ReglJtered numbor,. 08811248 Charlty number: 1155663 Innovatlon for Agrfculture Trustees, Report and Financial Statements For the Year End@d 31 Oecember 2020 rfIDAINS ACCOUNTANTS Innovatlon for Agrlculturn IA company Ilmlted by guarant99) Contgnts Page Reference and admlnlstrativo detai18 of the Charfty, Its Tru$tees and advl$•T8 Chalm)an'¥ statsmgnt Trust•gs' raport Indgpondollt audltorfs roport on thè linanclal statements 8-11 statgment of flnanclal actlvltlos 12 Balance 8ho8t 13 8t•tgment of ca¥h flovA 14 Notss to tho flnanclal 8tatemonts 15-32 Innovatlon forAgriculture IA company Ilmitod by guaranteo) R8fgrenco and admlnlstratlve detslb of the Charlty. Its Trnsteès and advlsern For the Y•ar Ended 31 December 2020 Trustees P J Westavay, Chairman D R Galbratth Awward C W Tufnell (Ro￿1 Agricultural S¢xiety of England) Irgsigned 31 December 2020) P J Gready (Royal Agricultural Society of England) (appointed 1 January 2021) R N F Drewett IThe Royal Bath & Wesl of England Society) Company rog18tored number 08811248 ChaTIty reglsterod number 1155563 Registèrod officg stoneleigh Parf( Keniknrth Warwickshire CV8 2LZ Company ￿Gretary M Kaur Chlef executlve offter A Lazenby Independent audltor Daln$ LLP 15 Colmore Row Birmingham B3 2BH Bankers B#r¢lays Bank PIC 1 Princes Street Ipswich Suffolk IP11PB Sollcltors Wright Hassall LLP Olympus Avenue Leamington Spa W8rwi¢k$hire CV34 6BF Page 1 Innov•tlon for Agrlculturo IA company 11m1t￿ by guaranto0) Chalmian'$ Stat?mont For the Year Ended 31 Decombgr 2020 The chaimian pre8ent8 h18 Stat￿ent for the year. It's my pleasur8 to prosent the Innovation for AgricU￿re I'IFA") audilgd financial $latsment$ for 2020. Nowone kn￿ that 2020 would be a year wo will never forget 86 COV￿-19 look hold of the wortd and changed the way we will 811 work and exist for year8 to come. Thls once in a lifetime event, we hope, wupled with Brex￿ made 2020 a vgry different year. I'm therefore delighted that IFA ha5 dglivered 8u¢h strong perfomiance as 88en in these accounts. Huge credit goes to all thè IFA team for Ihorg incredible efforts, In a far from normal year. The board and l Temain convinced Ihat gn independonl business Ihot truty understand$ scienG8 and krwladge transfer wlll be ever moro important as we move into th& post CovidlBTgxit worfd. IFA is ideally pla¢gd lo fa¢9 the challenges and immense opportunities that lay in front of u8. Paul Westsway Chairman Dal8: 17 September 2021 Pag9 2 lnnovatlon for Agriculture IA company limited by guarantse) Truste05' Report For the Ygar Ended 310ecember 2020 The Trustees present their annual report togethar with the audited financial ststem8nl$ of the Charity for thg year 1 January 2020 to 310ecember 2020. The Annual report seNes the purposes of both a Tru8tees' report and a dlrectors, report under company ￿. The Trustees conflrm that the Annual report and flnancial Statements ol the ¢haritable company compty w￿h the current statutory requirements, the requlremenls of the charitabl8 companls governing document and the provisions of the Stslement of Recommgndgd Practice (SORPI applicable lo charities preparing Ihgir accounts in accordance with the Financial Reporting Standard appllcable In the UK and RepublK of Ireland {FRS102) leffectNe 1 January 2019). Slnce the Charity qualrfies as small under section 382 of th8 Companies Act 2006, the Strategic rgport r8quir8d of medium and large companles undar the Companles Act 20C6 Istrateglc Report and Dlrectors, Report) Regulations 2013 has been omltted. ObJecllv88 and actlvltles a. Pollcios and objactivg5 The Tru8tee8 have referrèd to the guidance contained in the Charity Commi88ion's y￿er81 guidance on publlc benefit when reiAewing their alms and objectives and In planning their future actIv￿les. In particular, thé Trusteos consider h¢)w planned actNitles will contrfbLrte to thg alms and obj¢¢tiV88 they have Sel. The Gharitable objects of the Charty aro Ihg advancement arKI promotion. for the publlc benefit, of agriculture ond horticulture including wlhout limit: a) The promotion of sustainable inlensffic81ion and efficient food products'on: b) The conserv81ion, protectlon, rèsearch and development of agriculture wlth partlcu18r emphasi5 on tho physical and natural enwronmenl, 8011 health and erosion, gieenhouse gas emissions. dlffuse pollution and blc> dlver8lty, cl The advancgmenl of gduGalion and Inveslmenl In new kn￿edge and dissemination of b8St farmlng practiGes,' and d) The impr¢)vement of farm animal hgalth and woware. In solting objeclivgs and planning for activities, the Trustees have given due Gon$ideration to general guidancg published by tha Charty Commission relating to Publ￿ benefit, including the guidancg 'Public benefit.. running a charity {PB2}'. b. Strategbo8 for achl8vlng olJJactlv88 The Charity was founde(l in Dgcembor 2013 and at thg end of f($ sgventh full year of operation is becoming established ljoth as an entty and wlhin the market landscape. During 2020 the ChaTity continued to deliv8r its Soil & Water and Prec15ion Livest¢ek programmes and successfully attracted funding to establish e new work stream on Antibiotic reduction. whlch will facilitate expansion during 2021. In the medlum temi the oblectfve Is to continue to raise lunding to facilitato the creation of new areas of actlwty- As an environmental background to this growih, as we gnter 2021. we face more uncertainty than ever before in both European Union fundlng and in UK Govemment Policy. Whilst we are in 9rowth and continuing lo develop 811 of our V￿rk programme8 it 18 crucial that we are mindful of tougher lime8 ahead and that we continue lo manage the cost side of the ory8nisalion prudently. Pagé 3 Innovatlon for Agrlculturg (A Company Ilmlted by guarant••l Trustees, Report IcontIn￿dI For the Year Ended 31 Docemb•r 2020 Oblectlves and ictlvltle• (contlnu0d} c. A¢tlvltl&s undortak•n to achlovo oblectlves To a¢hi8ve its challtsble alm8 IfA 8tages trainlng event8 on topic8 CoVe￿ng Soll Enrlchm8nt and Precision Livestock Farming & Animal Welfare. When organ181ng such events il ensures that they èmbracè. promcle and advance agrlcullural education and best prdC1￿8, enabla the eBlabllshm8nl of n8￿rkS for the transfer of knowledge with the overall aim of contributing to the well-b9ing and prosperity of the Agricuttural community. It is the Charlty'8 Intentlon that It wlll contSnue to develcp and enhance Its nefv401k of agricultural 8ocl8tl88 around England to improve the communlcatlon the technical resèarch In8litulions and farmers relallng lo agTicultural and horticultural issuès. Durlng 2016 Cheshire Agricultural S¢ci8ty joined Innovation for Agriculture's no￿rk lo bring the lolal numbor of socigtios participating in tho initiative to 18. During 2020 no soc￿tiO$ joinfjd orloft. d. Maln actlvltle8 undertakon to further tho Charfvs purposos for the publlc benellt As Identified abovè the Charlly arranges tralnlng events on toplc8 coverlng Son Enrlchment, Precision LN8Stock Farming and anlimicrobi81 re86ytance and the approprlale use ol Antibiol￿s. When organising ¥u¢h 8venl$ it ensures that they embrace, promote and 8dvanGe a9ri¢ullural edu¢alkJn ind best practice, lo enable the enhancement of networks forthe transfer of knovAedge. The events lead lo an improvoment in animal wfjffare, soil health and freshwater quality. Achlevements and perforniance . R•vlew tsf actlvltles A rev￿ of activitie8 18 contained wthin Ihg Chalrman'$ Statement. Flnanclal rnvlow a. Golng concern After m8klng appropriate enqui￿8, the Trustees hav8 8 reasonable expectallon th81 the Charity ha8 adequate resourcos to wnlinue In operallonal 8x181ence for the foreseeable future. For this rea80ll. they continue to adopt the going conwn basis in preparing Ihg financial slatemenls. Further detalls rogarding the adoption of th8 going concern basis can be found in the accounting policie3. b. Re8erv88 poIIcy In thg medium term, IfA aspires to hold reserv9$ equivalent lo 50% of annual operating costs and for the Charity to move its focus lo generating an increa8ing proportion of it8 income from operations rather than relying entirely on fun&Teb8ing from other charities and in81ilutlon8. The Tnjstees are pleased ￿1￿ what has been achieved in thi8 regard in the five pori¢d¥ of operalltsn. At 31 December 2020 the total free reserves amounted to £241,102 {2019 - £153,131) which ale expected to produce negligiblè income. c. Materlal Invostments pollcy IfA hold no Investmonls at 31 Dewnber 2020. Page 4 Innovatlon for Agilculturo IA ¢ompany Ilmlted by guarantee} Trustees. Report Icontlnuedl For tho Year Ended 31 Decembor 2020 d. Principal fundlng Fundlng 18 gènerated from other charities. tho Europoan H￿1ZOn 2020 Scien¢0 Programme and a grrwing number of commercial cUst￿er8. structurgl govemance and m#nagement . Constltutlon Innovatlon for Agriculture I"IfA° or the 'Chariirf) is registered as a charitabte cc4npany limited by guarantee and was s¢t up by a Memorandum of A8soclatlon on 11 December 2013. Under Section 60 of the Companies Act 2006 ft is exempt from the requiremgnt to use the word 'limited' after its name.11 is registered as a charity with the Charity Commissitsn. Subject to the approval of the Trustees, mgmbgrship is open lo all and at 31 December 2020 there were fwe members12019.' six memborsl, each of whom has agieed lo contribute £10 in the event of the Charltywinding up. We hope lo increase this number during 2021. b. Methods of appolntment or eloctlon of TrustO0S The initial Trustee8 were nominated by the sponsorino agricultural societies. As set out in the Artlcles of A880clatlon. the Chairman of the Board of Trustee8 is appointed by the other TnJ$lee8 and, as for all other Trustè8$, serves until he is required to retlre by rotatlon at the Annual General Meeting. Trustees have no fomial seNlce agreements. The Board meets at least quarterly to conduct the bu81ness of the Charlty. Two independent Trustees also form part of the Board, each of wh(xn brings relevant experience to as818t the Charty wlth tho aehigvemont of its objective8. Oryanlsatlonal structure and declslonwmaklng pollGles The Charity ha$ a vgry flat management structure wrth a Chlef ExecLrtlve reportlng to the Ch81m)an and ten ¢)ther employees. d. Pollcles adopted for the InduGtlon and Iralnlng of Tru8ts88 The Tru51ees appointed lo date are all experienced dlrectors and have needed no additional training. It Is inlgnded that the Trustees will be brpfed on changos to th& l al and complianc8 environment on at least an annual basis. e. Pay poll¢y for koy management personnel The Charity has entered into an agreement to pay the ChaSman a fee of £900 per month plus rea$onable travel expenses for his sorvices assisting with the raising of funds on behalf of the Charity. No other Trustees receiva any remuneration. f. Rglatod party r•Mlon8hbPS The Chaiity ha5 no substdiaries or associated comp8nles. The Chlef ExeGullve of the Charity is also the Chlef Executive of the Royal Agricultural Soc18ty of England - a member of the Charity. The Chairman of RASE is akn a Board Member of the Charity. Page 5 Innovatlon for A9rkulturn (A company Ilmltod by guarnntsgl TruBtoè#' R•port Icontlnuedl For tho Year Endèd 31 Decembor 2020 Structurni governance and man•g•mont Icontlnued) g. FlnaDGlal rlsk fflanagemont The Tfu$lee5 have a8se8se 2A Income All in¢omg Is recognised once the Charity has enli118ment to the incom&, It is probab￿ that the income will be rKeived and the amoL¢nt of inc¢)me receivable can be measured reliably. Grants are InclLsded In the Statement of flnanclal aefvilles on a receivttble b&sis. The balance of Inry>m¢ receSved for Spac￿1¢ purpose$ but not exptsnded during the pwiod is shown in the relevant funds on the Balance sho01. Where income is recewed In advance of entitlement of recalpt, its recognition 1$ deferred and included in creditors as deferred Income. Wher8 8nlillgrnenl occurs before income 18 receNed, the income 18 accrued. Glfts in klnd donated for d18tribthlon are Includéd at valuation and recogni$ed 98 income when they are distributed lo Ihg projects. Gifts donated for r85alg aro includod as income when they are Sold. Where the dor4#ted gotsd is a tixed asset, it 1$ measurod at fair value, unless it 18 Impractical lo rnea8ure this reliably, in which case the c081 of the item to the donor Should be used. The gain 18 recognised a8 Income from donations and a corresponding amount is included in the appropriate fixed asset cla88 and depreciated over the uBeful gconomiG Ilfg in aGcordance with the Charity8 accounting policies. On receipt, donated professional 8ervices and facilittes ar& rocogni9gd on tho basis of the value of tha glft to the Charity which 18 the amount 4t would have been willing to pay lo obtain services or f8cllitlè8 of equivalent economic benefll on th8 open morket., a corresponding amount 18 then recogniBed in expenditu￿ in Ihe period of receipt. Income tax recoverable in relation to donations received under Glft Aid or deeds of covenant is recogni8ed at the Ilme of the donation. Other incom? 18 wognised in the period In whiGh it is reGeNablg and to the gxt9nt the good8 have been provided or on completion of the service. 2A Expendlturo Expenditure Is recognlsed once there Is a legal or ¢onstNthivo obligation to transfer economic b8nefit lo a third paty, it is probable that a transtsr of e¢onomi¢ benefits will be required in settlement and the amount of th& obligation can be measurecl reliabty. ExpenditL¢re is classified by actlvity. The co818 of each activity 8re made up of the totsl of dlrect CO818 and shared costs. in¢luding support cost8 Involved In undertaklng each acllmly. Direct costs attributable to a single o¢lwity are allocated directty to that activty. Shared cost5 which conlribuig to more than one activity and support c¢)sts whi¢h ar8 not atlribulabl8 to a single adivty are apportioned be￿een those aclmlies on a ba$is consi$lent wlh the us& of resourc￿. Contral staff costs are allocated on the basi8 of lime Spent. and depreciation charge8 allocated on the portion of the asset's use. ExpgnditUf9 on raising fund$ include$ all expenditure inGurred by the Charity to rai89 funds for itts charitable purposes and includes costs of all fundraising activities events and non-charitabb trading. Expenditure on charitable ￿livrtIeS is incurred on directly undertaklng the activities which further the Charlty's object￿88. as well as any a8soclaled 8UPPOrt CO8ts. 1 oxpendituro is inclusive of irrecoverable VAT. Page 16 Innovatlon for Agrlculture IA Gompany Ilmft•d by guarnnlee) Notes to thg Flnancial Statamgnts For the Year Ended 31 D8c8mber 2020 Accountlng pollclÈs Icont5nuedl 2.5 Governmgnt grants Government grants relating to langiblg fixed assets are treatad as deferred inwmo and released lo the Statemenl of finan¢lal actNitigs over the expected us¢fvl live$ of the assets concefned. Other grants are credw lo the Statement of financial 8rtivitie¥ as the related expenditure is incurred. 2.6 Interost recelvable Inlere8t on funds held on deposit 18 included when rgGeivabl8 and th8 amount can be measured rellably by the Chaiity.. thi8 18 normalty upon notrficalion of the intere81 paid or payable by the ins16tution Y￿th whom the fvnd$ gre deposited. 2.7 Tangible Ilxed assets and depreclatlon Tangible frxed assets costing £500 or more are capitalised and recognised when future ￿OnomI benefits are prob*le and the cost or value of the a8¥et can be measured reliabiy. Tangible fixed assets afe instially recogni8ed at cost. After recognition, under the c08t model. tangible r￿ed assets are measured al cost tess ac¢umulgted deprockgtlon and any acGumulated impaiment losse3. All costs incurred lo bring a tanyible fLxed asset knto it8 intended working condition should b8 induded in the mea8Ufement of ttJ8t Depreciation is charged 80 8S to allocate the cost of tangible fixed assets le88 their residual valuo over Ihelr estimatsd usgful lives, using the BIr￿ght-lln6 mèthod. Depr8aation is provided on the following ba$85: Flxtures and fittings Computer equlpment 33% straight line 33'A straight line 2.8 Dobtors Trade and other debtors are reeognised al the settlement amount after any trade discount offored. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.9 Cash at bank and In hand Cash at bank and in hand includes cash and 3hort-lerm highty Ilquld investments with a short malurty of three month8 or less from the date of acqu6sltion or opgning of the deposit or similar account. 2.10 Llabllltlos and provlslon$ Liabilitie8 are recognised when there is an obligalion at the Balance sheet date as a resutt of a past event. il 1$ probable that a transfer of economic benefit will be required in settlement, and the amount of Ihe 8ettlement can ba estlmaled ￿[lIbly. 2.11 Financial instrumgnts The Charity onty ha8 financral assets and financial llabl1mi￿ of a klnd that qU811fy 88 basic financial instruments. Ba8ic financial Instrument$ are instially recognised at transadion value and subsequently measured at thelr settlement value wth the exception of bank h)ans whtch are subsequèntly mgasuTed at amortlsed c08t Using thè effectlve Interest metht>J. Page 17 Innovatlon for A9rl¢uI￿re IA company Ilmltgd by guarantsel Notes to thg Financlal Statements For the Y¢ar Ended 31 December 2020 Accountlng pollclos {Gontlnuedl 2.12 Penyl¢n8 The Charity operate8 8 defined contribution penslon scheme 8nd the pension charg& represonts the amounts Payable by the Charity lo tho fund in respect of the year. 2.13 Fund a￿)UntIng General funds are unreslrictad fund8 whlch are available for use al th9 discretKsn of thg Trustees in furtherance of the genoral objectNe5 of the Charty and which have not been desi9naled for other purpos05. Restncted fund8 are fund$ whl¢h are lo be u88d In accordance th 8pecific re8triction8 imposed by donor8 or whlch have bean iaised by th8 Charty for particular purpo$gs. The costs of falslng and administering such funds are charged against the specific fund. Tho aim and uso of oach r9$trided fund is sat out in the notes to the financlal Statements. rltlGal accountlng e8tlmatos and areas of Judgomont Estinates and judgements are conlinually evaluated and are based on historical experience and other factors. Including expoGlalions of future events that are belleved to be feasonable undor the ciycum$tance¥. Critical accounting e8tlmale8 and a88umptions'. The Charty makes estimates and assumptions concerning the future. The re8ultlng Sceounting 88timat88 and assumptions wll, by definition, 8eldom equal the Telated actual resutis. The estimate8 and assumptions that have 8 slgn1fic￿I risk of causing a material adlu81ment to the carrying amount8 of a$3el¥ and Ilabllitie8 within the nexl financi81 yegr are discussed below. Crltlcal arga$ of ludg•ment: Tangible fixed 888ets are depreciated tsver thelr usefLtI live8 taking into account residual values whorg appTopriate. The actual lives of the a58ets and Tesidual valLtes are as8e88ed annually and may vary deponding on a numbar of factors. In re-assgssing the asset Iwes. factors such as technological innvoalion, produd lil8 cycles and maintenance programmes are takèn Into accoLtnt. Residual values considor su¢h things 88 future market conditions, the remaining life o the as8èt and projected dlsposal value8. Page18 Innovation forAgrlcultura IA cornpany Ilmlt•d by 9uaranto0) Notes to the Flnanclal Statements For th¢ Year Ended 31 Decomber 2020 Income from donatlons and legaGles Unrnstricted Restricted funds funds 2020 2020 Total fvnd$ 2020 Donations Grants Govemment grants 103.026 84.770 91,608 103,026 434.254 91,606 349,484 279.402 349,484 628,888 The Charlty has bean allgibte lo claim from the GovemmanV8 8UPPOrt schemes in response lo tha Covid- 19 outbreak. The Charty furloughed certain staff under the Govemmenvs Coronavirus Job Retention Sth8me (CJRS). The funding receNod of £91,606 releles to ¢laim$ made In respect of the year. Unre5trlcted Re8trl¢ted fund$ fvnds 2019 2019 Totsl funds 2019 Donations Grants 287,927 18,333 267,927 471,018 452,885 286,260 452,685 738,945 Inoomg from charltablg actlvltles UnrostrlGtsd funds 2020 Total funds 2020 Event i￿Orne 37,686 37,686 Unrestrfcted funds 2019 Total funds 2019 Event Income 94,804 94,804 Page19 Innovatlon for Agrlculturo (A company Ilmtted by uuaranteèl Notes to tho Flnanclal Statements For the Year Ended 31 Decembgr 2020 Inv•gtm•nt Incom Unrestrfci8d funds 2020 Total funds 2020 Total funds 2019 Intérest recalved Expendlture on ralslng funds Costs of ralslng voluntary Incom Vnrestri¢ted funds 2020 Total funds 2020 Enl&rtainmont Consultancy 590 10,800 590 10,800 11,390 11,390 UnroBtricted funds 2019 Total funds 2019 Professional fe0$ Consultancy 34,154 10.800 34.154 10,8Ixi 44,954 44,954 Page 20 Innovatlon for Agrl¢utture (A company Ilmttod by guarantse) Notes to the Flnanclal Statfrments For tho Yoar Ended 31 Decembor 2020 Anaty81s of expendhurn by actlvltles A¢tlvltle8 undartaken directly 2020 Support costs Total funds 2020 2020 Char6table actMlies 517,099 44,934 561033 Activitlos undertaken dlrectty 2019 Support costs 2019 Total funds 2019 Charitable a¢tMlies 824,319 115,725 740,044 Analysls of dlroct ¢osts Total fund$ 2020 Total funds 2019 Staff costs Profe88fv)nal fees Event ¢osts Consultancy 457,865 12,168 41,498 5,578 398.515 33.736 187,167 24.901 517.099 824,319 Page21 Innovatlon for Agricultur (A company Ilmlted by guarnnto01 Note¥ to the FlnanGlal Statem8nts For tho Year Endod 31 December 2020 Analysis of exptndlturn by actlvltles {contlnuodl Analysis of support costs Total funds 2020 Total funds 2019 Depreciation Travel & 8ub818tence HR costs Bank charge8 Advertising and mafkeling Telephone Insurance IT contracts Prirsting, stationery and p051ag8 Sub8crlplion Rènt Foroign exGhange difference Govemance costs 3,604 9,718 4,430 66,732 4.484 1.098 939 953 li 2,764 6.454 4,680 4.991 78 3,708 18.000 (1,1421 9,450 6,166 3,245 915 sn 3,763 18,000 {18,889) 12,460 44.934 115,725 Audltoi's romunerallon 2020 2019 Fees payabl& to the Charitls auditor for the audlt of the Charity$ annual counts 4,550 4,400 10. Staff Gosts 2020 2019 Wages and salarfe8 Social Security co¥ts Pension costs 405,446 43,226 9,183 356,490 33,251 8,774 467,866 398,515 Page 22 Innovatlon forAgri¢ulturg (A Gompany limited by guarantee) Notes to the Flnanclal Statements For the Year Ended 34 DeGembor 2020 10. Staff Costs (Gontlnugd) The average number of persons employed by the Charity during the yearwas a8 follcws: 2020 2019 No. Stsff 11 13 The average headcount expre88ed as fulklime equivalent6 wa6: 2020 No. 2019 Staff The number of employees whose empbyee banefits lexdu(Jing employer pen8lon costs) exceeded £60,000 was.. 2020 No. 2019 In tha band £80.001- £90.000 In the band £100,001- £110,000 Kty Manag￿$￿1 porsonn81 arè deemed io b8 th08e having authority and responsibility delegated to them by the Charity for planning, directing and controlling the aclivilias of the Chaty. During 2020 the total amounts paid lo key management personnel was £120,14812019- £103,193). 11. Trusto9$' remun9Tatlon and expenses During the year. no Trustee8 received any remuneration or othor bengftts {2019- £NIL). Ourlng the year the Chalmian of the Trustees provlded his semee lo the chadty a service contract lo facllitate fund-raising efftirts. Durfng the year the Chaimian was paid £10,800 {2019.. £10.8001. Page 23 Innovation for Agriculturé (A Company IlmSted by guv4rnnto0) Not85 to thè Flnanclal Statemonts For thg Ygar Endod 31 Docembbr 2020 12. Tangible lix8d assets Flxiurey and tlttlng5 Computgr equipmant Total Cost At 1 January 2020 Disposals 1.330 11,231 13021 12,561 {3021 At 31 December 2020 1,330 10,929 12,269 Depreclatlon At 1 January 2020 Charge for the year On dispogals 812 s,n2 3,210 13021 6,644 3,654 1302) At 31 De¢¢mber 2020 1,256 9,896 book value At 31 December 2020 74 2,289 2,363 At 31 December 2019 518 5,499 6,017 13. Debtors 2020 2019 Trade debtors Other debtor$ Prepayments and accrued incomo 18,313 2,307 7,808 28,697 2,436 121,138 28A28 152.271 Pag8 24 Innovation for Agriculturo IA company limited by guarantge} Not0$ to the Flnanelal StatomÈnts For the Year Ended 31 December 2020 14 Crgdltors: Amounts falllng dug wlthln one year 2020 2019 Trade credltors other taxallon and social 88curfty Other creditors AccYua18 and deferred incomg 4,608 9,331 390,829 200,003 302,526 130,236 446,319 606.208 2020 2019 Deferred Income at 1 January 2020 Re80urce8 deferred during the yegr Amounts ￿leaSe1 from prevKJus periods 194,694 15,003 IM7701 287,502 53,997 {146,8051 124,927 194,694 Page 25 Innovatlon for Agriculiure (A company Ilmlted by gu#rnnt881 Note8 to tho Flngnclal Stst•m8nts For the Year Endod 31 Docomber 2020 15. Ststemont of funds statemont of fund$- ¢urrant y8•r 8alancè at 31 De¢èmbor 2020 Balance at 1 January 2020 Income Expondlturo Unro8trlctsd fund5 Genoral funds 159.148 317,091 1232.774) 243,465 Restricted funds H2020- IWMPRAISE H2020- Nefertiti H2020- DISARM H2020- EURAKNOS H2020- FAIR$hare H2020- SmarL4grlHubs Linbury Cadogan Ashden 1691 {12,9391 132,3721 142,3991 132,7201 143.988} 151.1661 184,9971 140,0001 12,939 32,372 42.399 32,720 43,988 60,000 84,997 40,000 8,836 349,484 1340,WJ} 8,83S Total of funds 169,148 666,575 {573N231 252,300 Page 28 Innovatlon for Agrlculture (A company limlted by guarantoe) Notes to Ihe Flnanclal St*tomgnts For thg Year Ended 31 December 2020 IS. Slatement of funds Icontlnuedl stst•ment of fund$- PTlor year Balance at 31 l)e¢ember 2019 Balance at 1 January 2019 Income Expendlturg UnrestriGted fvnds General Fund8 Esmee Falrbaim 110.397 362,731 18,333 1313,9801 118,3331 159,148 110,397 381,064 1332,3131 159,148 Restrlctèd funds H2020- 4D4F H2020. Agrocyde H2020- IWMPRAISE H2020- Nefertiti H2020- DISARM H2020- Euraknos H2020- FAIRshare H2020- RUCAPS H2020- SmartAgriHub8 nbury Cadogan Ashden 11,993 33.219 2,028 92,TTO 66.965 45.901 7,528 558 17.552 48,168 86,¢X13 40,(100 111,9931 133,2191 12,0281 192,7701 186.96S) {45,901) 17,528) 1558) {17,552) {48,168} {86,003) {40,000} 452.685 {452.685} Totsl of funds 110,397 833,749 (784,998) 159.148 Page 27 Innovatlon for Agrlculture IA company limit•d by guarant891 Notes to the Flnanclal Ststgmonts For the Ygar Ended 31 Docgmber 2020 16. Statsmgnt of funds Iwntlnu•dl H2020- 4D4F The Data D￿Ven Dairy 08Gi$ions for Farmer8 {4D4FI thematic netsyork focuses on the rol8 which d8iry animal and environmental $&n$ors play in collecting real time information to make informed decisions in dalry famitng. The network will develop a Community of Practice compfisod of f8rmer8, farm advisors, technology suppllers, knowledge exchange professionals and fesearcher8 who work together lo dabate, colle¢t and communlcat8 best pract￿0 drawn from innovative farmers, industry and the research community and facililale thè creation of best practice. The rosults will be communicalgd to farmers uslng be81 practice guidos on thè use of sensors and data analysis taol8 SUPPOrted by vidoos, infographi¢s and an online virtual warehouse of dairy sensor tschnolople8. H2020- Agrocyclo Agrocycle foGuses on convertlng low value agricultural wa$le into hsghly valuablg products, achievin9 100kn increase in wa$lg rocycling and valorisalSon by 2020. This will be achieved by developing a detailed and holistic understanding of the wastè streams and pilotlng a key number of w8818 utilisalionlvalori881ion pathways. The Agrocycle consortium is a large1251 mulli-n8lional group {Including China) compiislng the necessary and relevant mulli-aclors li.g. rosearchers., companies in the technical, manufaGturing, 4dvisory, retail Sectors (Large and SMEsl,' lead users- end usors. and Iradelproducer assocF8tions) for aGhièving the proiect's ambitions goal8. H2020- IWMPRAISE IWMPRAISE alm8 to support the implementation of Integrated Weed Management IIWMI. IWMPRAISE demon8tral88 that adcption of IWM suppgrts more susl?inablg Cropping systems both agroMmically and environmentally, which ar8 resilient lo external impacts wthout jeopardi¥ing profitability Qr th¢ $leady supply of f¢)ad, feed and biomaleri818. H2020- Nefortltl 17 Countries, 10 Nthorks, 45 Regional Hubs 267 Events. The overall oblectfva of Nefertitl 18 to estsblish as EU wide connected ne￿ork of demonstration and pilot farms. d&sloned lo enhance knowledge e*x¢hange and cross-fertlli8ation among participants. Thi8 projgct aims to improvo innovation uptake in the fam)ing sector through peer to peer learning and demonslratlon of management lechnlques acr088 the 10 major agricultural thallenges in Europe. Due to our 8trong links to practical agriculture, IfA has bèèn w811 respected in Ihis project, Richard Lloyd has led KE at Europgan meetings and Deborah Cro5san is offering training for On-Lin& Demonstfations following our exporignGe with The Gr6atesl On-Line AgfKL*ltural Show garfier this year. H2020- DISARM DISARM IDissemlnatlng Innovatlve Solutions for Antibioti¢ Rèslstsncé Managemènt) alm8 to bring people togolher to discuss and share effectlvo, piacl¢c81 solutions lo promote and su$tsin responsible anllbiotic use whilst maintsining or Improving animal welfare and farm econom*¢ perfofmanGe. PrpLtical innovationts will be gathered in an onllne database. and an online Communty of Practice allow8 farmers, fami advi$ors and velerinarlan8. re8earcheF8, and other Industry actors to share their 6xpertl8e. Case study examples of a Mu#iAdor Fam) Team approach to devetoping an action plan lailoTed to indlvidual larms will also be produced ak)ngsido guidanc9 to Set up and coach your own farm team. Results will be communicalgd to farmer¥ and fami advisors through best practicg obstracts, guides, vldeos and a serie8 of evenl8 and work8hcps. Page 28 Innovatlon for AgricuftuTe IA company Ilmited by guarnnloe) Notss to the Flnanclal Statements For the Yoar Ended 31 DeGembgr 2020 IS. Stat8m•nt of funds (contlnued) H2020. Euraknos EURAKNOS bèlieves the future of innovation in EU agriculture and forestry 18 based on the Improvad {digital} exchange of best practic9$ be￿een famiers, researchers and advisor8 from diffgTenl sectors and member Slates. EURAKNOS aims lo feinforco the EU agr￿ultural kn0VA￿98 base by building the blueprint for a dala-system which WQLIW enable the farmlnglrural communty easier access to best practices from all EU H2020 thefflatic nettvorks. To realise this. EUFIAKNOS will ccrfreate the 'lhemallc neknrk to connect all thematic nthorks. lo map the existing knowlgdge within each netsvort(, develop best praCtI￿S for effective thematic ne￿Ork proie¢ts intograling the mUlt￿actor approach for high impact, and develop a prototype onllne data platform. H2020- FAIRshare: {Digit81 Tool$ for Fam) Adv180f8} A 7-million-euro proje¢t, Q￿fUnded by the European Commission under the HorLzon 2020 Inluatlve. Being led by Teagasc, the Ifish Agrieuliure and Food Development Aulhorlty. the project brings together 22 partners fr￿n 15 countrles across Europe. Thi8 5 year project will engage, enable and empower the independent fami 8dvis0ry community, through sharing of tools, expertise and exper*nce$. IfA 18 leadlng Work Package 4.. Le8mlng from the adoption of new Digital Agriculture Tots15 & Servlces (DATS) by advisors in diverse advlsory and fa￿ing contexts acro88 the EU. H2020- RUCAPS 16 participants, 5 countr￿8 includlng Chile and Argentina. To enhance and implement knowledge based ict solutions within high risk and uneertaln conditlons for agriculiural production Systems. IfA play practical role in this pr(4ecl. helping to idenlfy the Cufrent challenges 8nd conditions In agriculture. whleh may in Ihg future, require ict solutlons. These include environmental uncertalnty and con81der8 Inputs. packaging and other post-harvest considerations. IfA have hosted vlsts to Ihg UK by other partners and have participated in exchange visits to see crop produdion in Itaty. Knowledge share and peer to peer learning are a vital part of this consortlum. H2020 - SmartAgriHubs A QO million 4 year8 prolect part of the EU H2020 initiative. 81mirYJ to accelerate the dkjltal transformation of the agri4ood ssthr in Europe. The p￿ect has the potential to be a rgal garne changgr in the adopt4on of dwJiial solulicn8 by the farming sector. smawr1H￿*s will leverage, strengthen and conneGI local Digital Innovatlon Hubs, and Competence Centro8 ICCS) throughout Europe. G￿en ts widespiead geographlcal coverage, SmartAgriHubs is using a regional clu8ter approach. where each cluster represents a group of DIHS and Ccs withln a region. The prolect covers all 28 Member Stsles who have beon divided into 9 Regional Clusters. SmartAgriHubs also has a Nwde sectorial outreach, covering a Va￿ of 8gricullural $ectors and application areas which have been organised into 5 groups.. INeslock, vege18bles, frult, arable familng and aquaculture. We, IfA are ctsleadlng the Règlonal Cbjster UK & Ireland. Esmge Falrbalrn Foundatlon To support core costs in mainlainir#J ond building IfA'8 tBach and impact on the famlng community through implementation of the busin6ss plan. Also lo aid F8rmers in reducing their use of antibiotics and Ltse antibiotics more effectively, influenced by the development and delNery of a new work stream on antlbiotic redudion within the Preclslon L￿StOCk Farming programme. Cttdogan IfA aims lo attend nine agri¢ultuTal shows and six specialist trade events each year with a trade stand full of the lale8t admce on antibiotic r8ductlon and technology. The spxialist ￿entS attract the progr9$5iVg famiers, cover*ig all the malor livesto¢k sectors and attracting in excess of 40,000 v1811or8 year, includlng farm ¢onsultanls and a(fvi8ers. The agrlcLtitur818hows attract a broad farmlng And rurnl publl¢- progressive farmers a8 well as the morè 'difficuM to reach, Iradilional famiers and smallholders. To support this IfA will develop 20 short YouTube videos per year. These cover antiblollc use In dalry, beef, pig8, sheep and poultry, capturing practrcal tips on how farmers can improve praGti¢? to reduGe use. Page 29 Innovatlon ft)r Agrlcultur8 {A Company Ilmlted by guarnnts•} Not88 to the Flnanclal Stst8m#nts For the Year Ended 31 Docembgr 2020 15. Statement of funds {continuodl Llnbury A three year grant towards thg 8nhancom8nt of tfA'$ communlcatlons capablllty. To addre85 the antiblotlcs issue siJcce88fulty and permanonlly, IfA need$ to r6aeh the entlre Iw6strtk fArmlng spectrum. Ashden The maln deliverables lor this pro1￿t.. Growing seascn 2018119: We hav& now conducted a full b8$0 lino survgy lo gain farmor viows on current l$¥ues withln ag￿e￿lture. We have compiled these rgsulis and have concluded in depth inteNews ￿th 40 faTmers to captuie current lechnique8 associated with improving 5011 health. Th8$9 includ8 Ihg cir¢um5tan¢¢s around which practlce8 work and fe8dback on failuro8, the$& wll be with regard to spring ¢rop$, no-till dTill¥, use of cover erop8, re-inlroducli¢)n of livestock onlo farms elc. Growing 8eason 2019120." We re-interviewed 40 famers and captured 18s$ons from 2nd gr￿ftg $ea50n. Dellvered KE at 10 farmers Wofkshops based on this information. Growng Season 2020121: CDvid-19 has delayed the final 81age of a further round of Intsrviews and the workshops which will enable the di88erninalion of suFv9y results to a wider farming audioncg. Wg will be re8umlng this Work once we Gan $8fely commence our on-farm vi31ts and work8hop8. 16. Reconclllatlon of net movem•nt In fund$ to not Ush flow from opèrntlng actlvltle 2020 2019 Net Incomg for the period la$ p$r Statement of Fin8ncsal Activitie81 93,162 48,751 Adjustmonts for: Depreciation charges Surplus on the 8ale of fixed assets Decrease in debtors Decrea8e in crediloT5 3,604 12231 123,843 1159,8891 4,430 62.241 1122,650) Net cash provld•d byl{usod Inl oporating activltley 60.536 17,2281 Pago 30 Innovatlon for Agrlculture (A company Ilmlted by guarnntsg) Notes to the Flnanclal Statemènts For the Yoar Ended 31 Decembor 2020 17. Ana￿15 of cash and cash equfvalonts 2020 2019 Ca8h in hand Cash held for grants 386,673 301,155 224,517 382,551 Total ca8h and Cash oqulvalents 867,828 607,068 18. Analy819 of ¢hangés in net debt At1 January 2020 Cash flows At31 08cembèr 2020 Cash al bank and in hand 6Q7,068 60,760 667,828 19. Pension ¢ommltmgnts The Charty operates a defined contrsbutions pension s¢hgme. The assets of the scheme are held separately from those of the Charty in an independenuy administered fund. The pension cost chargg represents contributions payable by the Charity to the furKI and amounted to £9.183 {2019 £8,774). Contrlbutions lotalling £89412019 - £1,347) were payable to the fund at the balance sheet date and are induded in cr8dilor8. Members, liablllty Efich member of the chadlable company undertake8 to ¢onlribvte to the a88ets of the company in the event of it bdng wound up whlle he18he 18 a member, or wlhln one year after he18he cease8 to be a member, such amount as may be required, not 8xceedlng £10 for the debts and liabiltties ¢ontraGtsd befofe helshe ceases to ba a member. Page 31 Innovatk>n for Agrlcufturfr IA company Ilmltad by guarantso) Notss to th? Flnanclal Statgm8nts For the Ygar Ended 31 December 2020 21. Related party tr*nsactlon8 The Charity 18 controlled by the Directors Ilhe Trusts081, whose names are shown cn page 1. Tho Charity ha5 paid £98512019 - £5371 for Profe88ional Indemnity Insurance. Thls cover protects tho Charity from 10$50$ ari51ng from the neglect or default of Tru8te8s and seconded employees. It also Indemnffie8 the TrLt8tees or other offlcials a9ain8t the ¢onsequenc88 of any neglect or default ¢rs Iheir part. During the year tho Chaff(y was recharged £29,11212019- £109,891} from the Royal Agricultural Society of England, a related party duo to il being a member of the Charty, for office iunning costs. During the year the CharKy recharged £Nil 12019 - £3.583) to the Royal Agricultural Socigty of England for Secondment of 8tsff at C08t. At the year end £484 (2019- £6.9181 was due to the Royal AgricUl￿Tal Soclety of England. Page 32