**Registered number: 07823588 Charity number: 1144528**
## **National Institute of Agricultural Botany Trust**
**(A company limited by guarantee)**
**Trustees' Report and Financial Statements For the Period Ended 30 September 2025**
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Contents**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1 - 2|
|**Trustees' report**|3 - 9|
|**Independent auditor's report on the financial statements**|10 - 13|
|**Statement of financial activities**|14|
|**Balance sheet**|15 - 16|
|**Statement of cash flows**|17|
|**Notes to the financial statements**|18 - 43|
**National Institute of Agricultural Botany Trust**
**(A company limited by guarantee)**
**Reference and Administrative Details of the Charity, its Trustees and Advisers For the Period Ended 30 September 2025**
|**Trustees**|J A Elliot,Chairman|
|---|---|
||Dr C W Looker(resigned 13 December 2024)|
||R A Macdonald|
||J E Godfrey|
||J R Latham|
||P G Wynn|
|**Company registered**
**number**
07823588
**Charity registered number**
1144528
**Registered office**
Park Farm Campus
Villa Road
Histon
Cambridge
CB24 9AT
**Company secretary**
M Spraggins
**Independent auditor**
Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
**Bankers**
Barclays Bank plc
1 Churchill Place
Canary Wharf
London
E14 5HP
**Solicitors**
Birketts LLP
22 Station Road
Cambridge
CB1 2JD
Ashtons Legal LLP
Chequers House
77-81 Newmarket Road
Cambridge
CB5 8EU||
Page 1
## **National Institute of Agricultural Botany Trust**
**(A company limited by guarantee)**
## **Reference and Administrative Details of the Charity, its Trustees and Advisers (continued) For the Period Ended 30 September 2025**
**Property Advice** Bidwells Trumpington Road Cambridge CB2 2LD St Andrews Bureau 18 Mill Road Cambridge CB1 2AD Ceres Property Council Offices London Road Saffron Walden CB11 4ER **Investment Managers** Sarasin & Partners LLP 50 George Street London W1U 7DY
Page 2
National Institute of Agricultural Botany Trust | Annual Report and Accounts | September 2025
## TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT
## STRATEGIC REPORT
## Background
The National Institute of Agricultural Botany (Niab) was founded by Deed of Trust in 1919. It was regulated by a scheme made by the Secretary of State for Education and Science until 1998, when a new structure was agreed which saw the formation of two charities which would operate in tandem. The National Institute of Agricultural Botany Trust (The Trust) provides land, facilities and financial support to Niab, which The Trust determine is the preferred vehicle to deliver its charitable objectives. The activities of the unincorporated trust were transferred to a new charitable company of the same name in 2012.
## Mission and Vision
The specific objects of The Trust are the promotion of agriculture, horticulture and arboriculture anywhere in the world by charitable means, including the provision of support to Niab. (Charity No. 1064230).
Niab’s mission is to pioneer crop science for the benefit of society. Niab’s vision to be the UK Centre for crop innovation to contribute to the development of a thriving world powered by crop science.
## Strategy
The strategy of The Trust is to support Niab through the provision of land, facilities and finance for investment in scientific research. The current focus is on continued improvement to the Niab Park Farm site to enable consolidation of all Cambridge based operations.
## Public Benefit
The Trust provides facilities, research funding and other support to Niab, which has underpinned the provision of independent science-based research and information to agriculture. The Trust seeks to:
- advance science for public benefit, primarily through the support of crop research and development, publishing scientific papers and delivering practical solutions, working with a network of scientific partnerships and collaborations with leading academic, research and commercial organisations in the UK, Europe and the rest of the world;
- demonstrate how plant resources and crop genetic improvement can help address the major global challenges of sustainable use of resources, climate change, food security and the provision of highquality food to enhance health and nutrition;
- promote agriculture, horticulture and arboriculture anywhere in the world.
The Trustees are satisfied they have complied with their duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission. Based on this guidance, and as described in this Trustees’ report, the Trustees believe the activities of The Trust to be charitable in nature.
The Trust has provided annual financial support to Niab, both in the terms of an annual grant to support research and in the provision of a rolling working capital facility.
Page | 3
## Performance
Our performance against our 2024/25 objectives is highlighted in the table below:
|**Objectives**|**Performance**|
|---|---|
|Secure a beneficial value for the next phase of the Darwin
Green Land|The Trust continues to work closely with a consortium of
Cambridge landowners and a national house builder to secure
planning permission for the future phases of the Darwin Green
development in Cambridge.|
|Identify further land development opportunities|The Trust have identified potential future development sites
within the land holding and is assessing planning consent
feasibility for these|
|Maximise the value of the current property portfolio|Niab has now relocated all its operations to the Park Farm
Campus in Cambridge. Consequently, the Trust has negotiated
leases with third parties for the whole of the Lawrence Weaver
Road site previously used by Niab.|
|Provision of facilities, research funding and covenant support
to Niab.|The Trust continues to support Niab in the provision of facilities
and research funding. The site development activities have
provided new and replacement facilities which will underpin
the delivery of charitable activities for the foreseeable future.
The Trust is providing covenant support in respect of the Niab
Pension Scheme deficit as it is a participating employer in the
scheme and therefore stands beside Niab.|
## Objectives for 2025/26
The Trust will address the following objectives in the forthcoming year:
- Secure a beneficial value for the next phase of the Darwin Green Land
- Identify further land development opportunities
- Maximise the value of the current property portfolio
- Provision of facilities, research funding and covenant support to Niab.
Page | 4
## FINANCIAL REVIEW
## Change of Accounting Period
The Charity changed its accounting period so that it now ends in September. Accordingly, all references to the 2025 financial period are for an 18-month period. The comparatives for 2024 are for a year.
## Income
The total incoming resources for the period were £2,078k (2024: £1,534k). Income is derived from charges for the use of The Trust’s charitable assets, as well as investment income and other activities. Other funding sources include realised proceeds from sale of surplus assets from property developers.
## Expenditure
The total outgoing expenditure totalled £5,187k (2024: £2,983k) made up as follows:
|Research funding to Niab
Support to Niab in respect of
the Pension Scheme
Donation to Niab for
improvements to Park Farm
Administration fees
Legal and Professional fees
Property costs
Other
Depreciation
**Total**|_2025_
_£’000_
1,500
1,067
700
188
199
214
13
1,306
**5,187**|_2024_
_£’000_
_1,000_
_341_
_-_
_125_
_197_
_103_
_29_
_1,188_|
|---|---|---|
|||**_2,983_**|
## Business Review and key performance indicators
The following financial indicators have been reviewed:
||_2025_|_2024_|
|---|---|---|
||_£’000_|_£’000_|
|Charitable Expenditure|5,187|2,983|
|Income from Investments|1,167|706|
|Support Costs|
228|118|
The Charitable Expenditure is a measure of the facilities and core funding provided to Niab. The Trustees have considered how they can best demonstrate the impact of this funding and how it can be measured.
## Investment Policy
## _Land_
Surplus land assets, which together with other parties’ surplus land, are subject to a Consortium Promotion Agreement and will be disposed of in due course. The Trustees will seek to obtain the maximum sale proceeds available. The Trustees have identified other land (not subject to the Consortium Promotion Agreement) for which they are reviewing development potential.
## _Redundancy Fund_
Capital sums are held separately in respect of the NIAB Redundancy Fund. This fund was established to provide for the redundancy costs associated with staff in post as of 31 March 1996. Interest on capital is refunded to Defra, together with repayment of capital when staff leave Niab through retirement/resignation. Sums relating to this fund are disclosed in note 20. The capital sum relating to the 1996 provision at 30 September 2025 was £357k (2024: £567k).
## _Listed Investments_
## Capital Expenditure
Although there were no capital purchases during the period (2024: £156K), a grant was made to Niab to assist in the improvement of its office facilities at the Park Farm Campus.
## Property assets
The Trust owns the freehold properties at the Lawrence Weaver Road, Cambridge and Park Farm Campus, Histon sites. Following a review of its operations Niab, has relocated all its Cambridge based staff to the Park Farm site. The Trust has now entered into leases with third parties for all the space previously used by Niab at Lawrence Weaver Road. The space will be refurbished into fully fitted laboratories catering to Cambridge’s start-up community.
The Trust has instructed its investment advisers to achieve the objective of long-term capital and income growth, ahead of inflation, targeting UK inflation (CPI) +4%, net of costs over rolling 5-year periods. This should provide for sustainable distributions to support today’s beneficiaries, while delivering real capital growth to meet the charity’s future needs. The fund adopts a Total Return approach to distributions. The fund has a strict Ethical Policy which restricts investment in tobacco manufacturers and related companies and will avoid investing in companies which derive significant exposure from the following areas: Armaments, Alcohol, Adult Entertainment, Gambling and Predatory Lending. There will be no holdings in companies which manufacture Civilian Firearms, Cluster Munitions and Landmines.
Page | 5
National Institute of Agricultural Botany Trust | Annual Report and Accounts | March 2022
## Reserves Policy
## Going Concern
The Trust delivers its charitable objects primarily through its support for Niab (Charity No: 1064230). The two charities were formed in 1998, following the separation of the National Institute of Agricultural Botany from government in 1996. The Trust holds the charitable assets from the original charitable scheme, and the operational activities were transferred to Niab. The two charities have continued to work closely and the Trustees continue to believe that Niab is the best vehicle to deliver the charitable objects of The Trust.
The Trust is a participating employer in the NIAB (1996) Pension Scheme (the ‘Scheme’) with Niab. This means that the entire deficit liability of the pension scheme could fall to the Trust, and the assets of the Trust support Niab’s balance sheet in providing the employer covenant, and the recovery payments agreed under the recovery plan.
The Trust’s net current liabilities at 30 September 2025 were £5,859k (2024: £3,235k). In assessing the going concern status of the Trust, the Trustees have considered its performance to date and its latest monthly cashflow forecasts for 2025/26 and 2026/27, which show there is sufficient cash and liquid investments for the Trust to meet the commitments expected to fall due during a period of not less than twelve months from the date these financial statements are approved.
The Trustees have reviewed the reserves of The Trust. There has been considerable cost associated with making the land available for development. Whilst free reserves are currently negative, the Trust anticipate this will be resolved with the planned disposal of further land assets. The Trustees deem the current level of reserves as appropriate given their current commitments.
The Trustees will re-consider their reserves policy in conjunction with the allocation of proceeds from land sale and longer-term asset finance. The Trustees will seek to balance the aim of maintaining the value of its total reserves position with their desire to provide to Niab continuing annual funding for research initiatives and support.
The Trust had total reserves of £44,594k (2024: £48,099k) at the balance sheet date of which £5,576k (2024: £5,439k is restricted and £39,018k (2024: £42,660k) is unrestricted.
## Accounting Period
The Trustees present their report and the financial statements for the period ended 30 September 2025. The company’s yearend (Accounting Reference Date) has been amended to 28 September, although the financial statements continue to be prepared to 30 September as permitted by section 390(3) of the Companies Act 2006.
In making this assessment, the Trustees have also considered the Trust’s ability to meet additional financial commitments that could plausibly arise. This has included consideration of the financial position of Niab and its subsidiaries (together “Niab Group”) and the funding required to support them in the future. The Niab Group financial position suggests that over the short term (to 30 September 2027) it is possible that in order to ensure they remain viable the Trust may need to provide short term lending of up to £2m. The Trustees have agreed to provide a letter of comfort to Niab on this basis. The Trustees have provided that comfort letter having considered the financial position and forecasts of the Trust, including its available reserves, its ability to liquidate short-term investments and some properties and its ability to explore options to borrow against assets. The Trustees are satisfied that the Trust can provide that support, should Niab need it, as and when it is required without this impacting the Trust’s own ability to continue as a going concern.
The Trustees have also reviewed the cash flow supporting its own activities for the longer term and have developed a strategy, including a review of its estates, to ensure that the Trust will continue to meet its liabilities as they fall due in the long term.
The Trustees therefore have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future being at least twelve months from the date of approval of these financial statements and are not aware of any other material uncertainties which may adversely affect the organisation. Accordingly, the financial statements continue to be prepared on the going concern basis.
Page | 6
National Institute of Agricultural Botany Trust | Annual Report and Accounts | March 2022
## RISK ASSESSMENT AND MANAGEMENT
The Board of Trustees is responsible for ensuring there are effective and adequate risk management and internal control systems in place to manage the major risks to which the Charity is exposed. The Board reviews the risk register at each meeting.
## Principal Risks and Uncertainties
|**Risk Area**|**Risk**|**Management**|
|---|---|---|
|**Compliance**|Performance of contractual obligations with third
parties|Clear delegation to Niab for management of key
projects and contracts, with regular reporting back
to the Trustees|
|**Strategy**|Failure to generate income from the asset base|Day to day management is delegated to Niab COO
who reports to both The Trust and Niab regarding
project progress and expenditure. The Trust
approved all expenditure relating to capital
projects.
The
development
programme
is
supported by legal and professional advisors who
report regularly to the project team. Long term
cash flow forecasts are reviewed regularly.|
|**Strategy**|Third Party creating a liability for The Trust and Niab
through financial risk.|Land Sales are dealt with under consortium
agreements.
Niab group performance regularly monitored, and
Chair of Trustees sits as an Observer on Niab Board|
|**Strategy**|Non-performance
of
The
Trust's
contractual
obligations with other third party organisations|Monitoring
of
Niab’s
performance
against
contracts where The Trust is a signing party.
Regular interactions with DEFRA in relation to land
sales|
|**Strategy**|NIAB (1996) Pension Scheme|There are legally binding agreements in place
between The Trust, Niab and the Pension Scheme.
The March 2021 Triannual valuation and recovery
plan has been agreed between the parties.|
|**Financial**|Failure to generate sufficient cash to support
commitments|Regular review of ongoing commitments and
reserves policy|
Page | 7
National Institute of Agricultural Botany Trust | Annual Report and Accounts | March 2022
## STRUCTURE, GOVERNANCE and MANAGEMENT
## Members and Board of Trustees
The members of The Trust are the Trustee/Directors. The Board of Trustees comprises the Chair and up to seven additional trustee directors.
The following Trustees have served during the period:
## Governance Code
The Trustees will be reviewing the Charity Code of Governance in how best to enhance the organisation’s effectiveness.
## Fundraising
The Trust did not carry out any fundraising activity in the year.
J A Elliot (Chair) Dr C W Looker (resigned 13 December 2024) R A Macdonald J Godfrey J R Latham P G Wynn
## Recruitment, induction and training of Trustees
The Trust recruits Trustees with the relevant skillset to support the charity’s activities. An induction programme has been put in place for newly appointed Trustees and is kept under review and updated where appropriate.
## Organisation and governance
The National Institute of Agricultural Botany was founded by a Deed of Trust dated 13 January 1919 and, up until 31 March 1998 regulated by a scheme made by the Secretary of State for Education and Science under section 18 of the Charities Act 1960. The Institute’s registered charity number was 306069.
A new structure was initiated in 1996 and agreed with the Charity Commission from 1 April 1998, which saw the formation of two charities which would operate in tandem. The Trust provide land, facilities and financial support to Niab who perform the charitable activities. The activities of the unincorporated entity were transferred to a new charitable company on 6[th] July 2012.
The Trust was incorporated in England and Wales as a company limited by guarantee on 26 October 2011 and is governed by its Memorandum and Articles of Association dated 26 October 2011 and amended 19 July 2013. It is registered as a charity with the Charity Commission (Charity No: 1144528). Its principal operating and registered office address is Park Farm Campus, Villa Road, Histon, Cambridge, CB24 9AT.
## Charge
When the structure was changed in 1996, the interests of DEFRA were expressed within a legal charge over certain properties and parcels of land. The original 1996 Debenture was revised in 2007 as a result of negotiations regarding land sales. The fair value of this interest of £5,107k (2024: £4,949k) is detailed in note 21.
## Trustee Remuneration
Charity Commission approval has been received to enable The Trust to make payments to Trustees. The Trust provides an honorarium for the Chairman of the Board. In addition to this, a per diem fee is payable to qualifying Trustees. This is subject to regular review.
## Decision making and key management
The Board of Directors (Trustees) administer the company and meet quarterly.
The Trust has no employees. To facilitate effective operations, members of the executive within Niab have delegated authority, within terms of delegation approved by the Trustees, for operational matters.
## Liability Insurance
The Trustees have effected liability insurance as permitted by the company’s articles. This insurance does not provide cover in the event that a Trustee is proved to have acted fraudulently or dishonestly.
The financial statements have been prepared in accordance with the Charities Act 2011, the Companies Act 2006 and 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 (FRS102) (effective 1 January 2019).
Page | 8
Nat11 IrtitUte of Auicultural Botsny Twst l Anrwal Rep(Kl •nd l M•rth 2022
STATEMENT OF TRUSTEES, RESPONSIBILITIES IN RESPECT OF THE
ANNUAL AUDIT REPORT AND FINANCIAL STATEMENTS
The Trustee5 (who are a150 directors ol The Trust for the
purpose5 01 company lawl are responsible for preparing the
Trustees Report, incorporatin8 the Strategic Report. and the
financial statements in a¢cordance with applicable law and
re8ulatton5.
The Trustees confirrn that..
So laf a5 eachTrustee 15 aware. there 15 no relevant audit
inforniation of which the auditors are unaware,. and
Thè Trustees have taken all the Steps that they ought to
have taken as trustees in order to make themselves
aware ol any relevant audit information and to establish
that the charitable companws auditor Is aware of that
information.
Company law require5 the Trustees to ppare financial
statements fo¥ each linancial year. LlndÈr that law the
Trustees have elerted to prepare the financial 5tsternents in
accordance with United Kin8dom 8eneral accepted
accountin8 practise Iunlted Kin8dom attovntin8 Standards
and applicable lawl. includin8 FRS102. the financial reportin8
standaril applicable in the UK and Republic of Ifeland. Undef
company law the Trustees must nol approve the financial
statements unless that they are satisfied thai they8ive a true
and lair vièw ol the State gf affairs of the charitsble company
and ol the incomin8 resources and applicatlon of resources,
Includin8 the Income and expenditure. of the ehafitsble
company lor that ptriod. In preparin8 these finand41
Slatements, the Trustees are required to..
The Trustees are responsible for the malntenante and
inte8fity of the torporate financial information intluded on
the charitable companils website. Le8islation in the UnSted
Kingdom goveming the prepar•ti¢n and di55emination ol
financial statements may differ from legislation In other
jurisdirtions.
The Trustees approve the Trustees. ReporL Incorporatlng
the Strategic Report. and financlal statements whith are
Y8ned on behalf ol
ard
Trustees of The Trust.
select 5Ultatsle accounting pollcies and then apply
Ihem consbstèntlv:
obserye the methods and prindples In the ChafltSe5
SORP IFR51021;
JAEI
115tee
Date.. 26 June 2026
make judgments and accountin8 estimates that are
reasonable and prudent.. and
state whether applicable UK AttoUnt1 Standards
have been followed. subjert to any materlal
departures dlsclosed and eJ(plained in ihe financial
statemen
The Trustees are responsible lor keepin8 proper accoJniinB
records that disclost with reasonable Kcuracy at any tsme
the financial positlon of the charitable company and enable
them to ensure ihat the financial statements comply with
the Companies Art 2CQ6. They are also responsible for
safe8uardin8 the assets ol thè charitable company and
hence lor takin8 reasonable 5tep5 lor the Pfevention and
detertion ot fraud and other irre8ulaiities.
Page19
**(A company limited by guarantee)**
## **National Institute of Agricultural Botany Trust**
## **Independent Auditor's Report to the Members of National Institute of Agricultural Botany Trust**
## **Opinion**
We have audited the financial statements of National Institute of Agricultural Botany Trust (the ‘charitable company’) for the 18-month period ended 30 September 2025 which comprise the Statement of financial activities (incorporating the Summary Income and Expenditure Account), the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 30 September 2025 and of its income and expenditure for the period 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 annual report, including the Trustee's 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.
Page 10
**(A company limited by guarantee)**
## **National Institute of Agricultural Botany Trust**
## **Independent Auditor's Report to the Members of National Institute of Agricultural Botany 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 there is 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 is also the directors’ report for the purposes of company law and includes the strategic report, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees’ report, which is also the directors’ report for the purposes of company law and includes the strategic 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 Trustees' report including the strategic report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- 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 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 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.
Page 11
**(A company limited by guarantee)**
## **National Institute of Agricultural Botany Trust**
## **Independent Auditor's Report to the Members of National Institute of Agricultural Botany 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 assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management and those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- tested the authorisation of expenditure as part of our substantive testing thereon;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
- used data analytics to identify any significant or unusual transactions and identify the rationale for them.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 12
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
**Independent Auditor's Report to the Members of National Institute of Agricultural Botany 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 any party 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.
**Alison Pyle** (Senior statutory auditor) for and on behalf of **Buzzacott Audit LLP** Statutory Auditor 130 Wood Street London EC2V 6DL
29 June 2026
Page 13
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Statement of financial activities (incorporating income and expenditure account) For the Period Ended 30 September 2025**
|**Note**
**Income from:**
Charitable activities
4
Investments
5
**Total income**
**Expenditure on:**
Charitable activities
7
Other expenditure - Loss on revaluation of
fixed assets
**Total expenditure**
**Net expenditure before net (losses)/gains**
**on investments**
Net (losses)/gains on investments
9
**Net (expenditure)/income**
**Reconciliation of funds:**
Total funds brought forward
22
**Total funds carried forward**|**Unrestricted**
**funds**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
**911**
**1,167**
**2,078**
**5,148**
**-**
**5,148**
**(3,070)**
**(572)**
**(3,642)**
**42,660**
**39,018**|**Restricted**
**funds**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
**-**
**-**
**-**
**39**
**-**
**39**
**(39)**
**176**
**137**
**5,439**
**5,576**|**Total**
**funds**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
**911**
**1,167**
**2,078**
**5,187**
**-**
**5,187**
**(3,109)**
**(396)**
**(3,505)**
**48,099**
**44,594**|_Total_
_funds_
_Year ended_
_31 March_
_2024_
_£000_
_828_
_706_
_1,534_
_2,983_
_4,519_
_7,502_
_(5,968)_
_97_
_(5,871)_
_53,970_
_48,099_|
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the period.
The notes on pages 18 to 43 form part of these financial statements.
Page 14
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee) Registered number: 07823588**
## **Balance Sheet As at 30 September 2025**
|**Note**
**Fixed assets**
Tangible assets
13
Investments
14
Investment property
15
**Current assets**
Debtors: amounts falling due after more than
one year
16
Debtors: amounts falling due within one year
16
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one year
17
**Net current liabilities**
**Total assets less current liabilities**
Creditors: amounts falling due after more than
one year
18
Provisions for liabilities
20
**Total net assets**
**Charity funds**
Restricted funds
22
Unrestricted funds
22
**Total funds**|**1,500**
**1,109**
**4,816**
**7,425**
**(13,284)**|**30 September**
**2025**
**£000**
**38,081**
**2,311**
**23,161**
**63,553**
**(5,859)**
**57,694**
**(12,743)**
**(357)**
**44,594**
**5,576**
**39,018**
**44,594**|_1,500_
_250_
_7,940_
_9,690_
_(12,925)_|_31 March_
_2024_
_£000_
_39,387_
_2,180_
_23,688_
_65,255_
_(3,235)_
_62,020_
_(13,354)_
_(567)_
_48,099_
_5,439_
_42,660_
_48,099_|
|---|---|---|---|---|
Page 15
Nati¢)nal Inst5t¢ of Atrlcultural Botany Trust
IA company Ilrnlted byiuaranteel
bal•Dce Sheet l¢ontlnuedl
As at 30 kpttmbèr 2025
The Trystee5 acknowled8e their re5ponsibilitie5 for complyin8 Wlth the requirements of the Act with respert to
accounting records and weparation of financial statements.
The financial statements have been prepared in accordan with the provisions applicable to entities subject to the small
companies regime.
The financial
behalf by.
tateme
) A Elllo
Ichalr of Trustttsl
The notes on pa8es 18 to 43 forni part of these fin•ndal ststements.
Pa8e 16
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Statement of Cash Flows For the Period Ended 30 September 2025**
|**Note**
**Cash flows from operating activities**
Net cash used in operating activities
25
**Cash flows from investing activities**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Additional loan to Niab
Purchase of investments
**Net cash provided by/(used in) investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the period**
Cash and cash equivalents at the beginning of the period
**Cash and cash equivalents at the end of the period**
26
The notes on pages 18 to 43 form part of these financial statements|**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
**(3,244)**
**1,120**
**-**
**(1,000)**
**-**
**120**
**-**
**(3,124)**
**7,940**
**4,816**|_Year ended_
_31 March_
_2024_
_£000_
_(645)_
_706_
_(156)_
_-_
_(2,000)_
**(1,450)**
**-**
**(2,095)**
_10,035_
_7,940_|
|---|---|---|
Page 17
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **1. General information**
National Institute of Agricultural Botany Trust is a company limited by guarantee incorporated in England and Wales and a registered charity.
The registered office of the charity is Park Farm Campus, Villa Road, Histon, Cambridge, CB24 9AT.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared under the historical cost convention unless otherwise specified within the accounting policies and 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The accounts are rounded to the nearest thousand pounds.
National Institute of Agricultural Botany Trust meets the definition of a public benefit entity under FRS 102.
## **2.2 Going concern**
The Trust delivers its charitable objects primarily through its support for Niab (Charity No: 1064230). The two charities were formed in 1998, following the separation of the National Institute of Agricultural Botany from government in 1996. The Trust holds the charitable assets from the original charitable scheme, and the operational activities were transferred to Niab. The two charities have continued to work closely and the Trustees continue to believe that Niab is the best vehicle to deliver the charitable objects of The Trust.
The Trust is a participating employer in the NIAB (1996) Pension Scheme (the ‘Scheme’) with Niab. This means that the entire deficit liability of the pension scheme could fall to the Trust, and the assets of the Trust support Niab’s balance sheet in providing the employer covenant, and the recovery payments agreed under the recovery plan.
The Trust’s net current liabilities at 30 September 2025 were £5,859k (2024: £3,235k). In assessing the going concern status of the Trust, the Trustees have considered its performance to date and its latest monthly cashflow forecasts for 2025/26 and 2026/27, which show there is sufficient cash and liquid investments for the Trust to meet the commitments expected to fall due during a period of not less than twelve months from the date these financial statements are approved.
In making this assessment, the Trustees have also considered the Trust’s ability to meet additional financial commitments that could plausibly arise. This has included consideration of the financial position of Niab and its subsidiaries (together “Niab Group”) and the funding required to support them in the future. The Niab Group financial position suggests that over the short term (to 30 September 2027) it is possible that in order to ensure they remain viable the Trust may need to provide short term lending of up to £2m. The Trustees have agreed to provide a letter of comfort to Niab on this basis. The Trustees have provided that comfort letter having considered the financial position and forecasts of the Trust, including its available reserves, its ability to liquidate short-term investments and some properties and its ability to explore options to borrow against assets.
Page 18
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **2. Accounting policies (continued)**
## **2.2 Going concern (continued)**
The Trustees are satisfied that the Trust can provide that support, should Niab need it, as and when it is required without this impacting the Trust’s own ability to continue as a going concern.
The Trustees have also reviewed the cash flow supporting its own activities for the longer term and have developed a strategy, including a review of its estates, to ensure that the Trust will continue to meet its liabilities as they fall due in the long term.
The Trustees therefore have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future being at least twelve months from the date of approval of these financial statements and are not aware of any other material uncertainties which may adversely affect the organisation. Accordingly, the financial statements continue to be prepared on the going concern basis.
## **2.3 Fund accounting**
## General unrestricted funds
General unrestricted funds represent income which is expendable at the discretion of the Trust in the furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.
## Designated funds
Designated funds are unrestricted funds of the charity which the trustees have decided, at their discretion, to set aside to use for a specific purpose.
## Restricted funds
Restricted funds represent grant funded assets which are allocated by the donor for specific purposes and in which the donor maintains a residual interest.
Investment income, gains and losses are allocated to the appropriate fund.
## **2.4 Income**
Income has been analysed in accordance with the service provided.
## Income from charitable activities:
Income is recognised when the charity has entitlement to the funds, the receipt is probable and amounts can be reliably measured.
Grant income, whether ‘capital’ or ‘revenue’, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred to a future period by a funder. They are recognised as restricted funds in the statement of financial activities where relevant under the particular terms of the grant.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 19
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **2. Accounting policies (continued)**
## **2.5 Accrued and deferred income**
Income within charitable activities, other activities and investment income includes income received under contract or where entitlement to grant funding is subject to specific performance conditions and is recognised as earned (as the related services are provided). This may mean accruing for invoices not yet raised, and deferring payments received in advance of work done.
## **2.6 Interest and dividends receivable**
Interest on funds held on deposit and dividends from investments are included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.7 Resources expended**
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Trust to the expenditure. Expenditure is allocated as follows:
## _Charitable Activities_
Expenditure incurred directly in the fulfillment of the objectives of the charity including allocated overheads
## Support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include administrative and governance costs which support the objectives of the charity. These costs have been allocated across fundraising and charitable activities. The bases on which support costs have been allocated are set out in note 8.
## Governance costs
Expenditure incurred in running and administering the charity which is not directly attributable to charitable activities.
All expenditure is inclusive of irrecoverable VAT.
Page 20
## **National Institute of Agricultural Botany Trust**
**(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **2. Accounting policies (continued)**
## **2.8 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.
The charity’s policy is to carry all land and buildings at cost less depreciation. Depreciation is not provided on freehold land. Assets in the course of construction are carried at cost and not depreciated. On other assets depreciation is provided on cost or revalued amounts in equal annual installments over the estimated lives of the assets.
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.
Depreciation is provided on the following bases:
- Freehold property between 10 and 60 years - Plant and machinery 5 to 15 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of financial activities.
## **2.9 Investments**
Land held for re-sale and properties held to earn rental or for capital appreciation rather than for use in the supply of service are held at fair value. Changes in fair value and gains and losses arising on disposal are recognised in the statement of financial activities and to the appropriate fund holding the investment. No depreciation is provided in respect of land held for re-sale or investment properties.
Listed investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their bid price at the balance sheet date without deduction of the estimated future selling costs.
All gains or losses, whether on revaluation or disposal, are included in “Net losses or gains on investments”.
## **2.10 Financial instruments**
The Charity only has financial assets and financial liabilities which qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Page 21
## **National Institute of Agricultural Botany Trust**
**(A company limited by guarantee)**
**Notes to the Financial Statements For the Period Ended 30 September 2025**
## **2. Accounting policies (continued)**
## **2.11 Cash at bank and in hand**
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition or the balance sheet date and that are readily convertible to known amounts of cash with insignificant risk of change of value. The cash balance includes funds of £944k relating to the Defra redundancy fund.
## **2.12 Debtors**
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
## **2.13 Liabilities**
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Liabilities are recognised at the amount that the Charity 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.
## **2.14 Foreign currencies**
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
The Charity’s functional and presentational currency is GBP.
Page 22
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
**Notes to the Financial Statements For the Period Ended 30 September 2025**
## **3. Critical accounting estimates and areas of judgement**
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where those judgements and estimates have been made and the assumptions where there is a significant risk of causing a material adjustment to the carrying amount of assets in the next accounting period include:
Critical accounting estimates and assumptions:
Land for re-sale
The Trust has made a significant judgement in revaluing the land held for re-sale at Darwin Green, for which forecasted cash flow receipts, from disposal strategy reports prepared by Bidwells, have been used as a basis for the revaluation (note 14).
The next phase is dependent on planning permission. The Trust believes that the buyer is more likely than not to contract to purchase the remaining portion of land and therefore includes the land held for resale at a valuation based on the expected cashflows discounted by 8%. The rate reflects the risks and uncertainties with the development. The Trust will re-assess both the expected cashflow timings and discount rate used as these move through planning permission.
Freehold residential investment property
Residential investment properties, for which the Trust receives rental income, are held at Fair value as determined by an annual valuation exercise. These are included at the latest professional valuation carried out by Messrs Strutt & Parker on 22 September 2021 (£8,360k) uplifted by the general increases in local residential property prices as at 30 September 2025 (note 14).
Freehold investment property
This property has been included at fair value as estimated by the trustees.
Cost allocation
The cost allocation methodology requires a judgement as to what are the most appropriate bases to use to apportion support costs. These are reviewed annually for reasonableness.
Page 23
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **4. Income from charitable activities**
|Provision of facilities to Niab
Provision of facilities to Cambridge University
**Total 2025**
Provision of facilities to Niab
Provision of facilities to Cambridge University
_Total 2024_|**Unrestricted**
**funds**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
500
411
911
_Unrestricted_
_funds_
_Year ended_
_31 March_
_2024_
_£000_
_500_
_328_
_828_|**Total**
**funds**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
**500**
**411**|
|---|---|---|
|||**911**|
|||_Total_
_funds_
_Year ended_
_31 March_
_2024_
_£000_
_500_
_328_|
|||_828_|
Page 24
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **5. Investment income**
|Rental income - investment properties
Income from listed investments
Interest receivable from Niab
Other interest receivable
**Total 2025**
Rental income - investment properties
Income from local listed investments
Interest receivable from Niab
Bank interest receivable
_Total 2024_|**Unrestricted**
**funds**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
779
90
151
147
1,167
_Unrestricted_
_funds_
_Year ended_
_31 March_
_2024_
_£000_
_383_
_42_
_106_
_175_
_706_|**Total**
**funds**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
**779**
**90**
**151**
**147**|
|---|---|---|
|||**1,167**|
|||_Total_
_funds_
_Year ended_
_31 March_
_2024_
_£000_
_383_
_42_
_106_
_175_|
|||_706_|
Page 25
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **6. Analysis of grants**
|Grants to Niab
Grants to Niab|**Grants to**
**Institutions**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
3,267
_Grants to_
_Institutions_
_Year ended_
_31 March_
_2024_
_£000_
_1,341_|**Total**
**funds**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
**3,267**|
|---|---|---|
|||_Total_
_funds_
_Year ended_
_31 March_
_2024_
_£000_
_1,341_|
The Charity has made the following material grants to institutions during the period:
|**Name of institution**
Niab - to fund research
Niab - contribution to pension fund deficit
Niab - improvments to Park Farm|**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
**1,500**
**1,067**
**700**
**3,267**|_Year ended_
_31 March_
_2024_
_£000_
_1,000_
_341_
_-_|
|---|---|---|
||||
|||_1,341_|
Page 26
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **7. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Grants to Niab (note 6)
Administration fees
Legal & Professional
Property costs
Other costs
Depreciation
Grants to Niab (note 6)
Administration fees
Legal & professional
Property costs
Other costs
Depreciation|**Unrestricted**
**funds**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
3,267
188
199
214
13
1,267
5,148
_Unrestricted_
_funds_
_Year ended_
_31 March_
_2024_
_£000_
_1,341_
_125_
_197_
_103_
_29_
_1,162_
_2,957_|**Restricted**
**funds**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
-
-
-
-
-
39
39
_Restricted_
_funds_
_Year ended_
_31 March_
_2024_
_£000_
_-_
_-_
_-_
_-_
_-_
_26_
_26_|**Total**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
**3,267**
**188**
**199**
**214**
**13**
**1,306**|
|---|---|---|---|
||||**5,187**|
||||_Total_
_Year ended_
_31 March_
_2024_
_£000_
_1,341_
_125_
_197_
_103_
_29_
_1,188_|
||||_2,983_|
Page 27
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **8. Analysis of expenditure by activities**
|Grants to Niab (note 6)
Administration fees
Legal & professional
Property costs
Provision of facilities
Other costs
Grants to Niab (note 6)
Administration fees
Legal & professional
Property costs
Provision of facilities
Other costs|**Property**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
-
-
172
1,306
214
-
1,692
_Property_
_Year ended_
_31 March_
_2024_
_£000_
_-_
_50_
_183_
_1,188_
_103_
_-_
_1,524_|**Grant funding**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
3,267
-
-
-
-
-
3,267
_Grant funding_
_Year ended_
_31 March_
_2024_
_£000_
_1,341_
_-_
_-_
_-_
_-_
_-_
_1,341_|**Support costs**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
-
188
27
-
-
13
228
_Support costs_
_Year ended_
_31 March_
_2024_
_£000_
_-_
_75_
_14_
_-_
_-_
_29_
_118_|**Total**
**funds**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
**3,267**
**188**
**199**
**1,306**
**214**
**13**|
|---|---|---|---|---|
|||||**5,187**|
|||||_Total_
_funds_
_Year ended_
_31 March_
_2024_
_£000_
_1,341_
_125_
_197_
_1,188_
_103_
_29_|
|||||_2,983_|
Page 28
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **9. Net gains/(losses) on investments**
|Listed investments (note 14)
Freehold residential investment property (note 15)
Land held for resale (note 15)
Listed investments (note 14)
Freehold residential investment property (note 15)|**Unrestricted**
**funds**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
131
209
(912)
(572)
_Unrestricted_
_funds_
_Year ended_
_31 March_
_2024_
_£000_
_180_
_(52)_
_128_|**Restricted**
**funds**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
-
176
-
176
_Restricted_
_funds_
_Year ended_
_31 March_
_2024_
_£000_
_-_
_(31)_
_(31)_|**Total**
**funds**
**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
**131**
**385**
**(912)**
**(396)**
_Total_
_funds_
_Year ended_
_31 March_
_2024_
_£000_
_180_
_(83)_
_97_|
|---|---|---|---|
Page 29
**(A company limited by guarantee)**
## **National Institute of Agricultural Botany Trust**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **10. Auditor's remuneration**
||**Period from 1**||
|---|---|---|
||**April 2024 to**|_Year ended_|
||**30 September**|_31 March_|
||**2025**|_2024_|
||**£000**|_£000_|
|Fees payable to the Charity's auditor for the audit of the Charity's annual|||
|accounts|**20**|_15_|
## **11. Taxation**
The Trust is a registered charity and is thus exempt from tax on income and capital gains falling within section 505 of the Income and Corporation Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives.
No deferred tax liabilities have been recognised for assets held at fair value.
## **12. Trustees' remuneration and expenses**
There were 6 serving Trustees during the period or part thereof (2024 - 7). The Chair received an honorarium of £6,000 (2024- £4,000). Five Trustees were paid meeting attendance fees totaling £3,800 (2024 - 4 Trustees £2,200).
Expenses totaling £1,483 were reimbursed or paid directly to 3 Trustees (2024: £1,177 to 3 Trustees). This principally reflects reimbursed travelling expenses incurred in attending meetings.
Page 30
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **13. Tangible fixed assets**
|**Cost or valuation**
At 1 April 2024
At 30 September 2025
**Depreciation**
At 1 April 2024
Charge for the period
At 30 September 2025
**Net book value**
At 30 September 2025
_At 31 March 2024_|**Freehold**
**property**
**£000**
**45,445**
**45,445**
**6,119**
**1,290**
**7,409**
**38,036**
_39,326_|**Plant and**
**machinery**
**£000**
**252**
**252**
**191**
**16**
**207**
**45**
_61_|**Total**
**£000**
**45,697**|
|---|---|---|---|
||||**45,697**|
||||**6,310**
**1,306**|
||||**7,616**|
||||**38,081**|
||||_39,387_|
As stated in the accounting policy (note 2.8), the Trust carries land and freehold buildings at cost less depreciation.
When the new structure was initiated in 1998 (see "Background" in the Trustees' Report), the interests of Defra were expressed within a legal charge over certain properties and parcels of land. This interest amounts to £1,847k of the cost of the land and buildings.
The Charity's bankers have a legal charge secured on certain of the freehold land and buildings.
Page 31
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **14. Listed Investments**
|**Cost or valuation**
At 1 April 2024
Unrealised gains
At 30 September 2025|**Listed**
**investments**
**£000**
**2,180**
**131**|
|---|---|
||**2,311**|
The Historic Book Cost of the assets is £2million.
## **15. Investment property**
|**Valuation**
At 1 April 2024
Gain/(loss) on revaluation
At 30 September 2025|**Freehold**
**residential**
**investment**
**property**
**£000**
**9,280**
**385**
**9,665**|**Freehold**
**investment**
**property**
**£000**
**8,275**
**-**
**8,275**|**Land held for**
**resale**
**£000**
**6,133**
**(912)**
**5,221**|**Total**
**£000**
**23,688**
**(527)**|
|---|---|---|---|---|
|||||**23,161**|
The Trustees have reviewed the market value of the Trust’s freehold investments at 30 September 2025.
The residential investment properties are included at £9,665k (2024: £9,280k) based on a valuation by Messrs Strutt & Parker in September 2021 (£8,360k) adjusted by the general changes in local residential property prices as at 30 September 2025. Defra has an interest of £3,742k in the investment properties (see note 22).
During 2024 Niab relocated all of the Cambridge staff to Park Farm and part of the Lawrence Weaver Building was let to third parties. That property has been transferred to investment properties based on a valuation by by the Trustees.
Page 32
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **16. Debtors**
||**30 September**|_31 March_|
|---|---|---|
||**2025**|_2024_|
||**£000**|_£000_|
|**Due after more than one year**|||
|Amount due from Niab **|**1,500**|_1,500_|
The loan to Niab of £1.5m shown above was originally repayable in full by 8 February 2026. The Trustees agreed on 10 February 2026 to extend the repayment period to 8 February 2032 (see note 29). This has been treated as an adjusting post balance sheet date and therefore classified as due after more than one year. Interest is charged at 2% over Barclays Bank Plc base rate.
|**Due within one year**
Trade debtors
Amount due from Niab **
Other debtors
Prepayments and accrued income
Tax recoverable|**30 September**
**2025**
**£000**
**25**
**1,047**
**-**
**-**
**37**
**1,109**|_31 March_
_2024_
_£000_
_168_
_-_
_19_
_5_
_58_|
|---|---|---|
||||
|||_250_|
The Charity extended short term support to Niab of £1m (repayable on demand) on it's standard terms.
## **17. Creditors: Amounts falling due within one year**
|Trade creditors
Amount owed to Niab
Other creditors
Accruals and deferred income|**30 September**
**2025**
**£000**
**17**
**54**
**12,759**
**454**
**13,284**|_31 March_
_2024_
_£000_
_57_
_27_
_12,548_
_293_|
|---|---|---|
||||
|||_12,925_|
Page 33
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **18. Creditors: Amounts falling due after more than one year**
||**30**|**September**|_31 March_|
|---|---|---|---|
|||**2025**|_2024_|
|||**£000**|_£000_|
|Accruals and deferred income||**12,743**|_13,354_|
Deferred income included above of £12,743k (2024: £13,184k) arises from amounts received from the University of Cambridge towards capital expenditure. Similar deferred income of £274k (2024: £274k) is also included in Creditors: Amounts falling due within one year. The total deferred income is £13,040k (2024: £13,428) (note 19).
## **19. Deferred income**
|Deferred income at 1 April 2024
Amounts released from previous periods
**Deferred income at 30 September 2025**|**2025**
**£000**
**13,428**
**(388)**
**13,040**|_2024_
_£000_
_13,735_
_(307)_|
|---|---|---|
||||
|||_13,428_|
Deferred income arises from amounts received from the University of Cambridge towards capital expenditure on the Cambridge Crop Science Centre and the University Glasshouse (notes 17, 18).
Page 34
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **20. Provisions**
|At 1 April 2024
Amounts reversed|**Redundancy**
**Fund**
**£000**
**567**
**(210)**|
|---|---|
|||
||**357**|
The provision reflects the potential costs of future redundancies of staff employed at 31 March 1996 for their service to that date and is cash backed.
## **21. Financial instruments**
||**30**|**September**|_31_|_March_|
|---|---|---|---|---|
|||**2025**||_2024_|
|||**£000**||_£000_|
|**Financial assets**|||||
|Financial assets measured at fair value through income and expenditure||**4,816**||_7,940_|
Page 35
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **22. Statement of funds**
## **Statement of funds - current period**
|**Unrestricted funds**
General Funds
**Restricted funds**
ERDF
Defra Charitable Assets reserve
Defra Investment Property
reserve
**Total of funds**|**Balance at 1**
**April 2024**
**£000**
**42,660**
**490**
**1,383**
**3,566**
**5,439**|**Income**
**£000**
**2,078**
**-**
**-**
**-**
**-**
**2,078**|**Expenditure**
**£000**
**(5,148)**
**(21)**
**(18)**
**-**
**(39)**
**(5,187)**|**Gains/**
**(Losses)**
**£000**
**(572)**
**-**
**-**
**176**
**176**
**(396)**|**Balance at 30**
**September**
**2025**
**£000**
**39,018**|
|---|---|---|---|---|---|
||||||**469**
**1,365**
**3,742**|
||||||**5,576**|
||||||**44,594**|
||**48,099**|||||
Page 36
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **22. Statement of funds (continued)**
## **Statement of funds - prior period**
|**Unrestricted funds**
General Funds
Fixed asset
**Restricted funds**
ERDF
Defra Charitable Assets reserve
Defra Investment Property
reserve
**Total of funds**|_Balance at_
_1 April 2023_
_£000_
_(1,701)_
_50,175_|_Income_
_£000_
_1,534_
_-_
_1,534_
_-_
_-_
_-_
_-_|_Expenditure_
_£000_
_(2,957)_
_-_
_(2,957)_
_(14)_
_(12)_
_-_
_(26)_|_Gains/_
_(Losses)_
_£000_
_128_
_(4,519)_
_(4,391)_
_-_
_-_
_(31)_
_(31)_
_(4,422)_|_Balance at_
_31 March_
_2024_
_£000_
_(2,996)_
_45,656_
_42,660_
_490_
_1,383_
_3,566_
_5,439_
_48,099_|
|---|---|---|---|---|---|
||_48,474_|||||
||_504_
_1,395_
_3,597_
_5,496_
_53,970_|||||
|||_1,534_|_(2,983)_|||
The ERDF restricted fund relates to a capital grant for the Sophi Taylor Building and associated glasshouse facilities. The funds will be written off over the relevant reporting period.
Defra have an interest in a proportion of the Charitable Assets, which is secured by a legal charge. The Defra Charitable Assets reserves £1,365k (2024: £1,383k) reflects the fair value of this interest, should the Trust dispose of their estate. The Defra Investment Property reserve reflects the fair value of the interest in investment properties of £3,742k (2024: £3,566k).
Page 37
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **23. Summary of funds**
## **Summary of funds - current period**
|General funds
Restricted funds
**Summary of funds - prior period**
General funds
Restricted funds|**Balance at 1**
**April 2024**
**£000**
**42,660**
**5,439**
**48,099**
_Balance at_
_1 April 2023_
_£000_
_48,474_
_5,496_
_53,970_|**Income**
**£000**
**2,078**
**-**
**2,078**
_Income_
_£000_
_1,534_
_-_
_1,534_|**Expenditure**
**£000**
**(5,148)**
**(39)**
**(5,187)**
_Expenditure_
_£000_
_(2,957)_
_(26)_
_(2,983)_|**Gains/**
**(Losses)**
**£000**
**(572)**
**176**
**(396)**
_Gains/_
_(Losses)_
_£000_
_(4,391)_
_(31)_
_(4,422)_|**Balance at 30**
**September**
**2025**
**£000**
**39,018**
**5,576**|
|---|---|---|---|---|---|
||||||**44,594**|
||||||_Balance at_
_31 March_
_2024_
_£000_
_42,660_
_5,439_|
||||||_48,099_|
Page 38
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **24. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|Tangible fixed assets
Fixed asset investments
Investment property
Debtors due after more than one year
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
**Total**
**Analysis of net assets between funds - prior period**
Tangible fixed assets
Fixed asset investments
Investment property
Debtors due after more than one year
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
**Total**|**Unrestricted**
**funds**
**30 September**
**2025**
**£000**
36,247
2,311
19,419
1,500
5,925
(13,284)
(12,743)
(357)
39,018
_Unrestricted_
_funds_
_31 March_
_2024_
_£000_
_37,514_
_2,180_
_20,122_
_1,500_
_8,190_
_(12,925)_
_(13,354)_
_(567)_
_42,660_|**Restricted**
**funds**
**30 September**
**2025**
**£000**
1,834
-
3,742
-
-
-
-
-
5,576
_Restricted_
_funds_
_31 March_
_2024_
_£000_
_1,873_
_-_
_3,566_
_-_
_-_
_-_
_-_
_-_
_5,439_|**Total**
**funds**
**30 September**
**2025**
**£000**
**38,081**
**2,311**
**23,161**
**1,500**
**5,925**
**(13,284)**
**(12,743)**
**(357)**
**44,594**
_Total_
_funds_
_31 March_
_2024_
_£000_
_39,387_
_2,180_
_23,688_
_1,500_
_8,190_
_(12,925)_
_(13,354)_
_(567)_
_48,099_|
|---|---|---|---|
Page 39
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **25. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net expenditure for the period (as per Statement of Financial Activities)
**Adjustments for:**
Depreciation charges
Loss on revaluation of fixed assets
Losses/(Gains) on land for resale
Gains on investment portfolio
Losses/(Gains) on revaluation of investment properties
Decrease in debtors
Decrease in creditors
Investment income
**Net cash used in operating activities**|**Period from 1**
**April 2024 to**
**30 September**
**2025**
**£000**
**(3,505)**
**1,306**
**-**
**912**
**(131)**
**(385)**
**188**
**(462)**
**(1,167)**
**(3,244)**|_Year ended_
_31 March_
_2024_
_£000_
_(5,871)_|
|---|---|---|
|||_1,187_
_4,519_
_-_
_(180)_
_83_
_1,164_
_(841)_
_(706)_|
||||
|||_(645)_|
## **26. Analysis of cash and cash equivalents**
|Cash in hand
**Total cash and cash equivalents**|**30 September**
**2025**
**£000**
**4,816**
**4,816**|_31 March_
_2024_
_£000_
_7,940_|
|---|---|---|
||||
|||_7,940_|
Page 40
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **27. Analysis of changes in net debt**
|Cash at bank and in hand|**At 1 April**
**2024**
**£000**
**7,940**
**7,940**|**Cash flows**
**£000**
**(3,124)**
**(3,124)**|**At 30**
**September**
**2025**
**£000**
**4,816**|
|---|---|---|---|
||||**4,816**|
## **28. Contingent liabilities**
In the past certain purchases of land and buildings were partly or wholly financed by a capital grant received from Defra. It is a condition of such grants that, in the event of the property being sold, the net sale proceeds will be apportioned between the Trust and Defra based upon their respective contributions to the original purchase price, and an allocation of agreed deductible costs incurred since the original acquisition. The Trustees have disclosed the Defra interest of £1,365k in charitable assets and £3,742k in investment properties (a total of £5,107k: 2024 - £4,949k) within note 22.
In December 2019 the Trust became a participator in the NIAB (1996) Pension Scheme. In the case of Niab's insolvency the Trust would be required to make good any shortfall. The potential liability (which is carried in Niab's balance sheet) stood at £12,253k at 30 September 2025 (2024: £14,356k).
Page 41
**National Institute of Agricultural Botany Trust**
**(A company limited by guarantee)**
**Notes to the Financial Statements For the Period Ended 30 September 2025**
## **29. Related party transactions**
The National Institute of Agricultural Botany Trust has an object to support Niab. A facilities charge is made for the occupation of the land and buildings owned by the Trust. The Trust receives an invoice from Niab relating to the provision of support through a Research Funding Agreement between the two parties. These transactions will be represented by both cash and non-cash, due to accruals made for activities at the end of the financial year.
Transactions during the year relate to receipt of a facilities charge, and expenditure on research contracts conducted by Niab. No charge is made with respect to the Sophi Taylor Building.
These transactions are summarised below:
||**30 September**|_31 March_|
|---|---|---|
||**2025**|_2024_|
||**£000**|_£000_|
|Facilities charge|**500**|_500_|
|Annual support|**(1,500)**|_(1,000)_|
|Loan interest receivable|**151**|_106_|
|Administration fee|**(188)**|_(125)_|
|Support towards pension costs|**(1,067)**|_(700)_|
|Grant for property improvements|**(700)**|_-_|
|Loan for working capital|**1,000**|_-_|
|Closing debtor/(creditor)|**(54)**|_(27)_|
Niab has an option to take an interest free loan from National Institute of Agricultural Botany Trust, secured by a first fixed and floating charge on its assets.
The National Institute of Agricultural Botany Trust provided a loan of £1,500,000 to NIAB EMR. The loan was transferred to Niab on 1 April 2021 when Niab acquired the business of NIAB EMR. The loan is secured by a first fixed and floating charge on the assets of Niab and, while there is no fixed repayment timetable, it is repayable by 8 February 2032. Interest is charged at 2% above the Bank of England base rate, which is considered to be market value.
## **30. Related undertaking**
The Trust has an objective to support Niab (a company limited by guarantee) and delivers its charitable aims through this associated company. Copies of the Niab accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
Page 42
## **National Institute of Agricultural Botany Trust**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements For the Period Ended 30 September 2025**
## **31. Operating lease receivables**
At 30 September 2025 the Charity had contracted property leasing agreements with an expectation of receiving the following gross rents:
|Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years|**30 September**
**2025**
**£000**
**792**
**3,176**
**13,788**
**17,756**|_31 March_
_2024_
_£000_
_554_
_3,026_
_14,768_|
|---|---|---|
||||
|||_18,348_|
Page 43