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 w*thin 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.
Ref*ren¢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 parer*l 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 collect*vety, 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

Decu*n 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 expenditt*re 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