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 n￿lber
015131
Chaiity number
281276
Regl$tered ¢ffl¢e and Trent Lodge
operational address
Stroud Road
Cirencester
GIOU￿stersh1￿e.
GL7 6JN
Trust•es
Trustees. are also directors under company law, th Served dudng
the year and up to Ihe date of this report were as follows..
T Bermett (Chair to 5 April 2023)
J Dwyer
H Eklridge
VHir
R Kerr
D P￿k (Chair from 5 April 2023)
J Pickering
S Rajar
C W8tson
N Westaway
Resigned 5 April 2023
Appointe(11 July 2024
Resigned 14 December 2022
Resigned 1 Juty 2024
Senlor management L MacLeman- CEO
team
T Connett- Head of Finan¢e
J Cooper- Head of Research
W Simonson - Head of Research
S Thomlon- Interim Head of Finance
Re$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 I￿a￿h 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￿- AcC￿￿ting and Reporting by Charities (effective from
January 2019}.
Objectives and actlvttl•s
The prog￿$s1Ve Farming Trust {Irading as The Organic Researeh Centrel IORCI aims to Combbne
scientific excellence with practical exper￿nCe to delNer real benefits on the ground for all our futures
by working. nationally and inlernalionalty, to-
. Research and devekjp prnctical, susla*iablè land management aThl frxxl prod￿1￿ systems
based on organic and agroecological princtples:
. Foster knowledge exchange beknn researchers. wo(kKers. food businesse5 aTrJ related
professionals.. and
. Infl￿er￿ wlicy ar￿ pU￿1C debates on the fuiure of foc*J and farniing based on sound evidence.
Our objectives are pursued by means of a detsibd programme of ac¢Nibes as set out in our annual
business plans, with a quarterfy review process. intemalty and by the Council of Management. used
to monitor progress of aclivib.es and the outputs delivered.
The tru$lee$ have idenlrf*d the foMo¥*ing public benefits derived from Ihe Charitys adivik5'.
The advancement of ed￿￿tion. 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 le￿Ilr￿j 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
Be￿en 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 peO￿e 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 deliV￿Y 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 Ir￿uding 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
Ma￿h 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 Indiv￿ua1s. 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 eMiss￿S 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 pr￿ects
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 CharIt￿S ￿"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 f￿a￿al stalements.
Totsl KKoming re￿￿ree$. includiThJ ine4)me frtyn charitable actiwlies. £1.273.251 for the 17
month period 1£747.132 for the year ended 31 October 20221. In addib.on lo the longer repo￿n9
period, iheie are main eonlribLrting facto￿ to thi5. First. the incTease in the value of Horizon
project work as the four projects in vthich we are involved progress towards ￿m￿et￿)n. Second. our
success in increasing grant fundirMJ Trusts & Foundat#>ns to support our researth and
Agricology work.
Total expenditure was £1.526.656 for the 17 monlh pericKI1£1.086.256 for the ￿ar ended 31 Octobèr
20221.
The net expenditure for the period has been offset in part by a £35.472 unrealised gain on
inve51menls (loss of £184.￿6 for the ￿ar ende¢l 31 October 2022) driven by the performance of US
bond markets in the lasl couple of months of 2023.
The resL¢rting net redUCt￿n in funds of £217.933 {2022: £524.030 reduct*Jn in fvndsl sees
£353,758 reduclK)n in unroslricled reserves bery paftially offset by a £135.825 i￿reaSe in restricted
reserves.
The fall in unrestricted reserves is to Ihe fol¢)wing'.
. A hgh proportion of inwne being generated fr(Mn Horizon Europe projects which generate a
mparativety low net ¢oniribulton:
Having rècantty received restricted funds fr(¥n Twsts & Foundalions las seen in the inerease in
slricted reserves over the 17 month period) the grants Wcally relate to projects Lasting 18-24
Months. These were still in the slart•UP phase and so the opportunity to draw down fund5 10
contribute lo our cost base has been limrted.. and
The anlicipaled grovrth in ine4)me required to cover costs did not malerialise to th8 extenl required
and the Trustees and Senior Managemeni Team are thking at options to address this.
The shortfall in income was funded fr￿ our unrestrKted reserves whth were £577.314 al 31 Mwth
20241£931.072 at 31 October 20221.
Sources of funding
Swrces include restricted fundry gained Ihrough project fuTrJing bids and applications lo charitable
trusts and major donors and IJn￿$tric1e(I funds donated by clwit￿le tnJsts and indivtdual donors.
Prlncipal rfsk factors and maThag8rnent
The trustees have given due consideration to the major risks to wh￿h 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￿-fina￿la1 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
COU￿11 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
R￿erVeS 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 t￿ther 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:
. Grth￿h of k)ng-temi inVestm￿ts achieving the highest p)ssible retum wilhin an acceptable level
of risk..
. Gr￿￿h investment lo ge￿rate 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 Surplus1def￿il.
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 P￿￿deS greater certainty to
$hort term ￿lumS.
The detsiled management of the investrnent portfo￿ is the re5F￿sibIlrtY of the appointed
professional investment managers.
StnKture, govemance and management
The Progressive Farming Trust is a company limited by guarantee govemed by Tts Memorandum and
Articles of Associatson dated 19th August 1980 as amendgd on 11 Juty 2019. It 1$ 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 h￿th 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 IM￿￿mentsng the plans approved by the Council on the basi8 of a stslement of
Delegated Authority.

Progressive Fa￿ling 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 C￿j￿¢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￿$s1¥e Famiing Tfust at the Annual General Meeling. with one-third retiring annually and eligible
for re-ekdion.
Recruitment of trustees is achieved through personal recommendati1￿ or ublising specialisl
agencies. The Council contains a broad range of famiing. business. finance and organic experience.
research, legal and interna￿nal kn￿*￿e. and political expenence Iw*e¢J V+ilh environmentsl
interests.
Inlormation is prowded lo help new trustees to familiarise thernse￿es with the objectives and
activilies of ORC. They are also referred lo the Trustee A¢1 2000 and relevanl Charity CommissKJn
guidance.
Details of trustee and related paty transacti￿$ 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 dBrIts1￿e 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 compan￿5 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 C￿lY
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. i￿luding 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 GeneraIlyA￿pted A￿lUnting Practice).
In our ownion. the financial statements-
' give a true arKI fair view of the state of the d￿rity$ affairs as at 31 March 2024 and of its
incoming resources and application of res¢)urce$. induding its In￿Me and expenditure. for the
year then erKled:
. have been property prepar&J in wirdance WTth United King￿ Generalty AC￿pted AccoLsntrng
Practice,. and
. have been prepared in accordance the reqU￿ements of the Companies Acl 2006.
Ba$ls for opinion
Wg conducted our audit in acccKdance *ryth Intema￿naI 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 ffinanc￿l 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 un￿rtaIntieS relating to
events or con¢Jitions that, Indi￿dualty or collectNely. may cast s￿nifiCant 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 ir￿￿nSist0nt 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 V￿rk 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 a￿JIL
. 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 r￿1 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 spe￿r￿ ty law are not made.. or
we have not received all the infoMiat￿n 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 pur￿Se$ 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 sL￿h internal control as the trustees determine is ne￿Sary 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 abC￿t whether the finarKial statements as a who
are free from material miss¢atemenl. whether due lo fraud or error. a￿1 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 co￿1￿cted 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 econ￿71¢ 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 regula11￿s. arKI wthether they were oware of
any inslances of non<omplian¢e."
. OetectirF and responding lo the nsk of fra￿, and wllethv they V*we 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 non￿r￿1fte 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 an81￿Cal 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 Inhe￿nI 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.uklaLtditors￿s￿K?n5iblliIle$. This descrlption
fcrfms part of our auditor's re￿t.
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 prePa￿d 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
cOr￿eSSiOnary 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 r￿1 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
Acc1￿mIng 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 registe￿lj 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 Repu￿1¢ of I￿land 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$5umption that the tharity is able to continue as a
going concem. which trustees consider appropriate hawng regard to tr+e cuffent level of
unrestricted reseNes. There are no material uncertainties al￿rt the charitys ability to contiThJè
as a going Goncem.
¢) In¢om•
Inwme is recognised Ythen the charity has eniitiemenl to the fvnts, any performance conditions
atta¢he(J to the item of income have been met. it is probable that the income will be re￿iVed and
the amount can be measured reliabty.
Income from the government and other grants. whelher 'Ca￿l. grants or 'revenue' grants. is
recognised when the charrty has enlitlement to the funds. any perfomance condthons attached
lo the grants have been mel. il 1$ 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 d￿rity 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 wh￿e 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 Cond￿On$ 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 re￿Ipl. donated Professi￿￿1 seNces aThJ d¢)naied facilities are rec09r￿Sed 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 re￿1vable
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 sO￿ty used for p8rti¢ular areas of the ¢haritys work or for
specific projects being undertaken by the tharity.
gTr Expendlture and I￿e¢over¥b￿ VAT
Expenditure is recognised ¢)nce there is a legal or construclive obh9al￿n 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.
I￿e¢O¥erable VAT 1$ charged as a c05t again5l the actiwty for which the expenditure was
incurred.
h} Atlocatlon of support and gov•rn*bC• ¢osts
Support costs are those functions that assist the work of the charity tr¥Jt do not directty ￿dertake
charilabk activit￿s. 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
befv￿n 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 actr￿ties.. 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 Ir￿OrnIng 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 re￿Ne0 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 acCo￿t.
o} Creditors
Creditors and provtsions are re￿nised vthere the charity has a present o￿lgatIOn 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. C￿dItorS 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 lia￿lItieS of a kind that qualify 88
basic financial instruments. Basic financial instruments are initialty recognised at transaCt￿n
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 re￿Vant. 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& per￿S 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. deP￿rat￿)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: $lat¢m*nt of financial activities
12 months
to31
October
2022
Total
Restricted Unrestricted
Income from:
Donats"ons legacies
charl￿￿9 activibes
Research and projects
Informal¥)n services
Other trading aCti￿lIeS
Investments
40.440
119.493
159.933
351.791
175,815
17.247
369.038
175.815
15.869
26.477
15,869
26.477
Total Income
568.046 179,086
747,132
Eynditur• on:
Raising funds..
Fundraising
Charitable activities"
Research and projects
Information ser¥ices
42,124
145.279
187.403
473,774
92.162
181,024
151,893
654.798
244,055
Total oxponditure
608.060
478,196 1.086,256
Nel losses on nvestment5
184,906
184.906
Net expenditure
(40.0141 {484.0161 (524.0301
Transfers between funds
143.362
143,362
Net movemenl In funds
183.376
340.654
524.030
In¢ome from donation$ 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
In￿me 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 Inr￿vation, 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$￿• F￿rvI 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
r￿p￿tIll9 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.

F*mityTN*t
Forthv 17 monlh
'od •nd•d 31 Ilwthl
8. Tot*1 •xpendttur•
12 m¢￿th$
1031
(kiober
2022Tol
Staff tOSts Irth 101
A¢￿VrtY4￿wery 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
Depr8￿h￿l
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$1 Limlled
Nol•s to the flnanclal sLitements
For the 17 month
riod ended 31 March 2024
9. N•t mov•m?nt In funds
17 months
to31
March
2024
12 months
to31
October
2022
This is stated after ¢harging=
Dep￿ciall0n
Opeialing lease payments
TnJslees' remuneration
Trustees, reimbursed expenses
Trustees, professional Ser¥￿e$
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
PenS￿n 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 peri￿J 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 Ma￿h 2024
758.097
758,097
861,024
Historic cost:
767.462
767,462
882.734
Liste(l investrnents comprise fund5 heky by RathtMY)es, w1￿ch 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
P￿payMents
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
ReStr￿ted 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 n￿nIb
18. IAov*m*thts in funth
TFaD5f&7
At31
funts IA*rth 2•24
R••trkW fvnd
EV fundÉd Wlètls
UK slatvtcrylu￿ed 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￿•81eLl￿e wlatyyabwe in1ÈmètK)n￿ WOPCts.
a 3 10 5 wrs Iurabon, typr4ty ORC Aith rn¢￿e Ihan 10 p•trws. stsketrothr. to a 'rnUttFa￿or approach.. from

F¢Jrthk 17 Month
18. IAov4mei)ts In fvnds IconWnued)
UK statyitory lunded pwole¢ts
TruJt¥ ind I0￿d￿tiOn$ fvnd*d woi•tts
oractr￿b0s 5uth as."
We$￿n FrpJndatth)".
. Sol and mukh ￿search1￿jed tythe Co. Lhmtsd.. a•J
Do4n Or9onlc Fund
Th9 D@an Fund ¥ras a tw rw*st fthi thÈ L* J￿11È PA** kn ORC. akxY4 *)th thè (Jf fufKts fram the foTmer D
Orgar￿¢ Trust %¥hKh she estatrAisW m 1993. Her tha wa5 to SUF￿ ihe Imed en¥if<•imeni interest lfee to
Trtn$fBrn funds
T1￿$fel$ in the CU￿ pprffjd frc¢n the reStr￿d FU￿ to urrfe5trKied luThts rda* 10 thè re￿￿￿ent of ￿rnifI$[ratsn C4lSL% inth￿ed ty
gen9r31 fun
31

Pmgw•ssN• F4mingTru•t Lwnthd
Forthè 17 monlh
At31
2022
EU Fundir
UK StalUtCnfFur￿1
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￿.0￿5
87.9S3
538.848
Totsl
143.362
720.357
Vnrostrl¢ted ￿r￿S
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