Cornpony & Charity numbÈrs". RC000442 & 209961 Royal Agricvlturttl 5octetu of Englartd Trv-:ee5' RE?Jrt ond In￿'Cre1 St•iener.Is F¢r Vear EnclÉl 51 De=eTbe,, 2.J24 Royal Agrtcultural Soclety of England Contents Parje Aeference and Admln15trotive Detali8 of thè Soclotyj Its Trustees and Advlsers Chal¢$ St¢ternent Trustees, Report Independent Audltorfs Rèport on the Flnandul Statèmènts Consolldoted Statement of Flnanclal Actlvltlès 14 Con$ncluslons from RASFS 2022 report ttntitled 'Form of the Future - Journey to Net Zero. whlch h21ps to enable the tmnsltlon to a low~carbon formlng fEJture. This very generoJs fundlng hos ollowed the Socletu to shore Informoiion tsnd moke nutt*re Irlendly farmlng technlques more accessible to farmers. The progrcJmme h05 facilltated direct engogement wtth formers In encovroglng octlvlties thot promote noture friendly farmlng olongslde Inpur reductlon. ultlmataly thonglng attitucles amongst farmer5 oid allowlng them to dellver p.. actlcal change on farms. l am dellghted that the Esmée Foirbolm FoundaUon has klndly agreed lo support thjs keu dlsseminatton Inlllarfve for a further kn'- ￿e￿.,& On behalf of the Bcord of Trustee4 1 would Ilk- to ", ecord ho'w immensely grateful-he Soclety Is fo". thls ongolng funolng. The Society OISO Èeeks to re"engoge wlth Its exlstlng members onrl to reach out to new m8rnbers to help support its stroteoic oblectlve& I very much welcom¢ the 190 nevo members who have jolned ihe Soclety slnce the re-lounch ol ovr membershlp programmè. Nembership odminlstratlon Is now belng co-ordlnoted by a speclallst tecm.. the FIASE webslte hos been greotly enhonced to showcose its actfvitie5'. sernlnors. weblnors oncl podcasts hov8 been curoted on o range of relevant toplcs and membership events h47ve been schedvled throughout 2025. Klndly hostod by Sovllls, the RASE Spring Lectures welcomed eXCel￿nt speakers ond I would like to express the Socletu's thonk5 to Professor TIM 8enton and 8orone Mlnette 8otters for shorlng thelr tlme und Inslght TIM oddressed how exrreme weDther, murket volatrllltu. ond trode dIsrUp￿On wlll Impott UK farmlng. whilst Mlnette dlstvssed pollties and pollcy.. whot hos worked. whot has not ond wh(rt comes next. We plan to hcwe further evenings to brlng members together In thls formaL In conjunctlon wlth Yi Utfleld FormlDg Scholorshlps ond the Ellzabeth Creak ChorltablÈ Trust thè Soclety publlshed a series of 'Bitesize Guldes. namely. NLrtrlents & woter - lurning pote￿101 pollution Into resource effioencles,: 'Teoms retrultlng and retainino oreot peop￿ In formlng ond ogrlbusine55es' ond Young People ond Succegslon Planning overcomlng b)rriers for the next generotion of formers,. These guides have been we11 recelved. ond l om dellghted to conflrm thot fi)ndlng ho$ been secured to expond the'8iteslze' runge of relewont ond useful loplc5 Into 2025 ond 2026. In col1ab0rcrt￿ll vAth Northern Gas Networks and project portner Cene& the Society was asked to Qssess the fvture p¢)tentlul for hydrogen ta r¢￿ace 10s$11 fuels on farms. The project focused on the ￿rmIng sector In Y¢rkshlre and the fintsl repon will be released shortly. The Soclety contlnues to celebrate leadershlp In ogrtculture and the RASE Awords 2024 doy wos held at Courteenholl Estate In NorthoNptonshire. Hosted by Dr Johnny Wake, 2023's kdnner of the 81edlsSoe Gold MedaL the owords Und wlnners showcase the ￿5t in closs of the Engllsh ogrtcultur¢Jl sector. Paoe 2 Royal Agriculturol Socletu of England Chor￿S stutement {wntlnued) For tho Yeur Endèd 310ecembèr 2024 Thls year the Natlonol AgrlcultLira1 Awurcl, spoisored by Sovlll& was presented to Mlnette Batters. now 8omnesS autter5. in recogn(titsn of her leodershlp os presldent of the NFU from 2018 to Februory 2024 celebratlng her honèst hands-on opproach to the leodershSp of the NFU for the lllst slx ￿ttIs desplte the ch(Jllenges of Covid. Bre￿t. wlffjcol change ond market pres5ure& The Bledisloe Gold Medal. Sponsored by Bvrg¢s Sqlmon, wos owurded to the Marquess of Hertftsrd for his OLrtStondlng ochlevemertts In the successful lond monogèment and developrrtnt of the Rogley Estate Warwjckshlre. David Mlller, farm monoger at Wheotshe¢Jf Farmlng In Homp5hlre. received the Excellence In Practlcul Furmlng oword in recognltlon ol his ploneerlng approoch to Improvlng 5011 health. whlch began wSth trtolllng cover cropplng In 2010. Trlnlt AgTech sponsors thls award Dr. Slfflon Grfffilhs. frc)m the John Innes Centre, recdved th8 Sdence & Technology Aword In recognltlon of his conlrlbutlons to the 0dvancem￿t of wheat reseorch. Thls aword ts sponsored by Furure Blogas. Dav1¢ 8r0￿ ol the Lokes Free Runge Egg Compony won the Form of the Future Award, In ￿COgnItIOrI of how he hos demonstrated that core for ttTe envlronment ond odopfon of new technotogy con work tog*her to improve both productlvlty and wellore. The Cro>wn Estate sponsors this oward. Angus Gowthorpe won the N(rtural Ctspital Award, In recognltlon of how he hos 5uccessfullu bullt ts forrnlng tsperoiion that Is not only envlronmentally re5torotlve but also ectsnonlcully re￿lIent Thls aword. knthlch Is new for 2Q24, 15 supported by the Trlnlty Notuml Copil01 Pro CounciL From o f5nonclal perspectlve. I con report thot RASE Ipcurred o defidt of £138,189 In 2024 desplte the del￿er￿ of o very successful pio ond Poulrry Folr In Mou 2Q)24. whlch was held for the first Yme ot the Natitsnol ExhIbi￿ttn Centre In Blrmlnghom. Ftsllowlng RASE'S oppolntment os the sole finondal member of Innov0110n for Agrlculture (IfA) the result for IFA Is now Included In the flnonclal *atements ond the consolldoted result for 2024 shows o deficlt of 076.510. The prior yeur Surplus w(ss supported bu SIgn￿*[cont property related lrtcome ond legocles Whllst the result for 2024 IS d15oppolntlng, h does emphos15e the So(iety's need to conlifiue Its lourneu towords o more sustalnable financlal otform bullt Upon growlng membershlp and event OPPOftunltte5. I would Ilke to thank the members of the RASE Mernbershlp Councll for thelr contlnving work of peer revlewiog oppllcations for the owordlng of RASE Fellowsllp stotus (FRASE) to oppliconts from the MeM￿rshIp bose ond led by Its Cholr. Ed 8urnston. The Membership Council aets Independently of FIA5E to ensure thot RASE Fellows ore leoders withln the agrlculturol sector. Slrnilarly. I would Ilrte to thank the RASE Engllsh Pqriel aTrd Its Cho1r. Andrew Blenklron, who revlew the Engllsh J)omlnalions for the CARAS owards, ARAgS ond FRAgS, whlch ore made on beholf of the Soclety. Pog8 3 Roual Agrl¢vlturol SKlèty of Englund Chulys stutèment Icontlnued) For the Your Ended 31 December 2024 Addltlonolly, I would Ilkp to thonk my fellow trustÈes forthelr hard work ond ¢ontinued support. I would especlallu Ilke to acknowledge the guldance encoyrugement thot Professor Jo Prlce hos glven to the Board. Jo stepped down as TTUStee In Decemb2r 2a24 after elght years of servlce ond we thank her enormously for her contrfbutlons and dedlcotion. l um dellghted to report thot Dr. Hoseln Khuleh-Hosseiny agreed to become o Trustee ol the So(iety. qnd I welcome hls valuable commerclal experlence to the 8cKJrd. I look lO￿ard to wort(ing wtth th¢rn oll os the Soclety renews ILself forthe challenges that foce ogrlculture In the yeors oheatL M Tulnell Chalr Date.. 9 May 2025 Poge 4 Aoual Agricultural Stselety of Enqlund Trtsstee￿ Report Fpr the Year Ended 31 December 2024 The Trustees present thdr onnuul report together wlth the avdlted flnonclal stotements ot the Soclety lor th¢ year I Janvary 2024to 31 Decernber 2024. Oble¢tives tsnd actF¢ltles a, Pollcl2s and objeclfves Tht Objects for whlch the 5oclety Is constltut2d. occordlng to Royol Charter, arè.. To promote and Improve the sclence. teChn￿ogY. ort and pr(Ltsce of agdculture, fore*ry. honlojlture. klndred Qrtlvltles an¢J the husbar,dry of Ilvestock (includlno horses) and ond to promote the opplicotlon of Improved methDd5 ond processes connetted therewfth by demonstrotlon ond other opproprlate means. To promote ogriculiural and envlrtsnmental eclucotion. research ond development ond eyrlmento5 work by malntolning or,d conductlng e leorned Sooefy and by publIco￿on$. grants. und ￿her meons To odvonce rel1g1c￿ by the promotion of religlous actlvltlès and volues omong5t rural communltles Sn such way5 os the Board of Trustees from tlrne lo tlme determin& In setttng oblecvves ond plannlng for 0ct1vttl￿, the Trustees howe glven due conslderatlon to generol guidance pvbllshed by the Chorlty Commlsslon relatlng to publlc beneflt. IncI￿￿ng the guldance'Publlc beneftt.. runnlng o ¢harl)J (PB2)'. b. Strategle8for ochlevlng oblectlyes Our oim Is to be u fotwurd th5nking. vlbront. Independent, and opollltol chorfty that uimsto dellver volue to the Industry speclflcally fcKusing on Proctlce wlth Science In the Aorlculturol Sector.. Deialls of ovr5trategies, oblecfjves ond actlvjlies are set OLrt In the Cholrfg Stotement on poges 2. 3 & 4. c. Activltles undertok?n to achleve objoctlves Detalls of our acPlvltles are set out In the Cholrfs statement on pages £. 3 & 4. d. Muirt octivltles undertaken to further the Soclety'5 purposes for the publlc b¢neflt The Trustew consfder thot these obleetives. aLtlvities and go¢Jls have a clear pvbllc benefit In enhandng the econorniq socSal and cultural well belng of njral cornmunitie& In droftlng these staiernents, thè Trustees hove compl1& with the duty In Chopter1, Sertion 4 of the Chorltles Act 2011. to have due regard to the publlc benefit guldunce published by the Chorty commi￿10n_ e. Revlew of actlvltl*s Oetalls of Oltr Achlevement5 ond Performunce ttre set out In the ch(￿￿5 stutement on page 2. 3 & 4. Poge 5 Royal Aqrlcultural Sodeiy cf England Trvsteeg Report (continued) For the Year Endèd 31 De¢ember 2024 Fln(snclul révlèw - Golng cortorn After fftoking oppropriate enqulrtes. the Trustees hove a reasonoble ￿peCtatIOn that the Soclety hos adequole resources to cortLinue In operatSonal e¥lstence for the foreseeable futuro For thls réason. rhey contlnue to Udo￿ ihe o￿n9 concern bosls In prep¢ring the flntsnclal stotement& Further deta115 regarding the athpiion of the golng tttncern basls con be four,d In the ¢￿￿untIng pollGie5. b. R8vlew of finandal p&rforrnohCO A revlew of flnonclal performance Is Included In the Chalrfs stotement on pages 2. 3 & 4. Regular manogement account5 and f0￿C￿$t$ a￿ prepared ond revlewod by the TrustEes. The pmnclpol SOUK? gf Income for the Socloty In 2024 Is tr(sding attlvltles Income. No events took ploce this yeor whlch Is bsuully the principal source of Incom Inforrnotlon on Permanent Endowment Restncted and Deslgnated Fvnds15 gfv6n in n￿e 21 to the Flnandol Statement& c. Finaibclol munagement pollcles To ensure the Socletu ts monoged efficlentlu ancl effeCr￿eSy, the Board of Trusrees hove deleg(rted a ronge of do*to- doy declslon"maklng powers to t￿,& Executive Team, whlch reports dlrectly to the Board of Trustee& Tb,e 8ttord of Trvstees hos olso estobllshed opproprlote tontrols tsnd reptsrtlng mechunlsms to ensure thot the Socletu operotes wEthin the Scope of the powers delegoted to It. The delegotion pollcy is updated on on tsngolng basls ond is fo)rmollu reviewed and opprtsvad by Trustees os amendmenr5 ore requlred The most recent revlew wos In March 2012. d. R•sÈrv•s policy The pollcu Is to hold sufflclent U￿reSt￿tted funds to cover excepfjonal capltal qrid operallng expenditure whlch Ot be funded from the rK>rmol generol contlngellcy ser oslde wllhln o>peratlonal budgets. Thls policy would normally reqLjI￿ holdlng total unrestActed operallng tunds of ot least £500k Total vnrestrlcted fvnds tyr the ueor*nd omounted to £6.701k (2025 - £6,885k). However, tsfter allowTng for deslgnilted funds of functlonol fixed assets In chorltoble use of £1.135k, funds tieo up investment property of £4,OOQk o long-term ￿nto1 prepoyment of £561k ond funds held In escrow of £491k. Ihe resuEllng tot￿ free re*Nes were ￿74k [20￿ - £622k). Poge 6 Ruyal Agrlculturol Soclety of England TrvsteE5' Report (conttnued) For the Yeor Ended 31 December 2024 o. Pen51on Totol unrestrlrted funds as shown in the accourits Include o fur,dlng defflctt c>f £NN (2023- £NII) calculoted under FRS102 In respect tsf iho Chorlty's defined beiyelt PEn4on scheme. The full co!(￿0t10￿ showed o. surplus of £4.022k {2023.' £4.394k). but thts connot be r¢cognised In the Flnon¢lol Statements as ic is not recoverable. Th¢ Trustees believe that thls fundlng calculirtlon. which con varu con51derablu ueor on yeur accordlng to thè ussurnp￿OnS made (rt eoch ueor end. no moteriol effect on the Chortty's cosh flows the short term. ottd thot In the longer term Its effects ore sustolr,oble out of futu￿ Inc0￿e. Iqence, theu conslder that It should be dlsregarded for reseN&s pollcy purposes The Trustees take thelr responslbilltSe5 to m￿MberS ol the pell￿0n Fund very semausly ond maKe It a hlgh prluriry to ensurf) th(rt obligolions io members can be met f. Gront moklng pollcy Tle Sodety makes grrjnts to orgaDlsorions tyr Indlvlduols where these ore consldered valld In svpport of Its charltoble oblectlves. g. Moterfal Invpstmonts pollcu uttd performance Assets relotin9 to endowment or restricred funds ure Invested wlth CCLA Investment Muiugement Ltd In thelr Charltles Investment Fbnd ond ChrJr(tles Deposit Fund. Movements in wodd maTkeis over 2024 have 18d to a galn on Investmerit ossets of ￿k{2025 - £9k). structure. governance and monagemet)t a. Ctsnstlttjtlgn Th6 Soclety 15 reglstered 05 o choritoble company limited by guarantee ond wos set up by a Royal Charter. The company Is constituted under o Royal Chorter dated 184Q ond Is o regtstered chgrlty number 209961, The Socleiy's charter ond bue-laws set out the composltion ond tenure of the Board of Trustees whth compdses slx eSected members. foJr ex officio members (or oiher sueh number os the Trustees tholl from lime to tirne deade) ond up to two addltlonal rnembers who cari be co-opted on onnuol bos19. The non*lected Trvstees serve for a perlocl of three years ond con be r8-élected for o fvrther three uear period. Al the end of the pedod of thls report. there were live eletted Trustees Trustees ore recrulted from Nembers of the Council of the Sodely. Newly appolnted Trvstees r8celve Inductlon trolnlng. The TrLtrStees are respwslble for determlning the strotegy of the Sooety ond for its overall govemonee. The dou to dcw Implementotlon ol strotegy and operDOon ot the Sodety are delegated to the 5enlor execufjve team. b. Methods cf oppolntmant or election of TnJst¢es The management of the Sodetu IS the re5ponslbillty of the Trvstees who are eletted and co-opted Under the terrfLS of the Trust dEecL Page 7 Rcyul Agr￿Ultural Sodetu of Englan Trvstees, Report (continued) For the Year Ended 33 Qecembgr 2024 Structure. governanee and manugèment {contlnued) c. Or9anl8atlonul structure and declslon-muklng pollcleB To ensure the Soclely Is monaged efflclentlu und effectlvely, the Board of Trustees hav& del￿ated a ronge of doy-to- day dedslon-muking powers to the Executlve Team which reports dlrectly to the Boord ol TrustEe& The Boord of Trv5tee- a150 has establlshed opproprlote controls and reportlng mechonlsms to ensure thut the Soaew Operat￿ wlthln the score ot the powers delegoted to IL The delegatlon pollcy Is updated on on ongoing bosls and Is formally re￿eWed ond approved bu Trustees 05 amendments are requlred. The mogt recent revlew was In March 2012. d. Polici¢5 adtypted for the Induttion and tratnlng of Trustees It Is untlclpoted thot new trustees will be brlefed on the hlstory of tne Soclety ortd oll trustees are encouraged to ottend Chcjrlty Tmstee Trolnlng events to updote ond malntoin thelr knOw￿dge obout stCStutory gn¢J other responslbllltle è. Puy pollcy for key manauement personnel When setting the remuneraTlon or staff. the Sodety aims To ochieve o balance between folr poy to uttract and keep approprlotely qvalifled staff to lead. manage ond 5UPPOrt the Society's alms, and conslder(rtions of the Sooety's finonclal objertlves. f. Flnandul risk mgnogèm¢nt The Trustees have ossessed the malor rlsks to whlch the Soclety are exposed In porNcular those reloted to the operotlons and flnances of the Soclely. and are satlsfled thot systems and pracÈdurès ore In place to mittgottr Èxposur8 to the major Isk& Plans for future perlads The Soclety contrnues to support the-lnnovotlons for AgrIculiu￿. InHlaUve ond is prep(rlng for the Brit15h Plg &Poultry Folr ot NEC Blrmlnqhawr In 2026. Page B Roual Agrlcuftvral Soclety of England Trustees, Report (contlnuodj For tha Y•ur Ended 31 December 2024 Stat4m•nt of Trust8os' r•5ponslbllltles The Trustees ore responsible for preporing the TDJ5tees' Report ond the flnandal statements In occordunce wlth oppllcobl& law und Unlted Klngdom Accovntlng Standords {Unlted Kingdom Generally Accepted Accovntlng Proctlce). The low oppllcable to thorltie5 Sn Engbnd & Wales requlres the Trustees to prepore Ilntmciol srutements ft)r eoch flnanclal whlch give o true ond fglr vlew of thé gtate of ttffcirs of thè Greup ond the Sooety and tsf their Incomlng resources and oppllcatlon of resources, Includlng thelr Incom2 and expèndlture. for that perlod. In preparfng these Ilrnnclal staiements. the Trustee5 are required to.. select svltoble occountlno pollcle5 and then upply them consistently., observe the methods ttnd prlnclples of the Chorltles SORP (FRS 102): makeludgemÈnts ond IKcountlng esllmot8S thot ore reosonoble ond prudeni.. ate whether appllcable UK Accounting Standords (FRS 102) hove been lollowed, sublect tts any matertol departvres dlsclosed ond e¥plalned In the finunclal stotement5'. prepare ihe flnandal statements on the golng CC>ncern b¢sis unl8ss Itls In¢pproprtote to presume that the Group wlll contlnue In busfness. The Trustees are re5ponslble for keeplng adequate occountlng records thot ore suff1c￿nt to shi)w ond ewlain the Group and the SocSetys tronstsrtlons and disclose wlth reosonoble OCCLJrocy ot (Jny time the finonclol ptssitron of the Group ond the SociEty ond enoble them to ensure thot the flnondol stotements comply wlth the Chorltles Act 2011. the Chorlty (Accounts ond Reports) Regulotions 2008 and the provlslons of the Tmst deed. They ore olso responslble for sofeguardlng the ossets of the Group the Sodely (￿d hence for taking reosonable steps for the prevention and detectlon of froud and other Irregularlties. Disclosure ot Informcfilon to audltors Eoch of the pef59llS who are Trustees ot the time when thls Trusteeg Report Is approved hos conflrmed that.. so for as thot Tru￿ee Is oware. there Is no relevont audlt informatlon of which the chorftable groups audkors ore unawore. ond that Trustee hos taken oll Ihe steps th(rt ovght to hove been token os a Trustee in ¢xder to be ¢Jware of oriy relevant audlt Informotton and to est¢bllsh thot the chorttoble grovp's ovditors ore owure of thot Infomutbn. Audltorg The auditors. Doin5 Audlt Llmiled, hove Indicoted their willlngness to contlnue In Dfflc8. The deslgnoted Trustees will propose o motion reappointlng the audltors ot o meetlng of tho Trust2e5. Approved by order of the rnembers of the boord of Trustees ond slgned on ihelr beholf bu= *vL Murk Tufnell Cholr Qute.. 9 Moy 2025 Page 9 Royal Agrlcultural Stscletu of England Independent Audltors, Report to the Members of Royal Agricultural Soclety af Erjglond Oplnlon We bave aud￿ed the flnanclol stoiemerits of Floual Agrlculturol Socletu of Englond {the 'porent chorify? ond Ycs subsldlo,"les (the'group? for the yeor ended 31 DeTrmber 2024 whlch comprise the CDnsolldoted Statement of finoncial Acmvitles. the Consolidated BolOn￿ Sheet, the Soclety Bolonce She¢L the Cor)soiiduted Stotement of Cosh Flows and the related notes, Includl(u a summory of slgniflcant accounting polltle& The fincnclal repor#ng frornework thar h(fS been opplled In thelr prepurutlon Is oppllcuble low Or￿ UnV(ed Klngdom Accountlng Sralldards, Indudlng Flnunciql Reportlng Stondord 102 'The Finonctul Reporttng Srondard appllcablè In th8 UK and Republlc of Ireland (Uftited K5rydom Generally Accepted Accounffing Proctlce). The flnonclal 5tatem8nts have been prepcjred In occordonce wth Accounting and Reporting by Charltle5 preporlng thelr accounts In occordonce wlth the Finoncial Reportlng Star,dards oppllcobl8 kn the UK ond Republic of Irelond (FRS 102) in preference to the Accounting ond Reptsrtlng by Chorit(es'. Statement of Recommend￿ Prartlce Issued on l April 2005 whlch Is referred lo In the extant regulotsons but hGs been wltldrawn. Thls has been done In order for the accounts to p.'ovide o true and folr VIBW In accordance wlth the Generally AC￿pted Accountlng Practlce effectlve for reporting perlods beglnnlng on or ofter1 Jonuary 2015. In our oplni¢n the finonciol stoiements.. (Jlve o true and fair vlew of the state of the Group'5 ond of the parellt chcErkty's affalrs os ot 37 De￿rnber 2024 ond of the Group's inconlng rpAource5 oppllcutlon of resources. including Its income ond e4)enditure forihe ye(sr then ended., have been properly prepared in tsccordancè wlth United Klngdom Generally Accepted Accountlng Practlce. and huve been prepared In occordance wEth the reoulrements of the ChorYEles Act 2011. Bc$i% for oplnlon We co*ducted our audit in accorcsance wtth Intemaiionol Stondards on Audlting (UK) OSA5 (v￿) and oppllcable law. Our respor*ibilities under those stondurds are further descrlbed In the Audltors. responslb':Ilfies for the audlt of the linonclol 5t(rternenLS 5ectlon of our report. We are Independent of thE Group In Dccordance wyth the ethlcal reqU1￿MentS thot are relevant to our aL￿1t ol the fintsncltsl statements In the United Klngdom. Includlng the Flnondol Reporting Councll's Etnlcul Stondord, tsnd we huve fulfilled our other eihlcal responslbll'.tles In accordonce wlth these requirementg We believe th¢Jt the ovdlt evldence we have obtalned Is svfflclent o)nd oppropriuie to provlde a bos15 for our o&ynion. Concluslons reltitlng to golng concern In oUdl￿n9 the financlal statements. we have concluded thot the Trustees, use ol the golng corncern of accosjntlng in the preparotlon of the linonclal statements is oppropriote. Bosed on the work we hove performed. we hove not Identifled any materlol uncertointles reloting tts events or condltlons ihoi. Incjivldvally or cdlect5vely. muy cost slgnlficont doubt on the Groutys or the parent chorltu's obilitu to contlnue as o golng concern for o p&dool of ot leost twelve months from wh?n the finonclol statements ore outhorLsed for Isw Our responslbllltles ond the responsibllltles ol the Trustees wtth respect to golng concern are described In the ￿leY0nt 5ecElons of ihls r¢port. Poge 10 Royal Agrlculturul sodeiu of Englund Independent Audltor¢ Report to the Members ¢f Rouol Agricultvral Sod•tu of England (¢ontlnv?d) Othar Informatlon rhe other Informotlon comprlses the inlorrTh3titsn Included In the Annual Report other thori the flnondol statements and our Audltors, Repon tnereon. T4e Trustees ore re5ponslble for the othgr Infofmation contolned wlthir¥ the Annutsl Repcrt. Our oplnlon on thc flnanclol starements does not cover other mformatron and. exctrpt to the extent otherwL8e expllcitlu stoted In our report. we do not express uny form of assuronce concluslon thereon. OJr responsibiiiiy Is to reod the other Informofjon and. In dolng so, consider whether the oiher Inforw,udon Is muterfdly Inconslstent wirh the flnanclol srotements or our knowledge obtolned In the course ol th8 0udV£, tsr otherwlse appears to be m(rteridly mlsstated. If we Identffy such mcJterlal inconsistencles or cspporent marerlal frlsstrttements. we ore requlred to determlne whether thls g￿¢5 rlse io o materfol ml¥tatement Jn the flnunaal siutements themselve& If. bosÈd on the work we hove performed. we conclude tho+ the￿ Is a materlai m&s￿otement of thls other Informotknrn. we ¢￿ requlred to report thot fact. We hove nothing to report In thls regor& Matters on whlch we arg requlréd to report by •xceptlon We have nothlng to report Ill respett of the followlng mutters where the ChaHtles (Accounts und Peports) Regulatlgn5 2008 requlres us to report to you If. In our opinlon.. the lnformoty.on glven IA the Trustees, Report Is Inconslstent In ony moterlal rg5PECt with the flnonciol statements.. or the porent charltabSe 5oclety hos not kept 5uffldent accounting records.. or the porent charttuble Soclety flnonclal statements are not in ugreement wlth the occountlng records and ratums- or we hove not recelved all the InformatSon und explonatlons we requlre for our uudlt. R•sponslbllltles of trustee8 As explolned more fully "'n the Truste¢s' ReSpOr￿1b1lltIes Statemerlt, the Trustees ure responslble for the prepartttton ol the flnunclal szofernents whlch give o true und lolr vlew. (]nd for such Internol control os the Trustees deterrnlne is necessary to enable the preporatlon of ftnanciol st(JrementS that ore free from motertal m155tatemenL whether du¢ to fraud or error. In preparing tb.e ftnonclol 5totements, the Trustees Ore re5ponslble for ossesslng the Group's ond thè txirent chartty's abllity to ¢ontlnue as o golng concern. d5closing, as oppllcoble. matters related to going concern and us1ng the going cern basis of occountlng vnle5S the TrustEeb etther Intend to Iiquldoie the Group or ihe porent chorlty or to ceose operatlon& or have no reallstlc olt¢matlv$ but to do so. Puge 11 Rougl Agricultvrul Soclèty of England Independent Audftors, FLePQrt to thB Mèmbers of Roycl Agrl¢ultural Socletu of EDglond (contlnued) Auditor< respon51bllltles for the audlt of the flnandal staternents We have been oppolnted os oudltor under sectlon 151 of Ihe Chorltles Act 21nl ond report In occordonce wtth the Act anc5 rèlevont règulotlons mode or hovlng Èffect therevnder. Our object1v￿ are to ebtaln reasonoble assuronce about whether the fhanclal 5tatementS 05 o whole ore free fmm materlal mlsstutement, whether due to fraud or error. and to Issue on Auditors, Report thot Indudes our oplnlon. Flets50noble a55umnce Is o hlgh level of a¥uronce. but15 not o gvoront¢¢ thot on QUd￿ conducted In accordonce with 15As (UK) wlll olways detect J niatertal mlsstotement when It exlsts. Nlss+atement5 can orlse frorn froud orerror and ore ¢on51dered rnteriul If. indivlduolly or In the aggregote. they could reosonobly be expe¢ted to Influence the econorn1c declsions of users token on the basis of these financlal staterEnts, Irregulorttle& In¢lud(ng fraud. ore InstonTrs of non-compllance wlth lows ond regulotlort$. We dOSlgn procedures In Ilne wlth our responsibllltie& outllned obove, to detect m(rterfol misstatEments In respect ol Irregularftle& Includlng fraud. The exrent to whlch our procedures are capobl¢ of detectlno irreoulorltle& InciLdlng fraud is detallec£ belov. Our opproach to identlfyino ond ussesslng the rlsks of materlal m15StOTement Ir r&spett of Irr￿uS￿rItle￿ Includlng froud ond non-complian￿ wlth laws ond regulotlons. wos os follow& the senior stL)tuioru otsoitor ensu￿￿ that the enooGement team collectiv￿￿ had ihe approprtote cornpeterice. capabl￿ltIeS and skllls to Identlfy or recognlse non-compliance wlth appliccrbltr laws ond ￿9VIOr10n$., we Identlfled the lows ond regulurions oppllcable to the Company through discusslons wlth dlrecrors and tr,her monagement, Ctnd from our cofflmerclol knowledge and experqence of the chartw sector we focvsed on specific law5 and regvlotlons whlch we consIder￿ may huve a dlrect moterlol effect on the flnanclal Statements or the operatlons of ihe componw Includlng the flnonclol repo￿ng leglslotlon. Charltles Act 2011. taxotlon ,eglglatlon. ontl-brlbery. ernpioyment. ond envlronmentol and heolth ond sofety leg1slatlon,' we ossessed the extent of compllonce wlth the lows ond regvlatlons Identifled above through maklr¥J enqulfies of management orid Ir15pecting legal correspondence,. and Identifled lows ond regul¢Jtlons were communlccrted wlthln the oudlt tecun regulorly ond the teum remob)ed olerttD Instances of non-compllance throughout the uudit. We assessd the susceptibiitty of the compony's flnandal stotements to materlol mlsstotement. Incluc51ng obtolnlng undÈrstandlng of how froud mlght occur. by.. moklng enqulries of man￿ement as to where thEU consldered there wa5 5Usceptlbilily to fraud. their knowledge of (Jctuol, Suspected ond olleged frtsud,. and conslderlng the Internol contro15 In pl0￿ to miugcrte r15ks of fraud and no￿￿t￿pIlU￿Ce wtth lows ond regulotlons To oddre55 the risk of froud through monogement blcjs ond overrlde of controls. we.. performed onaluilcol procedures to Identify ony unvsuol or unexpected relatlonships: tested jovmol entries to Identlfy unusual tmnsactions.. assessed whether ludgemefjls and assumpmons made In determlnlng the occounllr)g estlmates were Indcoiive of polentlal bias. ond Investigai¢d the rotionole behind aglllflcont or vnusuol transactlons, Page12 Aoyol Agrlcultural Soclety of England Independent Auditors, Report to the Members of Royal Agrlcultural Society of England (contlnved) In response to the risk of irregulorltles ond nw-romplionce wth lows ond regulotions. we designed procedures which Inclvded, but were not limlted to_. ogreeing finonciol stotement dlsclosures to underlying supporting documentotion,. reading the minutes of meetings of those chorged with governonce. enquiring of montsgemerit 05 to actual and FX)tential litigation and cloims. und reviewing correspondence with HMRQ relevoni reoulotors cjnd the comwny's legol odvisors. A further dÈ5criptiorn of our responslbllltles for the oudit of the financial statements is locoted on the Flnoncial Rewrting Council's website ot: www.frc.or ibilities. This description forms part of our Auditors, Report. Use of our reptsrt Thls report Is mode 501ely to the charity's trustees. os o body. in occordonce wth Port 4 of the Chorities (A¢¢gunts ond Reports) Regulations 2008. Our oudit work has been undertoken so thot we tnight 5tote to the chority s trustees those motters we ore required to store to them in on Auditors, Report and for no other purpose. To the fullest extent permitted by law. we do not occept or assume responsibility to onyone other thon the chority ond its trustees. os o body. for our oudit work. for this report. or for the oplniDns we hove formed. Doln$ Audlt Llmlted Stotutory Auditor Chartered Accovntont5 Birminghom 27 Moy 2025 Doins Audit Limlted are eligible lo Ort os auditors in terms of section 1212 of the Componles Act 2(K)6. Poge 13 Royal Agrlculiurol Souety of Englund Consolldoted Statement of finonclol activltles For the Year Ended 51 Decembar 2024 Vnre9trlcte f unds 2024 £000 Restrltted Endtswm&nt funds 2024 Totul funds 2024 £000 Totol fvnds 2025 £000 funrjs 2024 Note £000 Income ond endowments fmm.. Donotions arKI legodes Chorltoble actrvities 76 550 426 518 77 77 Other trodlng actavltles Irivestments 1.331 1.531 570 17 17 Other Income 23 23 113 Totol Incomé and ondowments 1.521 553 1,874 1,284 Expèndltura on-. Ralslng funds Chorltoble octlvltie5 1.220 1.220 STI 10 483 350 833 467 Totol expenditure 1,703 35D 2,053 1,038 Nèt Income I (e%pendIt￿re) Net golns on Investments 082) 079) 246 Nei movem¢nt In fLgnds 002) (17T) 255 Rèconultutlon of fund5'. Totol furTrds broughr forward 21 6.885 720 7.OSS 6,798 Net movement in fund5 082) (177) 255 Tctal fund5 curriod forwurd 6,701 53 122 6.876 7,Q53 Pooe14 Royal Agrlcultural Socletu of Englond Reglstered number.. RC000442 Consolldated Balunce Sheet As ot 31 Oecernber 2024 2024 £000 2023 £000 Noto Flxod assets Tonolble 05sets Investment propert 15 1,134 1,092 4.000 159 16 4,oor) 167 Investments 17 5.301 5,251 Cvrrent osset$ Debtors.. amounts falllng due ofter more than one year Del)tors.' amounts falllng due w51hin one yeor Cash at btsnk ond In hond 1B S61 577 18 387 445 24 967 1.599 1,915 2.621 CrÈdltors'. omounts falling due wlthln one yeor 19 (524) (79 Net cvrrent assets 1.591 1.824 Totol ossèts lèss cvrrent Itabllltle3 6.892 7.075 Creditors amount5 falllng due after more than one year 20 06) (221 Total net ¢s¥ets 6.876 7.053 Charlty funds Endowment funds 21 122 120 Res1rlcted funds 21 53 Unrestrlcted funds 02signated fvnds Geneml funds 21 6.187 514 &261 21 622 Tc)tal unrestrtcted funds 21 6.701 &885 Tot¢1 funds 6.876 7,053 Page 15 Aoual Agrl¢ultural Soclety of England Rtg*t¢r¢d Avmbor: RCOOQ442 consollduted Bolance Shèèt (contlnuadl As at 31 Decernber 2024 The Iinonciol stutements were opproved ond aLFthorlsed for Sssue by the Trustees and slgned on th￿r beholf by.. Murk Tufno11 Cholr Dote.. 9 May 2025 The note5 on p)ge5 20 to 52 form part of these ftnonclol Statements. Poge16 RouaS AgrScuhural Socletu of England Raglstered nurnber.. RC000442 S¢clèty Bolunce sheét As at 31 Dec•mber 2024 2024 £000 2023 £000 Notè Flxed assets Tanoible a￿et$ Investments 15 1.129 1,090 159 17 167 Invegtmeni property 16 4,000 4.000 S296 5.249 Cvrrent as$et$ Debrors amounts lulllng due after more thc¥n one year 18 561 571 Debtor& amounts falllng due wlthln one year Cesh at bank ond In hond 356 352 806 1.424 1.703 1353 Credltor& omounts falling dve ￿thin ueor 19 1259) (71n Not current assets 1.636 Total assets Ipss currènt Ilabllltle5 6.740 6.885 Credltors.. omounts folling due after more thon yeor 20 (16) 1221 Total net oss•ts 6.724 6165 Chorlty funds Endowmeqt funds 21 122 120 ResTrlcted funds 21 53 50 Unrestricted funds 0¢￿(j￿Oted funds Generol funds 6.187 362 &267 432 Totol unrestrficted funds 549 693 Total funds 6,724 &863 Poge 17 Royal Agrlcu5turol Soclelu of Englond Aeglstered number: RC000442 So¢loty Belance sheet {contlnyed> As ut 310¢￿rnber 2024 The Soclety's net movement In funds for the year was o deftclt of £l59.00012023- surplus of £65.000). The flnonclol 5traternents We￿ approved and outhorised for Issue by the Trustees and 51gned on thelr behglf bu- /1 Nork Tufnell Cholr Dote.. 9 Moy 2025 The notes on poges 20 to S2 form port of these flnonclal statement& Page 18 Floyal AgrlcDlturol SDcl6ty of England Consollduted Statement of Cush Flows For the Year Ended 31 Decembor 2024 2024 £000 2023 £000 Cosh flows from oper¢tlng actlvlti•s Net cosh used In operoting activitles 25 (561) 591 Cash flows from Investing uctlvities Dlvidands IntW¢Sts and rents from Investsnonts Purchose of Investments Purchose of ttsngible frAed a55ets Inhertted on ocqulsltlon af subsldioru 17 17 (6) {761 <14) 147 Net cash {u$ed In)/provlded by Inv$stln9 attivltles (65) 150 Cash flows from flnandng actIvI￿e$ Repoyments of borrpwing (6) (51 Net ¢ash usèd In finonclng actlvltles (6) (si thunga In cosh tush t4ulvulents In the yeur Cosh and cosh equlvalents at the beglnnlng of the uear (6521 756 1.599 863 Cash and cash equlvalents at the ettd of th& yèur 24 967 1.599 The notes on Pag￿ 20 to 52 form part of these flnunclol 5totement& Pooe19 Rouol AgrlrultLsral Soclety vf England Notes to the Flnonclal Stoternènts For the Yèor Ettdod 51 December 2024 GÈnÈrol Information The Royol Agrlcultural Soclety of England is a companu Incorpcrated by Rouol Charter and regLstered 05 0 tharftu whh the Chcjrlty Commls51on in Englond Woles. The oddress of the reglstered office Is given In the reference ond odrnlnistrutlve detolls paue of these flnanclal stotement& The rn(rtu￿ of the chority's tsnd group's operatlons ond prlnclpal octlvltles ore given In the Cholrfs Sttrcement ond Trust¢es' report. Accountlng pollEle8 2.1 Busls ot preparutlon of flrtandol Statements The flnonclal 5tctenents hove been prepared In occordonce wlth the Charfties SORP (FRS 102)- AccDuntlr,g Qnd Reportlng by Charltles.. Stutement of Flecommended applicoble to chorltles preparlr,g their accounts In occordunce wlth the Financial Reportlng Stondord oppllcoble in the UK and Republlc ol Ireland (FAS 1021 (eflectlve 1 Janvory 2019). the Finonclal Reportlng Standard oppllcoble In the UK ond FlepJblic of Ireland (FFS 102) and th? Chorltles A¢t 2011. The flnor,clol statements have been prepored to g￿0 a Yrue ond folrf vlew and have deported from the Chorities (Accounts ond Report5) Regulotions 2008 only to the extent requlred to provlde o 'true ond tolrf Vkn￿. Thls deponure hos Involved lollowlng the Chodlles SORP (FRS 102) publlshed ln October 2019 rcrther thon the Acccuntlng ond Aeportlng by Chor',tles'. Stotem?nt of Recommended Practlce eflectlve from 1 April 2005 which htss since been wiihdruwn. Royal Agriculturol Soclety of Englond meets the delin[￿Qn of a pub15c benefit eniity under FRS 102 Assets and IlabilPties are Inlllully recognlsed at hlstorlcol cost or tronsactlon vrjlue unless otherwSse stuted in the relevont accovntlng pollcu. The Consolidated Stoternent of Flnonclal Actlwb"e5 {SOFA) ond Conso51doted 8ulonce Sheet con5011dcJte Ihe flnancial slatements of the 5oclety rtsnd its 5vbsldlory undèrtDking. The ￿sUlts of tho sub5idiarLJ ore consolidoted on a Ilne by line btssls. 2.2 Golng ¢OhCOm After tspproprfiate enq￿ri*s. the trus'.ees hove tt reasonoble expectotlon thot the cornpony hos adequote resources to contlnue In operotlonol exlstence for the foreseeable fLrture. For thls reoson they continue lo odopt the going concern bosis In ￿eparIng the flnana(Jl statements. Poge 20 Rouul Agriculturul Sodetu of Englond Notes to thè Flnanclal Stotemènts For the Yerjr Ended 51 De¢¢mber 2024 Accountlng pollclés (cont5nvedl 2.5 Income All Income is recognlsed once the Socletu hos entitlement to the Income, it Is proboble that the Incorne wlll be recelv8d and the omount of Income recelvable cun be measured reiiablu. Tho recDgnVclon of Income from legocies Is dep8nder,t on esttsbllshlng emitlement, the proboblllty of r8celpt ond the tsblllty to estlmate wlth suffldent accuracy the amount recelvoble. Evldence of entitlement to o Iggocy e￿st$ when the Soclety hos sufflclent ev￿enCe thot a gift hos been left to them (through knowledge ol the exlstence of a volld Wll ond the death of the benefoctor) and the execLttor Is sotlsfled thai the propertj In questlon will not be requlred to sotisfy cltsims In the esTOte. Recelpt of u legacy must be recognlsed when It Is proboble that li wlll be recelved ond the lalr volue of ihe omount recelvob12, whlch generolly bo the expected cosh omount to bts dlstrll)uted to the Societu, can be rellably measurad. Members, subsirlptions ￿l￿te io the finrjnclol period and ore dealt wlth In the flnanelal statement5 on u deferrttl basls. Sub5crlptlons recelved In odvance are not brought In to the Statement of Finonclol Actlvlties until the year to wNch theu r8lote. ThE membership yeor rur.s Irorn 1 Octoberto 3Q September. One quorter of membership sub5crlpfjons recelved bu 31 Decernkr 2022 rela￿ng to the 2022/23 merr,bershlp uear hove been token to Income In the reportlrig perlod. Life member¥ lump sum sdbscrlptlons are token to the Llfe Members's eqbolisotlon (Jccount ond released to ihe Statement of Flnop.clol Activltks in equol onnual instollrnents rep,'eseJitlng the estlmoted annual proporvon of the subscripfjorL Glfts In klnd ¢Jonoted fDr distrlbutlon are Included at vulu(Jllon and recognlsed os Income when thÈy cre dlsrributed to the projects. Glfts donoted for resole ore Included as Income when they ore sold. Where the dor.oted good 15 (s Ilxed (Jsset, It'.5 measured oi lolr volue, unless It is Impractlcol to meowre thls rellably, In whlEh cos¢ Ihe cost of the Item to the donor should be used. The goin Is recoonlsed os Income from don¢rtions ond o correspondlng ornount Is Inc'.uded In the opproprlote flxed osset d05$ and dèprecloted over the useful econwiic Ilfe In acctsrdon￿ wlth the Soclety's occountlng policie* On recelpt, donated professlonal servlces ond fudlltles are recogn1sed on the ￿$[S of ihe value of the gift to the Soclety which Is the omount It would have been wllllng to pau to obto5n seNlces or fodllties ol equlvoleni economlc beneflt on the open morket. o correspondlnrJ umount Is then recognlsed In expendItU￿ In the perlod of recelpt. Incoffje tax recoveroble In reltstion to donatk￿$ rece1ved vnder Glft Aid or deeds of covenont Is recognlsed otthe tlme of the don(rtlon. Income tox recoverdble In ￿latIon to Investment Income ss recognised ot the tlme the Investment Income 1$ recelvable. Other Income Is recognised In the perfiod In whicl It Is ￿e1v￿ble ond to the extent the goods hove begn provided or on completlon ol the seTViCe. Poge 21 Rowl Agricultur(Jl Soclètu of Englond Notes to the Finonclal Statements For the Y*or End¢d 31 Deromber 2024 Accountlng pollcles (contNiuéd) 2.4 gxpèndlture Expendlture Is recognlsed onc¢ tb.ere Is o legal or constructlve obllg¢Jtlon to rransfer economlt beneflt to a third partu. It is proboble that o rronsfer of economle beneflts will be requlred In settlement ond the amount of the obligation eon be measured relbbSy. Expenditurè Is cbsslfled by oct1v￿￿. Th& costs ol each actiV￿Y ore macfe up of the total of dlrect iosts and shored cost4 Includlng support costs InvoSved In undertoklng eixh actlvltu. Dirert costs Qttrfbutable to o slngle oaivlty are ollocored dlredy to that acti￿ty. shO￿d costs which contrlbute to morè thrAn one octlvlty ond support costs which are not attrlbutabltt ts o s ngle ocllvity a￿ opporttoned between those actlvltles on o b051s conslstent with the tsse of resources. Central stoff costs ore ollocated on the bosL8 of tlme spent, and depreci¢ion chorges allocared on the portlon of the asset'5 use. Expendliure on rolslng funds Include5 011 expendlture Incuryed bu the GTOUP to rolse funds for charftoble purposes ond Includes costs of oll furKJralslng actkdltles events ond non-chorltuble tradlng. Expendf£ure orh cPiorltoble ueLIVlrfes Is Incurred un dlirett,Ib uidertaklng the actlvlmes which further the Group's oblectSves. os well as any OSSO¢lOied support costs. All ttxpendilure Is Inclusive of 1rrec0vero￿e VAT, IS Interest recelvoblè Interest on fvnds held on dep051t is Included when recelvob12 ond *he amount cttn be measured relloblu by the Group.. this Is normally upon notlllcatlon of the Interèst pald or ptsyable bj the Instltution wSth whom the funds are depo&ted. 2,6 Tuxatlon The Socl¢ty Is consldered io pass the tests sei oirt In Porograph 1 Scheclule 6 01 the Finance Act 2010 and therefore meets the deflnltion of o chafftoble compunu for UK corporotion tox purpose% Accordinglw. the Society Is poientlolly exempt frtsm toxotion In respect ol Ir￿Qme or copStal ggln5 recelved wFthln categodes covered ily Chopter S Part 11 Df the Corporation T¢2x Act 2010 or Sedon 256 of the Toxotlon of Chorgeoble Goins Act 1992. to the extent that such Income or galns are opplled exclusively to chorttable purpose& 2.7 Intanglble assets ond umortlsatlon Charity comblnotions that are nelther In 5ubstonce o glft nor u merger ore accounted for os on ocquiition whh goodwlll orfslng representing the dlfference between the conslderotlon pokl and ihe fulr volue of the ner assets acqvlred. Amorfjsotlon Is provided on the followlng basi* Negutlve goodwlll 100 % Fully amortlsed In the reportlng perlod of acquis)t5on Poge 22 Aoyo31 Agrlculturol Soclotu of England Note5 to the FlnaTrclol Stotemènts For the Year Ended 51 Oe¢ember 2024 Accountino pollc¢e$ (contlnued) 2.8 Tonglble flxed assets and depreciatlon Tang5ble fixed ossets costing £1,000 or more ore ￿PIt￿lIsed ond recognised when futvre economlc ben8lits ore proboble ond the cost or volue of the asset can be measured rellablu. Tonglble Ikxed ossets are Inl¥ally recognlsed ot cosL After recconltlon, undarthe revaluauon mdel. tanglble flxed ossets whtsse fuir volue can be measured rellobly gholl b? carrted at e revalued amount. belng their fair value at the dote of revolua*on less ony subsequent occumvlated deprecl¢itlon tsnd subsequent accumvltsted Irnpoirmenl losse5. Revolutttlons a",e made *dth sufflclent regvlarf(¥ to ensure thut the corrylng omovnt does not dller materlolly from that which wovld be determlned u51ng f¢lr volue ut the end of the reportlng d¢X Falr volues ore determlned from market-bused eVIden￿ by appra15al that ts no*mcslly undert(Jken ijy professlonally quttllfled voluers. If there 15 no morkei-bosed evldentt ol fair value becaus¢ ol the S￿c[all5¢d nature of the tangl￿e flxed osset (tnd It Is rarely sol& except as part of a contribu¥no buslness. o Socletu moy need to estlmale fair value uslng on Income or depreclotÈd reFlocem8nt cost opprooch. Ikins and losses on revaluutlon arè recognised in the consol￿ated Statement OS Flnanual Activttles, wlth separote reva1uotion r¢5eTve belng shown In the St¢]tement Df funds nate. Depreciatlon ￿ charged so os to ollo¢gte the cost of 10ngible flxed assets less their reslduol value ¢)ver thelr esJmoted useful Ilves, vsing ihe strolghr-llne method. Oepreclatlon )s provlded on the following bu5es'. Frèehold property Leasehold Smpr<)VEments Fixtures and Ilttlngs Computer equlpmeni BuildlTrJs 2% stralghl-llne., Lond not deprecioted 10% stralght kn6 20-35% strtslght line 53% strolght Ilne 2.9 Investment$ Flxed asset Investfnents ore o form of financlal Instrument ond are Inltlolly recogn15ed ot thelr transactton cost ond subsequently tneosured at falr value ot the 8ulonce Sheet date, unless the vulue cunnot be metssured reliahly In whl¢h case It Is meosured at cost less impoirment Investment guins ond bsses, wh*her reo115ed or unreollsed, ore comblned ond presented us 'Gcsins/(LossÉs) on investtnenw In the CO[￿011d0ted Sturement of Flnunclol AcWV',fjes. Invèstments In 5ubs5dlarfes ore valued [* cost 5e$5 provlslon for Impalrment. 2.10 Investment propertlès Investrnent propertles for whlch fuir value can be measured rellobly without vndve cost or Èffort are maasured ot falr value ot each reportlng dote w',th Chang￿ In falr volu& recognised in'net goltv / (1055esl on Inve*ments' In the Stotemem of Flnanclol Artivltle Page 23 Aoyol Agrlcultural Sodety of Ertglond Notès to the Flnuncial St(5temènts For the Yecr End?d 31 December 2024 Accountln9 polide$ Icontlnued) 2.11 Debtors Trode ond other debtors ore recogn150d at the settlEment Otnount ofttsr any trade dscount offered. Prepayments are volued otthe amount prepuld net ol ony trodt dlscwnts dbÉ. 2,12 Cagh ut bank ond In hund Cosh ot bonk and In hond Include5 cosh and short-term highly Ilquld Inve5trments wth a short maturlty of three months or less from the dote ol ocqulsllon or openiw of the dewslt or skmllar occounL 2.13 Liobllltles ond provtslons Uabllilles are recognlsed when there Is an obllgotton ot the Bolance Sheet dote as a re5uk of o past event, It s probable that u tr(Jnsfer of economlc tjeneflt will be required In settlemen( and the umount of the settlement cun be estlmated rellGbly, Llobllltles ttre recognlsed at the omovnt thot the Sodety onikipales It wlll tKy to settle the debt or the omount It hos recelved os odvonced poyments for the gcAtds orservlw it rnust provlde. Provislons ore measured ot the best estlmtste ot the amounls required to setde the obligotion. Where the effect of the tSme volue o* money Is rnatErlul. the provlslon Is based on the present vc¢lue of those omounts. discoJnted (rt the pre-tox ¢J15covnt r(rte that reflects the risks speclflc to th¢ Iiablllty. The unwindln¢J ol the dlscount Is recogni5ed In the Consolldotsd Stotement of Flnonclol Attfvitles 05 u finonce ¢c>sL 2.14 Flnonclal instrum•nts The Group only h(TS financlol ossets ond thnanclal Ilobllltles of o kind thot quolify os baslc flnonclal instrument& 8aslc flnonciol Instrvments ore Inltlally recogn':sed ot transgction volue old subsequently measur?d nt their settlement volue with the exceptlon ol bonk loons whlch ore subsequentty meaSu￿d at amcyttsed cost using the ¢ffertlve Interest method. 2.15 Employee beneflts The Group operote5 c def]ned contributior. pen51on sch¢tne and the penslon chorge represents the omovnts payable by ihe Group to the fund In respect of the yetsr. When employees have rendered servlce to the chorltu. short-term employee beneflts to whictr> the employees ure entitled are recognlsed irt the undiscounted amount expett¢d io be pald In exchonge for that serv1¢¢. Pgge 24 Roual Agriajltvrol Society ot £nglond Notes to the Flnundol Stotement5 For the Year Ended 31 December 2024 Aecountlng pollcles {contlnued) 2.16 Fund tscctsuntlng nerol fvnds are vnre5tricred funds whlcki are availoble for use (rt the discretion of the Trustee5 In furth8mnce of the generol objectives of the Grovp t)nd whlch huve not been designated for other pvrpo*s, Endowmeni fund5 are those funds thot ore requlr8d to be Investad or retalned In furtherance of the tharft￿s oblecdves ond purposes. Restrlcted fund5 are furtds whlch are to be used In occordonce wlth speclfic restrlctlons Imposed by donors or which hove been rolsed by the Group for purtlculttr purposes, The c05t5 of rolsir￿ ond udm1nl*erfng wth tunds ore chorged oga1nst the specJfic fund, The olm und use of eooh restrlrted fund is set ovt In the notes to the finonciol starements, Investment Income, ooins and lo&ses ore allocoted to the opproprlot¢ fund. Crltlcol occounllng *stlmotes and oreg2 of Judgement Estlmates and judgements ore continuolly evoluated ond are bosed on hlstorical experlence ond other fottors. Including expect(Jtion5 of *uture events thot ore believed to be reasongble under the clrcumstuncBs, cNu¢oI occounL'ng estlmates ond assumptlons.. The Soclety makes es11motÈs and ossvmptloTrs ctsncernlng the future. The resultlng occounyng estimotes ond ossumptlons wlll, by definitlon. seldom equul the related oclual rEsults. The estlmote5 and ossumptions thot have a slgnltlcont Msk of cou51ng a motsrlol adjustment to the curiylng omounts of ossets and Ilobllltles wlthln the next flnanclal yeor ore dlscu55ed below. Critlcol or•as of judgement: Torolble f1xEd ossets a￿ deprecloted over thelr useful llv￿ tuklnu Into account resldLuI valuès whe approprfate. rhe octual Ilves of the assets ttnd resldual VL)lue5 ore a*essed ¢Jnnvolly ar￿ moy vory dependlng on o number of foctors. lrn re-ossessino the osset Ilve5. factors such as technological innovotion. product Ille cycles and moinlenonce progrommes ore taken Into occount. Residual volues conslder s￿h ihings os future morket condSfjons. th8 remoinlno life of the asset and projected dlsposol volues. The foir volue of freehold property is estlmated bosed on reTrnt Sal￿ doto for slmllor property and on off¢ recelved to purchase the property. The defined beneflt pen5Ion scheme osset Is estlmated bu piodng rellonce on tsn exierrK41 FRS102 report prOd￿ed by a profe5slonol actuoru. Poge 25 Royol Agricultural Socloty of Englond Notes to the Ananclol Statements For the Yeor Ended 510ecemb?r 2024 Income from donatlons and legacles Unre$trfrted funds 2024 £000 Restrlcted funds 2024 £000 Totol funds 2024 £000 Donotlons 76 76 Grants 350 350 76 350 426 Unrestrlcted funds 2023 £000 Restrlcted fvnds 2023 £000 Total funds 2023 £000 Donotlons 174 174 Legacles Grants 102 IC12 242 242 ?76 242 518 Income from charltable actlvities Urirestrkted fvnd5 2024 £000 Total funds 2024 £000 Nembership subscriptlons AgrScvllural projects 47 4Y 30 PttgÈ 26 Royul Agrlcullurul So¢i¥tu of England Notes to the Flnanelol Stoiemènts For thè Yeur Ended 51 Dècember 2024 Income from churltable actlvltles (continued) Unrestrtcted funds 2023 £000 Totol funds 2023 £000 Membershlp subscrlptlons Agrtculturol prolects 18 18 48 66 Income from other trudlng oct￿¥[1•S Fundrolslng Income Ut)restrStt fuhds 2024 £000 Totol funds 2024 £000 Events 1.04(Y 1040 Propertu 46 46 Other 245 245 1,331 1,331 Unrestricted funds 2023 £000 Total fvndg 2023 £000 Property Other 42 42 528 528 570 570 Poge 27 Aoual Agriculturol Socletu of Enolond Notes to the Flnonclal Statements For the Year Ended 37 December 2024 Inv95tment incomè unr•￿rI￿?d funds 2024 £000 Restrlrted funds 2024 £000 Total funds 2024 £000 tNvidend Income 8onk interest 14 14 14 17 Unrestrlcted lunots 2023 £000 Restrtcted funds 2023 £000 Total Tunds 2023 £000 Dlvidend income Bonk Inrerest 74 14 14 17 Other Incoming resourcès Unre5trlcted funds 2r124 £000 Totol funds 2024 £000 Other income 23 23 Unrestrlcted funds 2023 £000 Total funds 2025 £000 Arr]orri5￿50n of negrthve goodwill Page 28 Roytsl Agrlculturul Society of England Notes to the Finoncltsl StJt•metits For Yeor EndeLI 31 December 2024 Expenditurè tsn ralslng funds Cost¥ of ru15ing volvntury Income Vnresirltted funds 2024 £000 Total fynd$ 2024 £000 Cons¢Jltoncy Unrestrided nds 2023 £OCMJ Tutol funds £000 Consultancy Poge 29 Rouol Agrlcultural Socl*ty of England Notes to the Flnundal Stotèménts For tl)$ Year Ended 31 December 2024 Exponditure on mlslng funds (contlnued) Fundrolslng tradlng e¥pen¥e¥ Unrestrlcted funds 2024 £000 futTrds 2024 £000 Rates. seNlce chorges ond mlscelloneous expenses Preml8ès éxpenses and show costs Stoff notlonal Insurance 38 38 1.147 1.147 13 15 Staff penslon costs 12. 12 1.210 1.210 Unrestrl¢ted funds 2023 £000 Totol funds 2Q23 £000 Ratel Serv1￿ chorges ond m15relloneovs expenses Premises expenses ond show costs StafF notionol Insurance 38 502 502 14 Stuff pen519n costg 565 565 Ptsge 30 Royal Agrltulturaj So£lety of Englund Notes to the Flnonclal Statements For the Year Endéd 51 D8cÈmber 2024 10. Analysls of expenditur¢ on thurttabl• actiyltlas Summ¢ry b¥ fund type Unrestrlcted funds 2024 £000 Restrlrtod funds 2024 £000 Ttstal 2024 £000 Membershlp Ser￿lCe$ Agrlculturol projects 236 236 247 350 597 4B3 350 835 Unrestrlcted funds 2023 £000 Re5trtcted ¢unds 2021 £000 T¢tal 2023 £000 Membershlp servlces Agrlcuhurol prolects 190 190 35 242 277 225 242 467 Anuly51$ ¢1 e%pendlture by octlvStl*s AetlvltleA undertokèn Irectlu 2024 Support costs 2024 £000 Total funds 2024 £000 Membersh5p servlces Agficulturol prolerts 236 236 495 101 596 495 537 833 Poge 31 Ro¥ol Agrlculturol Soclety of gnulond Notes to the HnuncltJl Stat¢Ments For the Yaur Ended 51 December 2024 Analysis tsf expendlture by uctlvltle$ (¢ontlnued) Actlvifjes undertaken dlrectly Suppjrt cost 2023 2023 £000 £000 Toto funds 20 £000 Membershlp servl Agrlculturol projects 190 190 2L S5 277 222 245 467 Anolys5s C+f dlrett costs AgrtculttsraS prolpcts 2024 £000 Totol funds 2024 £000 Staff costs 429 429 Professlonal lees 31 31 Evelltcosts 35 3$ 495 495 Agrlculturol projects 2023 £000 Toto funds 2023 £000 Stalf c05t5 197 197 Dlred costs Audltols remvnerut50n 14 14 222 222 P¢ge 32 Royul Agrlcultural Socletu of Englond Notes to the Finon¢al Statèmènts For th¢ Year Ended 51 December 2024 11. Antslysls of expenditure bu actlvltlèg (contlnued) Anuly51s of support costs M?mbershlp Agricvltuml servlce5 prolects 2024 2024 £000 Totul funds 2024 £000 £000 st(rff cost5 188 Oepreaot¥on Travel ond subslste 43 43 8¢)nk charges Advertlslng and morkètlng TelepP40ne Insurance IT a)ntrarts Subscriptions ent Forelgn pxchangE dlll¢r¢nces Irrecoverable VAT 52 Auditors rernunerotton 12 21 Other support costs 236 101 337 Poge 33 Royal Agricultural Socletu of England Notes to the Flnondal Stotement8 For the Yeor Ended 31 Dècèmber 2024 11. Anol¥si8 of expendlture by activities (continued) Anoly51$ of support costs (contlnued) Membersh5p Agrtcblturol servlces projects 2023 2023 £000 £000 Totol futhds 2023 £000 Stt7ff costs ieo 180 Depreciotlon Troyel ond subslgten¢e 25 25 Audtorfs remunerarion Other support costs Telephone Insvronce IT controcts Sub5crlptlons Rent Forelgn exchonge differences Irrecoverable VAT (9) 13 (91 15 Audltols remunÈratloD 14 Other support costs 19D 55 245 Poge 54 Aoyal Agrfcultural Socl&ty of England Notes to the Flnonclal Statemènts For the Y&or Ended 31 DeGember 2024 12. Staff co$t8 Group 2024 £000 Group 2025 £00 Soclety 2024 £000 Sooety 20 £000 Woges ond salades Soclal securlty costs Pellsk)n cO￿S 577 353 188 180 43 32 13 14 16 12 641 401 215 205 The average number of persons employed by the 5odety during year wos os follows.. Group 2024 No. Group 2023 SocS¢tu 2024 Soclely 2023 No. Stoff 17 12 The nurnber of employees whose emplc)yee beneffts (excludtrjg empluyer penslon costs} 8keeded £60,000 wus.. Group 2024 No. Group 2025 '0. In the IKnd £I00,QOI - £110,000 Remuneratlon of keu management personn&l Key fT¥Jnagement personnel ore deemed to be those outhorlty and responslblllty delegated to them by the Soclety for plann￿ng. dlrectlng ond controlllng the octivltles of the Society. During the yeor. iotol amounts paid tts key monagement personnel were £10&251 C2023- £105,117). 15. Trvstees, ramun•ratlon und expenses Durlng the year. no Tnjstees recelved ony remurteration or other b*neflts12023- £NIL). Durlng the yeur ended 31 December 2024. expenses totalling £1.502 were relmbursed or dIreCt￿ to 3 Twstees in ￿spect of iravel and occomfflodatlon (2023- £535 pard to l trustee). Durlng the yeor ended 31 December 2024, the Choir of the subsldiory chorftu provlded hls servlces to the group Vio o se￿]Ce contract ro focllltote fundrolslng efforts. Durlng the period he wos pald £10.800 (2023 - £6.300) by the group. Poge35 Royal Agricultural Socl&ty of Englond Notes to the Flnanci¢Jl Statement$ For the Year Ended 51 De¢emb¢r 2024 14. Net Incorne/(expendlture} Thls Is sttrted oftgr charglng/lcredlt,'rtg): 2024 £000 2025 £oi)o Amortlsotk>n ol Intowibltr fke ot31 De￿mber 2024. Poge 37 Royol Agrf¢vltural Socletu of Englttnd Notes tts the Flnanclal 5tatemgnt$ For the Y$or Ended 31 December 2024 16. Investment propertu Group and Socletu Freehold Inve51rnent property £000 Valuutlon At 1 Jonuoru 2024 4000 At 51 December 2024 4.000 Freehold Investment property wtss valued on 25 Norch 2022 by Moniague evens LLP based on open rTrJd £000 GuSns/ (Lossès) £000 Incom¢ Expenditure £000 £000 Vnrestrlcted funds Dèslgnoted funds Tonoible tlxed a55ets 1.Q93 (52) 74 1.135 Investmem property Rent prepobment Funds held In 4.000 577 4,00tr (16) 561 escrow 591 000) 491 6.261 (48) 6) 6.187 General funds Geneiol Funds 622 1,521 V.655) 26 S14 Total Unr&5trlcted funds 6,885 1.521 0,70 6,701 Endowment funds RASE Londowner 905d medal Farm & Rvrol Jildlng centre 57 38 83 120 122 Page 41 Royal Agrlcuttuful Society of England Not6S to the Flnanclol StL7tement5 For th• Year Ended 31 Oecember 2024 Statement af funds (contlnued) Bolance at 1 Jonuary 2024 £000 8¢Jlonce ot 51 De¢ember 2024 £000 Trunsfers In/{ovt) £000 Guins/ {Lo¥$¢s) £000 Income Expendlture £000 £000 Restrlcted funds E Landowner gold medol Form & Rurol bullding centre H2020- DECIDE 17 18 33 55 13 05) H2020- Cllmote Form Demo (83) H2020- Cllmote Sm(srt Advisors 57 ($7) (5) (5T) DulvertLon Trust Ellzobeth Creak 37 Farm of the FvtUKe 013) Frank Purklrison Trust (3) Colf Actlon Network 10 00) UKRI - LUNZ 51 (51) 50 353 caso) 53 Totol of funds 1,874 (2,053) 6,876 Poge 42 Ro¥ul Agrlculturol Soclety ot England Notes to tho Flnandal Statements For thè Year Ended 3fj De¢ember 2024 21, Statement of funds (conttnued) Statement ol funds- prlor year Bolonce at 1 Jonuory 2023 £ODO Balance ot Goin51 31 December tL0s5es) 20 £000 Transfers in/{out) £ODO IncomE £000 &penditure £000 Unrtstrlcted funds Desl9nrJtéd funds Tanglble flxed a55els 1.093 1,093 Investment property Rent prepoym6fit Furtds held I 4,OOQ 4.000 5T1 S77 escrow 591 591 6,261 6,261 Gènerol funds Generol Furids 6.640 1.039 (796) (6.261) 622 Totol Vrtrestrlct•d fvnds 6.640 1.059 (796) 6.883 Endowment funds RASE LandOw￿r gold medal Form & Rural bulldlng centre 34 37 77 120 Paga 45 Roy¢Jl Agricultvrol Socletu of England Notes to tlte Financlul Statement$ For the Yeor Ended 31 December 2024 21. Statement ot funds (contlnued) Balunce gt 1 January 2023 £000 8olon£o al G(Jlns/ M December (Losses) 2023 £000 £000 Transfers In/(outl £000 Incom8 £000 Expendlture £000 Restrlcted funds RASE Loftdowner gold medol Form & Rvrol bulldlng centre 16 17 31 53 H2020- F￿R￿￿ore 32 2) £9) W2020 - DECIDE H2Q20- ￿lIMOte Form Demo (44) H2020- aimote Smart Advlsors (7) 114) 09) Dulverton T.ust 14 Ellzabeth Creak 19 Fomof the Future 117 017) 47 245 (242) Total of fvnds 6.798 1,284 0,038) 7,055 Poge 44 Royal Agrfcultural Socletu of Engl¢JNd Notos to the Flnundol Statement5 For the Year Ended 51 December 2024 21. *atement of funds (contlnupd) H2020 . FAIRshare'. {Dlgltol fools lor Fam Advlsorsl Funded by the European Commlsslon under the Horlzon 2020 hltlotlve ond led by Teagosc, the Irlsh Agrlculture and Food Oeveltspment Authorlty, FAIRShtt￿ o project that brought together 22 wrtners from 15 countrfes a(Yoss Europe. The 5-yec7r project enobled and eiTpowered the Indeper,dent farm odvlsory commvnlty, thrgugh the shorlng of dlgltol tools and servlces. ewertlse ond experlence5. IfA led on the Leomings Irom the adoptlon of new Dlg.'tol Agrkulture Tools & serv1￿$ IDATg element of the prolett whlch was completed In Q4 2023 wtih the EU flnol revlew mee￿ng. In Jonuory 2024. H2020- DECIDE Th15 project Is u flve-yeur Horlzon 2020 project which commenced In 2021 ond davelop dota-drlven declslon supwrt tools thot offer robust ond eorly signols of dlseose emergence ond optlons lor dlagnosiic confirmotlorL Optjons wlll be provlded for conirolllng the dlsa05e olong wlth thelr Impllcatlons In tern￿ of diseuse spreod. ecor￿MIC burden ond arTrlmol welfar& IIA ha5 5ucTrssfully conducred the pllot focus groups the UK whlch are now wTrsldered orrong the core focus group5 In the CfJttle duster and IfA ￿ expectlng to contrlbute to the pllots (cattle Ilvlno labs) which wlll test on the ground. the dlognostic t¢ols for early dlognose of herd dIse￿e$. Evaiutr.ion of the motrb( of tools thot connects ttte tools. spec1￿. countrles wlll b2 flnoliseci In the next lew months to explore woys to colloborate across specles or countrles. Next Generol knembly meetlng wlli be hosted by INRAE In Nontes (FR). H2020. aimato Furm Domo This seven-yeor wojett commenced In Q4 2022 and Its oblectlve Is to bull¢J o Eurgpeon"wlde network of pilot forms Implement onrj demonstrate cllmate smart solutlons for o carbon neutral Europè IfA hos the role ol natlonol coordlnator lor the UK network 5uperv15ing and orgonlslng the farm related ttthvltles ot notlonol level and coordlnotlng the UK farmlng netwtsrks. IfA Is olsc leodlng the themtttlc network on herd mcnogemeni. A network of 130 demo farms will be est(Jbllshed ocross the UK of which IfA wlll ￿(T￿lI c45 farm& These forms wtll showccLse best-proctlce In cllmate srnart farming. hosting d￿￿on$t￿tion events for the wlder forrnlng communlty. to .3￿re thelr experlences of Implementinu climate adapfion ond mStigation meosure& Oerno farmers wlll receSve support from a cllmote smart udvlsor, ond they wlll work together to produce a dlrnate gdopffon ijnd mfclgotlon plun whlch Is tc¢llored to thElr own form byslne55, H2020- Cllmato Smart Advlsors This prolect is a slster progromme to Climate Form Demo ond has seven-yeor itrfe spon to moblllze the European ogrlcutturol udvlsorj communiu leodlng to on occeleratlon of the odoptlon of cllmole smort formlng proctlces by the wlder forming commvnlty. Cllmote Smart Advtsors commenced In Q2 2023 ond will bo¢)YL the role of ogriculturol ad￿SorY servw by strellgihenlng their capoclty In provldlng turgeted c>dvlce. ond by Implementlng the approoches ond shorlng the 501utions develcyed bu CllrrKrte Furm Demo on o wlder scole. across Europe ond associated countrles. In figures. the project will dlrectly engoge with a tninimum of 1.500 Oc1￿$￿r$ - 140 to be trulned as Climate Sm¢rt Coothes, equlpped to support copuclty buildlng In thelr peer4 ond 1,360 svpported In thelr development as Cllmate Smart Advlstsrs IfA Is the Notionol Coordlnotor for the UK. leodlng an extended group of flye projeu portners Includng Scotland's Rurol College (SRUQ and Oepurtmem of A￿lculture, Envlromient ond Rural Afftiirs. Nl (OAEi41 too. IfA wlll be r6sponsibl8 for 6 Communltles of Practlce ond wlll recruEtr and iraln a total of 36 odvtsors who wlll support the farms taking port sn the Cllmote Form Demo project wlth cllmote proofing thelr buslnesses Poge 45 Royttl Agrlculturtsl Socleiy of Englond Notès to the Finartuol Sttstèm¢nts For the Yeor Ended 31 December 2024 21. Statement of funds (c¢>ntlnued> Dulverton Trust The Dvlverton Trust hove funded l yeors, worth of knowledge exchonge programmes focvslllg speclflcolly on woys formers con reduce greenhouse gus em15sions. Thls wlll Includ¢ one lorge technlcal event ond the development of I frxus group whlch conslsts of 8 formers meeting regvlorly to d5CU5s mitigotlon Skrotegle8. Ellzabeth Cre¢k The El:'zobeth Cmk Chorltable Trust aworded tundlng for o 1-yeor F)rogrcsmme whlch works to brlng logether formers and pollcu mokers to collectively tocitle problems ond tts work together In the deyelopment of futu pollcy. Thls wlll Include 3 separate groups focuslng on 3 dlfferent challenges foclng the aorlcvltvrol sector. The Frank Porkinson AgrlculturLIl Trust- Nltrogen R4ductlon Thls grant wos aworded to develop o community of proctlce where a group of formers cctme together, lo¢llitat8d tyJ IfA to address wob's In whlch they mlght reduce urtlficlol nltrogen r8dJctiOn on fartn, TNS Include5 cnllne discus51ons and In person form wolks onQ study tours. The project Is exp8Cted to be cotnpleled In June 2C124. Form of thè Fvtur¢ Th8 forn busIne￿eS of the future mvst optimlse ft￿d productlon. form profftabilKy, toking core ol the environment and people. The fiASE Fom ol the Future Inltlutlve, supptrted by the Esmée Folrbolm Foundotlon, whlch 15 delivered In ponnershlp wlth IfA. identifies orKI shores agrlcuhural solutlon5. tèchnobgle5 and prac￿CeS which con help form buslnesses. people and wlder communf(les to thrfve, The Inltlotlve begon wilh the publiclxtlon of the RASE Farm of the Fvtvre.. Journey to Net Zero report In 2022, whlch Set out a vlslon for how fom buslnesses In the UK could moinrain their primory purpose of food productlon whik respondlng to the cllmate crlsls and biodiversity los Colf Action Network The Calf Actlon Network (CAN) Is o Worklro Group under the G8 Calf Strotegy Inltiallve ond s(nce Oecember 2022. the group hus met onllne quorterly, To date. he network hos conau￿ed o survey to unclerstand the needs nd Interest5 Of dlfferent stokeholder groups, und technlcal expert members hove contr5buted to onllne ponel dlSCLJsslon webln¢Jr os part of G8 CGII Week to oddress confuslon around colf feedlng. The CAN enobles collaboration ot a pre-competltive level tsnd creotes o dlrett Ilnk between research, Industru ttnd prodlce to IdenttFy l 591 24. Analusls of cash and cush equlvalents Group 2024 £000 Group 2023 £000 Cosh gt bonk 967 1.599 Total cosh and cash equfvalents 967 1599 35. Analysls of chonues In nèt debt Ar31 Dpcember 2024 £000 At l Januory 2024 Cq$h flow$ £000 £000 1.599 Cush at bonk and In hond (632) 967 Debt due withln 1 year Debt due (rfter 1 yéar <5) 00) (s) (4) 1,584 (626) 958 Poge 48 Royol Agricultural Sodety of England Notès to the Flnandol Statements For the Yettr Ended 31 December 2024 26, Penslon commltments Deflned contribution pen5Ion scheme The compariu operotes o Deflned conlrtbutlons petKSon s¢h¢me. The ossets of the scheme ore held separately Irom thos8 of the Charity in on thdependently admlnlstered fund. Tho pen51on cost churge represents contrlbutlons pauoble by the Chorfty to the fund and umounted to £2C¥,685 (2025 £IS.794). Contributlons tgtalllng £2.623 (2023- £2.943) were puuoble to the fund ut the bolancÈ sheet date and ore Inclvded In uedltors, DefSn8d benefit pènsion scheme The Group operote5 a deffned b¢nefft penslon Scheme. The CharFty contribJted to a Defined Benellts penslon sch8me. the Royol Agrtculturol Sodety of Englund 0978) Pension & Llfe Assurance Scheme. Rotes are set by the Scheme aauory und advtsed to the Charlty by the Scheme Admlnlstrator. This 5thene Is belng accounted for und¢r FRS 102, wlth the onnuolly calculotèd surplus or defitlt on the funding ol the scheme shown In the accounts. whlch Is dedutted from Unrestricted Funds In the balance sheet The trustees bel!Nve thrjt the scherne currently meets sto￿l0rY mlnlmum fundlng requlrements. The Trustees note that the colcvloted deficlt or surplvs calculated under FRS 102 Can vory greatly from u8ur to Year dependlng on the ussumptlon5 rnode at thè vuluotlon date, but wlth normolly Ilffle tsr no effect on short term cash flow& The scheme was closed dur1ng 2010. A compaffjson of the folr vglue of the scheme assèts wlth the present value of fundlng obligutlons hos glven rise to a surplus of £4.022.000 (2023 £4,394.000). However. a surplu5 can onlu be recognlsed in the accounts If It Is Posslble for the ernpioyer to obto'.n o refur￿ from the scheme. No refund 15 permltted untll all benef￿S have bee fully bought out. The asset5 ore insuftioÈnt to meet the full buyout cost so It Is unlikely the charltu will recdve o refund. A full ociuorlal voluatlon wus corrled out QS Qt 31 December 2021. Th¢ ￿SUIts have been ro15ed forward to 31 DeTrmber 2024 and then reculculaTed bosed on the fo)llo￿ll9 assumpt￿n*. PrinclFoI octuorlol assumpllons ot the ealonce Sheet dote (expressed os welghted overoges).. At31 December 2024 At31 December 2023 Dlscount rote ot 31 December 5.30 4.40 Rote of Increose in prfce (RPI) Rate of Increase In prlce (CPI) Rate of statutory revglu¢Uon 3.25 3.10 2.60 2.48 2,60 245 Pog¢ 49 Royctl Agriculturql Sorletu of England Notes to the Flnoncial Stalemgnts For the Year Endèd 31 Dècember 2024 2a PÈnslon commltment8 {¢ontlnued) At31 De¢¢mber 2024 Yeurs At31 Oec2mber 2023 Yeors Mortallty r(stes years) for a mole oged 65 now - ot 65 foro mole aged 55 now for o fetnole oged 65 now ot 65 for(5 femule ooed 55 now 20.7 20.7 21.1 21.2 23.2 23.2 25.9 23.9 The Grou¢s shore of the assets In the scheme wtJS'. At31 Decemknr 2024 £000 At31 December 2023 £DOQ Present volue of funded obllgutlons Falr vulue of scheme assets (9.719) 13.741 00.65n 15.051 Surplus not recognisad {4.022) (4.394) Not volue of pensldrt schemo The octuol retuin on scheme osseis wus £(142,000) (2023- £1,469.0001. Movemenrs In the present volue of the defined benefft obiioation were os lollows.. 2024 £000 Openlng deJne# benellt obllgalon Interest cost 10.657 456 Actuorial golns Benetits poid (026) (s￿) aaslng deflned benèflt obllgotlon 9,719 Poge SO Royal AgrloJltur¢l Soclotu of England Notes to the Flnanclal Stotemtnt$ Fc>r the Year Enéed 51 December 2024 26. Penslon commitment8 {ctsntln￿ed) Movements In the falr volue of thE Grc¥up's shore ol scheme assets were gs follow&. 1024 £000 Opening folr volue of sthemgassets Retum on scheme assets excludlng Interest Income Interest',ncome 1S.051 (L199) 456 enefits pald {568) c[￿Ing foir valve of $¢heme assets 13.741 27. Reluted purtu tronsactlgns The Soclety is conlrollEd by the the Trustees. whose nomes ore shown on poge 1. The Chority has pold for Professional Inderlnlty Insuronce however the premlum cost is not separately Identlfloble wlthin the ovemll Insuronce cover premlum. Thls cover protetts the Charlty from losses arlslng from the n8glKt or default L¥f Trustees and seconded employees. It ulso Sndemllilies the Trustees or other officlals ogalnst the cons8quen¢es of ony neglecr or defoult on thelr part. DuNng the yeor the Soclety recharged £66,759 (2022 . £7,294) to Irs subsldiory Innovotlon for A9rlculture ftsr rent and office runnlDg costs. The Soclety 0150 mude gronts to Innovation for Agrtculture totolling £NII (2022- £75.000). The Sodely Incurred rechurges of E214.867 from Innovotlon for AgriCu￿Ure. Thls reloted to salury recharges of £34.925 (2022 £NII) ttnd spedflc charge5 reloting to proletts Outsourced to Innovotlon for Agmculture ¢f £179.942 (2022- £NII). At the bolance sheet doto o net bOlon￿ of £67,252 (2022- £57.620) wtss due to Innovotloft for Agrtculture. 28. Charltu comb5natlon Effecbve from l June 2025. the Sudety become the sole beneflclal member of Innovotlon for Agrtculture {IfA}, o cho(Ity wlth reglsrered number 1155563. The combintsllon wu5 accounted for as an ocqulslfjon wlth the negatlve goodwlll grising belng wrltten off Immedlotely In the 2023 reporting perlod. Slnce the considerotlon payable was £NlI. the negotlve goodwill orlslng was equol to the net ossets of Innovotion lor Agrlcultvre on 1 ju￿ 2023. £113.000. f40 fclr value adj'ustrnents were deemed nere55ts Poge 51 Aoyul Agrlcultuml Soclety of England Notes to the Fln¢rtclol Statemènt$ For the Y￿r Endgd 31 December 2024 29. Prlnclpal subsldlury The Society Is the sole beneftclol membw of Innovalon for Agrlculture {IfAI. a chorlty wlth reglstered nurnber 1155S63 ond regl8t8r8d offlce address Arthur Rank Centre, Stonelelgh PDrk, Kenllworth. Worwlckshlre. CV8 2LL The prfncipol activitu o* IfA Is ¢orrulng out choriLable projects In partnershlp w(th leading 0grSculturol researtheri buslnesse& londowners, and formers to develop the knowledge ond technologles thot wlll moke modern farmlng more 5U6tolnoble, re5111ent. and productlvé. The result lor the Ferlod 1 Januory ?024 to 31 December 2024. Includ¢d in the consoiidatlon. wos as follows.. Net Qssets 31 December 2024 £000 Oefldt In year £000 Innovatlon for Agrlculture (391 The sub51dior￿s results from l June 2023 10 31 December 2023 were Included In the prlor yeor consolldution. the￿fore omounts presented In these flnonclol stotements moy not be entloly comparcble. Pooe 52