Charfty registration number 1156150 Company registration number 8901784 (England and Wales) LAWES AGRICULTURAL TRUST GROUP CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 LAWES AGRICULTURAL TRUST GROUP LEGALAND ADMINISTRATIVE INFORMATION Secretary Peter Oxley Charlty number 1156150 Company numbor 8901784 Reglstered offlce Rothamsted Harpenden HertFordshire United Efjngdom AL5 2JQ Auditor Price Bailey LLP Tennyson House Cambridge Business Park Cambridge CB4 OWZ Accountant Sultes B & D, Bumham Yard Beaconsfield Buckinghamshlre HP9 2JH Bankers Barclays 8ank PIC St. Albans Clty Buslness Centre PO Box 104 22-24 Upper M8rlborough Road SL Albans Herts AL13AL Solicltors withers 20 Old Bailey London EC4M 7AN Investment advisors Sarasin & Partners LLP Juxon House 100 st Paul's Churchyard London EC4M 8BU LAWES AGRICULTURAL TRUST GROUP CONTENTS Page Trustees, report Independent audltovs report 9-11 Consolidated statement of financial activities 12-13 Consolidated balanc8 sh88t 14 Balance sheet 15 Consolldated statement Of cash flows 16 Notes to the financi81 statements 17-35 LAWES AGRICULTURAL TRUST GROUP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and financial statements for the year ended 31 March 2025. The consolidated financial ststements have been prepared in accordan￿ with the acwunting policies set out in note 1 to the consolidated financial statements and comply with the Companies Act 2006 and th8 "Accounting and Reporting by Charities.. Statement of Recommended Practice applicablè to charities preparing their accounts In accordance with the Financtal Reporting Standard applicable In the UK and Republic of Ireland (FRS 102). (effective 1 January 2019). The Trust is a public benefit entty as defined by FRS 102. Objèctives and activities The ¢haritsble purposes of the pa￿nt Trust as defined in the Arb¢les of Association are: "to advance the science of agriujlture for the public benefft through original investigation and research, which rnay ernbraco all or any subject (s) connected to or bearing upon agriculture, including animal or vegetable physlology, meteorology. botany and chemistrf. These purposes are a re-statement of those in the original Deed of 1889. Like tts Prede￿$SOr, the parent Trust focuses on the estate and lands at Rothamsted. Hertfordshi￿ and this ￿MaInS the main base for activity, but the parent Trust is free to consider other land, entities or locations from time to time. The parent Trust ensures compliance with t& charitable purposes by building its income and applying most of the assets and proceeds of the parent Trust to the sponsorship and promotion, either directly or indiredly, of the charitable agricultural research activities of Rothamsted Research, whose agricultural research objects are slmSlar to, and derived from. those of the original Trust (Rothamsted Research's current charitable purposes are: for the beneflt of tha publlc to advance the science of agricultura by the Initlatton, prosecutlon, development and continuance of inv8Stigations and experiments related thereto). There is an 8Xtensiv8 programme of public benefit research. public engagement and knowledge transfer undertaken at Trust prernlses. The Trustees are especlally keen to ensure that the res9arch 15 conv8rted into practical application. This work is reviewed by Ihe Trust through reports of supported projects, provision of an observer from the Trust at Rothamsted Research Board meetings and a bi-annual report from its Institute Director at Trust meetings. Further inforniation on Rothamsted Research and its Reports are available on the web site at http:Ilww.rothamsted.ac.uk, or information can be sought on appllcation, from the Company se¢￿tary of the Trust at the principal address as per address as per the Legal and Admlnlstratlve Informauon above. Thus, the Trust utili88s its ass8ts to pursue its purpos88 through fiv8 princlpal rout88: 1. The provision of land and buildings suitable for agricultural and related sciences conducted by Rothamsted Research, on benefici81 tems, This opgrates as a closé partnershlp wlth Roth8mst8d Rese8r¢h and that organIsa￿On s m81n gr8nt-glvlng and funding body, BBSRC. 2. The provision of accommodation on a prefererrtial, but defined, lintted term basis to PhD studerts. key workers and other Rothamsted Research staff, which allows them to live in this very expensive location whilst on modest scientific sataries. The significant majority of the residential provision owned by the Trust is avallable preferentialy for students, staff and visitors. These s￿ kept to 8 good standard and well IoGated with easy access on foot to the sclentlfjc facllltles. Rothamsted Research Identffles the most deservlng and sppropriate tenants. The challenge with these faGilities is seekng to ensure they are adequately maintained in order to protect the assets and provide good qualty accommodation bu¢ at the seme time, keep the charges at affordable l&vels and that OGcupancy Is both ma¥ln71sed and falrly asslgned. 3. Granting financial support for scientific costs to Rothamsted Research. mainly through a °Directorfs Vote. fixed annually by the Trustees following proposals made to them. For the current year, the Directorfs Vote was set 8t £550k (2024: £550kl. In addition, in the year ended 31 March 2025, the Truste8s p￿VId￿d a furth8r discretionary grant to Rothamsted Research In the sum of £43k to enable the purchase of a parcel of land adja￿nI to their facilities in North Wyke, Devon. 4. Capitsl funding prO￿$10n of dlverse facllttles deemed to help meet the Trust's purposes. wlth pathers where PQ55ible, induding technology transfer, sample archive and the like. LAWES AGRICULTURAL TRUST GROUP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 5. In addition. the Trust plays a vigorous and lead role in developing the Rothamsted campus to enable interaclion with small companies to actively enhance the uptske of agri¢uitural and environmentsl research Output into prdctice across different communities, in conjunction with Rothamsted Research and their lolnt venture wth Rothamsted Entsrprises Limited (REL) (as detailed above) and otherwise. Items 3. 4 and 5 require the generation of cash sums. These can origlnate from." Rental income on those Trust's propertses made av8i18ble on the open market at commercial rents. The policy is to maintain th6s& at, the highest possibla st8nd8rd to 8ttract high rents and to maximise tho pmperties in this Gategory. Income from equfy and similarinv&stments. OGcasional sale of land and assets to g8n8rate capit818ums. Publlc Benefit As a charitable Trust, LAfs primary purposè is th8 advanc8m8nt of th8 science of agriculture for the public benefit. This is primarily achieved through providing support for Rothamsted Research which In tum diss8minates knowledge and research with parttcular emphasis on publication in widely available sclentlfic joumas, in the popular agriculture and broader press and through Conferentss or seminars, many of which are aimed at the wider public. The tem "advancem6nt' is taken to include such scienc8 bècoming widely used in agricultural practice. Thus, it falls within the charitable purpose of Yhe advancement of the arts. culture, herftage or sclence., Inevitable anclllary benefits as a result of meeting the primary object that would fall into the categories of advancement of education, the advancement of envlronmental protectlon cr Improvement and, perhaps to a MO￿ limited extent, the advancement of health. The Charity Commission specifically mentions scientific researGh projects under the heading of the Advancement of Sclence. The Trustees have complied with Section 17 of the Charities Act 2Q11 to have due regard to public benefit guidance published by the Charity Commission. AS ststed in thi8 report LAT provides 8 range of facilitie5 to Rothamsted Research (whose charltable purposes signfficanly ovedap wtth those of the Trust) on a highly preferential, exclusiv8 basis. as well as modest grants. This charitable activity takes place at the main sites owned by tha Trust - Rothamsted in Hertfordshire {whi¢h is the main Site for Rothamsted Resear¢hl and Broom's Bam in SLrffolk- but the output has global reach. Trustees closely monitor the adivities of Rothamsted Research to ensure that they continue to serve its tharltsble purpose and m8et the requirements of public benefft. The Trustees note that this is achieved by making scientific advances freely available throughout public scientific literature, engaging in knowledge axchange wlth famers on an unhindered basis as well as initiating and promoting the wider discussion of scientific matters affecting agriculture, climate change food quality and food security. Achievements and perfomience The Director's Vote was dispensed according to plan. The Trust provides long term support for actlvfttes that otherwlse would not contlnue. Thls allowed the Trust to support, for instsn¢e: Postgraduate Studentships in partnership with a number of untverstties. Long-term experfments at Rothamsted - the classical field experiments and the insect survey. Afthough now significantly supported through the National Capability Grants from BBSRC. LAT continues to PrO￿de additlonal and vltal funding. Student training in a variety of areas at Rothamsted, thereby enhanctng the existing development programmes and helping to engage and d8v8lop the nexl generation of scientists. Key Performance Indicators The main beneficiaries of tho Trust are Rotham5ted Researth and its stakeholders, who benefft from th8 research that is und8rtaken. The Trust also ensures th& provision of resources to maintain, refurbish and enhance the built estste. Certain agricultural science projects at Rotharnsted Research are fvnded through the Dlre¢tofs Vote which this year totalled £550k R024: £550k). The Trust continues to provide affordabl8 housing for key workers and visiting workers, whilst Ma￿MiS1ng the rental income on extemally let properties (those properties that are limited to extemal lets are defined as °investment properties") acwrding to market condttions. In tum, this provides funding for fLrture years, refurbishment plans of aIl properties. thus m8ximising long-tenT) rental incom8 for the Trust and praviding affordable accommodation for Rothamsted Research staff. LAWES AGRICULTURAL TRUST GROUP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Some crlteria used by the Trust to assess performance against objectives can be summarised below.. 1. Investsnent Income is monrf(ored by the Board with a more detailed review and assessment carried out by the Invesiment Commtttee who liaise directly with the Trust's investment advisors Sarasin & Partners LLP. Quarterly reports provid8 performanca indicators for the investments agalnst the industy average. The gross dividends and interest income for the year on the investments was £319k (2024: £290k) which remains broadly in line with typical market performance. 2. The maint8nance of sound rentsl income against a planned refurbishment programme for Trust properties has been operating over several years and continues. In the year. the total estate incorne (both charitsble and investment properties) was £2,667k (2024: £2,460k). See also Notes 4 and 6. 3. Directorfs Vote fijnding Is approved by the Board and allocated by the Director of Rothamsted Rese¥ch to sponsor continuing long-tem) scientific projects. The results of these projects are reported to the Board who rnonitor and review the results against the Trusys objectives. Flnanclal revSew The Statement of Financlal Activities shows that totsl funds have d8creas8d to £28,664k (2024.. £29,458k). Overall estate rental incom8 (induding investm8nt properties) increased to £2.667k (2024.. £2,460k). The value of the investment portfolio increased by 1.1 Vo in the past year to a Fair Value of £5.27* Q024: £5,215k). AJI equity investments are managed by Sarasin & Partners LLP. Direct W5ts of investment management were £nll (2024.. £30k). The calculation and disclosure of investment managemenl costs changed in the year. having previously been netted off against investment income. The investment in the unlisted. spin-out statistic So￿re company VSN Intemational Limited is valued 8t £302.4k (2024: £490k), impaired in the year on the basis of updated information on the companys valu8. No dividend has been re￿iVed for 2024125 P024: £28k). The investment in the unlisted company Sugarox Llmlted is valued at £61 k, with £50k being the amount of the original investrnent In 2023, followed by a further £11 k investment during 2024. Th8 Trustees note the level of cash being held in banks (mainty as Barclays Tr8asury Deposts) has decreased to £1.387k P024.' £2,128k) as a result of the expenditure on operations, Payments assoclated wtth the Dlrectorfs Vote, which make an important contribution to the agricultural research at Rothamsted, continued as stated above. The Trust's wholly-owned subsidiary, LAT Redboum Llmlted, generated income of £1.7k (2024". £100k}, and an overall loss of £300k (2024., profit of £2.9m). Going con¢ern The Trustees have reviewed the cuffent position and projected results of the Trust for the period to 31 March 2027 and. based on this. have continued to prepare the financial statements on a going concem basis. Further detall can be found in the going concern accourrting policy note 1.2. Reserves Pollcy The Trusys policy on the maintenance of resetves seeks to ensure that sufficient reserves are available to enable the Trustees to fulfil the short and longer-term liabilities and Obligations of the Trust, as well as fully participating in the development of the Estate at Rothamsted and Brooms Bam in a timely nanner. In the context of the latter, the Trustees are of the opinion that this falls dearly w¢thin and directly serves the charitable purpose of the Trust. Free r8serves available for use by the Trust are deemed to be those that are readily realisable, less funds whose u￿S are restricted or designated for partl¢ular purpo￿. The calculation thus excludes fixed a55ets, restricted and designated funds. The level of free reserves as at 31 March 2025 was £4.232k P024: £4,857k). As a broad principle and with due consideration to short temi demands. the Trusys overall aim is to invest in facilities rather than be holding cash. It is noted by the Trustees that overall Total Unrestricted Funds stand at £28.664k R024: £29,458k). LAWES AGRICULTURAL TRUST GROUP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Investment Policy The Trustees, investment mandate is stated In its Articles where the Board has powers: 'lo deposit or invest its funds in any manner as may be thought fit (including. but not limited to. the establishment of trading or other subsidiariés of any kind), but only after obtsining such advice from a Financial Expert as the Trustees unsider neGessary and having regard to the SLtitabilty of investments and the need for diversrfication.. The Trust's Investment Committee liaises regularly with the appointed investment manager, Sarasin & Partners LLP, and comprises Mr Richard Percy (Chair) and Dr Graham Birch. Both Mr Percy and Dr Birch have considerable experience in the financ8 and investments sector. The aim of the porifolio is to maximise total return and there are no restrictions placed on the investment portfolio. Sarasin present to all Trustees from tlme to time. Note that as stated earlier the Trust holds certain properties as investments as they ar8 not used at all ftjr charitable purposes (i.e. providing accommodation for Rothamsted staffj but rather only to generate an income. This is a small number of the total housing stock as the Trust wtsh&s to keep the flexibility that enables tho majority to b8 available for Rothamsted staff if and when necessary. Fund Raising The Trust does not acttvely fvnd raise, and no professional fvnd-raisers are engaged. No appeals to members of the publlc have been made, and no fund raising is carried out on behalf of the Trust. No complaints were received from the publlc In relatlon to fvnd ralsing. Risk Management The Board of Directors of the Trust regularly review the major dsks and principal uncertainties to which the Trust Is exposed and the steps which have been taken to miligate against th8S8. Key risks at 31 March 2025, wlth the main steps undertaken to mitigate those risks, are,. 1. Rothamsted Research is the primary method through which the Trust achieves its charitsble purposes. Rothamsted Research is reliant for its fvnding from government sources, primerily BBSRCIUKRI. Given the current political and economic landscape, there 8re a number of uncertainties in relation to the ongolng levels and sources of thls funding. Additional support and new approaches from the Trust may be needed in this regard. The Trust has stmng, active links and Gommuni¢atlon with Rothamsted Research and BBSRC / UKRI, with tha Executive Director meetlng key management personnel of both organisations on 8 rggu18r ba￿s. and th8 Tnist Ch8im78n attending Rothamsted Research Board meetings as an observer. 2. The rfsk of a data breach etther intemally or through a partnèrlsystem provider. The Tnjst h88 in placa a robust set of policies. procedures and controls intended to mitigate against any risks, whiGh are rew'ewed regularty and updated as rgquired. 3. The risk of non-compliance ￿th Health & Safety or other ststutory Compliance requirements. The Trust has in place a robust set of poliGies, procgdures and controls intended to miytgate agalnst any risks, which are reviewed regularfy and updated 8s required. Regular reviews 8nd monitoring are undertaken in relation to Health & Safety. with all reportable incidents logged, and reported to the Board of Directors at each meeting as 8 Standing agenda item. LAWES AGRICULTURAL TRUST GROUP TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 4. The Trust's signific8nt commitment to a range of campus development projects places an excessive strain on finite resources. The position in relafion tc GommitllFents and cash tlow is r8viewed on a r8gular basis by the Executive DireGtor and reported to th8 Trusteas at 8ach Board meeting. 5. The Trust continues to attract high calibre Trustees with the most outstsnding skills and experience relevant to the Trust's evolving activities and role. It is critical that thls is maintained. The Trust88s have undertaken to ensur8 that the re¢ruitn7ent of suitable new Trustees ￿ a keypriority, with th8 Position in ￿lation to current Board composition subject to regu18r review. 6. Maintaining the future use, management and financial viability of Rothamsted Manor given its Grade 1 listing and rudim6ntary facilities. The Trust and REL work closely together to ensure ftrture uses are available which are In k8&ping with Rothamsted M8nor s listed status. and 8nsure that the upkeep of the Manor Is suitable given the state ol the building, required uses, finanual limitatlons and the requirements impos8d by the Grade I listlng. A compl8te review of the risk register És undertaken at each Twst meeting with a fonnal regtster belng kept up to date at these meetings. The executive team also regularfy reviews 8nd updates the risk register in be￿een Trust meetings. To date, no risks have been identified that are judged to thr8aten the existence or solvency of the Trust. Structurei governanG8 and management The Trust is an incorporated charity and company Ilmlted by guarantee registered on 19 February 2014. It traces Its origln to a Trust that was established in 1889 by the Dedaration of Trust of Sir John Bennet Lawes FRS, whc founded Rothamsted Experimental Statlon in 1843. The original Trust was a registered charity. under the Number 208228. From April 2014 Lawes Agricultural Trust (Charity Number 1156150. Company Number 8901784) assumed all of the activitie6 prevlously undertaken by the orfglnal and its corpordte Trustee. The Trustees. who are also the directors for the purpose of Company Law, and who seNed during the year and up to the date of signature of the financlal ststements were: Dr Graham Birch (Chainn8n)- retired 21 May 2025 Dr Tina Barsby- retlred 21 May 2025 Professor Sir David Baulcombe FRS - retiffjd 4 March 2025 Professor Sir Charles Godfray FRS - retired 3 Sept8mber 2025 Mrwilliam G8mmill Dr Deborah Keith Mr Richard Percy Mr Julian Sayers Professor Quintin McKe118r- appointed 4 March 2025 - appointed Chair of Board 21 May 2025 Mr Simon Hardwlck- appointed 1 June 2025 Mr John Lelliott- appointsd 1 June 2025 The Company Secrètary was Mr P 0￿ey. The Tnjstees keep the Board's composition and balance of skills under constsnt review. Key areas considered of importancE include large estate I property management, famiing and food business. Intemational Scien￿ (including developing countries), investmenL politica] awareness and experience of highest level in temis of scientific research and innovation. The Trust8es are also Directors of the incorporated entity for the purposes of Company Law and do not ￿ceIve remuneration for these roles. The Trustees meet regularly to consider policy, research, administrative matters and risks. LAWES AGRICULTURAL TRUST GROUP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A Trustee shall be ellglble to seNe as a Trustee for a M￿muM period of nine years consecutively, but the Trustees may, in the interests of the Charity and upon reasonable grounds, waive the maxtmum term a Trustee may serve for such period as the Tn￿teeS shall determine. The Trusys Conflict of Interest policy rèinforc&s Article 11 of the Trust's Articles of Association, and ststes that the Trusys assets may only be used for the purpose of promoting the Trusys charitablè object and Trustees may not receive any financlal or non-financial benefft (directly or indirecty) from the Trust. A ￿gIster of Trustee-Dlrectors' interests is maintained and reviewed regularly. New Trustees receive a comprehensive indu¢lton on site, conducted by the Chairman and Company Secretary. in parttcular highlighting scientlfic Involvement, estate responsibilities, historical matters and urgent issues that are facing the Trustees. Training re16vant to charity law and other matters as appropriate to the individual is offered. The Investment Committee is a sub-committee of the Board. whose role is to crEtlcally examine and liaise with the Trust's investment advisors, and its members are Dr Graham Bir¢h and Mr Richard Percy. The Nomination & R8muneration Commlttee reviews and recommènds remuneration for the Executive Director. as well as seeking and recommending any new Trustees for proposal to the Board. The Nomination & Remuneration Commlttee comprises Mr Rlchard PerGy, Mr Wllliam Gemmill, Dr Dèborah K8ith and Mr Julian Sayers. Assets In Harpenden, Hertfordshira, the Trust owns: the Rothamsted Estate {330 ha) incorporating a laboratory complex comprising research and administrative bulldings and facilities (7 ha) and an extensive experimental farni 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 estate and in the town of Harpenden., S larger residential properties comprfslng multiple units., Anova Court, D8 Ramsey Court, Southwood CourL Lawes Court and 1 Nlnnlngs. The Trust also owns an experimental farm (77 ha) at Broom's Bam In Suffolk, whlch Indudes relat& laboratory bulldlngs and 6 residential properties. The majority of properties are utilised by Rothamsted Research for its research activities, or as residential accommodation for its stsff and PhD students. Properties that are Surplus to Rothamstsd Research's requlrements are let on fully commercial tems to third parties and defined as "investment propertias" The majority of the experimental lands, buildings and facillties owned by the Trust are occupied under a bare li￿nCe by Rothamsted Research and the buildings and faalities are included in that organisation's BalanGe Sheet at hlstoric C05t to Rothamsted Resear¢h. The Trustees consider the open market value on an altemative use basis of these assets to be materially in ex￿$5 of book value. Over many years it has been the custom for buildings not required by Rothamsted Research to be utillsed by LAT for the latter to m￿MIse income. During 2024125 the Trust has continued to be very dosely invotV8d with the strategy and directton of Rothamst Entsrprises Limited (REL). REL is a joint venture between the Trust (40Q/o), Rothamsted Réséarch (409k) and UKRI I BBSRC (200/0) and is aimed at attracting scientifically-based companies and organisations involved in the agricultural arena - large and small, new and established - to estsblish a Cluster of like-mlnded organtsations at Rothamsted. LAWES AGRICULTURAL TRUST GROUP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Trust is currently promoting for release for potential residential development a number of fields: namely Black Horse, Bylands, Meadow, Osier and Ver. totalling approximatety 40 hectares and collectively referred to as 'Land North-East of Redbourn.. To Ihis end the Trust entered into. on 29 October 2021. a promotion agreement with Lands Improvement Holdings {LIH) in relation to the Land North-East of Redboum. The Trust is worknng closely with LIH to promote the land for inctusion in St Atbans City & District Coun￿1,$ fsACDC") emerging Local Plan, which is currently In progress and timetabled for adoption in 2026. The intentTon would be to dispose of this land to thlrd parties for primarily residential development purposes, together with allocations for educational, social and employment purposes. The proceads from this disposal would be applied directly to the Trust's charitable objects, including enabling investment in the Rothamsted campus and providing funding for the ongoing researth activities of Rothamsted Research. On 19 April 2023, the Trust disposed of the land NortlFEast of Redboum to its wholly- owned subsidiary, LAT Redbourn Limited for total proceeds of £510,204. Al agreements related to this land were also novated to this subsidiary at that date. On 19 April 2023, the Trust entsred into a 99 year lease (on a peppercorn rent basls, with a lease premium of £500k) in relation to the Manor House on the Rothamst8d estate with its wholly-owned subsidiary, LAT Redboum Limited. The management of the Manor House as an events venue is undertaken by Rotharnsted Enterprlses Limited under a management agreement, which generated income for LAT Redbourn Llmlted during the year of £1.7k (2024: £100kl. The Trust Is In the proc&8s of conducting feasibility studles and earfy stage plans in relation to a masterplan whlch would involve a signlfi¢ant renovation of certain areas of the campus, These emerglng plans are subject to the Trust obtaining th8 necessary funding. The TNst also holds liquid funds in the form of stock market Investments and cash d8POStts. Intellectual propety rights created during the cours8 of operatlon of the Rothamsted Experimental Statlon (until 1991), including registered trademarks and copyrights, also continue to belong to the Trust. These were estsblished in the Memorandum of Understanding dated 12 June 2000 be￿een the (then) corporate Trustee and Rothamsted &xperimental Station {soon after to become Rothamsted Research in the same year). Other archives. including soil and plant archive $8mples until 1991 also belong to the Trust and are under the guardianship of Rothamsted Research. The Trus( along with cth8r activities, principally supports Rothamst8d Research Limrted {'Rothamsted Research.), an incorporated charity that oC￿pieS and operates its agricultural research activities from land and buildings belonging to the Trust. These research actlvltles are dlrected by the Instltuts Director of Rothamsted Research: this position is currently held by Professor Patrick Bailey. The Trust is a Corporate Member of Rotharnsted Research, along wlth the Blotechnology and Biological Sciences Research Council ('BBSRC°_ now a part of UKRI) and the Chair of the Board of Trustee-Directors for Rothamsted Research. The role of these Members is defined through 8 Members. Agreement that describes how this tripartite arrangement recognises the ￿ltiCal contribution in land and buildings (from LAT) and funding (from UKRI-BBSRC) to the well-being of Rothamsted Research and, achieving this through an arm'&length stance, does not seek to unduly influence the strategic direction of Rothamsted Research. The Chainnan of the LAT Board attends Rothamsted Research Board meetings as an Observer. The Trust provides an annual voluntary contribution, by way of a grart to Rothamst8d Research _ referred to as the "Director's Vote.. Thts contribution is provided to the Institute Director of Rothamsted Research to assist in overseeing and runnlng those research intsrests which would otherwise not be available for extemal grant fiJnding. The Trust's Key Management Personnel are considered to be the Trustees (who re￿Ne no remunaration) and the Executtve Director I Company Secretary. The latterfs remuneration is agreed by the Trustees and Chairman of iAT bas8d on the r8(x)mmendation of the Nomination & Remuneration Committee. LAWES AGRICULTURAL TRUST GROUP TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trustees. responsibilities Thé Trustees, who are also the dlrectors of Lawes Agricuitural Trust Group for the purpose of Company Law. are responsible for pEparing the Twstees, Report and the financial staternents in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom G8nerallyAccepted AcLountlng Practi*). Company Law requires the Twstees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the Incoming resourcas and application of resources. including the income and expenditure. of the charitable company for that year. In preparing these financial statements, the Trustees are required to: select suitsble accountlng policies and then apply them consistsnuy. - observe the methods and principles in the Charities SORP. - make judgements and estlmates that are ￿aSOnable and prudent. and prepare the fin8n¢i81 statements on the going conc8m basis unless it is inapproprlats to presume that the Trust will continue in opèration. The Trustees are responsible for keeplng 8dequate accounting records that disdose wilh reasonable acGuraGy at any time the flnan¢i81 position of the Trust and enable them to ensure that the financial ststements comply with the Companies Act 2006. They are also responslble for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. Audltor Price Balley LLP were re-appointed as auditor to thp Trust and a resolutlon proposing that th8y b8 r84ppointed will be put at a General Meeting. Disclosure of Infomiatlon to auditor Each of the Trustees has confirmed that there Is no Informatlon of which they are aware which is relevant to the audit, but of which the audttor is unaware. They have further confirmed that they have tsken appropriate steps to identify such relevant infomiation and to establtsh that the audltor is awarg of such informatlon. The Trustees, ￿pOrt was approved by th8 Board of TnJstees. P Oxley Trust Secretary LAWES AGRICULTURAL TRUST GROUP INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LAWES AGRICULTURAL TRUST GROUP Opinion W8 have audited the financial statements of Lawes AgricuEtural Trust (the 'parent charitsble company} and its subsidiary {the 'group') for the ye8r ended 31 March 2025 which comprise the wnsolidated statement of financial activities, the wnsolidated balance sheet. the charity balance sheet, the statement of consolidated cash flows and notes to the financial statements. Including signrficant acGounting policies. The financial reporting framework that has been applied in thelr preparation is applicable law and United Kingdom Accounting Standard6. including Financial Reporting Stsndard 102 The Financial Rèporting Standard applicable in the UK and Republic of Ireland (United Kingdom GenerallyAccepted Accounting Practlce). In our opinion, the finan¢tal ststements- gNe a true and fair view of the state of the group's and pa￿nt charitable company's affairs as at 31 March 2025. and of the group's incoming resources and application of resources, including its income and expenditure. ft)rthe year then ended". have been property prepared in accordan￿ wlth United Trfjngdom Generally Accepted Accounttng Practice. and have been prepared in accordance wlth the ￿qUireMents of the Cornpanles Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Audltlng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described In the Auditor's responsibilities for the audit of the financial statements section of our report. W8 are independent of the group and parent Gharitable company In accordance with the ethical requirements that are relevant to our audit of the financial stateTnents in the UK, in¢luding the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit gvidence we have obtslned is sufficient and appropriats to provide a basis for our opinion. Concluslons relating to golng concem In audltlng the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparatlon of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertaintles relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or parent oharit8ble companls abllity to continue as a going concem for a period of at18ast ￿e1ve rnonths from when the financial statements are authorised for issue. Our responsibilities and the responslbilltles of tha trustees with respeot to golng concern are descrlbed Sn the relevant sections of thls reporL other Infomiation The other information comprises the Information included in the trustees annual report other than the financial ststements and our auditols report thereon. The trustees a￿ responsible fcr the other information contain8d within th6 annual report. Our opinion on the finan¢ial ststements does not cover the other infomation and, except to the extent otherwise expli¢itty stated in our reporl, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other Information and. in doing so, consider whelher the other informatton is materially inconsistent with the financial statements or our knowledge obtained in the cours8 of the audit or otherwise appears to be materlally misstated. If we identify such material inwnsistencies or apparent material misstatements. we are required to determine whether this gives rise to a rnaterial misststement in the financla statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. LAWES AGRICULTURAL TRUST GROUP INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LAWES AGRICULTURAL TRUST GROUP Oplnlons on other matters proscribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the T￿Stees, report for the financial year for which the financial ststements are prepared, which includes the directors. report prepared for the purposes of company law, is consistent with the financial statements" and the dlrectors, report Included within the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the group and parent charilable wmpany and its environment obtained in the course of the audit, we have not identified materfal misststements in the dir8Ctors' raport. W8 hav8 nothing to r8POrt in rasp8ct of the following matters In relation to which the Companies Act 2006 requlres us to report to you rf, in our opinion: adequate and proper accounting records have not been kept by the parent charftable company, or returns adequate for our audlt have not been recelved from branches not vlslted by us. or the pa￿nt charitable companVs financial statements are not in agr8ement wlth the 8ccounting records and returns- or ertain disclosures of trustees. remuneration specified by law are not made. or the trustees were not entilled to prepare the financial ststements in accordance with the small companles, reglme and take advantage of the small companies. exemptions in preparing the directors, r8POrt and from the requirement to prepare a strategic report. Responslbllltles of Trustees As 8xplained more fully in the trus188s' responsibilities statement set out on page 8, the trustee5 (who are also the directors of the parent charitsble company for the purpose5 of Company Law) are responsible for the preparation of the financial statements and for being satisfied that they give a trug and fair view, and for such intemal control as the trustees detemiine is necessary to enable the preparatton of tlnanclal statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for ass8ssSng the group and parent charitsble ornpanls ability to continue as a going concem, disctosing, as applicable, matters related to going concem and uslng the golng concern basls of accountlng unless the trustees either intend to liquidate the group or parent charitab16 company or to C8ase operations, or hav@ no realistic altemative but to do so. Audltor's responslbllltles for the audlt of the financlal statements We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act. Our objectives are to obtain ￿aSOnable assuran￿ about whether the financial statements as a whole are free from matertal misstatemenL whether due to fraud or error, and to issue an audltor's report that includes our opinion. Rèasonable assuranc8 is a high lev81 of assurance. but is not a guarydntee that an audit conducled in accordance with ISAS (UK) will always detect a matertal misstatement when It exlsts. Mtsstatements ¢an arise from fraud or error and are considered material if, individualEy cr in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of thes8 financial statem8nts. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design proGedures in line with our responsibilities. oulined above, to detect material misstatements in respect of irregularitses, induding fraud. The extent to which our procedures are capable of detecting irregularibes, including fraud is detailed below. 10- LAWES AGRICULTURAL TRUST GROUP INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LAWES AGRICULTURAL TRUST GROUP We gained an understanding Of the legal and ￿gUlatOry framework applicable to the group and charitable cornpany and how it operates and considered the rlsk of the group and charitable COTnpany not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those ￿gUlatiOnS direGdy related to the financial statements. In relation to the group and haritable Company this included dats protection, health and safety, employment law and financial reporting. In relation to the Charitable Group this induded wmpliance with the Charities Act 2011 and Companies Act 2006. The risks were discussed with the audit team and we remained alert to any indications of non 7> W7J ry t￿00 >Nc rLn* 44 Z5 f4 Ln 4 ¢0 7J (u J (ts LAWES AGRICULTURAL TRUST GROUP CONSOLIDATED BALANCE SHEET ASAT31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets Invastm6nt property Invesknents 16 17 18 13,497,625 8,354,475 5,637,047 13.523,785 8.325,OQO 5.755,976 27.489,147 27,604,761 Current assets Debtors Cash at bank and in hand 19 360,205 1,447,398 385,295 2,311,833 1,807,603 2,697,128 Credltors: amounts falllng due wlthln one year 20 (632,787) (844,167) Net current assets 1,174,816 1,852,961 Total assets legs current liabilities 28,663,963 29,457,722 Charlty tunds Restricted funds Unrestrict Designated fvnds General unrestricted fvnds 41,750 17,701,199 10,962,764 17,801,808 11,614,164 28,663,963 29,415,972 28,663,963 29,457,722 The notes on pages 17 to 35 forn part of these financial st2tements. The dlrectors acknowledge their responsibilities for ¢omplytng with the requirements of the Companies Act 2006 with respect to accountlng records and the preparation of finan¢tal statements. These financial statements have been prepared in accordan￿ with the provisions applic8ble to ￿MPanieS subject to the small companles regime. Th ncial statements were approved by the Trustees on ...... .. Professor Q McKellar Trustse Company règistration number 8901784 14- LAWES AGRICULTURAL TRUST GROUP COMPANY BALANCE SHEET ASAT31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets Investrnent propety Investrnents 16 17 18 13,469,484 8,354,475 5,637.047 13,495,644 8.325,000 5,755,976 27,461,006 27.576.620 Current assets Debtors Cash at bank and in hand 19 1.815,482 1,386,849 1,678,590 2,128,023 3.202,331 3,806,613 Creditors: amounts falling due wlthln one year 20 1612,306) 1832,773) Net current assets 2,590,025 2,973,840 Total ass•ts18ss current liabilities 30,051,C31 30,550,460 Charlty funds Restrlcted funds 41,750 Designated fvnds General unrestrictsd fvnds 17,701,199 12,349,832 17,801,808 12.706,902 3D,051,031 30.508,710 30,051,031 30,550,460 The notes on pages 17 to 35 form part of these financial statements. The directors acknowledge their responsibiltts8s for complytng with the requirements of the Companies A¢t 2Q06 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance wth the provisions applicable to wmpanies subject to the small companies regime. Th al ststements were approved by the Trustees on Professor Q McKellar Trustee Company reglstratlon number 8901784 15- LAWES AGRICULTURAL TRUST GROUP CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operatlng actlvlties Cash absorbed by operations 29 (1,255.409) {457.261) Investlng activities Fixed asset additions Proceeds from disposal of tsngible fixed assets Purchase of fixed asset investments Investment income received (313,220) (209,393) 80,579 (11,155) 634.770 17,850 684,202 Net cash generated from investing activities 390,974 492,659 Net cash used In Itnanclng acttvltles Net (decrease)Ilncrea5o in cash and Cash equivalents (864,4351 35,398 Cash and cash equivalents at beginnlng of year 2.311.833 2,276.435 Cash and cash equlvalgnts at end of year 1,447,398 2,311,833 The notes on pages 17 to 35 fonn part of these f1nancial statements. 16- LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcles Charity infonnation Lawes Agri¢uttural Trust Group is a group of companies limited by guarantèe incorporated in England and Wales. There are currently 7 (2024: 81 Tmstees who are also the members of the company. Each member has undertaken to contributs to the assets in the event of winding up a surn not exceeding £1. The group's principal activities are as detailed in the Report of the Trustees. 1.1 Accounting convention The group and Individual financial statements of Lawes Agricultural Trust have been prepared in accordance with the Companies Ad 2006, FRS 102 "The Financial Reporting Standard appli¢2ble in the UK and Republlc of Ireland. ('FRS 102") and the Charities SORP 'Accounting and Reporting by Charftles: Ststem6nt of Recommended Practice applicable to charities preparing their accounts in accordancè with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). (effective 1 January 2019). Thè Trust is a Public Benefft Entity as d6fin8d by FRS 102. The financial statements are p￿pared in sterling, which is the fvnctional Currency of the Tnjst. Monetary amounts in these financÈal statements are rounded to the nearest £. The financial statements have b8en prepared under the historical cost Gonvention, modtfi8d to Include the revaluatlon of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. Group financial statements have been prepared in respect of the Charity and its wholly owned subsidlary undertaking LAT Redboum Limited. These financial ststements have been consolidated on a lin&by4ine basis and the results of the subsidiary undertaking are disclosed in nota 26. 12 Golng concèm The Trustees have adopted the going concem basis in the preparatlDn of these financial statements. Forecasts have been prepared which support this to 31 March 2027. There ar8 no material uncertainties in this assessrnent. Cash and Ilquld inveslments remain strong and the Trustees are satisfied that the Trust remalns a going concem. 1.3 Charftable funds General funds are unrestrirted fiJnds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes, Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The alm and use of each designated fund is set OLrt in the notes to the financial statèments. Restricted funds are funds subject to specific restrictions imposed by the fundlng authorities and donors. These funds are not available for the Trustees to apply at their discretion. The purpose and use of the restricted funds is set out In the notes to the financial ststements. 17- LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ounting policies (Contlnued) 1.4 Income Income, including grants, gift aid receipts and other donations is recognised where the￿ is entilemen( probabllty of re*ipt and the amount can be measured with sufFicient reliabllty. Where material, donated seNices and facilities are Induded in the Statement of Flnancial Acttvities based on th8 Trustees, estimate of the fair value of the serVI￿S re￿Ived. Investment inrnme is recognised on a r8ceivabl8 basis. Income from charitable actlvlties represents income received from the Trusys estat8 management activity and Includes rental and other income on estate propertles togeth8r wlth surpluses on disposal of any properties. This is remgnised on a re￿[Vable basis. 1.5 Expenditure Expènditure is recognised when a Ilablllty Is incurred: Costs of raising funds are those costs in¢urr8d in relation to management of the investments. Charitable activities include expendtture associated with the Trust's estate management. r8s8arch activities and grant making, and the costs incurred in the commercial trading operations In accordance with the objects of the Trust. Support Costs indude centfdl functions and have been allocated to aotivity cost categories on a basis consistent with the use of resoU￿s. Support Gosts also include costs incurred In the govemance of the Charity and its assets and are primarily associated with constitutional and statutory requirements. 1.6 Tangible fixed assets Individual fixed assets Gostlng £3.000 or more are capitallsed. Freehold Land and Buildin9s are stated at cost and no deprsciation on buildings Is provlded on part Of the portfolio, where an assessment of the residual values of the propertles at the balance sheet date indicates that no provision for deprecrallon Is necessary. For those buildings where a provision for depreciation is consIder￿ materlal, the depreciation polity is set out below. Fixtures. ffttings and equipment and ¢ompLrter equipment are stated at cost. Collections of Books, Prints and Paintings were stated at deemed cost on trar￿ltIOn to FRS 102. Rare Furniture, StatU8ry and Effects wer8 stated at deemed cost Cn transition to FFiS 102. The depreciation policies for these asset categories are set out b&low. Books, Prints and Paintings and Rare Fumlture, Statuary and Effects have long useful lives and are not anticipated to be used or consumed or to deteriorate significantly through effluxlon of time. Accordingly. the Trustees considèr that the residual value of the assets Is suGh that any depreciation charge would be immaterlal. assessment is made at each reporting date of whether there are Indicators that a fLxed asset may be impaired. Intellectual Propety is not valued as in the opinion of the Trustees no realistic valuation can be placed on this asset in the absen￿ of an arms, length offer for the purchase thereof. Freehold land and buildings Flxtures and fittings Computers Books, Paintings and Furniture No dep￿CiatIon and straight line over 50 years respectively Straight line cver 10 years Straight line over 5 years Not depreciated The gain or10s5 arising on the disposal of an asset is det8rmined as the difference be*Meen the sale proceeds and the carying value of the asset, and FS recognised in the ststsment of financial activities. 18- LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Contlnued) 1.7 Investment property Investment propertles are ststed at fair value. Gains and losses arising on revaluation are recognised In the ststement of Financial Activities as these arise. 1.8 Flxed asset Investments Listed investments are stated at the fair value at the Balance Sheet date. Unquoted investments are stated at the Trustees, estlmate of falr value. Changes In fair value are recognised in net incomel(expenditure) for the year. Transaction costs are expensed as incurred. Undertakings in which the Tnjst has a long-term interest and which are under lolnt control are defined as Jolnt ventures. Joint ventures are accounted for at cost. In the pa￿nt Trust balan￿ sheet, investrnents in subsidiary undertakings are measur8d at cost 18SS impairment. Undertakings in which the Trust has a long-term interest and which are under joint control are defined as Jolnt ventures. In the consolidatsd a¢counls. interests in joint v&ntures are accounted for using the equity method of accounting, Under this method an equity investment is initially recognised at the transaction prlce (Including transaction costs) and is subsequently adjusted to reflect the investors share of the profft or loss, other comprehensive income and equty of the joint venture. The Consolidated Ststement of Financial Activities includes the Group's share of the operating ￿SUIts, inte￿st, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings and joint ventures are shown as the Group's share of the identifiable net assets. 1.9 Impaimient of fixed assets At each reporting end date, the Trust revlews the carylng amounts of Its tanglble assets to detemlne whether ther6 is any indication that Ihose assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the esset is estimated in order to determine the extsnt of the impairment loss (If any). 1.10 Cash and cash equlvalents Cash and I￿sh equivalents indude cash in hand, deposits held at call wlth banks, other 8hort-t8m liquid investments with original maturities of three months or less, and bank cverdrafts. Bank overdrafts are shown wlthln borrowtngs In current liabilities. 1.11 Financial instruments The Trust has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Secfjon 12 'other 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 on]y when the Charity currently has a legalty enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settte the liabilty simultaneously. Baslc flnanclal assets Trdd8 and othardebtors Trade and other debtors whlch are recèlvable wlthln one year and which do not constitute a financing transaction are initially measured at the transaction price. Such debtors are subsequentty measured at amorbsed cost. being the transaction price less any amounts settled and any impaimient losses. 19- LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) Impairn?ent of financial assets A provision for impairtnent of trade and other debtors is estsblishad when there is objective evidence that the amounts due will not be collected according to the original temis of the contract Impairment losses are rècognised in income or expendlture for the excess of the carying value of the debtor over the pres6nt value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impaiment loss that objectively relate to an event occurring aftèr the impairment loss was recognised. are recognised immediately in income or expenditure. Concessionary loans are initially rneasu￿d at the amount pald. including intsr8St accrued and after impaiment, where applicable. Basic flnanclal ljabljldes Trade and other creditors Such credltors payable wlthln one year that do not constitute a financing transactlon a￿ initially measured at the transaction price and subsequently measured at amortiS6d cost. being the transaction price less any amounts settled. 1.12 Taxatlon As a charity. the Trust Is not usually liable to corporate taxation on its other income and capitd gains. Recovery of taxation is made in respe¢t of donation5 under gift aid. The Trust Is registered for Value Added Tax (VAT) but where VAT is irrecoverable. it is included in the relevant category of expenditure. 1.13 Employee benefits The Gost of any unused holiday 8ntitlem8nt Is recognlsed Sn the period in which the employee's servlces are received. Tem)Ination beneffts are recognised immediat81y as an expense when the Trust is d8monstrably committed lo tèrminate the èmployment of an employee or to provlde termination beneffts. 1.14 Retlrement beneflts Payments to defined contribution retirement benefft schemes are ¢harged as an expens8 a5 they fall due. 1.15 Government and Capltal Grants Govemment and capital grants are recognised at the fair value of the asset received or reoivable when there is reasonable assurance that the grant condltions will be met and the grants will be rBGetved. Grants are recognised as income when any associated performance conditions are met. Crftical accountlng estimates and judgements Estimates and judgements are continually evaluated and are based on historical experience and Oth￿ factors. including éxpéct8tions of fijture events that are believed to be reasonable under the ¢1￿UmStances. Critical accounting ests"mates The Charity makes estimates and assumptions concemlng the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related 8Ctual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liablities within the next finanGial year are considered to be the useful economic lives and residual values of tangiLle fixed assets (included in Note 16), which is the key estimate in assessing the level of depreciation required. and the fair value of th8 investment properties (included in Note 17). Valuation of unjisted investments The valuation of the investmenls in VSN Intemational Limited and SugaRox Limited are based on the Trustees, current view of fair value, which Is in turn based on the latsst published net asset position and other relevant informatton (see Note 18). 20- LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Donatlons and grants Restricted Restricted funds funds 2025 2024 Grant funding 116,910 Grants r@coivablo Grdnt from BBSRC via REL relating to campus masterplanning 116,910 116,910 Charltable actlvltjes Estate Estate Management Management 2025 2024 Rental Income from estate properties 2,246,448 2.066,134 All income from Charitable activities relates to unrestricted Income In both the current and prior year. Income from other trading actlvlties Unrestricted Unrestricted funds funds general general 2025 2024 Trading activity income: other 1,720 99,747 -21- LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Investments Unrestrieted Unrestricted funds funds general general 2025 2024 Rerrtal income Income from quoted and other investments Int8r8St receivable 421,045 141,777 71,948 393,814 191,813 98,575 634,770 684,202 Raising fund8 Unrestrfcted Unrestricted funds funds general general 2025 2024 Staff costs 68,025 64,199 In Operating trading wmpany undertaklng non-charltable tradlng activlty 145,182 59,873 18,100) 30,471 205,107 154,543 -22- fxpcoo ¢¢￿￿J0 c>rn cl u) ¢r) QWCL r all qualifying employees. The assets of the scheme a￿ held separately from those of the Trust In an independently administered fund. The charg8 to profft or loss in respect of defined contribution schemes was £60,711 (2024- £75,920). Contributions totalling £5,507 (2024 - £5.850) were payabl6 to the fvnd at the balance sheet date and are included in creditors. -29- LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Restricted funds The income fijnds of the charity include restricted funds comprising the following unexpended balan￿S of donations and grants held on trust for specific purposes: Movement in funds Balan¢e at In¢omlng Resources Balance at Resourc 1 April 2023 resourcos expèndad 1 April 2024 exptrtded Balance at 31 March 2025 Campus masterplanning grant 116,910 (75.160) 41,750 141.750) 23 Deslgnated funds The income funds of the charity include the following designated fijnds which have been set aside out of unrestricted funds by the trustees for specific purposes: Balan¢• at Rgvaluation$, Balan¢e at Revaluations. Bal¥n¢e at l April 2023 gains and 1 April 2024 galns and 31 March 2025 Ioss05 Investment properti8S Other investments Tangible fixed assets 7.070.632 3,036,767 6,766,635 434.871 7,505,503 492.903 3,529,670 6,766,635 29,475 7,534,978 (130,084) 3,399,586 6.766,635 18,874,034 927,774 17,801,808 (100,609) 17,701,199 30- Ln v) ZS f 7J ¢Y co o ro Ln J Ln (o 7Jry Vots) LYJ ¢D Ln ¢1 ro ¢D aj (u c c LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 25 Financial commitmentsg guarantees and contlngent liabilities During 2021 the Trust entared into a promotion agreement with Lands Improvement Holdings Limited. Under the terms of this agreement and following the grant of a satisfactory planning perrnisslon, the land will ba marketed ft)r 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 with an additional 9.50Ya from the net sale receipts from that sale. 26 Relat8d party transactlons The key management personnel are considered to be the Twstees and the ExecLrtive Director I Company Secretary. The Trustees did not receive any emoluments for their services (2024: £Nil). The costs incurred in relation to the services of the Executive Director I Company Secretary totalléd £82,94612024: £78,085). In October 2011, following a change In govem8nee of Rothamsted Research, the Trust became one of three members of Rothamstsd Research. and hence related paty transactions are required to be disclosed. As one of three equal m8mber5, the Trustees consider that the Trust does not have significant influence ov Rothamsted Research and does not seek to unduly influence the strategic direction of Rothamsted Research. Full detsils of this can be found in the Report of the Trustees. The net balance due from Rothamsted ReSea￿h at 31 March 2025 was £790 (2024: £23,365 due to). Grants paid to Rothamsted Research in respect of research expenditure are detailed in Note 3 above. Rothamsted Research also uses certain of the Trust's tangible fixed asset properties and land held for charitable use as descrlbed In Note 16. The Trust incurred other recharges of £383,439 (2024,. £nil) in respect of faclllues and premises Gosts. The Trust has provlded land for the Lawes Open Innovation Hub. the Conference Centre extension and improved car parking at Rothamsted, which has been constructed by Rothamsted Enterprises Limited (REL), a joint venture of the Trust. The Trust has retsined an unsecured worknng capital loan to REL of £50,000 (2024- £50,000), which remains outstanding at the year end. Originally due for repayment on 31 March 2020, the Trustees have agreed lat the 22 March 2023 board meeting) to defer this repayment date to 31 March 2030 rf not settled earlier. No interest is charged on this concessionary loan. The Trust made purchases from REL of £282,167 (2024: £371,209) In respect of conference centre facilities, meetlng rooms, catering servlces and ¢ommercJal tenant management fees. The Tnjst recharged £16.974 in r8SP8Ct of prof8ssional services provided to REL. The net balance du8 from REL (8xduding the loan referred to above) was £nil (2024.. due from REL £120.057). There were no other relatsd paty transactions In the year (2024: none) 27 Subsldlarfes LAT Redboum Llmlted, a company registered in England and Wales, is a wholly owned subsidiary of the Lawes Agricultural Trust, Separate ojmpany financial statements are required to be prapared by law. Consolidated financial statements for the Lawes Agricultural Trust Group are prepared and publldy available. Details of the Tnjst's subsidiaries at 31 March 2025 are as follows: Name of undertaking Regtsterod Nature of business Class of Held office shares held Dlrect Indirect LAT Redboum Limited England & Wales Property investsnent Ordinary Sha￿$ 100.00 -32- LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 27 Subsldlarles (Continued) The results of the subsidiary, LAT Redboum Limited, are as follows and are induded within the consolidated results: 2025 2024 Turnover Administrative expenses Intarest payab18 and similar expenses Fair value galns on investment properties Tax on profft 1,719 (196,261) (104,840) 99,749 (119,892) (95,584) 3,059,796 Profft for the financial year (299.382) 2,944,069 2025 2024 Tangible assets Investment property Debtors Cash at bank and in han Creditors: amounts falling due within one year Creditors: amounts falling due after one year 489,896 494,948 3,57CI,000 3.570,000 7,164 14,534 60,549 183,810 {270,676) (106,977) (1,212,245) (1.212,245) Net assets 2,644,688 2.944,070 28 Jolnt ventures Rothamsled Enterprises Limtted is a joint venture btheen the Lawes Agricultural Tnjst (40QA), Rothamstsd Research Ltd (40'h), and the BBSRC (20%). 40'h of the results and the assets and liabilitie5 of the joint venture for the year ended 31 March 2025 are set out below: Details of the Trust's joint ventures at 31 March 2025 are as follows: Name of undertaklng Registered office Nature of business Class of shares held 'A Held Direct Indirect Rothamsted Enterprises Limited England and Wales Research Ordinary Shares 40.QO -33- LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 28 Joint ventures (Continued) The Group has not recognised its share of the 400/0 joint venture result with REL for the year as it is in a net liability position therefore is held at nil value on the Balance Sheet (2024: £nil> The Trusys share of the results of the joint venture are as follows: 2025 £000 2024 £000 Turnover Cost of sales Administrattve expenses Other operating income Taxation Int8r8St payabl8 729 (6181 (507) 308 745 1525) 1535) 368 (21 13) Retained profit l (loss) for the year Net Iliabilities)lassets at 1 Apiil (90) (491 50 (99) Net liabllities at 31 March (1391 {49) Tangible ftxed assets Currant assats Current liabilities Creditors due after more than one year Accruals and deferred income (including deferred capital grant) 3,221 167 (2381 11101 3.439 358 1233) 1223) (3,1791 (3,390) Net liabilities at 31 March (1391 (49) 29 Group cash generated from operatlons 2025 2024 (Deficitysurpus for the year (793,759) 606,056 Adjustments for.. Investment income recognised in statement of financial activities (Gain)Iloss on disposal of tangible fixed assets Fair value (gains) and losses on investments Depreciation and impairment of tangible fixed assets (634,770) (80,579) 100,609 339,380 (684,202) 38.760 (927,774) 304,213 Movements in working capital: DeGrease in debtors (Decrease}Ilncrease in creditors 25,090 (211,380) 136.663 69,023 Cash absorbed by operations (1.255,409) (457.261) LAWES AGRICULTURAL TRUST GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 30 Analysls of changes in net funds The Trust had no debt during the year. 35-