Charity registratIon number 1156150 Company registratlon number 8901784 (England and Wales) LAWES AGRICULTURAL TRUST GROUP CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 LAWES AGRICULTURAL TRUST GROUP LEGALAND ADMINISTRATIVE INFORMATION Secretary Peter Oxley Charlty number 1156150 Company number 8901784 Reglstered office Rothamsted Harpenden Herttordshire United lfjngdom ALS 2JQ Audltor Pri￿ Bailey LLP Tennyson House Cambridge Business Part( Cambridge CB4 OWZ Accountrdnt Suites B & D. Bumham Yard Beaconsfield Buckinghamshire HPg 2JH Bankers Barclays Bank PIC SL Albans Cty Business Centre PO Box 104 22-24 Upper Marfl)orough Road SL Albans Herts AL13AL Sollcltors Wthers 20 Old Bailey London EC4M 7AN Investment advisors Sarasin & Parbiers LLP Juxon House 100 St Paufs Churchyard London EC4M 8BU LAWES AGRICULTURAL TRUST GROUP CONTENTS Page Trustees. report Independent auditorfs report 9-11 Consolidated statement of financial acmies 12-14 Consolldatsd balance sheet 15 Balance sheet 16 Consolldatsd ststement of cash flows 17 Notes to the financlal ststements 18-37 LAWES AGRICULTURAL TRUST GROUP TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The TTUStees present their annual report and financial statements forthe year ended 31 March 2024. The consolidated financial statements have been prepared in accordance with the accounting policies set out in not8 1 to the consolidated financial statements and comply ￿th the Companies Act 2006 and th& "Accounting and Reporting by Charities: Statement of Recommended Practi￿ appli(2ble to charibes preparing their accoutts in accordan￿ wlth the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). {effedive 1 January 2019). The Trust is a public benefit entity as defined by FRS 102. Objectlves and actlvttres The charitable purposes of the parent Trust as defined in the Arbdes of Assooation ar8: Yo advan￿ the Scien￿ of agriculture for the public benefit through original investigation and research, whiGh may embrace all or any subject (s) connected to or bearing upon agriculture, induding animal or vegetable physiology, meteorology. botany an chemistrf. These purposes are a rewstatement of those in the original Deed of 1889. Like its prede￿sSOr, the parent Trust focuses on the estate and lands at Rothamsted. Hertfordshire and this remains the main base for activity. but the parent Trust is free to consider other land, enbties or10¢2tions from time to time. The parent Twst ensures compfiance with tts tharitable purposes by bull ding ts income and applying most of the assets and proceeds of the parent Trust to the sponsorship and promotion, either diredly or Indiredly, of the th8ritsble agricultural research acUvities of Rothamsted R&search. whose agrirjjltural ￿searCh objects are slmilar to, and derived from, those of the original Trust (Rothamsted Researth's ￿rrerrt charttable purposes are,. for the benefit of the public to advan￿ the Scien￿ of agriculture by the iniliation. prosecution, development and continuance of Investlgations and experiments related thereto). There Is an extensive programme of public benefft resear¢h, public engagement and knowtedge transfer undertaken at Trust premises. The Trustees are especially keen to ensurè that the research is converted intt) practi(xl applicatton. This work is reviewed by the Trust through reports of supported projects, provtsion of an obseNer from the Trust at Rothamsted Research Board meetings and a bi-annual report from ts Inslitute Director at Trust meetings. Further infornation on Rothamsted Research and its Reports are available on the web site at httyiJlvnw.rothamsted.ac.uk, or infomiation can be sought on application, from the Company S8cr8tary of the Trust at the princapal address as per address as per the Legal and Administrative infornation above. Thus, the Trust utilises its assets to pursue its purposes through five principal routes: 1. The provlsion of land and buildlngs suitable for agricuhural and related sciences o)nducted by Rothamsted Research, on beneficial tern￿. This operates 8S 8 dose partn&rship with Rolhamsted R&se8rch and that organisaiTon s maln grant%lMng and funding body, 8BSRC. 2. The promsion of accommodation on a preferential, bui defined, limited term basis to PhD sluderts, key workers and other Rothamsted Research staff, which a]lows them to live in thls very expensive location whilst on modest s¢ientific salaries. The &gnificart majority of the r9sidentiaJ provlsion owned by the Tnist is available preferentialy fp students, staff and visitors. These are kept to a good standard and well located ￿ easyaGGess on foot to the scientttlc facilities. Rothamsted Research identifies the rnost deserwng and appmpri8ts tenants. The challenge wlth thés8 facilffjes is seekng to ensure they are adequately m8intained in order to protect the assets and provide good qualty acGommoda£ron buc at the same time. keep th8 charges at affordayle lavals and that occupancy is both mw"mised and fairfy as&gned. 3. Granting financtal support for scientific costs to Rothamsted Research. mainly through a °Diredor's Vote" fixed annually by the Trustees following proposals made to them. For the cu￿ent year. the Director's Vots was set at £550k {2023: £500k). 4. Capitsl fijnding prowsion of diverse facillties deemed to help meet the Tnjsfs purposes. wfth pathers where possible. induding technology transfer. sample a￿1ve and the like. LAWES AGRICULTURAL TRUST GROUP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 5. In addition, the Tnjst plays a vigorous and lead role in developing the Ri)thamsted c2mpus to enable interaction with small (xjmpanies to activeEy enhan￿ the uptske of agricultural and environmentsl research output into practi across dlffèrent communitses, in conjunthon with REL (as detsiled above) and othe￿)Se. Items 3. 4 and 5 require the generation of ￿sh sums. These can 017ginate from." Rental income on those Trusys pmperties made available on the open martet at comme￿Ial rents. Tre policy is to maintain these < the highest possible standard to attract high rents and to maxlmise the propertses in this category. Incomè from equty and &milar investrnents. Ocoasion8J sale of land and assets to genernte txpitsl sums. Publlc Benefft As a charitsble TrusL LAfs primary purpose Is the advancement of the science of agricultu￿ for the publlc benefiL Thls Is primarity athieved through promding support for Rothamsted Researth which in tum disseminates knowledge and research with particular emphasis on publication in widely available sGientifi¢ joumais. in the popular agriculture and broader press and through corrferences or seminats. many of which are aimed at the wider public. The 'advancemenf is taken to indude such science becomlng wdely used in agricultural practiGe. Thus. it falls withln the charitsble purpose of Ihe advancement of the arts, culture, heritage or saence.. [ne￿able ancillary benefits as a result of meeting the primary object that would fall into the categories of advan¢ement of education, the advancement of environmental protection or improvement and, perhaps to a more limited extent, the advancement of heallh. The Charity Commi&slon specifically mentions scientific research projects under the heading of the advancemant of science. The Trustees have complied with SeGtion 17 of the Charities Act 2011 to have due regard to public beneffit guidance published by the Charity Commission. As ststed in this report LAT provides a range of fauliti8S to Rothamsted Research (whose charitsble purposes significantly overlap with those of the Trust) on a highly preferential, exctusive basis. as well as modest grants. Thi5 charitable activity takes Pla￿ at the tsvo main sites owned by the Trust - Rothamsted in Hertfordshlre (which is the main site for Rotharnsted Research) and Broom's Bam in Suffolk- but the output has global reach. Trustses closely monitor the activities of Rothamsted Research to ensure that they continue to serve its c*aritable purpose and meet the requirements of public benefiL The Trustees note that this is achieved by making scientific advances freely avallable throughout public scienltfic Itterature. engaging in knowledge exchang8 Wlth fann8rs on an unhlndered basis as well as inltlating and promoting the wid8r discusslon of scientific matters affecting agri￿lture, dimate change food qualty and food security. Achievements and perfomiance The Director's Vote was dispensed actordlng to plan. The Trust provides long tenn support for act5vities that otherwise would not continue. This allowed the Trust to support for instanca: Postgraduate Studentships in partnership with a number of universlties. Long-term experiments at Rothamsted - the dassical fleld experiments and the Insect suNay. AJthough now significanty supported through the Nauonal Capabilty Grants from B8SRC, LAT continues to provide additional and vital funding. Student training In a variety of areas at Rothamsted, thereby enhancing the existing development programmes and helping to engage and develop the next generation of scientists. Key Perforniance Indlcators The main beneficiaries of the Twst are Rothamsted Research and its stakeholders who benefft from the research that is undertaken. The Trust also ensures the pruvision of resources to maintain, refurbish and enhance the built estate. Agricultural science projects at Rothamsted Research are funded through the Directovs Vote which this year totslled £550k f2023: £500k). Th8 Trust continues to provide affordable housing for key wotkeTS and )Asiting workers. whilst maxirnising the rental income on externally let properties (those properties that are limtted to extemal lets are defined as -investment properties") according to market ￿nditIonS. In tum, this provides fijnding for fijture years, refurlishment plans of all properties, thus ma￿mIS]ng long-tenn rentsl in￿rne for the Tnjst and providing affordable acwrnmodation for Rothamsted Researth stsff. LAWES AGRICULTURAL TRUST GROUP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Some criteria used by the Trust to assess perfonnance against its objectives e2n be summarised below. 1. Investment income monttored by the Board with a more detsiled remew and assessment carrted out by the Investrnent Committee vtho liaise direcuy wtih the Trusfs investrnent advtsors Sarasin & Partners LLP. Six-monthly reports provide perfonnance indicators for the investrnents against the Industy average. The gross dlvidends and interest income for the year on th8 inv8strJents was £290k P023: £201k) which mains broadty in line with typical market perfO￿ance. 2. The maintenance of sound rental in￿rne against a planned refurbishment progrdmme for Trust propertt8S has been operdting over several years and continues. In the year, the total estate incorne (b¢)th tharitsble and investment properties) was £2.460k (2023: £2.253k). See also Notes 4 and 6. 3. Directorfs Vote fvnding is approved by the Board and allocated by the Dlrector of RothÉmsted Rès&Ych to sponsor cx)ntinuing lOn￿tern sc4enttfic projects. The results of these projects are reported to the Board who monitor and ￿VIeW the rEsults against the Trusys obiecbves, Flnanclal revlew Thè Statement of Financial Actsvitses shows that total funds have increased to £29.458k f2023. as restated: £28,852k). Overall estate rental income (induding Invesbnent properttes) In¢￿ased to £2,460k (2023: £2.253k). There was fijrther expendknre on propertles in the sum of £4k P023". £1.780k). As ststed above. overall Income trajectory is set to rise in line with our ongoing estate programme and the overall qualty of property stock being both maintained and steadily improved across the whole portfolio. This indudes investrnent into th8 innO￿dti0n faalities as part of the Enterprise objective5 for the Campus. Thè value of the invesknent pothlio increased by 7.2Q/ty in the past year to a Fair Value of £5.215( P023.. £4,864k). AII equity investments are managed by Sarasin & Partners LLP. Direct costs of inveshnent managament wer8 £30k (2023: £nll). The calculation and disclosure of investrnent management Gx)sts changed in the year. having previously been netted off against investment income. The investrnent in the unlisted, spin-out statistic SO￿are company VSN Intemation81 Limiied is valued al £490k (2023: £348k), uplifted In the year on the basis of updated Infomation on the CoMpan￿S value by way of a share offering. We are pleased to note that the payment of a dividend of £28k has been received for 2023124 P023.. £28k). The investment in the unlisted ojrnpany Sugarox ￿MIled is valued at £50I being the amount of the original investrnent in 2023. Th& Trustees note the level of cash being held in banks (mainly as Barclays Treasury Deposits) has decreased to £2,128k P023: £2,276k} as a resutt of the expenditure on operations. Payments assoclated vthh the Directorfs Vote. whiol make an important contributlon to the agrfcAJltural research at Rothamsted. continued as ststed 8bove. The Trust's wholly-owned subsidlary, LAT Redboum Limited, commenced trading in the year, generating incorne of £100k (2023- £nil). and overall profft of £2.9m (2023: £nil). Proffts were prlmarily driven by the revaluation of propety held by the subsidiary. The results of the prior period, being the year ended 31 March 2023, have been restated as a result of the review of land and buildings and related depre(?ation charges, resulting in a le￿tegoriSation of certain properties from Investrient to charitable use, nameiy 14 properties on the stie fomierfy known as Baldwin's Paddock, Hatching Green. and a Co￿eCtIon to accumulated depreciation to ensure policies a￿ wrrect]y applied. Please see note 32 of these financial statements for more Info￿atiOn in relation to this. Going concem Th6 Trustees have reviewed the current postbon and projected results of the Trust for the period to 31 March 2026 and, based on this, have o)ntinued to prepare the financAal statements on a going concern basis. Further detail can be found in the going con￿rn accounting policy note 12. LAWES AGRICULTURAL TRUST GROUP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserves Policy The Trusys poliGy on the Maintenan￿ of reserves seeks to ensure that suffiL?ent reserves are available to enable the Trustees to fulfil the short and longer-temi liabil￿eS and obligations of the Trust, as well as fully participating in the development of the Estste at Rothamsted and Brooms Bam in a timely manner. In the context of the latter. the Trustees are of the opinion that this falls dearty within and directly serves the charttable purpose of the Trust. Free reserves available for use by the Tnjst are deemed to be those that are readily realisable, less funds whose uses are restricted or designated for particular purposes. The calculation thus exdudes fixed assets, restricted and designated ftjnds. The level of free rvtserves as at 31 Marth 2024 was £6.005k (2023.. £5.069k). As a broad principle and with due consideration to short term demands, the Trusfs overa]l aim is to invest in facilities rather than be holding cash. It is noted by the Trustses that overall Total Unrestrtcted Funds stand at £29.416k P023: £28.852k). Investment Policy The Trustees, investrnent mandate Is ststed in lis Arfides wher8 the Board has powers: lo deposit or invest Its funds in any manner as may be thought fft {Ir￿lUding. but not limited to. the establishment of trading or other subsidiaries of any kind), but only after obtsining suth advi￿ from a Financial Expert as the Trustees consider necessary and having regard to the suilability of investments and the need for dwersffication.. The Trust's Investment Committee liaises regularfy with the appointed investrn8nt manager. Sarasin & Partners LLP. and comprises Mr Richard Percy (Chair) and Dr Graham Birch. Both Mr Percy and Dr Birch have considerable experfence In the finan￿ and investments sector. The aim of the portfolio is to maximise ttjtal retum and there are no restrictions placed on th8 invastrnent porfolio. Sarasin present to all Trustees from time to tlme. Note that as ststed earlier the Trust holds ￿rtain properties as investments as they are not used at all for charitab18 purposes (l.e. providing a¢commodalion for Rothamsted staff) but rather only to generate an income. Thls Is small number of the totsl housing stock a5 the Tnjst wishes to keep the flexibilty that enables the majority to be available for Rothamsted stsff tl and when nec&8sary. Fund Ralslng The Trust does not actively fund raise, and no professictnal fund-raisers a￿ engaged. No appeals to members of the public have been made, and no fund raising is carried out on behalf of the TWSL No cornplaints were received from the public in relation to fund ralsing. Rlsk Management The Board of Directors of the Trust- the Trustees- regularly reviews the major r5sks and princtpal uncertainties to which the Trust Is exposed and the steps which have be8n Lqken to mitigate against these. Key risks at 31 March 2024, with the main steps undertaken to mitigate those risks, are: 1. Rothamsted Research is the primary method through which the Trust athieves its charitabl8 purposes. Rothamsted Research is reliant for tts funding from govemment sources. primarily BBSRCIUKRI. Given the current political and economic landsr2pe. there are a number of uncertainties in relation to the ongoing levels and sources of this funding. Addittonal support and new approaches from the Trust may be needed in this regard. The Trust has strDng, active links and ttlmmunication with Rothamsted Research and BBSRC / UKRI, wth the Executive Director meeting key manag8ment personnel of both organisations on a rngular basis, and th8 Tnjst Chainnan attending ROthan￿ R8tsarch Board meetings as an observer. 2. The rtsk of a dats breach either irrtemalty or through a partnerlsystem provider. The Tnjst h8s in p18ce a robust set of policies. pnx8dures and contn)ts intanded to mitigate against any risks. which are rew'ewed regulaHy and updated as required. 3. The risk of nonXenslve experimental farm on most of the rest of the area; Grade 1 listed building dating from the 13th century (Rothamsted Manor): 51 houses and cottages on the estats and in the town of Harpenden; 5 larger residential properties comprising muluple units: Anova Cour( De Ramsey Court, Southwood Court. Lawes Court and 1 Ninnings. The Trust also owns an experlmentsl fam (77 ha) at Broom's Bam in SuffolK vthic* Incjudes re[at￿ laboratory buildings and 6 residential properties. The majority of properties are utslised by Rothamsted Research for its researth activities, or as residential accommodation for ts stsff and PhD students. Properties that are surplus to Rothamsted Research's requirements ar8 let on fijlly commercaal terms to third partles and defined as Investrnent properties.. The majority of the experimental lands. buildings and facxlibes owned by the Trust are occupied under a bare licen by Rothamsted Research and the buiEdings and facilities are induded in that organisation's Balance Sheet at historic cost to Rothamsted Researth. The Trusteès conslder the opèn market value on an altemative use basis of these assets to be materially in excess of book value. Over many years it has been the CLEStom for buildings not requlred by Rolhamsted Research to be utilised by LAT for the latter to maximise its in￿me. During 2023124 the Trust has continued to be very dosely invo￿ed Trmth the strategy and directton of Rothamstgd Enterprises Limited {REL}. REL is a joint venbJre between the Trust (40%). Rothamsted Research (400K) and UKRI / BBSRC (200A) and Ès almed at attracting 5cienltfically-based companies and organisations involved in the agriwltural arena - iarge and small. new and eslablished - to establish a duster of likfr-minded organisations at Rothamsted. LAWES AGRICULTURAL TRUST GROUP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trust is cajrrentiy promoting for release for potentiat residential development a numbèr of fields: namety Black Horse. Bylands, Meadow, Osier and Ver, totslling approximately 40 hectares and collectively ￿ferred to as 'Land North-East of Redboum.. To this end the Tntst entered into. on 29 October 2021, a promotion agreement with Lands Improvement Holdings (LIH) in retation to the Land NortPtrEast of Redboum. The Trust is working ctosely with LIH to promote the land for indusion in St Ajbans Cty & District Council's (°SACDV) emerging Local Plan. thich is urrentfy in progress and timetabled for adoption in 2025. The intention would be to dispos8 of this land to third parties for primarily residential development purposes, together with allocations for educational. social and employment purposes. The proceeds from this disposal wtsJld be applied direcdy to the Trusfs charitsble objects, induding enabling investment in the Rothamsted r2mpus and providing fvnding for the ongoing researth activities of Rothamsted Research. On 19 April 2023, the Trust disposed of the land NOrtI￿EaSt of Redboum to its wholly- owned subsidiary, tAT Redboum Limited for totsl pr￿ed8 of £510,204. Atl agreements related to this land were also novated to this subsidtary at that date. On 19 April 2023, the Trust entered into a 99 year lease (on a peppercorn rent basis, wth a lease premium of £500k) in relation to the Manor House on the Rothamsted estate with its wholly-owned subsldlary, LAT Redboum Limited. The management of the Manor House as an events venue is underlaken by Rotharnsted Enterprfses Limited under a management agreemen( vthi¢h generated income for LAT Redbourn Limited during the year of £100k (2023: Nil). The Trust Is in the process of conduding feasibilty studies and early stage plans in relation to a masterplan whith would involve a significant renovatlon of ￿rtain areas of the campus. These emerging plans are subject to the Trust obtaining th6 necessary fijnding. The Twst also holds liquid fijnds in the forni of stod( market investments and cash deposits. Intellectual property rights created during the course of operation of the Rothamsted Experimental Ststion (until 1991), including regtstered trademarks and copyrights, also ttjntinue to belong to the Tru5L These were established in the Memordndum of Understsnding dated 12 June 2000 between the (then) corporate Trustee and Rothamsted Experimentsl Station (soon after to bewme Rothamsted Researth in thg same year). Other archiv6S, including soil and plant arthive samples untll 1991 also b8long to the Trust and are under the guardianship of Rothamsted Research. Tha Trus( along with other activities, principally supports Rothamsted Research Limited fRotham*ed Research.), an incr*rporated charity that occupies and operdtes its apricultural research activittes from land and buildings belonging to the TrusL These research a(*vitses are directed by the Insttkn￿ Director of Rothamsted Research: this position is currently held by DrAngela Karp. The Trust Is a Corporate Member of Rothamsied Research, along wlth the Biotechnology and Biologie81 Sryences Research Council (°BBSRC' _ now a part of UKRI) and the Chair of the Board of TnJstee-Directors for Rothamsted Research. The role of these Members is defined through a Members. Agreement that describes how this tripartlte arrdngement recognises the critical conthbution in land and buildings (from LAT) and ftjnding (from UKRI-BBSRC) to the well-being of Rothamsted Research and, achieving this through an ami'&length stanr2, does not seek to unduly inffluence the strategic direction of Rothamsted Researth. The Chainnan of the LAT Board attends Rothamstsd Research B¢)ard meetings as an Observer. The Trust provides an annual voluntsry ￿ntributiOn. by way of a grant. to Rothamsted Research - r8ferred to as the "Directorfs Vote.. This contribution is provided to the Institute Director of Rothamstsd Research to assÈst in overseeing and running those ￿earch interests which would otherwtse not be available for extemal grant funding. The Trusys Key Management Personnel are cOn￿dered to be the Trustees (who receNe no remuneration) and the Executive Director I Company Se¢xetary. The latterfs Temuneration is agreed by the Trustees and Chairman of LAT based on the recommendation of the Nomination & Remuneration Committee. LAWES AGRICULTURAL TRUST GROUP TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ststement of Trustees, responsibilities The Trustees, who are also the directors of Lawes Agri(yJlbJral Trust Group for the purpose of company law, are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (Untted lfjngdom GenerallyAc£epted A¢¢ountin9 Practice). Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs cf the Trust and of the incoming resour￿ and appli(2tion of resources, induding the income and expenditure, of the charitable company for that year. In preparing these finan(aal statements. the Tnjstees are required to: - select suitable ac£ountlng poli¢les and then apply them txnsistsntly: - obs8rve the methods and principles in the Charilies SORP; - make judgements and estimates that are reasonable and prudent and - prepa￿ the financial statements on the going Ixncem basis unless rt is inappropriale to presume that th8 Trust wll ontinue in op8ration. The Trustees are ￿spOnsible for keeping adequate accounting reLy)rds that disdose with reasonable accuracy at any time the financial position of the Trust and enable them to ensu￿ that the financial statements comply with the Companies Act 2006. They ar8 also responsible for safeguarding the assets of the Trust and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Ptice Bailey LLP were appolntsd as audltor to the Trust and a resolution proposing that they be re-appointed will be put at a Generdl Meeting. Dlsclosure of Inforniatlon to auditor Each of the Trustees has confirmed that there Is no information of whlctt they are aware lthlch Is relevant to the audiL but of which the auditor is unawR￿. They have further confirmed that they have tsken appropriate steps to identify suth relevant infomiation and to establish that the auditor is aware of such infomation. The Trustees. report was approved by the Board of Trustees. Trust So¢rotary Date: . LAWES AGRICULTURAL TRUST GROUP INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LAWES AGRICULTURAL TRUST GROUP Oplnlon We have audited the financiat statements of Lawes AgnI￿ltura[ Trust (the 'parent charttable company) and its subsidiary (the 'group'} for the year ended 31 March 2024 which cofftprise the consolidated ststement of financial actiwties. the consolidated balance sheet. the tharity balance sheet, the staternent of consolldatsd cash tlows and notes to the financ(al statements, including signfficant accounknng policies. The financial reporting framework that has been applied in their preparation is appli￿ble law and United Kingdom Accounting Stsndard5, including Financial Reporting Standard 102 The Finantiai Repotting Standard appIl￿ble in the UK and Republic of I￿land (Unitsd lfjngdom GenerallyAccepted Accounting Practi￿). In our opinion, the financial statements: give a true and fair view of the state of the group's and parent charftable companys affairs as at 31 March 2024, and of the group's incoming resources and application of resources, incluéing its income and expendtture, for the year then ended. have been properfy prepared in aC￿rdan￿ United lfjngdom Generally Accepted Accounting PractleA', and have b6en prepared in ac(X*rdance wfth the requirements of the Companies Act 2006. Basls for opinion We conducted our audlt in accordan￿ V￿th Intemational StarKlards on ALrditrng (UK) (ISAS (UK)) and applicable law. Our responsibilitses under those stsndards are fijrther described in the Auditor's responsibilities for the audit of the financial statements sectÉon of our report. We are independent of the group and parent oharitsble company in accordance with the ethical requlrements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities In accordance with these requirements. We believe that the audit evidencè we have obtsined Is suffi¢rent and appropriate to provide a basis for our opinion. Concluslons relating to golng ¢on¢em In sud￿ng the financial statements, we have ￿nduded that the trustees, use of the golng ￿nCeM basis of 8ccountin9 in the preparation of the finanaal statements rs appropriate. Based on the work we have perft)nned. we have not identified any material un¢grtainties relating b events or condlllons that. individually or collectivety. may ¢xst signfflcant doubt on the group's or parent charitable companys abilty to continue as a going concem for a period of at least bNelve months from when the financid statements are authorised for issue. Our responsibilittes and the responsibilities of the tustees with respect to going concern are descrfbed In the relevant secttons of thts report. Other Inft>nnatlon The other iTrforynation Comprises the infomiation included in the trustee5 annual report other than the financral statements and our auditorfs report thereon. The trustees are responsible for th& other infomiation cf)ntained within the annual reporL Our opinion on the finan￿al statemenls does not cover tt)e other Infomation and. except to the extent otherwise explicitty stated in our reporL we do not express any form of assurance condusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other informat(on is materially inconsistent with the finanoal statements or our knovAedge obtained in the oJurse of the audit or otherwise appears to be materially misstated. If we identify suth material inconsistencies or apparent material misstatements, we are reqUI￿d to determine whether this gives rise to a material misstatem8nt in the financial staternents themselves. If, based on the work we have performed. we condude that there is a material misstatemerrt of this other information. we are required to report that fact We have nothing to report in this regard. LAWES AGRICULTURAL TRUST GROUP INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LAWES AGRICULTURAL TRUST GROUP Opinions on other matters prescrfbed by thè Companles Act 2006 In our opinion, based on the work undertaken in the o)urse of our audttr the infomation gwen in the Trustees, report for the financial year for vthich the financial statements are prepared, which includes the direct￿5. report prepared for the purposes of company law, is consistent with the financial statements. and the directors. report induded within the Trustees, report has been prepared in ac£ordance with applicable legal quirements. Matters on whlch we are réquired to report by exception In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identtfied material misstatements in the directors. report. We have nothing to ￿pOrt in respect of the following matters in relalion to whith the Companies Act 2006 requires us to report to you if. in our opinion: adequate and proper aC￿Unting recofrls have not been kept by the parent charftable Company, or returns adequate for our audrt have not been recetved from branches not visited by us., or the parent charitsble Companys finandal ststements are not in agreement wlth the accounting ￿cordS and retums,. or certain disdosur8s of trustees. remuneratlon spectfied by law are not made. or the trustees were not entitled to prepare the finanoal statements in accordance with the small companies. regime and take advantage of the small companies, exemptions in preparlng the dlrectors, report and from the requlrement to prepare a strategiG reporL Responsibilities of Trustees As explained more fully in the trustees. responsibllibes ststement set out on page 8. the trustees (who ar8 also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financlal statements and for being satisfied that they give a true and fair view, and for suth Intemal control as the trustees determine is netxsary to enable the preparation of finandal ststements that are free from material mlsstatemen( ￿ether due to fraud or error. In preparlng the finanoal statements, the trustees a￿ responsible for assessing tha group and parent Charitable company's abilty to continue as a going conc8m. disdosing, as applicable, matters related to going wncem and uslng the going conc*rn basis of accounting unless the lJustees either intend to liquidate the group or parent tharttable company or to ￿se operations. or have no realistic altemative but to do so. Audltorfs responslbllltles for the audlt of thè financlal sLqtements We have been appointed audltor under the Companies Act 2006 and report In accordance with this ACL Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reason8ble assurance Is a high level of assurance, but is nirt a guarantee that an audtt conducted in accordance with ISAS {UK) wll always detect a matsrial mlsststement when tt exists. Misstatements can aTise from fraud or error and are considered matarial rf, indlvidually or in the aggregate, they could reasonably b8 expected to influence the economic decisions of user5 taken on the basÈs of these financial statement& Irregularrties. induding fraud. are instances of non-compliance laws and regulations. We design procedures In Ilne with our wponsibilities. outlined above. to delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, induding fraud is detailed belo￿. 10- LAWES AGRICULTURAL TRUST GROUP INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LAWES AGRICULTURAL TRUST GROUP We gained an understandlng of the legal and regulatory framework applicable to the group and charitable company and how it operates and considered the risk of the group and thaiTtable company not ¢omptyng with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial ststements. This induded those regulations directy ￿lated to the financial statements. In relation to the group and charitable company this Included dats protection, hea]th arKI safety, employment law and financial reporting. In relation to the Charitable GrDUP this induded complianGe with the Charitses Act 2011 and Companies Act 2008. The rlsks were discussed with the audrfÉ team and we remained alert to any indications of noTr¢xmplian throughout the audrt We carrfed out specifjc procedures to address the risks identified. These induded the following: Management override: We reviewed systems and procedures to identify pot8ntial a￿a$ of management override risk. In parbcular, we carried out testing of journal entrtes and other adjustments for appropriateness. We aL80 assessed management bias in relation to the accounting policies adopted and In datennining signfficant accaunting estimates. Revlewing minutes Of Trustee Board meetings and corresponden￿ with the Chaiity Commission. agreelng the financial statement disclosures to underfying supporbng documentation. making enquiries of man8gement including those responsible for the key regulations, wiew of the risk managemerrt processes and procedures in place maintained by the group and charitable TrJmpany. We have also ￿vieWed the pr￿dureS in place for the reporttng of any incidents to the Trustee Board induding serious InCid￿t reporting of these matters as n8¢essary with the Chariiy Commisslon. Because of the Inhe￿nt limitations of an aud¢ ther8 is a Tisk that we wll not detect all irregularities. induding those leading to a material misststement in the finanaal ststsments or nor￿mplIance regulation. This risk increases the more thai compliance valh a law or regulation is removed frorn the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of nortrcompllance. The risk Is also greater regarding Irregularities ¢xcurring due to fraud rather than error, as fraud Involves intentional COn￿a[ment, forgery, collusion, omission or misrepresentatjon. A further description of our responsibilities is available on the Finanaal Repo￿ng CounGil's website at: ￿htt Lll klOur-WorklAu Standards- celstsnda onsibil. tion es-for- forms part of our auditorfs reporL escri This description Use of our rnport This report is made solely to the charitable companys members, as a body. Sn a¢￿)rdan￿ with Chaptar 3 of Part 16 of the Companies Ad 2006. Our audit work has been undertaken so that we might state to the charitatrAe ¢ompanYs members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not 8￿pt or assume responsibility to anyone other than the charitable company and the charitable compansls members as a bL¥ty. for ow aud¢t worl for this reporL or forthe opinions we hav8 formed. Shaun Jordan ACA (Senlor sL￿•tOry Auditi>r) for and on behalf of Prfce Bailey LLP 4 December 2024 Chartered Accountants statutory Auditors Tennyson House C2mbridge Business Park Cambrldge CB4 OWZ 11 u)0 ) N CJ *oo ¢J) o tnNo 00)0 VLO¢ ¢D U) V> •v ui* rD a> rQJf (D ￿ ( *¥> •) (o tD ) N r Cry r 4 7> • vj > ¢X* 0 15 OZS ¢4 (O In LAWES AGRICULTURAL TRUST GROUP CONSOLIDATED BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes as restated as restated FIx8d assets Tangible assets Investment propety Investments 16 17 18 13,523.785 8,325,000 5.755.976 13,675,215 7,890,129 5.263,073 27,604,761 26,828,417 Currnnt assets Debtors Cash at bank and in hand 20 385.295 2,311,833 521.958 2.276,435 2.697,128 2,798,393 Crndltors". amounts falling due within one year 21 (844.167) (775.144) Net wrrent assets 1.852,961 2,023,249 Total assèts loss current Ilabllltles 29,457,722 28,851,666 Charity fund5 Restricted funds 41,750 Designated funds General unr8strtct8d fvnds 17,801,808 11,614,164 16,874.034 11,977,632 29.415.972 28,851,666 29,457.722 28,851,666 The notes on pages 18 to 37 fomi part of these financial statements. The dlrectors acknowtedge their responsibilities for comptying the requirements of the Companles Act 2006 with respect to accounting records and the preparation of financtal sLgtements. These finan(xal ststernents have been prepared in accordan￿ wilh the provisions applicable to companies subject to the small companies regirna. zo..I.,,..IzaL4 The finan¢ial slatsments were approved by Ihe Tn￿le8S on . G J Birch Trustee Company registration number 8901784 15- LAWES AGRICULTURAL TRUST GROUP COMPANY BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes as restated as restated Flxed assets Tangible assets Investrn8nt property Invesknents 16 17 13,495.644 8.325.ODO 5,755,976 13.675,215 7,890,129 5,263,073 27,576,620 26.828,417 Current assgts Debtors Cash at bank and in hand 20 1,678,590 2,128,023 521,958 2,276,435 3,806,613 2,798,393 Creditors: amounts falling due within one year 21 (832,T13) (775,144) Net current assets 2,973,840 2,023,249 Total assets less eurrnrrt Ilabllitles 30.550.460 28,851,666 Charity funds Restricted fijnds 41,750 Deslgnated funds General unrestricted funds 24 17,801,808 12.706.902 16,874,034 11,977,632 30,508.710 28,851.666 30,550.460 28.851,666 The notes on pages 18 to 37 form part of these financial stslernents. The dlrectors acknO￿edge their responsibilities for comptying the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in aG￿rdance wilh the provisions applicable to C)Jmpanies subject to the small companies regime. ?o..l.xx..l.zoz(4 The financial statements were approved by the Trustees on . G J Birch Trustee Company registration number 8901784 16- LAWES AGRICULTURAL TRUST GROUP CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 as restated as restated Cash flovts from operating activitte8 Cash (absorbed byygenerated from operations 30 (457.261) 12,385 Investing actlvltles Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Purchase of ffixed asset investments Investment income received (209,393) (1.681,709) 17,850 2,802,258 {550,220) 599,273 684.202 Net Cash generated from Investing actlvltles 492,659 1,169,602 Net cash used in financing activities Net Increase In cash and cash equlvalents 35,398 1,181,987 Cash and cash equtvalents at beginning of year 2.276.435 1,094,448 Cash and cash equlvalents at end of year 2,311,833 2,276,435 The notes on pages 18 to 37 fomi part of these financ4al statements. 17- LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charfty Infomiation Lawes Agricultural Trust Group is a group of companies limtted by guarantee incorporated in England and Wales. There are cUrren￿Y 8 (2023: 7) Trustees who are also the members of the company. Each member has undertaken to contrÉbLrte to the assets in the event of wnding up a sum not exceeding £1. The group's principal ac*vitses are as delailed in the Report of the Tntstees. 1.1 Accounting ¢onvention The group 2nd individual financial statements of Lawes Agricultural Trust hav8 been prepared in accordance wlth the Companies Act 2006. FRS 102 Yhe Financial Reporting Standard applicable in the UK and RepLblic of Ireland. (°FRS 102") and the Chartties SORP "Accounting and ReportÈng by Charlt(es: Ststement of Recommended Practice applit3ble to tharities preparing their aGcounts in accordance with the Financi Reporting Standard applicable in the UK and Republic of Irdand (FRS 102)" (effective l January 2019). The Trust is a Public Benefft Entity as defined by FRS 102. The financial statèments are prepared in sterfing, whlch is the fvnctional currency of the Trust. Monetary amounts in these finan¢lal ststements are rounded to the nearest £. The financ¢al statements have been prepared under th8 historical cost convention. modified to indud8 the revaluation of freehold properties and to Include investment properties and certain financial instrLments at falr value. The principal accounting policies adopted are set out below. Group financial statements have been p￿pa￿d in respect of the Chaiity and its wholly owned subsidlary undertaking iAT Redboum Limrted. These financial staternents have been ￿nsO11dated on a lin6¥by-line basls and the results of the subsidiary undertaking are disclosed in note 28. 1.2 Going concern The Trustees have adopted the going concem basls In the p￿paration of these finandal statements. Forecasts hav8 been prepared which support this to 31 March 2026. There are no material uncertainties in this assessment Cash and Ilquid investrnents remain strong and th8 Trustees are satisfied that the Trust remains a golng concem. 1.3 Charltable funds General funds are unrestricted funds véhich are available for use at the discretion of the Truste8s in furtheran￿ of the general objectives of the charity and which have not been designated for other purposes. Designated ftjnds comprise unreslricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financi￿ statements, Restricted funds are fijnds subjed to specific restrtctions imposed by the funding aLrthortties and donors. These funds are not available for the Trustees to apply at thelr discretion. The purpose and use of the restricted funds is set out in the notes lo the financ4al statements. 18- LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.4 Income Income. Induding grants, gtft ald receipts and other donations is recognised where tt)ere ts entilement, probability of ￿CeIpt and the amount can be measured wtth sufficient reliability. Where material, donated seNces and faciliknes are induded in the Statement of Financ4al Actlvrties based on the Trustees, estimate of the fair value of Ihe seTvices re￿ived. Investrnent In¢om9 is recognis8d on a recervabfe basis. Income from charitable aclivities represents In￿ne re￿iVed from th8 Trusfs estate management acuvlty and incEudes rental and other income on estate properties together with surpluses on disposal of any properties. This is recognised on a reGetvable basis. 1.5 Expenditure Expendtture is recognised when a liability is inCu￿ed. Costs af raising funds are those costs incurred In relats'on to management of the investrt8nts, Charitable activtties include expenditure associated wth the Trusys estate management, research activitses and grant making, and the costs incurred in the wmmerc4al trading operations in accordance with the objects of the Trust Support costs indude central functions and have been allocated to activSty cost categories on a basis Consistent with the use of resources. Support costs also indude costs incurred in the governance of the Charty and its assets and are primarily associated with constsajtsonal and statutory requirements. 1.6 Tangiblo fixed assets Individual f￿ed assets Costing £3,000 or more are capitslised. Freehold Land and Buildings are stated at cost and no depreciatlon on buildings is provided on part of thè portrolio, Whe￿ an assessment of the residual values of the properties at the balance sheet date indicates that no provision for depreciation Is ne￿Ssary. For those buildings where a provision for depreclation is considered material, the depreciation policy is set out below. Fixtur8s, fftttngs and equipment and Computer equipment are stated at o)sL Collections of Books. Prirrts and Palntlngs were stated at deemed cost on transition to FRS 102. Rare Fumtlure, Statuary and Effects were stated at deemed cost on transltlon to FRS 102. The depreeiation polici8s for these asset categories are set out below. Books, Prints and Painting5 and Rare Fumtiure, Statuary and Effects have long useful lives and are not anticipated to be used or cansumed or to deteriorate signffi¢anty through effluKon of ttme. Accor(fingly, the Trustees Consider that the residual value of the assets is suth that any depreciation charge would be immaterial. An assessment is made at each reporting date of whether there are indicators that a fix8d asset may be impaired. Intellectual Property is not valued as in the opinion of the Trustees no realislic valuation can b8 placad on this asset in the absen￿ of an arms. lengtrb offer for Ihe purL*ase thereof. Freehold land and buildings Fixtures and fittings Computer5 Books. Paintings and Fumiture No d8preciation and straight line over 50 years respectively Straight line over 10 year5 Strdight line over 5 years Not depreciated The gain or loss arising on the disposal of an asset is determined as the drfference between the sale pro￿edS and the carying value of the assec and is recognised in the ststement of financtal activittes. 19- LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (Contlnued) 1.7 Investment property Investment properties are stated at fair value. Galns and losses arising on revaluation are recognised in the statement of Financial Activlties as these arise. 1.8 Fixed asset Investments Listed Investments are stated at the fair value at the Bdance Sheet date. Unquoted inv&stments are statèd at the Trustees, estimate of fair value. Changes in fair value are recognised in net incomel(expenditure) for the year. Transadion Costs are expensed as incurred. Undertaklngs in which the Trust has a long-tenn interest and which are under ioinl control are defined as joint vantutss. Joint ventures are aC￿)Unted for at cost. In the parent Trust balan￿ sheec Investments in subsidiary undertakings are measured at Cost less Impairnent Undertakings in which the Trust has a long-term interest and whlch are und8r Jolnt control are defined as joint ventures. In the consolidated acixjunts. interests in joint ventures are accounted for using the equlty method of accounting. Under this method an equty investrnent is inibally re￿gniSed at the transaction price (including transaction costs) and is subsequenty adjusted to reflect the investors share of the profft or loss. other comprehensive inwme and equty of the joint venture. The Consolidated Ststement of Financial Activlties includes the Group's share of the operating ￿suItS. interes( pr&tax results and attrlbutable taxation of su underta￿ngS applying accounting polioes consistent WTth those of the Group. In the Consolidated Balance SheeL the interests in associated undertaking5 and joint ventures are shown as the Group's share of the identtfiable net assets. 1.9 Impalrnient of fixed assets At each reporting end date, the Trust reviews the amounts of its tsngible assets to detennine whether there is any indication that those assets have suffered an impairment loss. If any such indlcation exists. th6 re¢overable amount of Ihe asset is estimated in order to detemine the extent of th8 impainnent loss (if any). 1.10 Cash and cash equivalents Cash and cash equrwalents include cash In hand. deposits held at call with banks, other short-term liquld Investments with original maturities of thr& rnOntt￿ or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilitses. 1.11 Financlal Instruments The Trust has elected to apply the provisions of Section 11 'Basi¢ Financial Instruments, and Section 12 'Other Financial Instwments Issues. of FRS 102. in full, to all of its financial instruments. FinanLial assets and financial liabilities are recognised when the Charity becomes a paty to the contractual provisions of the instrument. and are offset onty when Ihe Charity ￿]rrenlY has a legally enforceable right to set off the recognÉsed amounts and intends either to settle on a net basis, or to realise the assetand settle the liability simultsneousty. Basic financial assets Trad6 and other debtors Trade and other debtors which are reoivable swthin one year and which do not constttute a financtng transaction are initially measured at the transaction prir£. Such debtors are subsequenty measured at amortised cost. being the transaction price less any amounts settled and any impairment losses. -20- LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Jmpalmjent of financial assets A provision for impainnent of trade and other debtors is eslablished when there is objective evtdence that the amounts due wll not be collected according to the original temts of the contract. ImpairTnent losses are recognised in income or expenditure for the excess of the ￿rr￿ng value of the debtor over the present value of the future cash flows discount8d using the original effedive interest rate. Subsequent reversals of an impainnent loss that objectively relate to an event occurring after the impairment l¢)ss was recognised. are recognised immediately in income or &xpenditure. Concessionary loans are initialty measured at the amount paid. induding interest accrued and after impaimient, there applicable. Baslc flnancial liabi7ities Trade and other creditors Such Creditors payable wthin one year that do not constituts a financing transaclton a￿ initially measur8d at the transaction price arKJ subsequenty measured at amortised o)st. being the transaction price less any amounts settled. 1.12 Taxation As a charlty. the Trust b not usually liable to ￿rpOrate tsxation on its other income and capltsl gains. Recovery of taxation is made in respect of donations under g6ft ald. The Trust is registered for Value Added Tax (VAT) but where VAT is irrecoverable., it is induded in the relevant category of expenditure. 1.13 Employee benefits The cost of any unused holiday enttfjement is recognised in the period in which the employee's se￿¢8$ are received. Termination beneffts are recognlsed Immedlatety as an expense when the Trust is demonstrably (x)mmitted to terminate the employment of an employ88 or to provide temination benefits. 1.14 Retiremont benefits Pa￿ents to defined contribution retlrement benefft schem8s are charged as an expensè as they fall due. 1.15 Government and Capilal Grants Govemment and capital grants are reD￿nised at the falr value of the asset receNed or receivablè when there Is reasonable assurance that the grdnt conditions wll be met and the grar)ts will b8 recelved. Grants a recognised as income when any assouated performaft￿ conditsons are meL Crltlcal accounting estlmates and judgements EstÉmales and judgements are continually evaluated and are based on historical experience and othw factOT5, includlng expectstions of future events that are believed to be reasonable under the urcumstances. Crltlcal accounong esumates The Charity makes estimates and assumptions conceming the futyre. The resutting accounting estimates and assumptions will. by definition, seldom equal the related adual results. The estimates and assumptions 1hat have a Signifi￿nt risk of causing a material adjusknent to Ihe Lxrryng amounts of assets and liabltties within the next financial year are considered to be the useful ecy)nomic INes and residual values of tangl￿e fixed assets (induded in Note 16). which is the key estimate in assessing the level of depreciafjon requlred, and the fair value of the Investrnent tyoperties (induded in Note 17). Valuation of unlisted investments The valuation of the investments in VSN Intemaltonal ￿rnited and SugaRox Limited are based on the Trustees. current view of fair value, which is in tum based on the latest published net asset position and other relevant inf0m￿tion (see Note 18). -21- LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 DOna￿on$ and grarrts Total Unrestricted Restrlcted nds funds general 2023 Total funds 2024 2024 2023 2023 Donations and gifts Grant fvnding 28,279 28.279 1,250,000 1,250.000 116.910 116.910 116,910 116.910 28,279 1,250.000 1,278.279 Grants recelvable Grant from Hertfordshire LEP and BBSRC relating to the Innovatlon Labs refvrbishment Grant from BBSRC via REL retating to campus masterplanning 1,250,000 1,250,000 116,910 116.910 116,910 116,910 1.250.000 1.250,000 Other Grant Income in the year end8d 31 March 2024 related to campus masterplannlng costs, part funded by grant from BBSRC to REL which was in used to reimburse LAT for costs incurred in these activities. As such it has been treated In the accounts as a Restrtcted Fund, released to the General Fund upon CO￿pIetiOn ofthe works. Charitable actlvitles Estate Estate Managoment Management 2024 2023 Rental Income from estste properties 2,066.134 1,854,855 All income from Charitable athitses relates to unrestricted income in both the wrrent and prior year. Income from other trdding activities Unrestricted funds generat 2024 Total Unrestricted funds general 2023 Total 2024 2023 Trading admty in￿me. other 99.747 99.747 LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investments Unrestricted Unrestrict8d funds funds gèneral general 2024 2023 Rentsl income Income from quoted and other investrnents Interest re￿1vable 393,814 191,813 98.575 398.249 149,424 51,600 684.202 599.273 Raising funds Unrestricted Unrestrlcted funds ftinds general general 2024 2023 Stsff 64,199 56,028 Operating trading company undertaking non. property of £63 (2023: £712) and cash of £16,819 (2023: £7,865}. Un115ted Investments The Trust holds 2,833 out of 18,195 (15.570A) £0.01 ordinary shares in VSN Intemational Limited which were origlnalEy held at a deemed o)st of £87,353. bLrt thls value was uplÈfted to £153.463 agreed by the Trustses during the year ended 31 March 2015, based on the net assets of VSN International Limited at that date. and again uplrfted during year ended 31 Marth 2021 to refiect Trustees, wew of fair value based on the latest published net asset posltion of VSN International Limited. Following a review of the QU￿ent reported position end activty, we have revalued this investm8rrt to £490k (2023: £348k), on the basis of updated informatlon on the companls valua by way of a share offertng. In March 2023 the Trust invested £50.220 to acquir& 186 (1.13%) £0.01 ordinary shares in Sugarox Llmlted. This business is a spin-out from Rothamsted Researdi's SHAKE Climate Change accelerator prograrnme, and fo¢uses on developing new technologies to increase yields on agn￿JItUral produce. This is an earfy-stage start-up with minimal trading hkstory and assets at this stage, and so the Trustees currentty consider it appropriate to cary this investrnent at cost value at this time. In addttson. the Trust has a vtholty owned subsidiary, LAT Redboum Limlted, a company registered in England and Wales. The subsidiary was incorporated on 7 August 2000 and was dO￿ant until AprS12023, when tt received the land at Redboum and entered into a 99 year lease for Rothamsted Manor, as set out in the Trustees. report. The results of this subsidiary a￿ included in thk8 consolidation. 19 Financlal Instrumerts 2024 2023 Carrylng amount of financial assets Instruments measured at fair value through profft or loss 5,215,477 5.263,073 LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Debtors Group 2024 Company 2024 2023 2023 Amounts falling due within one year. Trade debtors Amounts owed by subsidiary undertakings Other debtors Prepaym8nts and ac(xued in￿rne 131.204 139.836 131,205 95,583 10,336 179,221 139,836 11,980 192,111 172.990 159.132 172,990 159,132 335,295 471,958 416,345 471.958 Amounts frdlllng due after more than one year. Group 2024 Company 2024 2023 2023 Amounts owed by subsidiary undertalongs Amounts ow8d by joint ventures 1,212.245 50,000 50.000 50,000 50,000 50.000 50,000 1,2￿2.245 50,000 Total debtors 385,295 521,958 1,678,590 521,958 Amounts owed by subsldiary undertalungs relates to an intercompany loan proMd8d by the Trust to FAT Redl)oum Llmited. Its wholty-owned subsidiary. This loan is interest-bearing arKI due for repayment by Aprll 2033. 21 Credttors: amounts falling due within one year Group 2024 Trust 2024 2023 2023 Other taxation and socÈat security Trad6 creditors Other fftditors Accruals and deferred income 7.878 375,237 152.266 308.786 6,361 316,642 227,312 224,829 7,878 372.893 152.266 299,736 6.361 316,642 227.312 224.829 844.167 715.144 832,773 775.144 Deferred inmme of £59,668 (2023 - £66.147) induded in creditors falling due wthin one year above relates wholly to rentsl inGome in advan￿ and will all be released in the followtng year to which it relates. -30- LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Retlrement benefft schemes Defined contribution schemes The Trust operates a defined contribubon pension scheme for all quaftyng employees. The a$5ets of the scheme are held separatety from those of the Trust in an independentty administered fund. The charge to profft or loss in resped of defined ct)ntribution schemes was £75.920 (2023 - £112.313). Contributions totslllng £5,650 (2023 - £4,759) were p8y8ble to the fiJnd at the balan￿ sheet date and are in¢luded in creditors. Restrfcted fund5 The Ino)m& fvnds of the charity include restricted ffiJnds comprfsing the following unexpended balan￿ of donations and grants held on trust for specific purposes: Movement In funds Movement in fvnds Balanco al In¢omittg Trnnsf￿ Balan¢• at Incoming Rosour¢•s Balanee at 1 April 2022 rnsour 1 Aprll 2023 rn$oUr￿ •ynd 31 Mar¢h 2024 Innovation Labs refurbishment grant Campus mastsrpl8nnlng grant 1,250,OLKI (1,250.000} 116.910 175,160) 41,750 1.250,000 (1,250.000) 116,910 (75.160) 41,750 Deslgnated funds The income funds of the ¢harTty include the following desSgnated funds vthlch hav8 baen set aside out of unrestricted funds by the truste8s for specific purposes: 8alaneo at Rev81uatlo￿, Balance at Revaluations, Balance ot 1 Aprfl 2022 gains and 1 AprS12023 gains and 31 March 2024 108$0s Inveslment properties Other investments Tangible fixed assets 6,765,632 3.282.673 6.766.635 305.000 7.070,632 (245,906) 3,036,767 6,766,635 434.871 7,505,503 492.903 3,529.670 6.766.635 16.814.940 59.094 16.874,034 927,774 17,801.808 31 ) (ry 13) fo(0￿0 75N Its p LO eD 00 ¢ryw a)a)o* J t Ll) *3)(0￿0 IQOfDv 0￿¢0 o CD a) J ¢n ro J* 7JyJ* gnno QYJ O v* *p C)￿¢0￿ LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 26 Financial commitments. guarantees and contingent liabilitles During 2021 the Trust entered into a promotion agreement with Lands Improvement Holdings Limtted. Under the temis of this agreement and following the grant of a satisfactory planning pernission. the land will be marketed for sale where following the whole or part sale of the land, the Group will be liable to pay the promoters costs of obtaining planning permission along wtth an addibonal 9.500A from the net sale receipts from that sale. 27 Related party transactlons The key management personn81 are C*Jnsi(lered to be the Trustees and the Chief Executlvelcompany Secretsry. The Tnjstees did not r8cetve any emoluments for their services (2023: £Nil). The costs incurred in relation to the servi¢es of the Chlef Executivelcompany Secretary totalled £99.318 (2023.. £92,868). No other employees of The Charlty are paid ￿MUneratiOn in excess of £60L In October 2011. following a thange in govemance of Rothamsted Research. the Trust b8camè one of three members of Rothamsted Research, and hence related party transactions are required to be dlsclosed. As one of three equal mernbers, the Trustees o)nsider that fhe Trust does not have significant infiuence over Rothamsted Research and does not seek to unduly Influen￿ the strategic direction of Rothamsted Research. Full detalls of trtls be tsjnd in the Report of the Trustees. The net balance due to Rothamsted Research at 31 March 2024 was £23.365 {2023: £136.054}. Grants paid to Rothamsted Resear¢h in respect of research Èxpenditur8 are detailed in Note 3 above. Rothamsted Research also uses ￿rtain of the TnJsVs tsngible fixed asset properttes and land held for charitable use as described In Note 16. The Trust has promded land for the Lawes Open InnoVatiC￿ Hub, the Conference Centre extension and improved car parking at Rothamsted. which has been constructed by Rotharnstsd Enterprises Lirnited (REL), a joint venture of the TrusL The Trust has retained an un5euJred working capital loan to REL of £50,000 (2023: £50.000), whith remains outstsnding at the year end. Originaily due for repayment on 31 March 2020. the Trustees have agreed (at the 22 March 2023 board meeting) to defer thls repayment date to 31 March 2030 If not settled eadler. No interest is charged on this concessionary loan. Th8 Trust made purchases of £371.209 (2023: £123.690) Sn respect of c￿nferen￿ centre faolities. meeting rooms, catering services and commerrjal tenant management fees. The net balance due frorn REL (exctuding the loan referred to above) was £120.057 (2023: due to REL £40.311 } primarily relating to the grant in relation to masterplanning costs as referred to at Note 3 above. This was paid in ftjll in April 2024. There were no ¢ther related party tr8nsactlons In the year (2023: none) 28 Subsldiaries LAT Redboum Limited. a company registered in England and Wales. is a wholly owned subsidiary of the Lawes Agricultural Trust Separate company financial statements are required to be prepared by law. Consolidated financial ststements for the Lawes Agriculiural Trust Group are prepared and publicly available. Details of the Trust's subsidiaries at 31 March 2024 are as follows- Name of undertaking Registsred Nature of business Class of 'A Held shares held Dlrect Indlrect LAT Redboum Limited Engla￿1 & Wales Propety investrnent Ordinary Shares 100.00 -33- LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 28 Subsidlaries {Cont(nued) Th8 results of the subidiary a￿ as fcllows: 2024 2023 Turnover Admlnistrative expenses Interest payable and similar expenses Fair value gains on investment properties Tax on profit 99,749 (119.892) (95.584) 3,059.796 Proffit for the financial year 2,944.069 2024 2023 Tangible assets Invesknent propety Debtors Cash at bank and In hand Credltors: amounts falling due within one year Creditors: amounts falllng due after one year 494,948 3,570.000 14,534 183.810 (106,977) (1,212,245) Net assets 2,944,070 29 Joint ventUrnS Rothamsted Enterprises Limited is a Joint venture behveen the Lawes Agricultural Trust140 /0), Rothamsted R8search Ltd (40QA), and the BBSRC (20%). 400A of the results and the assets and Ilabillties of the lolnt venture for the year ended 31 Marth 2024 are set out beloyr. DetsiLs of the Tntsvs joint ventures at 31 March 2024 are as follows: Name of undertaking Registered office Nature of buslness Class of shares held % Held Direct Indirect Rothamsted Enterprises Limited England and Wales Research Ordinary Shares 40.00 LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 29 Jolnt ventures (Continued) The Group has not re￿gnised ivs share of the joint venture result for the year as it is in a net liability posÈtton therefore is held at nil vatue on the Balan￿ Sheet (2023- £nil) The results of the joirrt venture are as folk>ws: 2024 £000 2023 £000 Tumover Cost of sales Administrative expenses Taxatlon Interest Payable 1,128 (526) (535) 1,015 (530) (511) (3) Retained profit l (loss) for the year Net (liabilibesyassets at 1 April (29) (70) (99) Net liabilities at 31 March (35) {99) Being: Tangible ftxed a&8ets Current assets Curr8nt liabilities Creditors due after more than one year Accruals and deferred Income (Induding deferred capital grant) 3,439 358 (218) (223) 3,651 367 (248) (267) (3.391) (3.802) Net liabilities at 31 March (35) (99) 30 Group cash generated from operations 2024 2023 as restated Surplus for the year 606,056 3,640,887 Adjustments for. Investment incorne rec£Jgnised in statement of finan(yal a(*vitses Lossl(gain) on disposal of tsngible fixed assets Fair value gains and losses on investrnents Deprectation and impaiment of tangible ￿ed assets (684,202) 38,760 (927,774) 304,213 (599,273) {2.640.264) (59.094) 274,657 Movements in working capital: Decreasel{increase) in debtOTS Incr8asel(decrease) in creditors 136,663 69.023 (69.499) (535,029) Cash (absorbed byvgenerated from operations (457.261) 12.385 LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 31 Anatysls of Changes in net funds The Trust had no debt during the year. 32 Prfor period adjustment Freehold land and buildings indLKl8s 14 properbes which Y￿re acquired by the Trust as a part of the overall disposal of the site Baldwin's Paddo¢K Hatching Green. ui September 2005. Th8se properbes are desbnated as affordable housing untts under the relevant s106 agreement, and as such are not held for the purposes of investment or appreciation. as a result tt is ￿nSidered appropriate to categorise these as tharita￿le use. Gtven that the arrangement has been since acqursibon of the properties, a prior period adjusknent has been implemented to reflect this. Similarly. a review of overail freehold land and buildings has identifEd a number of assets which had previously not been depreciated in line wrth policy- this has been ¢orreGted and a prior period adlustrnent put in place to correct the prior year figures. Changes to the balance shaet At 31 March 2023 A5 prevlously Adjustment reported As restated Flxod assets Tangible assets Investment properties Investments 14,864,104 9.500.129 5,263.073 (1,188,889) (1,610.000) 13,675,215 7,890,129 5,263,073 29,627,306 {2.798,889) 26,828,417 Current assats Debtors Bank and cash 521,958 2.276.435 521.958 2,276,435 2,798,393 2,798,393 Creditors due wlthin one year Taxation Other creditors {6.361) (768,783) (6,361) (168,783) 775,144 775,144 Net current a&sets 2.023.249 2.023.249 Total assets less current liabilitses 31,650,555 (2,798,889) 28,851,666 Net assets 31.650.555 (2.798,889) 28,851,666 Charity funds Restricted funds Designated funds Unrestricted fijnds 18,817,402 (1.943.368) 12.833,153 (855.521) 16.874.034 11,9TI.632 Total funds 31,650,555 (2.798.889) 28.851,666 -36- LAWES AGRICULTURAL TRUST GROUP RECONCILIATION ON ADOPTION OF FRS 102 ASAT31 MARCH 2024 32 Prior perlod adjustmènt (Conts'nued) Changes to the statement of financlal activitses Period ended 31 March 2023 As previously Adjustment As restated reported Income from: Donations and grants Charitable actmtles Investrnents 1,278,279 1.854.855 599,273 1,278,279 1,854,855 599,273 3.732.407 3,732,407 Expenditur8 on: Raising funds Charitsble aCtfv1￿eS {Lossyprofit on sale of tangible ft