Company no. 01513190 Charity no. 281276 Progressive Farming Trust Limited Report and Audited Financial Statements 31 March 2025 Progressive Farming Trust Limited Reference and administrative details For the ear ended 31 Mareh 2025 Company number 01513190 Charlty number 281276 Reglstered offlce and Trent Lodge operational address Slroud Road Cirencesler Gloucestershire GL7 6JN Trustees Trustees, who are also directors under company law, who served during the year and up lo the dale of this report were as follows.. S BoY(on J Dwyer H Eldridge V Hird D Peck J Pickering S Rajani C Walson N Westaway Appointed 25 June 2025 Appointed 1 July 2024 Resigned 1 July 2024 Resigned 1 October 2025 Resigned 10 April 2025 Resigned 2 De￿mber 2025 Senior management team L MacLennan- CEO J Cooper- Head of Research M Wilson - Head of Finance & Resources Until 29 August 2025 Company socretary L MacLennan Bankers Triodos Bank Deanery Road Bristol BS1 SAS Auditors Godfrey Wilson Limited Chartered accounlanls and slalutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD Progressive Farming Trust Limited Report of the trustees For the ear ended 31 March 2025 The trustees present their report and financial statements for the year ended 31 March 2025. Reference and adminislralive information sel out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities leffeclive from January 20191. Objectives and activities The Progressive Farming Trust (trading as The Organic Research Centrel IPFTI aims lo combine seienlifie excellence with practical experience to deliver real benefits on the ground for all OLJr futures by working nationally and internationally to.. Research and develop practical, sustainable land management and food production systems based on organic and agroecological principles., Foster knowledge exchange be￿een researchers, producers, food businesses and related professionals", and Influence policy and public debates on the future of food and famiing based on sound eviden￿. Our objectives are pursued by means of a detailed programme of activities as set out in our annual business plans, with a quarterly review process, internally and by the Council of Management, used to monitor progress of activities and the outputs delivered. The trustees have identified the following public benefits derived from the charity's activities.. The advancement of education, i.e. activities to promote, sustsin and increase individual and collective knowledge and understanding of specific areas of study, skills and expertise, remains the primary one of relevance., The advancement of health, advaneement of environmental protection and improvement lin particular the promotion of sustainable development and biodiversity., The promotion of recycling and sustainable waste management, and research projects into the use of renewable energy sources., and The advancement of animal welfare through research into improved livestock production systems. All findings of our research programmes are made available in the public domain. PFT carries on certain other activities in addition lo fundraising and administering the organisation. These include the management and administration of Agricology, which is a collaboration of 40 organisalions who share their findings and provide practical information regarding sustainable farming practices, regardless of labels. It also supervises the Dean Organic Fund, which offers interest free loans to organic growers and farmers who may not othe￿ise be able lo secure finance. Progressive Farming Trust Limited Report of the trustees For the ear ended 31 March 2025 Achievements and perfomianee 11 Agroforestry - Reforest This four-year Horizon Europe project REFOREST is now halfvjay lo completion, which is due in the summer of 2026. Our main focus this year has been in stakeholder engagement and modelling. Our North of England Living Lab has continued to run, with bimonthly newslellers, a webinar, workshop at Carbon Calling, case study development and field data collection. We have supported the EMEA area in the development and fine tuning of a stakeholder platform and knowledge hub and established a working group lo share experience and expertise on training and upskilling farmers for agroforestry. Our modelling work has focused on the Ljse of Artificial Intelligence IAII- neural networks and remote sensing imagery to develop a tool that can predict the soil carbon and biodiversity impact of planting trees in farmland. Trained on both national and European datasets, this innovative work has shown the polenlial, bul also technical challenges, of realising this goal. A parallel approach using finer scale drone imagery is also underway. We have also mel our European partners on this project and also collaborators in the sister DigitAF project lo explore synergies between the Iwo inilialives, both of which aim to support the upscaling of agroforeslry across Europe. 21 Agroforestry - Wakelyns project- Resilien￿ through diversity Waketyns celebrated the 30th anniversary of the first trees being planted into its fields to create a range of different agroforestry systems. This pioneering work of the late Professor Martin Wolfe has created an amazing legacy for agroforeslry research and demonstration, in recent years guided by David and Amanda Wolfe. To mark the anniversary, and with the support of a grant administered by Stewardship, we created a revised edition of the booklet 'Wakelyns Agroforestry." Resilience through diversity" which was first published in 2020. The publication has been an influential tool in disseminating the invaluable work of Wakelyns, describing the different agroforestry fields and summarising the results of research undertaken by ORC and others over the years. New material focussed on biodiversity for agriculture and consetvalion, enterprise stacking and pond restoration and creation. The revised edition was launched by ORC al the Agroforestry Open Weekend in May. 11 was further disseminated at a celebratory event in the Agroforeslry Tent al Groundswell, with reflections by David and Amanda as well as long-standing collaborator Josiah MeldrLJm of Hodmedods. 31 Agroforestry - Advice & guidance - Test & trial This is the second agroforeslry Test & Trial that ORC has been involved in, supporting the design and implementation of agroforestry subsidy options under the new Environmental Land Management Schemes IELMSI. Led by the Woodland Trust, with the National Trust and us in partnership, this particular project is exploring how best to impart the knowledge that farmers need to confidendy embark on an agroforeslry project. Cohorts of farmers have been taken through one of four options.. webinars, farm walk and talk, site visit by an advisor, and self-learning. ORC has been responsible for designing the webinar series and monitoring the outcomes of each learning route, through baseline and follow-up questionnaires, as well as interviews and assessment of the quality of the agroforeslry designs that the participants come up with. The conlenl of the learning provision and monitoring of impact has focused on the four areas of selling objectives, designing a system, establishment and longer-term management. The final report on the project was presented in 2025. Progressive Farming Trust Limited Report of the trustees For the ear ended 31 March 2025 41 Agroforestry- Importance of hedgerows as wildlife corridors We completed the first year of a two-year project, funded by Marmot Charitable Trust and ORC Supporters via the Big Give Green Match Fund, aiming lo provide the first quantitative eviden￿ for hedgerows acting as wildlife corridors for organisms in the fractured agricultural landscape of the UK. Field work for this project has proved to be an excellent opportunity for ORC to extend ils participatory farmer nelmork in East Anglia with eighteen woodland sampling sites across Suffolk and Norfolk being selected using Geographical Information Systems and visited by ORC staff in early summer and autumn 2024. This resulted in the collection of a total of 144 invertebrate samples. The results of the analysis were made public through Agricology and elsewhe￿ during 2025. 51 Agroforestry- Aiming high for hedgerows This is the second recent research report ORC have conducted for CPRE, following the influential 2021 'Hedge Fund, report in which ORC calculated the likely economic and societal benefits of expanding the UK hedgerow nelwork by 40°/o. The current report prioritised English National Character Areas INCAS) for hedgerow planting based on criteria such as historical exlenl, current hedgerow network condition, and current hedgerow management level among famiers. Two of the top three priority NCAS were in the North.. Tyne and Wear Lowlands, Lancashire Coal Measures and Northern Thames Basin. The report also produced a number of case studies of hedgerow planting and restoration projects following extensive travel and interviews by ORC staff across England. 61 Animal Husbandry & Agroforestry - Optimum shellerbells Shellerbells can provide multiple benefits to the farmed landscape but, lo realise their full potential, design and management practices would benefit from research in real-world scenarios. The Optimum Shellerbell IOSBI Project is testing 5-metre-wide shelterbelts on farm and aims to bring t￿ether multi. disciplinary data collection to identify the key benefits that shellerbells provide and how to optimise their effect. The OSB project team is managed by The Farming and Wildlife Advisory Group South West IFWAG SWI and John Davis (Tree Shopl, with David Lewis focussing on the economic aspects and ORC leading on the in-fi'eld research. This project is being carried out with the collaboration of Cotswold farmers, and 6.68 km of shelterbelts have been planted including 20,744 trees. The first phase of the project is now completed with the OSBS now established and with the development of several complementary protocols to measure the characteristics of the shellerbells and their impacts on carbon, biodiversity, microclimate, soils, crops, and livestock. The developed proposals were presented to the farmers and other stakeholders for feedback and were approved during the year. Further work is now being taken to secure funding lo implement these monitoring protocols with the aim of producing long-lerm study results which can be disseminated to a wider audience. Progressive Farming Trust Limited Report of the trustees For the ear ended 31 March 2025 71 Animal Husbandry - Re-Liveslock The Re-Livestock project aims to develop innovative approaches lo addressing resilience in dairy, beef and pig farming In different geographic regions in the face of climate change. To achieve this, 37 partners from 15 different countries across Europe are collaborating together on themes including breeding, feeding and farm systems. ORC plays multiple roles in the proje¢l including collecting and analysing sustainability data for each innovation using ORC'S Public Goods IPGI Tool, conducting willow-feed trials. and modelling animal health and welfare in future climates. The innovations are directly lesled on farms and wider stakeholder groups for each innovation frequently meet lo ensure all potential benefactors of the research, including farmers, processors, Fiolicy makers, can feed into the research process. Results from these innovations will not only be reported in scientific publications bul shared and discussed across the individual stakeholder groups, spreading the knowledge be￿een countries, disciplines, and sectors. While still at an early stage of the 5-year project, the initial results have already been received positively with the UK case study, in partnership with the Pasture Fed Livestock Association and Reading University, hosting a workshop al Groundswell to share the PG Tool findings. 81 Crop Diversity & Agronomy- Agromix The Horizon 2020 project AGROMIX "Participatory research for resilient land use in Europe. ended in October 2024 after four years of research aclivilies, stskeholder engagement and knowledge exchange. ORC has been one of 28 organisab'ons partnering in this work, which has focused on modelling and promoting the resilience benefits of agroforestry and mixed farming systems, from physical, social and economic perspectives. ORC'S contribution focused on Wakelyns, which was one of a network of eight long term trials where experimental and modelling activities have been taking pla￿. In this last year of the project, we supported the production of paper outputs from the biodiversity studies, in particular on bals and plants. In addition, the powerful Hi-sAFe agroforestry model was used to create a 'digilal ￿1n, of Wakelyns agroforestry and explore the impacts of climate change on a silvoarable system. A different modelling approach sought to understand the effe¢l of trees on the biotic interactions bel￿een crops, weeds, pests and diseases within such a system, yielding a paper published in Agronomy for Sustainable Development. ORC also took part in the launch of a policy while paper in Brussels in October, marking the end of the project. 91 Crop Diversity & Agronomy - Mapping UK plant & soil science research with a regenerative agriculture focus This Rapid Evidence Assessment IREAI was a broad-reaching ple￿ of work that included an expert workshop, contributions from the Cambridge Future of Agriculture Conference, and an extensive review of peer-reviewed and grey Iilerature. The outcome was a summary of the current slate of knowledge in the UK for 34 topics identified as challenges or barriers to the transition to regenerative agriculture. These Included how to define regenerative agriculture, gaps in knowledge on how to implement practices like living mulches, cover crops and intercropping in the field, and breeding programmes that target essential crop trails for regenerative agriculture, such as root trails and performance in no-till and low-nulrienl conditions. The final report provides an ideal starting point for conversations on these topics and signposts readers lo key CLJrrent and past projects and individuals that have laid the groundwork for future research. The report is due for publication and will be an invaluable resource for anyone seeking to design new research programmes lo support the transition to more regenerative farming practices. Progressive Farming Trust Limited Report of the trustees For the ear ended 31 March 2025 101 Crop Diversity & Agronomy- Organic hop varieties The Innovative Farmers organic hops field lab brought together key industry stakeholders including Slroud Brewery, Charfes Faram Hop Development and two organic hop growers, lo secure and improve availability and choice of UK grown organic hops. Through participatory on-farm varietal selection, the project identified hop varieties suited to tall and dwarf organic hop systems. Throughout the three years of the project, which ended this year, there were many knowledge exchange events, which enabled challenges lo be identified, and solutions to be foLJnd collaboratively. There was a final event al Slroud Brewery, where allendees sampled beer brewed with Irial-grown hops. The project was featured on Channel 5 news, highlighting its focus on climate resilient, organic UK beer production. The small size of the UK organic hop industry and limited investment in breeding organic varieties F)ose ehallenges to its future. However, this field lab marks significant progress. The benefits of participatory research lo find solutions in the organic hops industry was clear throughout the project. Researchers at ORC have worked closely with the hop breeders and farmers to select trial varieties, monitor crop performance and produ￿ annual reports. 111 Crop Diversity & Agronomy- Liveseeding The Liveseeding project aims to significantly enhance organic production across Europe by improving the availability of organic plant reproductive material. particularfy organic cultivars bred for diverse environments and local adaptability. ORC plays a crucial role in this initiative, collaborating with a range of partners, including breeders, farmers, food businesses, and policymakers. The project supports work lo address challenges faced in the organic seed sector, recognising the importance of seed in the transition towards sustainable, climate-neutral, and healthier food systems. ORC'S work supports those developing cultivars suited for organic farming, exploring governance and financial models that connect breeders with local food producers, and developing novel approaches to cultivar evaluation lo ensure that organic farmers have the information they need lo make informed decisions on variety choice. The project adopts a participatory approach lo address the key challenges of organic seed supply and demand, alongside developing policy frameworks al European and national levels to enable the wider uptake of organic seed and cultivars. ORC has made significant progress in the Liveseeding proje¢l this year.. collecting field data on organic wnter wheat and expanding trials to field beans, continuing lo implement the 'LiveCrop' variety testing ne￿ork, demonstrating how a collaborative approach to variety testing on farm can deliver relevant results for practice, and working with stakeholders to build an alternative seed system which supports the development of genetically diverse cereals and pulses. 121 Crop Diversity & Agronomy- Living mulches ORC has led the development of no-lill systems in organic and conventional arable that rely on perennial covers, known as 'living Mulches,, to suppress weeds, protect the soil and build soil nitrogen reserves. Followng on from an Innovative Farmers field lab in 2021-2022, we continued lo lesl trial strips of dwarf while clover (Aber Ace and Aber Herald) on organic farms with direct drilled crops of rye and wheal. An in-depth Master's study was conducted at one site where the benefits of living mulches for a variety of soil health and invertebrate biodiversity indicators were confirmed. As a final activity in this project, we ran a webinar that attracted interest across the UK and even overseas. Since making the webinar available on YouTube il has had around 400 views, demonstrating the ongoing interest in this novel system that addresses intersecting challenges in no-till farming systems for both organic and conventional farmers. Progressive Farming Trust Limited Report of the trustees For the ear ended 31 March 2025 131 Crop Diversity & Agronomy- Oper8 ORC and Agricology have been key delivery partners in this European thematic network that promotes innovative ways to reduTr reliance on herbicides. Working with our partners in the UK (ADAS RSK Ltd) we have hosted farm walks and produced videos documenting many novel strategies. These include electric weeding, robotics, and cultural controls. Competitive cultivars.. varieties that are particularly effective al suppressing weeds through physical or biochemical strategies, are closely linked with our work in the Liveseeding project. This year we collected data from many of the Liveseeding field siles to evaluate how different wheal and bean varieties varied in their ability to compete with weeds in organically managed fields. This has highlighted the potential to select varieties for weed competition, a trail not typically explored in conventional breeding programmes. We have also attended meetings in Europe to exchange information on novel approaches lo reducing herbicide use, most recently being hosted by the German Environment Agency for a workshop on 'Experiences, future developments and needs for sustainable crop protection,. Our work In Oper8 illuslrales the potential and value of collaborating with farmers across the organic, agroecological and conventional spectrum to share our experiences and knowledge about a common challenge. 1418usiness & Markets- Marketing of organics ORC, supported by John Pain, completed a ￿0-year research programme aimed at identifying growth opportunities in organic food supply chains and understanding consumer perceptions of organic products. The project also examined successful organic markets in countries with faster sector growth. Guided by ORC'S values, the research was highly collaborative, ensuring pmctical insights for those involved in promoting and selling organic goods. This included a co-designed survey of 2,000 respondents and 20 qualitative interviews. ORC partnered with UK ORGANIC to produ￿ a Consumer Insights report, valuable for retailers across 21 product categories. Additionally, ORC collaborated with Better Food Traders to create a retailer guide on marketing organic products. ORC staff represented the project al the Organic World Congress in Taiwan with a view lo gain further insights on organic markets internationally. 151 Healthy & Sustainable Food Systems- Joining the dots Agroecological growers in Comwall, through the OATH Iorganic al the Heartl project, identified challenges in sourcing and distributing local organic produ￿. Together, they explored collaborative buying and distribution systems lo support transitions lo agroecological farming, connect local food hubs and support organisations, and reduce emissions, costs, and time for both growers and consumers. The goal has also been to increase access to and production of local organic and agroecological food. This work inspired the Joining the Dots project, led by ORC and funded by Farming in Protected Landscapes IFIPLI. 11 brought together stakeholders like Sustainable Food Cornwall, Goonown Growers, and Falmouth Food Coop. Through data reviews, grower surveys, and workshops, the project explored collaborative food network models while identifying opportunities to benefit nature, the climate, and local communities. One of the main lessons was the importance of producing high-value crops to ensure financial viability, while also leveraging existing inilialives lo strengthen the impact. The project highlighted the need lo support growers in adopting agroecological practices but also revealed the challenges of transferring leadership to local partners. Progressive Farming Trust Limited Report of the trustees For the ear ended 31 March 2025 The outcomes have been promising, with stronger relationships forming across Cornwall's food ecosystem, connections with national initiatives, and plans for a pilot project. Sustainable Food Cornwall Is now leading the bid for the pilot, and team members are participating in Sustain's mentoring scheme to continue building on this work and sharing insights across the country. 161 Healthy & Sustainable Food Systems- Public goods tool The Public Goods Tools IPG Tool) continues to be used across projects al ORC. The PG Tool offers high level suslainabilily assessments for farmers and landowners, and which doubles as a data collection tool for researchers. A major change to the PG Tool was completed as part of the Re- Livestock project with the development of an online interface. Previous versions were Excel based, making sharing of the tool limited to email exchanges. The online version now allows anyone to access the tool and perform their own assessments at any lime, while still retaining the cuslomisalion and dats collection aspects that make il such a valuable asset lo researchers. The success of this online version has been exemplified through the modified Re-Livestock version of the tool which was used to collect data on 68 farms across Europe. Results from a previous project using the tool, the Organic Defra Test and Trial, were also published in a recent issue of Organic Famiing, further showing the interest and applicability of such a tool. 171 Agricology It's been an exceptionally busy 12 months for the Agricology team as we continue to expand our reach, build our neI￿Ork and search out collaboration with new partners. Conferences and in-person events have been a cornerstone of our activity as we look to support farmers with practical information on agroecological approaches. A couple of highlights include running sessions al Oxford Real Farming Conference, reaching over 1,500 people through our talks al Groundswell and a trip over lo Northern Ireland lo take part in the Inaugural Fields Good conferen￿. Our content outputs across the website have reached new heights with 360 pieces of conlenl going on lo the site in the last year. Vve saw 60 external organisalions contribute lo over 200 of these. Alongside these partner contributions our programme of original conlenl goes from strength to strength, the Agricology podcast was relaunched with a season exploring the pracliTrs, ideas and conTrpts around oplimising carrying capacity for livestock. Behind the scenes we also have new series of 'Technical Deep Dives, under preparation, which will SLJPPOrt farmers as they look lo adopt individual agroecological practices and new Agricology guides have been launched through the year. Public Benefit The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard lo the Charity Commission's general guidance on public benefit. The Progressive Farming Trust Limited researches and educates key stakeholders in UK agriculture on sustainable agricultural practices. The Trustees have referred to Public Benefit guidance when reviewing the Charity's strategic aims and in planning ils future activities. Almost all of the research and knowledge exchange work is funded by slalutory authorities and philanthropic donations. The results of such research projects are made publicly available at no cost. Progressive Farming Trust Limited Report of the trustees For the ear ended 31 March 2025 Financial review The financial perfom)ance of the charity is sel out in the attached financial statements. Total incoming resources, including income from charitable activities, was £1,012,257 for the year (£1,273,251 for the 17-month period ended 31 March 20241. Considering the previous long accounting period, there are main contributing factors to our improved rate of turnover. First, the increase in the value of Horizon project work as the four projects in which we are involved progress towards completion lone in 2025, I￿0 in 2026 and one in 20281. Second, our success in increasing grant funding from Trusts & Foundations to support our ￿Search and Agrieology work. Total expenditure was £1,008,947 for the year1£1,526,656 for the 17-month period ended 31 March 20241. Having generated £3,310 nel income on our operations, £10,603 nel losses on investments resulted in total net expenditure for the year of £7,293. (Net expenditure of £217,933 for the 17-monlh period ended 31 March 20241. This resulted in a £199,563 reducb'on in unrestricted reserves12024.. £353,758 reduction), offset by a £192,270 increase in restricted reserves12024'. £135,825 increase). The fall in unrestricted reserves is due to the following.. A high proFX)rtion of income being generated from Horizon Europe projects which generate a relatively low nel contribution., Whilst progress has been made, we have still not yet been as suc￿Ssful as we need lo be identifying and succeeding in gaining grants and contracts for government and other statutory organisation research projects," and Whilst reducing our annual support and governance costs by 9°/D in real temis over the previous period, our overheads required higher unrestricted income being earned and greater recoveries from our restricted projects. The shortfall in income was funded from our unrestricted reserves which were £377,751 at 31 March 20251£577,314 on 31 March 20241. Sources offunding Sources include reslricled and unrestricted funding gained through project gfftnl and other bids, and applications lo charitable trusts and major donors and unrestricted funds donated by charitable trusts and individual donors. Fundraising All fundraising activity is coordinated by Charity staff. The majority of funds raised is from philanthropic Trusts and Foundations. External consullanls are used for advice on, and lo help write, applications lo them. When large research projects require funding, the Charity has used The Big Give Trust lo help obtain malch-funding for the donations it has raised. The Charity's appeals are promoted on its website and the only direct communication with potential donors is to individuals and organisalions with whom we have agreements lo contact. During our fundoising activities, Charity staff are mindful not lo be unreasonably persistent or to apply undue pressure on anyone, or to intrude on anyone's privacy. Progressive Farming Trust Limited Report of the trustees For the ear ended 31 March 2025 During the year ended 31 March 2025, the Charity received no complaints 12024.. no complaints) relating lo its fundraising activities. Risk factors and management The Charity's risk register is presented lo the Council of Management at least every 6 months for trustees to review and contribute. Risks are identified, assessed and actions taken to mitigate them wherever possible. In addition, the Finance and Remuneration Committee, whieh meets quarterly, reviews the financial control environment. As with any small business, the principal risk facing the charity is ils financial sustainability and, in particular, generating suffi'cient income lo cover both direct and indirect costs. The economic environment is such that governmental spending priorities lie outside the agricultural sector and philanthropic income is increasingly challenging lo find. In response, the charity is looking lo not only collaborate with research partners on Individual projects, but also lo enter Into a more formal agreement, integration resources more deeply. After the end of the financial year, the charity entered into an agreement with a commercial organisation to improve ils financial sustainability and the details are included in the 'Post balance sheet events, section of this report. To mitigate the increased risk of stock market variability obsetved during the year, the Council of Management decided lo switch ils investments away from equities and into lower risk gills and bonds. This has given greater security to the ongoing value of the investment portfolio and therefore unreslricled reserves. This is further explained in the Investment Policy secb'on of this report. Future plans and post balance sheet event The Trustees have recognised the increasing difficulty of operating a small research charity in a financially sustsinable way. After a long search, including discussions with academic institutions, charities and commercial organisalions in the sector, the Board decided that the only way to ensure the sutvival of the valuable work of the Organic Research Cenlre, and of the Progressive Farming Trust Limited charity, was to divest ils research operations. On 29 August 2025 it entered into an agreement to transfer ils research work to RSK ADAS Limited. This involved the transferring of staff under a Transfer of Undertakings (Proleclion of Employment} arrangement I'TUPE'I, researeh projects funded by commercial and statutory organisations, the Organic Research name and brand and historical research data which will remain publicly available and free of charge to review. The agreement also provided for the protection of the ORC brand through a Steering Committee of 5 Individuals, with an independent chairman and 2 members appointed each by RSK ADAS Limited and the Progressive Farming Trust Limited. Finally, a subcontract agreement belween the two parties has been agreed allowing outstanding research projects funded by philanthropic grants and donations to be completed by the charity. The terms of the subcontract agreement ensures that the skills of researchers key lo the completing the projects is retained, with no profit being made by RSK ADAS Limited. In the immediate future, the Charity will focus ils attention on expanding the Agricology knovAedge exchange plafform, to promote sustainable faming practices within the agricu￿u￿8l community. The Trustees are confident that a combination of operating with a significantly lower cost base and healthy restricted funding for ils Agricology operation will stabilise unreslricled free reserves and provide an opportunity lo develop and implement its new strategic direction. 10 Progressive Farming Trust Limited Report of the trustees For the ear ended 31 March 2025 Reserves policy During the year, the Iruslees reviewed ils reserves policy using guidance provided by the Charity Commission in ils CC19 paper.. Charity Reserves.. Building Resilience. In addition, it decided to adopt an Unrestri¢led Free Reserves policy of holding be￿een 3-12 months of unrestricted expenditure,. currently a range of between £70,000 - £280,000. Current Free Reserves of £377,751 represent 16 months of unrestricted expenditure. Investment policy The market value of the Trust's investments on 31 March 2025 were £725,43812024.' £758,097). In December 2024, the Board reviewed ils investment policy which sets out investment objectives in conjunction with its risk appetite. 11 took advice from ils investment managers, Greenbank (the trading name of Rathbones Investment Management Limiledl. Acknowledging the increased short-lerm risk of holding equities, the Board decided lo reduce its investment risk appetite with investments being moved out of equities and into government and commercial bonds. The current objective is to take a two-year time horizon for investment planning to maintain the real terms value of the portfolio. The policy is reviewed al least annually, but Trustees are committed lo reviewing il with Greenbank when the opportunity arises lo lake a longer-term view. structure. governance and management The Progressive Farming Trust is a company limited by guarantee governed by its Memorandum and Articles of Association dated 19 August 1980, as amended on 11 July 2019. It is a charity and has been registered with the Charity Commission since 1980. The company does not have a share capital. It has no subsidiary companies or legal association with other organisations. The company does work in partnership with many organisations on the delivery of projects and other charitable activities. The PFT has a Council of Management consisting of not less than three and not more than fifteen unpaid Trustees (Direclorsl, which sets strategy and direction and monitors performance. The company is run on a day-l04ay basis by a Senior Management Team led by a Chief Executive Officer, supported by a Head of Agricology and a Head of Finance and Resources. The Senior Management Team is responsible for implementing the plans approved by the Council on the basis of a statement of Delegated Authority. The remuneration of the Senior Management Team is sel by the Council as advised by the Remuneration Committee. The remuneration policy seeks to ensure that al as this is a research organisalion, for all staff relative pay levels compared with the Higher Education sector are maintained, and bl that for the Senior Management comparability with remuneration in other similar charities is also maintained. Progressive Farming Trust Limited Report of the trustees For the ear ended 31 March 2025 Trustee recruitment and induction The Iruslees (members of the Council of Management) are elected by the Members of the Progressive Farming Trust at the Annual General Meeting, with one-third retiring annually and eligible for re-election. Recruitment of trustees is achieved through personal recommendation or ulilising specialist agencies. The Council contains a broad range of farming, business, finance and organic experience, research, legal and international knowledge, and political experien￿ linked with environmentsl interests. Information is provided to help new trustees to familiarise themselves with the objectives and activities of PFT. They are also ￿ferred to the Trustee Act 2000 and relevant Charity Commission guidance. Detsils of trustee and related party transactions are disclosed in note 19 to these accounts. Statement of responsibilities of the trustees The trustees Iwho are also directors of the charity for the purposes of company lawl are responsible for preparing the Iruslees, report and the financial statements in awordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom General￿ Accepted Accounting Practice). Company law requires the Iruslees to prepare financial statements for each financial year, which give a true and fair view of the slate of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required lo.. select suitable accounting policies and then apply them consistenUy', observe the methods and principles In the Charities SORP., make judgements and accounting eslimales that are reasonable and prudent., slate whether applicable UK accounting standards and statements of recommended practice have been followed, subject lo any material departures disclosed and explained in the financial slatemenls", and prepare the financial statements on the going concem basis unless il is inappropriate to presume that the charity will continue in operation. The Iruslees are responsible for keeping proper accounting records which disclose wth reasonable accuracy al any lime the financial position of the charity and which enable them lo ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Iruslees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware., and the Iruslees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. The Iruslees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial stslements may differ from legislation in other jurisdictions. 12 Progressive Farming Trust Limited Report of the trustees For the ear ended 31 March 2025 Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity bul this entities them only to voting rights. The Trustees have no beneficial interest in the charity. Audltors Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity. Approved by the trustees on 2 December 2025 and signed on their behalf by 2bhald Feck Donald Peck- trustee and chair 13 Independent auditors. report To the members of For the ear ended 31 March 2025 Opinion We have audited the fi'nancial statements of Progressive Famiing Trust Limited Ilhe 'charity'l for the year ended 31 March 2025 which comprise the statement of financial activities, balance sheet, ststemenl of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slatemenls.. give a true and fair view of the stale of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended", have been properly prepared In accordance with United Kingdom Generally Accepted Accountsng Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethieal requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, in the circumstances set out in note g lo the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have Concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial ststemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individLJally or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of al least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the infomiation included in the annual report other than the financial statements and our audilorfs report Ihereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the exlenl otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 14 Independent auditors. report To the members of For the ear ended 31 March 2025 In connection with our audit of the financial slatemenls, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained In the audit or otherwise appears to be materially misstated. If we identify such Material inconsistencies or apparent material Misststemenls, we are required lo determine whether there is a material misstatement in the financial statements or a material misslatemenl of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. Vve have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit". the information given in the Iruslees, report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements., and the directors, report included within the Iruslees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understsnding of the company and ils environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees, report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us", or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Iruslees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement lo prepare a strategic report. Responsibilities of the trustees As explained more fully in the trustees, responsibilities statement set out in the trustees, report, the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfi'ed that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of fi'nancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic allernalive bul lo do so. 15 Independent auditors. report To the members of For the ear ended 31 March 2025 Our responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wth our responsibilities, outlined above, lo detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the exlenl to which they are capable of detecting irregularities, including fraud, are detsiled below.. 111 We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance wth applicable laws and r￿ulations. Throughout the audit, we remained alert to possible indications of non-compliance. 121 We reviewed the charity's policies and procedures in relation lo.. Identifying. evaluating and complying with laws and regulations, and whether they were aware of any instances of non-complian￿., Detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud., and Designing and implementing internal controls lo mib'gale the risk of non4ompliance with laws and regulations, including fraud. 131 We inspected the minutes of trustee meetings. 141 We enquired about any non-routine communication with regulators and reviewed any reports made lo them. 151 We reviewed the financial slalement disclosures and assessed their compliance with applicable laws and regulations. 161 We performed analytical procedures lo identify any unusual or unexpected transactions or balan￿S that may indicate a risk of material fraud or error. 171 We assessed the risk of fraud through management override of controls and carried out procedures lo address this risk. Our procedures included.. Testing the appropriateness of journal entries., Assessing judgements and accounting eslimales for potential bias., Reviewing related paty transactions., and Testing transactions that are unusual or outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to delect than those that arise from error as they may involve deliberate concealment or collusion. 16 Independent auditors. report To the members of For the ear ended 31 March 2025 A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at". www.frc.org.uklaudilorsresponsibilib.es. This descripb'on forms part of our auditor's report. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the charity's members those matters we are required lo slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Date.. 8 December 2025 Robert Wllson FCA (Senior Statutory Auditor) For and on behalf of.. GODFREY WILSON LIMITED Chartered accounlanls and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS14QD 17 Progressive Farming Trust Limited Statement of financial activities (incory)or8ting an income and expenditure account) Forthe earended 31 March 2025 12 months to31 March 2025 Total 17 months to31 March 2024 Totsl Restricted Unrestricted Note Income from: Donations and legacies Charitable activities.. Research and projects Information services Other trading activities Investments Miscellaneous income 25,926 25,926 121,573 633,468 286,940 34,571 668,039 286.940 1,829 28.321 1,202 798,688 288,574 19,736 39,122 5,558 1,829 17,955 1,202 10,366 Total Income 930,774 81,483 1,012,257 1,273,251 Expendlture on: Raising funds.. Fundraising Charitable activities.. Research and projects Information services 118,268 118,268 255,725 538,850 199,654 151,495 680 690.345 200,334 922,316 348,615 Total expenditure 738,504 270,443 1,008,947 1,528,656 Nel gains I Ilossesl on investments (10,603 {10,603 35,472 Net Income I lexpendlturel and net movement in funds 192,270 1199,5631 17,293} 1217,933} Reconciliation of funds: Total funds brought forward 856,182 577,314 1.433rt96 1,651,429 Total funds carrled forward 1,048,452 377,751 1,426,203 1,433,496 The above results are derived from continuing and discontinued activities. Detsils of discontinued operations are detailed in note 22. There were no other recognised gains or losses other than those staled above. Movements in funds are disclosed in note 18 to the accounts. 18 Progressive Farming Trust Limited Balance sheet For the ear ended 31 March 2025 2025 2024 Note Flxed assets Tangible assets Social investments Investments 720 172.750 725.438 1,429 197,430 758,097 13 14 898,908 956,956 Current assets Debtors Current asset investments Cash at bank and in hand 15 96.265 369,043 129.290 97,624 340,256 128,009 594.598 565,889 Liabilities Creditors.. amounts falling due within 1 year 16 89,349 Net current assets 527.295 476,540 Net assets 1,426.203 1,433,496 Funds Restricted income funds Dean Organic Fund Other restricted funds Unreslricled funds General funds 538,914 509.538 533,348 322,834 377.751 577,314 Total charity funds 1,426,203 1,433,496 These accounts have been prepared in accordance wth the special provisions applicable to companies subject to the small companies, regime. Approved by the trustees on 2 December 2025 and signed on their behalf by Peck Donald Peck- trustee and chair 19 Progressive Farming Trust Limited Statement of cash flows For the ear ended 31 March 2025 Note 2025 2024 Net movement In funds 7,293) 1217,9331 Adjustments for.. Depreciation Charges (Gains) I losses on investments Dividends, interest and rents from investments Decrease l {increasel in debtors Increase I Ideereasel in creditors 709 10.603 {28,321) 1.359 22,046 1,668 157,2571 139, 1221 14,664 23,281 Net cash provided used in operating activities 44,989 274,899 Cash flows from investing activities: Proceeds from disposal of Investments Dividends, interest and rents from investments Purchase of tangible fixed assets Purchase of investments Concessionary loans repaid Concessionary loans awarded 1.679,302 28,321 528,269 39,122 11,6691 1368,0851 88,581 109,252 {1.657,246} 37,780 13.100 Net cash provided by investing activities 75.057 176,966 Increase I Idecreasel in cash and cash equivalents in the year 30.068 197,7331 Cash and cash equivalents at the beginning of the year 468,265 565,998 Cash and cash equlvalents atthe end of the year 498,333 468,265 Analysls of Cash and cash equlvalents: Current asset investments Cash at bank 369,043 129,290 340,256 128,009 Total 498,333 468,265 The charity has not provided an analysis of changes In nel debt as Il does not have any long temi financing arrangements. 20 Progressive Farming Trust Limited Notes to the financial statements For the ear ended 31 March 2025 Accounting policies al General infomiation and basis of preparation Progressive Farming Trust Limited Is a charitable company limited by guarantee registered in England and Wales. The registered office address is Trent Lodge, Stroud Road, Cirencesler, Gloucestershire, GL7 6JN. The financial statements have been prepared in accordance with Accounting and ReFlOrting by Charities.. Statement of Recommended Practice applicable lo charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- (Charities SORP IFRS 1021}, the Financial Reporting Standard applieable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Progressive Famiing Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhenmse staled in the relevant accounting policy note. bl Golng concem basls of accountlng The accounts have been prepared on the assumption that the charity is able lo continue as a going concern, which the trustees consider appropriate having regard lo the current level of unrestricted reserves. There are no material uncertainties about the charity's ability lo continue as a going concern. cl Income Income is recognised when the charity has entitlement to the funds, any performan￿ conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from the govemment and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions allached to the grants have been mel, it is probable that the income wll be received and the amount can be measured reliably and is not deferred. For legacies, enlillemenl is taken as the earlier of the dale on which either.. the charity is aware that probate has been granted, the estate has been finalised and notificab'on has been made by the executorlsl lo the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's Intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. 21 Progressive Farming Trust Limited Notes to the financial statements For the ear ended 31 March 2025 Accounting policies Icontinuedl dl Donated services and facilities Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been mel, the reTript of economic benefit from the use by the charity of the Item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, general volunteer lime is not recognised. On receipt, donated professional services and donated facilities are reeognised on the basis of the value of the gift lo the charity which is the amount the charity would have been willing lo pay to obtain services or facilities of equivalent economic benefit on the open market", a corresponding amount is then recognised in expenditure in the period of re￿ipt. el Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity.. this is normally upon notification of the interest paid or payable by the bank. fj Funds accounting Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unreslricled funds of the charity which the trustees have decided al their discretion to set aside to use for a specific purpose. Reslricled funds are donations which the donor has specified are lo be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. gl Expenditure and irrecoverable VAT Expenditure Is recognised once there is a legal or constructive obligation to make a payment lo a third party, il is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. h) Allocation of support and governance costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the Strat￿1¢ management of the charity's activities. Where these costs are not directly attributable lo charitsble aclivilies, they have been allocated between cost of raising funds and expenditure on charitable activities on the basis of stsff lime as follows.. 12 months to31 March 2025 17 months 1031 March 2024 Raising funds." Fundraising Charitable activities.. Research and projects Charitable activities." Information services 71.010 20.1Vo 22 Progressive Farming Trust Limited Notes to the financial statements For the ear ended 31 March 2025 Accounting policies leontinuedl il Tangible fixed assets Depreciation is provided at rates calculated to write down the cost of each asset lo its eslimaled residual value over its expected useful life. The depreciation rates in use are as follows.. Fixture, fittings and equipment 33./0 on cost Items of equipment are capilalised where the purchase price exceeds £2,000. Il Social investments Social investments are Gon￿$s1Onary loans made lo third parties that directly further the charitable purposes of the charity. The loans are recognised as the amount paid, less cumulative repayments. They are reviewed annually for impairment. kl Investments Investments held at the year end are valued al the current market value at that date. Investment income from dividends is included in incoming resources while realised and unrealised losses and gains on investments are shown separately on the statement of financial activities ISOFAI. Realised gains and losses are calculated on investment disposals during the year as the difference between the opening market value and the proceeds received on sale. Unrealised gains and losses are calculated on investment holdings al the year end as the difference between the closing market value and the opening market value or purchase value during the year. 11 Debtors Tode and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ml Current asset Investments Current asset investments are cash held on deposit that will be used lo fund social investments. Current asset investments are measured at Cost. n) Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ol Creditors Creditors and provisions are recognised where the charity has a present obligation results'ng from a past event that will probably result in the transfer of funds lo a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement amount after allowing for any trade discounts due. 23 Progressive Farming Trust Limited Notes to the financial statements For the ear ended 31 March 2025 Accounting policies Icontinuedl pl Financial instruments The charitable company onty has financial assets and financial Iiabililies of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequentty measured at their settlement value with the exception of bank loans which are subsequenlly recognised at amortised cost using the effective interest method. ql Pension cost$ The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA. rl Foreign eurrency transaetions Tonsaclions in foreign currencies are translated al rates prevailing at the dale of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing al the year end. sl Accounting estimates and key judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experien￿ and other factors that are considered lo be relevant. Actual resu￿$ may differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the ￿vIsion affects both current and future periods. The key sources of eslimalion uncertainty that have a significant effect on the amounts recognised in the financial ststemenls are described below. Depreciation As described in note 1 i to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its eslimaled residual value over ils expected useful life. 24 Progressive Farming Trust Limited Notes to the financial statements For the ear ended 31 March 2025 Prior period comparatives.. statement of financial activities 17 months 1031 March 2024 Total Reslricled Unrestricted Income from: Donations and legacies Charitable activities Research and projects Information services other trading activities Investments Mis￿lIaneOUS income 121,573 121,573 602,477 288,574 196,211 798,688 288,574 19,736 39,122 5,558 19,736 39,122 5,558 Totsl incomo 891,051 382,200 1,273,251 Expenditure on: Raising funds.. Fundraising Charitable activities.. Research and projects Information services 255,725 255,725 551,899 197,827 370,417 150,788 922,316 348,615 Total expenditure 749,726 776,930 1,526,656 Net gains on investments 35,472 35,472 Net income I (expenditure) 141,325 1359,2581 1217,9331 Transfers be￿een funds 5,500 5,500 Net movement in funds 135,825 353,7581 217,933 Income from donations 12 months to31 March 2025 Total Restricted Unrestricted Yarrow Trust Other donations < £1 Ok 10,000 15,926 10.000 15,926 Total donation income 25,926 25.926 25 Progressive Farming Trust Limited Notes to the financial statements For the ear ended 31 March 2025 Income from donations leontinuedl Prior period comparative: 17 months 1031 March 2024 Totsl Reslricled Unrestricted Yarrow TrLJSt Esmée Fairbairn Foundation Other donations < £15k 60,000 20,000 41,573 60,000 20,000 41,573 Total donation income 121,573 121,573 Income from charltable actlvltles.. research and projects 12 months to31 March 2025 Total Restricted Unrestricted Defra European Commission Charities Aid Foundation Individual Donations received through The Big Give UKRI Consultancy Mark Leonard Trust Swire Charitable Trust Stewardship Services IUKETI Limited Esmée Fairbairn Foundation Farming the Future Reed Foundation SRUC Other project income 44,679 265,807 126,170 39,611 31,829 900 45,579 265,807 126,170 39,611 31,829 30,171 25,000 21,728 20,000 25,000 13,000 8,051 3,500 12,593 30,171 25,000 21,728 20.000 25,000 13,000 8,051 3,500 12,593 Total research and project income 633,468 34,571 668,039 26 Progressive Farming Trust Limited Notes to the financial statements For the ear ended 31 March 2025 Income from eharitable activities.. research and projects leontinuedl Prior year comparative: 17 months 1031 March 2024 Reslricled Unrestricted Defra European Commission The Soil Association John Pain Other project income Consultancy Sainsbury Famity Charitable Trust Rothschild Foundation Stewardship Services IUKETI Limited Elizabeth Gilmour Charitsble Foundation CPRE Dulverton Trust Organic Farmers & Growers Shropshire Council Organic Arable SRUC Open Food Network 60,140 330,123 10,483 62,500 25,950 79,848 139,988 330, 123 46,298 62,500 25,950 26,637 39,100 26,100 20,000 23,814 17,235 4,267 12,981 8,325 5,420 5,000 4,950 35,815 26,637 39,100 26,100 20,000 23,814 17,235 4,267 12,981 8,325 5,420 5,000 4,950 Total research and project income 602,477 196,211 798,688 Income from charltable actlvltles.. Informatlon servlces 12 months to31 March 2025 Total 17 months 1031 March 2024 Total Rothschild Foundation Esmée Fairbairn Foundation Stewardship Services IUKETI Limited Linbury Trust John Ellemian Foundation Garfield Weston Foundation Other project income 121,300 120,000 87,500 40,000 87,500 40,000 35,000 25,000 16,074 3,140 Total information services income 286.940 288,574 All income from information services in the current and prior period is restricted. 27 Progressive Farming Trust Limited Notes to the financial statements For the ear ended 31 March 2025 Income from other trading activities 12 months to31 March 2025 17 months 1031 March 2024 Organic farm management handbook Other estate income 19,736 1.829 Totsl othertrading income 1,829 19,736 All income from other trading activities in the current and prior period is unreslricled. 7. Government grants The charitable company receives govemment grants, defined as funding from Defra. the European Commision and UK Research and Innovation, lo fund charitsble activities. The total value of such grants in the year ended 31 March 2025 was £343,215 12024.. £470, 1111. There are no unfulfilled conditions or contingencies attaching to these grants. 28 oooin￿￿ocQV4 ujw o)r ¢n 1 year 64,544 108,206 48,238 149,192 172,750 197,430 Concessionary social investment loans comprise inlerest-free loans of up lo £25,000 made to fund the purchase of equipment, stock or similar items to enable the borrower to carry out certified or closely aligned organiclagroecological farming andlor food business aclivilies. They are generally repayable in monthty instalmenls beginning 12 months after the loan was agreed. 33 Progressive Farming Trust Limited Notes to the financial $tstement$ Forthe earended 31 March 2025 14. Listed investments 2025 2024 Market value al 1 April 2024 Additions Disposals proceeds Net gains I Ilossesl 758,097 1.657,246 {1.679,3021 10,603 861,024 368,085 1528,2691 57,257 arket value at 31 March 2025 725,438 758,097 Listed investments comprise funds held by Rathbones, which are shown at the market value at the balance sheet dale. 15. Debtors 2025 2024 Trade debtors Accrued Income Prepayments 14,759 10,475 71,031 11,574 74,922 11,128 96,265 97,624 16. Creditors: amounts due within 1 year 2025 2024 Trade creditors Accruals Taxation and social security Other creditors 5,311 34,843 26,730 419 33,423 25,423 24,586 5,917 67,303 89,349 34 Progressive Farming Trust Limited Notes to the financial $tstement$ Forthe earended 31 March 2025 17. Analysis of net assets between funds Reslricled Unreslricled funds funds Total funds Tangible fixed assets Social investments Investments Net current assets 720 720 172,750 725,438 527,295 172,750 348,407 527,295 377,031 Net assets at 31 March 2025 1,048,452 377,751 1,426,203 Prior period comparative Reslricled Unreslricled funds funds Totsl funds Tangible fixed assets Social investments Investments Net CLJrrent 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 35 10 41 '.11 111 i Lnovrto Lf> ￿ IN (D ¢0 10 ¢0 Lo ¢0 OOCD¢X ONO (DN I o) +1> a) u) o W2LLOCI WW rn7J CL ¥JwZI 75 a) £ QJ c u co<>￿[ LL O rG) O( Ln Ln C7Jno O¢D Ln (Q ¢7) (Tr O) ootD o)rDO LL (n c w C IA i ctLUJLLOQ Progressive Farming Trust Limited Notes to the financial $tstement$ Forthe earended 31 March 2025 19. Related party transactions For the year ended 31 March 2025 trustees donated a total of £2,628 12024.. £5,471) to the Organic Research centre during the year. Of this £2,593 related lo donations in cash 12024.. £5,118) and £35 for travel and subsistence expenses not claimed {2024'. £3531. 20. Financial instruments at fair value 2025 2024 Financial assets measured at fair value 725.438 758,097 Financial assets measured at fair value comprise listed investments. 21. Post balance sheet events On 29 August 2025, the charity entered into an agreement to transfer its research work lo RSK ADAS Limited. This involved the transferring of staff under a Transfer of Undertakings (Protection of Employment) arrangement I'TUPE'I, research projects funded by commercial and stalulory organisations, the Oryanic Research name and brand and historical research data which will remain publicly available and free of charge to review. 22. Discontinued operations As detailed in note 21, post year end the charity transferred its research work to RSK ADAS. As such the research activity of the charity is a discounted operation. The total income and expenditure for this discontinued operation is.. 2025 2024 Income Expenditure 668,039 {690.3451 798,688 {922,3161 Deficit in the year 22.306 123,628 39