**Registered number: 192460 Charity number: 212059** ## **The Arable Group Limited** **Trustees' Report and Financial Statements** **For the Year Ended 31 March 2021** ## **The Arable Group Limited** ## **Contents** ||Page| |---|---| |**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1| |**Trustees' Report**|2 ‐ 8| |**Independent Auditors' Report on the Financial Statements**|9 ‐ 11| |**Statement of Financial Activities**|12| |**Balance Sheet**|13 ‐ 14| |**Notes to the Financial Statements**|15 ‐ 30| **The Arable Group Limited** ## **Reference and Administrative Details of the Charity, its Trustees and Advisers For the Year Ended 31 March 2021** |**Trustees**|J E Harrison,Chair| |---|---| ||J E GodfreyOBE(appointed 10 March 2021)| ||Dr T L BarsbyOBE(appointed 10 March 2021)| ||Prof M J Caccamo(appointed 1 October 2021)| ||J R Harle(resigned 10 March 2021)| ||Birketts Directors Limited(resigned 10 March 2021)| |**Company registered**
**number**
192460
**Charity registered number**
212059
**Registered office**
93 Lawrence Weaver Road
Cambridge
CB3 0LE
**Company secretary**
Dr J McKee
**Chief executive officer**
Dr T L Barsby OBE (resigned 30 September 2021)
Prof M J Caccamo (appointed 1 October 2021)
**Independent auditors**
Crowe U.K. LLP
Statutory Auditors
55 Ludgate Hill
London
EC4M 7JW
**Bankers**
Barclays Bank PLC
1 Churchill Place
Canary Wharf
London
E14 5HP
**Solicitors**
Birketts LLP
22 Station Road
Cambridge
CB1 2JD|| Page 1 The Arable Group Limited | Annual Report and Accounts | March 2021 ## TRUSTEES’ REPORT INCORPORATING THE STRATEGIC REPORT STRATEGIC REVIEW ## Background The Arable Group Limited (TAG) was incorporated in September 1923 as the Norfolk Agricultural Station. It became a member of the NIAB Group in September 2009, and the current activities focus on the potato crop following acquisition of the Cambridge University Farm Potato Agronomy Unit (CUF) in 2012. As part of the NIAB Group, CUF continues to lead the way in developing a greater understanding of the potato crop and its cultivation. Access to NIAB’s genetic research, agronomy and national trialling capabilities provides opportunities to address soil management, input use, varietal selection and new product development. ## Mission and Vision Our mission is to support independent science-based research and information to support, develop and promote agriculture and horticulture; helping the industry to fulfil its potential in supplying food and renewable resources, while respecting the natural environment. Our vision is to connect the science base and industry by providing an integrated research and knowledge transfer hub for the entire crop improvement pipeline. ## Strategy The aim of TAG’s scientific work is to conduct innovative applied science and research to support the production of horticultural and agricultural crops, delivering knowledge, products and services to UK and international growers, industries and public bodies through focus on translating science into practise. Working with, and funded by industry, levy boards, charities, partner organisations and institutions, we are committed to ensuring the benefits of high-quality research are transferred effectively into practical agriculture. The research is largely field based and closely integrated with knowledge transfer. Information is disseminated through the publication of scientific papers, and provision of information via the NIAB TAG Network and the Cambridge University Potato Growers Association (CUPGRA), as well as to the breeding and crop protection industries. ## Public Benefit The Arable Group Limited seeks to: - advance science for public benefit, primarily by providing the mechanism to deliver the promise of crop science in addressing global and local challenges; - conduct applied and translational research in genetics and agronomy; - disseminate knowledge through the promotion of research and development work and the publication of the useful results thereof for the benefit of the industry and general public; - provide training to students, and access to training for the wider industry; - promote agriculture, horticulture and arboriculture anywhere in the world. The Trustees are satisfied they have complied with their duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission. Based on this guidance, and as described in this Trustees’ report, the Trustees believe the activities of The Arable Group Limited to be charitable in nature. Page 2 The Arable Group Limited | Annual Report and Accounts | March 2021 ## Performance Our performance against the 2020/21 objectives is highlighted in the table below: |**Objectives**|**Performance**| |---|---| |**Assist in the appointment of fellowships under the**
**funding ofCUPGRA to the university.**|This is a development of The Crop Science Centre, the Alliance
with NIAB and the University of Cambridge. The CUPGRA
Fellow has been appointed.| |**Move the operational activity from the older buildings**
**into new specialist designed buildings within the NIAB**
**Trust portfolio of developed operational buildings.**|Operational activity was successfully moved into the new
buildings.| |Through collaboration with NIAB commercialise the
potato yield model and generate income from sales of
the related IP.|The potato yield model has been digitalised into a commercial
product and has been marketed to a range of commercial
customers, resulting in significant income generation.| |**Continue to extend research and service collaborations**
**overseas.**|By aligning our long term research plans with other researchers
worldwide, we have submitted collaborative research bids to a
variety of funders.| ## Objectives for 2021/22 The Arable Group Limited plans to address the following objectives for the year 2021/22: - Develop relationships with the CUPGRA Fellow and others in The Crop Science Centre, introducing the Fellow to the industry and building research collaborations. - Maintain research funding levels in the context of the potential loss of a potato levy resulting in loss of funding from the Agriculture and Horticulture Development Board. - Through collaboration with NIAB further develop the potato yield model and generate income from sales of the related IP. - Continue to extend research and service collaborations overseas. ## Related parties Other than other group entities within the NIAB group there were no related parties. ## Fundraising The Arable Group Limited does not undertake fundraising activities. Page 3 The Arable Group Limited | Annual Report and Accounts | March 2021 ## FINANCIAL REVIEW ## Income The total incoming resources for the period were £385k (2020: £370k). This income is derived from a mixture of research contracts, as well as recharge of costs to other group companies relating to contracts recognised by another group entity. ## Expenditure The outgoing expenditure totalled £295k (2020: £545k). The main operating costs relate to payroll, support services and premises costs. Staff costs in the year were £153k (2020: £228k). Included within expenditure is a total of £39k of support costs (2020: £33k). The Arable Group Limited is integrated within the wider NIAB Group structure, and support costs are recharged to the charity by NIAB. ## Capital Expenditure The charity funds capital purchases from unrestricted income. No purchases were made in the year (2020: nil). ## Subsidiaries and related parties The Arable Group Limited is part of the NIAB Group of companies; NIAB (Charity No: 1064230) controlling The Arable Group Limited through its membership of the charity. The results of The Arable Group Limited are consolidated into NIAB’s financial statements. Commercial activities are routed through NIAB Trading, a subsidiary of NIAB. ## Reserves Policy The Trustees have reviewed the reserves of the charitable company. The review encompasses the nature of the income and expenditure streams, the need to match variable income with fixed commitments, and the nature of the reserves. The Trustees are also cognisant of the fact that the charity is a subsidiary of NIAB and therefore dependant on NIAB. The going concern section of this report outlines this dependency. ## Business Review and key performance indicators The Arable Group Limited continue to review the most appropriate Key Performance Indicators by which the development, performance or position of the various elements of its operations can be effectively measured. In working towards the charitable objectives of The Arable Group Limited, the following are considered among the Key Performance Indicators: Given the current state of agriculture, the trustees concluded that to facilitate long term planning they would aim to achieve a general reserve, equivalent to two months’ unrestricted fund expenditure. At 31 March 2021 charity’s reserves excluding fixed assets stood at £34k (2020: 66k deficit). |Performance Indicators:||| |---|---|---| ||2021|2020| |Charitable Income|£385k|£370k| |Staff Costs|£153k|£228k| |Average Staff Numbers|4|5| |Support Costs|£39k|£33k| The overall income is a measure of the charity’s ability to maintain a sustainable research facility. The staff costs and number of staff are also an important measure. Although the staff costs have fallen during the year within the charity, the activities have been supported by staff in other group companies. It is important that support costs are controlled tightly, to ensure the overall operating costs of the charity do not exceed the costs recoverable on the grants and contracts that have been awarded. Page 4 The Arable Group Limited | Annual Report and Accounts | March 2021 ## Going Concern The trustees have acknowledged the guidance on going concern and financial reporting published by the Financial Reporting Council in 2016. The ultimate parent undertaking is NIAB (charity no: 1064230). The trustees have reviewed the cash flows and management accounts supporting its own and NIAB’s activities through to March 2023. The trustees have considered the following in arriving at their conclusions on going concern: - 1. The cash flow forecast and latest management accounts, which give confidence that the charity can continue to pay its debts as they fall due. This is supported by NIAB confirming its continued financial support for the charity through to March 2023. 2. The continued support of the National Institute of Agricultural Botany Trust (TRUST) to NIAB group through the provision of facilities and funding support which has been confirmed through to March 2023. 3. The TRUST’s joint responsibility to the Pension Scheme including to fund future Pension Scheme Recovery Plan payments. After making enquiries and considering the uncertainties described above, the trustees therefore have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of approval of these financial statements and are not aware of any other material uncertainties which may adversely affect the organisation. Accordingly, the financial statements continue to be prepared on the going concern basis. ## Accounting Period The trustees present their report and the financial statements for the year ended 31 March 2021. The company's year end (Accounting Reference Date) is 27 March, although the financial statements continue to be prepared to 31 March as permitted by section 390(3) of the Companies Act 2006. Page 5 The Arable Group Limited | Annual Report and Accounts | March 2021 ## RISK ASSESSMENT AND MANAGEMENT The Board of Trustees is responsible for ensuring there are effective and adequate risk management and internal control systems in place to manage the major risks to which the Charity is exposed. The Board reviews the risk register at each meeting. As part of NIAB risk management processes NIAB Finance Committee and its Executive regularly review the Risk Register and the Risk Management Policy and make recommendations to the NIAB Board for consideration. The Board reviews and updates the risk registers at each meeting. The Executive carry out an annual review of the Quality Management system, including the activities undertaken within The Arable Group Limited, which incorporates health and safety and other risk based internal audits Principal Risks and Uncertainties |**Risk Area**|**Risk**|**Management**| |---|---|---| |**Covid-19**|Business disruption from staff absence
Managing the return of staff to work|The Trustees continue to follow government
guidelines and implement local rules regarding
hygiene and social distancing
Risk assessments for utilisation of buildings and
carrying out of activities and for return to work by
employees
Continued support of remote working| |**Income**|Loss of work funded by the AHDB Potatoes (levy
funds)|The charity has carried out work for the levy
body for many years. In early 2021 the levy
payers voted to stop the levy. Although this is a
ministerial decision, it is likely that funding from
AHDB Potatoes will decline. The charity’s
researchers will work closely with levy payers to
directly deliver work which they may require.| |Customer /
Stakeholder|Dependence on NIAB the parent charity|The financial strategy of the charity is closely
interlinked with that of the parent charity NIAB.
The charity operates within the Agronomy
business unit and forms part of the strategy of
that unit. A five year plan has been produced for
the 5 years to 2025 which encompasses the
activities of the charity.| |Financial Risks|USS Pension Scheme|The number of employees of the charity who are
members of the scheme reduced to 1. This will
be monitored as should this employee leave
there is one year to enrol another and avoid a
cessation event. A valuation was produced on 31
March 2020 and new contributions agreed. This
is a multi-employer scheme. In the context of the
NIAB Group this cost will remain small but
further support from the NIAB Group may be
necessary.| Page 6 The Arable Group Limited | Annual Report and Accounts | March 2021 ## STRUCTURE, GOVERNANCE and MANAGEMENT ## Members NIAB is the sole category A member of The Arable Group Limited. Category B members, who do not have voting rights, comprise the membership of the NIAB TAG Network. ## Board of Trustees The Board of Trustees comprises the Chair and up to eleven additional trustee directors. The following Trustees have served during the period: J E Harrison - Chair J E Godfrey OBE (appointed 10 March 2021 Dr T L Barsby, OBE, BSc, (appointed 10 March 2021) J R Harle (resigned 10 March 2021) Birketts Directors Limited (resigned 10 March 2021) Dr Barsby resigned as the CEO of NIAB, the company’s parent company, on 30 September 2021. Prof. M J Caccamo was appointed as a Trustee of this company and as the CEO of NIAB on 1 October 2021. ## Recruitment, induction and training of Trustees The Arable Group Limited recruits Trustees with the relevant skillset to support the charity’s activities. An induction programme has been put in place for newly appointed Trustees and is kept under review and updated where appropriate. In addition, Trustees are in regular contact with the chief executive and executive team and receive updates on key areas of activity. ## Organisation and governance The Arable Group Limited is a Company limited by guarantee (registration number 192460) and was incorporated on 12 September 1923 as The Norfolk Agricultural Station. NIAB became the sole voting member in September 2009 when The Arable Group Limited became a subsidiary of NIAB. The financial statements have been prepared in accordance with the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015). ## Trustee Remuneration The Arable Group Limited does not remunerate the Trustees. ## Decision making and key management The Board of Directors (Trustees) administer the company and meet regularly. A Chief Executive is appointed by the directors to manage the day to day operations of the company. To facilitate effective operations, the Chief Executive and Executive Team have delegated authority, within the terms of delegation approved by the Board, for all operational matters. The key management personnel are appointed by NIAB’s Chief Executive; they have authority and responsibility for planning, directing and controlling the activities of The Arable Group Limited. As The Arable Group Limited forms part of a larger group, it is managed on a group basis. ## Employees The average number of employees for the period was 4. A policy of equal opportunity is pursued throughout, including the treatment of applications for employment from people who may be disabled, taking account only of the qualifications and abilities of each individual. Should any employee become disabled during the course of employment every effort would be made to retain that person's services and to provide necessary re-training. Continuing education and training are regarded as vital for the continuance of the company's work and assistance to this end is provided to employees. ## Liability Insurance The Trustees have effected liability insurance as permitted by the company’s articles. This insurance does not provide cover in the event that a trustee is proved to have acted fraudulently or dishonestly. Page 7 TheArable Group Lirnited l Annual Reportand Accounts l March 2021 STATEMENT OF TRUSTEES, RESPONSIBILITIES IN RESPECT OF THE ANNUAL REPORT AND FINANCIAL STATEMENTS that the charttable Company will continue In buslne5S'. The Trustees (who are also directors of The Arable Group Limited for the purposes of company lawl areresponsible for preparing the Trustees, Report, incorporatin8 the Strategic ReporL and the financial statements in accordance wtth applicable law and regulations. The Trustee5 are responsiblè for keepin8 proper accounting records that disclose with reasonable accuracy at any time the flnancSal posltlon of the charitable company and enable thern to ensure that the financial statèments comply with the Companies Act 2CX16. They are also re5pon5ible for safeguarding the assets of the charltable company and hence for takin8 reasonable steps for the prevention and detectlon of fraud and other Irregularf(ies. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the flnanclal statements In accordan￿ wlth Unlted Klngdom Generally Accepted Accounting Practice (United Kingdom accounting standards and applicable lawl, including FR5102, thèfinancial reporting Standard applicable in the UK and Republic of Ireland. Under company law the Trustees must not approve the financial statements unlessthey are satisfled that they give a true and fairview of the state of affairs of the charitable company and of the incoming resources and applicatlon of resources. nrludlng the In¢ome and expenditure, of the charitable company for that period. In preparing these financial ststements. the Trustees are required to: The Trustees confirm that: so faras eachTrustee Isaware, there is norelevant audit inf0m￿tIOn of which the auditors are unaware,. and the Trustèes havè taken all the steps that they ought to have taken as Trustees in order to make themsefves aware of anyrelevant audit information and to establish that the charltable companvs audltor Is aware of that intormatlon. The Trustee5 are responsible for the maintenarKe and integrlty of the corporate financial infom)ati¢)n induded on the charitable coMpan￿S webslte. Leglslatlon in the United Kingdom governing thè preparation and dlssemlnatlon of financial statements may differ from le8i51ation in other jurlsdictions. select suftable accountin£ polities and thèn apply them con5b5tently,' observe the methods and prlnciples in the Charities SORP IFRS1021,' make judgments and accounting estimatesthat are reasonable and prudent: The Trustees approve the Trustees Report incorporating the Strategic Report, and financial statements which are signed on behalf of the Board of s of The Arable Group Limited. state whether appllcable UK Accountlng Standards have been followed. sublect to any material departure5 disclosed and explained in the financial statements: and prepare the flnantlal statements on the golng concern ba515 unless it is'inappropriate to presume J E Harrison Date: 12 November 2021 Page 8 **The Arable Group Limited** ## **Independent Auditors' Report to the Members of The Arable Group Limited** ## **Opinion** We have audited the financial statements of The Arable Group (‘the charitable company’) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charitable company’s affairs as at 31 March 2021 and of its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (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. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, 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. Page 9 ## **The Arable Group Limited** ## **Independent Auditors' Report to the Members of The Arable Group Limited (continued)** ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion based on the work undertaken in the course of our audit - the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the strategic report included within the trustees’ report have been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate and proper accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non‐ compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Page 10 ## **The Arable Group Limited** ## **Independent Auditors' Report to the Members of The Arable Group Limited (continued)** ## **Extent to which the audit was considered capable of detecting irregularities, including fraud** Irregularities, including fraud, are instances of non‐compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR), Health and safety legislation, and taxation legislation. Auditing standards limit the required audit procedures to identify non‐compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income, the override of controls by management and judgement and estimates. Our audit procedures to respond to these risks included enquiries of management, and the Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non‐compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non‐detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non‐compliance and cannot be expected to detect non‐compliance with all laws and regulations. ## **Use of our report** This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Naziar Hashemi Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor ## London Date: 30 November 2021 Page 11 ## **The Arable Group Limited** ## **Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 March 2021** |**Note**
**Income from:**
Charitable activities
3
**Total income**
**Expenditure on:**
Charitable activities
4
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**2021**
**£000**
**347**
**347**
**257**
**257**
**90**
**23**
**113**|**Restricted**
**funds**
**2021**
**£000**
**38**
**38**
**38**
**38**
**‐**
**‐**
**‐**|**Total**
**funds**
**2021**
**£000**
**385**
**385**
**295**
**295**
**90**
**23**
**113**|_Total_
_funds_
_2020_
_£000_
_370_
_370_
_545_
_545_
_(175)_
_198_
_23_| |---|---|---|---|---| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 14 to 29 form part of these financial statements. Page 12 The Arablo Group Limit•d Registerod numb•r: 192460 Balanc• Sheet As at 31 March 2021 2021 £000 2020 Note Flxed a55ets Tangible assets io 79 89 89 Current assets Debtors li 1.261 142 1,096 Cash at bank and in hand IN03 1.103 Credltors.. amounts falling due within one year 12 (1,3431 f2,133J Net current assets I Iliabilitesl 60 (301 Total assets less Current liabilities 139 59 Creditors.. amounts falllng due after more than one year 13 {261 (36J Total net assets 113 23 Charity fvnds Restricted funds 14 Unrestricted funds 14 113 23 Total funds 113 23 The Trustees atknowled8e their responsibllitle5 for complying with the requirements of the Act with respect t¢ accounting records and preparation of financial statements. The financial siatements have been p￿pared in accordance with the provisions applicable to entities Subject to the small cornpanies regime. Inanci ements were approved and authorised for issue by the Trustee5 and signed on their behalf by: Harrlso Date: 12 November 2021 The notes on pa8es 14 to 29 form part of these financial statements. Page 13 **The Arable Group Limited** ## **Notes to the Financial Statements For the Year Ended 31 March 2021** ## **1. General information** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The particular accounting policies adopted in the preparation of the financial statements are set out below and have been applied consistently. The Arable Group Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. - the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv); - the requirements of Section 7 Statement of Cash Flows; - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 11 Financial Instruments paragraphs 11.30 to 11.48a; - the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29. ## **2.2 Fund accounting** ## _General unrestricted funds_ General unrestricted funds represent income which is expendable at the discretion of the Board in the furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment. ## _Restricted funds_ Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for a particular purpose. ## **2.3 Incoming resources** All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policy is applied: ## _Income from charitable activities_ Incoming resources from charitable activities are accounted for in the year in which the service is provided. Page 14 ## **The Arable Group Limited** ## **Notes to the Financial Statements For the Year Ended 31 March 2021** ## **2. Accounting policies (continued)** ## **2.4 Accrued and deferred income** Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions and is recognised as earned when the related services are provided. This may mean accruing for invoices not yet raised, and deferring payments received in advance of work done. ## **2.5 Resources expended** Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. Expenditure is allocated as follows: ## Support costs Support costs which include central office functions such as general management, finance, information technology and human resources are allocated across categories of expenditure. The basis of the cost allocation is consistent with the use of the resource e.g. staff costs by time spent and other costs by their usage. ## Governance costs Governance costs comprise the costs of running the charity, including strategic planning for its future development, external audit, any legal advice for the Trustees, professional indemnity insurance for Trustees and officers, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability. All expenditure is inclusive of irrecoverable VAT. ## **2.6 Research and development** All research and development costs are written off as incurred. ## **2.7 Tangible fixed assets and depreciation** All tangible fixed assets are stated at historical cost. Depreciation is provided on fixed assets at rates sufficient to write off the costs of the assets less their estimated residual value over their expected useful lives on a reducing balance basis. Depreciation is provided on the following basis: |Implements and machinery|‐|10%| |---|---|---| |Motor vehicles|‐|25%| |Fixtures and fittings|‐|15%| |Computer equipment|‐|33%| ## **2.8 Financial instruments** The charity only has financial assets and financial liabilities which qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 15 **The Arable Group Limited** ## **Notes to the Financial Statements For the Year Ended 31 March 2021** ## **2. Accounting policies (continued)** ## **2.9 Operating leases** Annual rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term. ## **2.10 Pensions** The Arable Group Limited participates in the Universities Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of the State Second Pension (S2P). The liabilities are valued every three years by a professionally qualified independent actuary using the projected unit method, the rates of contribution payable being determined by the trustee on the advice of the actuary. In the intervening years, the actuary reviews the progress of the scheme. Pension costs are assessed in accordance with the advice of the actuary, based on the latest actuarial valuation of the scheme. The assets of the scheme are held in a separate trustee‐administered fund. The charity is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. Under FRS102 the charity has accounted for the present value of the recovery plan contributions payable as identified in the most recent funding agreement. The Arable Group Limited also operates a money purchase scheme. For this, the pension costs charged in the financial statements represent the contributions payable by the company during the year. ## **2.11 Foreign currencies** The Arable Group Limited does not hold any foreign currency accounts. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All differences are taken to the Statement of Financial Activities. The charity’s functional and presentational currency is GBP. ## **2.12 Cash and cash equivalents** Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition or the balance sheet date and that are readily convertible to known amounts of cash with insignificant risk of change of value. ## **2.13 Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.14 Creditors** Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. Page 16 ## **The Arable Group Limited** ## **Notes to the Financial Statements For the Year Ended 31 March 2021** ## **2. Accounting policies (continued)** ## **2.15 Going concern** The trustees have acknowledged the guidance on going concern and financial reporting published by the Financial Reporting Council in 2016. The ultimate parent undertaking is NIAB (charity no: 1064230). The trustees have reviewed the cash flow and management accounts supporting its own and NIAB’s activities through to March 2023. The trustees have considered the following in arriving at their conclusions on going concern: ‐ 1. The cash flow forecast and latest management accounts, which give confidence that the charity can continue to pay its debts as they fall due. This is supported by NIAB confirming its continued financial support for the charity through to March 2023. 2. The continued support of the National Institute of Agricultural Botany Trust (TRUST) to NIAB group through the provision of facilities and funding support which has been confirmed through to March 2023. 3. The TRUST’s joint responsibility to the Pension Scheme including to fund future Pension Scheme Recovery Plan payments After making enquiries and considering the uncertainties described above, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. ## **2.16 Judgements in applying accounting policies and key sources of estimation uncertainty** Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: - Depreciation, which has been charged in line with the accounting policy above. The amount of depreciation charged and net book value of the assets is included in Note 10. - Income, which has been recognised in accordance with the work completed on contracts. - Retirement benefits, the liability for which has been calculated in line with the accounting policy above. Note 16 contains details of the estimates made in this calculation. Page 17 ## **The Arable Group Limited** ## **Notes to the Financial Statements For the Year Ended 31 March 2021** ## **3. Income from charitable activities** Current year ||**Unrestricted**|**Restricted**|**Total**| |---|---|---|---| ||**funds**|**funds**|**funds**| ||**2021**|**2021**|**2021**| ||**£000**|**£000**|**£000**| |Income from charitable activities ‐ Agricultural Services|347|38|**385**| The total income includes recharges made by The Arable Group Limited to NIAB and to NIAB Trading Ltd, where the crop agronomy and research is contracted to a different group company. Prior year ||_Unrestricted_|_Total_| |---|---|---| ||_funds_|_funds_| ||_2020_|_2020_| ||_£000_|_£000_| |Income from charitable activities ‐ Agricultural Services|_370_|_370_| Page 18 ## **The Arable Group Limited** ## **Notes to the Financial Statements For the Year Ended 31 March 2021** ## **4. Analysis of expenditure on charitable activities** ## **Summary by fund type** |Current year
Agricultural Services
Prior year
Agricultural Services|**Unrestricted**
**funds**
**2021**
**£000**
257|**Restricted**
**funds**
**2021**
**£000**
38
_Unrestricted_
_funds_
_2020_
_£000_
_545_|**Total**
**funds**
**2021**
**£000**
**295**| |---|---|---|---| ||||_Total_
_funds_
_2020_
_£000_
_545_| ## **5. Analysis of expenditure by activities** Current year ||**Activities**||| |---|---|---|---| ||**undertaken**||**Total**| ||**directly**|**Support costs**|**funds**| ||**2021**|**2021**|**2021**| ||**£000**|**£000**|**£000**| |Agricultural Services|256|39|**295**| Page 19 ## **The Arable Group Limited** ## **Notes to the Financial Statements For the Year Ended 31 March 2021** ## **5. Analysis of expenditure by activities (continued)** Prior year |Agricultural Services
**Analysis of support costs**|_Activities_
_undertaken_
_directly_
_2020_
_£000_
_512_|_Support costs_
_2020_
_£000_
_33_|_Total_
_funds_
_2020_
_£000_
_545_| |---|---|---|---| ||||| |Management
Finance
Information Technology
Human resources
Governance|**Total**
**funds**
**2021**
**£000**
**‐**
**12**
**‐**
**2**
**25**
**39**|_Total_
_funds_
_2020_
_£000_
_1_
_2_
_2_
_3_
_25_| |---|---|---| |||_33_| Support costs have been allocated to activity cost categories on a basis consistent with the use of resources. ## **6. Auditors' remuneration** ||**2021**|_2020_| |---|---|---| ||**£000**|_£000_| |Fees payable to the Charity's auditor for the audit of the Charity's annual||| |accounts|**3**|_3_| Page 20 **The Arable Group Limited** ## **Notes to the Financial Statements For the Year Ended 31 March 2021** ## **7. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
Operating costs of defined benefit pension schemes|**2021**
**£000**
**131**
**9**
**6**
**7**
**153**|_2020_
_£000_
_190_
_18_
_5_
_15_| |---|---|---| |||| |||_228_| The average number of persons employed by the Charity during the year was as follows: ||**2021**|_2020_| |---|---|---| ||**No.**|_No._| |Technical and scientific|**4**|_5_| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |||**2021**|_2020_| |---|---|---|---| |||**No.**|_No._| |In the band £60,001|‐ £70,000|**‐**|_1_| The key management personnel during the year were: Dr T L Barsby S M Knight S C Masson (resigned 31 December 2020) All of the above were employed and paid through NIAB, this charity's parent charity. ## **8. Trustees' remuneration and expenses** No Trustees received any remuneration or other benefits from the Charity during the year and no Trustee expenses were incurred during the year (2020 ‐ £Nil and £Nil). ## **9. Taxation** The Arable Group Limited is a registered charity and is thus exempt from tax on income and capital gains falling within section 505 of the Income and Corporation Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives. No tax charges have arisen in the Charitable Company. There is no provision for deferred tax on fair value adjustments because any chargeable gains are applied to charitable objectives so no tax liability arises. Page 21 ## **The Arable Group Limited** ## **Notes to the Financial Statements For the Year Ended 31 March 2021** ## **10. Tangible fixed assets** |**Cost or valuation**
At 1 April 2020
At 31 March 2021
**Depreciation**
At 1 April 2020
Charge for the year
At 31 March 2021
**Net book value**
At 31 March 2021
_At 31 March 2020_
**11.**
**Debtors**
**Due within one year**
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income|**Implements**
**and**
**machinery**
**£000**
**143**
**143**
**58**
**9**
**67**
**76**
_85_||**Motor**
**vehicles**
**£000**
**19**
**19**
**15**
**1**
**16**
**3**
_4_
**2021**
**£000**
**33**
**1,197**
**1**
**30**
**1,261**|**Total**
**£000**
**162**| |---|---|---|---|---| |||||**162**| |||||**73**
**10**| |||||**83**| |||||**79**| |||||_89_| |||||_2020_
_£000_
_10_
_1,014_
_‐_
_72_
_1,096_| Page 22 ## **The Arable Group Limited** ## **Notes to the Financial Statements For the Year Ended 31 March 2021** ## **12. Creditors: Amounts falling due within one year** |Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2020
Resources deferred during the year
Amounts released from previous periods
**Deferred income at 31 March 2021**|**2021**
**£000**
**‐**
**1,232**
**2**
**4**
**105**
**1,343**
**2021**
**£000**
**‐**
**56**
**‐**
**56**|_2020_
_£000_
_9_
_1,044_
_7_
_2_
_71_| |---|---|---| |||| |||_1,133_| |||_2020_
_£000_
_4_
_‐_
_(4)_| |||| |||_‐_| ## **13. Creditors: Amounts falling due after more than one year** ||**2021**|_2020_| |---|---|---| ||**£000**|_£000_| |Other creditors|**26**|_36_| Page 23 ## **The Arable Group Limited** ## **Notes to the Financial Statements For the Year Ended 31 March 2021** ## **14. Statement of funds** ## **Statement of funds ‐ current year** |**Unrestricted funds**
Unrestricted funds
**Restricted funds**
Restricted Grant income
**Total of funds**
**Statement of funds ‐ prior year**
**Unrestricted funds**
Unrestricted funds|**Balance at 1**
**April 2020**
**£000**
**23**
**‐**
**23**
_Balance at_
_1 April 2019_
_£000_
_198_|**Income**
**£000**
**347**
**38**
**385**
_Income_
_£000_
_370_|**Expenditure**
**£000**
**(257)**
**(38)**
**(295)**
_Expenditure_
_£000_
_(545)_|**Balance at 31**
**March 2021**
**£000**
**113**| |---|---|---|---|---| |||||**‐**| |||||**113**| |||||_Balance at_
_31 March_
_2020_
_£000_
_23_| Page 24 **The Arable Group Limited** ## **Notes to the Financial Statements For the Year Ended 31 March 2021** ## **15. Analysis of net assets between funds** ## **Analysis of net assets between funds ‐ current year** |Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
**Total**|**Unrestricted**
**funds**
**2021**
**£000**
79
1,403
(1,343)
(26)
113|**Total**
**funds**
**2021**
**£000**
**79**
**1,403**
**(1,343)**
**(26)**
**113**| |---|---|---| ## **Analysis of net assets between funds ‐ prior year** |Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
|_Unrestricted_
_funds_
_2020_
_£000_
_89_
_1,103_
_(1,133)_
_(36)_
_23_|_Total_
_funds_
_2020_
_£000_
_89_
_1,103_
_(1,133)_
_(36)_
_23_| |---|---|---| ## **Total** Page 25 ## **The Arable Group Limited** ## **Notes to the Financial Statements For the Year Ended 31 March 2021** ## **16. Pension commitments** Defined Benefit Pension Scheme |Liability less than 1 year
Liability more than 1 year
Total|2021
£'000
3
26
29|2020
£'000
2
36| |---|---|---| |||38| Since the charity cannot identify its share of the assets and liabilities of the USS scheme, the following disclosures have been provided by the pension scheme to reflect those relevant for the scheme as a whole. ## **Universities Superannuation Scheme (USS** ) Following changes to the USS, this scheme now comprises two parts, USS Retirement Income Builder which is a defined benefit arrangement and USS Investment Builder which is a defined contribution arrangement. The latest formal actuarial valuation of the USS defined benefit liabilities has been carried out as at 31 March 2018 to meet the requirements of the Pensions Act 2004 and was published in September 2019. This actuarial valuation shows a shortfall of £3.6bn in the USS with the scheme assets being sufficient to cover 95% of its ‘technical provisions’ liabilities. Based on this valuation the actuary has determined that USS funding rates will increase from the current total of 26% of salaries (employer 18%, employee 8%) to 34.7% of salaries (employer 23.7%, employee 11.0%) in stages up to 1 October 2021. These contribution rates include: - provisions for the employer cost of future accruals of DB benefits, - contributions of 2% from 1 October 2019 increasing to 6% from 1 October 2021 towards the correction of the DB past service deficit, - contributions of 0.4% to cover certain administrative expenses and PPF levies, and - the employer contributions towards DC benefits. The past service deficit contributions are expected to correct the deficit by 30 June 2028 if experience is borne out in line with the assumptions made for the recovery plan. To reflect the liability for these contributions the Institute has used a financial modeller to calculate the provision it needs to recognise in the financial statements. The calculated amount is recognised in the balance sheet and any changes in the value of the deficit liability each year are shown on the Statement of Financial Activities. The assumptions used as part of this modelled for the year ended 31 March 2021 are shown below. Further details on, and a copy of, the 2018 Actuarial Valuation of the USS can be found on the USS website. Page 26 ## **The Arable Group Limited** ## **Notes to the Financial Statements For the Year Ended 31 March 2021** ## **16. Pension commitments (continued)** Further information on the 2018 actuarial valuation of the USS Scheme is included below: Of the charity’s 4 employees at 31 March 2021 (2020: 5), 1 was a member of USS (2020: 2). The Arable Group Limited’s calculated share of the USS defined benefit pension liability amounts to £29k (2020: £38k) and the total cost charged to the Statement of Financial Activities in respect of USS amounts to £8k (2020: £16k). The liability has been re‐calculated using the USS model provided with reference to the remaining deficit recovery period of 10 years from 2018 to 2028. Since the charity cannot identify its share of the assets and liabilities of the USS scheme, the following disclosures have been provided by the pension scheme to reflect those relevant for the scheme as a whole. The following assumptions were used to calculate the charity’s share of the USS liability: ||2021|2020| |---|---|---| |Discount rate|2.3%|2.3%| |Projected salary inflation|2.7%|2.7%| Salary inflation assumptions take into account the level of annual pay increases set in the April before the relevant year‐end, prevailing CPI rates, and the Bank of England long‐term inflation target of 2%. The calculation reflects an assumption that there would be some reduction in member numbers in the forward years. The assumptions underpinning the calculation reflect a prudent assessment of the available information and options but represents a key area of estimation uncertainty in the financial statements. Analysis of the charge to the income and expenditure statement is set out below: |Employer contributions
Contributions allocated to deficit provision
Change in contributions from past expectations
Contribution costs total
Interest payable
Pension costs total|2021
£'000
17
(1)
(9)
7
1
8|2020
£'000
22
1
(9)
14
2
16| |---|---|---| Page 27 ## **The Arable Group Limited** ## **Notes to the Financial Statements For the Year Ended 31 March 2021** ## **16. Pension commitments (continued)** Defined benefit liability numbers for the scheme have been produced using the following assumptions: ||2021||2020|| |---|---|---|---|---| |Discount rate||2.3%||2.3%| |Pensionable salary growth||n/a||n/a| |Pension increases (CPI)||2.7%||2.7%| The main demographic assumption used relates to the mortality assumptions. These assumptions have been updated for the 31 March 2018 position, based on updated analysis of the Scheme’s experience carried out as part of the 2017 actuarial valuation. The mortality assumptions are based on the following mortality tables: 2018 Pre‐retirement Post‐retirement Male members mortality 71% of AMC00 97.6% of SAPS (duration 0) S1NMA "light" Female members mortality 112% of AMFG00 102.7% of RFV00 (duration 0) 2017 Male members mortality 98% of S1NA ("light" YoB tables ‐ No age rating Female members mortality 99% of S1NA ("light" YoB tables ‐ rated down 1 yearNo age rating Future improvements to mortality are based on the Continuous Mortality Investigation’s (CMI) 2017 projections with smoothing parameter of 8.5 and a long‐term improvement rate of 1.8% for males and 1.6% for females. The current life expectancies on retirement at age 65 are: ||2021||2020|| |---|---|---|---|---| |Males currently aged 65 years||24.4||24.4| |Females currently aged 65 years||26.3||26.3| |Males currently aged 45 years||25.9||25.9| |Females currently aged 45 years||27.7||27.7| Summary of the Scheme position as at 31 March is set out below: ||2021|2020|2019| |---|---|---|---| |Scheme assets|£80.6bn|£66.5bn|£64.7bn| |Total scheme liabilities|£95.8bn|£79.4bn|£72.8bn| |FRS102 Total scheme deficit|£15.2bn|£12.9bnn|£5.4bn| |FRS102 Total funding level|84%|84%|93%| Page 28 ## **The Arable Group Limited** ## **Notes to the Financial Statements For the Year Ended 31 March 2021** ## **17. Operating lease commitments** The Charity vacated its office premises in October 2020 and relocated into the main NIAB headquarters building. At 31 March 2021 the Charity had commitments to make future minimum lease payments under non‐cancellable operating leases as follows: ||||**2021**|_2020_| |---|---|---|---|---| ||||**£000**|_£000_| |Not later than|1|year|**‐**|_27_| The following lease payments have been recognised as an expense in the Statement of Financial Activities: ||**2021**|_2020_| |---|---|---| ||**£000**|_£000_| |Operating lease rentals|**‐**|_57_| ## **18. Related party transactions** The charitable company has taken advantage of the exemption conferred by Financial Reporting Standard 102 not to disclose any transactions with its parent undertaking and wholly owned subsidiary undertakings. No transactions have been undertaken with key management personnel during the year (2020: None). ## **19. Members** The charitable company is incorporated as a company limited by guarantee having no share capital and, in accordance with the Memorandum of Association, every member is liable to contribute a sum of 25 pence in the event of the company being wound up. At 31 March 2021 there were 1 Category A and 3 Category B members. A Category A member has voting rights, the Category B members have the right to attend statutory meetings. ## **20. Immediate and Ultimate Parent undertaking** The immediate and ultimate parent undertaking of this company is NIAB, which is incorporated in England and is a registered charity. The consolidated accounts of NIAB are available from its registered office at 93 Lawrence Weaver Road, Cambridge, CB3 0LE. Page 29