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← The East Malling Trust

2025-03-31-accounts

Registered number: 07168674 Charity number: 1134729

THE EAST MALLING TRUST (A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

THE EAST MALLING TRUST

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details ofthe Company, its Trustees and advisers 1
Trustees’ report 1a
Independent auditor's report on the financial statements 12-15
Consolidated statement of financial activities 16
Consolidated balance sheet 17-18
Company balance sheet 19 - 20
Consolidated statement of cash flows 21
Notestothefinancialstatements 22-38

THE EAST MALLING TRUST (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report together with the audited financial statements of the group and the company for the year 1 April 2024 to 31 March 2025. The directors confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the 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 2015) as amended by Update Bulletin 1 (effective 1 January 2015).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Legal Structure

The East Malling Trust (the Trust) is a company limited by guarantee and a registered charity (no 1134729).

The Trust was incorporated on 24 February 2010 and is governed by its Memorandum and Articles of Association.

The Trust had, during the year, two directly wholly owned subsidiary companies in East Malling Limited (EML), which carries out commercial activities on the East Malling Estate, and Bradbourne House Limited (BHL is a dormant company).

Company registered number

07168674

Charity registered number

1134729

Registered office

Bradbourne House East Malling West Malling Kent ME19 6DZ

Trustees

Dr O P Doubleday (Chairman) Miss Allis Beasley (resigned Sept 2025) Mr Kevin Attwood (Vice Chair) Dr Jonathan Knight Mr Tim Chambers Dr Celia Caulcott Mr Keith Newman Mr Robert James Mr James Simpson (appointed July 2025) Dr L Manning (appointed Sept 2025) Mr G Walters (appointed Sept 2025)

Page 1

THE EAST MALLING TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Management

Control and direction of the Trust is exercised by the Board of Trustees who has adopted a comprehensive internal governance framework for the fulfilment of its charitable objectives, in which the responsibility is clearly allocated as follows:

Company secretary

K M Hood

Trustee Effectiveness

Following their appointment to the board, each trustee is given a complete briefing on the Trust's governance arrangements, objectives and activities. A pack containing the Charity Governance code and the Charity Commission Trustee guidance is also provided.

The Trustees are leading members of the horticulture, research, business, political and academic sectors. New Trustees are elected by agreement of the Board, so as to maintain a balance of relevant experience available to the board.

Trustee Board meetings are held to review the operations and strategy.

Charity Governance Code

The new Charity Governance Code was published in July 2017 with the support of the Charity Commission for England and Wales. The Code is a practical tool to help trustees achieve high standards of governance. The Code has seven basic principles: organizational purpose; leadership; integrity; decision making, risk and control: board effectiveness; diversity; openness and accountability. It sets out both core outcomes, and recommended practices.

The Trustees and Management have reviewed the Code and strongly support the seven principles. The Trust have a written assessment for the code detailing each recommended practice, evidencing our compliance and noting areas for improvement. Following a full governance review, conducted externally,improvements have been made to our governance document. The review confirmed best practice in most areas and with the identified improvements meets and exceeds the Charity Commission guidelines.

PROFESSIONAL ADVISERS

Independent auditor

Crowe U.K LLP, Medway Bridge House, 1-8 Fairmeadow, Maidstone, Kent, ME14 1JP

Bankers

Handelsbanken, 4th Floor, Riverside House, 40-46 High Street, Maidstone, Kent, ME14 1JH

Solicitors

Brachers, Somerfield House, 59 London Road, Maidstone, Kent, ME16 8JH

Page 2

, TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

THE EAST MALLING TRUST (A company limited by guarantee)

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees are responsible for preparing the Group strategic report, the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources, including the income and expenditure, of the group for that period. In preparing these financial statements, the directors are required to:

° select suitable accounting policies and then apply them consistently; ° observe the methods and principles in the Charities SORP; ° make judgments and accounting estimates that are reasonable and prudent, ‘ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in operation.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the group 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 trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Oversight of remuneration

All staff are covered by the same remuneration policy which is reviewed by external benchmarking. The remuneration policy is approved by the board and subject to periodic review. To ensure clear governance and transparency, the remuneration of the CEO is overseen by the Chair of the Board and Chair of the Finance and General Purpose committee.

Risk Management

In response to the recommendations set out in the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the trustees consider the risk register on a regular basis. The Trustees review the risks faced by The Trust and agree a programme to manage the identified risks.

The principle risks and uncertainties faced by the Trust are as follows:

Ability for the Trust's remaining trading subsidiary East Malling Limited to become profitable. Operations are outsourced to third parties to mitigate this risk and East Malling Limited in the current year has generated a profit.

Ability of The Trust to generate trading surpluses at an adequate level which will enable it to make significant future grants to horticultural research charities and organisations. Careful management of the Trust's property and business strategy mitigates this risk. Loss of major research charity — we are fostering a collaboration and campus approach to ensure we can continue to support science on our site.

The Trustees do not consider that the risks listed above or any others will impact on its reserves in the immediate future.

Page 3

THE EAST MALLING TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

The Trust's objectives as set out in the Memorandum and Articles of Association are

The Trustees have agreed that the role of the Trust should be more broadly based than administration of assets and have defined the Trust's strategic objectives as follows:

The dissemination of funds for research purposes

The allocation of funds is generally made by the Board, largely in support of research for the benefit of the perennial crops industry. During the year under review support was directed to NIAB an unrelated registered charity to underpin their horticultural research projects and secure the future of horticultural research in the UK.

Maintenance of reputation

To maintain its reputation of probity, good advice and involvement with the concerned horticultural industry, academia and the research sector through its actions as a charity and through the reputations and abilities of its individual Trustees.

Use of influence

To use its status as a body and that of its individual Trustees to highlight the national and local importance of horticultural research and its funding. This will involve periodic and structured discussions with senior political figures at national and county level e.g. Members of the House of Lords, Ministers, Members of Parliament and local government. It will also involve interactions with others involved at a senior level with research policy, funding and delivery, e.g. in the Research Councils.

Activities for the public good

To maintain a portfolio of activities that is seen to be sustaining the horticultural industry in general and its benefits to the community, health and the environment through the promotion and funding of horticultural research.

Development of strategic alliances

To assist, through its status in the industry, academia and business, in the development of strategic alliances that might prove beneficial to horticultural research in general and specific organisations in particular.

Utilisation of assets

To manage its financial assets in line with the agreed investment strategy. To develop and utilise its non financial assets to optimise, in the longer term, the generation of funds to support horticultural research. To manage its property assets, taking a longer term view.

Page 4

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THE EAST MALLING TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Distribution of grants generally

To make grants in fulfilment of its objectives to a level which, over the long term, does not erode the asset base. In the short term, this principle may be varied in specific circumstances, provided that a longer term recovery can be foreseen.

Specific support for NIAB operations based at East Malling

To assist in the underpinning of horticultural science carried out by NIAB, an unrelated charity. This may be through provision of additional funds for short term operational needs or projects and funding for longer term infrastructure improvement which benefit NIAB as tenants of the site. It may also include the provision of specific expertise and advice from individual Trustees and specific resources we are able to provide. Such support does not exclude support for research elsewhere.

The Trustees consider that The Trust's objectives are for the public benefit and that its activities, achievements and performance are entirely consistent with its objectives.

The key activities that arise from these objectives are:

Letting and maintenance

of The Trust's property assets

The Trust ensures that net income from this activity is optimised and that the duties of care to the tenants and the Grade 1 listed building, Bradbourne House, are fulfilled. Day to day management of the property portfolio is delegated to managing agents, Savills. The overall objective is to maintain and develop a sustainable development plan for the estate and to ensure the estate is well managed to maintain overall income, appreciation levels and quality of assets.

ACHIEVEMENTS AND PERFORMANCE

The Trust makes grants each year to various beneficiaries in the world of horticultural research in line with its current charitable objectives. The main beneficiary of grants and support is the charity, NIAB.

During the year the Trust worked in collaboration with NIAB and in line with its charitable objective, grants and support costs were awarded totalling £555k. This was broken down into £57k support for the Wine Innovation Centre capital equipment, £200k Director's award grant, £105k grant for PACE MAPP-CS project and £193k rent gifted back.

The directors grant is for 5 years has, and since inception on 31 October 2021, covered funding shortfalls on 21 UKRI projects. It has also helped fund early career researchers.

UKRI data shows that the Trust funding has helped leverage more than £12.4m of grant funding in research at the East Malling site as shown in the table. Through this funding the Trust supported 45 grower and commercial company partner interactions. Since 2022, highlights of the research from NIAB scientists have been shared with growers and the fruit supply chain through 40 trade press articles and 17 press releases.

Page 5

THE EAST MALLING TRUST (A company limited by guarantee) 5S SS SS EES TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Summary of the UKRI projects at NIAB East Malling that were supported by the EMT's Director grant:

----- Start of picture text -----
Losses in cost recovery (£) covered by
EMT grant
Project rs $ Potal. 10/21sa 04/22- = | 04/23 a 04/24 on
Lead Vike eae costprojset(£) | Siart 03/22 | 03/23 | 03/24 | 03/25
Exploitation of interspecific
signals to deter oviposition by|
DrFountain |$Potted-wing dro sophila BBSRC 379,404] Apr-19 | Dec-22 21,176 2,394
New sustainable solution to save
healthy fruit from spotted wing
DrFountain | 4sophila: STOP-SPOT lUK 497] Sep-21] Mar-23 8,620 28,072
Developing prototype VOC
sensor-based products for
determining soil health on-farm
Dr Whitfield IUK 1,360,229] Aug- | Nov-22 6.750 19.324
Augmented berry vision - real-time
peweiney pMripeness AMentedcuesdisplayin berry farmsof spectral ine 244,546] Aug-20 Sep-22 478 2.937
A novel biological attract and kill
strategy for control of spotted
Dr Fountain wing dro sophila: BIOAKIL IUK 128,499] Sep-21] Sep-22 2,799 4,545
BBSRC Institutional International
Prof Xu Partner Award 2022 BBSRC 283,000] Oct-22} Mar-23 4.879
Integrating nutrient demand
models and Albased sensors
with precision-dosing figs to
Dr Else improve resource use and lUK 249,996} Aug-20} Aug-23 6,822 4.647 +
pro ductivity, and reduce waste and
emissions in commercial
raspberry production
Production at the point of
Dr Stavridou consumption. a distributed} IUK (GK@M) 1.237, 160] Aug-20} Dec-23 5,87 9.105 B.824
network of intelligent growing
Predicting strawberry soft fruit
Prof Xu conting BBSRC 62,500] M ay-23] Nov-23 2,500
Pheromone of apple sawfly: New|
Dr Fountain tool for management of a re-| BBSRC 25,063] Fed-22 § Jul-23 3,708 2,558
emerging pest
----- End of picture text -----

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----- Start of picture text -----
THE EAST MALLING TRUST
(A company limited by guarantee)
ee SS SSS SS SS TST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
aeee
Date Losses in cost recovery (£) covered by
EMT grant
Project : $ Total. 40/24‘ad 04/22- i: | 04/23 7” 04/24 @
Lead Tite al costproleet(£) | Start | ead | osrop 03/23 | 03/24 03/25
Development of pheromones for|
Brveranje jmovativemanagamenterFerest lUK 239,814] Apr-22| Apr-24 6,790 7,702 |- 88
Bug, an emerging pest of
orchards: FORBUG
Screening for ‘resistance’ to
spotted wing dro sophila
Dr Fountain (Drosophila suzukii) in strawberry] UK (GK@M) 449,730) Apr-22 | Oct-24 3,873 5,734 1,703
and raspberry accessions
Increasing productivity and
sustainability in UK viticulture:
Dr O'Brien investigating the potential impact} IUK (GK@M) 475,203] Apr-22 | Apr-25 6,177 7425 8.012
of groundcover management
practices on soil health.
Or Robigon . Enhancing orchard ecology for
Bayery improved resilience to climate} IUK (GK@M) 205,583} Mar-22] Sep-24 10,089 3,787 1,245
change and apple canker disease
Increasing ascorbic acid and iron
DrStavidou [evels it tomatoes to: enhanced i: csu~n) 574,246] Apr-22| Oct-24 60,549 20,400 6017
human nutrition and plant abiotic
stress tolerance
Advancing precision crop
Dr Whitfield protection technology for| 1UK 4,500,000] Oct-23 | Sep-27 8,750 59,060
orchards
Recycling and reusing spent coir
Dr Papp-Rupar | substrate IUK (GK@M) 443,873] Apr-23 | Mar-25 24,875 14,883
Using endophytes to manage
Prof Xu apple canker BBSRC 256,000} Oct-23 | Sep-25 6,250 28,626
Dr Wwhitfiel Digital crop management for , 40 89 aed 47.500 98 000
ie Vvnittield glasshouse pests and diseases Us 920,526) Mayes |Maye2e " :
SM ART-FERT
DrElse UK 398,483] Mar-24 | Feb-25 22,400
Prof Xu Replant disease management BBSRC 245,76} Oct-24 | Sep-26 14,750
$: BBSRC - Biotechnology and Biological Sciences Research Council; IUK — Innovate UK; IUK (GK@M) - Innovate UK Growing Kent & M edway Strength
in Place;
----- End of picture text -----

“Including extra losses in using glasshouse facilities.

aeee Page 7

THE EAST MALLING TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Aside from financial support, the trust worked closely with NIAB management on joint initiatives providing time, support and resources. NIAB Ltd is a division of NIAB Trust. The Trust engages with NIAB Limited and NIAB Trust to discuss and formulate future plans to ensure we deliver the best support to the science carried out on site.

Details of the activities of NIAB can be found on their website at www.niab.com.

Additionally a grant of £50k was made to Brogdale Collections — a charity operating at the Brogdale Farm site who offer educational opportunities in the horticultural sector via the National Fruit Collection. The trust consider education in horticulture essential and this support allowed Brogdale Collections to reach many schools by offering educational tours. More details of their work can be found on their website www.brogdalecollections.org.

The Trust has also made available its facilities to local charitable and community groups to enable and support them with their fund raising activities. This included, The Larkfield Run. Small grants are made and land is provided on a nominal rent to a local charity Communigrow. This project enables local schools, vulnerable groups and community members to learn to grow produce and sell locally. More details on their work can be found on their website www.communigrow.org.uk.

The Trust has a collection of historical materials relating to Bradbourne House and the History of East Malling Research. Investment has been made and is ongoing to collate and archive this material with the purpose of preserving the history and enabling public access either through the public tours run or through our website.

The Trust's income is derived in part from its own resources in terms of property and previously financial investments but also through the operation of its commercial subsidiary, East Malling Limited.

During the year, East Malling Limited continued to outsource the events and catering business to Baxter Storey.

The performance of The Trust's current directly held subsidiary companies, the results of which are included in the consolidated report, are detailed below:

East Malling Limited

The Company's principal activities during the year under review were the operation of the Events and Catering business.

East Malling Limited madea profit for the year before and after tax of £34,039 (2023/24- £20,412) and a gift aid payment to The Trust was not possible due to accumulated previous losses (2023/24 NIL).

At 31 March 2025 East Malling Limited had net liabilities of £96,993 and has a letter of support from The Trust (2023/24 - £131,032).

Events & Catering

For the period under review, operations income did exceed the contracted minimum guarantee commission payment. The weddings have bounced back and continued improvement has been shown and we hope this will continue in the upcoming financial year.

Bradbourne House Limited

Bradbourne House Limited is a dormant company.

At 31 March 2025 shareholders funds were £10,000 (2023/24- £10,000).

Page 8

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

THE EAST MALLING TRUST

(A company limited by guarantee)

FUTURE DEVELOPMENTS

The Trust is working closely with NIAB to facilitate the achievement of their research business plan and to achieve a higher profile for the importance of horticultural research. Over the next year the Trust will continue implementing and developing its property and business strategy to ensure it maximises its return on assets (both revenue and capital) to enable it to continue to fulfil its charitable objectives.

Land, surplus to research requirements, was identified on the estate for housing in line with the TMBC local plan process. A site, surplus to research requirements, is in the process of assessment and a planning submission has been submitted during the year 2024/2025 with a view to bringing forward in 2025/2026. Any capital receipts likely will be reinvested into the Trusts assets. This will include development of new scientific facilities, upgrading of site infrastructure and considered investment to produce an ongoing income for charitable activities.

GOING CONCERN

Accounting standards require the Trustees to consider the appropriateness of the going concern basis when preparing the financial statements.

The Trustees have given due consideration to the current economic climate and the effect on The East Malling Trust. They have reviewed Budgets and Cash flow and are satisfied that it will not affect the ability of the Trust to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

FINANCIAL REVIEW

Results

The principal accounting policies adopted for the period are detailed in note 1 to the accounts. The results and reserves of each subsidiary are given in the achievements and performance section of this report.

In the year, the total consolidated incoming resources of £3,856,622 (2023/24 - £3,317,477) was in excess of total consolidated expenditure of £3,470,277 (2023/24 - £3,399,962) by £386,345 (2023/24 — £82,485 deficit).

Net cash outflow during the year was £1,697,690 (2023/2024 - inflow of £5,551,366). The net cash at 31 March 2025 was £15,762,630 (2023/24 17,460,320).

Page 9

THE EAST MALLING TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

RESERVES POLICY

The Trustees set the level of reserves so as to protect against unanticipated drops in income and to allow the Trust some flexibility to take advantage of new unforeseen opportunities. In order to meet this policy the Trustees concluded that they require free reserves equivalent to three to twelve months of forecast operating expenses.

Based on current strategy and forecasts in the short to medium term the Group is unlikely to generate a significant increase in reserves from operations. Additional free reserves post 31 March 2025 will only be realised from asset sales and exceptional items. The majority of the Group's revenue is derived from letting of property on the East Malling site. In setting the level of free reserves required the Trustees considered the following:

Income

Loss of rental income from a large tenant or several tenants. The loss of rental income from a business interruption event is insured. This loss would only materialise if a major tenant's business failed; a number of tenants with short notice periods vacated their properties at the same time or major repairs were required which necessitated vacation of properties.

Contingent costs

Legal and professional fees or capital purchases required to take advantage of unforeseen opportunities to enhance the property or business portfolio and increase its future value.

Unplanned capital expenditure for a major repair or replacement that was not viable to fund via loan finance.

Grant commitments

As at 31 March 2025 the consolidated group reserves were £76,358,304 (2023/2024 £75,967,663) of which, free reserves were £15,289,108 (2023/24 — adjusted £16,194,503) equivalent to 4.5 years operating expenses for the newly structured operations (2023/24 — 4.9 years). The free reserves represent total reserves less the value of tangible fixed assets, investment properties and investments (as from 2024/25). The excess free reserves held as cash over the current policy is to cover forecast capital expenditure.

INFORMATION ON FUNDRAISING PRACTICES

All the Trust’s income is derived from management of its assets. The charity does not raise any funds from direct fundraising.

DISCLOSURE OF INFORMATION TO AUDITOR

Page 10

THE EAST MALLING TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

AUDITOR

The auditors, Crowe U.K. LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Approved by order of the members of the board of Trustees on of NoV Jos5andJA. Ot signed on their behalf by: ~ kK)

Mr K Newman Trustee

Page 11

THE EAST MALLING TRUST (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE EAST MALLING TRUST

Opinion

We have audited the financial statements of The East Malling Trust (the 'parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of 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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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's or the 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.

Page 12

THE EAST MALLING TRUST (A company limited by guarantee) aees INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE EAST MALLING TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual 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. 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.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our 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 Trustees’ Report including the Strategic Report.

We have nothing to report in respect of the following matters in relation to which 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, 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 Group's and the 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 the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 13

THE EAST MALLING TRUST (A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE EAST MALLING 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.

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:

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and SORP 2015.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the recognition of revenue. Our audit procedures to respond to these risks included:

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. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Page 14

THE EAST MALLING TRUST

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE EAST MALLING TRUST (CONTINUED)

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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Howard (Senior statutory auditor)

for and on behalf of Crowe U.K. LLP

Statutory Auditor

Medway Bridge House 1-8 Fairmeadow

Maidstone Kent

ME14 - 1JP

Date: 16 December 2025

Page 15

THE EAST MALLING TRUST (A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Total Total
funds funds funds
2025 2025 2024
Note £ £ £
Income from:
Charitable activities 4 147,250 147,250 127,857
Other trading activities 5 99,540 99,540 99,396
Investments 6 3,609,832 3,609,832 3,090,224
Total income 3,856,622 3,856,622 3,317,477
Expenditure on:
Raising funds 7 2,494,726 2,494,726 2,371,704
Charitable activities 8 975,551 975,551 1,028,258
Total expenditure 3,470,277 3,470,277 3,399,962
Netmovement in funds before other recognised
gains/(losses) 386,345 386,345 (82,485)
Other recognised gains/(losses):
Gains on revaluation of investment portfolio 4,296 4,296 1,430,670
Netmovement in funds 390,641 390,641 1,348,185
Reconciliation of funds:
Total funds brought forward 75,967,663 75,967,663 74,619,478
Net movement in funds 390,641 390,641 1,348,185
Totalfundscarriedforward 76,358,304 76,358,304 75,967,663

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 22 to 38 form part of these financial statements.

Page 16

THE EAST MALLING TRUST (A company limited by guarantee) REGISTERED NUMBER: 07168674

aaee

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025

2025 2024
Note £ £
Fixed assets
Tangible assets 12 7,665,581 7,761,858
Investments 14 16,958,055 16,637,883
Investment property 13 36,445,560 35,373,419
61,069,196 59,773,160
Current assets
Stocks 15 1,497 1,497
Debtors 16 757,996 837,297
Cash at bank and in hand 15,762,630 17,460,320
16,522,123 18,299,114
Current liabilities
Creditors: amounts falling due within one
year 17 (1,233,015) (1,854,611)
Net current assets 15,289,108 16,444,503
Total assets less current liabilities 76,358,304 76,217,663
Creditors: amounts falling due after more
than one year 18 - (250,000)
Net assets excluding pension asset 76,358,304 75,967,663
Total net assets 76,358,304 75,967,663
Charity funds
Restricted funds 19 - -
Unrestricted funds 19 76,358,304 75,967,663
Totalfunds 76,358,304 75,967,663

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on Yo nov Loads and signed on their behalf by:

Page 17

THE EAST MALLING TRUST

(A company limited by guarantee) REGISTERED NUMBER: 07168674

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025

Mr K Newman Trustee

The notes on pages 22 to 38 form part of these financial statements.

Page 18

THE EAST MALLING TRUST

(A company limited by guarantee) REGISTERED NUMBER: 07168674

COMPANY BALANCE SHEET AS AT 31 MARCH 2025

2025 2024
Note £ £
Fixed assets
Tangible assets 12 7,648,187 7,740,314
Investments 14 16,968,055 16,647,883
Investment property 13 36,445,560 35,373,419
61,061,802 59,761,616
Current assets
Debtors 16 861,176 875,268
Cash at bank and in hand 15,653,932 17,413,744
16,515,108 18,289,012
Current liabilities
Creditors: amounts falling due within one
year 17 (1,213,512) (1,830,045)
Net current assets 15,301,596 16,458, 967
Total assets less current liabilities 76,363,398 76,220,583
Creditors: amounts falling due after more
than one year 18 - (250,000)
Total net assets 76,363,398 75,970,583
Charity funds
Unrestricted funds 19 76,363,398 75,970,583
Totalfunds 76,363,398 75,970,583

Page 19

THE EAST MALLING TRUST

(A company limited by guarantee) REGISTERED NUMBER: 07168674

COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025

The Company's net movement in funds for the year was £392,815 (2024 - £1,440,349).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on Lo MOV QOd5 and signed on their behalf by:

Mr K Newman Trustee

The notes on pages 22 to 38 form part of these financial statements.

Page 20

THE EAST MALLING TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

.

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Cash|flows|from|operating|activities| |Net|cash|generated/(used)|in|operating|activities|(1,036,538)|12,387,050| |Cash|flows|from|investing|activities| |Dividends,|interests|and|rents|from|investments|643,986|595,366| |Purchase|of tangible|fixed|assets|(32,997)|(1,680,242)| |Purchase|of|investment|properties|(1,072,141)|(5,650,808)| |Net|cash|used|in|investing|activities|(461,152)|(6,735,684)| |Cash|flows|from|financing|activities| |Repayments|of|borrowing|(200,000)|(100,000)| |Net|cash|used|in|financing|activities|(200,000)|(100,000)| |Change|in|cash|and|cash|equivalents|in|the|year|(1,697,690)|5,551,366| |Cash|and|cash|equivalents|at|the|beginning|of the|year|17,460,320|11,908,954| |Cash|and|cash|equivalents|at the|end|of the|year|15,762,630|17,460,320| |The|notes|on|pages|22|to|38|form|part|of these|financial|statements|

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

Page 21

THE EAST MALLING TRUST (A company limited by guarantee)

TEUE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

  1. General information

The East Malling Trust is a company limited by guarantee (registered number 07168674) which is incorporated and domiciled in England.

It is also registered as a charity with the Charity Commission (registered number 1134729). The address of the registered office is Bradbourne House, East Malling, West Malling, Kent, ME19 6DZ

  1. Accounting policies

  2. 2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The East Malling 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.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated ona line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

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

Rental income is accounted for an accruals basis and is recognised as it becomes due.

Donations and sundry income received for the general purposes of the charity are accounted for on the date of notification and entitlement is established.

Outsourced service commission income is accounted for on an accruals basis and is recognised when it becomes due to East Malling Limited.

Page 22

THE EAST MALLING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

  1. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Costs of raising funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the assigned conditions are met. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 23

THE EAST MALLING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2 Accounting policies (continued)

2.5 Tangible fixed assets and investment properties

Freehold property

The Trustees’ policy is to revalue the company's freehold land and buildings.

An independent valuation of all the land and buildings at the East Malling site was carried out as at 31 March 2023 and an updated assessment has been carried out by the Trustees in this financial year.

Regular maintenance is carried out to all of the buildings at the East Malling site in order to keep the buildings at their current level of condition.

The Trustees review and consider the valuation at each reporting date to assess if there are indications of a material change in the valuation.

Freehold land is not depreciated.

Investment properties

The Trustees’ policy is to revalue the company's investment properties.

A valuation of the land and buildings at the East Malling site was carried out as at 31 March 2023 and an updated assessment has been carried out by the Trustees in this financial year.

No depreciation is provided in respect of investment properties in accordance with section 16 of FRS 102 "Investment Property”.

Antiques

An external valuation was carried out as at 31 March 2020 and an updated assessment has been carried out by the Trustees in this financial year. No depreciation is charged in respect of antiques on the grounds that the Directors consider that any charge would not be material by reference to the total assets of The Trust, due to the high residual value of the assets.

Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 24

THE EAST MALLING TRUST (A company limited by guarantee)

----- Start of picture text -----
a
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
----- End of picture text -----

----- Start of picture text -----
2; Accounting policies (continued)
----- End of picture text -----

----- Start of picture text -----
2.5 Tangible fixed assets and investment properties (continued)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value
over their estimated useful lives, using the straight-line method.
----- End of picture text -----

----- Start of picture text -----
Depreciation is provided on the following bases:
Freehold property - See note above
Motor vehicles - 25% reducing balance
Computer equipment - 10%/20%/25% straight line
Antiques - See note above
2.6 Investments
Investments in subsidiaries are valued at cost less provision for impairment.
2.7 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for
obsolete and slow-moving stocks.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity
of three months or less from the date of acquisition or opening of the deposit or similar account.
----- End of picture text -----

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 2.11 Financial instruments The Group 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

Page 25

THE EAST MALLING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2) Accounting policies (continued)

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

3. Critical accounting estimates and areas of judgment

The Group may be required to make estimates and assumptions concerning the future. These estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. The principal areas where judgement was exercised are as follows:

i) Property valuations: freehold land and buildings and investment properties are revalued by Savills when the Trustees believe there has been a material change in value. Trustees assess on an annual basis the valuation of the properties. The value of the properties is estimated to be the open market value at the balance sheet date.

ii) Recoverability of trade debtors: the trustees annually assess whether a bad debt provision is required for any bad or doubtful debtor balances.

Page 26

=SY

THE EAST MALLING TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4. Income from charitable activities

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Unrestricted|Total|Total| |funds|funds|funds| |2025|2025|2024| |£|£|£| |Short|course|income|147,250|147,250|127,857|

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

  1. Income from other trading activities

Income from fundraising events

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Unrestricted|Total|Total| |funds|funds|funds| |2025|2025|2024| |£|£|£| |Wedding|and|corporate|event|income|97,565|97,565|93,484| |Other|income|1,975|1,975|5,912| |Total|2025|99,540|99,540|99,396| |Investment|income| |Unrestricted|Total|Total| |funds|funds|funds| |2025|2025|2024| |£|£|£| |Rent|and|service|charges|from|investment|properties|2,649,969|2,649,969|2,362,499| |Interest|receivable|416,377|416,377|173,754| |Dividends|received|from|investments|543,486|543,486|553,971| |3,609,832|3,609,832|3,090,224|

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

  1. Investment income

Page 27

THE EAST MALLING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

i. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Wedding, conferencing and catering costs 4,162 4,162 14,827
Property manager costs 210,583 210,583 219,214
Estate management and maintenance costs 1,781,682 1,781,682 1,661,673
Overhead and administration costs 400,054 400,054 419,000
Depreciation 98,245 98,245 56,990
Total2025 2,494,726 2,494,726 2,371,704
  1. Analysis of expenditure on charitable activities Summary by fund type
Unrestricted
funds Total Total
2025 2025 2024
£ £ £
Horticultural research projects 620,434 620,434 686,625
Short course expenditure 103,754 103,754 90,270
Estate management and maintenance costs 251,363 251,363 251,363
975,551 975,551 1,028,258

Page 28

(A company limited by guarantee)

THE EAST MALLING TRUST

----- Start of picture text -----
iEee
----- End of picture text -----

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

9. Auditor's remuneration

2025 2024
£ £
Fees payable to the Company's auditor for the audit ofthe Company's
annual accounts 21,500 20,440
Fees payable to the Company's auditor in respect of:
Taxationcomplianceservices 825 890

10. Staff costs

Group Group Company Company
2025 2024 2025 2024
£ £ £ E
Wages and salaries 438,914 426,385 438,914 426,385
Social security costs 38,339 34,242 38,339 34,242
Contribution to defined contribution pension
schemes 23,105 20,394 23,105 20,394
500,358 481,021 500,358 481,021

The average number of persons employed by the Company during the year was as follows:

Group Group
2025 2024
No. No.
Research and administration 19 18

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2025 2024
No. No.
In the band £60,001 - £70,000 1 1
During the year the Group employed 1 key management personnel (1- 2023/24). Remuneration and
benefits received by key management personnel during the period of their employment in 2024/25
totalled£77,166(2023/24-£78,532).

Page 29

THE EAST MALLING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

11. Trustees’ remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - ENIL).

Trustees' expenses represents amounts paid or reimbursed relating to travelling and general meeting expenses. The total amount of trustee expenses for the year was £5,575 (2024 - £8,875).

12. Tangible fixed assets

Group

Freehold Motor Computer Other fixed
property vehicles equipment assets Total
£ £ E £ £
Cost or valuation
At 1 April 2024 5,504,150 109,569 2,510,790 217,999 8,342,508
Additions 24,985 - 8,012 - 32,997
At 31 March 2025 5,529,135 109,569 2,518,802 217,999 8,375,505
Depreciation
At 1 April 2024 - 94,873 485,777 - 580,650
Charge for the year - 3,675 125,599 - 129,274
At 31 March 2025 - 98,548 611,376 - 709,924
Net book value
At 31 March 2025 5,529,135 11,021 1,907,426 217,999 7,665,581
At31March2024 5,504,150 14,696 2,025,013 217,999 7,761,858

Page 30

:

THE EAST MALLING TRUST

(A company limited by guarantee)

ee

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12. Tangible fixed assets (continued)

Company

Freehold Motor Computer Other fixed
property vehicles equipment assets Total
£ E £ £ £
Cost or valuation
At 1 April 2024 5,504,150 109,569 2,418,793 217,999 8,250,511
Additions 24,985 - 8,012 - 32,997
At 31 March 2025 5,529,135 109,569 2,426,805 217,999 8,283,508
Depreciation
At 1 April 2024 - 94,873 415,324 - 510,197
Charge for the year - 3,675 121,449 - 125,124
At 31 March 2025 : 98,548 536,773 - 635,321
Net book value
At 31 March 2025 5,529,135 11,021 1,890,032 217,999 7,648,187
At31March2024 5,504,150 14,696 2,003,469 217,999 7,740,314

Page 31

THE EAST MALLING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13. Investment property

Group and Company

Freehold
investment
property
£
Valuation
At 1 April 2024 35,373,419
Additions 1,072,141
At31March2025 36,445,560

A valuation of all the land and buildings at the East Malling site was carried out as at 31 March 2023 and an updated assessment carried out by the Trustees as at 31 March 2025.

14. Fixed asset investments

Listed
investments
Group £
Cost or valuation
At 1 April 2024 16,637,883
Revaluations 4,295
Share of profit/(loss) 315,877
At 31 March 2025 16,958,055
Net book value
At 31 March 2025 16,958,055
At31March2024 16,637,883

Page 32

THE EAST MALLING TRUST (A company limited by guarantee)

a

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

14. Fixed asset investments (continued)

Investments
in
subsidiary Listed
companies investments Total
Company £ £ £
Cost or valuation
At 1 April 2024 10,000 16,637,883 16,647,883
Revaluations - 4,295 4,295
Share of profit/(loss) - 315,877 315,877
At 31 March 2025 10,000 16,958,055 16,968,055
Net book value
At 31 March 2025 10,000 16,958,055 16,968,055
At31March2024 10,000 16,637,883 16,647,883

Page 33

THE EAST MALLING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Principal subsidiaries

The following was a subsidiary undertaking of the Company:

Name Company Registered office or principal Principal activity
number place ofbusiness
East Malling Limited 05046509 Shown on charity information Operation of
page conference and dining
facilities
Class of Holding Included in
shares consolidation
Ordinary 100% Yes

The financial results of the subsidiary for the year were:

Name Income Expenditure Expenditure Profit/(Loss) Profit/(Loss) Net assets
£ £ ‘for the year £
£
East Malling Limited 99,076 69,527 29,549 (101,483)
15. Stocks
Group Group
2025 2024
£ £
Raw materials and consumables 1,497 1,497
16. Debtors
Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Due within one year
Trade debtors 279,626 159,551 258,636 142,398
Amounts owed by group undertakings - - 124,170 55,124
Other debtors 478,370 677,746 478,370 677,746
757,996 837,297 861,176 875,268

Page 34

THE EAST MALLING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Creditors: Amounts falling due within one year

Group Group Company Company
2025 2024 2025 2024
E £ £ £
Other loans 300,000 250,000 300,000 250,000
Trade creditors 95,068 239,569 93,798 233,501
Corporation tax 9,631 6,578 - -
Other taxation and social security 23,928 24,389 19,289 17,311
Other creditors 804,388 1,334,075 800,425 1,329,233
1,233,015 1,854,611 1,213,512 1,830,045

Other loans include a public benefit concessionary loan, as defined by FRS 102, from local growth fund South East Local Enterprise Partnership Limited (SELEP). The loan is unsecured and interest free.

18. Creditors: Amounts falling due after more than one year

Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Other loans ° 250,000 - 250,000

Page 35

THE EAST MALLING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Statement of funds

Statement of funds - current year

Balance at
Balance at 1 Gains/ 31 March
April 2024 Income Expenditure (Losses) 2025
£ £ £ £ £
Unrestricted funds
Unrestrictedfunds 75,967,663 3,856,622 (3,470,277) 4,296 76,358,304

Statement of funds - prior year

Balance at
Balance at Gains/ 31 March
1 April2023 Income Expenditure (Losses) 2024
£ £ £ £ £
Unrestricted funds
Unrestrictedfunds 74,619,478 3,317,477 (3,399,962) 1,430,670 75,967,663
  1. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted Total
funds funds
2025 2025
£ £
Tangible fixed assets 7,665,581 7,665,581
Fixed asset investments 16,958,055 16,958,055
Investment property 36,445,560 36,445,560
Current assets 16,522,123 16,522,123
Creditors due within one year (1,233,015) (1,233,015)
Total 76,358,304 76,358,304

Page 36

THE EAST MALLING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Unrestricted Total
funds funds
2024 2024
£ &
Tangible fixed assets 7,761,858 7,761,858
Fixed asset investments 16,637,883 16,637,883
Investment property 35,373,419 35,373,419
Current assets 18,299,114 18,299,114
Creditors due within one year (1,854,611) (1,854,671)
Creditors due in more than one year (250,000) (250,000)
Total 75,967,663 75,967,663

21. Reconciliation of net movement in funds to net cash flow from operating activities

Group Group
2025 2024
£ £
Net
income/expenditure		 for the year (as per Statement of Financial
Activities) 386,345 (82,485)
Adjustments for:
Depreciation charges 129,274 60,223
Dividends, interests and rents from investments (959,863) (727,725)
Decrease in stocks - 9,863
Decrease in debtors 79,301 12,169,377
Increase/(decrease) in creditors (671,595) 957,797
Netcashprovidedby/(used in)operatingactivities (1,036,538) 12,387,050

Page 37

THE EAST MALLING TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22. Analysis of cash and cash equivalents

Group Group
2025 2024
£ £
Cash in hand 15,762,630 17,460,320
Total cashandcashequivalents i 15,762,630 17,460,320

23. Analysis of changes in net debt

Other non-
At1 April cash At 31 March
2024 Cash flows changes 2025
e £ £ £
Cash at bank and in hand 17,460,320 (1,697,690) - 15,762,630
Debt due within 1 year (250,000) - (50,000) (300,000)
Debt due after 1 year (250,000) 200,000 50,000 -
16,960,320 (1,497,690) - 15,462,630

24. Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £23,105 (2024 - £20,394). Contributions totalling £4,843 (2023 - £6,430) were payable to the fund at the balance sheet date and are included in creditors.

25. Related party transactions

During the year The East Malling Trust charged East Malling Limited rent of £44,000 (2024 - £44,000). As at 31 March 2025, East Malling Limited owed The East Malling Trust £225,730 (2024 - £192,918).

26. Controlling party

The East Malling Trust is a registered Charity, limited by guarantee. It is controlled by the Board of Trustees.

Page 38