Company no. 0151319) Charityno. 281276 Progressive Farming Trust Limited Report and Audited Financial Statements For the 17 month period ended 31 March 2024 0711Iy2024 CCWANIES HCiISE 113
Progro$$lve Fannlng Twst Um Reference and admlnlstrallve detslls For the 17 m¢)nth eriod ended 31 March 2024 Company nlber 015131 Chaiity number 281276 Regl$tered ¢ffl¢e and Trent Lodge operational address Stroud Road Cirencester GIOUstersh1e. GL7 6JN Trust•es Trustees. are also directors under company law, th Served dudng the year and up to Ihe date of this report were as follows.. T Bermett (Chair to 5 April 2023) J Dwyer H Eklridge VHir R Kerr D Pk (Chair from 5 April 2023) J Pickering S Rajar C W8tson N Westaway Resigned 5 April 2023 Appointe(11 July 2024 Resigned 14 December 2022 Resigned 1 Juty 2024 Senlor management L MacLeman- CEO team T Connett- Head of Finan¢e J Cooper- Head of Research W Simonson - Head of Research S Thomlon- Interim Head of Finance Re$igned 1 June 2023 From 1 Juty 2023 Resigned 1 July 2023 Fr 11 April 2023 10 30 November 2023 M Wilson- Head of Finance & Ras(yJrces From 13 November 2023 C¢ffiipany $o¢rolary L MacLennan B•nkers Triodos Bank Deanery Road Bristol BS15AS Auditors Gothey Wdson Lrniled . Chartered accountsnts and stsluw auditors 5th Floor Mariner House 62 Prince Street Bristol BS14QO
Progressive Famiing Trust Limited Report of the trustees For th• 17 month riod ended 31 Iah 2024 The trustees present their report an(J financ ststements for the period end8d 31 March 204. Reference and administrattV8 informat set out on pag8 1 fonns part of thr& report. The financial ststements comply wth current slalulory wuirements. the Memorandum and Articles of AssociafKJn and the Stalernenl of Recommended Practi- AcCting and Reporting by Charities (effective from January 2019}. Objectives and actlvttl•s The prog$s1Ve Farming Trust {Irading as The Organic Researeh Centrel IORCI aims to Combbne scientific excellence with practical expernCe to delNer real benefits on the ground for all our futures by working. nationally and inlernalionalty, to- . Research and devekjp prnctical, suslaiablè land management aThl frxxl prod1 systems based on organic and agroecological princtples: . Foster knowledge exchange beknn researchers. wo(kKers. food businesse5 aTrJ related professionals.. and . Infler wlicy ar pU1C debates on the fuiure of focJ and farniing based on sound evidence. Our objectives are pursued by means of a detsibd programme of ac¢Nibes as set out in our annual business plans, with a quarterfy review process. intemalty and by the Council of Management. used to monitor progress of aclivib.es and the outputs delivered. The tru$lee$ have idenlrfd the foMo¥ing public benefits derived from Ihe Charitys adivik5'. The advancement of edtion. i.e. actNitiès to womote. sustsin and increase individual and collective knovAedge and urY£erstsndir¥J of specift aws of study. skims and expgrtise. remains the wimary of relevance.. . The advancement of health. advancement of environmental protection and improvement {in particular the promotion of sustsinable development and biodiversity. Thg promotion of leIlrj and 5UStainable waste management", and research projects into the use of ren8wabte energy sources.. and . The advancement of animal welfare through research into improved Ipieslock production systems. All findings of ow research pr(Jrammes are made avaikble in the public domain. ORC c8rries on certain other adiwlies in addition to fundraising arKI adminisloring Ihe organisation. These inctude the management and adminislrat)n of Agricology, which is a oJlaboralK)n of 40 organisations who share their findings and provide practical information regarding sustainable famiing pradices. regard$$ of labels. It also manages and administers tha Dean organ Fund, which offers interest free loans to organic growers and farfflers who may not otheMse be able to Secu finance. Achlevements and perfomian Been November 2022 and March 2024 Organic Research Cenlre IORCI has worked on 26 projects. ¢olleth"vely worth £1.75M wlh over 100 partners from the UK and across Europe. We have published 12 technical rewirts. 5 peer-rewewed joumal articles and one book chapter and made 41 presentation5 at national events such as the Nalional Organic Conference {NOC} 8nd the Agroforestry Show reaching more than 3,000 peOe in person and many more ¢Mline.
Progressive Fanning Trust Llmitsd Report ol the Irustees For the 17 month ork>d ended 31 Mar¢h 2024 Agric(th)gy is key lo ORC'S impact deliVY strategy. Durng the its new website was launc*)ed which has significanly improved user experience wrfh 62% increase in the time users spend on the sile indicating th8t usefs are finding rn0 infomiation of value lo them. In addition, Agriwk)gy has reinvlgorated its programme of farni visits. Workshops and events Iruding its continued sponsorship of Groundswell. collectively have generated a signfficanl archrve of conlenl a(sS a range of subject matter. In the 17 rnonlh period lo 31 March 2024, the Dean Organic Fund granted six new inlerest-free loans with a cumulative value of £109.252 lo a variety of market gardens and vegelable box 5chernes. The Fund Ks designed lo help small pTodu¢%rs expand by woviding k)ans for capitsl projects. such as pol tunnels. irrigation systems and machinery. 10 loans were fijlly pahl off during this perlod. On 31 Mah 2024 there were 17 k)ans outstsnding ¥th £197.430 due for repayment.131 October 2022.. 21 108ns th £176.759 due for repayment) In the 17 month perK)d to 31 March 2024, ORC'S own fundraisiNJ activitses generated income of £626.775 from a cost of £255,725 12022.. £393.000 income from a c05t of £187,403). This was achieved through a mttture of dLwtions from Indivua1s. trusts and foundations. and major donors. Plans for the future We will Comp¢0 the Importance of Hedgerows prolect which awn$ to defiThtive evidence on the role of hedgerows in nurturing Wo(18nd biodiversty. We will eontinue to wc¥k on the fdknw"rKJ Fkvizon Ewope F]eets in colabOrat ¥Mth European partner organisations.. . Opef8 (ends September 20251 in we are supkN)rting knovledge exchange of weed control methcrfls lch are aliematwes to using herbicides". Reloresl lends June 20261 in which we are assessing the wnpad of tree planting in a9ri¢ulture to improve environmental sustainability: Liv8seeding lends September 2026} whith is awned at wnpTOViThJ ¢xganic seed use wlhin farming,. and Reliveslod( (ends ALtrgust 20271 which is h)oking al reducing greents)use gas eMissS in Iwestock famiing aryl supporting the adcW)n of innovative practices. Since the end of the financial perK)d, we have rgceNetl signfficant secured funding for prects which will stsrt in 2024 and continue inlo 2026.. The Feed the Soil project has been funded by a comtM"natson of indivhdual donaltons through The Big Gwe and through the Charilies Foundation. This proied is amed al assessing the impact of using organic mulches in organic faming., and The Green Grass project has been funded from generous donatK)ns from Esmée Fairbairn Foundation and through the CharItS "d Foundation. This project aims to devesop strategies lo reduce synthetic fertilisers lo reduce gregnhouse gases and improvo ¥110nmental sustainabilty.
Progressiv¢ Farrning Trust Llmited Report of th• trustees For the 17 month erlod end 31 March 2024 Financial r•vl•w The financial performance of the charity is sel th8 attached faal stalements. Totsl KKoming reree$. includiThJ ine4)me frtyn charitable actiwlies. £1.273.251 for the 17 month period 1£747.132 for the year ended 31 October 20221. In addib.on lo the longer repon9 period, iheie are main eonlribLrting facto to thi5. First. the incTease in the value of Horizon project work as the four projects in vthich we are involved progress towards met)n. Second. our success in increasing grant fundirMJ Trusts & Foundat#>ns to support our researth and Agricology work. Total expenditure was £1.526.656 for the 17 monlh pericKI1£1.086.256 for the ar ended 31 Octobèr 20221. The net expenditure for the period has been offset in part by a £35.472 unrealised gain on inve51menls (loss of £184.6 for the ar ende¢l 31 October 2022) driven by the performance of US bond markets in the lasl couple of months of 2023. The resL¢rting net redUCtn in funds of £217.933 {2022: £524.030 reduct*Jn in fvndsl sees £353,758 reduclK)n in unroslricled reserves bery paftially offset by a £135.825 ireaSe in restricted reserves. The fall in unrestricted reserves is to Ihe fol¢)wing'. . A hgh proportion of inwne being generated fr(Mn Horizon Europe projects which generate a mparativety low net ¢oniribulton: Having rècantty received restricted funds fr(¥n Twsts & Foundalions las seen in the inerease in slricted reserves over the 17 month period) the grants Wcally relate to projects Lasting 18-24 Months. These were still in the slart•UP phase and so the opportunity to draw down fund5 10 contribute lo our cost base has been limrted.. and The anlicipaled grovrth in ine4)me required to cover costs did not malerialise to th8 extenl required and the Trustees and Senior Managemeni Team are thking at options to address this. The shortfall in income was funded fr our unrestrKted reserves whth were £577.314 al 31 Mwth 20241£931.072 at 31 October 20221. Sources of funding Swrces include restricted fundry gained Ihrough project fuTrJing bids and applications lo charitable trusts and major donors and IJn$tric1e(I funds donated by clwitle tnJsts and indivtdual donors. Prlncipal rfsk factors and maThag8rnent The trustees have given due consideration to the major risks to whh the charity is exposed and holds a register ol these. We have tsken all reasonable steps to mtligate thesg risks. Risk assessment and management processes are in operation on an ongoing basis throughout the organisats'on and cover all aspects of finarKial and n-finala1 perfomiance. The rnoniloring of our finanoal control systems and prLxedures and riskrfnanagemenl strategies is delegated lo the Finan and Remuneration Committee. lch meets quarterfy and reports to the COU11 of Management. Ttte major risk L<Jenbfied is the future financial sustainability of the chanty and the Senior Management Team continues to rewew cosls. woiect management mgthodologies and the pipeline of suitabty lunded projects.
Progressive Farnilng Trust Limited R•port of th• trusle•s For th• 17 month "od end•d 31 IAar¢h 2024 RerVeS poli The charit¢s serve policy is to maintain liquid unrestricted reserves equating to four months of rts regular expendrture. currently £350.000 - £41)0.(NX). The charitys lotsl free reserves consisting of tho unrestricted funds hehJ wtlhin net current assets tther wth the portfolio of listed investments which 15 held lo generate income and suppcvt ils kng-term busne5s strategies. As al 31 March 2024 these equated lo £575.884 (2022.. £926.944). Investment policy The market value of Ihe Trust's Inveslments m 31 March 2024 were £758,097 131 October 2022.. £861.024}. The investsmenl pdicy seth.ng (yjt tho investment objectiv6s. risk. liqu#Jity and policy provides tho strategic constraints wthin which the Trust's finances are managed. It is revwe(l annually. In summary, the inveslmenl obJ"eclives of the Trust are: . Grthh of k)ng-temi inVestmts achieving the highest p)ssible retum wilhin an acceptable level of risk.. . Grh investment lo gerate a retum of UK CPI phJs 2.0% per nuM over the lon9 tem) aftor fees and expenses.. arbd . Growth inveslmenl yiekl to generate cash reiums of 2.0% per annum. required to support ORC'S operating Surplus1defil. In September 2023 the trustees decided to adopt a more c8UtKrtJs invesknenl strategy. The gro% investment retum and growth investment yiehj retum were reduced from UK CPI plus 3.5% arKI 3.5% respecbvely. This r&Juces exW)Su to investment vahJatM)n k)sses and PdeS greater certainty to $hort term lumS. The detsiled management of the investrnent portfo is the re5FsibIlrtY of the appointed professional investment managers. StnKture, govemance and management The Progressive Farming Trust is a company limited by guarantee govemed by Tts Memorandum and Articles of Associatson dated 19th August 1980 as amendgd on 11 Juty 2019. It 1$ a charity and has been registered with the Charity Commission since 1980. The company doe$ not have a share capital. ft has no subsidory mpanieS or le9al association Mth other organisations. The company does work in partnership hth many or9anisalions on the delivery of projects and other charilabk activtties. The ORC has a Council of Management conysting of not $$ than three and not more than frfteen unpaid Truslees (Direclors). whth sgts straie9y and directi aThJ monitors perf¢)mian¢e. The company is run on a day4Trthy basis by a Senior Management Team 1 by a Chief Executive Officer, supported by a Head of Research and a Head of Finance. The Senior Manag8menl Team is responsible for IMmentsng the plans approved by the Council on the basi8 of a stslement of Delegated Authority.
Progressive Faling Trust Limited Report of the trustee$ For the 17 month eri¢xl ended 31 Mar¢h 2024 The remuneralion of the Senior Management Team is set by the Cj¢11 as advised ty the Remuneration Committee. The remvneration policy seeks lo ensure that a} as this is a research organisation. for all staff relative pay levels compared with the Htgher Education sector are maintsined. and b) that for the Senw Management comparabiltty with remuneration in other similar chariknes is a150 maintained. Trnstee rncruilment and induction The trustees {members of the Counul of Management) are elected by Ihe Members of the Prog$s1¥e Famiing Tfust at the Annual General Meeling. with one-third retiring annually and eligible for re-ekdion. Recruitment of trustees is achieved through personal recommendati1 or ublising specialisl agencies. The Council contains a broad range of famiing. business. finance and organic experience. research, legal and internanal kne. and political expenence Iwe¢J V+ilh environmentsl interests. Inlormation is prowded lo help new trustees to familiarise thernsees with the objectives and activilies of ORC. They are also referred lo the Trustee A¢1 2000 and relevanl Charity CommissKJn guidance. Details of trustee and related paty transacti$ arg disclosed in note 19 to these accounts. Statement of responsibilities of the trustees The trustees Iwho are also directors of the charity for the purpx)se$ of company lawl are responsible f¢y preparing the trustees, reFort aThJ tho financial statgments in accordance wth applicable law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102.. The Financial Reporting Standard applicable n the UK arKI Repubk of Ireland (Unrted Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial ststements for ea¢h financial year, which give a true and fair view of the stste of affairs of the charity and of the income and expenditure of the charity for Ihal period. In preparing those finanrAal stalernents the trustees ¥e required to.. . selecl suitable accounting poh'cies arKI then applythem eonsistenlly. observe the methods arhd principles in the Charities SORP.. • make judgements and accounting estimales Ihat are reasonable and prudent., stste whether applicab UK accounting standards and statements of recommended practice have been followed, suLy'ed to any material departures disd05ed and explained in the financial slalements.. and prepare the financi81 ststements on the going concem basis unless tt is inappropriatg to prgsume that the charity will conlwe in operatkln. The trustees are responsole for keeping proper accounting records which di5dose with reasonable accuracy at any time the financial posit of the Charity and which enab them to ensure that the fH)ancial statements compty writh the Companies Act 2006. The trustees are also r8sponsible lor safeguarding the assets of the charty and hence for taking reasonable steps for the pTevention and detecli¢Jn of fraud and other irregularib"e5.
Progressive Famlng Trnsl Umit Report of tho trust••s For tho 17 monlh erlod ended 31 March 2024 In so far as the trustees are aware.. there Is no relevant audit inf(¥mation of which the dBrIts1e companls auditors are unaware: and the Iruslees have taken all steps that they ¢yJghl to have tsken to make themselves aware of any relevant audit infom)ation and to ostablish that Ihe audrtors are aware of that information. The trustees are resFKjnSib for the maintenance arKI integrity of the corpx)rale and financial inforrnalion induded on the charrtable compan5 website. Legislation in the united KirKJdorn goveming the preparation and dwemination of financial statements may drffer from legislation in other jurisdiclicffis. Members of the charity guarantee to contrbule an amount nol exceeding £1 to the assets of the chanty in the event of winding up. The trustees are members of the charity bul this enliks them ClY lo voting rights. The Trustees have no beneficial interest in the charity. Auditors Go(Ifrey Wilson Limited were re-appointed as audit(¥s to the chari18blo company during the year 8nd have expressed their willingne5S to )fttinue in that capaw. Approved by the Iruslees on 2S September 2024 aNI signed on their t*half by Donald Peck- trustee and chair
Indepond•nt audit¢)ro' report To the m&mbers of ressive Famiin Trust Llmit Opinion We have audited the financtal statements of Pwressive Fam)ing Trust Limited (the 'chariWI for the 17 month pericmy ended 31 March 2024 which comprise the ststement of financial actNities. balance sheet, statement of cash flows and the relaled notes to the financial statements. iluding a summary of significant accounting policies. The financial reFQrting framework that has been applied in their preparation is applicable law and Unrted lQngdom Accounting Standards. including Financial Reporting Slandard 102.. The Finanual ReportirvJ Stsndard appluble in the UK and Republic of Irdand (Unrted Kwudom GeneraIlyApted AlUnting Practice). In our ownion. the financial statements- ' give a true arKI fair view of the state of the drity$ affairs as at 31 March 2024 and of its incoming resources and application of res¢)urce$. induding its InMe and expenditure. for the year then erKled: . have been property prepar&J in wirdance WTth United King Generalty ACpted AccoLsntrng Practice,. and . have been prepared in accordance the reqUements of the Companies Acl 2006. Ba$ls for opinion Wg conducted our audit in acccKdance *ryth IntemanaI Standards on Audrtwo (UK) {ISAs IUK}l and applic8bl8 law. Our reswnsibilities under those standards are further described in Ihe Auditor's responsibilities for the audit of the financial stalernenls sects)n of our report. We are independent of the charity in accordance wth the ethical requirements that are relevant lo our audit of the financval statements in Ihe UK including the FRC'S Ethical Stsndard. and the provisions available for small entilies, in the cirujmstances set out in rKJte 9 to the financwl ststements, and we have fulfilled our other ethical resw)nsibilities in accordance with these requirements. We believ8 ihat the audr¢ evidence we have obtained is sufficwt arKI apwwiate to prowde a basis for our ¢oinK)n. Con¢lusions relating to going concern In auditing the ffinancl stalemenls. we have conduded that the trustees, use of the going concem basis of accounting in the preparation of the financkal stslements appropriate. Based on the work we have performed. w8 have not idenlrfied any material unrtaIntieS relating to events or con¢Jitions that, Indidualty or collectNely. may cast snifiCant doubt on the charitys abÉli¢y to continue as a going C(Cern for a period of al least e1Ve mcffiths from when the financial slalements are authorised for issue. Our responsibilities and the resrM)nsibililies of the trustees wth respect to going concem are describod in the relevant sections of this report. Other infomation The other infomialion comwi$es the infomiatim induded in the annual re[L other than the financial statements and our audrtor's report Ihereon. The trustee5 are responsib foT the other informatKJn. Our opinion on the financial statemenls does cover the other infomiation and. except to the extent olheNise 8xplicffjy stated in our report. we do not express any form of assurance conclusM)n thereon.
Ind•pondent auditors. report To th• membafs of rosslve Farniln Twsl Llmitad In connectw)n wrth rmjr audit of the financial statements. our responsibilrty is to the other information and, in doing so. consider vthether the othar infomiation is matarially irnSist0nt wilh the financial slatemer)ts of our knovAedge obtained in the audrt or otherwise appears to be materi8lly misststed. If we identfy su¢h material inconsistencies or apparent material misststements, we are required to delerrnine whether there is a material mi551atemenl n the financial statements or a material misststemenl of the other infonnation. If. based on the Vrk we have performed. we conclude that there is a material misslalemertt of this other infomation, we are required to port that facl. We have nothing to repcfft this Opinion on oth•r mattws pr¢scribod by the Companlos Act 2006 In our opinion. based on the work undertaken in the course of the aJIL . the information given in Ihe trustees. T?rl *thich inclLKlos the directors, report Wgpargd for the purposes of company law. for Ihe finanual year whtch the finaKial statements are prepared is consistent wlh Ihe financial statements: and . Ihe ¢Jire¢lors' report included wrthin the trustees. rewt have bgen prepared in a¢cordan¢e with applicable legal wuirements. Mattern on which we are required to report by exceptlon In the light of the knowwge and understanding of the company and its environment obtsinod in the course of the audit. we have not ioentrfied material misststemenls in the directors, report included thin the trustees, report. We have nolhing to report in respe of the followrvJ matters in relation to which the Companies Acl 2C#)6 requires us to reFrt)rt to YDU rf. in our opwiion: adequate acccHJnling record5 have r1 been kept or fetums adequate for our audit have not been received from branches not wsited by us.. or . thg financial statements are not in agreement wilh the accwnb.ng records arKI relurns: or certain disclosures of Irustees. remuneraiion sper ty law are not made.. or we have not received all the infoMiatn and explanations we requi for our audit,. or the truslee$ were not entitled to prepare Ihe financial 5tstements in accordancg th the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report anil from the requirement to prepare a strategic rewt. Responsibilities of the trustses As explained mwe fulty in the IrLJStees' res[5&1itleS statement set L¥Jt in the trustees. report. the trustees (who are also the directors of the charitable company for the purSe$ of company law) are responsible for the preparation of the financial ststements and for bwng satisfied that they give a true and faif view, and for sLh internal control as the trustees determine is neSary to enable the preparation of financial statements that a free from material misstatement. vthether due lo Iraud or error. In preparing the finarrial slatements. Ihe trustees are responsible for assessing the chartys ability lo continue as a going cortcem. disclosing. as applicable. mattors Telaled lo going concern and using Ihe going concem basis of accounting unless the trustees either intend to INJuidale the charty or to cease operations. or have no real'sb"c altemative trrtrt lo do so.
Independent audltors. rewt To thè membèrs of Pro re$sive Farmin Trust Limlled Our responsibilitles for the audit of the financial statements Our obje¢lives are lo obtsin reasonable assurance abCt whether the finarKial statements as a who are free from material miss¢atemenl. whether due lo fraud or error. a1 lo issue an audilor's report that includes our opinion. Reasonable assurance is a hvJh level of assurance. bul is a guarantee that an audit co1cted in accordance wrfh ISAS {UKI will aNvays detect a material misstatement when it exi51s. Misstatements can aris8 from fraud or error and are considered material rf, individualty or in the aggrggate. they coukl reasonabty be expgcled to inlluence the econ71¢ decisions of users taken on the basis of lh financ4al statements. IrregutaTilie5. including fraud. are instances of nonvcornpliance wtth law5 and regulations. We design procedLtres in line wth ¢)ur responsibilities. outlined above. to detect material missla18menls in respect of irTegularitEs. including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularibes. including fraud. are detaikd bekny. {11 We obtaine(l an understanding of the kgal WKI regulatory frame%rk that the charity operates in. and assessed the risk of non-compliance w7th applicable laws and regulations. Throughout the audit. we remained ert to possible indicatrons of non-compkn"ance. 12) We reviewed the chanty's FK4icies and W¢edureS in iektM)n to." . IdenlifyiNJ. evaluating and comptying laws and regula11s. arKI wthether they were oware of any inslances of non<omplian¢e." . OetectirF and responding lo the nsk of fra, and wllethv they Vwe aware of any aclual. suspected or alleged fraud.. and . Oesigning and implementing inlemal controls to mitsgate the risk of non-comp1k?n with laws and regulations. including fraud. 13) We inspected the minutes of trustee meetiws. {41 We enquired about any nonr1fte communicatMM wih regulat and reviewed any reports "made lo them. {51 We reviewed the financial statement disclosures and assessed their compliance wlh applicable laws arKI regulations. {61 We perfomed an81Cal procedu$ to identify any unusual (ff unexpecled transactions or balances that may indicate a risk of material fraud or error. {71 We assessed the risk of fraud through management overrwje of controls aThJ carried out pro¢eduro$ to address this risk. Our procedures included.. . Testing the appropriateness of journal entries,. . Assessing judgements and accounting estimates for Fthnlial bias: Reviewing relaled party transadions,. and . Testing transactions that are unusual or (wtside tho ncwmal ¢OUTse of business. Because of the InhenI limitstions of an audit. there is a risk that we VAII not detect all irregularities. including those leading to a material mi8stalement in the finanaal ststements or non<ompliance r8gulation. Irregularitses that arise due to traud can be even harder to detect than those that arise from wror as they may invofve deh"berale eorKealmenl ( CfJKJsKx). 10
Independent •uditors' report To the members of ressive Farmin Trust Limit•d A further desciiplion of our responsibilth.es for the aud(( of the financial statements is kjcated on the Financid Reporting Council's website at". wvM.frc.org.uklaLtditorssK?n5iblliIle$. This descrlption fcrfms part of our auditor's ret. Use of our rtport This report is made solely to the charitys members. as a trt)dy. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audil Work has been undertaken so that we might stste lo the charivs members those matters we are required to state lo them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by law. we do Thjt accept OT assume spOnSIbl1 to anyone other than the charitrfs member5 a5 a b(Mty, for our audit work. for this report. or for the opinions we have fomied. Datfj.. 25 September 2024 Robert Wilson FCA (Senlor Statutory Audilor) For and on behalf of.. GODFREY WILSON LIMITED Chartered accounlanls and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS14QD 11
Progressivè Farffling Trust Limited Statemont of flnanclal actlvEtles (fftco@or8ting an Inco and expenditure accounl) For the 17 month erlod ended 31 March 2024 17 fflonths to31 March 2024 Total 12 months to31 October 2022 Total Restricted Unrestri¢Xed Note Income from: Donalions and legacies Ch8ritsble acb"vities.' Research and projects Infomialion seNces Other trading activities Investments MiscelL4neou$ income 121,573 121,573 159.933 602.477 288.574 196.211 798.688 288.574 19.736 39.122 5.558 369.038 175,815 15.869 26.477 19,736 39.122 S,$58 Total In¢omo 891,051 382.200 1.273,251 747.132 Exp•ndlture on: Raising funds.. Fundraising Charitsbl8 activittes= Research and projects Infom)ation services 255.725 255.725 187,403 551.899 197.827 370.417 150.788 922.316 348.615 654,798 244,055 Tolal expondStur• 749.726 776.930 1526.656 1.086,256 Net gains I (losses) on investments 35.472 35.472 184.906 Net expendltufe 141,325 1359.258} 1217.9331 1524.0301 Transfers beiween funds N•t movomont In funds 135,825 1353.758} 1217,9331 1524.0301 Re¢onclliation of funds: Total funds brought foThvard 720.357 931.072 1.651.429 2,175,459 Total funds Carri forward 856.182 577.314 1.433.496 1.651,429 All of the above results are derived from tInUing a¢tMties. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note t8 to the accounts. 12
Progressiv• Farming Trust Limited 8alan¢¢ Sheel As at 31 March 2024 31 March 2024 31 October 2022 Note Fixed assets Tangible assets Sock41 investments Investments 12 13 14 1,429 197,430 758.097 1.428 176,759 861.024 956.956 1.039.211 Current assets D¢btors Cur¥enl asset investments Cash al bank and in hand 15 22 97.624 340.256 128.009 112.288 355.308 210,690 565.889 678.286 Liabilltles Creditors.. amounts falling due within 1 year 16 66,068 Nol currnnt assots 476.540 612218 Net ass•ts 17 1,433.496 1.651.429 Funds Restricted income funds Dean Organic Fund Other restricted funds Unrestricted fun(ts General funds 18 533.348 322.834 538,848 181.509 577.314 931.072 Total charlty funds 1.433.496 1,651,429 These accounts have been prePad in accordan Vlith the special provisions applicable to companies subject to the small companies. regime. Approved by the trustees on 25 September 2024 aThJ sKJned on thew behaw by zbhall M PÈck Donakl Pgck- trustee and chair 13
Progr*$siv¢ Farniing Trust Llmlted Statement of $h Ilows As at 31 March 2024 31 March 2024 31 Octobgr 2022 Note Net movement in lunds 1217.933) 1524.0301 Adjustments for. Depreciation charges {Gainsl / losses on investments Llvidends. interest and rent5 from investments Decrease l {inueasel in debtors Decrease in credilors 1.668 157.2571 139,122) 14.664 23.281 7.320 184.906 126,477) 50.408 29,150 Net ¢ash prOvId us•d in op•rating activities 274.699 337.023 Cash flows from Investlng actlvltSes: Proceeds from disposal of investments Dividends. interest and rents from investments Purchase of tangible fixed assets Purchase of investments Concessionary loans repaKI cOreSSiOnary loans awarded 528.269 39.122 11.6691 {368.0851 88.581 109.252 331,057 26.477 14291 {134.6161 113,662 133.774 Net ¢a$h provOd•d by iThvestin9 activilies 176.966 202.377 Deerth In Cash and ush •quival•nts in the year {97.7331 (134.6461 Cash and cash equtvalonts at the twinning of the ar 565.998 700.644 Cash and cash gquivalents at the end of the year 22 468.265 565,998 The charity has r1 provKled an anatysis of charvJes in net debt as it does not have any k)ng term financing arrangements. 14
Progresslve Farming Trust Lifflited Notgs to th• financial sL•Monts For the 17 month riod ended 31 Alarch 2024 Acc1mIng poUcSes a) G•n•ral infomation and ba$1$ of prnparntion Progressive Famiing Trust Limited is a charitsble company limited by guarantee registered in England and wa$. The registelj office address is (Trent Lodge, Stroud Road. Cirencesler. GknUCestersh. GL7 fKINI. The financia statements have been prepared in Ordance wilh Accnunting and Reporting by Charit¢es'. Statement of Recommended Practice applicable to chanties in preparing their accounts in accordance the Financial Rewting Standard applicabk in the UK and Republ of Ireland IFRS 1021 leffeclive 1 January 2019) - {Charitses SORP IFRS 1021). the Financial Rewr1ing StarKlard appluble in the UK aTrJ Repu1¢ of Iland IFRS 102) and the Companies Act 2006. Prc¥)SsIVe Farming Trust Limrted meets the definiiion of a pthic benefft entity under FRS 102. Assets and 1kabilit are initially recognised at historical cost or transaction value unless otherwise statad in the fglevant accountiry leY N)le. bl Going ¢onc•rn basis of accounting The accounts have been prepared on the a$5umption that the tharity is able to continue as a going concem. which trustees consider appropriate hawng regard to tr+e cuffent level of unrestricted reseNes. There are no material uncertainties alrt the charitys ability to contiThJè as a going Goncem. ¢) In¢om• Inwme is recognised Ythen the charity has eniitiemenl to the fvnts, any performance conditions atta¢he(J to the item of income have been met. it is probable that the income will be reiVed and the amount can be measured reliabty. Income from the government and other grants. whelher 'Cal. grants or 'revenue' grants. is recognised when the charrty has enlitlement to the funds. any perfomance condthons attached lo the grants have been mel. il 1$ Wabab that the income will be received and the amount can be mèasured reliabty antl is not deferred. For legacies. entitlement is tsken as the earfier of the dato on whth either.. the drity is aware that probate has been granted. the estsle has been finalised and nolificalion h8s been made by the executorlsl to the Trust that a dislribution wll be made. or when a distribution is received from the estate. Receipt of a legacy, in whe or in part, 1$ only consthred probable when Ihe amount can be measured reliably and Ihe charity has been nob.fied of the execulorfs intention to make a distribution. Where legaues have en notif lo the charity. or the charity is aware of the granting of probate. and the criteria for in¢om8 r8cognib.on have not bèen mel. th8n the legacy is treated as a contingent asset and disck)sed rf material. 15
Progr•ssive Farniing Trust Llmrted No¢•$ to thè financial st•t•monts For the 17 month riod ended 31 March 2024 Accounllng polld•s l¢ontlnued) d} Donated services and facilities Donated professional servicEs and donated laeililies a rec¥)gnised as incrme when the charity has control over Ihe item, any CondOn$ associated wth the donated ilem have been met. the receipt of economic benefit from the use by the charjty of the item. is probable and the economic benefit can be measured reliabty. In accordance the Charities SORP IFRS 1021. general volunteer tffne is not r8cognisad. On reIpl. donated Professi1 seNces aThJ d¢)naied facilities are rec09rSed on the basis of the value of the gift to the chartty wthich the amount the charrty wwkj have been willing to pay to obtain services or faolities of equNalent economic benefft on the open market: a corresF)nding amount is then re¢ognised in expenditure In the perif># of receipt. e) Interest re1vable Interest on funds hekl on detM)sil is included When receivable and the amount can be measured reltabty by the charity. this is normaty UF¥Jn notification of the interest paid or payable by the bank. fj Funds a¢¢ountlng Unrestricted furKls are available to spend on activiti85 that furiher any of tho purposes of the charity. Designated funds are unfeslricled funds of the charity which th8 trusleos hav8 decided at their disryelion to set aside to use for a Speci purpose. Restricted fuThls are donations which the donor has specified are to be sOty used for p8rti¢ular areas of the ¢haritys work or for specific projects being undertaken by the tharity. gTr Expendlture and Ie¢over¥b VAT Expenditure is recognised ¢)nce there is a legal or construclive obh9aln to make a payment lo a third paty. it is probable that setllement wll be required and the amowbt of the ob.gatIOn can be measured reliably. Ie¢O¥erable VAT 1$ charged as a c05t again5l the actiwty for which the expenditure was incurred. h} Atlocatlon of support and gov•rnbC• ¢osts Support costs are those functions that assist the work of the charity tr¥Jt do not directty dertake charilabk activits. Govefflance costs are the costs associated with Ihe govemance arrangements of the charity. including the costs of complying wlh wnstitutional and statutory reqtAirements and any costs associated th the strategic management of the charrtls aclivilies. Where these costs a not directty attributsble to charitable ath'vrties. they have been allocated befvn Cost of raising funds and 8xpenditure on charitabl? activities the basis of staff lime as follows.. 17 months to31 March 2024 12 months 1031 Odober 2022 Raising funds." Fundraising Charitable activities: Research and projects Charitable actrties.. Infomi81ion services 12.3% 65.0% 12.2% 59.1% 28.7% 16
Progressive Famiing Trust Limit•d Notes to thè flnanclal statements For the 17 month rTrod ended 31 M•r¢h 2024 Ac¢ountlng pollcles l¢onllnued) i) Tangibl• fixed assets Depreciation is provkled at rates cathl8te(I to vaite dovm the cost of each asset to ils estimated residual value over its expected useful life_ The depreuation rales in use are as follows.. Fixture. fittings and equipment 33% on c05t Items of equipment are camalised vthere the wrchase wice exceeds £2.0(M). Jl Social investments Social investments are ¢on¢essionary loans made to third parties that directly further the Charitab purposes of the charity. The loans are recognised as the amount paid. less cumulaiive repayments. They are rewewed annualty for impairment. kl InvostmoTht$ Investments held at the year end are vahjed at the current market value al that dale. Investment income from dmdends 1$ included in IrOrnIng resour¢es while realised and unrealised losses and gains on inveslmenls are shown separately on the stslemenl of financial 3¢tivtiies ISOFAI. Realised gains and k)sses are calculated on invesfmenl disposaLs during the year as the difference beh•fftn the opening market value and the proceeds reNe0 on sale. Unrealised gains and losses are cakulated investment holdings at the end a5 the difference between the ck)sing market value and the opening market value or value during the year. l) Debtors Trade and other debtors are recc*Jnised at the settlement amount du8 after any tradè dis¢¢JJnt offered. Prepayments are valued at the amount net of Y Irade discounts due. m) Current asset Invostments Current asset investments are cash hek1 on that will be used lo fund social investments. Current asset investments are measured at cosl. n) Cash at bank and In hand Cash at bank and cash in hand inclu¢les cash and short term highty liquhti investments wth a short maturity of thw months or kss from the date of acquisition or openitvj of the deposit or similar acCot. o} Creditors Creditors and provtsions are renised vthere the charity has a present olgatIOn resulting from a past 8vent that will probably result in the transfer of furKJs to a third party and the amount due to settle the obligalion can be measured or estimated reliabty. CdItorS and provisions are nomalty recognised at their setuemenl amount after alloww for any trade db5counts due. 17
Progre$$lve Farnilng Trust Limiled Notes to Ih• financlal $tal•monts For the 17 month ¢)d ended 31 March 2024 A¢¢ountlng pollcles Icontlnu) pl Financlal Instruments The charitable company only has finantial assets and financial lialItieS of a kind that qualify 88 basic financial instruments. Basic financial instruments are initialty recognised at transaCtn value and Subsequent measured at their settlement value the exception of bank loans ich are subsequentty recognised at amortised cosl using the effective interest mefvd. q) Penslon costs The company operates a defined contribution pen&cm scheme for its empbyees. There are no fvrther lia'litieS other than that readY recwi5ed in the SOF r) Forelgn currency trnns•¢tions Transactions in loreign cJJrrencies are translated al rates prevailing al the dale of the transaction. Balances denominated in foreign rrencieS are translated at the rate of exchange prevailing at the year erKI. sl Accountlng •Stlmates and k•y ludgements In the application ol the charitys acecmjnting policies. the trustee5 are required lo make judgements, estimates and assumplions about the carrwng values of assets and liabilities that are not readily apparent from other sources. The estimates and undertying assumptions ¥e based on historical experience and olher faCt(S that are consKlered to te reVant. Actual resuAs may dffter Irc these estimates. The eslimales and undedying assumptions are rwewed on an ongoing basis. Revisions to accounting estimates are rec#)gnised in the period in wthich the estimate 15 revised rf the revislon affects onty that period. or in the pgrKMI of the Tews*)n arKI fLrtur& perS rf the revision affects both current and future periods. The key sources of esb'mats"on uncertainty Ihal have a shjnfficant effect on the amounts recognised in the financial statements are describèd below. Depreciation As described in note 11 to Ihe financial ststements. dePrat)n is pwded at rates ¢al¢ukited to write down the cost of assgt to its estimated residual value over its expeeled useful lrfe. 18
Progressive Faming Trust Limited Notes to the flnanclal statements For the 17 month riod ended 31 March 2024 Prior period ¢omp¥atlves: $lat¢m*nt of financial activities 12 months to31 October 2022 Total Restricted Unrestricted Income from: Donats"ons legacies charl9 activibes Research and projects Informal¥)n services Other trading aCtilIeS Investments 40.440 119.493 159.933 351.791 175,815 17.247 369.038 175.815 15.869 26.477 15,869 26.477 Total Income 568.046 179,086 747,132 Eynditur• on: Raising funds.. Fundraising Charitable activities" Research and projects Information ser¥ices 42,124 145.279 187.403 473,774 92.162 181,024 151,893 654.798 244,055 Total oxponditure 608.060 478,196 1.086,256 Nel losses on nvestment5 184,906 184.906 Net expenditure (40.0141 {484.0161 (524.0301 Transfers between funds 143.362 143,362 Net movemenl In funds 183.376 340.654 524.030 In¢ome from donation$ and legacies 17 months to31 March 2024 Totsl Restricted Unrestri¢tgd Yarrow Tnjsl Esmée Fairbaim Foundal Other donations < £15k 60,000 20,000 41.573 20.OOD 41.573 Total 121.S73 121.573 19
Progressive Famiing Trust Limited Notes to the finan¢lal $tstorn0Thts For the 17 month ri¢xl ended 31 March 2024 Income from donations and legacles {¢ontinued Prlor p•rlod ¢omparallv•: 12 months 1031 October 2022 Totsl Restn"cted Unreslricled John Ellen Foundation Yarrow Trust Other donalions < £15k 40.440 40.440 30.020 89.473 30.020 89.473 Total 40.440 119.493 159.933 In¢om• tr¢)m ¢harllabk activiti•s: ff•search and projects 17 month$ to31 March 2024 Total Re51ricled Urffeslricled 60.140 330,123 10.483 62,SOO 25.950 79.848 139.988 330.123 46,298 62.500 25.950 26.637 39,10ti 26.100 20.OOD 23.814 17,235 4.267 12.981 8.325 5.420 5.000 4.950 European Commission The Soil Association John Pain Other project income Consultsncy Sainsbury Family Charitai4e Twst Roth5¢hikl FcMJndation Stewardship Services IUKET) Limited Elizabeth Gilmour charitab Foundatw)n CPRE Dulverton Trnsl Organic Fam)efS & Growers Shropshire Council Organic Arable SRUC Open Food Nefvnrk 35.815 26.637 39.11J) 26.1 LIO 20.000 23.814 17.235 4.267 12.981 8.325 5.420 4,9SO Total r•$¢arch and prol•ct income 602.477 196.211 798.68&
Progre551ve Familng Trust Llmit Mot•$ to the Ilnanclal stat•m•nts Forlho 17 month riod endad 31 March 2024 4. In¢ome from ¢harltabl¢ activities: research and projects {contSnuedl Prior y•Jr wnparativ•: 12 months to31 October 2022 Restrided Unrestricted Defra European Commission The Sotl Assoeiation John Pain UK Research and Innovalic Other project income Consultancy 108.386 92.515 58.667 50.000 5.419 36,804 108.386 92.515 58.667 50,000 5.419 36.804 17.247 17.247 351.791 17.247 369,038 Income from ch•Tltabh a¢t•¥llles: Inforniatlon servlces 17 months to31 March 2024 Total 12 months to31 October 2022 Total Esmée Fairbaim Foundation Stewardship Services {UKET) Limited Linbury Trust Garfield Weston FoundalKJn Rothschild Foundation The Soil Asscoalion Other project incm 120.01>0 87.500 40.000 25.000 80.000 54.000 9.865 31.950 16.074 Total infomiallon services income 288.574 175.815 l income from inlormation SeThI in the current and prior pericwj is restricted. 21
Progressive Farrning Trnst Limited Notes to the financial sLitements For the 17 month riod ended 31 March 2024 Inme from other trading acti¥illes 17 months 1031 March 2024 12 months to31 October 2022 Organic farm mana9ement handbcd( Sponsorship other estate income 19.736 14,590 1.279 Total 19.736 15.869 All income from 0th8r trading activibes in the current and rfflor perK)d is unrestricted. 7. Government grants The charitable company receives government grants. defined as fuhding from Oefra and UK Research and Inrvation, to furKI charitable acliwbes. The tolal value of such grants in the 17 rnonth perK)d erKJe(1 31 Maf¢h 2024 was £139.988 (year ended 31 October 2022.. £108.3861. There are no unfulfilled conditions or conbngencies attaching to these granis.
PvosY•s$• FrvI TvustUmh•d Fwih 17 rhtsnth ddthded 31 fi¥¢h 2024 8. Total •xpeTrd6ts 17 rnonth to31 MaTch 2ts24Tolal Slaff ws151th 10} 521.383 157.988 1822 25.310 187.W 2S.809 9,527 10,613 30.079 239,186 9.527 111,613 ell,966 1,716 13.410 2D,fj96 1,432 132.660 13,765 OffKelfxilityowaton & mwntenaK• Oth9r office r¢)sts rptIll9 and IT Bank chargeslinteRst InsLYance Audit arrfj xc¢yJ GoYÈmancè togts le9 professi fee5 Investment managtrfdts Depre(¥thn 13,410 57. 13.7&5 11,924 210.891 265.$39 36S.$57 lJ2S,¢ 44.831 zji, 255.725 921316 318.615 Total cr4tsforo 17rn(YthwwyJ 31 W 2)24wgE12Z{1? 31 cha&2022." e12.¥111.
FmityTNt Forthv 17 monlh 'od •nd•d 31 Ilwthl 8. Tot1 •xpendttur• 12 m¢th$ 1031 (kiober 2022Tol Staff tOSts Irth 101 A¢VrtY4wery costs S9.391 2e6.55 168.9B5 138YS2 8,519 17S.512 38,322 20,840 8,528 42.780 220,687 ZO,840 fj.528 42.780 ¢Xheroffic9 ¢05ts Compukng IT sur¥tst Insurance B,(Y)1 B,642 4.281 6.2 8.001 8.642 4.281 80,750 8.0>8 7.320 16,576 Leg profgwffl* fe Inve51menl mrnerfee3 Depr8hl 71751 7.320 16.576 Sub40 146.1( 455.543 147.451 337.156 1.06e,286 41 Tgt•l 187.403 854.79B 244.1)&S 1.ri862
Progresslve Farniing Tru$1 Limlled Nol•s to the flnanclal sLitements For the 17 month riod ended 31 March 2024 9. N•t mov•m?nt In funds 17 months to31 March 2024 12 months to31 October 2022 This is stated after ¢harging= Depciall0n Opeialing lease payments TnJslees' remuneration Trustees, reimbursed expenses Trustees, professional Ser¥e$ Auditors. remuneration.. Stalulory audit (including VAT) CorrKJration tsx return {includirKJ VAT) 1.668 21.70Q 7,320 37,200 505 1.000 743 10.800 420 8.640 360 In common with other tharities of our size and natu we use our audrtors to assist the wep8ration of the financial statements arKI to prepare and submit rgtums to thg tax authorities. For thè 17 month per ended 31 Mw¢h 2024 trustees expenses comprise amounts relaliThJ lo three Iruste8s for travel and subsistence costs (year ended 31 October 2022.. three tnjsleesl. 25
Progressive Faffliing Trust Umlled Noto5 to the financlal statements For the 17 month eriod ended 31 March 2024 111. Staff costs and numbers Staff costs were as follows.. 17 months to31 Mar¢h 2024 12 months to31 Odobgr 2022 Salaries and wages Social security cosls PenSn costs 831,732 71,504 85.853 548.583 50,719 61,091 989,089 660,393 No empknyees earned beiween £60. arKI £70.0 durirwj the 17 month periJ ended 31 March 2024 on an annualised basis (year ended 31 October 2022: nill. For the 17 month perio(l ended 31 Marth 2024 the key management petsonnel of the charitsble company comprise the senK)r m8nagemenl team. Tolal employee benefrts paid to tho key management personnel were £271.647 (12 monlh period ended 31 October 2022.. £226,961). The average slaff head count durirwj the yaar wa5.. 17 months to31 March 2024 No. 12 months to31 October 2022 No. Adminislralion Research I project stsff 12.6 10.0 12.4 21.5 22.6 Average full-time equivaknts (all stsff) 16.0 17.7 11. Taxallon The charty is exempt from corpx)ration tax as all ils coMe is charitabk and is applied for" charitable purposes.
Progres$lve Fam)ing Trusl Limhed Noles lo the flnanclal sLitem•nts For the 17 month eri¢)d ended 31 March 2024 12. Tangible fixed assets Fixtures. ffttings and equipment Total Cost At 1 November 2022 Additions Disposals 43.047 1.669 37.001 43.047 1.669 37.001 At 31 March 2024 7.715 7.71S Dgpreclation At 1 November 2022 Charge for the year Disposals 41,619 1.668 37.001 41.619 1.668 37.001 At 31 March 2024 6,286 6.286 Net book v•lu• At 31 March 2024 1,429 1.429 At 31 October 2022 1.428 1.428 13. Soclal Investments 17 months to31 March 2024 12 months to31 October 2022 Oebtor brought forward New bans committed Loans repaid in year 176,759 109,252 88.581 156.647 133.774 113,662 Oeblor carried fopHard 197.430 176,759 Concessionary soaal investment loans comprise inler8sI-free loans of up to £25,0 made to fund thè purchasè of equipment, stock or similar items to 8nable the b(¥rrth*r to carry (lt certified or closely aligned organiclagroecological farming andlor food business acltvitses. Thgy are generally repayable in monthly instalments beginning 12 months after the an was agreed. For the 17 rnonth period ended 31 March 2024 amounts receivab within one year 15 £48.238 and amounts receivable in more Ihan one year is £149.192 (year ended 31 October 2022.. £71.826 receNable V+ithin one year. £104.933 recèivablè in more than one yearl.
Progressive Farniing Trust Umited Not•s to the finan¢lal stat•m•nts For the 17 month rlod ond8d 31 March 2024 14. Inveslments 31 March 31 Oclob8r Listed investments 2024 2022 Market value al 1 November 2022 A(Idib'ons Oisposals woceeds Realised gains I Iloss¢s} Unrealised gains l {lossesl 861.024 368.085 1528.2691 50,002 7.255 861.024 368,085 (528.2691 50.002 1,242.656 134,616 (331.0571 11,7331 183.458 Marftet vakw al 31 Mah 2024 758.097 758,097 861,024 Historic cost: 767.462 767,462 882.734 Liste(l investrnents comprise fund5 heky by RathtMY)es, w1ch aro St at the market value at the balance sheet dale. 15. D•btors 31 Mar¢h 2024 31 October 2022 Trade debtors Accrued income PpayMents 11,574 74,922 11.128 50.115 51.504 10.669 97,624 112.288 16. Creditors . amounts due wlthln 1 year 31 March 2024 31 Oetober 2022 Trade creditors Accruals Taxation aThJ social securty Other creditors 33.423 25,423 24.586 5.917 9.144 34,606 17.657 4.661 89.349 66.068
Progresslve Farnilng Trust Limited N¢tes to the flnancial statements For the 17 Jnonth riod endod 31 MaT¢h 2024 17. Analysis of net assets between funds ReStrted Unrestricted fvnds funds Total funds Tangible fixed assets Social investments Investments Nel ¢ent assets 1.429 1.429 197.430 758.097 476.540 197.430 182.213 476,540 575.884 Net assets at 31 March 2024 856.183 577.313 1,433.496 Prior period comparative RestrKted Unrestricted funds funds Total fund$ Tangible fixed assets Social investments Investments Net Current assets 1.428 1.428 176.759 861.024 612.218 176.759 861.024 68,620 543,598 Net assets al 31 Octobor 2022 720.357 931.072 1.651.429
Fortho 17 nnIb 18. IAovmthts in funth TFaD5f&7 At31 funts IArth 2•24 R••trkW fvnd EV fundÉd Wlètls UK slatvtcrylued prctscis Foundatw fvnded Oth8rwoie£ts DÈan ow8n FLfftd {13.332) 330.125 6J.139 4(6.729 P01.4431 160.9421 1256.3161 {131.OZ51 15,35Q 2¥498 9).986 53).YJ 87.953 49.7Z6 182 L1nrn8trl fvnds Generdlfthjs 35.472 577Af4 Totsl unrMtrlrtr•dluTh 6,9>) 35.472 $77314 Total fvnd• 1.651.429 1273.251 1.528.686 35.472 1,433,496 PyrpDs0# af f•Strlctsd fund EV luThd projects EU.FundEd prtieCl$ a Wrtol1rAema tramedcrfk (Hty 2020. Ewtyel t•81eLle wlatyyabwe in1ÈmètK)n WOPCts. a 3 10 5 wrs Iurabon, typr4ty ORC Aith rn¢e Ihan 10 p•trws. stsketrothr. to a 'rnUttFaor approach.. from
F¢Jrthk 17 Month 18. IAov4mei)ts In fvnds IconWnued) UK statyitory lunded pwole¢ts TruJt¥ ind I0dtiOn$ fvndd woi•tts oractrb0s 5uth as." We$n FrpJndatth)". . Sol and mukh search1jed tythe Co. Lhmtsd.. a•J Do4n Or9onlc Fund Th9 D@an Fund ¥ras a tw rwst fthi thÈ L J11È PA kn ORC. akxY4 )th thè (Jf fufKts fram the foTmer D Orgar¢ Trust %¥hKh she estatrAisW m 1993. Her tha wa5 to SUF ihe Imed en¥if<•imeni interest lfee to Trtn$fBrn funds T1$fel$ in the CU pprffjd frc¢n the reStrd FU to urrfe5trKied luThts rda* 10 thè reent of rnifI$[ratsn C4lSL% inthed ty gen9r31 fun 31
Pmgw•ssN• F4mingTru•t Lwnthd Forthè 17 monlh At31 2022 EU Fundir UK StalUtCnfFur1 Foundatiw Other tyoiÈcts Dean Organic Fu l61.IW) 95.343 24.4 84.012 ¥2.515 189.lJ7 I.524 125.07D (275.0101 1196.0471 167.9191 169.0841 8,083 (87.630} {10.9701 {52.84S) 113.3321 I.05 87.9S3 538.848 Totsl 143.362 720.357 Vnrostrl¢ted rS Geneta fur 478.195 184.sr6 143.362 931.072 Total utiY•¥theWfunth 1271.T26 179.086 478.1 184. 143.362 931.072 Totalfijnd 1.086.2 I84.3 1.651.429
Progresslve Farniing Trust Umlted Not•$ to the finan¢i•l statsments For the 17 month ¥1¢xl ended 31 Mar¢h 2024 19. Related party tran&%tlons For the 17 month per ended 31 March 2024 trustees donated a lotal of £5,471 112 month period ended 31 October 2022.. £1.6431 to the Organic Research centre during the year. or this £5,118 relaled to donations in cash (12 month peri( ended 31 October 2022= nil) and £353 for travel and subsistence expenses not daimed112 monlh peri(MJ endgj 31 Odcthr 2022: £1.643) 20. Flnan¢l•l instruments at falr value 31 Mar¢h 2024 31 October 2022 Finanoal assets measured at fair value 758.097 861,024 Financial assets measured at fair value comtThe listed irNestments. 21. Opernting lease ¢ommitments The charity had no opgrating leases al the yEar eryj. Fulure minimum lease payments at the prior ye end were as follows: 31 March 2024 31 October 2022 Amount falling due= Within 1 year Within l - S years 37,2¢XI 43,400 80.600 22. Cash and cash equlvalents 31 Mar¢h 2024 31 Odober 2022 Cu"rrent asset investments Cash al bank 340,256 128.009 355,308 210.690 Total 468,265 565.998 33