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2025-12-31-accounts

REGISTERED COMPANY NUMBER: 00648041 (England and Wales) REGISTERED CHARITY NUMBER: 257303

TRUSTEES' REPORT AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

THE INSTITUTION OF AGRICULTURAL ENGINEERS

Landers Accountants Ltd Church View Chambers 38 Market Square Toddington Bedfordshire LU5 6BS

THE INSTITUTION OF AGRICULTURAL ENGINEERS

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Page
Reference and Administrative Details 1 to 2
Trustees' Report 3 to 17
Independent Examiner's Report 18 to 19
Statement of Financial Activities 20
Balance Sheet 21 to 22
Notes to the Financial Statements 23 to 31

THE INSTITUTION OF AGRICULTURAL ENGINEERS

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES M S J Carr-West S C Constable K F P Franklin P F Hemingway G P Higginson R J Rickson R W Simmons (resigned 7/5/25) B D Grieve (resigned 7/5/25) M Whiting (resigned 30/4/25) M C Butler-Ellis M R Moore (President) R D King A G Court (appointed 7/5/25) S J Parsons (appointed 7/5/25) P F Pinn (appointed 7/5/25)

COMPANY SECRETARY C D Nicklin REGISTERED OFFICE The Bullock Building University Way Cranfield Bedfordshire MK43 0GH

REGISTERED COMPANY 00648041 (England and Wales) NUMBER REGISTERED CHARITY 257303 NUMBER

INDEPENDENT EXAMINER Landers Accountants Ltd Church View Chambers 38 Market Square Toddington Bedfordshire LU5 6BS

BANKERS

HSBC 12 Allhallows Bedford Bedfordshire MK40 1LJ

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THE INSTITUTION OF AGRICULTURAL ENGINEERS

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2025

INVESTMENT MANAGER

Rathbones Investment Management 30 Graham Street London EC2V 7QN

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THE INSTITUTION OF AGRICULTURAL ENGINEERS (REGISTERED NUMBER: 00648041)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of 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 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The remit of the Institution of Agricultural Engineers (IAgrE) was reviewed and the associated Memorandum and Articles of Association (updated in 2017) remain valid. Established in 1938 (as the Institution of British Agricultural Engineers), the overall aims of IAgrE was then, as it is now, to:

Prime objectives are all for the public benefit and, as ever, to continue with the drive to increase and broaden the membership base and raise the profile of IAgrE. Further information on the aims of the Institution are detailed in the Memorandum and Articles of Association which are published at www.iagre.org.

Significant activities

Overview

IAgrE continues to place emphasis on the five-year development plan and continues to make progress in delivering the business objectives which, whilst maintaining the need to operate within Charities rules and best practice have been set against the following business development themes:

Volunteers

Volunteers form the backbone of the IAgrE and are closely involved with the Executive Committee, Advisory Council, Branches, Specialist Groups, Membership, Professional Development, Publications Management and Awards Committees. These work well with Secretariat staff who work hard to secure more involvement from a wider group of membership volunteers. The IAgrE remains indebted to its volunteers and would like to thank them for their contribution and commitment.

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THE INSTITUTION OF AGRICULTURAL ENGINEERS (REGISTERED NUMBER: 00648041)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

ACHIEVEMENTS AND PERFORMANCE Charitable activities

Strategic Developments

2025 continued to build on the strategy laid out in the previous year. The priorities forming the strategic development plan remain and include:

The Secretariat continued to progress these developments during 2025.

In 2025 the sampling of IAgrE members Continuing Professional Development (CPD) records continued in accordance with the Regulations. Those members who failed to engage with the CPD requirements were contacted to encourage their full cooperation. If they still failed to engage with the sampling process they were added to the following year's cohort of members to be sampled. Successful use has been made of the Engineering Council "Mycareerpath" platform for recording and sampling members CPD. Those members chosen for the CPD sampling exercise have benefited from good quality feedback which has been well received. IAgrE engages with a CPD forum to share best practice with other organisations and also contributes to an Engineering Council working group for this activity. Use of the institutions smart phone app supports regular logging of CPD activity.

The Membership Committee continued to work effectively with good feedback from the Engineering Council Liaison Officer. All IAgrE procedures, forms and guidance notes, were reviewed and updated as required, with necessary training completed. EngTech registration continues to be focused on to engage more proactively with undergraduates and graduates with regard to their first step in professional development.

IAgrE continues to be actively involved with committee work for both licensing bodies for professional engineers and environmentalist registration.

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THE INSTITUTION OF AGRICULTURAL ENGINEERS (REGISTERED NUMBER: 00648041)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

In order to promote inclusivity, every second year the annual conference is held online, thus removing geographical boundaries. This approach also allows the use of overseas speakers without incurring excessive travel costs. The 2025 conference was held on the 22nd October and picked up on two key themes featuring in the Government's strategy; Artificial Intelligence (AI) and Agri-Tech. The institution invited a mix of speakers from academia and industry to offer answers to the question and title of the conference "Will AI Revolutionise Agriculture?". The academic speakers gave the audience an insight into current research themes and areas being focused on such as image processing and data handling, plus their thoughts for the future of agricultural systems. Speakers from industry gave examples of where AI is being used within machinery and livestock systems to further enhance efficiency and productivity of the agricultural process. Following the presentations, the conference culminated in a panel discussion comprising the speakers with questions from the audience. All the presentations, including the panel discussion were made available to view through the digital channels.

IAgrE continues with a productive working relationship with the Royal Academy of Engineering (RAEng) and is actively involved with a number of Academy initiatives. IAgrE is actively engaged in the RAEng National Engineering Policy Centre (NEPC) which was set up in 2018. This has been effective in raising the profile of engineering for sustainable food production and global food security with policy influencers. Policy work on subjects such as energy, data, communications, autonomous vehicles and drones, are all benefiting from IAgrE input.

Partnership and collaborations continue to be an important part of the IAgrE remit. The institution engaged with a number of organisations on a variety of topics throughout the year in areas such as food security, net zero carbon challenges, sustainability and education and training.

The Institution continues engagement with other Professional Engineering Institution's (PEIs), industry bodies, universities, colleges and companies covering a range of topics such from apprenticeships to engineering for food production. The IAgrE continues to look to accredit courses and programmes in the land- based and environmental education sector.

Services to Technicians, Engineers and Environmentalists

IAgrE continues to promote professionalism through the marketing of professional qualifications at all levels from Engineering Technician through to Chartered Engineer, along with Environmentalist registration.

IAgrE places a strong emphasis on supporting Engineering UK and the Engineering Council.

IAgrE receives many requests for contributions to a range of consultations led by the RAEng and other national bodies. Where possible and relevant, IAgrE will commit resources to support these initiatives on behalf of the wider membership.

The Institution's interests continue to be represented at the Engineering Council and Royal Academy of Engineering at numerous Committees and Working Groups including:

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THE INSTITUTION OF AGRICULTURAL ENGINEERS (REGISTERED NUMBER: 00648041)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

All of these ensure that the IAgrE maintains a high profile within the Engineering Council and Royal Academy of Engineering and is kept up-to-date with policy and standards.

Malcolm Carr-West sits on the Engineering Council Quality Assurance Committee and is also the Liaison Officer for the Institute of Applied Acoustics. Denis Cartmel has volunteered as the Engineering Council Liaison Officer for the Chartered Institution of Civil Engineering Surveyors. Additionally, Mr Carr-West acts as an alternate to the IAgrE CEO on important Engineering Apprenticeship and Technician Qualification matters.

Land-based Engineering Training and Education Committee

IAgrE continues to work closely with the Agricultural Engineers Association (AEA) and the British Agricultural and Garden Machinery Association (BAGMA) through the Land-based Engineering Training and Education Committee (LE-TEC) to support apprenticeship development, training courses and careers promotion. LE-TEC is a limited company with IAgrE as an equal partner alongside AEA and BAGMA. LE-TEC undertake promotional activity via its We are land-based initiative targeting 14 to 16 year-olds to advocate careers in the sector.

Focus continues to be placed on membership and Engineering Technician (EngTech) registration with the Engineering Council for technicians with discussions ongoing with major equipment manufacturers and dealerships. EngTech registration should be seen as a clear indication of professional competence, which is a key career milestone.

The Milking Equipment Association (MEA) operates the Milking System Technician Accreditation (MSTA) scheme for milking equipment which is now well established. There are currently three categories of competence in the scheme, with the top two levels recognised and approved by IAgrE for EngTech registration.

Education

IAgrE's focus has continued on building relationships with colleges and universities, and provides talks and seminars as required. IAgrE's student membership is subsidised by the Douglas Bomford Trust (DBT) and is afforded to UK students and apprentices following recognised qualifications in agricultural engineering and associated subjects. Working with industry through LE-TEC, IAgrE continues to support the development of apprenticeship programmes in Land-based Service Engineering at foundation and advanced levels. The advanced level continues to meet the requirements for EngTech registration with the Engineering Council.

IAgrE has previously supported the content development of the Technical Level (T-Level) qualification in Land-based Engineering, which has continued to be adopted by further education providers during 2025. In due course it is IAgrE's desire that the T-Level, equivalent to 3 A-Levels, will be recognised as fulfilling the academic requirement for EngTech registration with the Engineering Council.

Along with the AEA, IAgrE are on the "Employer Directory" for Skills England, this allows both bodies to provide industry experts to be called upon by the Office of Qualifications and Examinations Regulation (Ofqual) for auditing tasks. The IAgrE is also part of the City & Guilds industry board for technical input into course content.

In higher and post graduate education IAgrE continues its involvement in course validation and also sits on the AgriFoRwArdS Centre for Doctoral Training Board reviewing projects for research degrees.

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THE INSTITUTION OF AGRICULTURAL ENGINEERS (REGISTERED NUMBER: 00648041)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

Society for the Environment

IAgrE continues to maintain a productive working relationship with the Society for the Environment. IAgrE offer two grades for Environmental Registration, Registered Environmental Practitioner (REnvP) and Chartered Environmentalist (CEnv). Environmental focus continues to be a strong theme for IAgrE and is intrinsically linked to agriculture and food production. Awareness of the Society for the Environment professional registration continues to increase, however further focus is needed in the agricultural sector. IAgrE continues to promote registration with agricultural and associated businesses. IAgrE Honorary Fellow Alastair Taylor remains closely involved with the Society for the Environment and holds the role of Chief Licence Reviewer. IAgrE Fellow Graham Higginson is a board member of the society and also sits on their Registration Authority.

Publications

The Publications Management Committee meets regularly to facilitate and monitor the development of all IAgrE publication activities.

Biosystems Engineering, IAgrE's scientific journal, continues to increase both its "impact factor" and "citation", both key measures' for peer review journals. The Editorial team works hard to maintain the high quality of published papers. The number of papers submitted to Biosystems Engineering continues to grow and exceeded 2300 during 2025. Increased paper submissions have meant a reduction in the acceptance rate; therefore, a number of special editions are being produced, continuing into 2026.

The editorial team during 2025 comprises as follows:

Biosystems Engineering remains an important component of IAgrE's portfolio. A substantially reduced on-line subscription to Biosystems Engineering is available to IAgrE members. Income remains stable, but due to the significant rise in submissions the editorial costs continue to increase. Various actions have been taken to meet the increased submissions rate and also make better use of available papers by publishing special issues focused on key subject areas. Biosystems Engineering is a "hybrid" journal in that it supports open access papers. The amount of open access papers continues to increase and pose concern to the current publishing model of a subscription journal. Regular meetings are held with the publisher in order to monitor the situation and support discussion on the strategic direction of the journal.

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ENGINEERS (REGISTERED NUMBER: 00648041)

THE INSTITUTION OF AGRICULTURAL

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

Landwards, IAgrE's membership journal, continues to receive positive comment. The editor's role is to present the Institution, its members, its views and activities in a positive light. The journal needs to strike a fine balance to satisfy the requirements of a diverse membership the sector brings. There is a desire to include increased technical content, but not so much that it becomes an academic journal. Institutional, branch and member activities continue to provide a range of content for publication. Regular pre-production meetings are held with the IAgrE Secretariat team prior to its publication. The journal remains a "window into the world of agricultural and land-based engineering".

Landwards eXtra is a means for members to publish articles in an electronic-only format for membership use. eXtra accepts papers that do not meet the academic requirements for Biosystems engineering and are too detailed and lengthy for inclusion in Landwards. Acceptance of eXtra papers are decided on by the Landwards editor and CEO.

Branches

Regional branches are active around the country although some of these do have difficulties maintaining a viable programme and rely totally on the commitment of volunteers. These branches offer a useful range of events and meetings which are well received by members. A few areas continue to run without an effective branch but every effort is made to accommodate members in these areas, by both including such members in adjacent groupings of "special" events at or close to their geographical location. The use of video conferencing platforms has been made good use of for many branches. These on-line platforms have removed geographical barriers for attendance for people outside the regions, leading to a significant increase in participation.

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THE INSTITUTION OF AGRICULTURAL ENGINEERS (REGISTERED NUMBER: 00648041)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

ACHIEVEMENTS AND PERFORMANCE

Awards

IAgrE held its annual AGM and Awards ceremony in person at the AGCO UK Headquarters, Stoneleigh on the 30th April 2025. After the receiving of the awards and following lunch, the delegates were treated to a variety of presentations and a tour of their training centre operations.

The winners of the various awards were as follows:

I AgrE Honorary Fellowships; No award made in 2025

IAgrE Award of Merit; Professor Simon Pearson FIAgrE

IAgrE Award for Contribution to Land-based Sector; Ruth Bailey MIAgrE

IAgrE Award for Contribution to Land-based Sector; Jeff Claydon

The President's Award; Dr Paula Misiewicz AMIAgrE

IAgrE Institution Meritorious Service Award; Chris Watts CEng CEnv FIAgrE

IAgrE Institution Meritorious Service Award; David Yates EngTech MIAgrE

Douglas Bomford Paper Award;

Tomas Norton FIAgrE, for his contribution in the paper "Comparison of Transformers with LSTM for classification of the behavioral time budget in horses based on video data". The paper was published in Biosystems Engineering Volume 242

Douglas Bomford Environmental Engineer Award; Daniel Mitchell

Douglas Bomford Environmental Engineer Team Award; Holme Fen Regeneration Project Lead by Martin Parsons CEng CEnv FIAgrE

IAgrE Team Achievement Award; No award made in 2025

IAgrE Ivel Environmental Innovation Award; Knight Farm Machinery - Smart inject system

CNH Industrial Undergraduate Award;

David Goodchild, BEng Harper Adams University Final year project - "Developing a standard tine wear evaluation"

CNH Industrial Postgraduate Award;

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THE INSTITUTION OF AGRICULTURAL ENGINEERS (REGISTERED NUMBER: 00648041)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

ACHIEVEMENTS AND PERFORMANCE

Luke Waldram, MEng Harper Adams University Final year project - "An Investigation to Determine the Feasibility of Integrating Stop-Start Technology into Off-Highway Vehicles"

IAgrE Student Project Award;

Tom Ablitt, Coleg Sir Gar, for his project - "Silage Bunker Cleaner"

IAgrE Student Project Safety Award;

Hywel Jones TIAgrE, Coleg Sir Gar, for his project - "Trailed implement efficiency monitor"

The IAgrE British Guild of Agricultural Journalist Award, awarded for the best article/broadcast on the application of engineering within the land-based sector from a member of the Guild; Winner - James Huyton for his feature in the Farmers Guardian "Is electric power a sustainable alternative for a compact loader on a livestock farm?". Runner up - James Andrews for his feature in the Farmers Weekly "Harvester lifts 70K pumpkins a day".

Technical Lectures, Podcasts and Special Interest Groups

The IAgrE continues to host and support a number of Special Interest Groups (SIGs) for not only its membership, but the wider community. The groups cover specialist interest in areas such Robotics and Autonomous Vehicles, Health & Safety and Soil & Water. One such SIG is the Forestry Engineering Group which recommenced its annual symposium in 2025, which has been dormant since the Covid pandemic. Around 75 delegates attended the event on the 3rd September titled "Wood, Water & Innovation: Building Resilience in Rural Environments" and were treated to an array of presentations from the forestry industry.

IAgrE continued with its Lunchtime Lectures series through 2025. 12 one hour lectures and a number of workshops covering a broad range of subjects from across the sector globally were produced. Presentations ranged from climate change risk and regenerative agriculture techniques to farm safety and employment law. Through the year there have been a number of lectures focusing on diversity and inclusion, which have been well attended by members.

During 2025 a number of Podcasts were recorded with various key people from the agricultural engineering sector. The Podcasts cover a variety of topics from people's careers, technology development, exhibition reviews, etc.

All digital material is available for future use via the organisation's media channels.

IAgrE also supported various events, in conjunction with the Farm Safety Partnership, UK Agri-tech Centre, Agri-TechE, etc. Further expansion of SIGs to cover new technologies/subjects will continue to be explored.

Events

IAgrE participates in relevant events, supported by its membership. Activities of note during the year included:

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THE INSTITUTION OF AGRICULTURAL ENGINEERS (REGISTERED NUMBER: 00648041)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

ACHIEVEMENTS AND PERFORMANCE

Equity, Diversity and Inclusion

IAgrE continues to ensure inclusivity in all aspects of its activities. Various lectures were given through 2025 to support members professional development in areas of ED&I. The D&I committee's remit remains to advise the Institution in terms of its practice, approach and development of equity, diversity and inclusion. This committee continues to be operational and feeds into institution activity on a regular basis. The prime objective of the committee is to ensure that the institution remains welcoming to all.

Membership and Registration Numbers

IAgrE exists as an organisation in order to offer professional qualifications, not only because it has licences from the Engineering Council and Society for the Environment to do so, but also as a professional organisation in its own right offering professional status via a suite of membership grades. To maintain this status, IAgrE has to be seen to have fair, rigorous and transparent procedures. These procedures are used by the IAgrE Membership Committee and audited by the IAgrE Internal Audit Panel. The efficient operation of these two groups is essential to the smooth running of IAgrE. The Internal Audit Panel reporting procedures ensure that the Advisory Council and Executive are informed of outcomes.

It is fully recognised that growth is essential and remains a key item for the IAgrE's strategic development. Despite the various activities undertaken during 2025 the year ended up with a deficit of 36 members. The Institution continues to engage with business and education through its contacts and other initiatives to promote commercial and academic membership.

At the year-end, the breakdown of membership was as follows:

Hon Fellow
Fellow
Member
Associate Member
Technician
Affiliate
Commercial & Academic
Total		 2025
15
106
551
163
51
109
61
1056		 2024
18
109
566
167
42
129
61
1092		 Change
-3
-3
-15
-4
9
-20
-
-36

Continual contact with both colleges and universities, has meant Student membership of IAgrE (not shown above) was consistent from 2024 to 2025. The focus on Technician membership and EngTech registration, especially for both under graduates and graduates, should support longer term membership of the institution.

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THE INSTITUTION OF AGRICULTURAL ENGINEERS (REGISTERED NUMBER: 00648041)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

ACHIEVEMENTS AND PERFORMANCE

A significant percentage of the membership are professionally registered with the Engineering Council and/or the Society for the Environment through IAgrE. As with membership, the registered member figures have also declined during 2025. The retiring and passing of senior members, who are more likely to be registered than new members, has meant that these figures are not surprising.

It is a key strategic item to promote and consequently increase registration figures going forward.

The breakdown of registrants is shown below:

Chartered Engineer
Incorporated Engineer
Engineering Technician
Chartered Environmentalist
Environmental Practitioner
Totals		 2025
160
92
67
95
2
416		 2024
161
99
71
102
2
**435 **		 Change
-1
-7
-4
-7
-
-19

The IAgrE continues to work with the Engineering Council, the Society for the Environment and other organisations and does feel it is possible to reverse this decline. EngTech registration is a key strategic activity to support the latter and there are a number of projects being progressed.

FINANCIAL REVIEW

Financial position

The Statement of Financial Activities (SOFA) for the year is set out on page 20 of the financial statements. The overall surplus for the year is £8,346, which represents an increase compared to the 2024 surplus of £308. The surplus includes an unrealised gain on investments of £32,273, compared to an unrealised gain of £26,168 in the prior year. When excluding unrealised gains/losses on investments, the net result for 2025 is a loss of £23,927, compared to a loss of £18,130 in 2024.

Total income decreased from £426,376 in 2024 to £423,164 in 2025. Within this total, members' subscriptions have decreased by £11,137 to £153,900, compared to £165,037 in 2024. The income from publications increased from £220,889 to £228,114 in 2025. There were conference sales of £5,782 in 2024 and this increased to £7,241 in 2025.

Expenditure relating to charitable activities increased from

£464,947 in 2024 to £480,952 in 2025. The main reasons for the increases were as follows:

On 31 December 2025, total fixed asset investments stood at £892,291. Unrealised gains on these assets in 2025 are £32,273 compared to an unrealised gain in 2024 of £26,168..

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THE INSTITUTION OF AGRICULTURAL

ENGINEERS (REGISTERED NUMBER: 00648041)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

FINANCIAL REVIEW

Reserves policy

The Trustees continue to monitor and review IAgrE's need for reserves, and associated investments, in line with the guidance issued by the Charities Commission.

The financial reserves have been set aside over the years to provide financial stability, business continuity, and the means for the development of IAgrE's principal activities as defined in the Memorandum and Articles of Association.

Total reserves are £1,211,340 and are maintained at a level that is at least equivalent to two to three year's budgeted expenditure. Part of the total reserve is held as Designated Funds. A Building Fund for the replacement of the Secretariat building stands at £440,000. The IAgrE lease with Cranfield University runs to 2056 and, whilst there is no plan to move from Cranfield in the foreseeable future, it is considered prudent to continue to allocate reserves, whilst circumstances allow, against possible future building purchases.

Going forward the institution will continue in setting some of its reserves against growth, and so is likely to show a small annual deficit for the short term.

Annual IAgrE budgets are set to break even, with exceptional expenditure authorised from reserves from time to time. Reserves are utilised for the benefit of the whole membership at the Advisory Council's discretion.

Summarised Financial Statements

Summarised financial statements are shown on page 21 and were approved by the Executive Trustees on 21st April 2026. The full financial statements, on which Landers Accountants Ltd gave an unqualified independent examiner's report on 21st April 2026 will be submitted to the Charity Commission and Companies House.

The reporting accountants have confirmed to the Trustees that, in their opinion, the financial statements are consistent with the financial records held by the IAgrE secretariat for the year ended 31 December 2025.

Further Information

The IAgrE Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. These summarised financial statements may not contain sufficient information to gain a complete understanding of the financial affairs of the charity. The full statutory Trustees Report and Financial Statements and reporting accountants report may be obtained from the IAgrE Secretariat:

Institution of Agricultural Engineers

The Bullock Building, University Way, Cranfield, Bedford MK43 0GH

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THE INSTITUTION OF AGRICULTURAL ENGINEERS (REGISTERED NUMBER: 00648041)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

FUTURE PLANS

2025 continued to be a settled year with more stabilised energy costs and interest rates continuing in the steady downward trajectory. Despite this, the cost of goods and services have remained at increased levels.

The UK agricultural sector continues to be under significant pressure, some inflicted by government policy and some due to low commodity pricing, along with the variable effects of weather. For these reasons and others, 2025 continued to see low investment in machinery and infrastructure, the results of which continue to ricochet through the sector. On a positive note the government launched its updated Industrial Strategy and with the Advanced Manufacturing Sector Plan Agri-Tech (Agricultural Technology) was listed as 1 of 6 frontier industries which will be prioritised for future growth.

Despite the financial challenges people are facing, the membership figures have remained relatively stable, albeit lower than 2024 and IAgrE continues to provide value for money content and professional services. Climate action, sustainability of food production and the environment are key themes running through the agricultural and land-based sector. It is engineers, scientists and technologists that will be called upon to resolve the global challenges faced.

The Institution of Agricultural Engineers intends to move forward and meet its key aims by:

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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THE INSTITUTION OF AGRICULTURAL ENGINEERS (REGISTERED NUMBER: 00648041)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

IAgrE is overseen by an Executive Committee whose members act as Trustees. These are also directors of the charity for the purposes of the Companies Act, and through this report, submit their annual report and the financial statements for the year ended 31st December 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) (FRS 102) "Accounting and Reporting by Charities" 2nd edition issued in 2019 in preparing the annual report and financial statements of the charity.

IAgrE is a charitable company (charity number 257303) limited by guarantee (company number 00648041) and is governed by a Memorandum and Articles of Association. The principal address and registered office of the charity is The Bullock Building, University Way, Cranfield, Bedford, MK43 0GH.

IAgrE is regulated by both the Charities Commission and by Company Law. An Advisory Council assists in setting the overall direction and policy of the Institution. The Council is elected by the corporate (voting) members of IAgrE. Operationally, the IAgrE is run by its Chief Executive Officer (CEO) supported by the Executive Committee which is appointed annually at the Annual General Meeting (AGM) and is responsible for executive action on all matters within the policy framework approved by Council, including Finance and General Purposes.

Advisory council

Advisory Council meetings take place twice a year and are used to discuss matters of strategic importance to IAgrE. The meeting allows the operational team to update the Advisory Council on key areas of progress and for the Council members to provide input and direction to future strategy. Advisory Council meetings are held online, which allow more inclusivity and better accessibility for the members.

The first meeting of 2025 was held on the 13th March, the second was on the 9th October.

A Summary of the Executive meetings were presented and discussed, including conference, strategy, audits and projects. Advisory Council meetings are also used to update and record the ongoing activities of IAgrE local branches.

Following on from the normal agenda items, the first Council meeting of 2025 included a training session delivered by the Royal Academy of Engineering's Equity, Diversity and Inclusivity Team on Unconscious Bias and Conscious Inclusion. The training session was recorded and made available to all IAgrE volunteers.

The second topic for discussion was around the Governments Industrial Strategy launched earlier in 2025. Within this strategy sits the Advanced Manufacturing Sector Plan which list "Agri-tech" as a Frontier Industry and 1 of 6 priority areas for growth in the UK. The advisory Council explored how IAgrE could increase engagement with agri-tech organisations to expand its membership and also what IAgrE can offer that community.

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THE INSTITUTION OF AGRICULTURAL ENGINEERS (REGISTERED NUMBER: 00648041)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The Trustees are responsible for the management of risks faced by the Institution and seek early identification, evaluation and effective management and mitigation of key risks. Potential risks, impact and mitigation are identified by the IAgrE CEO and are considered by Trustees at all Executive Committee meetings. The principal risks identified are:

Health and Safety

IAgrE provides a Health and Safety Policy document. This is updated regularly. All staff are routinely reminded of its existence.

Staff

Charles Nicklin is employed (full time) in the role of Chief Executive Officer and Company Secretary, as well as being a Chartered Engineer and Fellow of the Institution. In addition, Mr Nicklin is also a Director of the Land-based Engineering Training and Education Committee.

Alison Chapman is employed (full time) as Membership Secretary and is closely involved in the operation of the Membership Committee, as well as all tasks relating to personal membership and registration administration.

Sarah McLeod is employed (9 days/fortnight) as the Business and Events Secretary. She organises the Annual Conference, including other events and supports the members, branches and groups. She also manages the Continual Professional Development audit as well as supporting and coordinating the various panels and committees.

Marion King is contracted as Communications Officer 2 days/week. She completes press releases, marketing material and continues to raise the profile of IAgrE through various media channels.

Jo Martindale is contracted as Bookkeeper for 2 days/week. She works closely with the Secretariat team and accountants, processing relevant financial tasks and information.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Institution of Agricultural Engineers for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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THE INSTITUTION OF AGRICULTURAL ENGINEERS (REGISTERED NUMBER: 00648041)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees also confirm that they have taken due regard to Charity Commission guidance on public benefit.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website.

Approved by order of the board of trustees on 21 April 2026 and signed on its behalf by:

M R Moore (President) - Trustee

Page 17

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INSTITUTION OF AGRICULTURAL ENGINEERS

Independent examiner's report to the trustees of The Institution of Agricultural Engineers ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Page 18

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INSTITUTION OF AGRICULTURAL ENGINEERS

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Robert Brown

Landers Accountants Ltd Church View Chambers 38 Market Square Toddington Bedfordshire LU5 6BS

Page 19

THE INSTITUTION OF AGRICULTURAL ENGINEERS

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
4
Members' subscriptions and fees
Publications
Conferences
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
Investment management costs
5
Charitable activities
Members' subscriptions and fees
Publications
Governance
Conferences
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Other recognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.12.25
Unrestricted
funds
£
30
153,900
228,114
7,241
23,491
10,388
423,164
8,642
8,642
326,383
131,047
9,527
5,353
480,952
33,861
(23,927)
32,273
8,346
1,202,994
1,211,340
31.12.24
Total
funds
£
26
165,037
220,889
5,782
25,736
8,906
426,376
8,199
8,199
326,832
110,692
14,414
4,810
464,947
20,441
(18,130)
26,168
8,038
1,194,956
1,202,994

The notes form part of these financial statements

Page 20

THE INSTITUTION OF AGRICULTURAL ENGINEERS (REGISTERED NUMBER: 00648041)

BALANCE SHEET 31 DECEMBER 2025

Notes
FIXED ASSETS
Tangible assets
9
Investments
10
CURRENT ASSETS
Stocks
11
Debtors
12
Investments
13
Cash at bank
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
16
Unrestricted funds:
General fund
Designated building fund
Revaluation fund
TOTAL FUNDS		 31.12.25
Unrestricted
funds
£
2,668
892,291
894,959
3,500
267,960
18,190
72,891
362,541
(46,160)
316,381
1,211,340
1,211,340
615,724
440,000
155,616
1,211,340
1,211,340
31.12.24
Total
funds
£
1,995
860,018
862,013
3,760
252,723
69,836
65,107
391,426
(50,445)
340,981
1,202,994
1,202,994
644,510
440,000
118,484
1,202,994
1,202,994

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The notes form part of these financial statements

Page 21

THE INSTITUTION OF AGRICULTURAL ENGINEERS (REGISTERED NUMBER: 00648041)

BALANCE SHEET - continued 31 DECEMBER 2025

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 21 April 2026 and were signed on its behalf by:

M R Moore (President) - Trustee

R J Rickson - Trustee

Page 23

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. STATUTORY INFORMATION

The charity is a private company limited by guarantee, registered in England and Wales. The members of the company are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Its registered office and principal place of business is The Bullock Building, University Way, Cranfield, Bedfordshire, MK43 0GH.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The presentation currency is the Pound Sterling.

The accounts are rounded to be the nearest £1.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Members' subscriptions and fees received in advance are deferred to the period to which they relate.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure includes any VAT which cannot be fully recovered, which is reported separately in the total resources expended note.

Costs of raising funds comprise the costs incurred in managing the charity's fixed asset investments.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent review fees and costs linked to costs linked to the strategic management of the charity.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on a staff time basis.

Page 23

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

2. ACCOUNTING POLICIES - continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on cost Computer equipment - 25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is the cost incurred in bringing each product to its present location and condition. Net realisable value is based on estimated selling price less further costs to be incurred to completion and disposal.

Taxation

The company is a charity within the meaning of the Finance Act 2010 (schedule 6, paragraph 1). Accordingly the company is potentially exempt from taxation in respect of income or capital gains within categories covered by the Corporation Tax Act 2010 (part 11, chapter 3) or the Taxation of Chargeable Gains Act 1992 (section 256), to the extent that such income or gains are applied exclusively to charitable purposes. No tax charge arose in the period.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market values.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Page 24

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

2. ACCOUNTING POLICIES - continued

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, investments are measured at fair value with changes recognised in 'net gains/(losses) on investments' in the SOFA where investments are publicly traded or their fair value can otherwise be measured reliably.

Current asset investments are short term liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised within expenditure.

3. INVESTMENT INCOME

INVESTMENT INCOME
31.12.25 31.12.24
£ £
Income from managed funds 22,722 20,214
Deposit account interest 769 5,522
23,491 25,736

4. INCOME FROM CHARITABLE ACTIVITIES

Income from publications primarily consists of receipts in respect of the Biosystems Engineering journal. Under the agreement with the publisher, The Institution of Agricultural Engineers benefits from a minimum guaranteed receipt. An increase in the guaranteed income receivable resulted in an additional £7,181 of accrued income being recognised in 2025.

5. INVESTMENT MANAGEMENT COSTS

INVESTMENT MANAGEMENT COSTS
31.12.25 31.12.24
£ £
Portfolio management 8,642 8,199

The charges above are in relation to collective fund charges. These are ongoing charges relating to funds held within the portfolio, these are deducted internally within the funds concerned and are not charged through the investment account. These are reflected in the unit price of the fund.

Page 25

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

6. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.25 31.12.24
£ £
Independent examiner's remuneration 3,150 3,000
Depreciation - owned assets 1,071 870
Independent examiner's remuneration for non audit work 5,933 4,284

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024.

8. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 31.12.25
£
153,519
6,263
4,241
164,023		 31.12.24
£
145,509
10,423
5,672
161,604

The average monthly number of employees during the year was as follows:

31.12.25 31.12.24
Senior management 1 1
Administrative 2 2
3 3

The total amount of remuneration received by key management personnel was £92,992 (2024: £89,647).

Page 26

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

9.
TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 January 2025
4,111
Additions
-
At 31 December 2025
4,111
DEPRECIATION
At 1 January 2025
3,195
Charge for year
446
At 31 December 2025
3,641
NET BOOK VALUE
At 31 December 2025
470
At 31 December 2024
916
10.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2025
Additions
Disposals
Revaluations
Realised gain, reinvested
At 31 December 2025
NET BOOK VALUE
At 31 December 2025
At 31 December 2024
Investments are held in the following categories at the year end:
Fixed interest
UK equities
Overseas equities
Alternatives		 Computer
equipment
£
9,732
1,744
11,476
8,653
625
9,278
2,198
1,079
31.12.25
£
188,437
67,364
535,271
101,219
892,291		 Totals
£
13,843
1,744
15,587
11,848
1,071
12,919
2,668
1,995
Unlisted
investments
£
860,018
110,605
(144,466)
37,581
28,553
892,291
892,291
860,018
31.12.24
£
191,166
26,967
548,578
93,307
860,018

Page 27

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

10. FIXED ASSET INVESTMENTS - continued

Cash 18,033
910,324		 29,954
889,972

The value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.

The historic cost of the fixed asset investments as at 31 December 2025 was £789,511 (2024: £771,478).

11. STOCKS

Postage
Stationery
Ties
Printing
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
VAT
Prepayments and accrued income		 31.12.25
£
200
300
-
3,000
3,500
31.12.25
£
-
2,454
265,506
267,960		 31.12.24
£
200
500
60
3,000
3,760

31.12.24
£
4,823
4,719
243,181
252,723

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Page 28

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

13. CURRENT ASSET INVESTMENTS

CURRENT ASSET INVESTMENTS
Listed investments
Short term cash investment		 31.12.25
£
18,034
156
18,190
31.12.24
£
29,954
39,882
69,836

Short term deposits have an original maturity of 12 months and on average the interest rate for the year was 4.50 %.

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25 31.12.24
£ £
Trade creditors 2,826 15,247
Social security and other taxes 4,401 3,960
Other creditors 1,442 1,538
Accruals and deferred income 37,491 29,700
46,160 50,445

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.25 31.12.24
£ £
Within one year 642 1,284
Between one and five years - 642
642 1,926

16. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Designated building fund
Revaluation fund
TOTAL FUNDS		 At 1.1.25
£
644,510
440,000
118,484
1,202,994
1,202,994		 Net
movement
in funds
£
8,346
-
-
8,346
8,346		 Transfers
between
funds
£
(37,132)
-
37,132
-
-		 At
31.12.25
£
615,724
440,000
155,616
1,211,340
1,211,340

Page 29

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

16. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
423,164
423,164		 Resources
expended
£
(480,952)
**(480,952) **		 Gains and
losses
£
66,134
66,134		 Movement
in funds
£
8,346
8,346

Comparatives for movement in funds

Unrestricted funds
General fund
Designated building fund
Revaluation fund
TOTAL FUNDS		 At 1.1.24
£
663,450
440,000
91,506
1,194,956
1,194,956		 Net
movement
in funds
£
8,038
-
-
8,038
8,038		 Transfers
between
funds
£
(26,978)
-
26,978
-
-		 At
31.12.24
£
644,510
440,000
118,484
1,202,994
1,202,994

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
426,376
426,376		 Resources
expended
£
(464,947)
(464,947)		 Gains and
losses
£
46,609
46,609		 Movement
in funds
£
8,038
8,038

General fund: To cover cash flow volatility. This fund represents the balancing amount once the required transfers are made to the other funds.

Designated building fund: The directors have set aside funds towards the replacement of the Secretariat Building.

Revaluation fund: The revaluation fund is required by the Companies Act 2006 and represents the amount by which fixed asset investments exceed their historical cost.

Page 30

THE INSTITUTION OF AGRICULTURAL ENGINEERS

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2025.

Page 31