Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
CONTENTS
Page
Reference and Administrative Inforniation
Report of the Trustees
Report of the Independent Auditor
Statement of Financial Activilies
Balance Sheet
Statement of Cash Flows
Notes lo the Financial Siatements
10- 12
13
14
15
16-31
Company Registration No. 8901784
Charity Registration No. 1156150

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
REFERENCE AND ADMINISTRATIVE INFORMATION
COMPANY NUMBER:
8901784
REGISTERED CHARITY No.
156150
BANKERS..
Barclays Bank PIC
Hertfordshire Corporate Offi¢¢
I l Bank Court
Hemel Hempstead
HPI IBX
SOLICITOR..
Withers
20 Old Bailey
London EC4M 7AN
AUDITOR:
RSM UK Audit LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire MK9 IBP
ACCOUNTANTS:
Azets LLP
Suites B&D, Burnham Yard
Beaconsfield
Buckinghamshire HP9 2JH
INVESTMENT ADVISER:
Sarasin & Parthers LLP
Juxon House
100 St Paul's Churchyard
Loiidon EC4M 8BU
PRINCIPAL OFFICE:
Roihamsted Campus
Harpenden
Hertfordshire
AL5 2JQ

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
REPORT OF THE TRUSTEES
FOR THE YF.AR ENDED 31 MARCH 2023
Thc Truslces prcsenl their Report and Financial Statements of the Lawes Agricultural I'rust {"Ihe Tru51" The
Chgrity" or 'LAT') for the year ended 31 Mar¢li 2023. The Financial Statements have becn prepared in
occordance wilh fRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS
102)} under the historic cost convention as modificd by the revaluation of inveslmenls. 'The financial slalemenls
meet th¢ r¢quiremcnis of tlie Companie5 Aci 2006, the Sialement of Recommended Practice- Accounting and
Reporting by Charities (Charities SORP {FRS 102)) and applicable accouniing siandards so far as Ihes¢
rcquiremLnts are appropriate. The charity is a public benefil enlity as defined by fRS 102.
Structure, Governanee And Man*gement
The Trust is an incorporated charity and company limited by guarantee regislcred on 19 February 2014. li traces
ils origin lo a Trust that was cstablished in 1889 by the Dcclaralion of Tnisl of Sir John Bennel Lawes FRS.
who founded Roihamslcd Experimental Sialion in 1843. The original trusl was a regislercd chariry, under the
Numb¢r 208228. From April 2014 Lawes Agricultural Trust (Charity Number 1156150. Company Number
8901784) assumed all of Ihe aclivilies previously undertaken by the original and corporate Iruslee.
Th¢ Trustees of the Lawes Agricultural Trust during 2022123 and up lo the date of this report We￿..
Dr Tina Barsby
Professor Sir David Baulcombe FRS
o Dr Graham Bircl) {Chairman)
Professor Sir Cliarle5 Godfray FRS
Sir Pcler Kendall
Mr William Gemmill
Mr Richard Percy
Company Secretary: Peter Oxley
The Truslees are also Directors of the incorporated entity for ihe purposes of Company Law and do not receive
remuneration for these roles. The Tru51ees meet regularly to consider policy, research, administrative matters
and risks,
The Trusi's Conflict of Interest policy reinforces Article I l of the Trust's Articles of Association, and stales
that the Trust's assets may only be used for the piirposc of promoting the Trust's charitable object and Truslces
may not receive any financial or non-financial benefit (directly or indire¢ily) from the Triisl. A register of
Trustee-Dire¢tors' interests is maintained and reviewed regiilarly.
The Trustees keep the Board's composition and balance of ski1Ss under constant review. Key areas considered
of importancc include experience at the highest level in terms of scientific acliievetnent, large estate I property
management. farming and food business. international science (including developing countries), investment and
political awareness.
New Trustees receive a comprehensive induction on site, conducted by the Chairman and Company Secretary.
in particular highlighting scientific involvemenL estate responsibilities, historical matters and urgent issues that
are facing the Trustees. Training relevant lo charity law and other matters as appropriate lo the individu&l is
offered.
The Investment Committee is a sub-committee of the Board, whose role is to critically examine and liaise with
the Trust's investment advisors, and ils meTnbers are Dr Graham Birch and Mr Richard Percy. A Remuneration
Committee ha5 also been established lo review and recommend remuneration for the Executive Director. The
Remuneration Committee comprises Dr Graham Birch and Dr Tina Barsby.

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
The Trusl, along with other activities, principally supports Rothamsted Research Limited ("Rolhamsled
Rescarch"). an incorporated charity that occupies and operales its agricultural research aclivilics from land and
buildings belonging lo the Trust. These research activities are directed by the Instilule Director of Roihamsted
Research.. this position is eurrenily held by Dr Angela Karp.
The Trust is a Corporate Member of Rothamsled Research, along with the Biotechnology and Biological
Science5 Research Council ("BBSRC"
now a part of UKRI) and ihe Chair of the Board of Trustee-Directors
for Roihamsted Researcl). The role of Ihese Members is defined through a Members, Agreement thal describes
how this tripartite arrangement recognises the critical Contribution in land and buildings (from LAD and funding
(from UKRI-BBSRC) to the well-being of Rothamsted Research and, achieving this through an arms-length
stance, does not seek to unduly influence ihe strategic direction of Rothamsled Research. The Chaiman of the
LAT Board attends Rothamsted Research Board meetings as an Observer.
The Trust provides an annual voluntary contribution. by way of a grant, to Rothamsted Researeh - referred to
as the "Director's Vote" This contribution is provided to the Institute Dire¢tor of Rothamsted Research to assist
in overseeing and running those research interests which would otherwise not be available for external grant
funding.
The Trust's Key Management Personnel are considered to be the Tn]stees (who receive no remuneration) and
the Execulive Director / Company Secretary. The latter's remuneration is agreed by the Trustees and Chaimian
of LA T based on the recommendation of the Remuneration Committee.
Assets
In Harpenden, Herifordshire, the Trust owns..
the Roihatnsled Estate (330 ha) incorporating a laboratory complex comprising research 2nd
administrative buildings and facilities (7 ha) and an extensive experimental fami on most of the rest of
the area-
a Grad¢ I listed building dating from the 13 century (Rothamsled Manor)-
51 houses and cottages on the estsle and in the town of Harpenden;
5 larger residential properties comprising multiple units.. Anova Court, De Ramsey Court. Southwood
Cour¢ Lawes Court and l Ninnings.
The Trust also owns an experimental farm {77 ha) at Broom's Barn in Suffolk, which includes related laboratory
buildings and 6 residential properties.
The majority of properties are utilis¢d by Rothamsted Research for its research activities, or as residential
accotntnodation for its staff and PhD students. Properties that are surplus to Rothamsted Research's
requirements a￿ let on fully commercial lem)s to third parties and defined as "investment properties"
The majority of the experimentsl lands, buildings and facilities owned by the Trust are oecupied under a bare
icence by Rothamsted Research and the buildings and facilities are included in that organisation's Balance
Sheet at historic cost to Roihamsted Research.
The Trustees consider the open market value on an altemativ¢ use basis of these assets to be materially in excess
of book value. Over many years it has been the custOTll for buildings not required by Rothamsted Research to
be handed over to LAT for the latter to maximise its income.

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
During 2022123 Ihc Trust has conlinucd to be very closely involved with the strategy and direction of
Rolhamsled Enterprises Lim i(cd (REL). REL is a joinl venture between the Trusl (40 % ), Rothamsled ResctLrch
(40 /0) and UKRI / BBSRC (200/0) and is aimed al attracting scienlifically-based companies and organisttlions
involvcd in the ag?riculiural arena- large and small, new and eslablished - lo esl&blish a cluster of like-tninded
organi5alions at tlic Roihamsl¢d campus.
Tlie Trust is currently promoting for release for potential residcnlial development a number of fields.. namely
Black l-lorse, Bylands. Meadow, Osier and Vcr, tolalling approximately 40 hectares and collectively rcf¢rr¢d to
'Land North-East of R¢dbourn" To this end the Trust cntcrcd into, on 29 Oclober 2021, a proinotion
agreement with Lands Improvem¢nl Holdings (LIH) in relation lo the Land North-Egsl of Rcdbourn. The Trusi
is working closely with LIH to promote (he land for inclusion in St Albans City & District Council's ("SACDC")
emerging Local Plan, wl)ich is currently in progress and timetabled for adoption in the autumn of 2025. The
inlention would bc to dispose of ihis land lo third parties for primarily resid¢nlial dcvelopmenl purposes,
to&Jether with allocations for educational, social and employment purposes. The proceeds from this disposal
would be applied directly to th¢ Trusl's ¢harilable objects, including enabling investment in the Roihamsled
campus and providing funding for (he ongoing rcsearch activities of Rothamsled Rcsearch. On 19 April 2023,
the Trust disposed ofihe land North-Easl of Redbourn lo ils wholly-owned subsidiary, LA T Redboum Limil¢d
ror lolal proceeds of £510.204. All agreements rel&l¢d lo this land were also novaled lo this subsidiary ai that
dale.
On 23 October 2020, the Trust exchanged contracts for the disposal of a 0.6ha site on th¢ boundary of the estate
al Halcliing Green to a third party. following an exlensiv¢ marketing Campaign. Completion on Ihis disposal
was achieved on 5 July 2022 for total proceeds of £2.1 m. In addition, a couple of small surplus r¢sidenlial
properties in Barrow, Suffolk, were disposed on the open market on I l July 2022 for total proceeds of £805k.
On 19 April 2023. Ihe Trust granted a 99 year lease (on a peppercorn reni b&sis. with a lease premium of £500k)
in relation lo the Manor House on the Roihamsted estale to its wholly-owned subsidiary, LAT Redbourn
Limited.
The Trust also holds liquid funds in Ihe form of slock markei investments and ¢￿h deposits.
Intellectual property rig]ils created during Ihe course of operation of the Rothamsled Experim¢nial Station {until
1991), including registered trademarks and copyrights, also continue lo belong to the Trust. These were
established in Il)¢ Memorandum of Underslanding dated 12 June 2000 between the (then) corporale trustee and
Rotham51ed Experimental Sialion {soon after to become Roihamsted Research in the same year). Other
archives, including soil and plant archive samples until 1991 also belong to the Trust and are under the
guardianship of Roihamsled Research.
Rlsk Mallagement
The Board of Direclors of the Trust- the Tru5tees- regularly reviews the major risks and principal un¢ertainties
to which the Trust is exposed and Ihe sleps which have been taken lo miligale against these. Key risks at 31
Marcl) 2023, with the main steps undertaken to mitigate those risks. are:
Rothamsled Research is the primary method through which the Trust achieves ils ¢haritable purposes.
Roihamsted Research is reliant for its funding from government sources, primarily BBSRC I UKRI. Given
the current political and economic lands¢ape, there are a number of uncertainties in relation to the ongoing
levels and sources of this funding. Additional 5UPPOrt and new approaches from the Trust may be needed
in this regard.

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
The Trusi slrong, aclive link¥ and compnunieaiion wilh Rorhamsted Research and BBSRC/ UKIU,
wilh Ihe Execulive Direclor meeiing key managemep71 personnel of both organi5aiioKs on a regvlar
basis, and Éhe Trusi Chairman allending Roihamsled Research Board meelirtgs as an observer.
2. The promotion of ihe Trust's land &5 a part ofilie SACDC emerging Local Plan (both the land North-East
of Redbourn and also land al Townsend Lane, Harpenden, optioned lo Hill Residential) is potentially a
significant drain on the Trust's resources. both finan¢ially and in lernis of management focus.
The Trusi has now enleredinlo apromoiion agreemenl wirh Lands Improvemenl Holdings (LIH), which
lo a large extenl niiligales ihese riskf. The Tru51 remains closely involved in ihe slraiegic oversighi of
Ikepromolion process, bul the day-lo-day ￿peCI5 (and relatedfvndino are now managed by LIH.
The Tru5V5 significant commitment lo a range of campus development projecls places an excessiv¢ strain
on finile resources.
The posilion ip7 relL71ion ¢0 commitmenls and ca5hflow is reviewed on a regular basis by ike Execulive
Director and reporied io ihe Tn¥siees a¢ eaek Board meeling.
Th¢ Trust continues to attract high calibre Trustees with the most outstanding skills and experience relevant
to the Trust's evolving activities and role. It is critical that this is maintained.
The Trnsiees have underioken lo ensure that the recrni¢n7ent ofsuilable new Truslees is a keypriority.
wilh iheposilion in relalion to CZ4rreni Boord eomposiiion subjeci to regular review.
Maintaining the future use. management and financial viability of Rothamsted Manor given ils Grade I
listing and rudimentary facilities.
The Trust, REL and Roihamsled Research work closely logether to ensure fyture Mse5 are L7vailable
which are in keeping wilh Rotkamstedmanor s lisied stafz45.
A complete review of the risk register is undertaken at each Trust meeting with a forn)al regisier being kept up
to date at these tneetings. The executive team also regularly reviews and updates the risk register in between
Trust meetings. To date, no risks have been identified that are judged lo threaten the existence or solveney of
the Trust.
Objectives and Activities
The charitable purposes of the Trust as defined in the Articles of Association are- 'to advance the science of
agriculture for the public benefil through original investigation and research, which may embrace all or any
subjecl{s) connected to or bearing upon agriculture, including animal or vegetable physiology, meteorology,
botany and chemisty" These purposes are a re-slalement of those in the original Deed of 1889. Like its
predeces50r, the Trust focuses on the estate and lands at Rothamsled, Herrfordshire and this remains the main
base for activity, but the Trust is free to consider other land, entilies or locations from time lo time.
The Trust ensures compliance with its charitable purposes by building its income and applying most of the assets
and proceeds of the Trust to the sponsorship and promolion, either directly or indirectly, of the charitabl¢
agricultural research activities of Rothamsted Research, whose agricultural research objects are similar to, and
derived from, those of the original Trust . There is an extensive programme of public benefit research, public
engagement and knowledge transfer undertaken at Trust premises. The Trustees are especially keen to ensure
that the research is converted into practietl application. This work is reviewed by the Trust through reports of
supported projects, provision of an observer from th¢ Trust at Rothamsted Research Board meetings and a bi-
annual report from its Jnslitute Director at Tn]st meetings. Further inforniation on Rothamsled Research and its
Reports oJe available on the web site at http'.l/www.rothamsted.ae.uk, or inforn)ation can be sought on
application, from the Company Se¢retary of th¢ Trust at the principal address as per page l.
Thus, the Trust utilises its assets to pursue ils purposes through five principal routes..
l Rothamsted Research's current charitable purposes are.. for the benefIt of the public to advance the science of
agri¢ulture by th¢ initiatioii, prosecution, development and continuance of investigations and experiments related thereto.

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
RF.PORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
The provision of land and buildings suitable for agricultural and r¢latcd sciences conducted by
Rothamsted Researcl), on beneficial lemjs.
This operai¢s as a closeporinership wilh Ro¢hamsiedResearch andihai organisalion s maip7srant-
giving ondfullding body, BBSRC.
2. The provision of accommodation on a preferential, bul defined, limited term basis lo PhD students, key
workers and other Rothamsled Research staff. which allows them lo live in thi5 very expensive location
whilst on modest scientifi¢ salaries.
The significanl majority of Ihe residenliolprovision owned by the Trust is avoilable prefereniially
for sludenis, siaffand visilors. These ore kept lo a goodstandardand well locaied with easy acce55
on fool io ihe sciepllific faciliÉies. RoÉhams¢ed Research identifies ihe mosi deserving and
appropriale lenanls.
The challenge wilh ihesefacililies is seeking lo ensure Éhey are adequaiely maintained in order io
proleci ihe assels andprovide good quality oceommodalion bul, Ot the same lipne, keep ihe charges
ai affordable levels ond ihal occupancy 15 both marimised andfairly assigned.
3. Granting financial support for scientific costs to Rothamsted Research, mainly through a "Direelor's
Vole" fixed annually by the Tn￿le¢S following proposals made to them. For the current year, the
Director's Vole was sel at £500,000 (2022.. £500,000).
4. Capital fijnding provision of diverse facilities deemed to help meet the TNst's purposes, wilh partners
where possible, including technology transfer, sample archive and the like.
5. In addition, th¢ Trust plays a vigorous and lead role in developing the Rothamst¢d campus to enable
interaclion with small companies to actively enhance the uptake of agricultural and environmental
research output into pr8¢tice across different communities, in conjunction with REL (as detailed above)
and othenvi5e.
Jiems 3, 4 and 5 reqz4ire ihe generalion ofcash sums. These can originatefrom..
Rep71al income on those Trust s properties made available on ike open markel at commercial
rents. Thepolicy is Éo maip7tain ihese al, Ihe highe5tPOS5ible standard to altraci high rents and
to maximise iheproperlies in ikis category.
b. Incomefrom equity and similar inveslmEnls.
Occasional sale ofland and asset$ to generaie capilal sums.
Public Benefit
As a charitsble Trust, LA T's primary purpose is the advancement of the science of agriculture for the public
benefit. This is primarily achieved through providing support for Roihamsted Research which in turn
disseminates knowledge and research with particular emphasis on publication in widely available scientific
joumals, in the popular agriculture and broader press and through conferences or seminars, many of which a
aimed at the wider public. The lem) "advancement" is taken to include such scienc¢ becoming widely used tn
xgrieultural practice. Thus. it falls within the charitable purpose of'lhe advancement of the arts, culture, heritage
or science"
Inevitable ancillary benefits as a result of meeting the primary object ihat would fall into the
categories of advancemenl of edu¢ation, the advancement of environtnental protection or improvement and,
perhaps to a more limited extent, the advancement of health. The Charity Commission specifically mentions
scientific research projects under the heading of the advancement of science. The Trustees have cotnplied wilh
Section 17 of the Charities Act 201 I to have due regard to public benefit guidance published by the Charity
Commission.
As stated in this report LA T provides a range of facilities to Roihamsted Research (whose charitable purposes
significantly overlap with those of ihe Trust) on a highly preferential, ex¢lusiv¢ basis, as well as modest grants.
This charitable activity takes place at the two tnain site5 owned by the Trust - Rothamsted in Hertfordshire
(which is the main site for Rothamsted Research) and Broom's Barn in Suffolk- but the output has global reach.
Trustees closely tnonitorthe activities of Rothamsted Research to ensure that they Continue lo serve ils charitable
purpose and meet the requirements of public benefit. The Trustees note that this is achieved by making scientific

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDF.D 31 MARCH 2023
advanccs freely available throughout public scientific lileralure. engaging in knowledge exchange with fam)er5
on an unhind¢rcd basis as well as initiating and promoting the wider discussion of scientific tnatters aff¢cling
agriculture, climalc cliange food quality aFtd food security.
Achievements
The Director's Vole was dispensed according to plan. The Trust provides long lerni 5UPPOrt for activities thai
oth¢rwise would not conlinue. This allowed the Trust to support, for instance:
Postgraduate Studentship5 in partnership wilh a number of universities.
Long-lerni experiments al Rothainsted- the classical field experiments and the insect survey. Although
now significantly supportcd through the National Capability Grants from BBSRC, LAT conlinues lo
provide additional and vitsl funding.
Student training in a variety of areas at Roihamsled, Ihereby enhancing th¢ existing development
programmes and helping to engage and develop the next generation of scientists.
Key PerformaDee Indicators
The main beneficiaries of the Trust are Rothamsted Research and its stskeholder5 who benefit frotn thc rescarch
that is undetLqken. Th¢ Trust a150 ensures the provision of resources to maintain, refurbish and enhance the
built eslale. Agricultural science projects at Roihamsled Research are fLIRded through ihe Direclor's Vote which
this year lotalled £500,000 (2022.. £500,000).
The Trust continues to provide affordable housing for key workers and visiting workers, whilst m￿lmiS1ng the
rental income on externally let properties (those properties thal are limited to exlernal lets are defined as
'investmenl properties") according to market conditions. In turn, this provides funding for future years,
refurbishment plans of all properties, thus maximising long-term rental income for the Trust and providing
affordable aecommodalion for Roihamsted Research slaff.
Some criteria used by the Tn]st to assess perfomance against its objectives can be summarised below:
l ) Investmenl income is monilored by the Board with a more delail¢d review and assessment carried out
by the Investtnent Committee who liaise directly with Ihe Trust's investment advisors Sarasin &
Partners LLP. Six-monthly reports provide p¢rfonnance indicators for the investinents against the
industry average. The gross dividends and interest income for the year on tlie investments was £201 k
(2022.. £127k) which remains broadly in line with typical market performance.
2) The maintenance of sound rental income against a planned refurbishment programme for Trust
properties has been operating over several years and continues. In the year. the total estale income (both
charitable and investment properties) was £2,255k (2022.. £2,OJOk). See also Notes 5 and 6.
3) Director's Vote funding is approved by the Board and allocated by the Director of Rothamsted Research
to sponsor continuing long-tenn s¢ientific projects. The result5 of these projects are reported to the
Board who monitor and review the results against the Trust's objectives.
Financial Review
The Ststement of Financial Activities shows that lotal fi]nds have increased lo £31,651 k (2022.. £27,905k).
Ov¢rall eslale rental income (including investment properties) increased to £2,253k (2022.. £2, 016k).
There was further expenditure on properties in the sum of £1,780k 12022.. £J56k). As stated above, overall
income trajectory is set lo rise in line with our ongoing estate programme and the overall quality of property

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2023
stock being both maintained and 51¢adily improved across the whole portfolio. This include5 investment inlo
the innovation facilities as part of the Enterprise objeclives for the Campu5. A key item of capital expenditure
during thc year was the renovation of the old Stores building into the new Innovation Labs facility, a
development of 9 laboratories for start-up tenants which was partly fijnded through grants from the HertslQ
Enterprise Zone and BBSRC (£1.25m grant funding in total)-
The value of the investment porifolio increased by 5.59/0 in the pasl year to a Fair Value of
£4.864k (2022.. £4,6JOk). All equity investments are managed by Sarasin & Partners LLP. Direct Costs of
investment management were £Ok 12022.. £0. Ik) The investment in the unlisted, spin-out statistic softwar¢
company VSN International Limited is valued at £348k {2022.. £348k)- Wc are pleased to note that the payment
of a dividend of£28k has been received for 2022123 (2022.. £28k).
The Trustees note the level of cash being held in banks (mainly as Barclays Treasury Deposits) has increased to
£2.276k (2022.. £1,094k) as a result of the realisations on properties.
Payments associated with the Director's Vote. which make an important contribution lo the agricultural re5¢arch
at Rothamsted, continued as staled above.
Going Concern
The Trustees have reviewed the current position and projected results of the Trust for the period lo 31 March
2025 and, based on this. have continued lo prepare the financial staletnents on a going concern basis. Further
detail can be found in the going eoneern accounting policy note on page 18.
Investment Policy
The Trustees, investment mandate is staled in its Artiele5 where the Board has powers.. "to deposit or invest its
fund5 in any manner as may be thought fit (including, but not limited io, Ihe establishment of trading or other
subsidiaries of any kind), but only after obtaining such advice from a Financial Expert as the Truste¢s ¢onsider
necessary and having regxrd to the suitability of investments and the need for diversification" Dr Graham Birch
has extensive investment experience in the City of London and chairs the Investment Sub Commirtee, which
liaises with the appointed investment manager, Sarasin & Partners LLP. The aim of the portfolio is to maximise
total return and ihere are no restrictions placed on the investment portfolio. Sarasin present to all Trustees from
time to time.
Note that as stAted earlier the Trust holds certain properties as investments as they are not used at all for
eharitable purposes (i.e. providing xceommodation for Rothamsled slafD but rather only lo generate an income.
This is a small number of the totAI housing stock as the Trust wishes to keep the flexibility that enables the
majority lo be available for Rothamsted staff if and when necessary.
Fund Raising
The Trust does not actively fund raise, and no professional fund-raisers are engaged. No appeals to members of
the public have been made, and no fund raising is carried out on behalf of the Trust. No complaints were received
from the public in relation to fund raising.
Reserves Policy
The Trust's policy on the maintenance of reserves seeks to ensure that sufficient reserves are available to enable
the Trustee5 to fulfil the short and longer-lerni liabilities and obligations of the TrusL as well as fully
participating in the development of the Estate at Rothatnsted and Brooms Barn in a timely manner. In the

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCFI 2023
conl¢xl ofilic laller, Il)¢ Truslees ar¢ ofilie opinion that Iliis falls clcarly wiihin and dirccily serves th¢ cliarilable
ObjLcl ofih¢ Tru.sl. l-.re¢ rcserves availablc for iise by the Trust are decmed to be those Il)al ar¢ readily realisable.
les5 funds wliosc uscs are rcslriclcd or dcsignaled for particular purposes. The calculation thus cxcludes fix¢d
asscls. rcstricled and dcsignaled funds. The level of free reserves as at 31 March 2023 was £5.069k (2022..
£2, 732k). As a broad principle and with du¢ considcralion to short term demands, the Trust's ov¢rall aim is lo
invcsl in faciliti¢s rather than be holding casl). It is noted by the Trustees that overall Tolal Unreslricled Funds
stttnd al £31,651 k (2022.. £27,905k)
Statement of Trustees, Responsibilities
'I'li¢ Truslecs (who are also (he dircclors of Lawcs Agyrieuliural Trust for the purposcs of company law) re
rcsponsiblL for prcparing Ihc Report of the Triislees and the financial statements in accordance willi applicable
IAW and Uiiitcd Kinu?dom Accounting Siandards {Unitcd Kingdom Generally A¢c¢ptcd Accounting Practice).
Company law requires the Trustees lo prepare financial statements for each financial year which give a truc and
rair view ofilie ofilic charilAble company and of the incoming resources and application of r¢sources, including
tl)e ii)¢oinc and CXPLnditur¢. of Ilic cliarilable Company for Ihal period. In preparing these financial stalemcnls
Il)¢ Trustces are required to..
select suitable accounting policies and Ih¢n apply Ihcm consistently.
observe Ilie Inethods and principles in the Cl)arilies SORP;
makc judgemenls and cstimales tliat are reasonable and prudent:
slate whether applicable UK Accounting Standards have been followed, subject to any material
dcpartures disclosed and explgined in Ilie financial slaiemcnts; and
prcparL. Il)e finai)cial stalemenls 011 the going conccrn basis unl¢ss it is inappropriate lo presume that
tl)c cliarity will continue in business.
Thc Trustees ar¢ rcsponsiblc for keeping proper accounting records that disclose wilh rcasonable accuracy, at
any limc, Ihe financial position ofilie charilable company ai)d enablc Iliem lo ensure that the financial sl£ltements
comply wilh the Companies Act 2006. Thcy are also responsible for sftfeguarding the asset5 of Ihe charitable
company and hence for taking rellsonable stcps for the prevention and dctcclion of fraud and other irr¢gularilies.
Statement as to Di5¢1osur¢ of Information to Auditor
The Truslecs who were in offi¢e al the date of approval of these financial slalemenls have confirmed, as far as
tl)ey are aware, Ilial Iherc is no relevant audit information of wl)icli the auditor is unaware. Ti)e Trustees have
confirmed Ilial Illey have laken all the slcps that they ought to hav¢ taken as Trustees in order to make itself
aware of any relevant audil inforniation and to e51ablish that it has been communicated to the audiior.
The financial slalements have been Prepared in accordance wilh the provision5 applicable lo companies subject
lo the small companies regime.
On behalf of the Board
Peter Oxley
Trust Secretary
Date: 22 November 2023

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAWE.S AGRICULTURAL TRUST
Opinion
We have audited the financial statements of Lawes Agricultural Trust {the 'ch￿lIable company,) for the year
ended 31 March 2023 which comprise the Ststement of Financial Activities, Ihe Balance Sheet, the Stalemenl
of Cash Flows and notes to Ihe financial 51atemenls, including significant aecounling policies. The financial
reporting framework Ihat has been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including FRS 102 'The Financial Reporting Standaid applicable in the UK and
Rcpublic of Ir¢land" (United Kingdom Generdlly Accepted Accounting Practice).
In our opinion the financial stalcmenls..
give a true and fair view of tl)e slate of the charitsble company's affairs as at 31 March 2023 2nd of ils
incoming resources and application of resources, including its income and expenditure, for the year then
ended;
have been properly prtpared in accordance with United Kingdom Generally Accepted Accounting
Prdctice; and
have been prepared in accordanc¢ with the requirements of th¢ Companies Act 2006.
Basis for opinion
We condu¢t¢d our audit in accordance with International Standards on Audiling (UK) (ISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities
for Ihe audit of the financial statements section of our report. We are independent of the chariiable company in
accordance with the eihi¢al requiremenls that are relevant to our audit of ihe financial statem¢nts in the UK,
including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with
these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements. we have concluded Éhat the trustees. u5¢ of the going concern b￿1$ of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uneertainties relaling to events or
conditions that, individually or collectively, may cast significant doubt on the charitable ¢ompany's ability to
continue as a going concem for a period of at le&st twelve monihs from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the
relevant sections of this report.
Other information
The oiher inforynation comprises the information included in the Annual Report other than the financial
statements and our auditor's report thereon. The trustees are responsible for the other infom)ation contained
within the Annual Report. Our opinion on the financial statements does not cover ihe other inforniation and,
except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion
thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other infonnation is
materially illconsistent with the finan¢ial statements or our knowledge obtained in the course of the audit or
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements. we are required lo delem]ine whether this gives rise to a material misstatement in the finaneial
statements themselves. If, based on the work we have performed, we ¢onclud¢ ih&t there is a material
misstatement of this other inforniation. we are required to report that fact.
We have nothing to report in this regard.
10

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAWES AGRICULTURAL TRUST
Opinions on other mAtters prescribeil by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audil..
th¢ infomiation given in the Report of the Trustees. which includes the Diiectors, Report prepared for
Ihe purposes of company law, for the financial year for which the fmancial statements are prepared 15
consislenl with the financial statements. and
the Directors, Report included within the Report of the Trustees, h&8 been prepared in accordance with
applicable legal requirements.
Mgtters on which we are required to report by exeeption
In the lighi of the knowledge and understandirtg of the ¢haritable company and its environmenl obtained in the
course of the audit. we have not identified material misstatements in the Dir¢¢tors' Report included within the
Report of the Trustees.
We have nothing to report in respect of the following matters where th¢ Companies Act 2006 requires us lo
report lo you if, in our opinion:
adequale accounting records have noi been kepL or returns adequate forour audit have not b¢en received
from branches not visited by us; or
the financial slatements are not in agreement with the accounting records and returns. or
certain disclosures of truslees, remuneration specified by law are not made. or
we have not received all the inforn]ation and explanations we require for our audit- or
the Trustees were not entitled to take advantage of Ihe small companies exemption from the requirement
lo prepare a Strategic Report or in preparing the Report of the Trust¢es'.
Responsibilities of erustees
As explained more fully in the Statement of Trustees, responsibilities sei out on page 9. the trustees (who are
also the directors of the charilable company for the purposes of company law) ar¢ responsible for thc preparation
of the financial statements and for being satisfied that they give a true and fair view, and for such internal control
as the trustees deterniine is n¢cessary lo enable the preparation of financial statements that are free from material
misstatement, whether due lo fraud or error.
In preparing the financial statements, the I￿SteeS are responsible for assessing the charitable company'5 ability
to continue as a going concern, disclosing, as applicable, matters related to going ¢oncern and using the going
concern basis of accounting unless the trustees either intend to liquidate the charitable eotnpany or to Cease
operations, or have no realistic alternative bul to do so.
Auditor's respollsibilities for the audit of Ihe financial statements
Our objectives are to obtain reasonable assuranc¢ about wheiher the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report Ihat includes our
opinion. Reasonable assurance is a high level of assuran¢¢, bul is not a guarantee that atk audit conducted in
accordance with ISAS (UK) will always detect a material misslat¢m¢nt when it exists. Misstatements can arise
from fraud or error and are Considered material if, individually or in the aggregate. they could reasonably be
expected to influence the economic decisions of users taken otk the b&sis of these financial statements.
The extent to Ivhicb tbe audit was considered eApable of detecting irregulArities, including frnud
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit gre to
obtain suiTicient appropriate audit evidence regarding compliance with laws 2nd regulations that have a direct
effect on the delem)inalion of tnalerial amounts and disclosures in the financial statements, to perfomi audit
procedures to help identify instances of non-compliance with other l&ws and regulations that may have a material
effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with
laws and regulations identified during the audit.
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstalement of the
financial statements due to fraud, to obtain sufficient appropriale audit evidence regarding the assessed risks of

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBER.S OF LAWES AGRICULTURAL TRUST
malerial misstatement due to fraud through designing and implementing appropriate responses and lo respond
approprialely to fraud or suspected fraud identified during the audit.
However, il is the primary responsibility of managemenL wilh the oversight of those charged with governance.
to ensure that the entity's operalions are conducted in accordanc¢ witli the provisions of laws and regulations
and for the prevention and detection of fraud.
In identifying and assessing risks of malerial misstatement in respect of irregularities, including fraud, the audit
engagemenl lep4m:
obtained an und¢rslanding of the nalure of the se¢tor. including the legal and regulalory frameworks
tlial Ihe charilable company operaics in and how the charitable company is complying will? the legal
and regulatory frameworks;
inquired of management, and those charged with governance. about their own identification
assessment of Ihe risks of irrcgularities, including any known actual. suspected or alleged in518nces of
discussed matters about non-compliance with laws and regulation5 and how fraud might occur including
aSS¢ssment of how and where tlie financial slateinents may be susceptible to fraud
As a result of thcse pro¢¢dures we consider th¢ most significant laws and regulations that have a direct impacl
on the financial slalements ore FRS 102, Charities SORP (FRS 102), Comparties Act 2006, Charities Act 2011,
the charitablc company's governing document and tax legislation. Wc perfomied audil procedures lo detc¢t non-
compliances which may liave 8 material impact on Il)e financial slatcmcnts which included revieiving Ihe
rinancial slalemenls including the Report ofthe Trustees, remaining al¢rt io new or unusual transactions which
may not be in accordance with the governirtg documents.
Thc mosl significant laws and regulations Ihat have an indirect impact on the financial sralcments are those in
relalion lo Health and Safety, the Landlord and Tenant Act 1985 and the Housing Act 1988. We performcd
audit procedures lo inquire of management whether the charitable company is in ¢ompliance with these law and
regulations and inspected ¢orresponden¢e with regulatory auihorilies.
The audit engagement team identified the risk of management override of controls &5 the area where the financial
slal¢ment5 were most susceptible lo material misslalemenl due io fraud. Audit procedures p¢rformed included
but were not limited lo testing manual journal entries and other adjustments, evaluating the business rationale
in relation lo significgrtl, unusual transaclions and transactions entered into oulside the normal course of business
and challenging judgments and estimates.
A further description of our responsibilities for the audit of the financial slalements is lo¢al¢d on th¢ Financial
Reporting Council's websiie al hi
'.l/www.frc.or
.ukl udilor
res
onsibililies. This description forms part of
our auditor's report.
Use of our report
This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of
Part16 of th¢ Companies Act 2006. Our audit work has been undertaken so that we mighi slate lo Ihe charitable
company's members those matters we are required to state to them in an auditor's report and for no other
purpose. To the fullest extent pem)itted by law. we do not accept or assume responsibility to anyone other tha
th¢ ¢harilable company and the cl)aritable company's members as a body, for our audit work, for this report, or
for the opinions we have formed.
DcGu8bn•d by.
DB95033FFfj4C4EB
SARAH MASON (Senior Statutory Auditor)
For and on behalf of RSM UK AUDIT LLP, Statutory Auditor
Chartered Accountants
The Pinnacle, 170 Midsummer Boulevard. Milton Keynes. Buckingham5hire MK9 1 BP
Dale.. 22 November 2023
12

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES ACRICULTURAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDF.D 31 MARCH 202J
Unreslrlcled Fund5
General
DesiRnated Rcslricted
Fund
Fund
Fund
Tot81
Funds
2023
Total
Funds
2022
Notes
Income from:
Donalion5
Grants
28,279
28.279
1.250.000
1.278,279
1250.000
1.250.000
28.279
Investments
599 273
627,552
599.273
1,877,552
523,799
523,799
1.250,000
Cliorliable Acilvliles..
Estate Managem¢ni
1,854.855
1,854.855
1,869,034
Tol41 Income
2 482 407
1250 000 3 732 407
2 392.833
Expcnditure on:
Rrtl.sliig l.uiid.f.'
Fund Raising Costs
(56,028)
{56,028}
{47,124)
Cliarlirtble Acilvliles..
Es¢ai¢ ManagLinent
Research
Tot81 Charitable Expendilure
7b
7b
12,130.540)
500.000
{2.630,540)
12,130,540)
500.000
12,630.540)
(1.815,567)
500,000
(2,315,567)
Tolgl Expendllure
{2,686,508)
12,686.568)
(2,362,691)
Profit on Sale of Tangible Fixed
Assets
2,640,264
2,640.264
Net Gains on Investments
59.094
59.094
372,883
Net In¢ome
2,436,103
59.094
1,250,000 3.745,197
403,025
Transfer to General Fund
1,250,000
(1,250.000)
Net Movement in Fund$ In
Yepr
3,686.103
59,094
3,745,197
403,025
Re¢oiiclll&lioN of Funds
Funds Balances Brought
FOrw￿d at l April
9,147.050
18,758,308
27,905,358
27,502,333
Funds Balances Carried
Forward at 31 March
12,833.153
18,817,402
31.650,555
27.905.358
13

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
BALANCE SHEET AS AT 31 MARCH 2023
Company Registration No: 8901784
Notes
Totsl
2023
Total
2022
Fixed Assets
Tangible Assets
Inv¢stments
10
14,864.104
14,763 202
29,627,300
13.514,736
14 153.888
27,668.624
Current A55ets
Debtors
Cash at bank and in hand
12
521,958
2 276.435
2.798,393
452.459
1.094,448
1.546,907
Current Liabilitles
Creditors Falling Due Within One Year
13
(775.1441
{1.310.173)
Net Current A$scts
2.023,249
236.734
Nct Assets
14
31,650,555
27,905.358
Funds
Unreslrictcd Funds
Gencral Fund
Designaied Fund
Capital Rcserve Fund
12,833.153
9,147,050
18,817.402
18,758.308
TotHI Unrestrlcted Funds
31.650.555
27.905,358
Total Funds
31.650.535
27.905,358
Approved by the Trustees and authoris¢d for issu¢ on 22 November 2023
Signed on behalf of the Trusiees.
GRAHAM BIRCH
14

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
Total
2023
Total
2022
Notes
Net cash gcnerated frorn operating activitie5
Cash generated from l (used in) operating activities
16
12,385
(45,8691
Jnve5ting activities
Dividends, interest and Tent from investments
599.273
523,799
Purchase of tangible fixed assets
(1,779,710)
{155.915)
Purchase of fixed asset investments
(550220)
Proceed5 from sale of tangible fixed &5sets
2,900,259
Net eash generated from investing activities
1,169,602
367.884
Financing activities
Loan repayments
(200,000)
Net cash used in financing activities
{200,000)
Net incre&se in cash and cash equivalents
1,181.987
122,015
Cash and cash equivalents ai beginning of year
1,094,448
972,433
Cash and ¢ash equivalents at the end of year
2.276,435
1,094.448
15

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES ACRICULTURAL TRUST
NOTF.S TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Accounting Poli¢ies
General Informlltion
Lawes Agricultural Trus1 {"th¢ Charity" or '%h¢ Trust") is a charitable Company limited by
guarantee domiciled and incorporated in England. The address of the Company's registered offic¢
and principal place of business is Rouiamsled, Harpenden, Hertfordshire, AL5 2JQ.
The Charity's principal activities are as detailed in the Report of the Truslees. The charity is a public
benefit entity as defined by FRS 102.
Monetary amounts in these financial stalem¢nts are rounded to the nearest £ except for note I l (e)
which is rounded to £OOOs. Sierling is the functional and presentational currency.
Basis ofA¢countillg
Tlie finan¢iaS sla(cmenls have been prepared in accordance with FRS 102 {The Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102)). The Trust's wholly owned
subsidiary, LAT Redbourn Limited, was dormant throughout the year and so has not been
consolidated in these financial statements.
Th¢ financial statements hav¢ been prepared under the historic cost convention as modified by the
revaluation of investtnents. The financial statements meet the requirements of the Companies Act
2006. the Statement of Recommended Practice- Accounting and Reporting by Charities (Cliarities
SORP (FRS 102)) and applicable accounting stsndards so far as these requirements are appropriate.
b)
Tangible Fixed Assets
Individual fixed assets costing £3,000 or more are capitalised.
Freehold Land and Buildings are staled al cost and no depreciation on buildings is provided on
part of the portfolio, where an assessment of the residual values of the properties at the balan¢e
sheet dale indicates that no provision for depreciation is necessary. For those buildings where a
provision for depreciation is considered material, these are being depreciated over a 50 year
estimated useful economic life.
Fixtures, fjttings And equipment are staled at cost and depreciated on a straight line basis over
their estimated useful life of l O years, with computer equipment depreciated on a straight line basis
over their estimated useful life of 5 years.
Collections of BooiLS, Prints and PgiDtiDgs are stat¢d at deemed cost on transition to FRS 102.
Rare Furniture, Statuary and Effects were stated at deemed cost on transilion to FRS 102.
No depreciation is provided on the Rare Furniture, Statuary and Effects, Books, Prints and Paintings
as described above. These assets have long useful lives and are not anticipated to be used or
consumed or to deteriorate 5ignifieanily through effluxion of time. Accordingly, Ihe Trustees
Consider that the residual value of the assets is such that no depreeiation is required to be charged.
An assessment is made al each reporting date of whether there are indicators that a fixed asset may
be impaired.
IDtellec¢ual Property is not valued as in the opinion of the Trustees no realistic valuation can be
placed on this asset in the absence of an arms, length offer for the purchase thereof.
16

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWF.S AGRICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023 (continued)
Investments
Listed inv¢slm¢nts are ststed at the fair value at th¢ Balance Sheei date. Unquoted investments are
slat¢d at the Trustees, estimate of fair value.
Investment properties are slaled at fair value. Gains and losses arising on revaluation are recognised
in the Statement of Financial Activities as these arise.
Undertakings in which the Trust has a long-term interest and which are under joint control are
defined as joint ventures. Joint ventures are accounted for at cost.
d)
Taxation
As a charity, th¢ Trust is not usually liable io corporate t￿allOn on ils other income and capiial
gains. Recovery of I￿atiOn is madc in respect of donations under gift aid. The Trust is registered
ror Value Added Tax (VAD but where VAT is irrecoverable. it is included in the relevant category
of expenditure.
Income
Income, including grants, gift aid receipts and other donations is recognised where there is
entitlement, probability of receipt and the amount can be m¢asur¢d with sufficient reliability.
Where material, donated services and facilities are included in the Statement of Fiftancial Activities
based on the Trustees, estimate of the fair value of the services received.
Investment income 15 recognised on a receivable basis.
Income from charilable activities represenls income received from the Trust's eslale management
aetivity and includes rental and other income on estate properties logether wilh surpluses on
disposal of any properties. This is recognised on a receivable basis.
Expenditure
Expenditure is recognised when a liability is incurred..
Costs of raising funds are those costs incurred in relation to Tnanagem¢nt of the
investments.
Charitable activiti¢s include expenditure associated with the Trust's estate managemenL
research activities and grant making, in ac¢ordance with the objecls of the Trust.
Support costs include central functions and have been allocated to activity cost categories
on a basis consislenl with the use of resources. Support costs also include cosls incurred in
the governance ofthe Charity and its assets and are primarily associated with constitutional
and statutory requirements.
g)
Funds Structure
All fijnds are unrestricted fijnds. The Trustees have set up a designated fund and the purpose of
this is delailed in Note 14 to the financial statements.
17

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023 {contjDued)
Financial Instruments
The Trust has elected to apply the provisions of Section I I 'Basic Financial Instruments, 2nd
Seetion 12 '0iher Financial Instruments Issues, of FRS 102, in full, to all of its financial
instruments.
Financial assets and financial liabilities are recognised when the Charity becomes a party to the
contractual provisions of the instrument, and are offset only when the Charity currently has a legally
enforceable right to set off the recognised amounts and intends either to Settle on a net basis, or to
realise the asset and settle the liability simultaneously.
Fiiiortcial assels
Trode and oiher debiors
Trade and other debtors which are re¢eivable within one year and which do not constitute a
rinancing transaction are initially measured at the transaction pri¢e. Such debtors are subsequently
measured at amortised eost, being the transaction price less any amounts settl¢d and any impairmenl
losses.
A provision for impaim¢nt of trade and other debtors is established when there is objective
evidence that ihe amounts due will not be collected according to the original ternis of the contract.
Impairment losses are recognised in income or expenditure for the ex¢¢ss of the eanying value of
the debtor over the present value of the future c&sh flows discounted using the original effective
interest rate. Subsequent reversals of an impairnient loss that objectively relate to an event occurring
after the impairnient loss was recognised, are recognised immediately in income or expenditure.
Concessionary loans are initially measured at the amount paid, including interest accrued and after
impaim)eDt, where applicable.
Finonciul Ilubililies
Trade other credilors
Such creditors payable within one year that do not constitute a financing transaction are initially
measured al the transaction price and subsequently measured al amortised cost. being the
transaction price less any amounts settled.
Government and Capital Grants
Government and capital grants are recognised at the fair valu¢ of the asset received or rcceivable
when there is reasonable assurance thttt the grant conditions will be met and the grants will be
received. Grants are recognised &% income when any associated performance Conditions are met.
i)
Going Con¢ern
The Trustees have adopted the going ¢oncern basis in the preparation of these finimcial statetnents.
Forecasts have been prepared which support this lo 31 March 2025. There are no material
uncertainties in this assessment. Cash and liquid inv¢stm¢nts remain strong and ihe Trustees are
s&tisfied that the Trust remains a going ¢oncem.
18

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023 (continued)
Critical Accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and
other f2clors, including expectations of future events that are believed to be reasonable under the
circumstances.
Critical aecounting esiimales
The Charity makes estimates and assumptions ¢oncerning the future. The resulting accounling
estimates and assumptions will, by definition, seldom equal the related actual results. The estimates
and assumptions that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are considered to be the useful
economie lives and residual values of tangible fixed as5Cts (included in Note l O), which 15 the key
estimate in assessing the level of depreciation required, and th¢ fair value of the investment
properties (included in Note I l).
Valualion of unlisled inveslmenls
The valuation of the investments in VSN Intemational Limited and Sug&Rox Limited are based on
the Trustees, current view of fair value, which is in based on the latest published net asset
position and other relevant information (see Note I Id).
19

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023 (continued)
Comparative 51atem¢nt or rinancial 8etivili¢$
For the yeor cndod Jl March 2022
Unre.flrlcied fuiids
Gcneral Designated Fund
Fund
Total
Funds
2022
Notes
Income from:
Donations
Grdnts- LEP
Invesiments
523,799
523,799
523,799
523,799
Cliarliuble Acilvliles..
Estate Managcmcni
1,869,034
1,869.034
Tol41 Incorne
2,392,833
2,392,833
Expenditure on:
RlllsliiATr ffiiiids..
Investm¢nt Managemcnt costs
(47,124)
{47.124)
Cliarllrtble Acllviile5.'
Esiaie Management
Rcsearch
7b 11,815,567)
7b
(500,0001
(1,815.5671
(500,OOOJ
Total Chnritable Expenditure
(2,315,567)
(2.315,567)
Total E%pendlture
(2,362,691)
{2.362.691)
Net gains on investments
372,883
372,883
Net income
30,142
372,883
403,025
Net Movement in Funds in Year
30,142
372,883
403.025
Recomclllalion of Futtds
Funds Balances Brought Forward as at l April
9.116.908
8,385,425
27.502,333
Funds Balances Ca￿led Forward as at
31 March
9,147,050
18,758.308
27,905,358
-20-

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR Ef4DED 31 MARCH 2023 (continued)
Restricted income from Grants
Total
2023
Total
2022
LEP and BBSRC Funding (relating
to Innovation Labs refurbishrnent)
1.250,000
1.250,000
Grant income from the Her￿Ordshire LEP and BBSRC was provided specifically to fund the Innovation
Labs refurbishment. As such it has b¢en treat¢d in the accounts &s a Restricted Fund, released to the
General Fund upon completion of the works.
Investments
Total
2023
Total
2022
Dividends
Bank interest
Lettings income
149.424
51.600
398.249
126,706
92
397.001
599,273
523,799
Income from ch8ritable activitie5
Total
2023
Total
2022
Rental inrom¢ from estate
properties
Promotion fe¢$ receivable
Sundry incorne
1,854,855
1,618.514
250.000
520
1.854,855
1,869,034
21

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023 (continued)
7{a) Support costs
The Trust allocates its support Costs as shown in ihe table below and then further apportions these
between the ch&ritable activities undertaken (see Notes 7b and 8). Support costs are allocated on a
basis consistent with the use of the resources.
Raising
Funds
Estate
Management
Governance
Costs
Total
2023
Total
2022
Staff Costs (see Note 9)
Audit fe¢s.' RSM UK Audii
LLP
56,028
177,466
56,028
25,970
289,522
25,970
270,732
23,225
56.028
177,466
81.998
315,492
293,957
2022
47,005
176,602
70,290
293,957
7(b) Analysis of Charitable Expenditure
2023
2022
Estate Management- Dire
Estste Management- Support
1.871.076
259.464
1.568.675
246,892
Estate Management
2.130.540
1,815,567
Res&iTch
500,000
500,000
Total
2.630.540
2,315.567
Expenditure on Raising Fund5
2023
2022
Inv¢stment manageinent costs
59
Direct costs
59
Support costs (Note 7a)
56,028
47.065
56,028
47,124
22

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMF.NTS
FOR THF. YEAR F.NDED 3] MARCH 2023 (continued)
Trustees And Related PArty Transactions
The Trust employs 7 (2022: 7) staff members, al a cost of £289.522 (2022.. £270,731).
2023
2022
Wages and salaries
Social security ¢osts
Defined contribution pension cost
238.787
17,447
222.202
19,512
There was no payment of remuneration to trustees in the year (2022.. £Nil). Trusle¢s Claimed no
reimbursemcnt oftravel expenses during the year (2022.. £Nil).
Ti)c key management personnel are considered lo be Ihe Trustees and the Chief Exeeutivelcompany
Secretary. The Trustees did not receive any emoliimcnls for their services {2022.' £Nill. The costs
incurred in relatioi) lo ￿)¢ serviees of the Chief Execulivelcompany Secretary totallcd £92,868 (2022:
£87,006). No other employees of The Charity &re paid remuneration in excess of £60k.
In Oclobcr 2011, following a change in governance of Rothamsled ReseArch, the Trust becaine one
of three members of Rothamsled Research. and hence related party transactions are required lo be
disclosed. As one of threc equal memb¢rs, Ihe Trustees consider that the Trust does not have
significant influence over Rothamsted Rescarch and does not seek to unduly influence the strategic
direction of Roihamsted Rcsearcli. Full dctails of this can b¢ found in the Report of the Truslces.
T]i¢ nel balance due lo Rolhamsled Research al 31 March 2023 was £136,054 (2022.. £241,275).
Grants paid lo Roihamsted Research in respect of research expenditure ar¢ delail¢d in Note 7b above.
Rothamsted Research also uses certain of Ihe Trust's langible fixed asset properties and land held for
¢haritable use as described in Note 10.
The Trust h&s provided land for the Lawes Open Innovation Hub, Il)e Conference Centre extension
and improved car parking al Rothamsl¢d, wl)ich l?a5 been constructed by Roihamsled Enterprises
Limited {RF.I,), 8 joint vcnlure of the TrLlSt as dclailed in Note I l. As set oul in Nolc 12, the Trust
has retained an unsecured working capital loan lo REL of £50k (2022.. £50k), which remains
outstanding at the year end. Originally due for repaytn¢nl on 31 March 2020, the Trustees have
agreed (al the 22 March 2023 board mceling) lo dcfer this repayment date to 31 Maich 2030 if not
settled earlier. No Inte￿51 is chargcd on tliis concessionary loan.
The Trust made purchases of £123.690 (2022.. £171,405) in respccl of conference centre facilities,
meeling rooms, catering service5 and commercial tenant managemcnl fees. The nel balance due to
REL (excluding the loan referred to above) was £40,311 (2022.. £22,773).
23

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMF.NTS
FOR THE YEAR ENDED 31 IILIRCH 2023 (continued)
10 Tangible Assets
Fixtures,
Fitting5 find
Equrpmtnt
Frechold land
nd buildings
Book5. PAintings
and Furniture
Toigl
CostlDeemed c051 as at l April 2022 13,652,112
440.206
729.999
14,822,317
Addilions
1.687,262
92,448
1,779,710
Disposals
(259,995)
(259,995)
CostlDeemed cost as at 31 March
2023
15,079,379
532,654
729,999
16.342,032
Deprecialion at l April 2022
1,158,604
148.977
1,307,581
Depreciation charge for the year
122,152
48,195
170.347
Depreciation as at 31 March 2023
1.280,756
197.172
1.477,928
Net book value as at 31 March 2023
13,798,623
335,482
729,999
14,864.104
Net book value as at 31 March 2022
12,493,508
291,229
729,999
13.514,736
Historical cost as at 31 March 2023
15,079,379
485,631
409,655
15,974,665
Historical cost as at 31 March 2022
13,652,112
393,183
409,655
14,454,950
The freehold land and buildings are included at cost. Some of the land and building5 noted above are
oceupied by Rothamsled Research based on & bare licence. There is currently no charge for this
occupancy.
24-

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES ACIRICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR EI NDED 31 MARCH 2023 (continued)
Fixed Asset Investments
Note
2023
2022
Investment propertics
Quol¢d investments
Unlisted inve51mcnl
9,500.129
4,863.963
399,110
9,195,129
4.609.869
348,890
I Ib
I Id
14,763.202
14,153.888
2023
2022
11(0)
Investment Proporties at valuation
Fair value at l April
9.195.129
8,937.129
Surplus on revaluation
305,000
258,000
Fair value at 31 March
9.500.129
9,195,129
Historic cost at 31 March
819,497
819,497
A small number ofspecific properties are reserved for letting at full markel rrflles lo non-Roihamsled
tenants and Ih¢se are designated as inveslinenl propcrlics. It is important tliat all otl)ers 11re available
on a fully flexible basis for charitable purposes.
The investmenl properties are included al the Trustees, estimate of fair value which is based on
independent professional advice.
2023
2022
11(b)
Movements on Quoted Investments
Fair value as at l April
Addition5
Disposals
Investment (losses) I gains
4,609,869
500,000
4,494.986
1,092,917
(1,092.917)
114,883
(245,906)
Fair value
4,863,963
4.609,869
Historic cost
3,683,514
3,160,269
25

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023 (CODtinued)
li
Fixed Asset Investments (continued)
11(c)
Summary of Quoted and UDlisted Investments
Unlisled investments (Note I I d)
399,110
Quoted Equili¢s: Europe
113,343
Hedge Fund5
Property
4,742,043
712
Cash
7,865
Fair value as at 31 March 2023
4,863,963
Historic cost as at 31 March 2023
3,683,514
Significant investments within the lolal investment holdings at 31 March 2023 are as follows:
Sarasin Endowments Fund - Class A INC
4.742.043
97
26-

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023 (conlinued)
li
Fixed Asset Investments (continued)
I l(d) Unlisted Investments
2023
2022
Fair value as al l April
Additions
Fair value As at 31 March
348,890
50.220
399,110
348.890
348,890
The Trusi holds 2,833 oui of18,195115.570/0) £0.0 l ordinary shares in VSN International Limited
wliich were originally held at a deemcd cost of £87,353; but this value was uplifted (o £153,463
agreed by the Trustces during Ihe year ended 31 March 2015, based on thc net assets of VSN
Inlemalional Limited at that date, and again uplified during ycar cnded 31 March 2021 to renect
Trusl¢es' view of fair value based on the latest publi.shed net asset position of VSN International
Limited. Following a review of currenl reported position and activity. no revaluation of the carrying
value of this asset has been undertaken for the current year.
In March 2023 the Trust invested £50.220 10 acquirc 186 (1.139/0) £0.01 ordinary shares in Sugarox
Limited. This business is a spin-oul frorn Roihamsted Rescarch's SHAKE Climate Change
accelerator programmc, and focuscs on developing new technologies to increase yields on
agricultural produ¢e. Thi5 is an early-stage slort-up with minimal irading history and asscts al this
slagc, and so the Trusl¢es currcntly Consider il appropriale lo carry this investment al cost value ai
this lime.
In addition. (he Trust has a wholly owned subsidiary, LAT Redbourn Limited, which was
incorporaled on 7 August 2000 llnd was dormant until April 2023, when il received the land at
Redbourn and entcred inio a 99 ycar legs¢ for Roihamsled Manor, as sel oul in Ihe dir¢clors report al
pagc 4 and at Note 18.
27-

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023 (continued)
Fixed Asset Investments (continued)
I l{e) Joint Venture Investment
Roihamsted Enterprises Limited is a joint venture between the Lawes Agricultural Trust (40 % ).
Rothamsted Research Ltd (40Q/o), and the BBSRC (200/0). 40% of the resulis and the &8sets and
liabilities of the joint venture for the year ended 31 March 2023 are sel out bclow..
2023
£'ooo
2022
£'ooo
Turnover
Cost of sales
1,015
(530)
{466}
Gr055 profit
Administrative expenses
485
245
{334}
Loss before interest and tsx
(26)
(89)
Taxation
Interest payable
{3)
(i)
Retained loss for ihe year
(29)
(90}
Net (liabilities) / assets at l April
{70)
20
Nel liabilities at 31 March
(99)
(70)
Being:
Tangible fixed assets
Current assets
Current liabilities: Creditors.. due within one year
Creditors.. due after more than one year
Accruals and deferrcd income {including deferred
capital grant)
3,652
367
{248)
{267)
(3,603)
3,832
302
(174)
(214)
(3,816)
Net liabilities at 31 March
(99)
(70)
28-

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
NOTES TO THE FINANCIAL ST ATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023 {continuedl
12.
Debtors
2023
2022
Due withln l ye4r
Trad¢ dcbiors
VAT
139,836
172,990
159,132
184,468
66,636
151,355
Prepayments And accrued income
471,958
402.459
Due in more than l year
Rotliamsted Enterprises Limiled - loan
(se¢ note 9)
50,000
50,000
521.958
452,459
13.
Creditors: amounts fAlllni duc wiihin one year
2023
2022
Trade ¢reditor5
316,642
471,517
Amounts due to Rolhamsted Enterprises Limited
Deferred Income
40,550
66,147
27,691
73,714
SociAI security and oiher lax¢s
Accru815
Deposits
Oiher creditors
6,361
153,923
186,762
4,759
8,502
521,056
203,612
4,081
775,144
1,310.173
Deferred income above relates wholly lo renlal incom¢ in advance and will all be released in the
following year to which it relates.
29-

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR TIIE YEAR ENDED 31 MARCH 2023 (continued)
14.
Net Assets: analysis between funds
Unrestricted Funds
Total
31 March 2023
De5ign8ted
CApitil
Re%erve
Fund
Ceneral Fund
Allocation ofNet Assets..
Tangiblc fixed assets
Investments
Inveslmcnt properties
Nel Current ass¢ts
Long lemi debtor
7,764,101
2,226.306
819,497
1,973,249
50.000
12,833,153
7,100,003 14,864,104
3,036,767
5.263,073
8,680,632
9,500,129
1,973,249
50.000
18.817.402 31,650.555
Unrestricted Funds
TotAI
31 March 2022
De5ignHt¢d
CAPjtAI
Reserve
Fund
Ceneral Fund
Allocation of Ncl Asscls:
Tangibl¢ fixed assets
Invcslmenls
Invcslmcnt propcrties
Net current asscts
Long temi debtor
6,414.733
1,676,086
819.497
186,734
7,100,003 13,514,736
3,282,673
4,958,759
8,375,632
9,195,129
186,734
50.000
9,147,050
18,758,308 27,905,358
Purposes of funds
The General Fund rcpresenls Ihe cumulative results of the Trust other than results reflected in the
Capilal Reserve Fund.
The Capilal Reservc Fund is a Dcsignalcd Fund contingency reserve created by the Truslees. The
purpose of Ihc Fund is lo assure Ilie long-term fiilure of the Trusl's agricultural research activitie5.
Movements on Ihe Fund represent the realised and unrealis¢d gains l (losses) for the year.
30-

Docusign En¥ÈlopÈ ID." 91842DD1-8B424C11-9034-B771ACCD1 DAE
LAWES AGRICULTURAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023 (continued)
15. Property matters
The Trustees reeognise ihal there is a duty relating lo their custodianship of Rothamsted Manor as
an hislorically important Grade I listed building. As set out al Noie 18 below, on 19 April 2023 the
Trust entered inlo a 99 year lease (on a peppercorn rent basis, with a lease premium of £500k) in
relation to Ihis property with its wholly-owned subsidiary, LAT Redbourn Limitcd. Th¢ intention
is Ihal the tenant will enler into a management agreement with Rothamsted Enterprises Limited lo
enable ihe asset to be run as an evenls and heritage venue.
16. Reeoncili#tion of net income for the year to nel cash from operating activities
2023
2022
Net income generated from operations
Dividends, interest and rent from investments
Depreciation
Profil on disposal of tangible fixed assets
Gains on inveslments
3,745.197
(599.273)
170.347
(2.640.264)
{59,094)
403.025
(523,799)
167,703
(372.883)
Operating cash flows before movements in
working capilal
616,913
{325,954}
Increase in debtors
(Decrease) / increase in creditors
(69,499)
(535,029)
(43,406)
323,491
Cash generated from / (used in) operating aetivities
12,385
(45,869)
17. Financial Instruments
2023
2022
Financial assets (investments) at fair value through
income and expenditure
5,263,073
4,958.759
18. Post BalaDce Sheet Evellts
On 19 April 2023, the Trust disposed of the land North-East of Redboum lo ils wholly-owned
subsidiary, LA T Redboum Limited for total proceeds of £510,204. All agreements related to this
land were also novated lo this subsidiary at that date.
On 19 April 2023, the Trust entered into a 99 year lease (on a peppercorn rent basis, with a lease
premium of £500k} in relation to the Manor Hous¢ on the Rothamsled estate with its wholly-owned
subsidiary, LAT Redbourn Limited.
31