Registered number.. 01332670
Charity number.. 274605
FARMLAND RESERVE UK LIMITED
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

FARMLAND RESERVE UK LIMITED
CONTENTS
Page
Reference and Adminlstrative Details of the Charlty, its Trustees and Advisers
Tru5tees' Report
2-10
Independent Audittsr's Report on the Financlal Statements
Consolidated Statement of Financial Activitiès
15
Consolidated Balance Sheet
18- 17
Charity Balance Sheet
18- 19
Cortsolidated Statement of Cash Flows
20
Notes to the Flnancial Statements

FARMLAND RESERVE UK LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2022
Trustees
B M Conway. Trustee
P A Tolrnan, Trustee
DLRose
Company Registered
Number
01332670
Charity Registered
Number
274605
Registered Office
Manor Farm
Church End
Wood Walton
Hunlingdon
Cambridgeshire
PE28 5YU
Company Secretary
J Garlic
Independent Auditors
MHA
Chartered Accountant5
1 The Forum
Minerva Business Park
Lynch Wood
Peletborough
PE2 6FT
Bankers
Natwest
92 High Street
Hunlingdon
PE29 3DT
Solicitors
Devonshires
30 Finsbury Circus
London
EC2M 7DT
P8ge 1

FARMLAND RESERVE UK LIMITED
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Trvstees, who are also directors for the purposes of the Companies Act of the cornp3ny (The Charity
Farmland Reserve UK Limiledl, present Iheir annual report together with the audited financi31 slaternents ol The
Charity and its subsidiary (Tlie Charity and The Group) for the year ended 31 December 2022. The Truslees
confirrn th81 the financial statements of The Charity and The Group comply with Ihe current provisions of FRS
102 and the Charities SORP 2015.
Objectives and Activities
Objectives and prin¢ipal activities
The objecl of The Charity is..
To promote and further the religious and other charitablo work of The Church Jesus Christ of Latter-day Saints in
the Ui)Ited Kingdom and elsewhere 311d to assist members and other persons who are in conditions of need.
hardship, Sickness and distress, to all ages and denomination5.
The Charity will support charitable organisations. Iiusts, associations 01 institutions formed for any ol the
charitable purposes included in the Objects, through the piovision ol sponsorship, gr3nlS or other financial or in-
kind contributions.
The Charity holds tangible investments in farming and their associated assets to generate funds for ils objectives
as previously staled. Details ol their performance can be found In the 'Financial Review" section and "Subsidiary
Undertakings" subsection under the'structuie. Governance and M8n8gemenl section.
The Tmstees regulady interact with Feprssenlalives of The Church ol Jesus Christ of Lalter-day Saints. Ul8h
Corporation Sole I'chuich Corporation") (formerly known as The CorporaliorTr of the Presiding Bishopric ol The
Church of Jesus Christ of Lalter-day Saints "CPB.) lo discuss making significant donalions to support Church
Corporation's international buildillg projecls for religious purpose bui5dings and other projects which both Church
Coiporation and the Church had approved around the world. 11 was decided that this would be a better malch
land easier lo monilorl to the Charity's objeGlivès rather th8n making individual donations to various charilable
org8nisalions within the UK and elsewhere.
The Tryslees investigated the way in which these projects were identified and 2pproved by internal Church
committees. the type of projects 2nd their religiou5 and charitable purposes. Further, they were h8ppy with the
iiifiastruclure and controls that Church Corporation h3d in place lo ensure proper implemenlalion of ihase
projects.
. Achievements and Perfomiance
During 2022 the TILislees linalised plans to make another dollation lo Church Corpor8tson_ On 291h December
2022, a donation of £130.000 1$157,7281 was transferred from The Charity, to sister Chaiity, Church
Corporation.
Church Corporation identified a number of specific projects for implemenl3lion inlernalionally in pursuit of its
purposes to the success of which The Charity has now had the opportunity to contribule £130,000 lo these
C3uses.
Page 2

FARMLAND RESERVE UK LIMITED
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2L122
The following projects were identified by Church Corporation to ulilise the donation.
Humanitarian Pro
ects
UK
Canterbury Stake
Clirislmas food boxes and essenli315 lo vulnerablelpoor $1.643.83
UK
Billingham Slake
"Hèat, Meel & Eat Week" a wann place,
where people rneel and eat for a whole week for
More than 1000 people
Provide the needed items that are not
regularly donated such as sleeping bags, winter coats,
personal hygiene items
Wakefield District ol Provide asylum seekers and refugees in the Wakefield $4,212.33
Sanctury
are3 with educational rnalerials lor children and young
people
Proiitde maleiials and supplies for the Irainino of skills $1,095.89
for refugees, and displaced persons
Pioiode
basi¢
cookinglkitchenlhousehold $18,328.77
applianceslequipillenl
for Pro￿lde for As)4um Seekers and Refugees
wintèr Clothing lor the Crawley area, Winter coats.
jumper, jogging bottoms
Jesuit Refugee Service Distribute vital phone credit and internel data to 250 $12,328.77
refugee friends who are at
risk of digital exclusion
wel￿Me to English Refugee
and
asylum-seeking
men
the $6,301.37
cic
Hulllcollingham, UK area will have access lo
experien￿5 and classroom activities with the go31 of
improving their ability lo communicate in English.
Herts
Welcomes Fifty Asylurn seekers and Refugees in the Hertfordshire $7,123.29
Refugees HWR
area of the United Kingdom will r8ceive vouchers for
purchasing w8rm clothing and essentials as winter
and the school year approaches.
Hull Help forRefugees Clothing and essential items will be provided to 87 $14,250.00
asylurn seekers in Hulllcottingham ère3.
Sixteen refugee and asylum seeking indiiridu2ls will be $4,991.78
involved In a sewing class for a period of six tnonth5.
Area PurGhase items needèd lo assist refugees
fleeing Ukraine.
Provide funding for dothing kits for 380 children.
$7,397.27
UK
Sheffield Stake
$3,150.69
UK
UK
Billingham Stake
UK
C3rdiff Stake
UK
Sussex
relug6èS
$28,890.41
UK
UK
UK
UK
UK
CREST UK Charity
UK
Europe
Presidency
Slaines Slake
$40,000.00
UK
$8,013.70
$157,728.10
A Donalion for 2023 is currently under review. £1.OM has been set aside lo support 5ever81 projects.
Public Benefit
The Trustees have reacl and given due regard to the guidance on public benefit published by The Charity
Commission in exercising thèir powers and duties.
Financial RevSow
• Flnancial results
Each year, The Trustees carry out a detailed review ol The Gharily. They review the p￿vIOuS yeals
achievements. and review and approve the budgets for neKt year.
Page 3

FARMLAND RESERVE UK LIMITED
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEM8ER 2022
The end ol the year 53w a significant increase IN Income during 2022 due to alarge donation fiotn the "Chur¢h
Corporatioll. lo luncl the a¢quisilion of two large farming estates. The Coldham and Goole Estate were
purchased iri the last quarter of the year from The Welcome Trust adding 8 furthei 8.000 acres ol land lo The
Charity ownership.
Total Income saw an irnpiovemenl during the year increasing from t7.5M in 2021 to £117.SM in 2022. The
£117.5M Total Income in 2022 In¢ludes the donation from Chur¢h Corporation" totalling £108.5M. Income from
ils tradillg subsidiary increased to £8.4M 12021.. £7.2MI and invèstment income increased to £0.04M 12021."
£0.01 Ml.
Costs, excluding tax, decreased during the year frorn £7.2M in 2021 10 £6.5M in 2022. A donation to 'Church
Corporalion. wa5 made during 2022 lolalling 20.1 M. A larger donation £1.OM is currently planned lo be made
during 2023.
The total Nel movement in funds increased in the year by £110.7M. This is in contrast to 2021 where The Charity
made a loss of I£0.2MI.
Results of The Group were impacted by both favourable yields on winter crops and a conlinuallon of improved
market piices. Dunng the 2021 autumn planting window, an initiative was implemented lo sliorten the planting
window of the main winter ¢rops lo increase crop yield. The Summer of 2022 recorded high temperatures over
long and sus13ined period, whilst iainfall was extrernely low. Yields on winter crops performed well above
ave13ge levels even in the face of adverse weather conditions, crops planted in the spring of 2022 suffared from
these drought conditions and achieved lower Ih3n sxpecled yields.
Market pr1￿S for Cereals were still well above long teim Jverage prices during 2022 due lo a number of global
laclors.. a continuation ol severe disruption5 In the agricultural supply chain caused by the Covid-19 pandemic
and Brexit. wealher stories including drought In Biazil and the impact of the war between Russia and the Ukraine
threatening the supply of eneigy. fÉrtiliser and the export of wheal to the world maikel.
Investmènt policy and performance
Under the Articles ol As50cialion, Thè Charity has the power to invest in any way the Trustees deem to be in the
besl interests of The Charity.
2022 provided Ihe opportunity lo acquire the Coldhatll and Goole E51ate5 from the Welcome Irusl. prior lo
acquisition the Truslees assessed this OPPOrtunily and re¢ognised it provided a unique opportLJnily to acquire
assets that would contribute lo the lono-term goals ol The Chaiily. Due to the historical low volume of18nd sales
this opportunity enabled an opportunity to accelerate The Charities goals towards land assets. With The
Charities. position on rnainlaining liquidity and maximum security combined with the value of Ihese acquisitions
necessitated a don81ion from 'Church Coiporalion lo lacililate the tran52cts'on.
Due to both properties being approximalew 4,000 acres each in a piedoininanlly ¢onliguous nature meanl
estates did not suffer from operational inefficiencies a5 sonie historical acquisitions Ism311er more scattered
parcels) and remained consistenl w1th the st131egy of achieving concenlration of land holding8 around msjor
farm locations. The Trustees are confident that these land large blocks will contribute towards advanced
profitability and improved efficiencie5 across Ihe operation which in lurn will generate additionzl funds for future
charitable work.
Since these transactions have occurred the Tru51ees no longer consider their liquidity position to be high relative
to the tangible assets owned bul continue wisely manage their liquidity position. To achieve this objeclive, The
Charity by the year end hacs invested £10.7 million12021.. £22.1 million) ol excess funds in an Instant Access
Interesl Bearing account with high security rating and achieved an average interest r21e of 0.85°k (2021.. 0.01.10
9rossl during 2022.
Investment income is recognised on a receivable basis.
Page 4

FARMLAND RESERVE UK LIMITED
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2022
ReseNes policy
The Trustees have eslablished the level ol reserve5 Ilh81 is those funds that are freely available) lo which The
Charity and ils subsidiary companies ought lo have ready access. Reserves are needed to bridge any funding
gap between spending and receiving resources through shareholder grants and léasing of farmland.
The Trustees. policy is to hold, as a minimum, the equivalent of approximately 12 months of operating budget in
reserves.
The aolual reserves reported at 31 December 2022 were £214.9M 12021.. £104.3MI which Is significantly above
the Trustees, target due to retaining a portion for possible luluie agri¢ullur21 acquisitions as part of its ongoing
consolidatioll effort5.
11 should be noted that of the £214.9M only £17.1M is freely available due to the rest of th& reserves figure being
held in farming related assets to generate investment income lo make current and future donations. The curient
level of cash reserves held exTreds the 12 months expenditure policy stated, this is due to awaiting lo reinvest
¢ash generaled from farm sales lor redeployment on land assets within the designated arèa for consolidation, as
described in the investment policy section.
In addition, the Trustees wish to observe that during 2022 plans have been rnade to make a significant chaiitable
donation to causes th81 tneel The Charity's objectives.
It is the Trustees, view that il is prudent to ensure that there are sufficient reserves to provide financial flexibility.
The reserves policy is reviewed on an annual ba515.
Structure, governance and management
Governing documént
The Charity conliiiues to be both a limited company and a iegistered Charity. In conjunction with this, The
Charity is governed by its Memorandurn and Articles ol Association which were last atnended on 22 NovÈtnbÈr
2011.
The purpose of The Ch8rity as set out in the govemrnenl document is laid out in the Objectives and Activities
section ol this report, wilh the main activities undertaken in relation lo those purposes.
Appointment of Trustèès
As set out in the Articles of Associab"on, new or additional trustees are to be appointed by the shareholder
(Farmland Reserve, Inc.) or by decision of the Trustees, providing such persons are willing so to acl either to fill
3 vacancy or as an addiliollal ttuslee.
• Trustee induction and tralnlng
New Iiustees undergo ali orienlalion day lo brief them on their legal obligations uiider Charity and Company law,
the content of the Memoiandum and Artides of Assoaation, the cornmiltee and decision-making pro￿$Se$, the
business plan and re¢enl finanaal performance of The Charity.
During the orientation day Ihey meet key employees and other trustees. Ttustees are updated and advised on
legal issues by Devonshires Claims.
Organisation
The sole shareholder of The Charity is Farmland Reserve, Inc. a non-profit corporation based in Ulah. USA.
Direction is channelled to The Charity w8 the shareholder and is reflected in the various department
budgelslplans wl)ich are reviewèd and approved by the Trustees annually.
Page S

FARMLAND RESERVE UK LIMITED
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2022
Within this fiamework, the board ol Iruslees administers the affairs of The Chanly. The Trustees tmonitor
progress and achievements throughout the year, and other Iruslee meelinos are held as necessary. The Iruslees
direct Ihe Chzrity and the operation of the Charity on a day lo day basis is delegaied lo the Senior Management
Team. The pay of the Senior Mallagemenl Team is reviewed annually by Trustees and is benchmarked against
the pay ol others in Similar charitable roles.
Related parties
The Charity hold5 1W¢A of the share capilal ol its subsidiary companies, AgReserves Lirniled.
. SL2bsidiary undertakings
AgReserves LimilÈd's prinapal activity coiitinued to be that of 8r3ble farming and il operates a policy ol
generating the highest profi15 feasible from efficient farming techniques that ulilise the lalesl technology.
AgReserves Lirnited leases and operates all of the farmland owned by Farmland Reserve UK Limited. The
Trustees are mindful thzl the small and somewhat sCatte￿d nature of some of the parcels of land do lead lo
some 13baur and equipment inefficiencies. The Trustees believe Ihat this weakness In the operations ol the
farms can be overcome by consolidating land holdings around major farm ￿nIFeS in Cambridgeshire and
Yorkshire.
This process ol consolidation began in 2008 and has continued through to 2022.
The piofil for Ihe year of thè subsidiary AgRe5erves Limited induded in the statement of financial activities was
profil of £1.4M12021.. £1.2MI.
Risk management
The Trustees have assessed the major risks to which ThÈ Charity and the group are exposed. in particular Ihose
rel8ied lo the operations and finances ol The Charity and the group, and are salisfied that sysletlls and
procedures are in place to miligale our exposure to the major risks. The risk manaoement strategy of the
Trustee5 Indudes an annual review of the principal risks, The Trustees regularly review Ihe procedures in place
lo miligale risk.
Employees
The Charity wll ensure that any ernployees are able to weet the necessary requireTnenlS of their position and are
up lo date on any developments required for their position. This is achieved in a variety ol ways..
Applications for new positions in The Charity would be invited from anyone with the relevant qualifications th8
key emphasis is on their ability lo meet the rèquirements of the position although the gpplicalion foim requests
the appliG3nl mention if Ihey have any illness 01 medical condition which the employer would need lo be aware ol
in order lo make reasonaNe 8diustmenls should they be successful.
The Group ulilis85 regular staff meetings during the year which help to ensure Ihal the employees, input Is
re￿IVed iegarding 3ny decisions which affect their interests. In addition, thère are websites and e-mail fa￿litIeS
available lo enable more effective communication and tiaining. This helps lo ensuie that employees receive
systèmatic updates on mallers concerning them as ernployees and ensures their involvement in relailon lo the
financial and economic factors that affect the performance of The Charily and The Group.
In addition lo the above points. The Charity is mindful of the need to cater for those with disabilitiés. Where 8ny
employees become incapacitated during their employment they would be entitled lo receive loiig-term disability
benefits from The Charity. Where an employee becomes disabled bul not incapaatated the employer wll make
any reasonable adjuslmenls necessary. The same opportunities are available lo all staff. irrespeclive of
disability. The key emphasis is on the le¢hnical ability of each èmployee.
Page 6

FARMLAND RESERVE UK LIMITED
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2022
• Key Management Personnel
The Charrty does not have any employees, all employees of The Group 8re ernployed by the subsidiary of The
Charily. AgReserves Limited. During 2022, no Truslees of The Charily received any ietmuneration, benefits in
kind or reimbursement of expenses from The Charity. nor incurred any expenses.
Of the three Trustees only one is a member of the Key Mana9emenl Personnel of The Group and is employed
by the subsidiary, AgReserves Limited.
Key Mana9ewenl are paid within the banded 531ary structure ol the subsidiary. Regular benchmarkino and
independent markét reviews are condueled lo ensure that Pay remains reflective of f8ir market value and
competitive enough to encourage retention ol key staff. Benchmarking exèrGises occur on 2n annual basis, with
an independent market review O¢Gurring every 5 10 10 years. During this piocess, a review is conducted not just
foi Key Management but a51 working slall of The Subsidiary.
Referance and administrative details
Registered name and number
The registered name of The Charity is Farmland Reserve UK Limited. The Charity doe5 not use any other
names.
The Charity registration number is 274605. The Charily is registered with thè Charity Commission in Engl8nd
and W21e5. The company registration number is 1332670.
Office
The principal and registered office address is Manor Farm, Church End, Wood Walton, Huntinodon,
Cambiidgeshire, PE28 5YU.
Directors and trustees
Thé Iru51ees who served during the year and subsequenl lo the year end and up to the date of signing the report
were as follows..
DLRose
8 M Conway
P A Tolman
None of the trustees have qualifyqng third party indemnity ifjsurance.
Funds held as custodian trustee on behalf of others
The Charity does not hold funds as custodian Iruslee on behalf of others.
strategic Report
Principal risks and uncertainties
Financial risk and management
The main risk The Charity faces is that It relies on income from the leasing of all the farmland il owns to it5
subsidiary undertaking. The Charity has sufficient reserves lo meet Ihe needs of ils charitable activities for the
foreseeable future and ha5 assurances of continuing support from the parent company.
Page 7

FARMLAND RESERVE UK LIMITED
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2022
Other forms of risks and the management of thése risks are..
Price risk
Salary eosls are commLJnicaled lo staff of The Group during the formal annu21 review of salaiies. Prices of
tnaterials purchased are subject to contracts with suppliers, based on current market prices.
As part ol the nalure ol agriculture the cotnpany is subject to price variaiions, bul 8clive efforts are made lo
manage this risk by taking advantage of regular market information, lorw2rd conlracls, and owning sufficient
sior2ge. These slorage faGililiès allow the company to piice and deliver product5 away from the harvest window
whioh is well known lo be a period ol depressed prI￿s.
Credit risk
Credit risk on amounts owed to The Charity by its customeis is low as the main debtor is AgReserves Limited
which is a wholly ownèd subsidiary. Credit risks on ainounts owed to the group are actively monitored.
The Group continues lo make every effort to minirnise exposure lo customer credit risks and a112ppropriate
steps are taken to reduce this risk.
Liquidity risk
The Charity has no long-lem) borrowings. Assurances of ￿ntinuIng financial support have been iecéivéd from
the parent eompany.
Interest rate cash flow risk
The Chgrily is able lo place surplus funds on short lem) deposil with the Charity's bankers. With the present
banking interest r8les being so low there is a risk that the Charity does not fflake the besl use of surplus cash
and therefore evely ellort is being made lo review all options that would bring the highest rales possible.
Currency rate risk
As a result ol Brexit, the 2022 BPS Subsidy re￿iVed from the Rur81 Payments Agency was paid lo Ihe subsidiary
in Pounds Sterling. It is therefore highly unlikely that Ihere will be a need to enter into any future foNarcl dealing
facilities, this almost entirely èlirnin31es any currency rate risk.
Key perfomiance indlcators IKPlsl
To measure the effectiveness of The Charitls stralegy and ils implementation The Trustees have identified the
following KPIS..
2022
£2.9M
2021
£2.4M
2020
£1.7M
2019
£2.OM
?018
£2.OM
Prolilabilily ol Farming
er2lions
Donations Received
£108.4M
£O.OM
£O.OM
£O.OM
£O.OM
Resources expended on
chariijble activities
Unrestrictèd Funds
Unrestiicted Funds re3dily
8vailable
I£0 ?Ml
1£2.6MI
1£0.5MI
1£1.5MI
(£0 8MI
£214.9M
£17.1M
£104.3M
£25.3M
£104.5M
£26,6M
£103.3M
£28.OM
£102.8M
£28.7M
Page 8

FARMLAND RESERVE UK LIMITED
TRUSTEES, REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2022
Plans for future periods
The goals for 2023 Include plans to..
1. Continue lo enhance the profilabilily and efficiency of the fartms through well-ieasoned acquisilions lo
achieve, over time, a concentration of land holdings around major farm lo¢alions. Any future aequisitions will
be funded from retzined reserves or if necessary, donations from the Church Corporation.
Along with well-reasoned acquisitions, a regular operational review of currently held f8rms occurs.
New technology and Scien￿ are continually reviewed and vetled to see if it warrants integration with daily
operations.
2. To carefully monitor the balance of unrestricted funds while striwng lo achieve the concentration efforts
identified in goal one, so that funds can be pul to the use of The Charity's obje¢tives as swiftly as possible.
3. Identify other charitable organisations. trusts, associaliolls or institutions formed for any of the charitable
purposes included in the Objects, to support through the provision of sponsorship. grants or other finanu81 or
in-kind ¢onlribulions.
Trustees. responsibilities statement
The Trustees Iwho are also directors of Farmland Reserve UK Limited lor tlie purposes ol cornpany lawl ale
responsible for preparing the report of the Iiustees (incorporating the strategic report) and the financial
statements in accordance with applicable law and regulations.
Cowpany law requires the Trustees to prepare financial statements for each finanrial year. Undei that law, the
Trustees have elected to prepare financial statements in accordance wtth United Kingdom Generally Accepted
Accounting Practice Iunited Kingdom Accounting Standards and applicable lawl, including FRS 102 The
Financial Reporting Standard applicable in the UK and Republic of Ireland. Under oompany law the Trustees
must not approve the financial slalemenls unless they are satisfied that they give a true and fair view ol the slate
of affairs ol the eharilgble company and the group and of the incoming iesources and application ol resources.
including the income and expenditure, of the charitable groL5P for that period. In preparing these financial
statements, the Trustees are required lo".
select suitable 8ccounting policies and then apply them consislenlly,
observe the methods and principles in the Charities SORP IFRS 1021.,
4 makè judgtnents and accounting estimates that are reasonable and prudent,. and
prepare the financial statements on the going concein basis unless it is inappropriate to presume that the
charitable oroup will continue in business.
The Trustees are responsible foi keeping adequate aceounling records that are sufficient to show and explain
the charitable company and the group's transactions and disclose with reasonable ac¢ur2Cy 81 any lime the
finanaal position of the company and enable them lo ensure that the financial slalements comply with Ihp
Companies Act 2006. They are also responsible lor safeguarding Ihe assets ol Ihe charitable company and
hen¢e for taking reasonable steps lor the prevention and detection of fr8ud and other irregularities.
The Trustees confirm that-
So far as each Trustee is aware, there is no relevant audit information of which the Gharitable compan5ls
auditor is unaware, and
The Trustees have taken all the steps that they ought to have taken as Trustees in order lo make themselves
aware of any ielevant audit information and lo establish that the charitable company's auditor is aware of Ihal
information.
Page 9

FARMLAND RESERVE UK LIMITED
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2022
Auditors
Following a rebiaTrding exercise on 15 May 2023 the trading name of the charitable company's independenl
auditor changed from MHA Maclnlyre Hudson lo MHA. The Designated Trustees will propose a molion re-
appointing the auditor at a meeting of the Trustees.
This report, incorporation the stialegiG report, was approved by Ihs Trustees, in Iheir capacily as company
directors and signed on Iheir behalf by..
B M Conway
Trustee
Date".
Page10

FARMLAND RESERVE UK LIMITED
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FARMLAND RESERVE UK LIMITED
Opinion
We have audited the Financi81 Slalefflents of Farmland Reserve UK Limited (the 'parent charitable companll
and its subsidiaries (the 'group'l for the year ended 31 Decetnber 2022 which compiise the Consolidated
Slalemenl of Fin3n¢ial Activities, the Consolidated 8212nce Sheet, the Ch2rity Balance Sheet, the Consolidated
Statement ol Gash Flows and the related notes, including a summary of sigrFificanl accounting policie5. The
financial reporting framework that h8s been applied in their preparation is applicable law and United Kingdom
Accounting Slandaids. including Financial Reporting Standard 102 'The Financial Reporting Slandaid applicable
in the UK 2nd Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice).
In our opinion the Financial Statem8nt5'.
give a Iiue and fair view of the slate of the Group's and of the parent charitable company's affairs as al 31
Deoember 2022 and of the Group's incomirng resources and application of resources. including ils income
and expenditure for the year Ihen ended..
have been propedy prepared in accordance with United Kingdorn Generally A￿pted Accounting
Practice,. and
have been prepared in 8ccordance with Ihe requirements of the Companies Act 2006.
Basis for opinlon
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in (he Auditors, responsibilities loi Ihg audit
ol the Financial Slalemenls section of our report. We are independent (>f the Group in accordance with the
ethic81 requirernenls that are relevant to our audit of the Finanual Statements in the United Kin9dom, including
the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that th8 audit evidence we have oblained is sufficient and
appropriate to provide a basis for our opinion.
Conclusrons relating to going concem
In auditing the financial stat8men15, we have concluded Ihal the TrusteÈs' use of the going concern basis of
accounting in the preparation of the financial stzlemenls is appropriate.
Based on the work we have perforrned, we have not identified any tnaleiial uncertainties relating lo events or
conditions that, individually or collectively. may cast significant doubl on the Group's or tlie parent charitable
company's ability to continue as a going ¢oncern lor a periocl of at least tWe￿e months from when the financial
statemerTrls are aulhorised foi issue.
Our responsibilities and Ihe responsibilities ol the Ttustees with respect lo going coiicem are described in the
relevant sections of this report.
Page11

FARMLAND RESERVE UK LIMITED
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FARMLAND RESERVE UK LIMITED
ICONTINUEDI
Other Infomiatson
The other inforrnalion comprises the information included In the Annual Report other thzn the Financial
Slalements and Dur Auditor5. Report thereon. The Truslees are responsible for the other infoimalion contained
within Ihe Annual Report. Our opinion on the Finallcial Statements does not cover the other information and,
exGept to the exient olhenvise explicitly Stated in our report, we do nol express any form ol assurance conclusion
thereon. Our responsibility is to re8d the other informalion 8nd. in doing so, consider whÈther the other
information is materially in¢onsislent with the Financial Slalemenls 01 our knowledge obtained In the course of
the audit, or olhewise appears lo be materially misstated. If we identify such material inconsistencies or
apparenl material miss121ements, we are reouired lo determine whelher this gives risé lo a material
misst8temenl in the Financial Slalements themselves. Sf, based on the work we have performed. we conclude
that there is a material misslatetnent of this other information, we are required lo report that fact.
We have nothing to report in this reg3rd.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion. based on the WOTk undertaken in Ihe couise of the audit..
the information given in the Trustees. Report for the financial year for which the Financial Slalements are
prepared is consistent with the Financial Slalernents.
the Directors, Report included within the Trustees. Rèport has been prepared in accordance with
applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowleclge and understanding ol the charilable company and its environment ob18ined in the
course of the audit, we have not identified material miss13temenls in the Trustees, Repo
We have nothing to report in respect ol the following matters in relation lo which Companies Act 2006 requires
us lo report lo you if, in our opinion..
the parent chari13ble comp3ny ha5 not kept adequate and suffiuent accounting records. or relums
adequate for our audit have not been re￿IVed from branches not visited by us., or
the parent ohaii13ble company Finan¢i31 Statements are not in agreement with the accounting reeords and
ielurns., or
certain disclosures of Trustees, remuneration specified by law are not made., or
we have not received all the information and explanations we require lor our audit.
Responsibilities of truslees
A5 explained more fully in the Tiustees, Responsibilitie5 Sl8lement set out on pages 9. the Trustees (who are
also the Direclois ol the charitable company for the purposes ol comp8ny lawl ale responsible lor the
prep8131ion of the Financial Statemer)tS and for being satisfied Ihat they give a Irue and fair view, and lor such
internal control as the Trustèes determine is necessary to enable the preparation of Financial Slalement5 that
are free from Tnalerial misstaternent, whether due lo fraud or error.
In preparing the Financial Slatemenls, thè Trustees are responsible for assessing the Group's and the parent
charitable companls 3bilily to continue as a going concern. disclosing, as applicable, matters lolaied to going
con￿r￿ and using the going concern basis of accounting unless the Trustees either intend lo liquidate the Group
or the parent ch8rilable company or to cease operations, or have no realistic alternative but to do so.
Page 12

FARMLAND RESERVE UK LIMITED
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FARMLAND RESERVE UK LIMITED
ICONTINUEDI
Audltors. responsibilities for the audit of the financial Statements
Our objectives are lo obtain re8sonable assurance about whether the Financial Statements as a whole are freè
from material misst2lemenl, whether due to fraud or eiror, and lo issue an Auditors, Report that includes our
opinion. Reasonable assurance is a high level ol assurance, bul is not a guaranteè Ih8t an audit conducted in
accord8n¢e wilh ISAS IUKI will always detect a material misst3temenl when il exists. Misstatemenls can arise
from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be
expected to inflLJence the economic decisions of users taken on the basis of these Fin8nCi81 Slalemenls.
Irregularities, including fraud, are inst3nces of non-compli8n¢e with laws and regulations. We design
proeeduies in line with our responsibilities. outlined above, lo delecl material misstatements in respect of
irregularities, including fiaud. The specific procedures lor this engagement and the extent to wliith our
procedures are capable of deteclino irregularities. including fraud is detailed below-.
Enquiry of managetnent and those charged with governance around actual and potential lits'galion and
claims.,
Enquiry of éntity staff to identify any instsnces of non-compliance with laws and ogulations,.
Performing audit work over the risk of management override of controls, including lesling of journal
entries and other adjustments for approprialene55 and reviewing accounting eslim3tes for bias.,
Reviewing minute5 of meetings ol those Charged wilh governance".
Reviewing f5nanoial statement disclosures and testing to supporting documentation lo assess compliance
with applicable laws and regulations.
Because of the inherent limrtalion5 of an audit, there is a risk that we will not detect all irregularitiés, including
those leading to a material misstatement in the Finan¢ial Stalemenls or non-cr>mpliance with regulation. This risk
increases the More that compliance with 3 law or regulation is removed from the events and transactions
reflected In the Financial Slalemenls, as we will be less likely to become aware ol instarlces of non-complian￿.
The i-isk is also greater regarding iriegularilies occurring due to fraud rather Ih8n error, as fraud involves
intentional concealtnent, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for IhÉ audit of the Financial Statements is located on the Financial
Reporiing Council's website at.. www.frc.or
.uklauditorsres
Auditors. Report.
onsibilitiès. This description forws part of our
P8ge 13

FARMLAND RESERVE UK LIMITED
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF FARMLAND RESERVE UK LIMITED
ICONTINUEDI
Use of our report
This report is made 501ely lo the cl)aritable company's fflembers. as a body, in accord2nce with Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we rn￿ght stale lo the charilable
company's members those matters we are required to stale lo them in ari Audilois, Report and lor no other
purpose. To the lullesl extent permilled by law, we do nol accept or assume responsibility lo anyone other than
the ¢haiitable company and its members, as a body. for our audit work. for this report, or for the opinions we
have formed,
Rebecca Hughe. Bsc IHonsl FCCA (Senior Ststutory Auditor)
lor and on behalf of
MHA
Chartered Accounlanls
Statutory Auditors
Northampton, United Kingdom
Date.. 29 September 2023
MHA is the Iiading name of Maclntyre Hudson LLP, a limitèd liability partnership in England and Wales
Iregislered nuniber OC3123131
Page 14

FARMLAND RESERVE UK LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND
EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
Unrestricted
funds
2022
£ooD
Total
funds
2022
£000
Total
funds
2021
£000
Note
Income from..
Oonations
108,450
108,450
Other trading aelivilies-. Income from trading
subsidiaries
Inve51menls
Other incorne
8.418
41
8,418
41
7,233
587
587
211
Totsl Income
117.496
117,496
7,446
Expenditure on..
Raising funds..
Trading activities
Other
Charilable donation
Raising funds
5,733
618
130
5.733
618
4,632
559
2,007
12
130
Total expenditure
6,481
6,481
7.210
Net income before taxation
Taxation
111,015
13491
111,015
13481
236
{4331
12
Net movement In funds
110,666
110,666
11971
Reconciliatron of funds..
Total fullds brought forward
Nel movement in funds
104,262
110,666
104,262
110,666
104,459
11971
Total fund5 carried foN4ard
214,928
214,928
104.262
The Consolidated Statement of Financi31 Activities includ8s all gains and losses le￿gnised in the year.
The notes on p2ges 21 10 48 form part of these financial statements.
P8ge 15

FARMLAND RESERVE UK LIMITED
REGISTERED NUMBER.. 01332670
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022
2022
£Doo
2021
£000
Note
Fixed assets
Inlangible assets
TangibSe assets
204
14
183,953
70,256
184,157
70,256
Current assets
Stocks
Debtor5
Cash al bank 2nd in liand
10,144
24,848
17,077
7.265
3.192
25.312
25
52,069
35.769
Creditors. amounts falling due within one
year
19
120,3761
{1,1591
Nel current assets
31,693
34,610
Totsl assets less currènt Ilabilitles
215,850
104,866
Provisions foi Ilabilities
19231
16041
Total net assets
214.927
104.262
Charity funds
Unrestricted funds.
Share capital
Unrestricted funds
21
10,000
204,927
10,000
94,262
21
Total unreslricled funds
21
214,927
104,262
Totsl funds
214.927
104,262
The Trustees acknowledge tlieir iesp0115ibililies lor ¢on)pl5qng with the requiienienls of the Aci with respecl lo
accounting records and preparation of Financial Slalements.
Page 18

FARMLAND RESERVE UK LIMITED
REGISTERED NUMBER.- 01332670
CONSOLIDATED BALANCE SHEET ICONTINUEDI
AS AT 31 DECEMBER 2022
The Financial Statements were approved and authorised for issue by the Truslees and signed on their behalf by
B M Conway
Trustee
Dale".
The notes on pages 21 to 48 form part ol these Financial Statements.
Page17

FARMLAND RESERVE UK LIMITED
REGISTERED NUMBER.. Q1332670
CHARITY BALANCE SHEET
AS AT 31 DECEMBER 2022
2022
£000
2021
£000
Note
Fixed assets
Tangible assets
Investments
Investment property
14
2,600
9,450
249,16S
623
9,450
133.746
16
261.21 S
143.819
Current assets
Debtors
Cash at b8nk and in hand
18
24,449
6,902
5,125
8,342
25
31,351
13.467
Creditors." amounts falling due within one
year
19
119,4811
14341
Net current assets
11,870
13.033
Total assets less curr*nt liabilities
273,085
156,852
Total net assets
273,08S
156,852
Charity funds
Unrestricted funds
Share capiial
UnrestriGted income funds
Revaluation reserves
21
10,000
189.739
73,346
10,000
80,412
66,440
21
21
Total unrestricted funds
21
273,085
163,756
Total funds
273,085
163,756
The Trustees acknowledge Iheir responsibilitie% for complsfjno with the reqiiiremenl.4 of the A¢t with respect to
sccounting records and preparation ol Financial Slatetllenls.
Page 18

FARMLAND RESERVE UK LIMITED
REGISTERED NUMBER.. 01332670
CHARITY BALANCE SHEET ICONTINUEDI
AS AT 31 DECEMBER 2022
The Finanaal Statements were approvèd and aulhorised for issue by the Trustees and signed on their behalf by".
B M Conway
Trustee
Date".
ILI 9113
The notes on pages 2110 48 forrn part of these Finanaal Slalemenls.
Page 19

FARMLAND RESERVE UK LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
£000
2021
£000
Note
Cash flows from operating actrvities
Net cash used in operating activities
24
1Q6,568
16921
Cash flows from investing activities
PrO￿e￿$ from the sale of tangible fixed assets
Puicha5è of inlangible assets
Purchase of tangible fixed assets
Interest received
765
300
13
14
14071
1115,2021
41
19161
Net cash usèd in investing activities
1114,8031
16141
Changa in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
18,2351
25,312
11,3Q61
26,618
Cash and cash equivalents at the end of the year
25
17,077
25,312
The notes on pages 21 to 48 form part ol these r￿DanI￿al statements
Page 20

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Company information
Farmland Reserve UK Limited is a charitable ¢ompany limited by shares, incorporated in England and
Wales in the United Kingdom, and the address ol ils registered office is Manor Fatrr, Church End, Wood
Walton. HLJntingdon, Cambridgeshire, PE28 5YU.
Accounting policles
2.1 Basi5 of preparation of Financial Statements
Farrnland Reserve UK Limiled is an incorporated Charrty registered with the Charity Commission for
England and Wales registration nurrber 274605. The Company is registered in the UK, registratian
numbei 01332670.
The Finanaal Slalements have been prepared in accordance wilh the Charrties SORP IFRS 1021
Accounting and Reporting by Charities.. Slalement of Recomtnended PractiTr applicable lo charities
pieparing Iheir accounts in accordance with the Finanaal Reporting Standard applicable In the UK
and Republic of Ireland IFRS 1021, the Financial Rèportino Standard applicable in Ihe UK and
Republic of Iieland IFRS 1021 and the Companies Act 2006.
Farmland Reserve UK Limited meets the definrtion of a public benefit entity under FRS 102. Assets
and liabilities are Initially recognised al historical cost or transaction value unless otherwise staled in
the relevant accounting policy.
The Consolidated Slalement of Financlal Activities ISOFAI and Consolidated Ba13nce Sheet
consolidate the Financial Slalements of the Company 2nd ils subsidiary undertaking. The results of
the subsidiary are consolidated on a line by line basis.
The Charity has taken advantage ol Ihe exemption allowed under section 408 of the Companies Act
2006 and has not presenled its own Statement of Financial Activities in these Finanoial Statements.
The Chariljls functional and presenlalional currèncy is British Pound Sleilino {£) and is rounded lo
thè nearest £1,000.
The following principal accounting policies have been applied.
2.2 Going ¢oncem
The financial slalements have been prep8red on a going concern basis as the Trustees believe that
no rnalerial uncertainties exist. The Trustees h3v8 consifjered the level of funds held and the
expected level ol income and expenditure for 12 rnonths from aulhorising these financial slaleinenls.
The budgeted income and expenditiire is sufficient with the level of reserves lor the Group lo be able
to continue as 8 going concern.
P2ge 21

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accountii)g policies Icontinuedl
2.3 Income
All Incorne is recognised onee the Charity has entitlement to the incom@, Il is probable thal the
income will be received and the amount of income ieceivable can be measured re113bly.
Donations are included in the Consolidaleé Slalement of Finan¢ial Activities on a receivable basis.
The balance of income received for specific purposes bul not expended during the period is shown in
the relevant funds on the Balance Sheet. Where income is received in advance of entillEment ol
ieceipl, ils recognition is deferred and included in credilor5 as dèferred income. Where entitlement
occurs before income is rèceived, the income Is accrued.
Rental illcome is recognised on a siraighl line basis over the period of the lease.
Income from subsidiaries represents revenue reeognised in respeGt of goods 8nd services. Revenue
is recognised lo the extenl that il is probable Ihat the economic benefits will flow lo the Charity and
the reveriue can b8 reliably measuied. Revenue is rneasured as the fair value of the consideration
received or receivable. excluding discounts, rebates, value added lax and other sales taxes.
Revenue from crop sales is recognised upon receipt of the goods by the customers. Whilst goods are
In transil, the risk 8nd reward of ownership remain with the Ch3ri1y.
Single farm payments are ieceivable on an annual basis. The annual payment is re¢ognised in the
year that the application applies lo Due to the iegular v8rialion in when the payment owurs, this is
recoonised eilhei by acuual or upoii receipt of payment.
2.4 Expenditure
Expendilure is recognised once there is a legal or conslruclive obligation lo make a paymenl lo a
third party, it is probable that settlement will be required and the amount of the obligslion can be
measured reliatrjly. Expendiluie is dassified under the following activity head￿ngS..
Costs of raising funds-. trading activities Gomprise the expensés of Ihe trading subsidiary in
undertaking its income generating activities.
other expenditure represents the expenses of parent company in ienling the tangible fixed assets.
These expenses are not considered to be directly atlribu13ble lo either costs ol raising funds or
charitable expenditure lo further the Charity's aims.
Where costs ￿nn01 be ieliably attributed lo particular activities Iliey have been allo￿ted on a basis
consislenl with the use of Ihe resources. Direol Charitable expenditure cotnpiises expenditure direct
re121ing 10 the objects of the Charity.
Govemance costs incorporate those costs of governance arrangemen15 which relatè lo the general
running of the Charity as opposed to the direct managemenl functions. Tlie costs relating to these
aclivilies provide the governan￿ inlraslruclure which allaws the Charity to operale and to generate
the information required for public accountability. An analysis of these costs is disclosed in note 8.
Support costs are those fundions that assist the work of the Charity but do not dire¢lly undertake
oharilable activities. Support costs include finance, professional and governance cosls which 5UPPOrt
the Charills aclivilies. As there is onw one activity in the Gharity. the support costs have been
allocated there in full.
Page 22

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting policies l¢ontinuedl
2.4 Expenditure Icontinuedl
Expenditure on charitable activities is incurred on directly undertaking the aCtI￿tieS which further the
Group's objectives, as well as any assoaaled support costs.
2.5 Interest ￿ceIvable
Inte￿st on funds held on deposit is included when receivable and the arnounl can be measured
reliably by the Group. this Is normally upon notification of the interesl paid or payable by the inslilulion
with whom the funds are deposited.
2.6 Taxation
The Charity is considered lo pzss the lesls sel oul in Paragraph 1 Schedule 6 of the Finance Ael
2010 and therefore it meets the definition ol a charitable company for UK corporation lax purposes.
Accordingly, the Charity is polent1211y &xÈrnpt from taxation in respect of income or capital gains
received wilhin ¢alegories covered by Chapter 3 Part 11 of the Corporation Tax Act 201 D or Section
256 of the Taxation of Chargeable Gains Acl 1992. to the extent that such income or gains are
applied exclusively to charitable purposes.
Tax is payable on profits in the subsidiary corrpany.
2.7 Intanglble assets and amortisation
Inl8noible fixed assets represent purchased entitlements to rèceive the single farm payment subsidy.
These are held at cost and amortised over their expected useful life.
The amortisation charge is included within expenditure on raising lund5.' trading a¢tivilies line in the
SOFA.
Amortisation is provided on intangible fixed assets at rates calculaled to wiite off the cosl of each
asset. less their estimated iesidual value, over their expected useful lives on the following bases..
Single fami payment enlitlemerTrls
Straight line over two years
2.8 Tangible fixed assets and depre¢iation
Tangible fixed as5els costing £10,000 or more are capitalised and iecognised when future economic
benefits èle prob8ble and the cost or v8lue of the asset can be measured reliably.
Page 23

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting policies Icontinuedl
2.8 Tangible fixed assets and depreciatlon Icontinuedl
A review for Impairment of z fixed asset is C8rried out if events or changes In circumstances indicate
that the carrwng value of any fixed asset may not be iecoverable. Shortfalls between Ihe carrying
value of fixed assets and their recover8ble amounls ale recognised as impairments. Impairrnent
losses are recognised in the Statement ol Financial Activities.
TarTrgible fixed assets are initially recognised al cost. After iecognilion. under the cost model, tangible
fixed a55ets ale measured al cost less accumulated depreciation and any accumulated impairment
losses. All costs incurred to bring a tangible fixed asset into ils Inlended working condition should be
included in the measurernenl ol cosl.
Oepreuation is charged so as to allocate the cost of tsngible fixÉd assets less their residual value
over their eslirmatèd useful lives, using the straight4ine method.
Deprecialion is provided on the fdlowing bases..
Freehold land
not clepre¢ialed
Land improvemellls
over 10 10 40 yè8rs
Asgels under construction
not depreciated until bought into use
Plant and machinery
over 5 to 10 years
Equipment fixtures and fittings
over 5 10 10 years
Farm houses and farm buildings- over 25 10 40 year5
Galns and losses on disposals are detertnined by comparing tlie proceeds with the caitwng amount
and are recognised In Ihe Consolidated Statement of Financial Activities.
2.9 Investment Proporty
The treehold land, farm houses and farm buildings owned by The Cliarily are iecognised as
investment properties in The Charitls own Balance Sheet. and revalued to lair value al each balallce
sheel dale. The valuation is based on management's assessment of the mArket value of land and
buildings held as invÈstment property at the year Énd. 11 takes into collsideration mark8t reports and
their knowledge of the pioperty and the local markel. The property is carried al depreuated cost in
the Group accounts.
Investment property held by the Charity is measured initially at cost and subsequently at fair value al
each reporting date, with the gain or loss on revaluation going to the charitable company's nel surplus
for the year. The land and buildings rented io Group cornpanies are held as Iiiveslment property
wilhin the Financial $131etnenls of the Charity but remain a5 tangible fixed assets in Ihe Group
consolidated Financial Slalemenls at depreciated cost.
2.10 Investments
Fixed asset inveslmenls in lisled securities are held at fair value and revalued annually with any g31ns
or loss going to the Consolidated Slalement of Financial AGlivities. Fixed asset investments are a
form of finanaal instrument and are initially recognised al Iheii transa¢lion oosl and subsequently
me8sured at fair value al the balance sheet dale, unless the value cannot be measured reliably In
which case il is measured at cost les5 impairment. Inveslwent gains and losses. whether realised or
LSnrealised, are combined and presented as 'GainsllLossesl on invèstments, in the Consolidated
Statement of Finan￿al Activities.
Investments in SLJbsidiaries are valued al cost less prowsion lor impairment.
Page 24

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting policiès Icontinuedl
2.11 Stocks
Agriculture produce is held under cost model, being slated at the lowei of cost and eslimaled selling
price less costs lo complete and sell. Cost Is based on an allocation ol costs. Cultivations and crop in
store include labour and attributable overheads.
Cultivations cost is determined on an overhe8d allocation basis. Cultivalions are in the earfy stages of
growth at the year end and therefore their market value cannot be determined.
Crop in store are valuéd al the lower of cost and net realisable valLJÈ. With reference to tnarket value
and contracted future sales.
At each reporting d2te. stocks are assessed for Impaitmenl. If stock is impaired, the carryryng amount
Is reduced to ils selling price less costs ta complete 2nd sell. The impairment loss is re¢ognised in
profit and loss.
2.12 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
2.13 Cash at bank and sn hand
Cash 31 bank and in hand includes cash and short-temi highly liquid investments with a short maturity
of three months or less Iiom the date ol acquisition or opening of the deposit or similar account.
2.14 Liabilities and provisioiis
Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past
event, it is probable that a Iiansfer ol economic benefil will be required in settlement, the amount
of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Company
anticipates il will pay to settle the debt or the amount it has received as advanced paymei)ts for the
goods or seNices il must prowde. Provisions are measured al the best estimate of the amounts
required to settle the obligation. Where the effect of the lime v21ue of rnoiiey is materi81, thè piovision
is based on the present value of those amounts. discounted al the pre-tax discount rale that reflects
the risks specifi¢ lo the liability. The un￿1ndIng of the discount is recognised within interesl payable
8nd similar charges.
2.15 Deferred taxation
Full provision is made for deferred l£x assets and liabilities arising frorn all liming difference5
computation.
A net deferred tax asset is recognised only if il can be regarded as more likèly than not that there will
be suitable taxable surpluses from which the future reveisal of the underlying liming differences can
be deducted.
Deferred lax assets and liabilitiés are calculated at the lax rates expected to be effective at the lime
the timing differen￿5 are expected to reverse.
Deferred tax assets and liabilities are not d5scounted.
Page 25

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting pollcies Icontinuedl
2.16 Financial instruments
The Group also enler5 into basic financial instrument5 transactions that result in the retognition of
rinaiicial assets and liabililies like trade and other debtors and creditors, loans from banks and olher
third parties. loans lo related parties and investments in norFpultable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed al the end of each
reporting period lor objective evidence of impairment. If objective evidence of iinpairmenl is found, an
Impairment Ioss Is recognised in the Slalernent ol Comprehensive Income.
For financial assets measured al ainortised cost, Ihe Impairment loss is measured as the difference
between an asset's carrying amount and the present value of estim8ted cash flows discounted at the
asset's original effective interest rate. If a fin8n¢ial asset has a variable intèiest rate, the discount rale
for measuring any impairment loss is the current effective interest rate determined under the
conlr3cI.
For financial assets measured at cost less impairment, the impaimient loss is measured as the
difference between an asset's carrying amount and best estimate of the iecoverable atnounl. which Is
an approximation of the amouni that the Group would ieceive lor the asset if il were to be sold al the
balance sheet date.
Financial assets and liabilities are ollsel and the nel amount reported in the Balance Sheet when
there is an enforceable righl to set off the iecognised amounts and there is an intention lo settle on a
net basis or lo realise the asset and settle the liability simLJllaneously.
2.17 Operating leases
Rèntals paid under operating leases are charged lo the Consolidated Staternenl of Financial
Activities on a straighl line basis over the lease lertm.
2.18 Operating leases lessor
Reni81 income is recognised on a straight line basis over the period of the le3se, unless Ihe rental
payimenls are structured to increase in line wilh expected Inflation, in which case the annual rental
income equals the aniounts owed lo the lessor.
The aggregate benefit of lease incentives are recognised as a reduction to the income recognised
over the lease term on 2 slraight line basis.
Page 26

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting policies Icontinuedl
2.19 Pensions
The Group is part of a defined benefit pension scheme operated by The Church of Jesus Christ ol
Lalter-day Saints (Great Brilainl, the Deserel UK Senefit Plan. The fund is valued every three years
by a professionally qualified independent actuary, with rate5 of contributions payable being
determined by Ihe actuary. In inleNening years the actuary reviews the continuing appropri8leness ol
the rates. Pension costs are accounted for on Ihe basis of contributions made in the year or accrued
at the yeai end. on a defined contribution basis, as requested by FRS 102 as Ihe Charity is unable lo
identify its share of the underlying assets and liabilities of the scheme. Full details of the plan are
provided in the financial slalemenls of Thè ChurGh of Jesus Christ of Latter-day Saints (Great
The Group is not liable to the plan for other entities obligaliolls under the lems and conditions ol the
multi employer pension plan.
The Group also operates a defined contribution pellsion plan for its employees. A defined
contribution plan is a pension plan under which the Group pays fixed contributions into a sep2rale
entity. Once the ¢onlributions have been paid the Group has no further payment obligations.
The conliibulions are ￿cogniSed as an expense in the Statement of Comprehensive Income when
they fall due. Amounts not paid are shown in other creditors as a li2bilily in the Balan￿ sheet. The
assets of the plan are held separately from thè Group in independently adrninistered funds.
2.20 Fund accounting
General funds are unrestrioted funds which ale avail8ble for use at the discretion ol the Trustees in
furiherance of the geiieral objectivès of Ilie Group and wliich have nol been designaled for othei
putpose5.
Designated funds comprise unrestricted funds that have been sel aside by the Trustees for particulai
purposes. The airn and use of each designated fund is set out in the noles to Ihe Financial
Statements.
Reslricled funds are funds which are lo be used in accordance with specthc restrictions imposed by
donors or which have been raised by the Group for particular purposes. The costs ol raising and
administering su¢h funds are chaiged against the specific fund. The airn and use of ea¢h restricted
fund is set out in the notes to the Financial Statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 27

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting policies Icontinuedl
2.21 Critical accounting estimates and areas of judgment
The following judgements lapart Irorn those involving estimates) have been made in the process of
applying the above accounling polioies that have had the mosl signifirnnt effect on amounts
recognised in Ihe financial statements..
Investment property
The investment property in the Charity Is valued by the trustees al the balance sheet dalè. The
Trustees consider the valuat￿N to be appropriate having iegard lo the local market conditions.
Trade debtors
Trade debtors consist ol amounts due from customers. An 311owance for doubllul debts is maintained
for estimated losses resulting from the Inability ol The Group's Customers to make required
payments. The 8llowanee is based on the companls regular assessment of the credit worthinèss
and finanaal condilions ol thè customer.
Stock
Slock is valued at the lower of cost and net reali58ble v8lLJe. Cost is determined on an overhead
allocation basis. Net realisable value is dètermined by managèment with rel8rence to market value,
consideration of contracted fulure sales. Certain laclors could affect Ihe net realisable value ol The
Group's stocks. induding customer demand and market conditions.
Tangible and intsngible assets
Depreciation and amortisalion are provided on fixed assets based on the estimated useful economic
life of Ihose assets. This Is based on managernenl's knowledge ol the business, assets ar)d prior
experieflce.
There are no key assumptions conceming the future. and other key sources of estimalioll uncertainly
at the reporting date, that have a significant risk of causing a material 8djustmenl lo the carrying
amounts of assets and liabilities within the next financial year.
Income from donations
Unrestricted
funds
2022
£000
Total
funds
2022
£000
Total
funds
2021
£000
Donalions
108,450
108.450
Page 28

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR FNDED 31 DECEM8ER 2022
Income from other trading activities
Income from non charitablè trading a¢tivities
Unrestricted
funds
2022
£000
Totsl
funds
2022
£000
Total
funds
2021
£000
Trading subsidiary
8,418
8,418
7,233
Ill 2021, income from the trading subsidiary was unreslricled income.
Invèstment income
Unrestricted
funds
2022
£000
Totsl
funds
2022
£000
Total
funds
2021
£000
Interest receivable Irorn interest bearing accounts
41
41
Other incoming resour¢e$
Unrestrlctèd
funds
2022
£000
Total
funds
2022
£000
Total
funds
2021
£000
Other incoming resources
Profil on disposal ol tangible fixed assets
115
472
115
472
211
587
587
211
Page 29

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
funds
2022
£000
Total
2022
£000
Total
2021
£000
Operating costs ol parent Company
Trading of subsidiary
Charitable don¥lion
618
618
571
4.632
2.007
5,733
130
5.733
130
6,481
6,481
7.210
Summary by expenditure type
Stsff costs Depreciation Other costs
2022
2022
2022
£000
£000
£000
Total
2022
£000
Total
2021
£000
Operating costs ol parent
company
Trading ol subsidiary
Charitable donation
547
664
71
3,524
130
618
5,733
130
571
4.632
2.007
1,545
Total 2022
1,545
1,211
3.725
6,481
7.210
Total 2021
1,089
1,087
5,034
7,210
Page 30

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Analysis of expanditure by activities
A¢tivities
undertaken
directly
2022
£000
Support
costs
2022
£000
Total
funds
2022
£000
Total
funds
2021
£000
Operating costs of parent company
Trading of Subsidiary
Charitable donation
576
42
618
571
5.718
130
5,733
130
4.632
2,007
Totsl 2022
6,424
57
6,481
7,210
Total 2021
7,145
65
7,210
Analysis of direct costs
Operatlng
costs of Trading of Charitahle
parent
subsidiary
donation
2022
2022
2022
£000
£000
£000
Total
funds
2022
£000
Total
funds
2021
£000
Staff costs
Depreaalion
Charitable donation
Trading activities
Donations and other
1,545
664
1,545
1,211
130
3,538
1,089
1,085
2,007
2,913
51
547
130
29
3,509
Totsl 2022
576
5,718
130
6,424
7,145
Total 2021
519
4,619
2.007
7.145
Page 31

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2Q22
Analysis of expenditure by activities Icontinuedl
Analysis of support costs
Operating
osts of Trading of
parent
subsidiary
2022
2022
£000
£000
Total
ftsnds
2022
£000
Total
funds
2021
£000
Audit of Subsidiary
Legal
Audit ol Paienl
15
15
31
31
11
Totsl 2022
42
15
57
65
Total 2021
52
65
During the year ended 31 De￿mber 2022, the cotnpany incurred Ihe 1015owing Governance costs..
The Charity only auditor remuneration - £11 k12021'. £8kl
Subsidiary ¢ompany auditor reinuneralion £15k12021.' £13kl
Net lincomellexpenditure
This is slated after ohargingllcreditingl..
2022
£000
2021
£000
Depreciation of tangible fixed assets owned by the charitable Group
Amortisalion ol intangible assets
Auditor's remuneration - audit
Auditoi's remuneration - other financial servicès
Operating lease renlals
Profit on disposal of fixed assets
Pei)sioii cost
1.2q1
204
1.084
26
25
20
14721
277
260
Paoe 32

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
o.
staff costs
Group
2022
£000
Group
2021
£000
Wages and salaries
Social security cost5
Other pension costs
1,147
21
751
78
277
280
1,545
1,089
The average number of persons employed by the Charity during the year was as follows..
Group
2022
No.
Group
2021
No.
Production and 8drninislr2tion
19
17
The average headcount expressed as full-time equivalents was..
Group
2022
No.
Group
2021
No.
Production and administration
17
Thè number of employees whose employee benefits (excluding employer pension costs) exceeded
£60.000 was..
Group
2022
Group
2021
No.
In the band £60,001 £70,000
In the band £90,001 £100,000
In the band £100.001 £110,0(K)
In the b3nd £110.001 £120,0
Page 33

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Trustees. remuneration and expenses
One trustee who is also a direcloi ol the subsidi3ry company, received iernuner81ion from the subsidiary
company in relation to services provided as 2 director ol the subsidiary company. No other Trustèès
received remuneration 01 pension contributions. The remuiieralion paid is oullined below..
2022
£000
2021
£000
8 M Conway
Rernuneralion
Company pension contributions
lo defined conlribulion pension
schèmes
117
99
36
33
Payment is made to the Tiuslee as agreed with the Charity Comrnis510n.
During the year ended 31 December 2022. no Trustee expens8s have been incurred 12021 £NILI.
Other relatèd party Iransacknon5 involving the Trustees are sel out in note 34.
Pag8 34

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
12.
Taxation
2022
£000
2021
£000
Corporation tsx
Tax cliarge
29
324
Total cUr￿nt tax
29
324
Deferred tsx
Origination and reversal ol timing differen¢es
320
109
Totsl deferrèd tsx
320
109
Taxation on net income
349
433
The lax assessed for the year is highei than12021 higher Ihanl the standard rate of corporation lax in
the UK of 19'A12021 19%). The differences are explained below..
2022
£000
2021
£000
Surplus on ordin8ry actiMties before lax- AgReserves Limited
1686
1.591
Effects of..
Surplu5 oll ordinary activities multiplied by the Standard rale of cc>rporalion
tax in the UK of 19Q/o12021-19°kl
Olher timing differenees and disallowed expenditure
Origination and reversal of timiiiu differences
320
12911
320
303
21
109
Total tax charge for the year
349
433
There are no factors conside￿￿ likely to affect future tax charges.
Page 35

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
13. Intangible assets
Group
Single farm
payment
entitlements
£000
Cost
At 1 January 2022
Additions
435
407
At 31 DeceTMber 2022
843
Amortisatio
At l January 2022
Charge for the ye8r
435
204
At 31 December 2022
639
Net book value
Al 31 December 2022
2Q4
Al 31 December 2021
Page 36

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
14. Tangible fixed assets
Group
Land
Improv.
Farm
Equipment
Assets in
houses &
and
the course
Farm
Plant and
fixtures
of
buildiiigs machinery and fittings construction
£000
£000
£000
£000
Freèhold
land
£000
Total
£000
Cost or valuation
Al 1 January 2022
Additions
Disposa15
Transfers between
classes
53.874
101,226
17,333
7,480
5,284
4,147
19281
1,057
584
78,132
115,202
19441
2,349
1161
325
169
14941
Al 31 December 2022
155,lOQ
25.138
8,503
1,226
2,423
192.390
Depreciation
At 1 January 2022
Charge for the year
On disposals
4,654
507
2.958
664
263
40
7,875
1,211
16511
16511
Al 31 December 2022
5,161
2,971
303
8,435
Net book value
Al 31 December 2022
155,100
19,977
5,532
923
2.423
183,955
At 31 December 2021
53,874
12,678
2,328
794
584
70,256
Page 37

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
14. Tangible fixed assets Icontlnuedl
Charily
Farm
Assets in
houses & Equipment
the course
Farm fixturès and
of
buildings
fitting5 construction
£000
£000
£000
Total
£000
Gost or valuation
At 1 January 2022
Additions
Disposa15
Transfers between classes
47
584
2,349
742
100
2.449
44
14941
14501
At 31 Deceniber 2022
211
91
2,423
2,725
Depreciation
At 1 January 2022
Charge for the year
76
43
119
At 31 December 2022
79
46
125
Net book value
Al 31 Deceinber 2022
132
45
2,423
2,60Q
At 31 December 2021
35
584
623
Page 38

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
15. Investment property
Charrty
Freehold
investment
propety
£000
Valuation
At 1 January 2022
Addition5
Surplus on revaluation
133,746
109,054
6,365
Al 31 December 2022
249,165
The fair value of investment propèrty 15 based on a valualion by the Trustees, determined with reference
Éo market reports and management's knowledge of the property and Ilie local market.
The investment property is held by the Parent Charity and used only by the subsidiary Company,
AgReserves Limited. It is carried at fair value in the Parent Company Financial Slatements and 81
depreciated cost in the Group a¢¢ounts,
Thè hislorical cost of thè investment propety is £174,828k12021.' £68,574kl.
Pa9e 39

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEM8ER 2022
16.
Fixed asset investments
Investments
subsidiary
companies
Charity
£000
Cost or valuation
Al 1 January 2022
9,450
At 31 Decernber 2022
9,450
Net book value
At 31 December 2022
9,450
At 31 December 2021
9,450
Principal subsidiaries
The following was a subsidiary undertaking of the Charity".
Name
Ctsmpany
number
Class of
shares
Holding
AgReserves Limited
02947030
Ordinary
100°/,
The financial resulls of the subsidiary for the year wer8".
Name
Income
£000
Expendlture
£000
Profit for
the year
£000
Net assets
£000
AgReserves Limited
8,609
7.421
1,337
24,637
Page 40

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
17. Stooks
Group
2022
£000
6,174
3,970
Group
2021
£000
3,089
4,176
Cultivations
Crops
10,144
7,265
An impaimenl loss of £144,338 12021.. £189,897) was recognised in cost of sales against Stock during
the year.
18. Debtors
Group
2022
£000
Group
2021
£000
Charity
2022
£000
Charity
2021
£000
Due within one year
Tr3de debtors
Amounts owed by Group undertakings
Other debtors
Prepaymellls and accrued income
Tax recoverable
4,268
3,076
31
4,453
19,923
42
5.125
20,085
85
410
116
24,848
3.192
24,449
5,125
Amounts owed by Group undertakings ale interest free and iep3yable on demand.
Page 41

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEhlIBER 2022
19.
Cr8ditors'. Amounts falllng due within one year
Group
2022
£000
Group
2021
£000
Charity
2022
£000
Charity
2021
£000
Trade creditors
Amounts owed to Group undertakings
Amounts owed to pBrticipaling interests
Corpoialion tax
Other lax31ion and social security
Other creditors
Accruals and deferred income
299
176
122
229
19,000
95
209
19,000
210
92
457
122
142
59
257
843
130
20,376
1.159
19,481
434
Amounts owed by Group undertakings ale unsecured. interest free and repayable on demand.
20.
Deferred taxation
Group and Charity
2022
£000
2021
£000
At the beginning of the year
Charge foi the year ISOFAI
604
518
86
319
923
604
The deferred lax liability is made up as follows-.
Group
2022
£000
Group
2021
£000
Acceleraled capital allowances
Tax losses carried lofward
Other short term differences
878
45
557
47
923
604
Page 42

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
21. Slalement of funds
Statement of funds current year
Balance at
31
Dècember
2Q22
£000
Balance at I
January
2022
£000
Income Expenditure
£000
£000
Taxation
£000
Unrestricted funds
Share capital
Reserves
10,000
94,262
10,000
204,927
117,495
16,48ql
13491
104,262
117.495
16.4811
13491
214,927
Unrestricted funds
Charitable funds are unrestricted funds which are available for use at the discretion of the Trustèes in
furtheiance of the general objectives Of the charitable company ar)d which have not been designated lor
other purposes.
The Charity has taken advantage ol the exèmplioll contained within section 408 of the Companies Act
2006 not to present its own Statement of Financial Activities.
The nel income lor the year dÈah with in the accounts of the parenl chaiitable company was £116.2m
12021.. £1.2ml.
Page 43

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
21.
ststement of funds lcontinuèdl
Statement of funds - prior year
Balan￿ al
31
Decembei
2021
£000
Balance at
1 January
2021
£000
Incotne Expenditure
£000
£000
Taxation
£000
Unrestricted funds
Share eapilal
Rèserves
10,Oc￿)
94,459
10,000
94,262
7,446
17,2101
14331
104,459
7.446
17,2101
14331
104,262
22. Summary offunds
Summary of funds - current year
Balance at
31
December
2022
£000
Balance at 1
Jaiiuary
2022
£000
Incorne Expenditure
£DOO
£000
Taxation
£000
General funds
104,262
117.495
16,4811
13491
214,927
Summary of fvnd5 - prior year
Balance at
31
Deceinber
2021
£000
Balance al
1 January
2021
£000
Income Expènditure
£000
£000
Taxation
£000
General funds
101,45g
7,446
(7,2101
14331
104,262
Page 44

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEM8ER 2022
23.
Analysis of net assets be￿een funds
Analysis of net assets between funds - current year
Unrestricted
funds
2022
£000
Total
funds
2022
£000
TangibSe fixed assets
Intangiblè fixed assets
Current 3ssels
Creditors due within one yèar
Deferred lax
183,953
204
183,953
204
52,069
120,3761
19231
52,069
120.3761
19231
Total
214,927
214.927
Analysis of nel assets bètween fvnds - prior year
Unrestricted
funds
2021
£000
Tot81
funds
2021
£000
Tangible fixed 8ssels
Current assets
Greditors due within one year
Deferred tax
70,256
35,769
11,1591
16041
70,256
35,769
11,1591
16041
Total
104,262
104,262
Page 45

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
24.
Reconciliation of nèt movement in funds to net ¢ash flow from operating activlties
Group
2022
£000
Group
2021
£000
Net inwmellexpendilurel lor the year las per Statement ol Financial
Activiliesl
110,666
11971
Adjustments for..
Depreciation charges INole 141
Amortisalion ol inlanoible assets INole 131
Increase in stocks (Note 171
Increase in debtors (Note 181
Increase in creditors INole 191
Inleresl re¢£ived (Note 51
Profit on disposal of Irxed assets INole 91
Taxation (Note 121
Income taxes paid
1,211
204
1.084
26
12,8791
121,4941
19,425
1411
14721
349
16281
11,2671
147
{21
433
14011
17n
Nèt cash providèd byllused inl operating activitÉes
106,568
16921
25. Aiialysis of cash and cash equivalents
Group
2022
£000
Group
2021
£000
Cash in hand
17,077
25,312
Total cash and ¢a$h equivalents
17,077
25,312
26.
Analysis of changes in net debt
At1
January
2022 Cash flows
£000
At31
December
2022
£000
£000
25,312
Cash at bank and in hand
18,2351
17,077
Page 46

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
27.
Share capital
Allolled, called up and fully paid 10.000,000 Ordinary shares of £1 each.
Pension Commitments
28.
The Group participates in a pension scheme operated by The Church of Jesus Christ of L311er-day Saints
IGreat Brilainl, the Deseret UK Benefit Plans I'the Plan l. The scheme is of the defined benefit type and 15
funded by contribLJlions from the participating Gomp2nies and their employees at rates determined by
independent actuaries in the light of regular valuations. Such contributions are held in Irusle
adrninislered funds completely independent ol group finances. Full disclosure of the valuation is shown in
the accounts ol The Church of Jésus Christ of Lalter-day Saints (Great 8rilainl. The group has accounted
lor the scheme as if il was a defined contribution scheme because il Is not feasible to split the 25sels and
liabilities of the scheme between all the companies whose employees are members.
The Group also operates a defined conlribulion pension plan lor its etnployees. A defined contribution
plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the
contributions have been paid the Group has no further payment obligations.
Conliibutions to the two schemes for the year were £277k {2021.' £260kl.
Contributions totalling £nil 12021.. £8.6kl were outstanLling al the year end and this balance is included
within other creditors.
29.
Operating lease ¢ommltrnents
At 31 December 2022 the Group and the Charity had commilrnenls lo make future minimum lease
paywenls undèr non-cancèllable operating leases as follow5..
Group
2022
£000
Group
2021
£000
Within 1 year
Page 47

FARMLAND RESERVE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
30.
Finat)cial risk management
The risks arising from finanaal instruments lo which the entity Is exposed al the year end are as follows
Credit risk
In view of the recent economic dowllluin the Charity is making every effort lo minimise exposuie lo
CU51omer credit risks and 3118ppropriate steps are taken lo reduce this risk.
Price risk
As part of the nature of agriculture the Charity is subject to price variations, but active efforts are made lo
manage Ihis risk by laking advantage of regular maikel inlormalion, forward conlracts, and owning
sufficient Storage. These storage facilities allow the Charity lo price and deliver products away from the
harvest window which is well known lo be a period of depressed prices.
Market risk
The year end valuation, and resulting gain or loss in the Statement of Financial Activities, of finanrial
instruments measured at fair value through in¢ome and expendilure, is subject to changes in the market
value of the listed investments in which shares are held.
31.
Unrestricted incoma funds - Charity
Thi5 resewe represents cumulative net income on unréstricled Income streams. Every year a transfer is
made lo the revaluation reseNe, representing the value of gains and losses of the investment property.
Nel incotne in the current year tolalled £116.2m12021'. £1.2ml and the reserve transfer lo Ihe revalu31ion
reserve lolalled £6,906k12021'. £2,613kl representing the lair value gains on the Investment property.
32.
Revaluation reserye - Charity
The revaluation reserve represents cumulative gains and losses on the fair value movement of the
inveslment properties since transition to FRS 102. In the current year fail value g2ins lota15ed £6,906k
12021.. £2.613kl and this represents the movement on the reseive in the year.
33.
Turnover
All lumover arose within Éhe United Kingdom.
34.
Related party transactions
The immediate and ultimate parent company of the Group is Farmland Reserve Inc, a not for profil
comp8ny incorporated in the United Slates of America. This is the largest and sinallest group of
undertakings for which group a¢¢ounts are di8wn up. The Charily is directed by Farmland Reserve Inc,
through budgets and plans reviewed by the Charity Trustees.
The Charity has taken advantage of disc105ure exemptions avai18ble within FRS 102 seclion 33 and nol
included details of any transactions with wholly owned Group companies that are included in these
onsolidaled accounts.
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