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← John Innes Foundation

2025-03-31-accounts

John Innes Foundation

Report and Financial Statements

Year ended: 31st March 2025

Charity no: 1111527

Company no: 05574485

Page 1 of 33

INDEX Page
Report of the trustees 3-12
Independent auditor’s report 13-15
Consolidated statement of financial activities 16
Consolidated balance sheet 17
Charity aggregated balance sheet 18
Consolidated statement of cashflows 19
Consolidated summary income and expenditure account 20
Accounting policies and notes to the financial statements 20-33

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Report of the trustees for the year ended 31st March 2025 (incorporating the Directors’ report)

Objectives and activities for the public benefit

(i) the provision of premises and facilities for research and the dissemination of the results of such research and assistance with the provision of funding for staffing, studentships, scholarships, professorships or bursaries in collaboration mainly with the John Innes Centre and other organisations located on the Norwich Research Park, and the University of East Anglia.

(ii) the application of a yearly sum of not less than £500 or such other sum as the Commission may from time to time in writing approve towards maintaining or providing scholarships to be called "John Innes Scholarships" to be awarded in accordance with rules to be made from time to time by the Governors of Rutlish School in the London Borough of Merton.

Grant making policy

Page 3 of 33

A review of our achievements and performance: How our grants and research programmes deliver public benefit.

4.1a
Studentships
Year ended 31/03/25 £'s Year ended 31/03/25 £'s Year ended 31/03/25 £'s
Committed Paid Accrual c/f
JIC Studentships (John Innes Foundation PhD Programme in Plant and
Microbial Sciences)		 600,000 600,000 2,700,000

JIC attracts students of the highest calibre from within the UK and abroad, as the programme nurtures tomorrow’s scientists for the enhancement of knowledge of healthy plant development and threats from the natural environment. There are currently 21 students (11 UK) throughout the 4-year programme with JIF committing substantial financial support. Website jic.ac.uk. Continuing the annual rolling agreement of funding Students starting in the next academic year, an additional £600,000 has been committed.

4.1b Research & Translation Grants

4.1bResearch & Translation Grants
Year ended 31/03/25 £'s
Committed Paid Accrual c/f
JIC Sir Ben Gill Fellowship - 77,208 57,926
UEA Norwich Institute for Sustainable Development 12,000 150,000 112,500
UEA PhD Climate Change Research 11,000 2,750 8,250
Earlham Institute Data Driven Science - 47,896 144,552
23,000 277,854 323,228

JIC Sir Ben Gill fellowship - a 5-year project to 2026 with total JIF funding of £386,061 to consolidate the outputs of JIC’s pea research with a vision to accelerate outputs of new pea varieties with industry demands for pea protein to supplement other food staples, and to meet changing dietary requirements for better health.

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University of East Anglia, Norwich Institute for Sustainable Development - a 5-year project to 2026 with total JIF funding of £750,000 providing for two fellows to intensify collaboration with JIC and other bodies facilitating joint projects with regard to agriculture in developing countries and the use of agricultural technologies.

University of East Anglia – a 3-year project to 2028 with total JIF funding of £11,000 providing funds for a PhD research post to review how agriculture can influence climate cooling gas production.

Earlham Institute Fellowship in data driven science – an extended 8-year project to 2029 with total JIF funding of £407,817 contributing to closing a recognised skills gap in computational biology aiding important national and global future developments in agricultural traits.

4.1c Enterprise Grants

4.1cEnterprise Grants
Year ended 31/03/25 £'s Year ended 31/03/25 £'s Year ended 31/03/25 £'s
Committed Paid Accrual c/f
AIP Seed Funding 30,000 30,000 -
30,000 30,000 -

AIP LLP - Seed Fund Enterprise provides early-stage capital to new projects that are assessed as having the potential to aid world food development and associated health issues. Agreed funding budget was not fully utilised and not carried forward.

4 . 1d Education Grants

4.1dEducation Grants
Year ended 31/03/25 £'s
Committed Paid Accrual c/f
Agricultural Bursaries 55,500 37,000
27,750		 27,750
Agricultural Bursaries Administration Fees (RNAA) 3,768 3,768 -
JIC Undergraduate Summer School - 20,520 61,560
JIC Find My Future - 5,500 11,000
JIC Education Manager 90,000 30,000 60,000
SAW Trust Forest Science Garden in Schools Project 10,000 10,000 -
Other Grants 39,750 39,750 -
199,018 146,538 160,310

Agricultural bursaries assist with degree education funding of three financially disadvantaged students from non-traditional farming backgrounds, at Harper Adams University, Royal Agricultural University and Writtle University. This is backed up by mentoring and support by a Trustee in determining career paths.

JIC International Undergraduate School - 5-year funding to 2028 total £102,600 gives undergraduates experience for 8 weeks each summer in plant and microbial science, interacting with world-leading scientists and gaining unrivalled insight into research.

JIC Find My Future - a 4-year funding to 2027 total of £20,500, an annual event focussed on year 10 students mainly from disadvantaged areas, aimed at inspiring the next generation of STEMM professionals.

JIC Education Manager provides funding towards the salary of an Education Manager to co-ordinate all the JIC Education initiatives. 3 year funding to 2027 totalling £90,000.

SAW Trust and other educations grants are provided to organisations providing education to young persons opening up career pathways in agriculture and research environments critical to future world food supplies and public health.

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4.1e Other Grants

4.1eOther Grants
Year ended 31/03/25 £'s Year ended 31/03/25 £'s
Committed Paid Accrual c/f
JIC NGI Infrastructure site redevelopment - - 4,500,000
JIC Rare Books Collection - administration 5,579 7,818 3,556
JIC recreation and sporting facilities for staff and student welfare 18,950 18,950 -
JIC Outreach Curator 13,649 13,649 -
JIC Student Voice - social, academic, wellbeing and training support 12,000 12,000 -
Sense About Science 10,230 10,230 -
Other grants 8,600 15,600 -
69,008 78,247 4,503,556

JIC NGI Infrastructure site redevelopment – JIC has been awarded a total of £317m by BBSRC for its Next Generation Infrastructure redevelopment, an investment in new facilities essential for researchers and innovators to undertake ground breaking research. JIC is required to raise the outstanding finance, in which context, JIF has pledged grant funding of £4.5m with stage payments of £1.35m January 2026, £1.35m January 2028, and £1.8m January 2029, although the payment dates may be subject to variation according to the progress of the project.

JIC Rare Books Collection – JIF owns a rare and valuable collection of botany-based books that are housed and cared for within JIC. JIF contribute to the archive assistant salary, a commitment of £20,489 running to August 2026.

JIC Recreation and Sporting Facilities – JIF contributes to the salary of the Rec Centre Manager.

JIC Outreach Curator & Science Historian – JIF contributes to the salary of the JIC Outreach Curator and Science Historian, Dr. Sarah Wilmott, who is responsible for the administration of the rare books and historical collection.

JIC Student Voice – JIF supports this student-led initiative at JIC that promotes welfare, training, social events and communication between students and staff.

Sense About Science – JIF funds a “Voice of Young Science” training workshop held at NRP, aimed at inspiring Early Career Researchers to understand their social responsibility to engage in the public conversation around science and evidence and give them the skills and confidence to do so.

Financial review

Page 6 of 33

Investment policy and performance

Risk management

Page 7 of 33

Reserves Policy

Plans for the future

Under each DoA, Vengrove may draw down land for development for a period of 10 years. At the same time as the DoA was concluded, a template ground lease was also finalised. This ground lease will apply to each plot of land drawn down and will run for 150 years. Both documents contain a number of key provisions to ensure the objectives of the three landowners may be achieved. These largely centre on maintaining the integrity and quality of NRP, in which all landowners have a significant long term interest.

Development of a speculative research and development building of 62,000 sq ft comprising laboratory and office space will commence initially on the UKRI site with the sequence of development continuing on JIF and UEA land within strict timescales, which if not achieved, give the landowners the opportunity to terminate the arrangement. However, the intention of all parties, as confirmed in the legal documentation, is to commence a programme of development which will generate ground rental income for the landowners in accordance with a formula linked to both the size of development and the rental income received by Vengrove from its occupational tenants.

Page 8 of 33

constructive agreement, and this sum has therefore now been recognised in the Accounts. It is currently expected that payments of £1.35m will be made in both January 2026 and January 2028. The balance of £1.8m will be paid in January 2029. These payments are contingent on specific milestones in the project programme being achieved and their timing may therefore be subject to amendment. The project has secured substantial Government funding.

As part of the re-gearing of the ground lease from JIF to JIC associated with the grant to be provided by JIF, it is intended that JIF will gain possession of certain existing buildings that will not be required as part of NGI and will be outside the new lease demise. In which case, the letting of these buildings will provide Trustees with the opportunity to create a new and significant income stream, further increasing JIF’s reach and impact. Note 12 of the Financial Statements refers.

Structure, governance and management

Page 9 of 33

Key management personnel remuneration

Reference and administration information Trustees:

The following served as Trustees (and Directors for the purposes of Company Law) during the year and/or as at the date of this report:

P D Innes (Chair of Trustees)

K R Norman

Dr D K Lawrence D J McLeavy Hill Dr T L Barsby OBE Professor Dame Melanie Welham

Registered Office:

John Innes Centre, Colney Lane, Colney, Norwich NR4 7UH

Auditors:

Lovewell Blake LLP, Bankside 300, Peachman Way, Broadland Business Park, Norwich NR7 0LB

Solicitors:

Mills & Reeve LLP, Botanic House, 100 Hills Road, Cambridge CB2 lPH

Page 10 of 33

Investment Managers:

Rathbone Investment Management Limited, 8 Finsbury Circus, London EC2M 7AZ Quilter Cheviot, Senator House, 85 Queen Victoria Street, London EC4V 4AB Barratt & Cooke, 5 Opie Street, Norwich NR1 3DW

Clerk to Trustees:

David Harvey of Harvey & Co, High House Farm, Gunn Street, Foulsham, Norfolk NR20 5RN (to 30th November 2024) Samantha Fox of Quick Brown Fox Communications Ltd, 6 Central Avenue, St. Andrews Business Park, Norwich, Norfolk, NR7 0HR (from 1[st] October 2024)

Financial Administrator:

David Marshall ACMA of UKMarshall Ltd, 15 Seton Road, Taverham, Norwich, Norfolk NR8 6Q (to 31[st] December 2024) Paul Reed of Paul Reed Services Limited, 6 Pains Close, Worlingham, Beccles, Suffolk NR34 7SN (from 1[st] November 2024

Trustees' responsibilities in relation to financial statements

Page 11 of 33

Approved by the Trustees on 21[st] October 2025 and signed on their behalf by:

P D Innes Chair of Trustees

Page 12 of 33

Independent Auditor’s Report to the Members and Trustees of John Innes Foundation

Opinion

We have audited the financial statements of John Innes Foundation (the ‘parent charitable company’) and its subsidiary (the 'group') for the year ended 31st March 2025 which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Charity aggregated Balance Sheet, Consolidated Statement of Cashflows, Consolidated Summary Income and Expenditure account and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the report of the trustees, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information 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 otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 13 of 33

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the report of the trustees (which includes the directors’ report prepared for the purposes of company law).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements 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 statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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..

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/library/standards-codes-policy/audit-assurance-and-ethics/auditors-responsibilities-for-the-audit/ This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body for our audit work, for this report, or for the opinions we have formed.

Tobias Wilson BA (Hons) FCA

Senior Statutory Auditor

for and on behalf of Lovewell Blake LLP Statutory Auditor, Chartered Accountants Norwich

1 December 2025

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Consolidated Statement of Financial Activities for the year ending 31st March 2025

Unrestricted Endowment Total funds Total funds
fund funds 2025 2024
Note £ £ £ £
Income and endowments from:
Charitable activities 128,190 - 128,190 116,233
Other trading activities 61,888 - 61,888 46,185
Investments 3 1,470,033 - 1,470,033 1,317,680
Other income 2,319 - 2,319 29,445
Total 1,662,430 - 1,662,430 1,509,543
Expenditure on:
Raising funds:
Investment Manager costs 21,314 127,781 149,095 153,540
Legal and other Professional Fees 13,192 197,434 210,626 78,171
Cost of raising funds 34,506 325,215 359,721 231,711
Expenditure on charitable activities:
Grants and donations 4 920,376 - 920,376 5,198,533
Depreciation 263,523 74,600 338,123 338,123
Support, overhead costs and governance 5 122,542 - 122,542 109,839
Cost of charitable activities 1,306,441 74,600 1,381,041 5,646,495
Total expenditure 1,340,947 399,815 1,740,762 5,878,206
Net income / (expenditure) 321,483 (399,815) (78,332) (4,368,663)
Net gains / (losses) on investments 9 (30,640) 97,066 66,426 2,112,050
Other recognised gains / (losses): - - - -
Net movement in funds 290,843 (302,749) (11,906) (2,256,613)
Reconciliation of funds:
Total funds brought forward 2,226,888 39,735,730 41,962,618 44,219,231
Total funds carried forward 2,517,731 39,432,981 41,950,712 41,962,618

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Consolidated Balance Sheet as at 31st March 2025 Registered number 05574485

Unrestricted Endowment Total funds Total funds
funds funds 2025 2024
Fixed assets: Note £ £ £ £
Tangible assets 7 2,951,902 1,020,900 3,972,802 4,310,925
Investments 9 5,631,806 35,091,390 40,723,196 40,805,865
Total fixed assets 8,583,708 36,112,290 44,695,998 45,116,790
Current assets: 10
Debtors 257,360 - 257,360 262,842
Cash at bank and in hand 1,450,752 3,321,797 4,772,549 4,736,266
Total current assets 1,708,112 3,321,797 5,029,909 4,999,108
Liabilities: 11
Creditors: Amounts falling due within one
year (2,310,700) (1,106) (2,311,806) (1,207,446)
Net current assets or liabilities (602,588) 3,320,691 2,718,103 3,791,662
Total assets less current liabilities 7,981,120 39,432,981 47,414,101 48,908,452
Creditors: Amounts falling due after more
than one year 11 (5,463,389) - (5,463,389) (6,945,834)
Net assets 2,517,731 39,432,981 41,950,712 41,962,618
The funds of the charity: 14
Endowment funds - 39,432,981 39,432,981 39,735,730
Unrestricted funds 2,517,731 - 2,517,731 2,226,888
2,517,731 39,432,981 41,950,712 41,962,618

Th e accompanying accounting policies and notes on pages 20 to 33 form an integral part of these financial statements.

Approved by the trustees on 21[st] October 2025 and signed on their behalf by:

PD Innes Chair of Trustees

Page 17 of 33

Charity Aggregated Balance Sheet as at 31st March 2025 Registered number 05574485

Charitable
Company Charitable Trust
Unrestricted Endowment Total funds Total funds
funds funds 2025 2024
Note £ £ £ £
Fixed assets:
Tangible assets 8 2,951,902 1,020,900 3,972,802 4,310,925
Investments 9 5,631,806 35,091,390 40,723,196 40,805,865
Total fixed assets 8,583,708 36,112,290 44,695,998 45,116,790
Current assets: 10
Debtors 257,360 - 257,360 262,842
Cash at bank and in hand 1,450,752 3,321,797 4,772,549 4,736,266
Total current assets 1,708,112 3,321,797 5,029,909 4,999,108
Liabilities:
Creditors: Amounts falling due
within one year 11 (2,310,700) (1,106) (2,311,806) (1,207,446)
Net current assets or liabilities (602,588) 3,320,691 2,718,103 3,791,662
Total assets less current liabilities 7,981,120 39,432,981 47,414,101 48,908,452
Creditors: Amounts falling due
after more than one year 11 (5,463,389) - (5,463,389) (6,945,834)
Net assets 2,517,731 39,432,981 41,950,712 41,962,618
The funds of the charity: 14
Endowment funds - 39,432,981 39,432,981 39,735,730
Unrestricted funds 2,517,731 - 2,517,731 2,226,888
2,517,731 39,432,981 41,950,712 41,962,618
Reconciliation of funds: 15
Total funds brought forward 2,226,888 39,735,730 41,962,618 44,219,231
Net movement in funds 290,543 (302,749) (11,906) (2,256,613)
Total funds carried forward 2,517,731 39,432,981 41,950,712 41,962,618

The movement in funds of the charity (aggregated charitable company and charitable trust) for the financial year was (£11,906), 2024: (£2,256,613).

The accompanying accounting policies and notes on pages 20 to 33 form an integral part of these financial statements.

Approved by the trustees on 21[st] October 2025 and signed on their behalf by:

PD Innes, Chair of Trustees

Page 18 of 33

Consolidated Statement of Cash Flows for the year ending 31st March 2025

Total funds Total funds
2025 2024
Note £ £
Net cash used in operating activities 16 (1,433,750) (1,070,751)
Cash flows from activities:
Interest and dividends 3 1,470,033 1,317,680
Cash provided by investments and activities 36,283 246,929
Cash flows from other sources:
Transfer to / from investment funds 9 - 3,279
Change in cash and cash equivalents in the year 36,283 250,208
Cash and cash equivalents brought forward 4,736,266 4,486,058
Cash and cash equivalents carried forward 4,772,549 4,736,266

Consolidated Summary Income and Expenditure Account for the year ending 31st March 2025

2025 2024
Total income 1,662,430 1,509,543
Total expenditure (1,740,762) (5,878,206)
Gains/(losses) on investments 66,426 2,112,050
Net income / expenditure for year (11,906) (2,256,613)

Detailed analysis of expenditure is provided in the statement of financial activities and notes 4 to 6.

The summary income and expenditure account is derived from the financial activities on page 16 which together with the notes to the financial statements on pages 20 to 33 provides full information on the movements during the year on all funds of the group.

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Notes to the financial statements

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is John Innes Centre, Colney Lane, Norwich, NR4 7UH.

2. Accounting Policies

a) Basis of preparation and assessment of going concern

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), Companies Act 2006 and the Charities Act 2011.

John Innes Foundation is a private charitable company limited by guarantee and is governed by its Memorandum and Articles of Association.

The Charities Commission, in a Scheme dated 4th November 2005, issued a Uniting Direction such that the financial statements should show the aggregation of the results of John Innes Foundation ("the charitable company") and the John Innes Foundation Trust ("the trust") for submission to the Commission. An aggregation combines the results of the two entities to report them as if they were one entity. The charitable company is sole trustee of the trust and accordingly is not the beneficial owner of the trust's assets. The Uniting Direction, contained in the 2005 Scheme, requires the charitable company to file one set of financial statements aggregating the results of the charitable company and the trust. Information in respect of the trust has been identified separately within these financial statements to allow proper identification of the assets and liabilities of the charitable company and its subsidiaries as required by the Companies Act 2006. The charity aggregated balance sheet and the related notes separately identify the assets relating to the Charitable Company and the Trust.

The charity constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the charitable company and group’s ability to continue as a going concern. The charitable company and group have generated sufficient financial resources from its activities to allow the trustees to believe that the charitable company and group are well placed to manage their business risks successfully in the current economic climate. Accordingly, the trustees have a reasonable expectation that the charitable company and group have adequate resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of accounting in preparing the financial statements

b) Functional currency

The functional and reporting currency is £ sterling.

c) Basis of consolidation

The consolidated financial statements comprise the financial statements of John Innes Foundation and its subsidiary undertakings using acquisition accounting and aggregates the results, assets and liabilities of The John Innes Foundation Trust for which the charitable company is the sole trustee.

A separate statement of financial activities has not been included for John Innes Foundation by virtue of Section 408 of the Companies Act 2006. The net incoming resources for the year of John Innes Foundation are included in the consolidated statement of financial activities and the consolidated summary income and expenditure account.

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d) Funds structure

The charity has a single permanent endowment bestowed by John Innes in 1904 and established under a scheme of the Charities Commission in 1909 to carry out investigation and research whether of a scientific or practical nature, into the growth of trees and plants generally. The will of John Innes also secured funding as part of the endowment of the John Innes (Merton) Boys Club, and a donation to the Rutlish Foundation to fund scholarships to Rutlish School, Merton being the home of John Innes. A relocation of the charity to Norwich was agreed in 1963.

Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.

Under the Charity Commission 2005 Scheme income arising from the Endowment Funds is transferred to the John Innes Foundation unrestricted funds. Capital appreciation / depreciation and realised gains / losses in value remain with the endowed fund.

e) Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of the income receivable can be measured reliably.

Investment income is recognised on entitlement to the declared dividends and interest on cash deposits, and recognised on an accruals basis. One endowed investment portfolio is specific to fixed interest investments and structured for income to remain in the portfolio. Interest is included in investment income and reinvested back into capital under capital introduced.

Rental income is accounted for on a receivable basis.

BDW Trading Ltd has a 10 year Option Agreement dated 24[th] August 2018 to purchase 66 acres of Newfound Farm. Non-refundable fees of £155,000 and £20,000 have been paid by Barratt Developments (BDW Trading Ltd) and recognised in accounts year end 31st March 2019 and 2021 respectively. These 66 acres remain at cost in Land and Buildings pending determination of development potential. Should planning permission be obtained for residential development and the option exercised it is expected that there would be a material increase in the value of land to its present value of £30,000. The site was allocated for the development of 410 houses in the Greater Norwich Development Plan, formally adopted in March 2024. That establishes the principle of development, which adds to the expectation of an increase in value when planning permission is obtained by BDW Trading Ltd.

f) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (h) below.

Grants payable are payments to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

g)

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred .

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h) Allocation of support and governance costs

Governance costs comprise all costs involving the public accountability of the charitable company and its compliance with regulation and good practice. These costs include those related to the statutory audit, any legal fees incurred for advice to the trustees and an apportionment of support and overhead costs. Support costs and overheads have been allocated between charitable activities and governance. Costs are allocated on the basis of a best estimate of the purpose of expenditure.

i) Cost of raising funds

The costs of generating funds consist of investment management costs and certain legal fees.

j) Charitable activities

Costs of charitable activities include grants made, governance costs and an apportionment of support costs as shown in notes to the accounts.

k) Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost subject to depreciation and impairment.

Depreciation is provided by the charitable company to write off the cost less estimated residual value of tangible fixed assets by equal instalments over the estimated useful economic lives as follows:

Freehold land Not depreciated Freehold buildings Originally 34 to 50 years but subsequently amended with changes in valuations and lease terms.

I) Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the bid price at the year-end date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

m) Heritage assets

The charity holds a library collection of books and papers. The assets were acquired in past accounting periods and not capitalised. The value of such assets is excluded from the balance sheet reflecting the fact that reliable cost information is not available and conventional valuation approaches lack sufficient reliability. It is also assessed that the inclusion of such information would provide very limited (if any) additional benefit to users of the accounts in assessing the trustees' stewardship of the assets. However, it should be noted that their valuation for insurance purposes (insured by JIC) is £2,813,700.

n) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.

Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Page 22 of 33

o) Contingent liabilities

p) Programme related and mixed motive investments

A programme related investment is an asset held by the group in order to directly further the charitable purposes of the investing charity. Any financial return obtained is incidental to the primary reason for making the investment. Such assets include those held to further the charitable aims of the charity by funding specific activities or related tangible fixed assets of a third party which, in turn, contribute to the investor's own charitable purposes. Such assets are measured at amortised cost and are assessed for objective evidence of impairment at the end of each reporting period. Such an assessment takes account of their service potential in pursuit of charitable objects.

Where an apportionment of value between a property asset held for financial return and for non-financial motives (mixed motives) is impractical, the whole asset is classed as a fixed asset.

q) Estimations and accounting judgements

In the application of accounting policies, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects that period or in the period of the revision and future periods if the revision affects current and future periods.

The areas which require the exercising of judgement and reflect a degree estimation uncertainty relate to:

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year although given their nature such a risk exists.

Page 23 of 33

3. Investment income

Investment income
Unrestricted Endowed 2025 2024
Funds funds
£ £ £ £
Investments 1,258,967 - 1,258,967 1,152,399
Bank Interest 211,066 - 211,066 165,281
1,470,033 - 1,470,033 1,317,680

4. Analysis of charitable expenditure - grants and donations

4a: Grants Payable 2025
Reconciliation of grants payable Studentships Research Enterprise Education Other 2025
£ £ £ £ £ £
Commitments at 1st April 2024 2,700,000 578,732 - 107,830 4,512,795 7,899,357
Recategorised grants - - - - - -
Commitments made in the year 600,000 23,000 30,000 199,018 69,008 921,026
Grants cancelled or recovered - (650) - - - (650)
Grants payable for the year 600,000 22,350 30,000 199,018 69,008 920,376
Grants paid during the year (600,000) (277,854) (30,000) (146,538) (78,247) (1,132,639)
Commitments at 31st March 2025 2,700,000 323,228 - 160,310 4,503,556 7,687,094
Within one year 600,000 195,629 - 74,520 1,353,556 2,223,705
After more than one year 2,100,000 127,599 - 85,790 3,150,000 5,463,389
2,700,000 323,228 - 160,310 4,503,556 7,687,094
Grants Payable 2024
Reconciliation of grants payable Studentships Research Enterprise Education Other 2024
£ £ £ £ £ £
Commitments at 1st April 2023 2,610,000 981,882 - 133,850 23,050 3,748,782
Recategorised grants - (66,400) 76,400 - (10,000) -
Commitments made in the year 600,000 - - 98,654 4,551,799 5,250,453
Grants cancelled or recovered - - (50,546) (1,500) 126 (51,920)
Grants payable for the year 600,000 (66,400) 25,854 97,154 4,541,925 5,198,533
Grants paid during the year (510,000) (336,750) (25,854) (123,174) (52,180) (1,047,958)
Commitments at 31st March 2024 2,700,000 578,732 - 107,830 4,512,795 7,899,357
Within one year 600,000 305,458 - 35,270 12,795 953,523
After more than one year 2,100,000 273,274 - 72,560 4,500,000 6,945,834
2,700,000 578,732 - 107,830 4,512,795 7,899,357

Page 24 of 33

All costs were from unrestricted funds for both 2025 and 2024.

4b: Grant commitments agreed during the year

Purpose Payable to £
Studentships JIC 600,000
Research and translation
Development Fellowship UEA 12,000
Fellowship in Data Driven Science EI (650)
PHD Research in Climate Change UEA 11,000
22,350
Enterprise
Seed Fund Enterprise – Bio Potatoes AIP LLP 30,000
30,000
Education Grants
Education Manager’s Salary JIC 90,000
Agricultural Bursary Harper Adams Uni 27,750
Agricultural Bursary Royal Agri University 9,250
Agricultural Bursary Writtle University 18,500
Bursary Administration RNAA 3,600
Bursary Expenses Bursary Admin Ltd 168
Science/Forest Garden Project SAW Trust/JIC 10,000
AgriTech Taster Day SAW Trust/JIC 6,000
Rutlish School Rutlish School 1,000
School Projects SAW Trust 4,000
STEM Teacher Conference JIC 6,000
Online Resources, Career Kit JIC 7,750
Youth STEM Award JIC 3,000
Evaluation Toolkit JIC 5,000
Teacher Conference Supply Cover JIC 5,000
T Levels JIC 2,000
199,018
Other Grants
Archive Assistant JIC 5,579
Student Support Activities JIC 12,000
Outreach Curator JIC 13,649
Voice of Young Science Sense About Science 10,230
Royal Country Side Fund Donation RCF 5,000
Recreation Centre Manager JIC 18,950
Other Other 3,600
69,008
Page25of33

5. Analysis of support, overhead and governance costs

2025 2024
£ £
Trustees' remuneration 47,845 39,155
Insurance 8,247 8,237
Trustees' and clerk's expenses 6,379 5,197
Auditor's remuneration 12,469 14,015
Auditor’s remuneration - non audit fees 1,200 636
Clerk to Trustees and Financial Administrator’s Fees 45,223 41,317
Other support costs 1,179 1,282
122,542 109,839

All costs were from unrestricted funds for both 2025 and 2024.

6. Trustees’ remuneration

2025 2024
£ £
P D Innes 12,220 11,751
K R Norman 7,125 6,851
D K Lawrence 7,125 6,851
D J McLeavy Hill 7,125 6,851
Dr T L Barsby 7,125 6,851
Dame M Welham (appointed 1/4/24) 7,125 -
47,845 39,155

The scheme for the charitable company agreed by the Charities Commission on 24th January 2018 following a review by the Remuneration Committee and application to the Charities Commission, authorises remuneration to a maximum payable of £40,000 subject to inflationary increases (2024/25 maximum payable £50,112) and incorporated within The Articles dated 10th July 2018, to be divided among Trustees in such amounts as approved by resolution of the Trustees and recommended by the charity's Remuneration Committee. No one Trustee is to receive more than 25% of the maximum.

The minimum number of trustees is 3 with no maximum as stated in the Memorandum and Articles of Association of 10th July 2018.

The 6 trustees (2024: 5) incurred an aggregate sum of £6,379 (2024: £5,197) for travel expenses and meeting costs.

Directors and officers liability insurance of £8,247 (2024: £8,237) was incurred in the year. There are considered to be no other Key Management Personnel in addition to the Trustees.

There were no employees and no individual earned over £60,000.

Page 26 of 33

7. Consolidated tangible fixed assets

7.
Consolidated tangible fixed assets
Unrestricted Endowment Total funds
funds funds 2025
£ £ £
Cost at 1st April 2024 13,002,039 2,960,500 15,962,539
At 31st March 2025 13,002,039 2,960,500 15,962,539
Depreciation at 1st April 2024 9,786,614 1,865,000 11,651,614
Charge for the year 263,523 74,600 338,123
At 31st March 2025 10,050,137 1,939,600 11,989,737
Net book value at 31st March 2024 3,215,425 1,095,500 4,310,925
Net book value at 31st March 2025 2,951,902 1,020,900 3,972,802

All tangible fixed assets are considered Program Related Investments, all being used by third parties congruent with charitable objectives.

During the year ended 31st March 2013 the Trustees reviewed the carrying value of the Earlham Institute within land and buildings above. The building was originally designed and built for a specific user and the trustees are pleased that it now continues to be used for scientific purposes. After taking professional advice regarding the value of the building it was identified that the current net book value was greater than the net realisable value and the value in use. Therefore, an impairment charge of £2.2m was identified and applied in 2013.

Endowed funds include £367,800 of assets not being depreciated and held at cost.

8. Charity aggregated tangible fixed assets

The narrative given in note 7 with regard to consolidated fixed assets is equally applicable to those held by the Charity aggregated with the trust.

Unrestricted Endowment Total funds
funds funds 2025
£ £ £
Cost at 1st April 2024 10,973,314 2,960,500 13,933,814
At 31st March 2025 10,973,314 2,960,500 13,933,814
Depreciation at 1st April 2024 7,757,889 1,865,000 9,622,889
Charge for the year 263,523 74,600 338,123
At 31st March 2025 8,021,412 1,939,600 9,961,012
Net book value at 31st March 2024 3,215,425 1,095,500 4,310,925
Net book value at 31st March 2025 2,951,902 1,020,900 3,972,802
Page27of33

9. Investments

2025 2024 2024
Charity &
Group Trust Group Charity & Trust
£ £ £ £
Listed investments and Cash 39,890,196 39,890,196 39,972,865 39,972,865
Investment in subsidiary undertaking - 1,083,001 - 1,083,001
Provision - (250,001) - (250,001)
Investment in AIP LLP 833,000 - 833,000 -
40,723,196 40,723,196 40,805,865 40,805,865
Listed investments and cash Cash Portfolio Total 2025
Market value brought forward 683,712 39,289,153 39,972,865
Additions to investments (5,457,706) 5,457,706 -
Disposal proceeds 5,148,787 (5,148,787) -
Management fees (149,095) - (149,095)
Gains on investments - 66,426 66,426
225,698 39,664,498 39,890,196
2025 2024
Investment portfolio consists of: £ £
Equities 26,180,589 26,616,682
Fixed interest securities 10,589,961 9,924,754
Alternative investments 2,893,950 2,747,719
Cash 225,696 683,710
Total 39,890,196 39,972,865

The investment portfolios are balanced funds with no single shareholding more than 2.0 % (2024: 2.1%) of total fund value.

The following are the operating undertakings in which the charitable company held an interest during the year:

Subsidiary undertaking Country of Registration Principal activity Class and percentage shares held John Innes Bioprospects Limited England Holding Company 100% ordinary shares

John Innes Bioprospects Limited (company number 03812071) did not trade in the year and has net assets of £833,000 (being the investment in AIP LLP). Its registered office address is the same as that of JIF.

The provision against the investment in subsidiary undertakings has been made as the net assets of John Innes Bioprospects Limited solely comprise its investment as a partner in Anglia Innovation Partnership ('AIP') LLP. Management consider AIP LLP to be a mixed motive investment in that it is not primarily held for financial objectives. Premises and facilities are also provided for research which contributes to the charitable objectives of John Innes Foundation. The investment continues to contribute to the wider objects and purpose of the Group. No impairment is considered necessary at this time but is monitored annually.

As at 31st March 2025 there had been no division of profits agreed by the members of AIP LLP (2024: £nil). Consequently, no amounts were receivable by the group at that date in respect of profits earned by AIP LLP (2024: £nil).

Page 28 of 33

10. Analysis of current assets

Analysis of current assets
2025 2025 2024 2024
Charity & Charity &
Group Trust Group Group
Trust
£ £ £ £
Prepayments and accrued income 219,148 219,148 221,070 221,070
221,070
Trade debtors 38,212 38,212 41,772 41,772
41,772
Cash at Bank 4,772,549 4,772,549 4,736,266 266
4,736,266
5,029,909 5,029,909 4,999,108 4,999,108
4,999,108

11. Analysis of current and long-term liabilities

2025 2024
Charity & Charity &
Group Trust Group Trust
Creditors under 1 year: £ £ £ £
Trade creditors 35,988 35,988 178,422 178,422
Tax and social security 3,112 3,112 3,013 3,013
Committed grants 2,223,705 2,223,705 953,523 953,523
Other accruals and deferred income 49,001 49,001 72,488 72,488
2,311,806 2,311,806 1,207,446 1,207,446
Creditors over 1 year:
Committed grants 5,463,389 5,463,389 6,945,834 6,945,834
2025 2024
£
 £
Deferred income b/f 26,029 26,029
Transferred to income (26,029) (26,029)
Deferred in year (Earlham Institute advance rent invoiced) 35,304 26,029
Deferred income c/f 35,304 26,029

12. Contingent assets and liabilities

BDW Trading Ltd has a 10 year Option Agreement dated 24[th] August 2018 to purchase 66 acres of Newfound Farm. Non-refundable fees of £155,000 and £20,000 have been paid by Barratt Developments (BDW Trading Ltd) and recognised in accounts year end 31st March 2019 and 2021 respectively. These 66 acres remain at cost in Land and Buildings pending determination of development potential. Should planning permission be obtained for residential development and the option exercised it is expected that there would be a material increase in the value of land to its present value of £30,000. The site was allocated for the development of 410 houses in the Greater Norwich Development Plan, formally adopted in March 2024. That establishes the principle of development, which adds to the expectation of an increase in value when planning permission is obtained by BDW Trading Ltd.

In 2020 Trustees agreed to contribute a capital sum of £4.5m to the proposed redevelopment of the John Innes Centre site (known as Next Generation Infrastructure – NGI). Whilst Negotiations re Heads of Terms continue, there is constructive agreement, and this sum was therefore recognised in the Accounts in the year to 31[st] March 2024.

As part of the re-gearing of the ground lease from JIF to JIC associated with the grant to be provided by JIF, it is intended that JIF may gain possession of certain existing buildings that will not be required as part of NGI and may be outside the new lease demise. In which case, the letting of these buildings will provide Trustees with the opportunity to create a new and significant income stream, further increasing JIF’s reach and impact. A future assessment of these buildings will need to be undertaken to consider use and value.

Page 29 of 33

13. Commitments

As at year end 31st March 2025 Trustees, along with other landowners, UEA and UKRI, were committed to supporting the development of their combined undeveloped land through the appointment of an external investor to deliver new laboratory and office accommodation. This will enable the further growth of the internationally renowned Norwich Research Park, a top-tier global research and innovation campus. This concluded with the signing by each landowner of individual Development and Option Agreements with real estate investment manager Vengrove Real Estate Management Ltd., on 17th September 2024.

Legal and other associated costs in this respect incurred in the year to 31 March 2025 amounted to £159,569, this included an insurance policy premium of £24,000 to protect JIF against any claims for breach of covenant on historic land covenants. No legal or other associated costs in this respect have been incurred since 31 March 2025.

14. Group and Charity analysis of net assets

Unrestricted Endowment
Year ended 31st March 2025 fund Fund Total
£ £ £
Tangible fixed assets 2,951,902 1,020,900 3,972,802
Investments 5,631,806 35,091,390 40,723,196
Debtors due in 1 year 257,360 - 257,360
Cash at bank 1,450,752 3,321,797 4,772,549
Creditors due in 1 year (2,310,700) (1,106) (2,311,806)
Creditors due after 1 year (5,463,389) - (5,463,389)
2,517,731 39,432,981 41,950,712
Unrestricted Endowment
Year ended 31st March 2024 fund Fund Total
£ £ £
Tangible fixed assets 3,215,425 1,095,500 4,310,925
Investments 5,683,760 35,122,105 40,805,865
Debtors due in 1 year 262,842 - 262,842
Cash at bank 1,184,362 3,551,904 4,736,266
Creditors due in 1 year (1,173,667) (33,779) (1,207,446)
Creditors due after 1 year (6,945,834) - (6,945,834)
2,226,888 39,735,730 41,962,618

Page 30 of 33

15 . Group and Charity aggregated analysis of charitable funds

Bal B/fwd Fund C/fwd
1st April Income Expenditure Gains/(Losses) 31st March
2024 2025 2025 2025 2025
£ £ £ £ £
Endowment funds 39,735,730 - (399,815) 97,066 39,432,981
Unrestricted funds 2,226,888 1,662,430 (1,340,947) (30,640) 2,517,731
Total 41,962,618 1,662,430 (1,740,762) 66,426 41,950,712
Bal B/fwd Fund C/fwd
1st April Income Expenditure Gains/(Losses) 31st March
2023 2024 2024 2024 2024
£ £ £ £ £
Endowment funds 38,331,761 - (277,839) 1,681,808 39,735,730
Unrestricted funds 5,887,470 1,509,543 (5,600,367) 430,242 2,226,888
Total 44,219,231 1,509,543 (5,878,206) 2,112,050 41,962,618

16 Notes to the Consolidated Statement of Cashflows

16a Reconciliation of net movement in funds to net cash flow from operating activities

2025 2024
£ £
Net movement in funds (11,906) (2,256,613)
Add back losses / deduct gains on investments (66,426) (2,112,050)
Investment income (1,470,033) (1,317,680)
Add back depreciation charge 338,123 338,123
Deduct Investment Management Fees paid from Broker Capital
Accounts 149,095 153,540
Decrease (increase) in debtors 5,482 (122,139)
Increase (decrease) in creditors (378,085) 4,246,068
Net cash used in operating activities (1,433,750) (1,070,751)

16b Analysis of Net Funds

31st March 2024 Cashflows 31st March 2025
£ £ £
Cash at Bank 4,736,266 36,283 4,772,549

Page 31 of 33

17. Related party transactions

The charitable registration number within these financial statements represents both the Company and John Innes Foundation Trust ('the Trust') in line with a Uniting Direction from the Charity Commissioners dated 4th November 2005.

Transactions between the Charitable Company and the Trust during the year have been as follows:

John Innes Centre is considered a related party of John Innes Foundation as during the course of the year William Kendall (non-trustee) sat on the Governing Council of John Innes Centre as JIF’s representative, and one trustee (currently Tina Barsby) acts as an observer at JIC Governing Council meetings.

Transactions between the entities can be summarised as follows:

Paid and/or accrued by the Foundation to John Innes Centre:

2025 2024
£ £
Grants for Studentships 600,000 600,000
Grant for Education Manager 90,000 -
Miscellaneous Education Grants 26,750 -
Youth STEM Award 3,000 -
Grant for Year in Industry - 20,168
Grant for Find My Future event - (1,500)
Grants for Student Support Activities 12,000 12,000
Outreach Curator/ Rare Books Administration 13,649 13,375
Rare Books Archivist 5,579 -
Diversity Focused Lectures 1,500 -
Recreation Centre Manager 18,950 18,950
NIG Infrastructure site redevelopment - 4,500,000
JIC total 771,428 5,162,993

Page 32 of 33

In 2015/16, JIF completed a lease dated 27th July 2015 to JIC for a term of 60 years from 27th July 2015. A peppercorn rent is levied on this letting which is compliant with JIF's charitable objectives.

A creditor balance of £5,758 (2024: £80,680) was outstanding to JIC at the year end, and accrued grants of £6,794,042 (2024: £7,439,509).

A grant of £333,204 was committed to the Earlham Institute in 2020 with an additional £75,263 in 2023, reduced by £650 in 2025. £47,896 was paid in the year (2024: £41,650) and £144,552 was outstanding at the year-end (2024: £193,098).

Rents were charged to Earlham Institute of £124,912 (2024: £112,689) and at year end £38,212 was outstanding (2024: £28,172). At the year end £35,304 was deferred (2024: £26,029).

During the year John Innes Foundation were due ground rents of £61,888 (2024: £46,185) from Anglia Innovation Partnership LLP ('AIP LLP') an entity the group holds an investment in. A balance of £40,069 (2024: £7,609) was outstanding at the year end. A grant of £30,000 was committed to AIP in 2025 toward a Seed Enterprise Fund (Bio Potatoes). £0 was paid during the year and with £30,000 (2024: £10,000) outstanding at the year end.

18. Lease and Tenancy Agreement income

Lease dated 2nd March 2015 commencing 1st December 2014 to Earlham Institute (note 17) income £124,912 (2024: £112,689) with 5 yearly rent reviews. In December 2019 the rent was held at £100,000 for a further 12 months and in December 2020 rent was uplifted to £112,689 per annum. On 1[st] December 2024 the rent was uplifted to £151,600 pa.

Farm Business Tenancy dated 1st August 2013 to Morley Farms Ltd at a rent of £1,515 per annum plus the annual Single Farm Payment (replaced by the Basic Payment Scheme in 2015). The tenancy agreement was replaced with new agreement dated 28th January 2020 and then 25[th] February 2021 for 2 years from 1[st] October 2020 to 30[th] September 2022 and again renewed 1[st] October 2023 for 1 year for £757 per annum being the remaining land area at Newfound Farm upon which BDW Trading Ltd has an option agreement (note 12). This Farm Business Tenancy ended on 30[th] September 2024. Income £3,279 (2024: £3,544) includes rent and Basic Payment Scheme payments.

19. Members liability

The Company is limited by guarantee. The liability to the members is limited to a sum not exceeding £10, being the amount, each member undertakes to contribute to the assets of the charity in the event it is wound up which he, she or it is a member or within one year after he, she or it ceases to be a member.

20. Post balance sheet events

Grant commitments amounting to £1,080,861 were awarded by Trustees during the meeting held on 19 March 2025. These have not been recognised at 31 March 2025 due to these awards not being communicated to the recipients until April 2025.

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