the potential of Ihe land within JIF'.% ownership ar Norwich Rebearch P￿k in pursuance of il% Chdritublc Objecrives. Alonrt with Ihe other iwo Idndowner% Ji NRF {UEA and UKRII, each owner of undevelopcd Idnd ai Nonvich Rescarch Park concluded individudl Developnient dnd option AgreeJncnt.% IDoA} with n external inl'esror Vengiove Real E%tJie Mdndgeineni Lid., on 17ih Seprember 2024. Under each DOA, Vengrove may drai¥ down l￿d for deirelopment for d period of l O ye￿. At the Same lime ihe DOA wa.s concluded. a teinplaie ground leii%e alEo fin41i%ed. This ground leu%e will apply 10 each plot of land drdwn down and will Tun for 150 years. Boih docuiiieni% eonlain ￿ nuinber of key provibions lo ¢nfure Ihe objective% of the rhree landoivneTS may be dchieved. These Idrgely cenire on ITJ4liRtaining the iniegri(y and quJlity of NRP, in which all l￿downer.￿ huve & 5ignifJcani long term ini¢rest. Developmeni of d speculdtive rest￿Ch dnd development building of 65.000.%q ft wÉll cominence inilidlly on the UKRI site with the sequence of developinent ¢on(inuing on JIF UEA lJnd within.%iri¢i tiinescale5, which if noi achieved, gil'e the Idndowner.% the opportunjly 10 ttnninale the drrdngement. However, Ihe iniention of ￿111 panie5, ds conlinned in the leg#LI documentation, is ro cominenee d progrJinine of developiment which will 8eneiJle ground renial income for the Idndowneis in uccordance wiih a formula linked io boih ihe 4ize of developmeni ihe Tenldl income received by Vengrove from ils OCCUPkltion&l tenan(8. Trustees applaud the level and qualiiy of the science undertaken by JIC and other organi5a(ions in and amund the Norwich Research Park with suppon dgrecd over Vklrying periods d5 Inentioncd in 4.1 above dnd continue to review further opportunities to proi'ide additiondl .%llpport of studentShip.￿ at educdiiondl eeniies focu%ed on dgricultUTe. horticuliure and bioiechnology. BDW Trading Ltd hk15 a l O yettr Option Agreei))ent ddted 241h Augu.$12018 10 purchJ5e 66 dcres of Newfound Fann. Non-refundable puymeiii% of £155,1100 £20,000 have beeii made by Barraii Developments IBDW Trading Ltd} and rccognised in aecounis year end 3181 MarLh 2019 and 2021 re8peciively. Th¢sc 66 acres remain ai cost in Land and Buildings pending deterniinstion of developmeni potential. Should planning perniission be obiained for resideniial developni¢nl and the opiion exercised, it is cxpccicd ihai Iherc would be a maierial inCTease in the value of land from its prcseni value of £30,000. The sile was allocated for Ihe dLvelopment of 410 houses in thc Grcater Norwich Developrn¢n¢ Plan. fonnally ddopled in March 2024. That cslabli5hes thL principle of dcvclopineni. which dds to ihe expectation of on in¢rea.¥e in v￿l￿e when planning penllission 14 obtdined by BDW Trading Ltd. In 2020 Trusiees agreed ro contribuic J cap?tal sum of £4.5m to the Proposed redevelopinen( of ihe John Ynnes CentTC %ite (known J.% Next Gcnerdlion Infra%ttuclure NGI}. Whil%t negotiations re Hedd% of Ter]ns coniinue, Ihere i eon8trn¢tive ogreemeiii, and ihis sum ha% therefore now been re¢ogni%ed in (he Accounts. li is currenrly agreed that paymen(s of £1.35Fn will be made in both April 202.fj ai)d April ?n26. Thc balance of £1.8m will be paid in January 2028. These i)aymenis arc coniingeni on spceific milc.%tones in Ihe projecl programmc being aLhieved and Iheir liming may therefore be subject 10 atn¢ndmeni. Thc projeci has secured subsianiial Gov¢rnmcni funding. As pan of Ihe re-gearing of ihe ground lease from JIF io JIC associated with Ihc grant io be provided by JIF. it is intendcd Ihat Jll4 may gain possc8sion of cenain existing building.s ihiil will noi bc rcquired as i)ari of NGI and will be ouiside the new lease dcmisc. In which casc. Ihe leiiing of ih¢5e buildings will prowide Trusices ivith il)e opponuniiy 10 creaie u new and signifiedni Incol￿e streain, funhcr incre£15ing JJF'5 fL£ich dnd impdct. Note I l of ihe Financidl Statem¢nt% refers. As pan of the firs1 phase ol Ihe NGI projeci, heads of ¢¢nns were agreed in Deccinber 2023 l'or ihe sU￿ender of paii of the lttnd within rhc Icdqe dated 7th August 2012 frorn JIF to AIP Jnd for ihe Idnd %iTnuliJncou%ly 10 be led%ed to JIC for a iem) of 60 years Ji a peppertOEn ienl for ihe developmei)t of a new Norwich Bio.%cieiJce In.%iiiuies Daia Centre. the Daia Cenire Ihen to be 8ub-lei by JIC LO Earlham In%(iiuie. Ai 31, Marih 2n24. .%oliciiors were preparing Ihe relevanl Icgyl documenrs. JIC submitted a planning applicaiion for ihe developnicnl in March 2024. Page 8 of 32 J()HN INNIS l ()LJiNI).A I IL),N Structure) governgnce and managemenl 10.1 John Inne5 Fovndaiion is ln independcnt Charily Iregisiered Chari¢y No. 11115271 and a compAny limited by guarantee {registered no. 05574485). 10.2 The John Innes Founddtion Trnsi's property aJJd original investments prior to 1972 have been quantifi￿ and disclosed as EDdowmeni Funds held on pcrmaneni endowment twst as stated in the 2005 ChdrÉty Commtssion scheme. The eildowmeiii fund5 Of John Innes Foundatioii Trus( are held by John Iniies Foundaiion as irustee subject to the trusts coniaincd in thc 2005 Scheme und¢T which income arising from the Endowment Funds are transferred 10 the John Innes Foundation. 10.3 The Charitics Commission. in a Scheme daied 4th November 2005. issued a Uniting Direciion such thai thc rinanctal staletnents show ihe aggregation of ihe results of the John Innes Foundation ("Ihc chariiable company") and the John Innes Foundalion Trust I" the twst "}, colnbining the results as if they dre one entity. Thc ¢haritable company is 501¢ trustee of ihe irust accordingly is not the beneficidl owner of the trust's a%seis. 10.4 The chatiiable company is governed by ils Memorandum and Ariicles of As.socialion. incorporated on 26th September 2005 and rcgistered wilh ihe Charity Commission 30th Sepiembcr 2005. Ncw Article5 of Association werc adopied on 27th October 2015. further updated adopted on 10th July 2018, and again on 28th Jznuary 2021. 10.5 The Trnst doe5 not aclively fundraise atkd seeks ro coniinue thc legacy of John Innes and ch￿Ilable work Ehrough the careful SLewardship ol its exisling iesources. 10.6 Trusiees meei four times cl￿ ch year to agree ihe broad S￿ategY and Areas of activiiy for ihe Trusi. including consideralion of grant making, investment (more spccifically managed by an Inveslment Sub Commitiee). reserves and risk managemcnt policies performance. Financial budgets bas¢d on estimated 3ncorn¢s from investmenis are approved Mnnually dnd reviewed at Trustee meetings to recognise available fund% for grani disburSe￿ellt. 10.7 An Investment Sub Commiiiee comprising ihree irusiees and Financial Administrator in the capacity of Secretary, The Sub Commitlee meets at least bi-annually w5Lh Invesiment Managers. 10.8 A Properly Sub Committee provides appropriote oversighi of JJF'S property asseis in response to increasing aciivity in thi5 area. This comprises ihree itusiees and Tn¢¢lS on a regular basis, as rcquired by ongoiT)g cvcnis. 10.9 A Science Sub CoTnmitree comprising three Trusiees seek new opportunities for JIF to pursue. as well as assessing grani fui)d applications and applying the ne¢essary cri(eria for &ppli¢anÈs to meet JIF charitable objeetives. 10.10 A Remuncration Cominiltee Comprising one Trustee and iwo oiher independcnt persons govern Ttustees remuneratton. 10. I l The Trusiees are .8ele¢ied 10 provide a range of business ski115 athd understanding of the areas of aeiiviiy undertak-en by the charilable compai)y. Briefings are received fmm appropriat¢ expertg on key issue.s f2¢itig the Trusi. 10.12 The Trustees seek 10 follow the good praciice as promulgated by {amongst others) the Chariiy Commission for England and Wales and has adopied Ihe voluntary Charities Code of Govetnance. Trusiees re encouraged io read the Charity Commission guidance knd t]ewsletters, and io ariend courses designed io keep them abreast of their duties and responsibilities. The minimum number of irusiees is three with no maximum as stated in ihe Memorandum and Arti¢l¢s of Association of 10th July 2018. Tru5tee5 are appointed. wilh ref¢ren¢e to a skills Page 9 of 32 Jc)HN INNIS l ()LiiNI).411().N mairix to ¢nsur¢ trustees colleciively offer the wide range of appropriate skills needed io manage and operate JIF effectively dnd also to ensure complidnce with its ¢haritable objects. Appointments #re for a fixcd terni of 5 yeaI5 wh&ch mdy be renewed for further terms of 5 years subject to rc-clcclion. 10.13 Day to day administration is sub-coIitsacied 10 ihe Clerk to Trustees and Financial Administrator. l U.14 John Inncs Centrc is considered a relaied party of John Innes Foundation as during the ¢ourse of the year Jason Vinceni {non-trusLee}, replaced by William Kendall on 20th July 2023, Sat on the Governing Council of John Innes Centre as JIF, s representhtive and one Irustee (currently Tina Barsby) acts as an observer at JIC Governing Coulleil meeting5 (note 16 to the accounis). Kev mana¥emeJ)t personnel remuneration Trustees consider ihe b9￿d of trustees as comprising th¢ key management personnel of the charity in directing and conirolling Ihe charity. assisted by a Clerk to Trnstees and J Financial Adminis(rator in running and operaiing the ¢harity on a day-to-day basts. Detail.s of trustee remuneraiion and expense8 and related party transactions are disclosed in note5 4, 5 and 16 to Ihe accounis. Remuneration is govcrnod by the RemuneTation Cornmitlee. Referenee and adniinislration informulion Trus¢ces: The following %erved a8 Trustees (and Diie¢loT% for ihe purposes of Company Lawl duriiig ¢h¢ year andlor a% at the date of ihis report.. P D Innes (Chdir of Trustees) K R Normdn Di D K Lawrence D J McLeavy Hill Dr T L BarFby OBE Professor DJine Melanie Welhdin (appointed I" April 2024) Registered Offi¢c: John Inne5 Centrc, Colney lane. Colney. Norwich NR4 7UH Auditors: Lovewell Blake LLP, Bankside 300. Peochnian Way. Broadland Business Park, Norwich NR7 OLB Solicitors: Mills & Reeve LLP, Botanic House, 100 Hills Road. Cuinbridge CB2 IPH Investment M#naEeTS". Raihbone Investment M2nag¢m¢nt LimiiLd. 8 Pit]sbury Circus. London EC2M 7AZ Quilier Chcvio(. Senaior House. 85 Qu¢cn VicloTia SireeL, London EC4V 4AB Ba￿aIt & Cooke, 5 Opie Sireei. Norwich NRI 3DW Clerk to Trustees: David Hdrvey. Har￿'eY & Co. High House Farm. Gunn Sireel, Foulsham. Norfolk NR20 5RN Financial Administrator: DdN'id Mdrshall ACMA, UKMa15ha]l Lid, 15 Seion Road. Tdverham, Nonvich, Norfolk NR8 6Q Page 10 of 32 J()HN INNIS I c)LJiNI).411()N Trustees. responsibiliti￿ in relation to financial statements 12.1 The iru%ree.q (who are Jlso director% of John Inne% Fouiidalion for the purposes of coinpJny Idw) responsible foT preparing (he report of Ihe LNsiees and ihe fiAancial.%iaiemei)l% ii) aecordance wilh applicable law aiid Uniied Kingdorn Accouniing S(andards (United Kingdom Gcnerally Accepted Accounting Practice). 12.2 Company law requires ihe trusiees io prepare financial staiemenis for each finDn¢ial year. Under COTnpany law the Irusiees musi no[ approve the financJ:Il .$1:Iicments unless the), are satisfied rha¢ ihey giv¢ tt irue and fair view of the sialc of affairs of the chariiable company ond ihe group and of the incorning resources and application of resources. includinD the income and cxpenditur¢, of Ihe chariiable Company and group for that period. In pieparing Ihcse flnancial statLnients, Ihe trn51ee& are required to.. select suitsble ￿cOuntIng policies then dpply Ihem consistently observ¢ the Tneihodb and principlcs in (hc Ch#ricies SORP 2019 IFRS102) make judgmenis and accourkting esriindtes ihdt are reasonable and prudent sratc whcthcr applicklble UK Accounting Stdndards have been followed, %ubjLCI (o any material departur¢s disc105ed and explained in the finJnciJl 8fateinents prepare the financial.%iaiemen¢8 on ihcgoingconcern basis unle8$ li is inappropriate Lo presume that the chariiabl¢ group will coniinue in operation. 12.3 Thc trustees are responsible for kccping ad¢quaie 1ccounting records that disclose wilh rca50nable accuracy ai any Isme the financial position of ihe chariiable coinpany and group and enable them to ensuie Ll)ai the financial statements coii)ply M'ith thc Co]np￿LeS Aci 2006. They dre dlso rcsponsiblc for 5dfegudrding ihe ¢1SSLts of thc charitAble conipdny and the group hencc for idking reA%onJblc slep4 for Ihe prei'cniion l￿d deieciion of fraud othcr ittegulatitieb. 12.4 The Irusiees are refpoiisible for ihe maintenapce iniegrily of the charity aiid finanLial informatioi? ineluded on the charily'% website. Legislaiion in the Unil¢d Kingdom goveniiiig the prepara(ion and dis.4emination of financial tai¢meni8 may differ from legislatioii iii other jurisdictions. 12.5 In so far a8 eaLh of ihe irusiee$ isaware.. Ihere is no rclevani audil information of which rhe charitable conwany and group'% auditor is unaware- and Ihe iru51ees have iaken all .%icp% Iho111)ey oughi io hai'e iakcn io n)ake ihem.8clve8 aware of Any rclevani audil informatioi) and io e5tabli.%h that Ihe audi(or is awar¢ of thai informaiioi). Approved by ihe TnJ£iee8 on 6th November 2024 ¢ind signed on their behalf by.. P D Iiines Chair of TNstees Page 11 of 32 Jc)HN INNI% l-()l)INI }.4 I I( ).N Independent Audilor's Report to the Members and Trustees of John Innes Foundallon Opinion We hitve <)udiied the finiincial siaiements of John Innes Foundaiion Iihe 'p&irent charitable company,) ￿1nd 11.4 sub%ididry (the 'group'l for the yeui ended 31.%t Mdrch 2024 whieh coinpris¢ the Consolidaied Siaieineni of Fin£incidl Aciivilie4, Con%oliduied Baldnct Sheet, Charity &iggreguted B￿lIance Sheei. Conqolidtited StatemenT of Cdshtlow.%. ConNoliddted SuinmLlry Income (ind Expenditure Jc¢ouni and noies io the findncidl .%iaiement.s, including significdnl Jccouniing policie%. The finJi)cial reporting fruige froii) fraud or error dnd are considcred IllcllLriJl if, individually or in the <)ggregate, they could rea%onably be ¢xpecied 10 influcnce thc cconomic decisions of usets iaken on ¢h¢ ba%i.8 of these fin4incial siJtetiients. Irreguldrities. including fraud, ArL in%tètnce% of non-c0iiipli￿nce wilh law.% and reguldtiong. We dcsign proccdure% in line iviih our responsibilifie.s. outlincd JbovL. io deieci Inaterial mis.st4ltciiienl% in re¥peci of irregularitie%, including fraud. The extcnt io which our procedure.% are ¢apdble of deiecting ]￿egUl*lA1It￿. including fraud i.% derailed below.. enquiry of managemeiil aiid those charged with governaiice ¢0 ideniify any instance8 of i)on-compliance wilh law.s and regulations. reviewing financial Siaiement disc105ures and resiing 10 5uppor(ing docum¢nia(ion io assess compliatlce wilh applicable law$ and regula(ions: pcrfonDIDg audii ivork OVCT the risk of managemeni ovcrride of conlrols. iesiing of journal ¢ntri¢s and oiher adju5tmcn15 for appropriaiene5s, evaluation of Ihe r£ilional oFsignifican¢ tronsaciions ouiside ihe normal course of actiN'iLy and reviewing maicrial accounting esismaies for bias. Because of thc inherent limilalions of an audit, therc is a risk thai we will not de￿¢1 all irregularities, including those leading to a matcrial misstalemenl in the financial stat¢menis or non-compliance wilh regulalion. This iisk increases ihe more Ihat compliance with a law or regulation is remoi'ed from Ihc cvtnis and (ransactions r¢flected in ihe financial statemcnts, as we will be less likely to becoIne aw2( re of instances of non-eompliJncc. The risk is also gTeaier regarding irregulariiies occurring due to fraud rather than etror. as Ir£2ud involves inicniional CODcenlmeni, forgcry. collusion, omtssiDn or misrepresentation. Page 13 of 32 Jc)HN INNE% I i )lJiNL).4 111).N A further descripiion of our responsibilities is available on the financial Reporiing Council's websiie aÉ'. htlps.'Ilwww.frc.org.ukllibraryls(and&rds-¢od¢s-policylaudit-assurancc-and-eihics/audiiors-iesponsibilltlCS-f0r-Ihe-3lldI This descriplion fornis part of our audiior's report. USÈ of our report This report is made 501ely io ihe charitable company's members. as a body. in 0¢¢0rdancc witli Chapier 3 of Part 16 of ihe Companies Act 2006. Our audit work has been undertaken so ihat we mighi s(aic 10 ihe charitablc coJnpany's members those matters we are required to slate 10 ihein in an audi(or's report and for no other purpose. To Ihe fullesi exLent p¢rmitt¢d by law, we do noi aecepi or assume rcspon5ibilily to anyone oiher Ihan the charitable ¢ornpany and the chariiable company's m¢mbers as a body foi our audit work, for Ihis report, or for the opinion& we have formed. ias Wilson BA (Hons) FCA tatutory Audiior for and on behalf of Lovewell Blakc LLP Statutory Auditor, Chartered Accountants Norwich Page 14 of 32 Jc)HN INNES I i)LJiNL)A I I(.),N Consolidated Statement of Financial Activitie5 for the year endlng 31st March 2024 Unrestricted fund Endowment Total funds Total funds funds 2024 2023 Note Income and endowments from: Charitable activities 116,233 46,185 1.317,680 29,445 116,233 117,382 48,128 1,152,342 Other trading activitie5 Investments 46,185 1,317.680 29.445 Other income Total 1.509,543 1,509,543 1,317.852 Expenditure on: Roisingfunds.. Investment Manager costs Legal and other Professional Fees Cost of raislng funds Expenditure on charituble octivities.- Grants and donations 20,101 133,439 69,800 153,540 78,171 146,420 8,371 32,243 178.663 28,472 203,239 231,711 5.198.533 263,523 109.839 5,198,533 338,123 1,547,493 338,123 118,908 Depreciation Support, overhead costs and governance Cost of charitable artivities 74.600 109,839 5,571,895 74,600 5,646,495 2,004,524 Total expenditure 5,600,367 277,839 5.878,206 2,183,187 Net income J {expenditurel {4,090.8241 1277,8391 14.368,6631 1865,3351 Net gains / Ilossesl on investments Other recognised gains / Ilossesl: 430,242 1,681,808 2,112,050 12,032,663) 587 Net movement in funds (3,660,582) 1,403,969 {2,256,613) 12,897,411) Reconciliation of funds: Total funds brought forward Total funds carried forward 5,887,470 38,331,761 44,219,231 47,116,642 2,226,888 39,735,730 41,962,618 44,219.231 Page IS of 32 J()HN INNE% l ( )LJiNL).4 11(.).N Consolldated Balance Sheet as at 3tst March 2024 Registered number 05574485 Unrestrirted Endowment funds fund5 Total funds Total funds 2024 2023 Flxed assets: Tangible assets Investments Total fixed assets Note 3.215.425 5.683,760 8,899,185 1,095,500 35,122,105 36,217,605 4.310,925 4.649,048 40.805,865 38,850,634 45,116,790 43,499,682 Current assets: Debtor5 Cash at bank and in hand Total current assets 262,842 1,184,362 1.447.204 262,842 4,736,266 4,999.108 140,703 4.486,058 4,626,761 3,551,904 3,551,904 Liabilities: Creditors.. Amounts falling due within one year Net current assets or liabilitles io 11,173,667) 273,537 133,7791 11,207,446) 11,160,704) 3,518,125 3,791,662 3,466,057 Total assets less current Ilabllltles 9,172,722 39,735,730 48.908,452 46,965,739 Creditors.. Amounts falling due after more than one year io {6,945.8341 (6,945,834) 12,746,508) Net assets 2,226,888 39,735,730 41.962,618 44,219,231 The funds of the charity: Endowment funds Unrestricted funds 13 39,735,730 39.735.730 38,331.761 2,226,888 5.887,470 2,226,888 2,226,888 39,735,730 41,962,618 44,219,231 The acLompanying accounring policie5 and notcs on pages 19 10 32 lorm an iniegral pari of ihese financial siaiemcnis. Approved by ihc trustees on 6th Novernber 2024 and signed on rheir belialf by.. P g (￿JAL9 PD Innes Chaii. of Trustees Page 16 of 32 J()HN INNES I (_ILiiNI).4 1 IC).N Charity Aggregated Balance Sheet as at 31st March 2024 Registered number 05574485 Charltable Company Charitable Trust Unrestricted Endowment funds funds Total funds 2024 Total funds 2023 Note Flxed assets: Tangible assets Investments Total fixed a55ets 3,215.425 5,683,760 8.899.185 1,095,500 35,122,105 36,217,605 4.310,92S 40,805,865 45,116,790 4,649,048 38,850,634 43,499,682 Current a￿et$. Debtors Cash at bank and in hand Total current assets 262,842 1,184,362 1,447,204 262,842 4,736.266 4,999.108 140,703 4.486,058 4,626.761 3,551,904 3,551,904 Liabilities- Creditors; Amounts fallin8 due within one year Net current assets or liabilities io 11,173,667) 273,537 133.7791 3,518.125 11,207,4461 3,791,662 11,160,704) 3,466,057 Total assets less current Ilabilities 9,172,722 39,735,730 48,908,452 46,965,739 Creditors.. Amounts falling due after more than one year Net assets io 16,945,834) 2.226,888 16,945,834} 41,962,618 12,746,508) 44,219,231 39,735.730 The funds of the charity: Endowment funds Unrestricted funds 13 39,735,730 39,735,730 2,226,888 38,331,761 5.887,470 2,226.888 2,226,888 39,735.730 41,962,618 44,219,231 Reconciliation of funds: Total funds brought forward Net movement in funds Total funds Carrled fonvard 14 5,887.470 13,660.5821 2.226,888 38.331.761 1,403,969 39,735,730 44,219,231 12,256,613) 41,962,618 47.116,642 12,897,411) 44,219,231 The movement in funds of the charily (aggregated charitable company and charitablc trust) for the financial year was (£2,256,613) 2023.. (£2,897,411) The accotnpanying accouniing policics and nolc5 on pk)ges 19 10 32 form an iniegral pari of ¢hese linancial siaiemcnrs. Approved by th¢ trusiees on 6th November 2024 and signed on th¢ir beh211 by.. p D ItyMLS PD Inncs, Chair of TTUSteeb Page 17 of 32 Jc)HN INNES l-()LJiNI_)*l I |().N Consolidated Statement of Cash Flows forthe year ending 31st Mar¢h 2024 Total funds Total funds 2024 2023 Note 15 Net cash used In operating activities 11,070,751) 1,366,752 Cosh flowsfrom artivitie5.' Interest and dividends Cash provided by investments and actlvlties 1,317.680 246,929 1,152,342 2,519,094 Coshflow5from other sources.. Transfer to / from investment funds 3.279 12,571,680) Change in cash and cash equlvalents in the year 250,208 152,586) Cash and cash equivalents brought forward Cash and cash equivalents carrled forward 4,486,058 4,736,266 4.538,644 4,486,058 Consolidated Summary Income and Expenditure Accovnt for the year ending 31st March 2024 20Z4 2023 1,509,543 1,317,852 15,878,206) 12,183,187) 2,112,050 12,032,6631 587 Total income Total expenditure Gainslllossesl on investments Other recognised gain51llossesl Net income / expenditure for year {2,256,613} {2.897,4111 Detailed analysi.s of expendiiure TS providcd in ihe slaiemeni of finaneial atliviiies and noics 3 10 5. The SUrnTnary income and expenditure accouni is derived from Ihe financial activilics on page 15 which together wiilJ the otes to Ihc fin3ncial s(Jiements on page% 19 10 32 provides full infortnalion on the movements during the year on all funds of thegroup. Page 18 of 32 Jc)HN INNIS I (ILJiNI).411()N Notes lo the fJnAn¢i¥l statements AccountÉng Policles al Basis of prepargtlon and asse55meDt of going concern The accounts Ifjnancial staiemenisl liave been prepared under the lii5torical cosi convention wilh items recognised at Cosl or transaction value unlc.%s oiherwise slated in the relevant noie{s) (o these accounts. The rinanci31 stTrlcments have been prepared in accordance wilh the Statement of Recommended Practice.. Accounling and Reporting by Chari¢ics preparing their account5 in aceordAnce wilh the Fin4nciRI Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) issued Ociobcr 2019 and the Financial Rcporting Standard applicable in Ihc Uniied Kingdom and Republi¢ of Ireland (FRS 102), Cotnpanies Act 2006 and Lhe Chariiies Act 2011. John Inncs Foundation is a private charitable ¢ompany limiled by guaraniee and is governed by its Mcmorandum and Articles of Association. The Ch¥rities Cominission. in d Schein¢ ddttd 4th November 2005, i5su¢d 41 Uniling Direction such that the financial bt£ilements should show the dggregdiion of the resvlts of John Inncs Foundation ("the eharildble COIiiPiLlly") and the John Innes Foundation Tru.%[ I'lhc tru%i"I for 4ubmi%.%ion 10 ihc coini11is.%ion. An aggregdlion coinbine5 the ie*uli% of ihe two entitÉc.4 io repori Ihem as il thcy were one eniiiy. ThL charit4blc COlllP41ny L5 %ole trustee of the tru81 and accordingly 1.4 nor Ihe bcnefieial owner of ihe iru41's ds.4cts. The Uniting Direcrion, contdlned in the 2005 Schetne, requires Ihe charitable coinpuny io file one %et of finuncial.%14ilLinenr$ 4ggregating the re.%ulis of the ch#Lritable company and the iru.¥(. Informaiion in re.spect of the Irusi ha.% been identified 4Lpdf4itely within the4e findiicial .%tatLmLni% 10 allow proper identific<ion of thu ￿nd liabililses of the Ch￿l1￿bIe eompat]y and ilS.4ubsidiarie% a% required by ihe Compdnles Aci 2006. The ch￿ltY aggregdied ba]￿lAce heel 4Lnd Ihe relaied noles S¢P*irdtely ideniify ihe a%.4ets relaling lo the Chiiriidble CompLiny and Ihe Truxl. The chJrity consiitutes <1 public bcncfit entiiy ds defined by FRS 102. The trusiees coii.%idei thai there are no material uiicertainiies aboui Ihe chJrilable conipaiiy and group'.% ability (o coniinue as a going coiicem. The LhariiJble Cornpany and group have generaled suffiLiei)I financial resource.s frorn lis activRties to allow ihe iru%iees ¢0 believe Ihat Ihe charitable company aiid group ore well placed to manage iheir bu.£ines.q risks .sUccC￿4fU1IY Ali Ihe current economic climkiie. Accordingly, the iru8iees have a reasonable expecEaiion ihut the chariiable eompany and group have adequate re.%ouree.8 io coniinue in operaiioiial existence for the foreseeable fuiure. thLts they conliAue to adopl ihe going concern basis ol accouniing in preptiTing the fiiiai)cial statemeiit.s bl Fumetional currency The functzonal and reporting curren¢y is £.sLcrling. c) Basis of eonsolldation The consolidated finun¢idl sliilLillLnis coinprisc thc fiti4incial stdieinenis of John Inne¥ Founddiion dnd its subsidiary undertakings using dcquibltion accounting And aggregaic4 th¢ rtsuI¢s, assers dnd liabilitie5 of The John Inne5 Founddtion Trubi for which the chariiable coinpdny is thc bole irnslee. A 4L'piiriite sia¢enient of financial activities hiis noi been includcd for John Int]es Foundaiion by virtue of Section 408 of the Companies Act 2006. The nel incoii)ing rcboufc¢s for th¢ year of John InnLS Foundlltion 4tre included in ihe consolidated stdtLillLllt of financial activiti¢s and ihe consolidaied sumi)?ary irtCOl)IL and expenditure ccouni. d) Funds structure The ¢hurity has a Single pernidnent endowmeni besiowed by John Inn¢s in 1904 and esrdblished under u scheme of the Charitie5 Cottllnission in 1909 to Cilrry oui investigdtion and reSe￿h wheiher of a %cientifJc 01 prdclieal naiure. inlo the growih of trees and planL& generally. The will of John InJ)es also secured funding as pdn of the endowmenr of the John Innes (Menonl Boy5 Club. dnd d donation to the Ruilish Founddtion to fuiid .￿ChOlarshipS to Rutlish School. Merton being the home of John Innes. A relocation of the chdrity to Norwich Jgreed in 1963. Page 19 of 32 J()HN INNI% l (_)I INI).411().N Unrestrictrd income funds comprise ihose funds which ihe LrusLe£s arc fre£ to use for any purpose in furtherance of Lhe ¢harilabl¢ objects. Unrc5tricted funds include designaied funds where the truslees. at their discretion, have created fund lor a specific putpose. Und¢r the Charity Commission 2005 Scheme income arising froiTJ ihe Endowmcnt Funds is transfetyed to the John Innes Foundation unrcstrictcd funds. Capital appreciaiion I depreciaiion and reali5ed gains I10sSe5 in value remain with the endowed fund. el Income recognition All income if recognised once thechariiy hds entitleithellt to the income, it is probable that the income will be ieceived. and the atnount of th¢ income receivable can be measured reliably. Investment incom¢ 1$ r¢cognised on entitlement io the declared dividends and interest on cash deposits, and recogniged on dn accruals bdsi8. ODe endowcd investinent portfolio ts specific io fixed intert51 investtnen15 and stn]ctured for income to remain in the ponfolio. Interest is includ¢d in invcslinent income and reinvesied b41ck into capiial under edpitul introduced. Renial income is aeeounted for on a receivable basis. BDW Trading Ltd has a 10 yearOpLton Agreement dated 24, August 201 s to purchase 66 acres of Newfound Farm. Non-refunddble fees of £155,OIM) and £20.000 have beell P£iid by Batratt Dcvelopiiicnts IBDW Trading Ltd) and recogni5ed in *lCCOUnt.s year end 3 Is¢ M￿h 2019 and 2021 respectively. The.se 66 acres remain dt cobt in Land and Buildings pending deierminaiion of developmeni poieniial. Should planning p¢rniis5ion be obiained for residen(ial development and thc option cxcrciscd li is expecied ihai (here would be a maierial increase in thc value of land (o ils preseni value of £30.(KH). The site was al￿Ocated for the developmeni of 410 house5 in the Gicalcr Norwich Dev¢lopment Plax, formally adopied in March 2024. Thal eslabli5hes the principle of developmenL which adds io the cxpectution of increase in Vdlue when pldnning perniission is obiained by BDW Trading Ltd. Expenditure reeognltlon Liabilities £￿¢ recognised as expendiwre as Soon as there 15 a legal or constructive obligaiion commilting ihe charity to ihal expenditure, it is probable thai s¢iilemeni will be requircd, and thc amount of thc obligaiion can be measured reliably. All expendiluic is accounted for on an accruals basis. All expenses including support cosis >md governance costs arc allocated or apportioned io the applicable cxpenditure headings. For more inforniation on this attribuiion ref¢r io no {hl below. Grants payable are payments lo third parties in the funherance of the chaTit2ble objects of the Thist. In the case of an unconditional grant offer ihis is accrued once ihe reciptent has been nolified of ihe grant award. The notification givcs the recipient a reasonable expectation that they will receive the one-year or mulii-year grant. Grant awards th21 are subjeci to the recipient ftsifilling perforrnance conditions are only accrued when the recipieni has been noiifi¢d of the grant and any rcmaining unfulfilled condition aitaching to that grant j5 Outside of the control of the Trust. Provisions for grants are made whcn the intcntion to make a grani has been communicated to thc recipieni but there is uncertainly as to the liming of ihe grani or ihe amount of grant payable. g) Irrecoverable VAT Irrecoycrable VAT is charged againsi th¢ cxpcnditurc heading for which it was incuThed. h) Allocation of support and governanet eosts Governance costs compri5¢ all cosls involving the public accouniabilTiy of the thi￿11ab]e company and it.% compli￿ce with reguldiion and good praciice. These CQbts includ¢ those related to the stawtory dudil, dny le8iil fee5 incurred for ddvice to the tNstees and an apportionmeni of support and oveThe&id costs. Support cost% and overheads have been dllocdted between charitable dcliviue5 and governance. Cogis are allocated on the basi5 of a best estimate of the purpose of expendiiure. C05t of raising funds The costs of generating funds consist of invesimeni m2magemenl Costs and certain l¢gd] fees. Page 20 of 32 Jc)HN INNES l-(_)LJNI l)A I IL).N il Charitable Activities Cos¢S of charitable aciiviiie5 inLlude granls made. governance cos14 aiid an apporiionmeiii of 8uppori cos(s howii in noie.8 to the account.s. kj Tangible fixed assets and depreciation Tangible fLxed assets are staled at cost subject io deprecidlion and iinpairmcnt. Depreciation is providcd by the chai"iiable compiiny (to write ocf ihe cost less estimated residual valuc of 1gnEible rixed assets by equal instalmenis over ihc cslim¢lted useful economic lives follows: Freehold1l£ nd Not depreciii tLd Originally 34 to 50 years but subsequenily amendcd ii'iih ehanoes in i'aluaiions and Icasc i¢rrns. Freehold buildings Fixed asset investments Invegtmeni.E are A fonn of basic findncial in.%trunien( Imd initidlly recogni.￿ed dl thLir transaction value and subsequcntly medsur% ordinary shares John Inne.% Bioprospcc¢S Limiied did not trade in the year and ha5 ncl assets of £833.000 (being th¢ invesiment in AIP LLP}. It4 regi4teied office addre%s is the saine that of JIF. The provision against ihe invcsimenl ID subsidiary undertakings has been made as thc nci asscis of John lnnes Biopro%peet¥ Limiied %olely comprise it.4 inve.simenr a pdrtner in Anglid Innovation Purinership I'AIP. LLPJ. Mana¥emeni consider AIP LLP io be a mixed moiiv¢ inveslmeni in ihai 1¢ is nol pritnarily held for finan¢ial objectives. Premiscs and facilities are xlso provided for research which conlributes LO tlie chariiable objcclivcs of John Innes Founddtion. The inve.%tJneiit coiitinues to contribute io ihe wider object% und purpose of the Group. No iinpikirmeni is considcrcd ncccssary at this tinie bul is moniiorcd annually. Page 27 of 32 J()HN INNE% l-()L,Nl ).A I l(.).N As at 31 si March 20?4 there l)ad been no division profit5 agreed by Ihe members of Anglia Innovaiion Partnership 12023.. £nill. Consequejitly, no amounts were receiv#ible by the group dr thai dale in regpect of profits earned by AiigliJ Innovalion Partnership LLP12023.. £nil}. Analysis of current assets 2024 Charlty & Trust 2023 Charity & Trust Group Group Prepayments and accrued income Trade debtor5 Cash at Bank 221.070 41,772 4,736,266 4,999,108 221,070 41,772 4.736.266 4.999,108 112,531 28,172 4,486,058 4,626,761 112,531 28,172 4,486,058 4,626,761 10. Analysis of current and lonE-term Ilabilities 2024 Charity & Trust 2023 Charlty & Trust Group Group Creditor5 under l yeor.. Trade creditors Tax and social security Committed grants Other accruals and deferred income 178,422 3,013 953,523 72,488 1,207,446 178,422 3.013 953,523 72,488 1.207,446 104,686 2,513 1,002,274 51,231 1,160,704 104.686 2,513 1,002,274 51,231 1.160,704 Creditors over l yeor.. Commltted grants 6,945.834 6,945,834 2,746.508 2,746,508 2024 2023 Deferred income blf Transferred to income Deferred in year IEarlham Institute advance rent invoiced) Deferred income clf 26,029 126,0291 26,029 26,029 26,029 126,0291 26,029 26,029 11. Contingent assets and liabllltles BDW Trading Lid has a 10 year Oplion Agrecmeni daied 241h Augusi 2018 10 purchase 66 acres of Newfound Farn). Non-refundable fees gf £155.000 dnd £20,000 h41ve bccn paid by Barrdii Developrnent.% (BDW Trdding Ltd) bnd recogDised in Jccounr8 year end 31.%t March 2019 Jnd 2021 respectiv¥ly. These 66 acres remain at cost in Land and Building5 pending determinaiion of developmeni potential. Should planning permission be obiained for residenlÉal developmeni and the Option exercised li is expecied ihat Iherc would be a malerial increase in the value of land 10 its present value of£30.0(X). Thc siie was allocated foi Ihc dei'elopmeni oF410 houses in the Greaier Norwich Developmeni Plan, formally adopted in March 2024. Thal eslablishes the principle of devclopmenl, which adds to ihe expecialion of dn increase in N'411ue when planning permission is obÈdined by BDW Trdding Lid. In 2020 Truslees agreed io coniribute x ¢apital sum of £4.5m io ihe proposed rcdevelopmeni of ihe John Jnnes Centre sile (known as Next Gen¢ration Infrasiruciure NGI). Whilsi Negoliations re Heads of Terms ¢ontinue. Ihere is constTUCtive ￿greeMent, dnd this suin hd.% therefore now been rccogni%ed in th¢ Accounis. As part of ihe ic-gearing of ihe ground lease from JIF io JIC associated with ihe granl to be provided by JIF, il is In￿nded that JIF may g￿n possession of certdin existing buildings th£lt will noi be rcquiTed as Pdrt of NGI and indy be outsidc Ihe new leti%c deinise. In which cJ%e, the letting of these building.% will provide Tru5tee5 Wlth Ihe opporiunity to creJte Page 28 of 32 J()HN INNES l=L)LJiNI)A I IL)N a new and significant income siream, funher increasing JIF'S reach and impacl. A fulure assessmeni of thcs¢ buildings will need ¢0 be undertdken io consider use i'dlue. 12. Commitments As at ycar end 31st March 2024 TrusLees. along with other landowners, UEA and UKRI. were committed io supporting th¢ dcvclopm¢ni of iheir conibinLd und¢vcloped land through the appointjneni of an exiernal invesror to deliver new laboiaiory office accoinmodatioJt. This will enable the further growth of ihe internationally renowned Norwich Research Park, a lop-tier global research and innovaiion Campus. Thi.% coiicluded with the signing by each landowner of individual Development and Optioji Agreement.8 wiih real c.sratc inve.%imeni manager Vengrove Rea] Esiarc Manugemen¢ Ltd., on 17ih Sepiembcr 2024. Legal and other a.4sociaied cosis in this respcci incurred sub.%equ¢nt to 31 st March amounted ¢0 £165.917 plus and insurance policy premium £24,(KXI 10 proieci JIF agains( any claims for breach of covenan( on hisioric land coven0n(s. 13. Group and Charity analysis of net assets Unrestrlrted fund Endowment Fund Year ended 31st March 2024 Total Tangible fixed assets Investment5 3,215,425 5,683,760 262,842 1.184,362 11,173,667) 16,945,834) 2,226,888 1,095,500 35,122,105 4.310,925 40,805,865 262,842 4,736,266 11,207,446) 16,945,8341 41,962,618 Oebtor5 due in l year Cash at bank 3,551,904 133,7791 Creditors due in l year Creditors due after l year 39,735,730 Unrestrlcted fund Endowment Fund Year ended 31st March 2023 Total Tangible flxed assets Investments 3,478,948 5,273.619 140.703 900,152 11.159,4441 12,746,508) 5,887,470 1,170,100 33,577,015 4.649,048 38.850,634 140,703 4,486,058 11,160,704) 12.746,5081 44.219,231 Debtors due in l year Cash at bank 3,585,906 11,2601 Creditors due in l year Creditors due after l year 38,331,761 Page 29 of 32 J()HN INNES l ()I,Nl.)Il I IL),N 14. Group and Charity aggregated analysis of charitable funds Other recognised losses 2024 Bal B/fvid 1st April 2023 Fund Clfvid 31st March 2024 Income 2024 Expenditure 2024 GainslLosses 2024 Endowment funds 38,331,761 1277,8391 1.681.808 39,735,730 Unrestricted funds 5,887,470 1.509,543 15.600,3671 15,878,206) 430,242 2,226.888 Total 44,219.231 1,509.543 2,112,050 41,962.618 Other recognlsed losses 2023 Bal Bl￿d 1st Aprll 202Z Fund C/fvéd 31st March 2023 Income 2023 Expendlture 2023 Galns/Losses 2023 Endowment funds 40.190,693 73,081 1232,1751 11,700,425) 587 38,331,761 Unrestricted funds 6.925,949 1,244,771 11,951,012) 12,183,187) 1332.2381 12,032,663) 5,887,470 Total 47,116,642 1.317.852 587 44.219,231 15 Notes to the Consolidated Statement of Ca5hflows 15a Reconciliation of net movement in funds to net ¢ash flow from operating activities 2024 2023 Net movement in funds Add back105ses / deduct gains on investments Investment income Add back depreciation charge Deduct Investment Management Fees paid from Broker Capital Accounts Decrease lincreasel in debtors Increase Idecreasel in creditors Net cash used in operating a¢tivities 12,256,6131 12,897,411) 12,112,050) 2,032,663 (1,317,680) 11,152.3421 338,123 338,123 153.540 1122,1391 4,246,068 11,070,751) 146,420 2,821,747 77,552 1,366,752 15b Analysis of Net Funds 31st March 2023 Cashflows 31st March 2024 Cash at Bank Page 30 of 32 J()HN INNES I"(_IlJiNL).4 1 lQ)N 16. Related party transactions The chariiable regifiraiion number wiihin these finanLial .stoiemenig represenis boih Ihe Company and Johi) Innes Foundation Trust {'Ih¢ Trusi,) in line wi(h k) Uniiing Direciion from the Charity Commiqsioners dated 4th November 2005. Transactions b¢tw¢cn thc Charitable Company and the Trusi during the ycar havc bccn as follows: The Charitable Company. as part of the hive up froln John Innes Bioprospccis limited, had a Icasc of land from ihe TrL]5t on which the building occupied by Earlham In5tiiutc was constructed. A new lease da(cd 2nd March 2U15 COm￿t￿¢cd on I si December 2014 b¢Èwcen John Innes Foundaiion in lis capaci(y as sole trusiee of the John Innes Foundarion Trusi as landlord. and Ihe Genomc Analysis Centre {now the Earlham Instiluiel as ienant for a ierm of 25 years to 3Uth November 2039. The rent for ihe fir51 year £70,0W, increastng to £IOO,OOOpa until the firsi rent review on 30ih Novembcr 2019 at which time the rent increased to £l12.689pa. However, the increase was W1( ived by JIF for the first year following ihe reni review. The ncw rent iherefore took effeci on I si December 2020. PLErsuant to the 2005 Scheme ihe Chari(able Company is cntiilcd to all income arÈsing on Ihe Irus('s property and investmenis from 4ih Novembcr 2005. John InDes Centre 15 considered a relaied party of John Innes Foundation as during the course of the year Jason Vinccnt (non-lrusieel sai on the Governing Council of John Innes Cenire as JIF'S representative (replaced by Williarn Kendall on 20ih July 2023). and one trustee (currently Tina Barsby) ac(s as an observer at JIC Governing Coun¢il meetings. Transactions between th¢ entities can be summarised as follows: Paid dEhdlor accrued by Ihe Foundaiion io Jot]n Inncs Centr¢: 2024 2023 Grants for Studentships Grant Chri5 Leaver Fellowshlp Grant for Year in Industry Grant for Undergraduate Summer School Grant for Find My Future event Grants for student Support Artivities Rare Books Administration 600,000 1,142.500 iii 2,668 20,168 102,600 20.500 11,5001 12,000 13,375 12,000 12,695 Rare Books Archivist 14,947 17001 18,016 7,170 Diversity Focused Lectures Recreatlon Centre Manager Recreation Centre Refurbishment Review 18,950 NIG Infrastrurture slte redevelopment JIC total 4.500,000 5,162,993 1,332,395 Page 31 of 32 J()HN INNI% l-"i)I,Nl.).411(),N In 2015116. JlTrry Lompleied sl le3.%L daied 27th July 2015 10 JIC for iem).q of 60 year4 from 27th July 2015. A peppereortl rent is levied on this leiiing which ig compliJnl wilh JIFS chariiable objeciives. A crediior balar]ce of £8n,6801?0?1.. £47,362) w38 Outsianding io JIC at the year end. and accrued gr#niS of £7,439,509 {2()23. £3,nl 6,7n81. A grani of £333,2n4 wa5 commiiied (o ihe Earlham In51itulc in 2020 wilh an addiiional £75 ?6.3 in 2023. £41,650 was paid in th¢ ycar12023.. £69.59.3} and £193,098 was oul%(anding al ihe year-end (2023: £2.34.7481. During the ycar John Inncs Foundaiion were due ground rents of £46.185 (2021.. £48.1281 from Anglia Innovation Partncr5I1ip LLP I'AIP LLP'} an entity the group holds an invesimeni in. A balance of £7,609 12023.. £7.875) was outstanding ai ih¢ year end. A grani of £75,ooa wa5 commiiied io AIP in 2023 ioward a Seed Enrerprise Fund (including £IO.000 for SLheme adminisirationl. £25.854 was paid dursng the yegr and wilh £.50,-%46 undetuli155ed and £nil 12023.. £76,400) was ouisianding ai the year end. 17. Lease and Tenancy Agreement income Luase daied 2nd Marcli ?015 ¢ornmencing I si December 2014 10 Earll)am Insiiluie (noi¢ 16) income £112.6891?023.. £112,689) wilh 5 ycarly reni reviews. December 2019 kepi ai £IOO,000 for funher 12 monlhs and December 2020 uplified 10 £11 ?.689 per annum. FJrin Bu%iEies% Teiiancy dtited 1st Augu%t 2013 10 MoTley FJTJn% Ltd Jr a reni of £1,515 per plu4 the dnnudl Single Farm Payment (replaced by the BJ%ic P￿yInent Scheme in 2015). The lenJncy agrecinenr wag repldeed with i)ew agreenieni ddied 28ih January 2020 and then 251h Febru41ry 20? I for 2 yeaTS from I, October ?020 10 301h Sepiember ?a?? dnd dgdin reiiewed ISI Ociober 2023 for l year for £757 per ai)nuin being the rem&iining land at Neivfouiid FJr]n upon which BDW Trading Lid ha% Jn option dgreement (note 121. Incoine £3.544 (2023.. £4.6931 illclude8 Bd8lC PJymeni Scheme pdyInent%. 18. Members liability The Company is limiied by guaraiiiee. The liability lo the members is limiie