2023-12-31-accounts

DvGi'$kJn Envdope ID., 9EFD4AD&EE5A4F304697-82B88E71A4( Regl$lered number.. 01332670 Charity number: 274605 FARMLAND RESERVE UK LIMITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

DocL¥%ign Envdope ID.. 9EFD4AD&EESA4F3D4e97-82888E71A406 FARMLAND RESERVE UK LIMITED CONTENTS Page R•ference and AdmlnSstratlv• Detalls of the Charlty. Its Trustees and Advls¢r5 Trusteg$' Report 2-10 Indepèndent Audltor's R¢port on tho Flnanclal Ststsments Consolidated Statement of Flnancial Actlvttles 15 Consolidated Balanc8 Shegt 16-17 Charlty Balance Sheot 18-19 Con$olidated Statèment of Cash Flows 20 Notss to the Flnanclal Statements 21-47

Docth￿9Th Enve￿)￿ ID,. gEFD4AD5-EE5A4F3D-8697-82888E71A406 FARMLAND RESERVE UK LIMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trusteos B M Conway, Trustee P A Tolman DLRose Company ReglSt8red Number 01332670 Charity Regl$tered Number 274605 Reglst¢ffed Offlcg Manor Farm Church End Wood Walton Huntingdon Cambridgeshire PE28 5YU Company Sè¢retary B J Garlic Independent Auditors MHA Chartered A¢counlanls & Statutory Auditors 1 The Forum Mlnerva Business Park Lynch Wood Peterborough PE2 6FT 8ank$rs Natwest 92 High Street Hunlingdon PE29 3DT Solicltors Devonshires 30 Finsbury Clrcus London EC2M 7DT Page 1

Docu6ign Env8fop8 ID.. 9EF04AD5-EE5A4F3D-889742888E71PA FARMLAND RESERVE UK LIMITED REPORT OF THE TRUSTEES AND DIRECTORS {INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees. who are also directors for the purposes of the Companies Act of the company IThe Charity - Famland Reserve UK Limiledl. present their annual report together with the audited financial slalemenls of The Charity and ils subsidiary (The Chartty and The Group) for the year ended 31 Decembar 2023. The Trustees confimi that the finan¢lal stalem8nts of The Chadly and The Group comply with the Current Provisions of FRS 102 and the Charities SORP 2019. ObJectlv¢s and Activltle$ ObJe¢tSves and prln¢ipal actlvltle5 The object of The Charity is.. To promote and further U)e religioLts and other charllable work of The Church Jesu5 Christ of Latter4ay Saints in the United Kingdom and elsewhe￿ and lo assist members and other persons who are in conditions of need, hardship. sickness and distress, 10 811 ages and denominaltons. The Charity will support charitable organisations, Irusls, associations or inslilulions fomied for any of the charitsble PLtrw)ses inclLKJed in the Objects. through the piovision of sponsorship, grants or other financial or In- kind ¢onlribulions. The Charity holds tangible investrnenls in farming and theli associated assets to generate funds for ils objectives as previously staled. Details of their perforfflance can be found in the"Flnancial Revlaw, section and'subsidiary Undertaksngs" subsection undeT the °Slru¢lure. GOve1nan￿ and Management" soclion. The Trustee5 regularly interact with representatives of The Church of Jesus Christ of Lattei-day Saints. a Utah Corporation Sole I'church Corporation") (formerly known as The Corporab'on of the Presiding Bishop of The Church of Jesus Christ of Latter-day Saints CPB'I to discuss making significant donations to support Church Corporation's international hum8nilarian and building projects for religious purpose buildings and other projects which both Church Corporation and the Church had approved around the world. It was decid&d that this would facilitate the Charitls objectives along wtth some individual donations to various charitable organisalions within the UK and elsewhere. The Trustees investigated the way in which these prolects were Identtfied and approved by inlemal Church comfflitlees, the type of projects and their religious, humanitarian and chaFitable purposes. Further, they were happy with the infrastructure and controls that Church Corporation had in place to ensure Proper Implementation of these projects. . Achievements and Performance During 2023 th8 Trustees finalised plans lo make another donation to Church Corporation. On 13th November 2023. a donation of £900,000 1$1.223,8591 was transferred from The Charity, lo sister charity, Church Corporation. Church Corporation idenlrfied a number of specific projects for implementatlon internationally in pursuit of ils purposes tr) the succèss of which The Charity has now had the opportunity to conlrlbule £900.000 lo these causes. Page 2

tk)c¥svJn Envelope10.. 9EfD4AD&EESA4F30-8697-82B88E71A406 FARMLAND RESERVE UK LIMITED REPORT OF THE TRUSTEES AND DIRECTORS (INCORPORATING THE STRATEGIC REPORT} (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The following projects were identified by Church Corporation to utilise the donation. Humanltarlan ProJ•¢ts Ukraine Association Neonatologists Ukraine Turkey Convoy of hope of Ukraine urgently needs oxygen suppc>rt systems. patient $5QO,000 of monitors, and incubators. This equipment will be distributed to dinics in Lviv, Zhyiomyr and Chernihiv. Turkey needs relief supplies in several locations $300.000 impacted by a February 2023 earthquake. Supplies will include food. hygiene, heating fuel, winter coals, 5hetrter, among other items. Ministerio de Saude de Resources will be provided in Cabo Verde for neo-natal 5223,859 Cabo Verde care in the following ways., Cabo Verde Equipment to help infants stjrvive and mothers stsy alive, Training for hosplt81 personnel on Helping Babi8s Brease and Helping Mothers SU￿1Ve, and Accommodation for fathers. companions, and family members lo support mothers in Labor and Delivery in Praia plus isolating babies in Santo Antso. The local hospitals will install and maintain tho equipment. The project anticipates 18,000 direct bèneficiarios per year. Catholic Relief Sgrvices This prolecl intends lo bulld language skS11s for a5￿uM $200.000 - Greece S8ekers and refuge¢ children as well as increase their active participab'on in public school and contribultr to their family's integration into Greek Society. The children's caregivers will receive support lo build their own languege capa¢ilies, better meet their children's social wellbeing, needs, and support their engagement in academic activities. The project will help 360 refugee and asylum-seeknng families, induding 200 chlldren and 160 caresivers. Greece $1223 859 A Donation for 2024 15 currenUy under review. £1.OM has been set aside to support several projects • Publlc Boneflt The Trustees have read and given due regard lo the guldance on public benefit published by The Charity Commission in exercising their powe￿ and duties. Page 3

Oocuwgn Envebpe ID.. 9EFD4AD>EESA4F3N69742B88E71A406 FARMLAND RESERVE UK LIMITED REPORT OF THE TRUSTEES AND DIRECTORS (INCORPORATING THE STRATEGIC REPORTI (CONTINLIEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Flnancial Review Flnanclal results Each year, The Trustees carry out a detailed review of The Charty. They iemew the previous year's achievements, and Teview and approve the budgets for next year. Income during 2023 was significantly less than 2022 dug lo the receipt of a £108.450K donation from Church Corporation to fund the acquisition of The Coldham and Goole estates. Total Income in 2022 including the donation from Church Corporation was £177,496k. Income excluding the Church Corporation donation totslled £9.046K in 2022. Total Income excluding donations increased during the year from £9,046k in 2022 to £13,662k in 2023. Income from its trading subsidiary increased to £12.049k (2022.. £8.418kl and investment income Increased lo £163k 12022.. £41kl. Costs, excluding tax. In￿ased during th8 year from £6,481k in 2022 10 £9,540k in 2023. A donation lo"Church Corporation. was made during 2023 totallbng £900k. A larger donation £1M is currently planried to be made during 2024. The total net movement in funds in the year was £3.464k. This is in conlrasl lo 2022 increased by £110,665k (£108,450 of the 2022 increase due lo the donation). Results of The Group were impacted by both favourable yields on wtnter crops and a continuation of improved market prices. Dursng the 2021 autumn planting window, an initiative was implemented to shorten the planting window of the main winter wheat crop thfough purchasing and using an additional drill. Through plantsng In the optimal planting window, the expectation is to see an improvement on average welds. Despit8 a very wel summer we eXperIen￿d a second year of higher than average welds on th8 wnler crops following favourable conditions in the spr¢ng. Winter Barfey experienced a record high yield with wnler wheal also performing well above the average. We had our first harvest at the Coldham and Goole Eslales acquired during 2022. The additional 8.000 acres on these Estates meant that we harvested an additional 19,000 lonnes of ￿realS antj legumes across the two siles. This additional crop lead to some increased sales in 2023. helping lo further improve the financial position. The wel summer period came with many challenges. leading lo a slop-slart harvest and addth'onal handling I drying costs. The adverse weather continued into the later months of the year impacting winter plantings and crop establishment. with some crop failure wherg the weather impacted the hardest. Market prices for Cereals were still well above long term average prices during 2023 due to a number of global factors; a conlinualion of severe disruptions in the agricultural supply chain caused by the Covid-19 pandemic, Brexlt and the impact of the war between Russia and the Ukraine threatenlng the supply of energy. fertiliser and the export of wheal lo the world mark01. . Investment pollcy and perfomiance Under the Articles of Association, The Charity has the power to invest in any way the Trustees deem to bo in the be51 interests of The Charity. During 2023, The Charity continued to seek opportunity to invest in farm acquisitions. During the aulumn period a further 116 acres of adjoining land was acquired al the Goole Eslale. This a¢quisilion was consistent with the strategy of achieving concentration of land holdings around major farm location5. The Injstees are Confident that these large land blocks will contribute towards advanced profitsbility and improved efficiencies across the operation which in tum will generate additional futxss for future Charitable work. Page 4

DocLLS(gn Envelope ID.. gEFD4AD5.EE5A4F3D-869742B88E71A406 FARMLAND RESERVE UK LIMETED REPORT OF THE TRUSTEES AND DIRECTORS (INCORPORATING THE STRATEGIC REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 The Iruslees no longer consSder their liquidity position lo be hlgh relative to the tangible assets owned, bul continue lo wisely manage their liquidity position. To achieve this objective, The Charity by the year end had invested £7.3 million12022.' £10.7 million) ol exc8ss funds in an Instsnl Access Interest Bearing account wth high security rating and achieved an average interest rale of 1.900/. {2022'. 0.850A gros51 during 2023. Investment income is recognised on a recefvable basis. . Reserv•$ policy The Trustee5 have established the level of reserves Ithal is those funds that are freely available) lo whlch The Charity and ils subsidiary companies ought to have ready access. Reserves are needed lo bridg& 8ny lunding gap between spending and receiving resources through shareholder grants and leasing of farmland. The TiL¢slees' policy to hold, as a minimum, the equivalent of approximately 12 months of operating budget in reserves. The actual reseNes reported at 31 December 2023 were £218,392k {2022.. £214.927kl which is significantly above the Trustees, target due to retaining a portion for possible future agricullural acquisiliorts as part of ils ongoing consolidation efforts. It should be noted that of the £218.392k only £10.797k is freely available due lo the ￿$1 of the reserves figure b8Sng held in famiing related assets to generate investment income to mak& current and future donations. The current level of cash reserves held exceeds the 12 months expenditure policy stated. this is due lo awaiting to reinvest cash generated from farrn sales for redeployment on land assets within the designated area for consolidation, as described in the inveslmenl policy Section. In addikn"on, the Trustees wish lo obseNe that during 2023 plans have been made lo make a significant eharitsble donation to causes that rneel The Charity'5 objectives. 11 is the Trustees, view that it is prudent to ensure that there are sufficient reserves to provide finanaal flexibility. Tho ￿SerVeS policy is reviewed on an annL*al basls. Structure. governance and management • Govemlng document The Charity continues lo be both a limited company and a registered charity. In conjunction with this, The Charity Ss governed by its Memorandum and Arti¢les of Associalion which were last amended on 21 NOVem￿r 2011. The purpose of The Charity as sel out In the government document is laid out in the Objectsves and Activilies Sgction of this r8pL)rt, with th8 main activities undertaken in relation to those purposes. . Appointment ot Trustses As set out In the Artides of Assoelation. new or additional Iru$19es a￿ to be appoinled by the shareholder (Farmland Reserve, Inc.) or by decision of the Trustee5. providing such persons are willing so lo act either lo fill a vacancy or as an additional trustee. Trustee inductlon and training New trustees undergo an Orientation day lo brief them on their legal obligations Ltnder charity and company law. the contgnt of the Memorandum and Articles of Association, the committee and decision-maknng processes, the business plan and recent financial perfomiance of The Charity. Page 5

DocLLWgn Envebpe ID.. gEFD4AD5-EE5A4F3D.869742B88E71A406 FARMLAND RESERVE UK LIMITED REPORT OF THE TRUSTEES AND DIRECTORS (INCORPORATING THE STRATEGIC REPORn {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 During the orientation day they meet key employees and other trustees. Trustees are updated and advised on legal issues by Devonshires Clalms. 4 Organisation The sole shareholder of The Charity is Farmland Reserve. Inc. a Utah non-profit corporation based in Utah. USA. DiTeclSon is channelled lo The Charity via the shareholder and is reftecled in the varioLts department budgetslplans which are reviewed and approved by the Tru51ees annually. Within this framework, the board of trustees administers the affalrs of The Charity. The Trustees monitor progress and achievements throughout the year, and other trusteè meetings are held as necessary. The trustees direct the Charty and the operats'on of the Charity on a day to day basis is del&gated to the Senior Management Team. The pay of the Senior Management Team is reviewed annually by Trustees and is benchmaiked against the pay of others in similar charitable roles. • R•lated partles The Charity holds 100.ts of the share capstal of Its subsidiary companies, AgReserve8 Llmited. • Subsldlary undertaklngs AgReserves Limited's principal activity continued lo be that of arable famiing and il operates a poli¢y of generating the highest profits feasible from efficient farming techniques that ulilise the lalesl technology. AgReserves Llmited leases all of the farmland owned by Farrnland Reserve UK Limited and then farms that land. The Trustees are mindful that the small and somewhat scattared naturè of some of the parcels of land do lead to some L7bour and equipment inefficiencies. The Trustees believe that this weakness in the operations of the farms can be over¢ome by consolidating land holdings around major fami cenlres in Cambridgeshire and Yorkshire. This process of eonsolidalion began in 2008 and has continued through to 2023. The profil for the ygar of the subsidiary AgReserves Limited induded in the statement ol financial activities was a prolll of £2.067k {2022 £1,337kl. . Rlsk management The Twslees have assessed the major iisks to which The Charsty and the group are exposed, in particular those related to the operations and finances of The Charity and the group. and are satisfied that systems and procedures are in place lo M￿gate our exposure lo the major Tisks. The risk management strategy of the Trustees Includos an annual review of the principal risks. The Trustees regularly review the procedures in place to mitigate risk. Page 6

Docuslgn Envekjpe ID.. 9EFD4AD&EE5A4F3D-8697-82Be8E71A406 FARMLAND RESERVE UK LIMITED REPORT OF THE TRUSTEES AND DIRECTORS (INCORPORATING THE STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Employees Thg Charity ensures that its employees are able to meet the necessary requSrements of their position and are up to dale on any developmonls required for their position. This is achieved in a variety of ways.. • Applications for new positions in The Charity are Invited from anyone with the relevant qualification5 tho key emphasis is on their ability lo meet the requirements of the position although the application form requests the applicant mention if they have any illness or medical condition which Ihe employer would need lo be aware of in order lo make reasonable adjustments should they be successful. The Charity ulilises regular stsff meeliri9s during the year which help lo gnsure that the employees, input is received regarding any decisions which affecl their interests. In addition, there are websites and e-mail facilities available to enable more effèctive communication and training. This helps to ensure that employees receive systematic updates on matters conceming them as employees and ensures their involvernenl in relation lo the rinancial and economic factors that affect the parformance of The Charity and The Group. In addition to the above points. The Charity Is mlndful of the need lo cater for those wlth disabilities. Wherts any employees become in¢apacitaled during Ihelr employmonl they are enlltled to receive long-lerm disabillty benefits from The Charity. Where an gmployee becomes disabled bul not incapacitated the employer will make any reasonable adjustments necessary. The same opportunities are available to all staff, irrespeclive of disability. The key emphasis is on the technical ability of each employee. . Key Management Personn&l The Charity does not have any employees. all employees of The Group are employed by the subsidiary of The Charity, AgReserves Limited. During 2023, no Trustees of The Charity recewed any remuneration, benefits in kind or reimbursement of expens&s from The Charity, nor incurred any expenses. Of the thrge Trustees only one Is a member of the Key Management Personnel of The Group and is omployad by the subsidiary. AgResgrves Limited. Key Management are paid wthin the banded salary structure of the subsidiary. Regular benchmarkin9 and independent market reviews are conducted to ensure that pay remains reflective of fair market value and compelilive enough lo encourage retention of key staff. Benchmarking exgrcises occur on an annual basis. with an independent market review occurring every 5 10 10 years. During this process. a review is conducted not Iu51 for Key Management bul all workiri9 slaff of The Subsidiary. Refren¢e and admlnlstrative dot8il$ . Registered namo and nUm￿r The registered name of The Charity is Farmland ReseNe UK Limlted. The Charity does not Usg any other names. The Charity registration number is 274605. The Charity is registered with the Charity Commission in Englan and Wales. The company registration number is 01332670. . Offl¢e The princ¢pal and registered office address is Manor Fam), Church End, Wood Walton. Huntingdon, Cambridgeshire, PE28 5YU. Page 7

OoN5ign Envelo￿ ID.. 9EFD4At)5-EE5A4F3D-569742888E71A406 FARMLAND RESERVE UK LIMITED REPORT OF THE TRUSTEES AND DIRECTORS (INCORPORATING THE STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 • Dlrectors and trustee$ The Iruslees who served during the year and subsequent lo the year end and up lo the dale of signing the report were as follows-. B M Conway P A Tolman DLRose None of the trustees have qualifying third party indemnity insurance. Funds hold a5 Custodlan trustee on behalf of oth•rs Tho Charity does not hold funds as custodian trustee on behalf of others. Strateglc Report Prln¢ipal risks and uncertalntlgs Flnancial risk and management The main risk The Charity faces is that it relies on income from the leasing of 011 the famland il owns lo Its subsidiary undertaking. The Charity has sufficient rese￿e$ lo meet the needs of its charitable aclivilies for the foreseeable future and has assurances of continuing support from the parent company. Other fomis of risks and the management of these risks are: PTlce rlsk Salary costs are communicated tr) staff of The Group durtng the fomal annual review of salaries. Prices of materials purchased are subject lo contracts with suppliers, based on current market prices. As part of the nature of agriculture the company is subject lo price variations, but active efforts are made lo manage this risk by taking advantage of regular market information, fornard contracts. and owning sufficient storage. These storage facilities allow th8 company lo price and deliver products away from the harvesl wndow which is well known lo be a period of depressed prices. Credlt risk Credit risk on amounts ow8d to The Chafily by Its customers is low as the main doblor Is AgReserves LlmSled which is a wholly owned subsidiary. Credlt risks on amounts owed to the group are actlvely monitored. The Group continues lo make evory effort to minimlse exposure lo custrjmer credlt risks and all appropriate steps are taken lo reduce this risk. Liquldlly risk The Charity has no long-lerm borrowings. Assurances of continuing financial sUp￿rt have been received from the parent company. Intgrest rate cash flow rlsk The Chaiily is able lo place surplus funds on short term deposit with the Charitys bankers. With the present banking interest rale5 being $0 low there is a risk that the Charity does not make the best use of surplus cash and therefore every effort is being made lo reviow all tsptions that would bring the highest rates possible. Page 8

Oo(xjwgn Env8k)pè ID.. 9EFD4AD&EE5A4F3D-869742888£71A406 FARMLAND RESERVE UK LIMITED REPORT OF THE TRUSTEES AND DIRECTORS (INCORPORATING THE STRATEGIC REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Curroncy rate rlsk As a result of Brexit, the 2023 BPS Subsidy re￿iVed from the Rural PayTn&nts Agency was paid lo the subsldiary In Pounds Sterling. 11 is therefore highly unlikely that there will be a need to enter into any future fotward dealing facilities, thls almost entirely eliminates any curiency rale risk. Key performan¢¢ Indicator8 IKPIS) To measure the effecttveness of The Charitls strategy and 115 implementation The TNstees have identified the following KPI5'. 2023 £4.5M 2022 £2.9M 2021 £2.4M 2020 £1.7M 2019 £2.OM Profilabilsty eTalions Donations Received Resources expended eharitable activities Unrestricted Funds Unreslrided Funds available of Famiing £O.OM {£0.9MI £108.4M 1£0.7MI £O.OM 1£2.6MI £O.OM {£0.5MI £O.OM 1£1.5MI on £218.4M £10.8M £214.9M £17.1M £104.3M £25.3M £104.5M £26.6M £103.3M £28.OM readily Plans for future perlods The goals for 2024 include plans lo.. l. Continue lo enhance the profitsbiltty and efficiency of the farms through well-ieasoned acquisibon5 10 achieve, over lime. a concentratlon of land holdings around major fam) locations. Any future acquisitions will be funded from retained reserves or if necessary. donations. Along with well￿eaSOned acquisitions. a regular operational rewew of ¢urrenlly held farms occurs. New technology and science are continually rewewed and vetted lo see if it warrants integrallor¢ w¢th daily operations. 2. To careftjlly monitor the balance of unrestricted funds while striving lo achieve the concentration efforts identified in goal one, so that funds can be put to the use of The Charitls objectives as swiftly as possible. 3. Identrfy other charitable organisalions, twsls, associations or institutions formed for any of the charitable purposes included in the Objects, lo support through the provision of sponsorship, grants or other financial or in-kind contributions. Truste&s' responsibllltl•$ statement The Injslees (who are also directors of Familand Reserve UK Limited for the purposes of ¢ornpany lawl are responsible for preparing the report of the trijstees lincorporaling the strategic report) and the financial slalemenls in accordance wth applicable18w and regulations. Page 9

Docusign Envebpe ID. 9EFD4ADS-EE5MF3D4697-82888E71A406 FARMLAND RESERVE UK UMITED REPORT OF THE TRUSTEES AND DIRECTORS (INCORPORATING THE STRATEGIC REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Company law requires the trustees lo prepare financial slaletnents for each financial year. Under that law, the twstees have elected lo prop8re financial statements in accordance with United Kingdom Generally Accepted Accounting Practice Iuniled Kingdom Accounting Standards and applicable law}, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of IrelaF)d. Under ¢ompany law the trustees musl not approve the firsancial statements unles5 they are satisfied that they give a true and fair view of the slal8 of affairs of the charitable company and the group and of the incoming resour￿$ and application ol reso*Jr¢es. ncluding the income and expenditu￿, of the charitable group foi that period. In preparin9 these financial statements. the trustees are required to.. • select suitable accounting policies and then apply them consistentty., ' observe the methods and principles in the Charities SORP and FRS 102. make judgments and a¢counling estimates that are reasonable and prudent., prepare the financial ststemenls on the going concern basis unless il is inappropriate to presume that thè charitable group will continue in business. The Trustees are responsible for keeping adeqLtale accounting records that are sufficient lo show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any lime the financial position of the company and enable them lo ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the chafitable company and henGe for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirm that: So far as each Trustee is awa￿, there is no relavant audit infomi8llon of which the charitablo companvs auditor is unaware, and The Tru5t9es have taken all the steps that they ought lo have tsken as Trustees in ord8r to mako themselves awaTe of any relevant audit information and lo establish that the charitable companls auditor is aware of that information. Auditors The audltor, MHA. has indicated its willingness lo continue in office. The Designated Trustees will propose a mots'on re-appointing the auditor al a meeting of the Trustees. This report, Incorporating the strategic report, was approved by the Trustees, in their capacty as company directors and signed on their behalf by. "VSXIIPVVIÈ40¥.: ' B M Conway Trustee Date.. September 25, 2024 Page 10

tkcusvJn Envd(¥)e10.. 9EFD4AD&EE5A4F3D-8697-82B88E71A406 FARAfjLAND RESERVE UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FARMLAND RESERVE UK LIMITED Oplnlon We have audited the Financial Statements of Familand Reserve UK Limited (the 'parenl charitable companYI and ils subsidiaries (the 'group'l for the year ended 31 December 2023 which comprise the Con501idated Slalemenl of Financial A¢livilies, the Consolidated Balance Sheet, the Charity Balance Sheet. the Consolidated Statement of Cash Flows and the related notes. irscluding a summary of significant accounting policies. The rinancial reportlng framework that has been applied in their prepalalion is applicable law and United Kingdom Acwunting Standards, including Financial Reporting Stsndard 702 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, {United Kingdom Generally Accepted Accounting Practieel. In our oplnion the Financial Statements.. give a true and fair view of the slate of the Group's and of the parerl charitable companys affairs as al 31 December 2023 and of the Group's incorning resources and applicats'on of r9s0urces, including ils income and expenditure for the year then ended- have b&en properly prepared in accordance with United K¢ngdom Generally A￿epted Accounllng Pra¢li¢e'. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with Inlemational Standards on Auditing {UKI1ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the Financial Ststements seth'on of our report. We are independent of the Group in accordance wth the ethical requirements that are r818vanl lo our audit of the Financial Statements in the United Kingdom. inclvding tho Financial Reporting Council's Ethical Standard, and we have fulfill8d our other ethical rosponsibililles in accordance with these requlrements. We believe that the audit evidence we have obiaingd is sufficient and appropriate lo provide a basls for our opinion. Concluslons relating to golng ¢oncern In auditing the financial statements. we have concluded that the Trustees. use of the goiro o)ncem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have Trol idèntified any material un¢ertainlies relating to events or conditions that, individually or collectvety, may cast significant doubt on the Group's or the parent charitable companys ability to continue as a going concem for a period of at least tsvelve months from when the financial statements are outhorised for issue. Our ￿spOnsIbl11t1es and the responsibilitie5 of the Truslegs with respect to going concern are described in the relevant sections of this report. Page 11

DOCU￿g￿ Enveknpe ID. 9EFD4AD&EESA4F304697-82888E71A406 FARMLAND RESERVE UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FARMLAND RESERVE UK LIMITED {CONTINUEOI Other information The other infom)8tion comprises the infomialion included in the Annual Rep)rt other than the Financial Statements and our Auditor's Report Ihereon. The Trustees ar& responsible for the other inlomialion contained thin the Annual Report. Our opinion on the Financial Stslemenls does not cover the other inlomalion and. ex¢epl lo the exlgnt olheTwise explicitly ststed in our report, we do not fyxpress any form of assurance conclusion thereon. Our responsibility is to read the other information and, In doing so, consideT whether the other infomiation is materially inconsistent with the Financial Statements or our knowledge obtained in the course of the audrt, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether thls gives rise to a mateTial mlsstaternent in the Financial Statements themselves. If, based on thg work we have performed, we conclude that there is a material misslat8menl of this other infomalion, we aro required lo report that fact. We have nothing lo report in this regard. Oplnion on other matters prescribgd by the Companies Act 2006 In our opinlon, based on the work undertaken In the course of Ihe audit.. the information given in the Trustees. Report for the financial year for which the Financlal Statements are prepared is consislenl with the Financial Slal&ments. the Directors, Report included within the Trustses. Report has been prepared in ac￿rdance wlh applicable legal requirements. Mattèfs on whl¢h we are required to report by excèptlon In the light of our kn¢)wledge and understsndlng of the charitable company and Its environment obtsined In the course of the audit, we have not idenlifigd material misstatements in the Trustees, Report. We have nothing lo report in respect of the following matters in relation lo which Companies Act 2006 requlres us lo report lo you if. in our opinion= the parenl challtsble company has not kept adequate and sufficient accounting rewd8. or retums adequate for our audit have not been received from branches not visited by us.. or the pa￿nI charitable company Financial Statemonls are not in agreement with the accounting records and fetums., or rtain disclosures of Trustees, remuneration spe¢ified by law are not made.- or we have not received all the information and explanations we require for our audtt. Rosponsibllltles of Trustees As explained more fully In the Trustees, Rèsponsibilities Statgment sel out on pages 10, the Trustees (who are also the Directors of the charitable company for the purposes of company lawl are responslble for the preparats'on of the Financial Slalemenls and for being satisfied that they give a true and fair view, and for suth internal control as the Trustees delemine is necessary to enable the preparation of Financial Stalemonls that are free from material mlsslalemenl, whether due lo fraud or error. In preparing the Financial Statements. the Trustees are responsible for assessing the Group's and the parent charitable companls abilrty lo continue as a going concern. disclosing, a5 applicable, matters related lo going concem and using the going concem basis of accounting unless the Trustees eith8r intend to liquidate the Gr(￿p or the parent charitable company or to cease operations. or have no realistic alternative bul lo do $0. Page 12

DoCu￿9n Envebpe ID.. 9EFD4ADSEESA4F3M697-82B88E71A406 FARMLAND RESERVE UK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FARMLAND RESERVE UK LIMITED (CONTINUED) Auditorfs respon$ibilities for the audlt of th& flnanclal $tatement$ Our objectives are lo obtain reasonable assurance about whether the Financial Stslemenls as 8 whole are free from material misstatement, whether due lo fraud or error, and lo issue an Auditorfs Report th81 Includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audtt conducted In accordance with ISAS (UK) will always delect a maleriaS misstatement when il exists. Misstalemenls can arise from fraud or error and are consldered material if. individually or in thè aggregate, they could reasonably be expected lo influen¢e the economic decisions of users taken on the basls of these Financial Statements. IrrggularFbes. including fraud, are Instan￿$ of non-compliance with laws and regulations. We design proeedures in line with our responsibilities, oulined above, lo d&le¢t material misslalements in respect of irregularities, including fraud. The specific procedures tor this engagement and the exlenl to which our procedures are capable of detecting ifregularities. including fraud is detailed below. Enquiry of management and those charged wilh governance around actual and potential litigation and claims., Enquiry of entity staff lo identify any Instances of non•compliance with laws and regulations.. Perfoming audit work over the risk of management override of controls, including testing ofjoumal entries and other adjuslments for appropriateness and rewewing accounting estimates for bias.. Reviewing minutes of meetings of those charged with governance., Reviewing financial ststemenl disclosures and lesling to supporting documentstion lo assgss compliance th applicable laws and regulations. Bècause of the Inherent limhalions of an audll, there is a risk Ih8t we wll not delect all irregularlties. Including thos8 leading lo a material misslatemenl in the Financial Statements or non-compliance with règulation. This risk increases the more that compliance wlh a law or regulation Is removed from tho events and transactlons reflected in the Financial Statemgnts. a5 we will be less likely lo become aware of instances of non-compliance. The risk is also greater regaiding irregvlarilies occurring dLte to fraud rather than error. as fraud involves intentional Concealment, forgery. collusion, omission or misrepresentsllon. A fvrther description of our fesponsibilities for the audit of the Financial Stslemenls is located on the Flnancial Reporting Council's website al.. www.frc.o .ukJaudilorsres Auditorfs Report. nsibilities. This description forms part of our Pago 13

OocuskJn Envelope ID.. 9EF04AD&EE5A4F3D-8697-82B89E71A406 FARMLAND RESERVE UK LIMrrED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FARMLAND RESERVE UK LIMITED {CONTINUEDI Use of our rèport This report is made 501ely lo the charitable cOMpan￿S members. as 8 body. in accordan￿ wi(h Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale lo the charitable companys members those matters we ale required to slate lo them in an Auditorfs Report and for no other purpose. To the fullest extent permitted by law. we do not a¢cepl or a$5ume responsibility to anyone other than the charitsble company and its members, as a body, for our audit work, for this report. or for ttle opinions w8 have formed. $19Mdty.' cl LL/9 738JY4PE11D9161.. Rebecca Hughes BSclHons) FCCA (Senior Statutory Audllor} for and on behalf of MHA. Stalulory Auditor Northampton, United Kingdom Date.. September 25, 2024 MHA is the trading name of Maclntyle Hudson LLP. a 1Smited liability partnership in England and Wales (registered number OC3123131. Page 14

OotuBign Envelop8 ID.. 9EFD4AD5-EE5A4F3D4697-82888EYIA406 FARMLAND RESERVE UK LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Unr•$tri¢ted funds 2023 £000 Total ftEnds 2023 £000 Total funds 2022 £000 Not• Incoma from: Donations Other trading activities: Income from trading subsidiaries Investments Other income 108.450 12,049 163 1,450 12,049 163 1.450 8.418 41 587 Total income 13.662 13,662 117.496 Expenditure on: Raising funds-. Trading adivllies Other Charitable donation 7.782 858 900 7,782 858 900 5.734 618 130 Totsl gxpendituro 9.540 9.540 6.482 Net income before taxatlon Taxation 4,122 {658) 4,122 16571 111,014 {349} 12 Net movement in fund5 3.464 3,464 110,665 Reconclllatlon of funds: Total funds brought fotward Nel movernenl in fvnds 214,927 3,464 214.927 104,262 110,665 Total funds Carrled fopHard 21 218,391 218,391 214.927 Tha Cor)501idated Slalement of Financial Acttvities includes all gains an(J losses recognlsed in the year. The notes on pages 2110 47 foTm part of these financial statements. Page 15

DocU￿9n Envelope10.. 9EFD4A05-EE5A4F3D-869742B88E71A406 FARMLAND RESERVE UK LIMITED REGISTERED NUMBER: 01332670 CONSOLIDATED BALANCE SHEEr AS AT 31 DECEMBER 2023 2023 £000 2022 £000 Note Flxed assets Intangible assets Tanglble assets 13 14 188,784 183,953 188.784 184,157 Current assets Stocks Debtors Cash al bank and in hand 16 17 25 13,609 8,705 10,797 10,144 24.848 17.077 33,111 52,069 Creditors= amounts falling due within one year 18 12,099) 120,3761 Not current assets 31,012 31,693 Total assets less Current liabilltles 219.796 215,850 Deferied tsx 19 11.4041 {9231 Total net assets 218,392 214,927 Charity funds UnTeslricled funds Share Capital Unreslrfcled funds 1Q.000 208.392 10,000 204,927 21 Totsl unrestricted funds 21 218.392 214,927 Total funds 218.392 214,927 Page 16

DO￿J81gft Envebpe ID.. 9EFD4A￿EEsA4F3D-s6g7￿2886E7lA406 FARMLAND RESERVE UK LIMITED REGISTERED NUMBER: 01332670 CONSOLIDATED BALANCE SHEET (CONTINUED} AS AT 31 DECEMBER 2023 The Trustee5 ackn￿edge their responsibilities for ¢omplying with the requirements of the Act with respect lo accounting records and preParat￿n of finanaal s181emenls. The fin8nclal stalernents were approved and authorised for issue by the TrL¢Stees and signed on their behalf by.. JSryÉIYfYF5FlfPJ." . B M Conway Trustee Date.- September 25, 2024 The notes on pages 21 to 47 form part of these financial statements. Page 17

Docusyn Envelope ID.. 9EFD4AD&EE5A4F3D4697-82B88E71A406 FARMLAND RESERVE UK LIMITED REGISTERED NUMBER: 01332670 CHARrrY BALANCE SHEET AS AT 31 DECEMBER 2023 As restated 2022 £000 2023 £000 Nots FSxed assets Tangible assets Investments 14 15 183,977 9,450 178,420 9,450 193.427 187.870 Current assets Debtors Cash al bank and in hand 17 4,904 3,229 24,449 6,902 25 8.133 31,351 Crodilors.. amounts falling due wllhin one year 18 1423) 119,4811 Net current assets 7.710 11,870 Total a$sets l•s$ cuirent Ilabllities 201,137 199,740 Total net assets 201.137 199.740 Charlty funds Unrestricted funds Share capital Unrestricted income funds 21 10.000 191.137 10,000 189.740 21 Total unrestricted funds 21 201,137 199,740 Total funds 201,137 199.740 Pago 18

Docusign Envelope ID.. gEF04AO&EE5A4F3D4697-82U88E71A4LII FARMLAND RESERVE UK LIMITED REGISTERED NUMBER: 01332670 CHARifY BALANCE SHEET ICONTINUEDI AS AT 31 DECEMBER 2023 The Tluslees acknowledge their responsibilities for complying with the requirements of the Act wilh respect to accounting records and preparation of financial slalemenl5. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by. S￿r•dby. B M Conway Trustee Dale:September 25, 2024 The notes on pages 21 to 47 form part of these financial statements. Page 19

Docusl9n Env81ope ID.. 9EFD4AD5-EE5A4F3D4697-8ZB88E71A406 FARMLAND RESERVE UK LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 £000 2022 £000 Note Cash flows from operating a¢tivltles Net cash used in operating a¢tivities 24 6461 106,568 Cash flows from Investing actlvitles Proceeds from the sale of tangible fixed assels Purchase of intangible assets Purchase of tangible fixed asse15 Interest received 2.348 (14} 18.1311 163 765 {4071 1115,2021 41 13 14 Not cash used In Invèstlng actlvlties (5.6341 {114,8031 Chang• In ¢ash and ¢ash equlvalgnts In th9 year Cash and cash equivalents at the beginning of the year 16.2801 17.077 (8.235) 25.312 Cash and cash equlvalents at the end of tho year 25 10.797 17,077 The notes on pages 21 10 47 lorm part of Ih¢se financial statements Page 20

DOcU￿9n Envek)ptr ID. 9EFT)4A￿EE5A4F3D469T￿2868E7lA406 FARMLAND RESERVE UK UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Company Infom)atlon Farmland Reserve UK Limited is a charitsble company limited by shares, incorporated in England and Wales in the United Kingdom, and the address of its registered office is Manor Farm, Church End, Wood Walton. Huntsngdon. Cambridgeshire. PE28 5YU. Accountlng pollci•s 2.1 Bas1$ of preparation of Financlal Statemonts Familand Reserve UK Limited is an incorporated Charity registered with the Charity Commission for England and Wales registration number 274805. The Company is registsred in the UK, registration number 01332670. The Financial Statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Recommended Pracliee applicable lo charitses preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companles Act 2006. Farmland Reserve UK Limited meets the definition of a public benefit entity uftder FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value Unless olhermse stated in the relevant accounting policy. The Consolidated Statement of Flnancial Aclivkies ISOFAI and Consolhlaled Balancg Sheet consolidale the Financial Slalemenls of the Company and subsidSary undertaking. The r9su115 of the subsidiary are consolidated on a line by line basis. The Charity has taken advantage of the exemption allowed under section 408 of the Companles Act 2006 and has not presented ils own Statement of Financial Activities in these Financial Slalements. The Charitys functional and presentational currèncy Is British Pound Sterling 1£) and is rounded to thè nea￿$1 £1.000. The following principal accounting policies have been applied. 2.2 Golng concem The financial slalemenls have been prepared on a going concern basls as the Trustees believe that no material uncertainties exist. The Trustees havg Considered the level of funds held and the expected levgl of income and expenditure f¢x 12 months from auth￿ls1ng these financial statements. The budgeted income and expenditure is sufficient Mth the level of reserves for thg Group lo bg able lo continue as a going concern. Page 21

DocU$￿n Envelope ID.. gEF04AD&EE5A4F3D4697-82888E71A406 FARMLAND RESERVE UK LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 Accounting poll¢les Icontlnuedl 2.3 Income All income is recognised once the Charity has enlillement lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. DonatSons are included in the Consolidated Stalement of Financlal Activities on 8 receNable basis. The balance of ineome received for specific purposes bul not expended durfng th6 period is shown in thè relevant funds on the Balanee Sheet. Where incrime is received in advance of enliuemenl of receipt, Its recognition is deferred ancl included in creditors as deferred income. Wh9re entttlement occurs before income is Teceive(f. the income is accrued. Rental income is recognised on a slraighl line basis over tho period of the lease. Income from subsidiaries rep￿Sents revenue reco9nised in respect of goods and services. Revenue is recognised to Ihe extent that il is probable that the economic benefi15 will flow lo the Charity and the revenLte can be reliably measLtred. Revenue is measured as the fair v21ue of the consideration received or receivable. exduding discounts, rebates, value added lax and other sales tsxes. Revenue from tyop sales is recognised upon receipt of the goods by the customers. Whilst goods a in Iransit, the risk and rewar(J of ownership remain with the Charity. Single faTm payments are receivable on an annual basis. The annual payment is recognised in the year that the application applies to. Due to the regular variation in when the payment occurs. this is Tecognised either by accrtjal or upon receipt of payment. 2A Expenditure Expenditure is ie¢ognised On￿ there is a legal or conslruclive obligation lo make a payment to third paty. it is probable that settlement will be required and the amount of the tsbligalion can be mèasured rellably. Expenditure is classified under the following activity headings.. Costs of raising funds: trading activlties comprise the expenses of th8 trading subsidSary In undertaking its income generating activilles. Other expenditure represents the expenses of parent company in renting the langible fixed assets. These expenses are not Considered lo be directly attributable to either costs of rdising funds or charitable expenditure to further the Charitys aims. Where costs ￿nn0t be reliably attributed to palts'cular activities they have been allocated on a basis consistent with the use of the resources. Direct charitable expenditure comprtses expendrture ¢Jirect4y relating to the objects of the Charity. Governance costs incorpoiale those costs of governanc8 3ir8ngemenls which relate lo the general iunnlng of the Charity as opposed to th8 dlre¢l management lunctions. The costs relating lo these activllies provide tha gtsvernan￿ infrastfuclure which allows the Charity to operate and lo generate the inf￿Mation required for publi¢ accountabilily. An anal￿1$ of these c(Y3ts is disclosed in note 8. Support costs are those functions that assist the work of the Charity bul do not direcuy undertake charitable activities. Support costs include finance. professional and governance costs which support the Charit￿S adivities. As the￿ is only one activity in the Charity. the support ￿$ts have been allocated Ihore in full. Page 22

Decun Envek)pe ID.. 9EF04A￿EEsA4FJO46974288SE7lA4Q8 FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Aecountlng policies l¢ontinuedl 2A Expenditur¢ {continuedl Expenditure on charitsble activities is Incuired on direcuy undertaking the activities which further the Group's objectives, as well as any associated support costs. 2.5 Interest rèceivable Interest on funds held on deposit is included when receivable and the amount Can be measured rellably by the Group-, this is normally upon rhotrfi¢ation of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Taxatlon The Charity is considered to pas3 the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition ol a charita￿e Company for UK ¢OTporation lax purposes. Accordingly, the Charity is potentially exempl from taxation in respect of income or capital gains receivèd within categories covered by Chapter 3 Part 11 of the Corpoiation Tax Acl 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or g8ins are applied exclusively to ¢harilable purposes. Tax is payable on profrts in the subs6diary company. 2.7 Intanglble assets and amortisatlon Intangible fixed assets represent purchased entitlements to receivg the single farm payment subsidy. These are hel¢J at cost and amortised over their expected useful life. The amortisation charge is included wifhin expendittre on raising lunds.. trading activities line in the SOFA. Amortisalion is provided on intangible fixed assets 81 rates calculated to write off the cost of each asset, less Ihgir estimated residual value. over their expected useful lives orb the foll￿ng bases.. Single fami payTnenl enUtlemenls - °h Straight line over Iwo years 2.8 Tangible fixed as$ets and deprè¢lation Tangible fixed assets costing £10,000 or more are capilalised and recognised when fulLtre economic benefits are PTobable and the cost or value of the asset can be measured reliably. Page 23

Envekjpe ID.. 9EFD4AD5-EE5A4F3D-869742888E71A406 FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢eountlng policiès l¢ontinued) 2.8 Tanglble flxed assets and depreciatlon Icontinuèdl A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carryin9 value of any fixed asset may not be recoverable. Shortfalls be￿en the carrying value of fixed assets and their recoverable amounts are recognised as Impalm￿ntS. Impairment losses are recognised in the Stalemgnt of Financial Activitres. Tangible fixed assets are initially recognised al wst. After recognition, under the cost rnodel. tangible fixed assels are measLFred al cost less accumulated depreciation and any accumLtlaled impalrmenl losses. All costs incurred lo bring a tangible fixed asset into ils intended working ¢ondition should be induded in the measurement of cosL Depreciation is Charged so as lo allocate the cost of tangible fixed assets less their residual value over their estimated usef￿1 lives. using the slraighl-line method. Depreciation is provided on the following bases.- Freehold land not depreciated Land improvements over 10 to 40 years Assets under construction not depreciated until bmught into uso Planl and machinery over 3 to 10 years Equipment fixtures and fittings over 5 10 10 years Fam houses and farrn buildings- over 25 to 40 years The assets, residual values, useful lives and depieuation methods are reviewed. 8nd adjusleij prospectively rf appropriate. or if there is an irKlication of a significant ¢han9e slnce the last reporting date. Gains and losses on disp05als are delemined by comparing the proceeds with the carryng amount and are recognised in the Consolidated Statement of Financial Aclivilies. 2.9 Investments Invgslments ir5 subsidiaries are valued at cost less provisSon for impairnienl. 2.10 Stocks Agriculture produce is held under cost model, being slated al the lower of cost and eslimaled selling pri￿ less costs lo complete and sell. Cost is based on an allocation of Costs. Cultivations cost is delerrnined on an overhead 311oc81ion basis. Cultivation5 are in the earfy sla9es of growth at the year end and therefore their market value cannot be determined. Crop in store are valued at the lower of cost and net Tealisable value. with reference to market value and contracted future sales. Al each reporting dale. stocks are assessed for impaimient. If stock Is impaired, the carrying amount Is redU￿d to ils selling price less costs lo complete and sell. The Impairment loss is recognised in profil and loss. Page 24

DocJ!$Sgn Envdope10'. 9EF04AD&EE5A4F3D4697-82B88E71A4( FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2023 Accountlng pollcles Icontlnued) 2.11 Debtors Trade and other debtors are recognised at the settlement amount attei any trade discount offered. Prepayments are valuod at the amount prepaid net of any trade discounts due. 2.12 Cash at bank and In hand Cash at bank and in hand Sncludes cash and short-lemi highly liquid investments with a short maturity of three months or less from the date of acquisitlon or opening of the deposit or similar account. 2.13 Deferred taxatFon Full provision is made for defer￿d tsx assets and liabilities arising from all timing differences be￿￿en the recognition of gains and losses in the financial statements and recognition in the tax compulalion. A nel deferred lax asset is recognised only if il can be regarded as more likely than not that thero wll be suitable taxable surpluses from which the future reversal of the urKferlying tsming differences can be deducted. Doferred tax assets and liabilitles are calculated at the tax rates expected lo be effective al the timo the timing differences are expected lo reverse. Deferred tax assets and liabilities are not discoLtnled. 2.14 Financial instruments The Group also enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and crdilor8, loans from banks and other third parties,108ns lo related parties and investments in non-puitable ordinary shares. Financlal a55els that are measurgd al cost and amortised cost are assgssed at thg 9nd of each reporting period for objective evSdence of impairment. If objecllve evidence of impairment is found. an impalrment loss is recognisod in the Slalemenl of Comprehensive Income. For financial assets measured al amortised cost, the impairrnent loss is measured as the difference tse￿Oen an asset's Carrying amount and the present value of eslimaled cash flows discounted al the asset's original effective interest rate. If a financial asset has a variable interest rate. the discount rale for measuring any impairment loss is the current effectlve interest rale determined under tho contract. For financial assets measured at cost les5 impaimient, the impairment loss is measured as the difference between an asset's catryng amount and best estimate of the recoverable amounL which is an approximabon of the amount that the Group would receive for the asset if il were to be sold al the balance she81 dats. Financial assets and liabilities are oftsel and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an Intention lo settle on a net basis or to realise the asset and settle the liability simultaneously. Page 25

Docu￿9n Enveknpe ID.. 9EFD4AD5EE5A4F3D4697-82B88E77A406 FARMLAND RESERVE UK UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting poll¢les Icontlnued) 2.15 Operatlng leases Rentals Pa￿ under operating leases are charged to the Consolidated Slalemenl of Finanaal Activitses on a slraighl line basis over the lease leim. 2.16 Op•r3ting leas•$ . lessor Rental income is recognised on a slraighl line basis over the period of the lease. unless the rental payments are slrijdured to increase in ling with eX￿¢ted intlation. in which case the annual rental in¢ome equals the amounts owed to the lessor. The aggregato benefit of lease in￿ntiVeS are recognised as a reduct*on lo the income recogni5ed over the lease lemi on a straight line basis. 2.17 Ponslons The Group is part of a defined benefit pension scheme operated by The Church of Jesus Christ of Latter4ay Saints (Great Britain). Ihe Deseret UK Benefrt PLgn. The fund 15 valued every Ihree years by a professionally qualified independent actuary. wlh rates of ¢onlribLrtions payable being determined by the actuary. In intèrvening years the actuary reviews the contlnuing appropriateness of the rates. Pension costs are accounted for on the basis of contributions made in the year or accrued at Ihe year end, on a dèfined contribution basls. as requested by FRS 102 as the Charity is unable to identify ils share of th8 underlying assets and liabilth$s of the schtrme. Full details of the plan are provided in the financial slalemenls of The Church of Jesus Christ ol Latter4lay Saints (Great Britain). The Group is not liable to the plan for other entities obligations undor the terms and condllions of the mulli employer pension plan. The Group also operates a defined contribution pension plan for ils employees. A defined contribution plan is a pènsion plan under which the Group pays fixed contributions into a separate entity. Once the conlribullons hava been paid tho Group has no further payment obligations. The contribLttions are recognised as an expense in the Stslemenl of Comprehenslve Income whgn they fall du8. Amounts not pald are shown in other ¢￿dItorS as a liability in the Balance sheet. The assets of the plan are held separately fro￿ the Group in independently administered lunds. Pagg 26

Docu5vJn Envelope ID.. 9EFD4AD5-EE5A4F3D-869742688E71A4( FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcle$ (¢ontinuedl 2.18 Fund accountlng General funds aro unrestri¢led funds which are available for use at the discretion of tho Trustees in futherance of the general objectives of the Group and which have not been dosignaled for oth&r purposes. Designated funds comprise unrestricted funds that have be&n sel aside by the Trustees for particular purposes. Tha alm and use of each designatad fund is set out in the notes to the Financial Statements. Reslrided funds are fvnd5 which are lo bo used in accordan￿ with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and admlnistering such funds are charged against the specific fund. The aim and use ol each restricted fund is sel out in the notes to the Financial Statements. Investment income. gains and losses are allocated lo the appropri81e fund. 2.19 Crltl¢al accountlng estimatÈ$ and arnas of judgm•nt The followin9 judgements (apart from those involving estimalesl havg been made in th? process of applwng the above accounting pollcies that have had the most signthcant effe¢l on amount8 recDgnised in the financial stalemenls.. Trade debtor$ Trade debtors consist of amounts due from customers. An allowance for doubtful debts is maintsined for eslimaled losses resulting f¥om the inability of The Group's customers lo make required payments. The allowance is based on the companYs regular assessment of the credit worthiness and financial conditions of the customer. Slo¢k Stock is valued al the lower of cost and nel realisable value. Cost is determined tsn an overhead allocation basis. Net realisable value is determined by management with refergnce to market V￿Ue, consideration of contracted future sales. Certain factors could affect the net realisable value of The Group's stocks, Including customer demand and market conditions. Tangible and intanglble assets Depreciation and amortisalion are provided on fixed assets based on the eslimaled useful economic life of those assets. This is based on management's knowledge of the business. assets and prior experience. There ar& no key assumpUons concerning the fulure, and other key sources of estimation uncertainty al the reporting dalo, that havg a slgnificant risk of causing 8 material adjustment lo the carrying amounts of assets and liabilitlgs wthin the next financial year. Page 27

DfKusvJn EThvelope10.. 9EFL)4ADS-EE5A4F3D-8697-82B88E71A406 FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donatlons Unrestricted funds 2023 £000 Total fund$ 2023 £000 Total lunds 2022 £000 Donallons 108,450 Income from other trading a¢tlvities Income from non charltable trading activities Unrestricted funds 2023 £000 Total funds 2023 £000 Total funds 2022 £000 Trading SLtbsidiary 12,049 12.049 8,418 In 2022, income from the trading subsidiary was Unfeslricled income. Inve$lment Income Unrestricted funds 2023 £000 Total funds 2023 £000 Total funds 2022 £000 Interest re￿1vable from interest bearing 8eeounts 163 163 41 Page 28

DotyJsign Envelope ID.. 9EFD4AD&EE5A4F3N697-82B88E71A406 FARMLAND RESERVE UK UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Other Incomlng resour¢es Unrestricted funds 2023 £000 Total funds 2023 £000 Total funds 2022 Other incoming resources Profil on disposal of tangible fixed assets 656 656 115 472 794 794 1,450 1.450 587 Analysis of oxpenditurg on charitable a¢tlvltles Summary by fund type Unrestrl¢ted funds 2023 £000 Total 2023 £000 Total 2022 £000 Op6rallng costs of parent company Trading of subsidiary Charitable donation 858 7.782 900 858 7,782 900 678 5,734 130 9,S40 6,482 Summary by expenditur• type Staff costs Depreciation Other QO$ts 2023 2023 2023 £000 £000 £000 Total 2023 £000 Total 2022 £000 Operating costs of parent company Trading of subsidiary Charitable donation 756 990 102 858 618 1.787 5.005 900 7,782 900 5.734 130 Total 2023 1,787 1,746 6,007 9,540 6,482 Total 2022 1,545 1,211 3,726 6,482 Page 29

Do¢¥￿g￿ Envelope ID.. gEF04AD5-EE5A4F3D469742688E71A406 FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditurè by activltles ActiYltle$ undertaken directly 2023 £000 Support cost$ 2023 £000 Total lund$ 2023 £000 Totsl funds 2022 £000 Operating costs of pa¥enl company Trading of subsidiary Charitable donation 756 7,757 900 103 859 618 5,734 130 25 7.782 900 Total 2023 9,413 128 9,540 6,482 Total 2022 6,42S 57 6,482 Analysis of diract ¢osts Operating eosts of Trading of Charitable parent Subsidiary donation 2023 2023 2023 £000 £000 £000 Total funds 2023 £000 Total funds 2022 £000 Staff costs Depreciation Charitable donation Trading activities 1,787 990 1.787 1.746 900 1,545 1,211 130 3,539 756 900 4,980 4,980 Total 2023 756 7,757 9.413 6.425 Totsl 2022 576 5.719 130 6,425 Page 30

DOW￿￿7 Envelope ID.. 9EFD4A￿EE5A4F3D-869742888E7lA4o6 FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendlture by a¢tiviti¢$ (continued) Analysis of support costs Operatlng costs of Trading of parent subsidiary 2023 2023 £000 £000 Totsl funds 21123 £000 Total funds 2022 £000 Audit of Subsidiary Legal Audit of Parent Settlement Expenses 25 25 30 15 15 31 11 30 15 58 Total 2023 103 25 128 57 Total 2022 42 57 During the year ended 31 December 2023. the company Incurred the following Govemance eosls.. The Charity only auditor remuneration - £15k12022: £11kl Subsidiary company auditor remvneralion- £25k12022.' £15k} Not Income This is stalgd after chargingll¢rediting}'. 2023 Éooo 2022 £000 Depreciatton of tsngible fixed assets owned by the charitable Group Amortisation of inlanglble assets Audilorfs remuneration audit Audilorfs Temuneralion - other finanaal services Operating l&ase rentals Profit on disposal of fixed assets Pension cost 1.748 217 1,211 204 25 17941 298 14721 277 Page 31

DecuskJn Envek)pe ID.. 9EFD4AD5-EE5A4F3D469742888E71A406 FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Staff costs Group 2023 £000 Group 2022 £000 Wages and salaries Sttial security costs Other pension costs 1.346 143 1,147 121 277 298 1,787 1,545 The average numbgr of persons employed by the Charity during the year was as follows.. Group 2023 No. Group 2022 No. Production and administration 29 19 Th¢ average headcount expressed as full-lime equivalents was.. Group 2023 No. Group 2022 No. Production and administration 19 The number of employee5 whose employee benèfts (excluding employer pension costsl exceeded £60.000 was= Group 2023 No. Group 2022 No. In the band £60,001- £70.000 In the band £90,001- £100,000 In the band £100,001- £110.000 In the band £110.001- £120.0(KI In the band £130,001- £140,000 Page 32

DocuBlgn Envebpe ID.. 9EFD4ADS-EESA4F30469742888E71A406 FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustg8s' remuneratlon and gxpenses One trustee who is also a director of the subsidiary company, received remuneration from the subsidiary company in relation to services provided as a director of the subsidiary company. No other Twslees received remuneration or pension contributions. The remuneration paid is outllned below.. 2023 £000 2022 £000 B M Conway Remuneration Company pension contributions to defined contribution pensson schemes 135 117 39 36 Paymenl is made to the Trustee as agreed with the Charity Commission. Durin9 the year ended 31 Docember 2023. no Trustee èxpenses have beon incurred12022: £NILI. Other related paty transactions involvtng the Tntslees are sel OLrt in note 33. Page 33

OoBuslgn Erwebpe10.' 9EFD4AD&EE5A4F3D-8697-82888E71A406 FARMLAND RESERVE UK UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Taxatlon 2023 £000 2022 £000 Corporation tax Tax charge 177 30 Tot•l ¢urrent tax 17T Deferred tax Origination and reversal of liming differences 481 320 Total deferred tax 320 Taxatlon on net in¢ome 658 350 The lax assessed for the year is lowerthan12022.' higher than) the standard rate of corpora￿on tsx in the UK of 25Yo12022'. 19Y41l. The differences are explained below.. 2023 2022 £000 Surplus on ordinary actiwlies before lax- AgReserves Limited 2,724 1,686 Surplus on ordSnary activities multiplied by the stsndard rate of corporation tsx in the UK of 25Vo12022'. 190kn1 Other liming differences and disallowod expenditure Origination and ￿VerSal of tirning differences 681 1504) 481 320 1290) 320 Total tax charge for thg ygar 658 350 In the Spring Budget 2021. the UK Government announced that from 1 April 2023 the corporation tax rate would increase lo 25Yo (rather than remainlng al 190A, as previously enactedl. Thi5 new law was subslanlively enacted on 24 May 2021. For the financi81 year end6d 31 December 2023, thg current weighted averaged lax rate was 23.SVo. Deferred tsxes at the balan￿ sheet date have been measured using these enacted tsx rale5 and refflgcted in these flnancial statements. Pag8 34

D(wiw Envebpe ID". gEFD4AD5-EESA4F3D-869742888E71A406 FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Intanglble assets Gr¢up Slngle farm payment entitlaments £000 Cost At 1 January2023 Additions 14 Al 31 December 2023 856 ArnortlsatSon At l January 2023 Charge for the year 639 217 Al 31 December 2023 856 Not book value At 31 Decembgf 2023 Al 31 December 2022 203 Page 35

Do￿￿g￿ Envelope ID.. 9EFD4AD>EESA4F3D4697-82B88E71A406 FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Tangible flxed assets Group Land improv. Fami Equlpment As$ets in houses & and the course Farni Plant and flxtures of bulldings machinery and fittings Construction £000 £000 £000 £000 Freehold land £000 Total £000 Cost At 1 January 2023 Additions Disposals 155,100 1,371 25,138 4.711 1471 8,503 1.797 12,172) 1,226 143 2A23 109 192,390 8.131 12.219) At 31 December 2023 156.471 29.802 8.128 1,369 2,532 198,302 Depreclation Al 1 January 2023 Charg¢ for the year On disposals 5.161 710 1451 2,971 990 1620) 303 48 8,435 1,748 (6651 At 31 December 2023 5.826 3.341 351 9.518 Net book value At 31 December 2023 156,471 23.976 4.787 1.018 2.532 188.784 Al 31 December 2022 155,100 19,977 5.533 922 2.423 183,955 Pag8 36

Dctuslgn Envelope ID.. 9EFD4AOS-EE5A4F3D-869742888E71A4( FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Tangible fixed assets Icontlnuedl Charlty Restated Farm Assets Sn housgs & Equlpment the cours• Farm fExtures and of bulldings fittlngs constructlon £000 £000 £000 Restated Freehold land £000 Restated Total £000 Cost At 1 January 2023 Additions Disposals 15&101 1,371 26,207 4.833 147) 91 2.423 109 183,822 6.313 1471 At 31 December 2023 156.472 30.993 91 2.532 190,088 Dgpreclatlon At l January2023 Charge for the year On disposals 5,356 746 147) 46 5,402 755 1471 Al 31 December 2023 6,055 55 6.110 Net book value At 31 December 2023 156,472 24.938 36 2.532 183,978 Al 31 December 2022 155.101 20,851 45 2,423 178,420 Page 37

DoCU￿n Env8lope ID.. 9EFD4A05-EESA4F30-869742B88E71A406 FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Flxod asset Investments Investments In subsldiary companles £000 Charity C051 At 1 January 2023 Al 31 December 2023 9.450 Net book valuo Al 31 December 2023 9.450 At 31 De￿mber 2022 9.450 Princlpal subsidiarle$ The following was a subsidiary undertaking of the Charity- Name Company number Class of shares Holdlng AgReseryes Limited 02947030 Ordinary 100Yo The financial results of the subsSdlary for the year were.. Name In¢ome £000 Expèndlture £000 Profit for the year £000 Nèt assets £000 AgReserves Limlled 12,247 10,181 2,066 26.704 Page 38

DoCU￿gn En¥eknpe ID.. 9EFD4AD&EE5A4F3D-869742888E71A406 FARMLAND RESERVE UK UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Stocks Group 2023 £000 Group 2022 £000 6.174 3,970 Cuttivations Crops 5.506 8.103 13.609 10,144 An impairment wrile-back of £578.964 {2022.' £144,338) was recognised against slock during the year. 17. Debtors Group 2023 £000 Group 2022 £000 Charlty 2023 £000 Charty 2022 £000 Trade dgbtors Amounts owed by Group undertaklngs Other debtors Prepayments and accrued income Tax recoverable 7.719 4.268 50 4,591 114 31 4,453 19,923 42 261 725 20.085 85 410 8,705 24,848 4.904 24,449 AmoLtnts owed by group undertaking5 are unsecured, interest free. have no fixed date of repayment and are ropayable on demand. Page 39

D(Kusign Envelope ID.. 9EFD4ADS-EE5A4F30-8697-82B88E71A4LI% FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Credltors: Amounts falling due within on• yèar Group 2023 £000 Group 2022 £000 Charty 2023 £000 Charity 2022 £000 Trade creditors Amounts owed to Group undertakings Amounts owed lo participating interests other taxatSon and social security Olher Creditors Accruals and deferred incom 296 299 57 122 229 239 19.000 92 142 843 19,000 1,097 178 528 122 130 2,099 20,376 423 19,481 Amounts due lo group undertakings are unsecured. interest free. have no fixed dale of repayment and are repayable on dernar￿. 19. Doferred taxatlon Group and Charity 2023 £000 2022 £000 Al the beginning of the year Charge for the year ISOFAI 923 481 604 319 1,404 923 The deferred tax liability is made up as follows.. Group 2023 £000 Group 2022 £000 Accelerated capital allowances Short lem) liming differences 1.200 204 878 45 (1,4041 {9231 Page 40

Dowsign Envfjbpe10'. 9EFD4￿S-EESA4F3D-8697￿2B98E7lA4O6 FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Prior year adjustments The Group have deryded to adopt the recent change lo FRS 102 section 16.4A. which allows Investment properties rented to anothe¥ Group enlily to be accountgd for either al falr value or by transferring them to property, plant and equipment and applwng the cost model in a¢￿Idance with section 17 of FRS 102. The Group has decided to adopt the cost m&thod, lor the Companys own balanctr sheeL inline with Farmland Reserves Inc. the immediate and ultimate parent company of the Group. In prevtous years the investment properties had been revaluad each year and held al this valuation, with a resulting revaluation reserve. A £73.346k prior year adjuslmenl has been made lo derecognise the Tevaluation ieserve showing al 31 December 2022 in the Company balance sheet. Also, as a result of this adjustment. investment property has reduced from £249.165k lo £nil and property, plant and equipment has increased from £2,600k to £178,420k. This adjuslmenl has nol had an impact on any other reserves figures. The change lo the Charity accounts in respect of the prior year adjustment is as follows.. 2022 £000 Summary of tha prlor year accounting impact Redu¢lion in valuation of investment properties Reduction of revaluation resgrve Increase in fued assets {249,1651 73,345 175.820 Movement in incoma and expendlture account Page 41

DoLX!S4gn Envelope ID.. 9EFD4AD5-EE5A4F30-869742888E71A406 FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Statement of funds Statement of funds - current year Balance at 31 December 2023 £000 Balance at 1 January 2023 £000 Income Expenditure £000 £000 Taxation £000 Unrestrictsd funds Share capital Reserves 10,000 204.927 10.000 208,392 13,663 {9,540) 1658) 214.927 13.663 (9.5401 16581 218.392 Unrgstrlcted funds Charitable funds are unrestricted funds which are available for use at the discretion of Ihe Trustees in furtherance of the general objectives of the charttable comp8ny and whid) have not been designale(t for other PLtrposes. The Charity has taken advantsge of the exernplion Contained within section 408 of the Companies Act 2006 not to present ils own Statement of Financial Activities. The nel income for the year dealt with in the accounts of the parent charitable company was £1.4m 12022= £116.2ml. Page 42

Docu￿￿ Envek)pe ID.. 9EFD4ADSEESA4F3D-B69742888E71A406 FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Statement ¢f funds {¢ontinuedl stat¥ment of lunds- prfor year 8alance 81 31 December 2022 £otio Balance at 1 January 2022 £000 Income Expenditure £000 £000 T8xalion £000 Unrestrlcted fund$ Share capital Reserves 10,000 94,262 10.000 204.927 117.495 16.4811 13491 104.262 117,495 {6,481} 13491 214,927 22. Summary of funds Summary of funds - current year Balancg at 31 Doc¢mber 2023 £OOD Balance at 1 January 2023 £000 Incomo Expèndlture £000 £000 Taxation £000 Genero1 funds 214,927 13,663 19.540) {6581 218.392 Summary of funds - prlor year Balan￿ al 31 December 2022 £000 Balance al 1 JanL¢ary 2022 £000 Income Expendlture £000 Taxation £000 Gengral funds 104,262 117,495 16,4811 13491 214,927 Page 43

Do¢u$lgn Envfrbpe ID.. 9EFD4AD&EE5A4F3W97-82B88E71A4C6 FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. Analysls of net assets betwegn funds Analysis ¢f net a$$et$ betrfftn fund$ - current year Unrestrictèd funds 2023 £000 Total funds 2023 £000 Tanglble fixed assets Current assets Creditors due within one year Deferre4J lax 188.784 33,111 {2,0991 11.4041 188,784 33.111 (2.0991 {1,404) Total 2023 218.392 218.392 Analysis of net as$ots botween funds - prlor year Unrestricted funds 2022 £000 Total funds 2022 £000 Tangible fixed assets Intangible fixed assets Current assets Cieditors due within one year Deferred lax 183,953 204 52,06g {20,376} 19231 183,953 204 52.069 {20,3761 (923) Total 2022 214.927 214.927 Page 44

DoGusiyn Envelo￿10.. gEFD4AO&EE5A4F3D4697-82B88E71ML FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2023 24. Reconclllatlon of net movement In funds to net cash flow from operating activit1¢$ Group 2023 £000 Group 2022 £000 Nel income for the year las per Slalement of Financial Acliviliesl 110,665 Adlu$tments fr•r: Depreciation charges (Nots 141 Arnortisalion of intangibte assets (Note 131 Increase in stocks {Note 161 Decreasellincrease} in debtors {Note 171 IDecTeaseifincrease in creditors {Note 181 Interest recelved (Note 51 Profst on dSsposal of flxed assets (Note 91 Taxation (Note 12} Income taxes paid 1.748 217 13.4651 16,143 (18.307) 11631 {7941 658 1,211 204 {2.8791 121.494} 19,425 1411 1472} 349 {4001 1147} Net cash provldèd byllu$ed In) operating actlvities 16461 106,568 25. Analysis of cash and cash equlvalents Group 2023 £000 10,797 Group 2022 £000 17,077 Cash in hand Total cash and ca$h equivalents 10.797 17,077 26. Analysls of chang•$ in net dobt At1 January 2023 Cash flow$ £000 At31 DeCem￿r 2023 £000 £000 17,077 Cash al bank and in hand {6.2801 10.797 Page 45

D¢cuspJn ETrvdope ID.. 9EFD4AD&EE5A-4F3D4697-82B88E71A406 FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 27. Share capltal Allotted, called up and fully paid 10.000.000 Ordinary shares of £1 each. Pension commitments 28. The Group participates in a pension schème operated by The Church of Jèsus Chllst of Latter4ay Saints (Great 8rilain}. th8 Deserel UK Benefit Plans {Yie Plan"}. Thfy scheme is of the defined benefit type and is funded by contributions from the part(cipaling companies and their grnployees at rates determined by independent aeluaries in the light of regular valuations. Such contributions are held In truste administered funds completely independent of group finances. Full disclosure of the valuats'on is shown in the accounts of The Church of Jesus Christ of Latter-day Saints (Great Britsinl. The group has accounte(I for the scheme as if it was a defined Contribution scheme because il is not feasible to split the assets and liabilities of the scheme betweèn all the companies whose empk)yees are members. The Group also operates a defined contribution pension plan for its employees. A defined conlrtbution plan 1$ a pension plan under which the Group pays fixed contributions into a separat8 entity. Once the conlrlbulions have been paid the Group has no lurther payment obligations. Contributions to the schemes for the year were £298k {2022.. £277kl. Operatlng lease ¢ommitments At 31 December 2023 the Group and the Charity had commitments lo make ftJluTe rninimLtm lease payments under non-cancellable operating leases as follows.. Group 2023 £000 Group 2022 £000 Wlthin 1 year Page 46

tIo¢us￿n Envelop9 ID.. 9EF04AD&EE5A4F3D4697-82888E71A406 FARMLAND RESERVE UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Flnancial rlsk management The risks arising from financial instwments to which the entity is exposed al the year end are as follows.. Credit ri$k In view of the recent economie downlum the Charity is making every effort lo mir+imise exposure to customer credit risks and all appropriate steps are tsken to Teduce this risk. Prlce rlsk As part of the nature of agriculture the Charity is subject lo prfce variallons, but actlve efforts are made lo manage this rfsk by tsking advantage of regular market information. fOn￿ard contracts, and owning sufficient storage. These storage facilities allow the Charity lo price and deliver produclg away from the harvest window which is well known to be a period of depressed prices. Market risk The year end valuation, and resulting gain or loss in the Statement of Financial Activities, of financial instruments measured al fair value Ihrou9h income and expenditure. is subject lo changes in the maikel value of the listed investments in which shares are held. 31. Unr•strlctgd Income funds - Charfty This reserve reprgsents cumulative nel income on unreslricled income stroams. Please refer lo nol8 21 for fvrther details. 32. Tumover All turnover arose within the United Kingdom. 33. Rolated party transactlons The Charity has taken advantage of disclosure exemptions available within FRS 102 section 33 and not Included details of any transactions with wholly owned Group companies that are Induded in these consolidated accounts. Controlllng party The immediate and ultimate parent company of the Group is Farmland Reserve Inc, a not for profit company incorporated in the United Slates of America. This is the largest and smallest Group of undertakings for which Group accounts are drawn up. Thè Charity is directed by Familand Reserve Inc. through budgets and plans reviewèd by the Chatity Trustags. Page 47