Reglstered number: 08811248 Chorlty number: 1155563 Innovgtion for Agricvltvre Trustees, Fieport ond Finonciol Statements For the year ended 31 Oecember 2024 ID INS AUDIT
Innovotion ftsr Agrlculturè (A wmp¢Jny limited by gvarontee) Contents Poge Refer•nc• and Alministrtstivè Dètoils of thè Chority. it$ Trustees ond Advisers Chair's Statwnent Trustees, Report Independent Auditors, Report on the Finuncial Statements 7-10 Statement of Nnancial Actlvitles Balance Sheet 12 Statemeni of Clish Flows 13 Notes to the Flnanciol Stgtement¥ 14-32
Innovotion for Agrlculture <A compony Ilmrted by guorontee) Reference and Adminlstratlv• Dètails of the Chttrlty. Its Tru5te8s and Advisers For th8 yegr ended 51 Decembtrr 2024 Trustees P J Westawoy. Choir D R Golbroith P J Greudy (resigned 51 December 20241 A N F Drewett L Morgons (appolnted 1 Moy 20241 A W Toplin (oppolnted l Moy 2024) F Obiero (oppointed 1 Moy 2024) M H Tvfnell {oppointed 20 Jonvory 2025) Compuny reglstered nvmber 08811248 Charity regtered number 1155563 Règls*ered office Ngtionol Agrlculturol Ceritre SLoi)elelgn Pork Kenllworth CV8 2L2 Company secretgry Independent uuditors Doins Audll Limited 2 Chomberlain Squore Poroclise Circus Birmingho B3 3AX Bonkers Barcloys Bonk PIC I Prlnces Street Ip5WltcFI Suffolk IPI IP8 SDliclt¢r$ Wright Ho55011 LLP Olympus Avenue Leamington Spo Warwksh1re CV34 6BF Page 1
Innovation for Agriculture (A company limited by gvaruntee) Chrjirfs Stotemènt For thè year ended 31 December 2024 Overoll. 2Q124 wos o good year for IfA The Charity reported a deficit of £38.321 for 2024 prlncipolly due the recrultment ol odditional members of the teom in the finol quorter to suppon our knowledge exchonge projects. Almost tsll of the Chority's budgeted income going Into 2024 wos secured which w05 0 great platform. However, moving into 2025 this level of security hos been slgniflcontly reduced the focus for the year ahead will be io build on IfA's exislirig portfolio of collaborations and build new opporiunities for income generotion. The Trustees and IfA team held a productive Strategy Review in April 2Q25 to underpin rhe effort 10 move toward5 the next stage of IfA's development. In oll IfA wo5 illvolved in the dellvery of 9 projects dvrlng 2024, most notably 5UPPOrting AASE with lis knowledge exchange progromme. funded by the Esmée Foirboirn Foundotion. dissetninuling 'Farm of the Future - Journey to Net Zero. report. IfA conducted o serles of oction groups. demtsnstmtion events ond form study tour& engaging with the forming commvniru ocross scope and sectors. l am pleosed to report thot. wlth IfA's support, RASE was oworded o further two yeors of funding by the Esmée F01r1[ Foundoiion commerKiw In the Spring of 2025. 1 ani dellghted thut this portnership will continue and ollow IfA to help formers put innovoiion into practice. The Chorily wos most groteful for the generous unrestrlcted funding received during 2024. The Esmée Foirbairn Foundotion provided it# second Instalment of 0 3-yeor funding progrom ond The Joseph Nickerson Choritable Foundoliori continued with their long-sionding support. On beholf ol the Boord of frustees I would like to record how immensely groieful the Chority is for this funding. Under the Horizon Europe urnbrella (the EU s key fundlng progromme for r&earch and innovotson) IfA continued to 5UPPOrt project DECIDE. to deliver dota-driven decision tools in the loce of dise05e emergence. along with Climate Farm Oemo ond Climote Srnort Advlsors (under the ousrAces of UKRI) to create networks of pilot farms for demonstroiing elite 5mort solutions for o corbon neulrol Europe oncl 5UPPOrt the mobilisation ol the Europeon 09rlculturul ocfvi50ry communlty In the odoptlon of cllmore proofino ogrtLilwral operotions. I mentioned In my lost report that IfA wts5 a150 successful in becoming o prolea portner lor Lond Use lor Net Zero. Led by the Jomes Hutton Institvle ond the UnivEf5ity of Leicester the project oims to coordinote o four-nation opprooch to onolyse. oggregoie onrl tron51ote evidence to support policymokers ond other stokeholders to deliver tronsformoiive choroes in lond use. ogricvliural systems ancl soil heolth ond l om pleosed to rewrt thut thi5 activity is now well under wou. I would like to thonk my fellow trustees for their continued support. In particulor I would like to acknowledge the lime and effort thjt Philip Gready hos given io ihe 8oord during his two 5tint5 as Trustee. Phllp wos olso Choir of RASE and stepped down os Trustee in December 2024 to embork on o well-deserved reiifftment. However. l om delighted to welcome Mork Tulnell to the Board os o Trustee. Mork, who Is olso the new Chair of FIASE. brings wiih hlm o weolth of experience from the ogricvltural sector. Poge 2
Innovatlon for Agrtcultvre (A compony limfted by guorgntee) Chgivs Stutement (continued) For the yeor ended 31 December 2024 I continue ro be Immensely proud of the work thoi ihe teom or IfA dellver& Led by our CEO. Dovld Grint. ond with the encouragement of the Boord I look forword to deliveri on the Cthrity's objectives. embarking on the next stoge of Its slroteglc development ond supporting the tsgriculturol sector In on everchonglng londscope. P J Weslowoy Cholr Dote.. 2 May 2025 Poge 3
Innovotion for Agri¢vltvre (A compgny limited tsy guarantee) Trustee5' report For the yeor ended 51 Decembor 2024 The Trustees pre5Ent their unnuol report together with the audited finonciol 5totement5 of the Chorlty for the 1 January 2024 to 31 December 2024. The Annual report s¢rv¢s the purposes of both o Trustee5' report ond a directors, repon under cotnpony law. The Trustees confirm thot the Annuol report ond finonciol srotements of the choritoble compony Comply Wth the current siotuiory reqvircmcnts. the reouirements ol the choritoble company's governing docvfflent ond the provisions of the Stcrtement of Recommended Prociice (SORP) oppllcoble io charities preparing their occounts ift occordonce with the Finonciol Reportino Stondord oppllcoble In the UK ond Republic ot Irelond (FRS102) (effective 1 Jonuory 2019). Since the Charily qualifie5 as 5moll under section 382 of 1he Componles Act 20C16. the Strategic report requlrecl of medium ond lorge componles under the Cornponie5 Act 2006 (Strateglc Report ond Dlrectors, Report) Reguloti()n5 2013 hos been omilted. Objectives atKI artlvities o. Pollcies ond oblectlves The Trustee5 hav2 referred to the guidance contoinecl In the Chority Commission's general guidance on public benefit when reviewing their oims ond objectlves ond In plonning their future activities. In portlcLJlor. the Trustees consider how plonned octlvilies will contribute to the aims ond objectives they have set. The choriioble oblecis of rhe chOrY ore the odvancement ond promotion. for the publlc benefit. of 0gricultu and hortlculiure Including without limit. o) The promotlon of svstoinoble intensificotion tsnd pfficient food production.. b) The conservotion. protection, reseorch and development of ogrlcvlture wilh portloJlar emphosi5 on the physlcol ond natural environment. soil heolth ond eroslon. greenhouse g05 emi55ion5. diffuse pollution and blo-dlversity", c) The advtsncement of educolion ond investment In new knowledge and di55eminotion of best formlng practices.. ond dl The Improvement of *orm onimol heolrh ond wellore. In Setting objectives ond planning for octivities. the Trustees hove gwen due considerotM)n to general guidance published by Ihe Chority Commission reloting to public benefit, Including the guldonce 'Publlc benefit.. runnlng o choriiy IP82)'. b. Strgtegies for ochSeving objectives The Chority was founded in December 2015 ond ot ihe end of its eleventh lull yeor ol operotion is becomlng estobli5hed both as an entity an¢J wthin rhe morke1 londscope. During 2024 the Chority continv¢d to deliver its Soil & Water ond PCisiOn Livestock proorommes ond successfully ottrocted funding to establish a new work slreom on Antibiot reduction. which will focllitote expon¥on durlng 2025. In the mediuFn lerm the objective is to continue to roise lun(fing to focilitote the Cfeotlon OF new oreos of OEtivity. As on environmentol bockground to thls growth. os we enter 2025. we foce more uncertointy thgn ever before in th Europeon Union funding and in UK Government Policy. Whllst we ore in growth ond continuing to clevelop oll ol our ork progromme5 It is cruciol thot we ore mindful of iovgher times ohetsd ond thot we continue to monoge the c05t side of the orgonisalion prudently. Poge 4
Innovution for A9ricvltvre (A company limlted by gvoronteè) Trustees, report (continuèd) For thè uèor èndèd 31 December 2024 Objectives and octivitits (eontinued) ¢. Actlvitlès undertoken to ochieve objectives To ochieve its choritoble oims IfA stages training events on topics covering Soil Enrlchment ond Preclsion LestoCk Farming & Anlmol Welfare. When organisin9 such events it ensures thot they embroce. promote and udvonce agriculturol education ond best practice. enable the esioblishment of nerworks for the tronsler of knowledge with the overoll oim of contributing io the well-beiro ond prosperlty ol the Agriculturol community. It is the Chority'5 intention that it will continue to develop and enhance its neiwork ol cigrlcultural socielles oround Englond to improve the communicotion between ihe technicol reseorch Snstitutions ond formers reloting to ogricvliurol ond horticulturol issues. The Chcrity hos 17 exlsting Agrlcullurol Society Metnbers ond is in discussions with additionol regional Societi which are Interested In becomiro members d. Moin octivities undertaken to further the Chorltu's purposes for the pvblic benefit As ideniified obove the Chority arronges troining events on topics covering Soil Enrichment. Preclsion Livestock Farming ond ontlmicrobiol resigtonce and the oppropriate use of Antibiotics. When orgonlslng such events li ensure5 thot they embroce. prornote ond odvonce ogricultural educolion and best proctice. to enoble ihe enhoncement ot networks for the tron5fEf Df knowledge The evenis leod to on improvement In onlmol welfore, soil health ond freshwater quolity. Achievement5 ond performgnce o. Aèvièw of activities A review of octivities is contolned wlthln the Cholr's Stotement, Fingnciul review a. Golng concern After moklng upproprigte enquiries. the Trustees have a reosonablè expectotion thot the Chority hos odequote resources to continue in operotionol pxistence for the foreseeoble future For this reoson. they continue to odopt the going concern b0515 in preporlng the finonclol stotements. Further details regording the odopllon of the goi concern sls con be found In the occounting policie& b. Reserves pollcy In the medium term. IfA asplres lo hold reserves equivolent to 50% of annual tsperotlllg C05ts ond for the Chority to move its focu5 to generotino on increosing proportion of its income from OFerations rother thon relying entirely Dn fund-roising from other chorities ond Institutions. At 31 December 2024 the total free reserves omounted lo £145.767 12023 - £187.143) which ore exp8Cted to produ negllgible Income. Poge 5
Innovotion for Agricvlture (A company limited by guorgnteel Trustee5' report (contlnued) For the yeor ended 31 December 2024 Strv¢turè. governun¢e ond mgnu9em¢nt o. Conslltthlon Innovotion for Agriculture (-IfA- or the "Charity") regislerecj as o choritoble compuny limited by guarantee ond was set up by o Memorandum of Associorion on 11 Deccmber 2015. Under Section 60 of the Companies Act 2006 it is exempt from the reqvirement to use the word"limlted- after its nome. It is registered as a chority with the Chority Commission. A5 refleEted in the updoted Articles of AsSOClOtion effectlve from 1 June 2023. the sole finonclol member of the Chority become the Royol Aori¢vlturol Society ol Fnolond Ichority registroiion number 209961). The member's liobillty remoins limited as reflected in note 2.2 of these financlol stotements, b. Methods of appointment or electlon of Trustee5 The Inillol Trustees were nomlnoted by ihe sponsoring ogrlcultuml societies. As set out In the Articles of A5soclotion, the Choir of the 8oord ol Trustees is oppointed by the other Trustees and. a5 for all other Trustees. serves vntil he 15 reoulred io retire by rototlon ot the Annuol General Meeting. Trustees have no formal service agreement& The Boord meets ot leost quorterly to conduct the bu51ne55 of the Charity. Two independent Trustees olso form port of the 8oord. eoch of whom brings relevont experience to ossist the Chijrlty with the achievement of its obiettives Disclosure of information to audStors Eoch of the persons who ore Trustees ot the time when Ihls Trustees. report 15 approved ha5 confirmed that. so lur os thot Trustee i5 awore. there is no relevant audit informotlon of which the chority's ovdittsrs ore unowore. and that Trustee h05 token oll the steps thot ought to hove been token os cl Trustee in order to be owore of any relevont oudit Informatlon ond to estoblish thot ihe chority's auditors are aware of that informotion. Audltors The ouclitor& Dains Audit Limited. have Indicoted their Willingne to continue In offlce, The desi9nated Trustees wlll propose o motion reoppointing the ovditor5 Qt o meeting of the Trustees. Approved by order of the members of the boord of Trusiees ond &gned on thelr beholf by.. P J W?5tgwgy Choir Dote.. 2 Moy 2025 Poge 6
Innovotion for Agriculture IA componu limiied bu gvorontee) Independènt Auditor¥ Report to the Member$ of Innovutlon for Agrtculturè Opinion We hwe uudited the finonclol siotements of Innovotlon for Agrfcvltvre (the 'chority? for the yeor ended 31 December 2024 which comprise the Statement of finonciol ocllvllles. the Bolonce sheet. Ihe Stotemeni of cosh fl()ws and the ffeloled notes. incI1n9 o summory of srgnificont occounting policies The Iinonclol reportirKJ fromework thot hos been applled in their preporation 15 opplicable low and United Kingdom Accounting Stondords. Including Finoncial Reporting Stondard 102 'The Finonciol Reporting Stondord opplicoble In the UK and Flepublic of Irelond, (United Kingdom Generally Accepted Accounting Proctlce). In our opinion the flnonclol statements-. give o irue und fair view of the siote of the chorltoble compony's olfoirs os ot 31 Oecember 2024 ond of its ncomlng resources ond oppllcotion of resources. including its income ond expenditure for the year then ended.. hove been properly prepured in occordunce with Unite# Kingdom Generally Accepted Accounting Prottice.. ond hove been prepared in occtsrdonce with the reouirement5 tsf the Componies Act 2006. Basis for opinion We conducted our oudit in accordonce with International Stondards on Auditing (u (ISAS (UK)) ond applicable low. Our reswnsibilities under those stondards are further described In the Auditors. responsibllltles for the ovdit of the financial 5totements section of our report. We ore Irependent ol the choritoble company in accordance with the elhico1 reovirernents rhot ore relevont to our oudit ol the finonciol gtotements in the United KiThJdom. Including the Flnonclol Reportlng Council's Elhicol Stundord. and we have fulfilled our other ethicc51 reswngbilities In occoréance wiih these requirement5 We believe thot the audit evidence we hove obtained is sufflcient ond opproprlate to provide a bosis for our opinion. Conclusions reloiing to going concern In auditing the financiol statements. we htsve concluded thot the Trustees, use of the going concern btss15 ol occounting In the preporotlon of the flnanclal storemenis Is appropriote. Bused on the work we hove performed. we have noi Identified ony moterlol uncertolntles reloting to events or conditions thot. individuolly or collectively. may cast significont doLJbt on the chorlloble compony's obilkty to continue as u goi concern lor o period ol ot least twelve month5 from when the flnorrlol siotements ore outhorised for i5sve. Our responsibilities ond the reSpor1b11lI7eS of the Trustees wlth respect to ¢Joing coacem ar¢ described in the relevant sectlons of thSs report Poge 7
Innovotion for Agriculture (A compony Ilmlted by guaraniee) Indepondent Audltors. Report to th• Mèmbers of Innowotlon for Agrlcvltvre (continved) Other Informgtlon The orher Informotlon comprlses the Inforrnotlon included in the Annual report other thon the finoncial statements ond ¢vr Auditors, rep()rt thereon. The Trvstees ore responsible for the other informotion ¢ontoined within the Annuol repori. Our onOn on the finonclol stotemènts does not cover the other Informotlon ond. except to the extent otherwise explicitly stored In our report. we do not express ony form of ossuronce conclusion thereon. Our responsibilitu 15 to reod Ihe orher Informorion ond. in doing so. consider whether the oiher inforMatrn Is materially Inconsistent with the finonciol stotements or our knowle*e obiolned in 1he course of the oudii. or Oiherwise oppears to be materially mlS5tated. If we identify such rnoteriol inconsistencies tsr opporent mcteriul misstotements. we ure required to determine whether thi5 gives rise to o mDteriol misstoternent in the finDnciol 5totements themselve5 If. bused on the work we hove performed, we conclude thoi there is o moteriol misstotement of thls other informotion, we ore reqvired to report thut f(Jct. We hove nothing to report in thi5 regord. Oplnlon on othèr mc•tters prescribed by the Companies Aci 2006 In our opinion, bosed on the work underttsken in the course ol the oudit.. the informotion glven In the Trustee¥ report for the finonclol year for whlch the linanciol statements ore prepored Is consistent with the flnortiol stoiements. the Trustees, report hus been prepored in occordonce with opplicoble legol requirements. Matters on which we ore requlred to report by exceptlon In the light of our knowledge ond understondino of the choritable company and it5 erivironment obtolned In the course of the audit. we hove not identified materiol mi5Stotement5 in the Trustees, report. We have nothing to report in respect of the following matters in relotion to which Companles Act 2006 requlres vs to report to you if. in our opinion. odeouote accounting records have wt been kept. or return5 odeqvote for our oudf( hove not been received from braF)ches not visited by us.. or the financlal statements ore not in 09reemeni wirh the occounting recorcls ond retums.. or certuin disclosures of Trustees, remuneroiion speclfSed by low ore not mtsde., or we hove not recelvecl oll the Information tsnd explunotions we require for our audit". or the Trustees were not entitled to prepore the financiol stotements in occordance with the small cornponkes regime and toke odvantage of the 5moll componie5' exemptions in preporing ihe Trustees, report and from the requirement to prewre a Strotegic report. Poge 8
Innovatlon for Agrlculture (A company limited by guafantee} Independent Audfrtors, Report to the Members of Innovotlon for Agricvltvre (eontinued) R$ponslblllil•s ol trustèes exploined more fully in the Trustees, responslbilltles stciremeni, the Trustees (who are olso the directors of the chtsritoble company lor the purpose5 of compony law) ore responsible for the preparation of the finonciol staiements and lor being sot15fied that they give a true and fair view. and for such internol cgntrol os the Trus1ees determlne is necesstsry to enable the prewrotion of linancl stotementS that ore free from moteriol mi55totement. whether due to fraud or error. In preporin9 the linonciol stotements. the Tru5tee5 ore reswn5ible for osse19 the charitable compony's oblllty to continue os o 90ing concern. disclosing, os opplicoble, motters reloted to ooino concern and vsing the golng concern bosis of cccovnting unless the Trustees either intend to liqbldote the chorltoble compony or to ceose operotlOn5, or hove no reallstic alternative but to do so. Auditors. re5ponsibilitie5 for the ovdit of the finunclol stulements OL'r objective5 ore to obtoln r-araonoble QOSU", once oboLf, whetler the fln-nci¢l stctement&V as o w.le are free irory. rnoteriol misstotement. whether due to froucl or error, ond to issue on Auditors, report thot includes our oplnlon. Rea50noble 055uronce 15 0 high level of assurance. but is not o ouorontee thot on oudil conducted In uccordance wth ISA5 IUKI will alway5 detect o moteriol mlsstoremeni when It exlsts. Mlsstaternents con ori5e from fraud or error ond ore considered moterlol If. Indlvlduolly or In the oggreoote. they could reasonotAy be expected to influence the economic dÈtlsions of users token on the bo515 of these fingnciol stotements. Irregulariries. 1ncluding froud. ore Instunces of non-complrtce with lows and regulotions. We design proTrdures In Ilne with our responslbllilles. outllned obove. to detect Moter1 misstotement5 in iespect of irregularities. including froud. The extent lo which our procedures tsre copoblp of detecting irreguloritie% includiThJ froud Is detailed bek>w'. Our opprooch to ideniifylng ond ossessing the risks of moterial misstotement In respect of irregulorilie& includirig Iroud ond non-complionce with lows ond regulations, was as follows.. the senior sttstutory ouditor ensvred thot the engogement leom collectively had the oppropriote competence. cupubilities ond skills to identlfy or recognise non-cornpliornce with opplicoble laws ond regulotions.. we Identified the lows ond règulotions opplicoble to the cornpony through discussions with directors ond other monogement. cjnd from our commerciol knowledge on(f experience of the ¢hority sector.. we focused on speclf)c lows ond regulations which we considered moy hove o dlrect moterial effect on the finonciol statements or the operallons of 1he compony. including the flnonciol reporting legislotion. Componles Acl 2006. toxotion legislation. anri-brlbery. employmeni. ond environmental and health and sofety legislotion.. we ossessed the extent of compliance wlth the laws and regulation5 identified above through nKking enqulrs ol monogèment ond InspÈciing Iegol correspondence.. ond identified lows ond reovlotions were communicotecl within the audit teom reovlarly ond the teom rewained alert to Instances ol non-complionce throu¢Jhout the audit. We ossessed the susceptibility of the compony's finoncial statements to mtsteriol misstotement. including obtolnlng on understonding of how frovd mlght occur, by.. making enquiries of monogèment os to where they considered there wos susceptibility to fraud. their knowledge of actuol. suspected ond olleged frovd". ond considerino rhe inierml controls in place to mitigate risks ol fmud and non-compliarce with lows ond regulotlQn5. Poge 9
Innoyation for Agriculture (A company Ilmlted by guarantee) Independent Auditor$' Report to the Members of Innovotlon for Agricvltvre (contlnued) To oddress the risk of froud throvgh management bios ond override of contro15. we.. performed onalytical procedures to identify ony unusual or unexpected relotionship5'. tested journol entries to identily unusuol tronsoctlons. ossessed whether judgements and assumptions mode in determining the occountlng esiimotes were indlcotlve of potentiol bios. ond investigoted the rotionole behind significont or unvsuol tronsoctions. In response to the rlsk of Irregulorities ond non-complionce with lows ond regulations. we deggned procedures whlch Included, but were not limlted to". ogreeing finonciol stotement disclosures to underlulng svpporting documentotion., reoding the minutes of meetlngs of those charged with governance. enquiring of monogement as to octuol ond potentiol litlgtjtion ond clolms.. ond reviewing correspondence with HMRC. relevont regulotors ond the compony's legol odvisors Becouse of the inherent limitotions of on oudit, there is a risk thot we will not detect c]11 irreguloritles, including those leoding to o moteriol mi5Stotement in the finonciol siotements or non-compliance wlth regulotlon. This risk increases the more thot compllance with a law or regulotion is removed from the events ond tronstsctions reflected in the finonclol stotements. os we will be le55 likely to become awure of Instonces of non-complionce. The risk is olso greoter reggrding irreoulorities occurring due to froud rother thon error, as frovd involves intentional conceolment, forgery. collusion. omission or rnisrepresentotion A further description of our responslbllltles for the oudit ol the linonciol 5totements is located on the Flnoncial Reporting Council's webslte at.. www.fr rsres ngibilities. This description forms part of our Auditors, report. Use of our report This report is mode solely to the choritoble company's members. os o body. in accordonce with Chapter 5 of Port 16 01 the Componies Act 2006. Ovr oudit work hos been undertoken so thot we might stote to the choriroble compony's members those motters we ore required to stote to them In on Auditors, report ond for no other purpose. To the *ullest extent permitted by law, we do not occept or ossume responybility to anyone other thon the choritoble compL)ny and Its Mbers. as o body, for our oudit work. for this report, or for the oplnions we hove formed. Mark Gurney FCCA (Senior Statutory Avdltor) for ond on beholf of Dglns Audit Llmlted Statutory Audltor Chartered Accouniants BIrmih0 27 Moy 2025 Poge 10
Innovatlon for Agrlculture (A compuny1Smitod by guarantee) statemènt of fin¢Jnclal actlvltles (Incorporatlng in¢ome gnd expendltur• occovnt} For the uear ende(131 December 2024 Unrestrlcted furbds 2024 Restrltted funds 2024 Totol fvnds 2024 Totol funds 2023 Note Income from= Dowiions und legocSes Choritoble octivities 16(735 349.535 576,268 439.620 29.788 29.788 101.853 Other Income 22.7n 22.7n 183 Totul Incorne 219.294 349.533 568.827 541,656 Expenditure on.. Roising funds Choriioble octlvities 10,900 246,815 10.800 10,800 349.533 596,548 500.964 Totol expenditure 257.615 349.533 607.148 511,764 Net movement In funds (38.321) (58.321) 29.892 Reconclliutlon of funds.. Ttstol funds brought forword Net movement in funds 15 190.024 190.024 160.132 (38.321) (58.321) 29.892 Totol fun(ts torried fgrward 15 151.705 151.705 190.024 The notes on pages 14 to 32 form part of these flnonciol sraiements. Page 11
Innov(rtlon for Agrl¢ultvre (A compony limited by gvorontee) Aeglstered number: 08811248 Balonce sheet A5 Ut 510ecember 2024 2024 2023 Not• Flxed ossets Tor01b 05setS Current assèts 12 5.936 2.881 Debtor5 13 64.121 160.135 Cosh at bonk ond In ho 18 161.650 174.879 225.771 335,014 Creditors". UTnounts lolling due within one yeor 14 (80.004) (147.8n) Net current ossets 145.767 18714 Totol net ussets 151.703 190.024 Chorlty funds Unrestricted funds 15 751.703 190.024 Totol funds 151.705 190.024 The Trustees ocknowledge their responslbllitles for complying with the requlrements of the Att with respect lo occountlng records ond preptsrolion of financial statements The Ilnonciol 5totement5 have been prepored In occordonce with the provisions opplicable to entllles subject to the smoll companies regime. The finonciol stateNrnt5 wer¢ opproved ond outhorlsed for i55ve by the Trustees and signed on their behalf by.. P J Westaway Chair Oore." 2 Moy 2025 The notes on pages 14 to 32 form port of these liwnciol stoiements. Poge12
Innovatlon for Agrlctsltvre IA company limlted by gvorontee} Statement of cosh flgws For the ye(Er ended 51 December 2024 2024 2023 Note Cg5h flows from operatlng octivities Net cosh used operating octivStles 17 {8.302) 9.685) Cush flows from Investing octlvltles Proceeds from the sole of tangible fixed assets Purchose of tongible flxed ossets 250 (5,177) (5.019) Net cosh used in Invèsting tsctivitles (4.92n 15,019) Chunge In cosh and cush èquivalents in the year {1I229) (22,704) Cosh ond c05h equivolent5 Qt the beoinning of the year 174.879 197.583 Cosh ond cosh equivalents at th• ond of th• year 18 161.650 174.879 The notes on pages 14 to 32 form part of these fInClu1 sioiements Poge 15
Innovotion for Agriculture (A componu limitèd by guorantee) Notes to the finan¢lol stotemenls Fvr the yeur ended 31 December 2024 G•n•rol information Innovotion lor Agrlcultvre Is o chorltoble cotnpony incorporcrted in the United Kingdom ond registered in England ond Woles with the Charity Commission. The oddress ol the reglstered olflce is given in the reference tsnd odministrotive details section of these linonclol stotements. The notUTe of the Chority's gperotlons and principal octivities are detailed In the Trustees Report. Accounting poli¢le$ 2.1 B051s ot preparotion gf fingncigl stotements The flnonclol srotements hove been prepored in o¢¢ordonce with the crItIeS SORP (FRS 1021- Accounting ond Reporting bu Chorities." Stotement of Recommended PractÈ opplicoble lo chorities prepgring their oc¢ounts In occordonce wlth the Flnonciol Reporting Stondord applicable In the UK ond Republic of Irelond (FRS 102) (effectlve l Jonuory 2019). the Fintsncial Reportirig Standard applicoble In rhe UK and RepublK of Irelond IFRS IQ2) ond the Componies Act 2006. Innovotion for Agriculture meets the deflnltlon of o publlc benefli entity under FRS 102. Assets ond liobilitie5 are Initially recognlsed ot hisioricol cost or ironsoctlon volue unless otherwlse stoted in the relevant occounting policy. 2.2 Membevs IILiblllty The sole member of the choritoble cornpony undertukes tts contribute to the ossets of the company in the event of it being wound vp whlle they ore o rnember or within one yeor ofter they ceose to be u member. such omount os moy be required. not exceeding £10 for the debts and liobililies contracted before they ceose to be o membpr. 2.5 Golng concrn After moking oppropriate enquiries, the trustees hove o reosonoble eypeJtstion that the Churitu hos odequote resources to continue in operational exlsience for the foreseeoble future. For this reoson they contlnue to odopt the going concern bosls In preporing the finonciol stoiements. Further detolls re9ordl the odoption of the going concern b051s can be found in the Accounting Policies. Poge 14
Innovatlon for Agriculture (A componu limited by gyarontee) Notes to the flnonclul siotomonts Fgr the yeur ended 51 December 2024 Attounling policies (contlnved} 2.4 Income All income is recognised once the Charity hos enritlemeni io ihe income. it is proboble thot the Income will be received ond the omount of income receivoble con be rneosured reliobly. Grants are included In the Stoiemenl ol financitsl tsctivitie5 on u receivoble bcjsls. The bolonce of income received for specllic purposes but not expended during the period Is shown In the relevont funds on the Bolonce sheet Whert Income Is received in VanCe of entitlement of receipi. lis recognition Is deferred ond Included in creditor5 os deferred incorne. Where entitlement occurs before Income is recelved. the Income Is accrued. Glfts in kind donoted for distribution ore Included ot voluolion ond reeognised as income when they are distributed io the projects. Gifts donoted for resole ore Included os income when they are wld Where the donated good is o fixed tsssei. It is measured ot loir volve. unles5 It Is Improuicol to measure this rel[y. In whlch cose the cost of the item to the donor should be used. The goin is recognised as Income from donations and a correspwdlng omount Is included in the approprlote flxed asset class o depre(ted over the useful economlc Ilfe in accordae wlth the Charity's occouniin9 policie& On receipt, donoled professionol 5prvice5 ond focilities ore recognised on the basls of the vclue of the glfi to the Charltu which 15 the omount it would hove been willing to pou to obtoln service5 or facilities of equivoleni economlc benefit on the open market,. c correspondin9 omount IS then recognised in expendllure In the period of recèipt. Income tox recoveroble in relotlon to donotlons received under Gift Aid or deeds of covenont Is recogni5ed ot the ilme of the donation. Income tox recoverobk in relotion to Investment Income 15 recognised at the time the invesiment IncoTfe 15 receivable. Other income is recognlsed in the period In which It Is recelvoble ond io the extent the goods have been provided or on cotnpletion of the servlce. 2.5 Expenditvre Expenditure is recognised once there is o legal or constructlve obli(Jolion to tronsfer economic benelil to o thlrd poriy. It Is proboble thot o transfer of economic bencfits will be requirecl in settlement ond the omount of the obligotion con be measured reliobly. Expenditure is closslfled by octlvity. The costs of eoch octivity ore mode up of the total of direct ct)sis ond shored costs. including support C05t5 irivolved in undertoking each octivity. Direct costs ottrlbuloble lo u single tsctivity ore ollocoted directly lo thot octlvify. Shored costs which contrlbute to more thon one octivity und support costs which ore nor ottrlbutoble to 0 5inole activity iJre opportloned between those Ottlvities on o basis consistent with the use of resources. Centrol stofl cost5 ore ollocated on the bosls of tlme spent, ond depreciotion charges allocated on the portlcK) of the tssset's use. Poge15
Innovutyon for Agriculture (A ¢ompony limTrted by guarantee) Notes to the financial 5totements For the yegr ended 31 December 2024 Accounting pollcles (conllnue¢J) 2.5 ExpèrKlitvrè (continued) Expenditure ori ralslng funds inclvdes oll expencllture Incurred by the Chority to roise funds for Its chorlloble purposes ond includes costs ot oll fundrolsing octNilies events ond non-ch(5ritoble trading. Expenditvre on choriioble octSvllies Is Incurred on directly undertoking the activiti85 which further rhe Chority's objectlveg. os well os ony 0ssOCiCted support costs. Total expenditure 15 inclusive of irrecoverable VA T. 2.6 Tangible fixed a5set5 and deprecigtion Tongible fixed ossets Cosllng £500 or more ore copitjlised und recognised when Ivtvre economic benefit5 ore proboble and the cost or volue of the osset con be meosvred rellobly Tongible fixed ossels ore Inifiolly recognised tsr cost. Alter cogNItIon. under the cost model. tonglble fed osseis ore meosured ol cost less occumuluted depreciotion ond any accumuloted impoirmeni losses. All cosis incurred to bring o tongible fixed gsset into its Intended working condition should be Included in the measuremenr of co Depreciotion 55 Ihorged so os to ollocate the cost of tongible fixed ossets less their residuol value over their e5tiffloted useful lives, using the straight-line method. Depreciation 15 provided on the followlng boses.. Fixtvres ond flttings Computer eouipment 53% stroight-line 35% 5traight-Ilne Golns ond losses on disposc15 are deterrnined bu comparing the proceeds with ihe corrylng omovn1 ond re recogni5ed in the Statement of finunclol activities. 2.7 Debtors Trade ond other debtors ure rEcogni5ed at the settlement amount ofter onu trode discount offered. Prepoyments ore volued ot the amount prepoid net of ony trode discounts due. 2.8 Cash at bufik ond in hond Cosh ot bonk ond In hond Includes cosh and short-term highly liquid investments wlth a short moturrty of three months or less from the d(rte of ocquisition or opening of the deposit or similor occount. Poge 16
Innovotiorb for Agrlcvlture (A compgnu limited by ouorontee) Notes to the flnanclol stotements For thè yèor èndèd 31 December 2024 Accouniing pollcl•s (¢ontinu*d) 2.9 Llabilltles ond provlslons Liabilltles ore recognised when there is on obligotion at the Balance sheet dote os o result of o past event, it is probable thot a transfer of ecoTr)mic bcnofit will LE required in settlement. and tho omount of Ihe settlement con be estimated reliobly. Llabilities are recognlsed 01 the omount thot the Chorlty antipate$ it will pay to settle the debt or the amourit it hos received os odvonced poyments lor the goods or Services it must provlde. Provisions ore trEosured ot the best estlmote of the omount5 required to settle the obligotion. Where the effect of the time volve of money Is moterlol. the provlslon Is bosed on the present vclue of those omounts, dlscounted ot the pre-tox discount rote thot reflects the ri5k5 specific to the liobility. The unwinding ol the dlscount is recognised In the Stotement of linoncitsl octivities os o flnonce cost. 2.10 Fjnanclol Instruments The Chtsrity only has financial ossets and flnonclol Ilobllltles Df o klnd thot quulify ¢Js ba51¢ finonciol instrurnents. Basic financiol instruments are initially recognised ot tronsoctlon volue ond subseqvenllu measured at their settlement volue with the exception of bonk loons which are Subsequently meosured ol amortised cost using the effective Interest method. 2.11 Pensjons The Chority operates a defined contribution pension scheme ond the pension chorge represents the omounts puyable by the Charity to the fund in respect of the yeor. 2.12 Fund occountlng GEnEf(Tl funds ore unrestricted funds which ore ovolloble for vse ot the dlscretlon of the Trustees In furtherance of the generol obiectlves of the Chorlty and which have not been desigwred for other purpo5e5. Restricted funds ore funds which ore to be used In occorclonce with specific restrictions imposed by donor5 or which have been rolsed by the Chority for porticulor purposes. The cost5 of raising ond odministerlno such funds cjre chorged ogoinst the specific fund. The aim ond use of eoch restricted fund Is set out in the notes to the financlal stotement> Poge 17
Inriovotlon for Agrlculture (A company limltèd bu guarontee) Notes io the finonciol stotements For the yeor ended 31 December 2024 Critlcul occovntlng estimutes and oreas of judgment Estimate5 ofKI judgments ore conllnvollu evoluoted ond ore bosecl on historlcol experience ond other foctor& ncluding expectotions of future events that are believed to be reasonable under the circurnstonces. Critical ccounting estirnote5 and e55vmptions'. The Chority makes estimates ond ossumptions concerning the future. The resulting occounting estimates and 05sumptions will. by definition. seldom eqwl the reloted actual results. The estimates ond ossumplions thot hove o slgnlflcont rlsk of covslng o moierlol odjustmenl to the currying omounts of Cssets and Ilabilities withsn the next finonciol yeor ore discussed below. Crltical orèas of judgment-. Alter moking oppropriote enqvlries. the trvstees hove o reosonoble expectation that the Charity has adeqvote resources to continue in operoiionol existence for the foreseeoble future. For thi5 re050n they continue to odopt the going concern bosis in pi"pot"Ino the finonciol stoiemenl& Furthei deiGils regarding the odopllon of the going concern basis can be fovncl in the Accountino Policies. Income from donotion5 and log¢Jrle Unre5trlcted funds 2024 Restrlcted funds 2024 Total funds 2024 Donotions 70.096 70.096 Gronts 96.659 349.533 446.172 166,735 349,533 516.268 Unresrricted funds 2023 Restricted funds 2C>23 Totol fund5 2025 Donolions 115.000 115.000 Gronts 7.201 317.419 324,620 121201 517.419 439.620 Page 18
Innovotion for Agriculture (A comp¢Jny limited bu guurantee) Notes to the finunclol stutèments For the year ended 51 Oecemb•r 2024 Inc¢m• from choritoblè artlvlties Unrèstrictèd fvnds 2024 Totol funds 2024 Events Income 29.788 29.788 Unrestrlctèd funds 2023 Totol funds 2023 Event5 Income 101.853 101.853 Other Incomln9 resour¢e5 Vnrestrlcted fund$ 2024 Totgl funds 2024 Other income 22.771 217n Unrestricted funds 2Q23 Totul fund5 2023 Other Income 183 185 Poge19
Innovotlon for Agrlcvlture (A componu limited by ouoromee) Notes to the flnanclol st(rtèments For the yèor ènded 310ÈtèmbÈr 2024 Expendlture on roising fund5 Costs of raisin9 voluntary Income Unr•strlct•d funds 2024 Totol funds 2024 Consultancy 10.800 10.800 Unrestricted funds 2023 Totol funds 2023 Consultancy 10.800 10,800 Poge 20
Innovation for Agriculture (A compony limited by guorontee) Notes to the finonciul statements For the year ended 31 D•cember 2024 Anolysls of expendlture by actlvitles Adlvltles undertaken dlrectly 2024 Support costs 2024 Total funds 2024 Choritoble octivlties 495J42 101,006 596.348 Activlles undertoken directly Support costs 2023 2023 Totol funds 2023 Charitable actlyities 416.068 84.896 50CI.964 Analy$Ss of dlrect C05t5 Total funds 2024 Totol funds 2023 Stolf cgsts 429.579 572.821 Professional fees 31.121 20.192 Events costs 34.642 23.055 495.342 416,068 Poge 21
Innovatlon for Agrlcvlture (A compony limited by guorantee) Note5 to the fingnciol stgtements For the yeor ended 51 December 2024 Anolysis of expenditvre by ottivitles (continved) Analysls of support costs Tota funds 2024 Total funds 2023 DepreCtIOn Travel and svbsistence 1.985 1.029 43.106 30.686 HR costs 4.898 4,115 8onk chorges Advertising and morketino Telephone Insurance l215 1.308 5.994 11.357 2.242 2.986 2.769 1.772 IT contracts 5.657 4.649 Prlnting. postoge (Jnd 51otlonery Subscriptions 594 103 2.873 3.538 Fient 5.000 5.000 Foreign exchonge differences Irrecoveroble VAT 08} 18,452 18,1851 21,520 Governance costs 8.459 7.218 101.006 84.896 Avdltor's remunerutlon 2024 2023 Fees w JL oble to the Charity's auditor for the audit of the Chorltu's onnuol flnonciol stotementS 4400 5.950 Poge 22
Innovatlon for Agr&culture IA compony limlted by guorontee) Notès to the fÉnancial stotements For the year ended 31 December 2024 10. Siaff costs 2024 2023 Wages ond solories Social security costs 389.817 357.433 30.628 26.457 Pension costs 9.134 8,931 429.579 372.821 The overoge number of persons employed by the Chority during the yeor wos 05 follows". 2024 2023 No. Staff 11 io No employee received remvnerorion omounting to more than £60.000 in alher geor. Key manooement personnel ore deemed t<) be those hoving outhority and responsibility delegoied to them by Ihe Chorltu for plonning. directing ond controlling the activitie5 of the Chority. During 2024 the totul omounts pold to key monogement personnel were £NII (2023- £NII). Tru8lee8' remunerotlon and *X#SÈs Dvrin9 the yeor. no Trustee5 received uny remunerotlon or other benèfits (2025- £NIL). During the year the Chair of the Trustees provided his service to the chority VIO 0 Service controct to facilitote fund-raising efforts. Dvring the yeor the Choir was paid £10.800 (2023 £10.8OQ). The Chority took ovt Professional Indemnity Insurunce however the premlum cost is not separotely identifloble wlthln the ovÈroll in5uronce packoge. This cover protecis the Chorlty from 1055es arising from the negled or default of Trustees ond seconded employees. It olso Indemnlfles the Trustees or other officials agalnsi the consequences of ony neglect or defoult on their part. Poge 23
Innovatlon for Agriculture {A compony limited by gv¢Jrgntee) Notes to the financial strstements For the year ended 51 December 2024 12. Timgibl¢ fixed ussets Flxtures and fittlngs Computer •qulpment Totol C05t At l January 2024 Aéditions 1.530 15.097 16.427 4.533 5.177 D15posoIs (617) (617) At 31 December 2024 1.974 19.013 20.987 Depre¢lgtion At l Jonuory 2024 Chorge for ihe yetsr On disposols 1.330 12,216 13.546 107 1.878 1.985 (480) (4BO) Al 51 December 2024 1.457 13.614 15.051 Net book value Al 51 Oecember 2024 537 5,399 5.936 At 310ecember 2023 2.881 2,881 Page 24
Innovaiion for Agrlevlture (A company limlted by guuronieè) Notes to the financial statements For the year ended 31 Dètember 2024 15. Debtors 2024 2023 Trode debrors 6.956 Anitsunts owed bu group vndertokinos Prepaymellt5 ond occrued income 21 13.207 67,252 50.914 85.927 64.121 160.135 Amounts owecs by group undertokings ore unsecvred. Interest free. hove no flxed dote of repoyment and ore repayrjble on demond. 14. Creditors.. Amounis fallSng due wlthin one yeur 2024 2023 Trode creditors 15.721 1,894 her ioxotion und soclol security Oiher cre(Ji10rs 23.174 41.861 34,210 6.899 54.246 Accruols ond deferre0( Income 49,870 80.004 147.8n 2024 2025 Deferred income ot 1 Jonuory 2024 Amounts releosed from previous perk)ds 41.138 124.765 {40.63n 185.624 501 41.138 eferred Income relcrtes to gront funding for whlch condltlons and deliverables had not been met ot the bolance sheet dote. Poge 25
InngVQtlon for Agritultu (A compgny Ilmlted by guarontee) Noies lo the finoncial statements For the year endèd 51 Dècembèr 2024 15. Statement of fvn¢Js Statement of fvnds - current yeor Balonce ut 1 Jonuary 2024 Bolonce ot 31 De¢embef 2024 Income Expenditvre Unrestrlcted funds Generol funds 190.024 219.294 (257.615) 151.703 Rèstrictèd fund5 H2C120 - DECIDE 13.319 (13.319) (82,60T) (5(584) (2.$73) H2020 - CliiriC]te Forrfi Demo 82.607 H2020 - Clirnote Smort Advi50r5 56.584 Dulverion Trust 2.573 Elizabeth Creak 5&805 (36.805) 012.806) (2.825) Form OE the Future 111806 Fronk Porklnson Trust 2.825 10,120 Colf Action Network 00.120) VKRI- LUNZ 31.894 (31.894) 349.555 (549,533) Totol of funds 190.024 568.827 (607.148) 151.703 Ptsge 26
Innovotion for Agrlculture (A tomptsny limtted by guorontee) Notes to ihe fin¢Jncial 5tsJtements For the yèor ended 51 December 2024 15. Slotement of funds (continued) Stotèmènt of fvnds- prlor yeor Bolance ot l January 2023 Balance ot 31 December 2023 Income Expendlture Unr¢5tricted funds Generol funds 160.132 224.237 (194.345) 190.024 Restrlctèd fvnds H2020- FAIRShore 50.619 (50.619) H2020- DECIDE 13.010 05.010) H2020 - Climote Form Demo 56,721 (56.721) (9.583) H2020 - Climate Smart Advisors 9,583 Dulvertofj Trust 31,497 (31,497) g8,360) Elizobeth Creok 38.36C> Farm of the Future 111.gQ8 (111.908) (s.n1) F¥onk Porknnson Trust 5,721 317.419 517,419) Total of funds 160.132 541.656 1511.764) 190.024 Puge 27
Innovution for Agrlcvlture (A company limltèd by guorantèè) Notès to thè financial statements For thè yeor ended 31 December 2024 15. 5totement of funds (continued) Pvrpose of restrlctèd funds HDrSzon 2020- FAIAshare= (Dlgitul Tools for Form Advlsors} Funded by the Evrr)peon Commlsslon under the Horizon 202D initiatwe ond led by Teogosc, Ihe Irish Agrlculture oncl Food Development Authority. FAIRshore wa5 a project that brought together 22 portners from 15 CDLJntrs ocross Europe. The 5-yeor project enabled ond empowered the independent form odvisory communlty. Through the shorlng of digitol tools ond serviceg. expertise ond experlences IfA led on the Leamings from the odoptlon of new Digital Agrulture Tools & Services (DATS) element of the project which wos completed in Q4 2023 with the EU finol review meeting. in Jonuory 2024 Horizon 2020- DEODE This project is o five-yeor Horizon 2020 project which commenced in 2021 ond will develop doto-driven decision SLJPPOrt iools thot offer robvst and early signo15 Qf diseose emergence ond optlons lor diugnostic conflrmotion Optlons will be provided for controllino the diseose olong wlth their implicati0fjS In terms of diseose spreod. economic burden and animl welfure. IfA h05 Successfully conducted the pilot focus oroups for the UK which ore now considerecs among the core foc¢Js groups in the cotlle cluster ond IfA is expectlng to contribute to the pilots (cottle living lobs) which will test on the ground. the diognostic tools for eorly diognose of herd diseoses. Evoluotitsn of the rriatrix of tools thot connects the iools. specie5, countries will be flnalised in the next lew months to explore woys to ctslloborute ocross species or countries. Next Generol Assembly meetlno will be hosied by INRAE in Nontes IFR). Horizon Europe- almote Farm Demo Thls seven-yeor project comrYEnced in Q4 2022 cFnd lis objeciive is to build o Evropean-wSde network of pilot forms Implement and defflonstrcrte climate smurt solutions for o carbon neutral Europe. IfA hos the role of noiionol coorclinator lor the VK network supervlsing and organising the form related ocrivilles ot nationol kvel nd coordintriinq the UK forming network& IfA Is olso leading the themotr nerwork on herd monagement A netWOTk of 130 demo lorms wlll be estoblishecf across the UK of which IfA will recrvlt c45 form& These forms wlll 5howcose best-practlce in cllmote smort forming. h05ting demonstrotlon event5 for the wider formlng community. to shore their experiences of implementing climote odoption ond mitigation meosures. Oemo formers wlll receive support from a cllmote smori odvisor, ond they will work together to produce a climate adoption ond mitigotion plon which is toilored ro thelr own forrn business. Horlzon Europe- Climate Smort Advisors This project IS O Sister progromme to ClSmoie Form Demo ond hos *ven-year Ilfe spon to mobilize the Europeon ogrlcultvrol advlsory community. leoding to on occeleroiion of the udoption of cllmole smtsrt formlng proctices by the wider forming community. Climote Smort Advlsors commenced in Q2 2025 ond will b005t the role ol ogriculturol odvisoru service5 by strengthening their capocity in providing torgeied adve. ond by implernenting the opproocheg ond Shoring the solutions developed by Cllmate Form tkmo on a wider scole. ocross Europe ond associated covntries. In figures, the project will directly engoge with o minimum of 1.500 odvisors- 140 to be troined cs Cllmote Smttrt Cooches. equipped to support copocitu bulldlno In their peers. ond 1.360 supported in their development as Climote Smort Advisors. IIA Is the NatiQno1 Coordinclior for the UK, leadi on extended group of flve project partner5 includlng Scotlond'5 Rurol College (5RUC) Department of Agricultvre. Environment ond Rurol Afltsirs, Nl (DAERA) too. IfA will be responsible for 6 Communities of Proctice ond wlll recruit and train a total of 36 odvisors who will support the forms toking port in the Climote Form Oemo project with climate prooflno their businesses. Poge 28
Innovatlon for Agriculture (A compuny limited by guorontee) Notes to the financial stotfrments For the yegr ended 31 December 2024 15. Statement ¢f funds Icontlnued) The Dulverton Trust The Dulverton Trvst htsve funded 1 years. worth of knowledge exchonge progrommes focusing specificolly on woys formers cun reduce greenhouse gos emisslons. This will include one lorge technical eveni ond the developrnÈnt of ) focus group which consists 018 forfflers meeting reg4Jlorly to disCU5s mltl9ation strotegles. Ellzabeih Creak The Elizobeth Creok Choriitsble Trust oworded funding lor 0 1-year programme which works to brlng together formers ond polic¥ moker5 to collectively tockle problems and to work together in the development of future policy. Thls wlll include 3 separote groups focvslng on 5 clilferent chollenges foclng the agriculturcjl sector. The Fronk Purkinson Agri¢ulturol Trust- Nltrogen Rodvttion This gront Wa5 oworded to ¢evelop o community of practice where o group of lormers cotTie together. focilitoted by IfA. to oddress woys in which Ihey might reduce ortificiol nitrogen reduction on form This Includes online discusgons ond in person farm wolks ond stvdy tours. The project 15 expected to be ctsmpleted in June 2024. Farm of the Future The form businesses of the future must opllmlse food production. farm profltobilltu. roking core of the envlronment ond people. The RASE Form of Ihe Future initiotive. supported by the Esmée Foirbairn Foundoiion. which Is delivered in partnership with IfA. identifies ond shores ogrKulturol solutions, technologies ond prottices which c(Jn help form bvslnesses. people ond wider communities to thrive. The inltiotive began with the publication of the RASE Form of the Future." Joumey to Net Zero report in 2022. which set out o vislon for how *arm bvslnesses In the UK could malntoln their prlmory purpose of food production while respondlrg ro the cllrwte crlsls ond biooliversity los Calf Acilon Network The Colf Action Network (CAN) is o Working Group under the G8 Colf Strotegy initiotive and since December 2022. the group has met online quorterly. To date. the network hos conducted a survey to understond the needs and Interests of different stokeholder groups. ond technicol expert members hove contributed to an onllne ponel dlscusslon webinor ols port of GB Colf Week to oddre&g confusion oround colf feeding The CAN embles colloborotlon ot o pre-competilive level ond creoles a direct link between reseorch. industry ond proctlce 10 IdentSfy key neecls with tsgcsrcls to calf monogement, seeking to chomplon applied reseorch whlch provldes procticol Inslghls for formers ond veterinarlons cjnd cuts through commercial bia& VKAI- LUNZ The Lond Use for Net Zero. Noture ond People (LUNZ) Hub is an innovotive research initiotive ihot will help drive the tran5formotion of UK lund use needed to achieve nei zero by 2050. The objectlve of the Land Use for Net Zero (LUNZ) Hub Is to eqvip UK policy-makers. indvsiry. clvil society and communities with the evidence they need to drive Iron5formotitsnol change In lond use The Hub. consisting of o consortium of 34 orgonisotions. including reseorch institutes, farmers groups. odvi50ry Servi5. no)n-governmeniol ond orts organisotions. is led by the Jomes Hutton Institute and the University of Leicester. Poge 29
Inntsvatlon for Agrfculture (A companu limtted by guarantee) Notes to the fsnoncsol statemenls For the yeor ended 31 December 2024 16. Analysis of net assets between funds Anglysis of net g5sets between funds- current period Unrèstrlcted funds 2024 Aestrlcted funds 2024 Total funds 2024 Ton9ible flxed ossets Current ossets 5.936 5.936 225.270 501 225.771 Creditors due within one year (79.503) (501) (BO.004> Totol 151,703 157.705 Analysis of net assets b•twè•n funds- prior pèriod Unrestrlcted fvnd5 2023 Restrlcted funds 2025 Tot¢Jl funds 2023 Tangible fixed Osset5 Current assets 2.881 2.881 241,546 {54.203) 93,668 335.014 Creditors due within one year 195,668) (147.871) Totol 190.024 190,024 Poge 30
Innovation for Agriculture (A compony limlted b¥ gv¢Jrontee) Notes to ihe finondol statements For the yeor ended 51 December 2024 17. Reconclllotlon of net movement In funds to net cash flow from operailng ortlvttles 2024 2023 Net income for the yeor (os per Siotemeni of FIn010[ Activities) 8.321) 29.892 Adlvsiments for.. Depreciotion chorges Surplus on the sale ol flxed assets Decreose in debtors 1.905 1.029 015) 96.014 28,818 Decre05e in creditors (67.867) (79.424) Net tosh used Sn operotlng octlvstles (8.302) J9,685) 18. Analysis of cosh ond cash equlvalenis 2024 2025 Cash ot bonk 128.996 122.348 Cash held for grcjnts 52,654 52.531 Totol cosh and cash eqvlvalents 19 161.650 174,879 19. Anolysls of chonges in net debt At31 December 2024 At l Jonuury 2024 Cosh flows Cosh ot bonk and in hond 174.879 05.229) 161.650 Poge 31
Innovatlon for Agriculturè (A company limitèd by guarontèe) Noies to the finonciul stotements For the ueor ended 51 December 2024 20. Pénsitin commitments The Choiity operate5 a defined contributions pension scheme. The rFsse15 of the scheme ore held seporotely from those ol the Charity In an independently odministered fund. The pension cost charge represents contributions payoble by the Chority to the fund ond omounted to £9.134 Q025 - £8.931). Coniributions tolalling £1.543 {2023 £1.102) were poyable to the fund ot thè balonc& sheèt date ond ore included in creditors. 21. Aelated porty transactions During the year. the Charity wos chorged £48.510 {2023- £66.7591 for rent ond office runni costs by the Royol Agricvlturol Society of England. the immediote ond uliimoie pcjrent. The Chority recharged a total of £221,317 to the Rouol Aoricvlturol Society of Englond. This reloted to salory rechorges of £11,873 12Q123 - £34.925) and specific chorges relcsting to projecis outsourced to the Charity ol £209.444 {2027 _ £179.9421 At ihe balance sheet date. o net bolonce of £13.207 was due from the Royol Agriculturol S(Kiety of Englond {2023- £67,252). 22. Controlling party The sole finonclol member of the Chorlty is rhe Royol Agrlcultvrol Society ol Englond. The Charitu Is ultlmotely controlled by the Trustees of the Royol Agriculivrol Society of England. Poge 32