2025-03-31-accounts - The Soil Association Land Trust

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Company Registration Number: 06259578 Registered Charity Number (in England and Wales): 1121011

The Soil Association Land Trust

Report and Financial Statements

for the year ended

31 March 2025

The Soil Association Land Trust CONTENTS

Trustees, officers and professional advisors	1
Trustees’ report	2
Independent auditor’s report	9
Statement of Financial Activities	13
Balance Sheet	14
Statement of Cashflows	15
Notes to the financial statements	17

Company Registration Number: 06259578 Registered Charity Number (in England and Wales): 1121011

The Soil Association Land Trust TRUSTEES, OFFICERS AND PROFESSIONAL ADVISERS

KEY MANAGEMENT PERSONNEL: TRUSTEES

Michael Orde, Chair, appointed 25[th] March 2025 Thomas Curtis, former Chair, resigned 24[th] March 2025 Jane Barton Vimal Bhana, appointed 25[th] March 2025 Andrew Burgess, appointed 10[th] December 2024 Mehr Fardoonji, resigned 29[th] July 2025 Joanna Herbert-Stepney Richard Leader, appointed 25[th] March 2025 Graeme Matravers Iain McVicar Jonathan Spencer, appointed 10[th] December 2024

COMPANY SECRETARY Iain McVicar

HONORARY TRUSTEE FOR LIFE Mehr Fardoonji, appointed 29[th] July 2025

REGISTERED OFFICE Spear House 51 Victoria Street Bristol BS1 6AD

BANKERS Triodos Bank Deanery Road Bristol BS1 5AS

SOLICITORS

Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BS1 4QA

AUDITOR

RSM UK Audit LLP Second Floor One The Square Temple Quay Bristol BS1 6DG

The Soil Association Land Trust TRUSTEES’ REPORT

The trustees present their annual report and the audited financial statements of the charitable company for the year ended 31 March 2025. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting of Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102), effective 1 January 2019.

REFERENCE AND ADMINISTRATIVE INFORMATION

The Soil Association Land Trust (the Charity) is registered as a charity, number 1121011 (England and Wales) and is limited by guarantee, company registration number 06259578. Details of trustees, officers and professional advisors and other information are set out on page 1. The Charity is consolidated into the group accounts of The Soil Association Limited as it is deemed to be a subsidiary by virtue of control.

STRUCTURE GOVERNANCE AND MANAGEMENT

Governance

The Charity is a company limited by guarantee and governed by a Memorandum and Articles of Association (last revised on 28 June 2017).

The governing body of the Charity is the Board of Trustees and meets four times a year. The Board of Trustees consists of five to ten trustees comprising Founder Trustees, Appointed Trustees and Coopted Trustees. Appointed trustees (no fewer than four) are appointed by its member. The Board elects a Chair from the Appointed Trustees and can appoint Co-opted Trustees. Trustee appointments, excepting the Founder Trustees, are for a term of up to four years and a trustee may ordinarily serve a maximum of two terms with a third term possible if the Board, and where applicable the member, determine it to be in the best interests of the Charity.

A Memorandum of Understanding with the parent charitable company, Soil Association Ltd, sets out guidelines for areas of collaboration and shared use of services.

The parent charitable company, Soil Association Ltd, provides directors and officers indemnity insurance which covers the trustees of subsidiary companies and any other member of staff of the group.

Statement of Trustees’ responsibilities

The trustees (who are also directors of The Soil Association Land Trust for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Registration Number: 06259578 Registered Charity Number (In England and Wales): 1121011

The Soil Association Land Trust TRUSTEES’ REPORT (continued)

STRUCTURE GOVERNANCE AND MANAGEMENT (continued)

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware, there is no relevant audit information of which the Charity's auditor is unaware and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The trustees confirm they have complied with the duty in the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. When reviewing the aims and objectives of the Charity and in planning its future activities the trustees refer to the guidance and consider, in particular, how planned activities will contribute to the aims and objectives they have set.

Objectives and activities

The Charity is committed to two charitable objects:

to preserve, conserve and protect for the public benefit the environment of the countryside through the prudent management and holding of land and the use of natural resources, including the promotion and use of organic, traditional and sustainable land management techniques and related activities; and
the education of the public in the same.

The Charity provides a safe haven for sustainably managed land, enabling retiring farmers and others to secure a future for their land, and to ensure that their life’s work is preserved and provides a legacy for future farming generations.

The Charity provides access to farms to enable people to enjoy the beauty and stewardship of the countryside and to understand the importance of food and farming in our society today. We want people to feel truly connected with the land in a way that inspires and educates.

The Soil Association Land Trust TRUSTEES’ REPORT (continued)

ACHIEVEMENTS AND PERFORMANCE

The year, once again, has seen a focus on developing plans for Woodoaks Farm. The new Farm Ranger took up post in April 2024 and immediately improved our ability to deal with practical matters on the farm including the organisation and co-ordination of our growing band of enthusiastic volunteers with an emphasis on habitat creation and management.

We worked closely with our appointed architect to develop plans for the Black Barn project, which centres on replacing an old concrete and asbestos shed with a new building to accommodate community uses, education and events. This process involved extensive public consultations including workshops and one-to-one discussions with key stakeholders to ensure the new building would meet the needs of potential users. The plans were finalised and the planning and listed building applications submitted in January.

In the meantime, work continued to complete the National Lottery Heritage Fund (NLHF) Delivery Phase funding application with a number of detailed plans including: a Conservation Plan for the farm, an Activity Plan to set out how people would benefit from the project, an Interpretation Plan to set out how we will explain the history and environment of the farm to visitors, in particular learning from the past to improve the sustainability of our future management, and a Business Plan. The bid was formally submitted in February 2025.

In September 2024 we launched a Fundraising Campaign to raise the £580,000 of match funding required for the NLHF bid. With strong support from Trusts and Foundations, High Net Worth Individuals and Corporates, together with a crowdfunding campaign that raised over £60,000, with over 400 supporters from the local community and individual stakeholders, the target was achieved by June 2025.

As part of the NLHF bid, we conducted a Governance Review of the charity using an external expert. Recommendations from this included the need to plan quickly for the succession of existing Trustees (including the Chair) who were nearing the end of their terms of appointment; refresh the Trust’s Strategy to reflect the changes in priorities, especially following the gift of Woodoaks Farm; and to strengthen the governance links with the Soil Association. As a result, two new Trustees were appointed in December, both of whom sit on the board of the Soil Association, and a further three were recruited externally on a skills-basis, enhancing the Board’s strategic capabilities around income generation, communications & marketing, and project management. These appointments included a new Chair who took up the role in March.

Exploration of the potential to re-use redundant farm buildings at Woodoaks continued, but will only be further developed as capital becomes available. To help address this, with the help of a specialist company, we explored the potential to establish a Biodiversity Net Gain scheme on the farm to generate financial value from the habitats we are already planning to create as part of our sustainable farming approach.

The organic conversion of the land at Woodoaks was completed in September and we continue to explore the potential to improve the financial viability of the more marginal farms in Devon and Somerset.

The Soil Association Land Trust TRUSTEES’ REPORT (continued)

OBJECTIVES FOR THE FUTURE

To continue to improve the financial performance of the Trust, with the aim of moving towards operating without an annual unrestricted deficit and with sufficient free reserves.
Successfully progress the delivery phase of the NLHF funded Black Barn project at Woodoaks Farm.
Complete implementation of the Trust’s 2024 Governance Review recommendations, including development of a short-term strategic review and implementation of the organisational and structural changes.
Further develop the Trust’s model for working more closely with potential donors of land.
Continue to work with our tenants to ensure the charity’s objects are being achieved on the Trust’s land holdings.
Develop the Trust’s work to offer appropriate opportunities to deliver Biodiversity Net Gain projects on the Trust’s land holdings.

FINANCIAL REVIEW

The Trust’s result for the year is presented in the Statement of Financial Activities (SOFA) on page 13, and is given in total as well as split between unrestricted and restricted result for the year. The unrestricted result is the Trust’s net income and expenditure relating to unrestricted funds, which are funds the Trustees may spend as they see fit in the delivery of the Trust’s charitable objectives. The restricted result is the net income and expenditure in relation to the Trust’s restricted funds, which are those that are given for a specific purpose or project and must be spent as directed by the funder.

Result for the year

The Trust made a deficit of £15,574 in the year, which was reduced from £100,941 deficit in the previous year. The year-on-year improvement was largely within the restricted result, with a restricted surplus of £107,697 in the year, increased from £34,294 in the prior year. The Trust made an unrestricted deficit of £123,271 which was reduced from the prior year unrestricted deficit of £135,235.

Income

The Trust’s total income in the year amounted to £638,635 (2024: £331,465), an increase of £307,170 from the previous year. This was split £239,906 unrestricted income (2024: £226,981) and £398,729 restricted income (2024: £104,484).

The main drivers of the year-on-year increase were as follows:

£294,245 increase in restricted grant and donation income, mainly due to a grant from NLHF for the development phase of the Black Barn project. In addition, the Trust received donations to set up the Black Barn project fundraising website and we have also started to receive matched funding for the delivery phase of the project. The Groundwork / HS2-funded conservation volunteering project ran for a full year in 24/25 and we received funding towards installing a water tank on site to support our growers and additional funding as part of the Soil Association’s New Organic Entrepreneurs project.
£60,432 increase in Commercial income from the Woodoaks site, with the largest contributor funding from Soil Association to facilitate volunteering events under the Ocado Corporate Partnership.

The Soil Association Land Trust TRUSTEES’ REPORT (continued)

£27,187 increase in income from charitable lettings, partly due to a backdated increase in the rent due from the Woodoaks tenant under their Farm Business Tenancy agreement, but also due to some corrections put through in the prior year which reduced income last year.
£76,169 decrease in unrestricted income due to a legacy received in the prior year.

Expenditure

Total expenditure amounted to £654,209 (2024: £432,406), an increase of £221,803 from the prior year, with the main variances as below:

Expenditure on Woodoaks Farm increased by £238,315 from the prior year due to the following:
expansion of the team, with a Community Engagement Manager and Head of Fundraising joining at the end of the prior year and a Ranger joining the team in April 2025. - expenditure on the development phase of the Black Barn project, including professional services fees, planning application costs and architectural fees plus the cost of setting up the project’s website.
expenditure on the HS2 project, including improving volunteer facilities on site.
installation of a water tank and deer fencing on site.
Expenditure on the Land Heritage Cluster of farms and investment property was £18,216 lower than the previous year due to the write-off of some project costs in the prior year that were previously held as work in progress.

Balance Sheet and reserves at 31[st] March 2025

Net assets of the Charity at 31 March 2025 were £6,566,810, reduced by £15,574 from the prior year end. £5,968,773 of the Charity’s net assets were held in tangible fixed assets at the year end, representing the Farms and residential property owned by the Trust. Cash at bank at 31 March 2025 remains healthy at £527,289, although reduced by £20,966 from the prior year end. Debtors and creditors are largely consistent with the prior year end, with a small decrease in debtors and a slightly higher decrease in creditors. Prepayments and accrued income totalled £95,728 at 31 March 2025 and included the final NLHF claim for the Black Barn project development phase which was paid in early April 2025.

Reserves held at 31[st] March 2025

At 31 March 2025, the total funds held by the Charity were £6,566,810, reduced from £6,582,384 held at 31 March 2024.

Of the total funds at 31 March 2025, £144,236 were restricted and £6,422,574 were unrestricted, split £5,968,773 designated funds and £453,801 general unrestricted funds. The designated funds are the value of the Charity’s unrestricted reserves which are held as tangible fixed assets, largely the farms owned by the Trust. These are required for operational activities and are therefore not considered part of the Charity’s readily available free reserves.

Further restricted grants and donations for Woodoaks Farm were received in the year. Restricted grant and donation income of £398,729 less expenditure from restricted funds of £291,032 meant restricted funds increased by £107,697 over the year to £144,236 at 31 March 2025 (2024: £36,539).

The Soil Association Land Trust TRUSTEES’ REPORT (continued)

Free unrestricted reserves

The Board of Trustees have set a reserves policy that determines a desired range of free unrestricted reserves based upon future expenditure plans and the risks and opportunities inherent within the trust business model. In this respect free unrestricted reserves are considered to be readily available cash or cash equivalents that the Trustees can call upon to mitigate adverse events or to exploit unexpected opportunities.

In 2024/2025 the desired reserves range was set at between £510,000 and £730,000. Having reserves within this range was believed to provide an adequate level of financial resilience for the year that would allow the Trust to continue to invest in Woodoaks Farm while delivering its core activities should risks to the Trust’s finances materialise.

The Trust ended the year with a reserves level of £453,801 which is below the desired range, however acceptable due to continued investment required at Woodoaks Farm.

The NLHF-funded development of the Black Barn at Woodoaks, along with other commercial opportunities at the site, is expected to be the main driver for the Trust to move from its current annual unrestricted deficit to generating an unrestricted surplus, but this will take another couple of years. The trustees are forecasting that the Charity will continue to make annual deficits in 2025/26 and 2026/27, reducing its free reserves, before moving to surplus from 2027/28 and starting to build reserves up again.

Taking all these factors into account results in a desired reserves range for 2025/2026 of between £480,000 and £530,000.

Financial Controls

The trustees have overall responsibility for ensuring that the Charity has an appropriate system of controls, financial and otherwise. The systems of financial control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include:

The annual budget, approved by the trustees;
Regular consideration by the trustees of financial results and variance from budget; and
Identification and management of risks.

Going Concern

The level of reserves held at 31[st] March 2025 are slightly below the desired level set by Trustees for 2025/26, but this is not expected to impact the going concern of the Charity in the coming financial year. The funding from NLHF to enable further development of the Woodoaks site supports the Charity’s aim of growing its income streams to fund the day-to-day running costs and development of the Land Trust estate.

A going concern assessment has been performed by the trustees which has involved the following:

Preparation and review of cash flow forecasts up to September 2026 which show that the Charity is expected to maintain sufficient cash balances throughout this period to be able to meet their liabilities as they fall due.
Assessment of the major financial risks facing the Charity as outlined above and their potential impact on the cash flow forecasts presented.

The Soil Association Land Trust TRUSTEES’ REPORT (continued)

The result of the above assessment is that the trustees have noted no material uncertainties that would mean it is not appropriate for the Charity to adopt the going concern basis.

Auditor

The auditor, RSM UK Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The report was approved by the Board of Trustees on 18 September 2025 and signed on their behalf by: . Michael Orde Chair of Trustees

INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF THE SOIL ASSOCIATION LAND TRUST LIMITED

The Soil Association Land Trust

Opinion

We have audited the financial statements of The Soil Association Land Trust Limited (the ‘charitable company’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows 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 FRS 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:

give a true and fair view of the state of the charitable company’s affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

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 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 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 Trustees’ Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Report. 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.

Company Registration Number: 06259578 Registered Charity Number (In England and Wales): 1121011

INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF THE SOIL ASSOCIATION LAND TRUST (continued)

The Soil Association Land Trust

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:

the information given in the Trustees’ Report, which includes the Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors’ Report included within the Trustees’ Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Trustees’ Report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on pages 2 and 3, the trustees (who are also the directors of the 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

The Soil Association Land Trust INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF THE SOIL ASSOCIATION LAND TRUST (continued)

Auditor’s 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.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

obtained an understanding of the nature of the sector, including the legal and regulatory framework that the charitable company operates in and how the charitable company is complying with the legal and regulatory framework;
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the charitable company’s governing document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect noncompliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions

INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF THE SOIL ASSOCIATION LAND TRUST (continued)

The Soil Association Land Trust

which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from internal/external advisors.

The audit engagement team identified the risk of management override of controls and income recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates and performing detailed testing on a sample of income received in the year.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. 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.

Kerry Gallagher

KERRY GALLAGHER (Senior Statutory Auditor)

For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Second Floor, 1 The Square, Temple Quay, Bristol, BS1 6DG Date: 02/10/25

The Soil Association Land Trust STATEMENT OF FINANCIAL ACTIVITIES

(incorporating an income and expenditure account) Year ended 31 March 2025

Note INCOME FROM: Donations and legacies 2 Grants Other trading activities 3 Investment income 4 Total income EXPENDITURE ON: Charitable Activities 5 Total expenditure Net (expenditure) / income and net movement in funds Reconciliation of funds: Total funds brought forward 13/14 Total funds carried forward 13/14	Unrestricted funds 2025 £ 34,892 - 202,581 2,433 239,906 (363,177) (363,177) (123,271) 6,545,845 6,422,574	Restricted funds 2025 £ 68,170 330,559 - - 398,729 (291,032) (291,032) 107,697 36,539 144,236	Total Funds 2025 £ 103,062 330,559 202,581 2,433 638,635 (654,209) (654,209) (15,574) 6,582,384 6,566,810	Total Funds 2024 £ 99,196 104,484 124,679 3,106
				331,465
				(432,406)
				(432,406)

				(100,941)
				6,683,325
				6,582,384

The accompanying notes on pages 17 to 28 are an integral part of the financial statements.

A comparative Statement of Financial Activities for year ended 31 March 2024 is included in note 20.

The Soil Association Land Trust BALANCE SHEET As at 31 March 2025

		2025	2025	2025	2024	2024
	Note	£000		£000	£000	£000
FIXED ASSETS
Tangible assets	10	5,968,773				5,972,495
CURRENT ASSETS
Debtors	11	170,061			180,787
Cash at bank and in hand		527,289			548,255
	------------------------		------------------------	------------------------
		697,350			729,042
CREDITORS: Amounts falling due
within one year	12	(99,313)			(119,153)
	------------------------		------------------------	------------------------
NET CURRENT ASSETS				598,037		609,889
			------------------- -------------------		------------------- -------------------
NET ASSETS				6,566,810		6,582,384
			============ ============		============ ============
FUNDS AND RESERVES
Unrestricted funds:
Designated funds	13	5,968,773			5,972,495
General unrestricted funds		453,801			573,350
	-------------------------		-------------------------	-------------------------
				6,422,574		6,545,845
Restricted funds	14			144,236		36,539
			--------------------- -------------------		--------------------- -------------------
TOTAL FUNDS	14			6,566,810		6,582,384
				============	============	============

The accompanying notes on pages 17 to 28 are an integral part of the financial statements.

These financial statements were approved by the Board of Trustees on 18 September 2025 and signed on their behalf by: “ Michael Orde Chair of Trustees

The Soil Association Land Trust STATEMENT OF CASHFLOWS for the year ended 31 March 2025

	2025	2024
	£	£
Net cash outflow from operating activities	(10,501)	(104,728)
Purchase of property, plant and equipment	(10,465)	-
	-----------------------	-----------------------
Decrease in cash in the year	(20,966)	(104,728)
	==========	==========
Total cash at the beginning of the year	548,255	652,983
	-----------------------	-----------------------
Total cash at the end of the year	527,289	548,255
	==========	==========

Reconciliation of changes in resources to net cash outflow from operating activities

	2025	2024
	£	£
Net decrease in funds	(15,574)	(100,941)
Add back depreciation	14,187	12,114
Decrease / (increase) in debtors	10,726	(97,115)
(Decrease) / increase in creditors	(19,840)	81,214
	-----------------------	-----------------------
Net cash outflow from operating activities	(10,501)	(104,728)
	===========	===========
Reconciliation of net cash flow to movement in net funds
	2025	2024
	£	£
Decrease in cash in the year	(20,966)	(104,728)
	-----------------------	----------------------
Movement in net funds in the year	(20,966)	(104,728)
Net funds at beginning of year	548,255	652,983
	----------------------	----------------------
Net funds at end of year	527,289	548,255
	==========	==========

The Soil Association Land Trust STATEMENT OF CASHFLOWS (continued) for the year ended 31 March 2025

Analysis of net funds	At 1 April	At 31 March	At 31 March
	2024	Cash flow	2025
	£	£	£
Cash at bank and in hand	548,255	(20,966)	527,289
	-----------------------	-----------------------	----------------------
Net funds	548,255	(20,966)	527,289
	===========	===========	==========

Cash at bank and in hand figures in the notes includes liquid cash assets only.

The Soil Association Land Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

1. ACCOUNTING POLICIES

BASIS OF ACCOUNTING

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (‘SORP’) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Soil Association Land Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Values in the financial statements have been rounded to the nearest pound.

The registered office and principal place of business is Spear House, 51 Victoria Street, Bristol BS1 6AD.

PREPARATION OF THE ACCOUNTS ON A GOING CONCERN BASIS

A going concern assessment has been performed by the trustees which has involved the following:

Preparation and review of cash flow forecasts up to September 2026 which show that the Charity is expected to maintain sufficient cash balances throughout this period to be able to meet their liabilities as they fall due.
Assessment of the major financial risks facing the Charity and their potential impact on the cash flow forecasts presented. The trustees consider the most significant risk for the Charity to be shortfalls in income, in particular donation and legacy income which fund more discretionary charitable expenditure.

The result of the above assessment is that the trustees have noted no material uncertainties that would mean it is not appropriate for the Charity to adopt the going concern basis.

COMPANY STATUS

The Charity is a company limited by guarantee and has no share capital. The directors of the company are the trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £5 per member of the Charity.

FUND ACCOUNTING

Unrestricted funds are available to spend on activities that further any of the purposes of the Charity.

Restricted funds are grants or donations which the funder or donor has specified are to be solely used for particular areas of the Charity’s work.

FINANCIAL INSTRUMENTS

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Company Registration Number: 06259578 Registered Charity Number (In England and Wales): 1121011

The Soil Association Land Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 (continued)

1 ACCOUNTING POLICIES (continued)

INCOME

All incoming resources are included in the SOFA (Statement of Financial Activities) when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. These specific policies apply to the following categories of income:

Donations and gifts are recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from grants is recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been or are expected to be met, it is probable that the income will be received and the amount can be measured reliably;
Rents receivable represents rental income and is recognised at the fair value of the consideration received or receivable for services provided.
Legacy income is recognised when the Charity is deemed to be entitled to the funds, it is probable that the income will be received and the amount can be measured reliably. Entitlement is taken as the earlier of the date on which either the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the Charity has been notified of the executor’s intention to make a distribution.
Income from generation of electricity and from recharging of electricity to tenants at Woodoaks Farm is recognised as due based on meter readings.

EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities includes the costs of conserving and improving the Charity’s properties to further the purposes of the Charity, and their associated support costs.

TANGIBLE FIXED ASSETS

Tangible fixed assets with a value of £500 or more are capitalised and included at deemed cost / fair value including any incidental expenses of acquisition.

No depreciation is charged on freehold land and buildings as the lives of the properties are considered to be indefinite and residual values to be high enough to ensure that there is no significant annual depreciation.

The Companies Act 2006 requires tangible fixed assets to be depreciated over a finite period. The trustees consider that the land and buildings have an infinite life, given the repairs and maintenance afforded to these assets. Consequently, the trustees consider that to depreciate these assets would not provide a true and fair view and so the financial statements depart from this specific requirement in the Companies Act 2006. If this departure from the Companies Act 2006 had not been made, the surplus for the financial period may have been decreased by depreciation. The amount of this depreciation is not considered material because of the indefinite life of these assets and the trustees have invoked a true and fair override.

The Soil Association Land Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 (continued)

1 ACCOUNTING POLICIES (continued)

The land and buildings are held for charitable purposes rather than for their investment returns and hence are not regarded as investment properties. An annual review is made to establish any permanent diminution in the value of the properties.

Depreciation is provided on all other tangible fixed assets at rates calculated to write off the cost on a straight-line basis over their expected useful economic life as follows:

Farm machinery twenty years straight-line method Farm vehicles three years straight-line method Building improvements ten years straight-line method

TAXATION

The Soil Association Land Trust is a registered Charity and as such is exempt from taxation of its income and gains falling within part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No tax charge has arisen in the year.

CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The key area of judgement in these financial statements is the departure from the Companies Act 2006 requirement to depreciate tangible fixed assets in relation to the Charity’s buildings as described in the Tangible Fixed Assets accounting policy above.

2. INCOME FROM DONATIONS AND LEGACIES

Donations Legacies	Unrestr. Funds £ 34,892 - 34,892	Restr. funds £ 68,170 - 68,170	2025 Total £ 103,062 - 103,062	Unrestr. Funds £ 23,027 76,169 99,196	Restr. funds £ - - -	2024 Total £000 23,027 76,169
						99,196

The Soil Association Land Trust

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025 (continued)

3 INCOME FROM OTHER TRADING ACTIVITIES

Income from charitable lettings Electricity recharges to tenants Electricity generation income Commercial income INVESTMENT INCOME Bank interest	Unrestricted funds 2025 £ 76,127 19,404 7,318 99,732 202,581 Unrestricted funds 2025 Total £ 2,433 2,433	Unrestricted funds 2024 £ 48,940 28,416 8,023 39,300
		124,679
		Unrestricted funds 2024 Total £ 3,106
		3,106

4 INVESTMENT INCOME

5 EXPENDITURE ON CHARITABLE ACTIVITIES

Land Heritage Cluster Woodoaks Farm Development work	Unrestr. Funds £ 59,140 289,563 14,474 363,177	Restr. funds £ - 291,032 - 291,032	2025 Total £ 59,140 580,595 14,474 654,209	Unrestr. Funds £ 77,356 272,090 12,770 362,216	Restr. funds £ - 70,190 - 70,190	2024 Total £000 77,356 342,280 12,770
						432,406

The Land Heritage Cluster is made up of the farms donated at the forming of the Trust, a residential holding, Southwood Lodge, and an 8-acre field in Dunkeld, Scotland.

The Soil Association Land Trust NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025 (continued)

6 ANALYSIS OF EXPENDITURE

Land Heritage Cluster Woodoaks Farm Development work	Support costs £ 5,050 30,553 1,236 36,839	Direct costs £ 54,090 550,042 13,238 617,370	2025 Total £ 59,140 580,595 14,474 654,209	Support costs £ 3,945 12,721 651 17,317	Direct costs £ 73,411 542,980 12,119 628,510	2024 Total £000 77,356 555,701 12,770
						645,827

7 SUPPORT AND GOVERNANCE COSTS

Land Heritage Cluster Woodoaks Farm Development work Support costs	Service charge from parent company Finance and legal Governance Total support costs Overhead recovery from restricted projects 2025 Total costs allocated 2024 Total costs allocated £ £ £ £ £ £ £ 3,417 666 967 5,050 - 5,050 3,945 34,748 6,772 9,833 51,353 (20,800) 30,553 12,721 836 163 237 1,236 - 1,236 651
	39,001 7,601 11,037 57,639 (20,800) 36,839 17,317

The basis for the allocation of support costs is direct expenditure on the areas of work and has been applied consistently in both this year and the prior year.

Governance costs are those incurred for compliance with constitutional and statutory requirements, such as the annual audit and trustees’ expenses.

Overhead recovery from restricted projects is a contribution from restricted project funds towards the Charity’s overhead costs.

The Soil Association Land Trust NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025 (continued)

8 STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL

The staff costs are incurred by other group companies and are recharged to The Soil Association Land Trust. The trustees neither received nor waived any emoluments during the year (2024: £Nil).

One Trustee (2024: two) were reimbursed for expenses in the year as shown below. This includes out of pocket expenses reimbursed to trustees and expenses paid directly to third parties.

		2025	2024
		£	£
	Travel	627	652
		==========	==========
9	NET MOVEMENT IN FUNDS
		2025	2024
		£	£
	Net movement in funds is stated after charging the following:
	Auditor’s remuneration:
	Audit of annual accounts	6,183	4,670
	Tax compliance services	3,350	-
	Depreciation of owned assets	14,187	12,114
		========	========

The Soil Association Land Trust NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025 (continued)

10 TANGIBLE FIXED ASSETS

10	TANGIBLE FIXED ASSETS
		Freehold
		land and	Building	Farm
		buildings improvements machinery			Total
		£	£	£	£
	Cost or valuation
	At 1 April 2024	5,862,239	42,346	157,591	6,062,176
	Additions	-	-	10,465	10,465
		-----------------------	-----------------------	-----------------------	-----------------------
	At 31 March 2025	5,862,239	42,346	168,056	6,072,641
	Depreciation
	At 1 April 2024	-	12,168	77,513	89,681
	Charge for year	-	4,234	9,953	14,187
		-----------------------	-----------------------	-----------------------	-----------------------
	At 31 March 2025	-	16,402	87,466	103,868
	Net book value
	At 31 March 2025	5,862,239	25,944	80,590	5,968,773
		============	===========	==========	===========
	At 31 March 2024	5,862,239	30,178	80,078	5,972,495
		============	===========	==========	===========
11	DEBTORS
				2025	2024
				£	£
	Trade debtors			69,357	82,500
	Amounts owed by group companies			4,976	30,484
	Prepayments and accrued income			95,728	67,803
				-----------------------	-----------------------
				170,061	180,787
				===========	===========
12	CREDITORS: AMOUNTS FALLING DUE	WITHIN ONE YEAR
				2025	2024
				£	£
	Trade creditors			15,481	24,298
	Amounts owed to group companies			60,657	75,719
	Accruals and other creditors			23,175	15,936
	Other taxes and social security			-	3,200
				-----------------------	-----------------------
				99,313	119,153
				==========	==========

The Soil Association Land Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 (continued)

13 DESIGNATED FUNDS

		Transfers from
	Balance at	income and	Balance at
	31 Mar	expenditure	31 Mar
	2024	account	2025
	£000	£000	£000
Fixed asset fund	5,972,495	(3,722)	5,968,773
	------------------------	------------------------	------------------------
Total designated funds	5,972,495	(3,722)	5,968,773
	===========	===========	============

This fund represents the amount of the Charity’s unrestricted reserves which are held as tangible fixed assets, largely the farms owned by the Trust. These assets are required for operational activities and are therefore not considered part of the Charity’s readily available free reserves.

14 TOTAL FUNDS

TOTAL FUNDS
	Balance at			Balance at
	1 April			31 March
	2024	Income	Expend.	2025
	£	£	£	£
Unrestricted funds	6,545,845	239,906	(363,177)	6,422,574
Restricted funds	36,539	398,729	(291,032)	144,236
	---------------------------	-----------------------	-----------------------	-----------------------
Total funds	6,582,384	638,635	(654,209)	6,566,810
	============	==========	==========	===========

Restricted funds held at 31 March 2025 relate to restricted appeal income and restricted grant funding for work at Woodoaks Farm.

PRIOR YEAR TOTAL FUNDS

PRIOR YEAR TOTAL FUNDS
	Balance at			Balance at
	1 April			31 March
Unrestricted funds	2023	Income	Expend.	2024
	£	£	£	£
Unrestricted funds	6,681,080	226,981	(362,216)	6,545,845
Restricted funds	2,245	104,484	(70,190)	36,539
	---------------------------	-----------------------	-----------------------	-----------------------
Total funds	6,683,325	331,465	(432,406)	6,582,384
	============	==========	==========	===========

The Soil Association Land Trust NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025 (continued)

15 NET ASSETS BY FUND

----- Start of picture text -----
||||| |---|---|---|---| |Fixed Net current|Total| |assets assets|2025| |£|£|£| |Unrestricted funds|5,968,773 453,801|6,422,574| |Restricted funds|- 144,236|144,236| |---------------------------|----------------------- --------------------------| |Total funds|5,968,773 598,037 6,566,810| |============|=========== ============| |PRIOR YEAR NET ASSETS BY FUND| |Fixed Net current|Total| |assets assets|2024| |£|£|£| |Unrestricted funds|5,972,495|573,350|6,545,845| |Restricted funds|-|36,359|36,359| |---------------------------|----------------------- --------------------------| |Total funds|5,972,495|609,889|6,582,384| |============|========== ============|

----- End of picture text -----

16 CONTINGENT LIABILITY

The charitable company is registered under a group VAT scheme and jointly liable for the group VAT liability, which at the year-end amounted to £576,261 (2024: £586,327)

NOTES TO THE FINANCIAL STATEMENTS

The Soil Association Land Trust

for the year ended 31 March 2025 (continued)

17 RELATED PARTY TRANSACTIONS

Members of the Board of Trustees do not receive remuneration for the provision of their services as trustees of the Charity.

Total donations received from trustees in the year, including Gift Aid, were £18,750 (2024: £18,750).

In the financial year a charge of £252,877 (2024: £104,567) was made from the ultimate parent undertaking to the Land Trust for staff costs and overheads.

During the year the Land Trust invoiced the ultimate parent undertaking for £37,500 (2024: £nil) for providing volunteering opportunities as part of the Ocado corporate partnership.

Restricted grant income of £15,720 (2024: £nil) was passed from the ultimate parent undertaking to the Land Trust in the year to contribute to the New Organic Entrepreneurs project. This income was restricted in the Land Trust’s accounts and the balance of these restricted funds at 31 March 2025 was £5,724 (2024: £nil).

Restricted donation income of £8,100 was passed from the ultimate parent undertaking to the Land Trust in the prior year in relation to a fundraising appeal to plant hedgerow at Woodoaks Farm. This income was restricted in the Land Trust’s accounts and the balance of these restricted funds at 31 March 2025 remains at £8,100 (2024: £8,100).

The intercompany amount due from the Land Trust to the ultimate parent undertaking at 31 March 2025 was £68,157 (2024: £75,720).

Another group company, Soil Association Certification Limited, pays the Group’s net VAT liability to HMRC on behalf of all of the Group companies. The amount due to the Land Trust from Soil Association Certification in relation to this at 31 March 2025 was £4,976 (2024: £30,484).

18 ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The ultimate parent undertaking and controlling party is The Soil Association Limited, a charitable company registered in England and Wales. Its charitable registration number is 206862 and its company registration number is 00409726.

The Soil Association is a membership Charity campaigning for planet-friendly food and farming. It is the sole member of the Soil Association Land Trust and controls the Charity by virtue of its power to appoint or remove the majority of trustees.

The smallest and largest group which includes the charitable company, and for which group financial statements are prepared, is The Soil Association Limited. Copies of consolidated financial statements can be obtained from the charitable company’s registered office, Spear House, 51 Victoria Street, Bristol, BS1 6AD.

The Soil Association Land Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 (continued)

19 LESSOR OPERATING LEASE COMMITMENTS

The Charity as lessor:

At the year end the Charity had contracted with tenants, under non-cancellable operating leases, for the following future minimum lease payments:

	2025	2024
	£	£
Amounts receivable:
- within one year	50,722	38,651
- later than one year and not later than five years	46,918	52,023
- later than five years	5,756	5,756
	----------------------	--------------------
	103,396	96,430
	==========	=========

The Soil Association Land Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 (continued)

20 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Note INCOME FROM: Donations and legacies 2 Grants Other trading activities 3 Investment income 4 Total income EXPENDITURE ON: Charitable Activities 5 Total expenditure Net (expenditure) / income and net movement in funds Reconciliation of funds: Total funds brought forward 13/14 Total funds carried forward 13/14	Unrestricted funds 2024 £ 99,196 - 124,679 3,106 226,981 (362,216) (362,216) (135,235) 6,681,080 6,545,845	Restricted funds 2024 £ - 104,484 - - 104,484 (70,190) (70,190) 34,294 2,245 36,539	Total Funds 2024 £ 99,196 104,484 124,679 3,106
			331,465
			(432,406)
			(432,406)

			(100,941)
			6,683,325
			6,582,384