Company Regi$tratlon number.. 00567232
Charity Registration number.. 284077
PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limited by Guarantee)
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

PROCESSORS & GROVERS RESEARCH ORGANISATION
{A Company Limlted by Guarantee)
CONTENTS
Page
Reference and Adminlstratlve Detalls of the Charity. its Trustees and Advisors
Trustses. Report
3-12
Statement of Trustees. Responslbilities
13
Independent Audltors. Report on the Financlal Statemènts
14-17
Consolidated Ststement of Flnancial Actlvltles
18
Consolidated Balance Shoot
19
Charlty Balance Sheet
20
Consolidated SL*oment of Cash Flows
21
Notes to the Flnanclal Statements
22-48

PROCESSORS & GROWERS RESEARCH ORGANISATION
{A Company Limlted by Guarantee)
REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2020
Trustees
S W Bumslead1
S J Francis, Chairman1
S P Marx (resigned 8 September 2020)1
ABury
J P Fenton (resignèd 8 September 202011
C S Stowe, Vice Chairman1
T J Yewbrey
C G Renner1
F G Smith (resigned 8 September 2020)
J M Hopwood
D J Sedgeley
S J Portas
JRSWard
Professor D L Sparkes
L J Cottey
J A Maguir8 lappoinled 8 September 2020)
Denotes member ofthe Man8gemenl and Finance Committtaa
Company reglstsred
nurnbèr
00567232
Charty registéred
number
284077
Rggistered offlce
The Research Station
Great North Road
Thornhaugh
Peterborough
PE8 6HJ
Company secretary
Mr R G Vick6rs
Chlef executive officor
Mr R G Wickers
Independent auditors
MHA Maclntyr& Hudson
Chartered Accountants
ststulory Auditor
1 The Forum
Minerva Buslness Park
Lynch Wood
Pelerborough
PE2 6FT
Page 1

PROCESSORS & GROWERS RESEARCH ORGANISATION
{A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2020
Bankars
Lloyds Bank PIC
65 High Street
Stamford
Lincolnshire
PE9 2AT
Clydesdale Bank PIC
10 Church Street
Peterborough
PE8 6HJ
Sollcltors
Greenwoods
Monkstone House
City Road
Peterborough
PEI 1JE
Investment advlsor
M&G Securities Limlted
PO Box 6108
Basildon
SS15 SNA
Investment advisor
Telford Mann Limited
Oakley House
Headway Businèss Park
3 Saxon Way West
Corby
NN18 9EZ
Page 2

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limited by Guarantee)
TRUSTEES. REPORT {Incorporating the Strateglc Reporti
FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees, who 8re also Directors for the purpose of company law, have pleasure in presenting their annual
report together with the audited financial statements of the Charity and its subsSdiary for the year ended
31 December 2020.
TRUCTURE GOVERNANCE AND MANAGEMENT
anisation and Governance
Processors and Growers Research Organ588thJn (infom)ally known as PGRO and referred io as such hereafter).
is incorporated in England ané Wales and is a company limited by guarantee (registered number 005672321 and
is a registered charity (number 002840771. 11 is governed by ils Memorandum and Artides of Assoaalion.
Members and Board of Trustees
The Board of Trustees comprisas the Chair and up to fourteen addition81 Trustee Directors. The Trustees are
also the members of the organisation. The following Trustees have setved during the period=
S P Marx (resigned September 20201
S W Bumstead $
S J Francis Ichaimian) $
ABury
J P Fenton (resigned 81h Septembèr 20201
C S Stowe $ (VI￿ Chalrmanl
C G Renner $
F G Smith (resigned 81h September 20201
D J Sedgeley
S J Portas
JRSWard
Professor D L Sparkes
T J Yewbrey
L J Cottey
J M Hopwood
J A Maguire (appointed 81h September 20201
S Denotes member of the Management and Finance Committee as at 31S1 DeceTnber 2020.
No remuneratlon or benefrt was paid or grant8d to any Trustee.
Recrul
ment Ind tlon and Trainin
of Trustees
The Tmslees have regard lo the UK Charity Governance Code an(1 tske govemance of the Cha￿tyVery seriously.
New Trustees will be sourced from producers, processors and users of pulses and vegetable crops las identified
in the Articles of Association). Recommèndations are made ahead of the AGM to ensure the overall balance of
skills is maintained. All Trustees are required lo have skillsels r61evanl lo supporting the Charity's actNlties. An
induction programme is in place for n8￿Y appointed Trustees which is revlewed and updatèd as approprlate.
All Trustees are encouraged to be familiar wilh the practical work of the Charity and maintain an understanding
of ils activities by attending the Charity's premises, events and meetings and engaging with stsff.
The Trustees are mindful of the UK Charity Governance Code's recommendation that 8 maximum of ￿e1ve
Trustees is considered good practice. cU￿entlY there are thirteen Board Members {th& Memorandum and Articles
of Association allow a maximum of fifteen). The Trustees consider a greater number allows for representation
from all Ihe stakeholder groups the Charity engages with. The Trustees are also aware three of the Board
Members have served for more than the nine years prescribed by the Code.
Page 3

PROCESSORS & GROWERS RESEARCH ORGANISATION
IA Company Limited by Guarantee)
TRUSTEES, REPORT {Incorporating Strateglc Report}
FOR THE YEAR ENDED 31 DECEMBER 2020
Their reappointment is considered and approved providing they are still professionally active, they have indicated
their willingness to continue and th8 Impact the loss of industry experiencè from the Board would cause if a
suitable replacement could not be sourced.
Liabilit Insuranc8
The Charity holds Directors and Officers Insurance which will indemnrfy the Dir8ctors against claims from third
parties. It does not provide cover in the event a Trustee is proven to have acted eitherfraudulenlly 0rdish0nes￿y.
ani
lonal Stru
ure
The Board of TTUStees Is responsSble forthe management of PGRO'S affairs in accordance with ils Memorandum
and Articles of Assoaalion. and meets regulady throughout the year to oversee the Charity's strategic dlreclion
and financial probity.
Additionally, the Management and Finance sub-committee {¢omprising the Chair. Viee-chalr. Chief Executive.
Finance Manager and at least two other Board members) meets lo..
Consider strategic issues and make recommendations for full Board approval.
Review and sel remuneration of Charity staff for full Board approval.
Receive. examine and discuss financial reports,
Assess business progress against objectrve8 and consider critical business risks,
Consider health and safety issues.
Consider capital investment and any other major expenditure for full Board approval,
Consider all governance issues.
The Chief Executive (appointed by the Trustees) manages the day-t& day operation of the charitable company.
To ensure effective operations the Chief Exacutive and Senior Management Team have delegated authority for
all operational matters.
Related Partles
The Charity has a wholly owned subsi¢Jl8ry, PGRO Research Limited, which donates its profits to PGRO ICh8rity)
vla gift aid in perpetuity.
OBJECTIVES AND ACTIVITIES
EstablSshed in 1944. PGRO conducts innovatNe Tesearch and provides technic81 services on dry haNesled peas,
vining lfreezing} peas and peas produced for canning operations and on other legumes and selected vegetables
as appropriate.
The Charity's primary objectives are to..
Provide and malnlaln a responsive and Independent technical service to producers of legumes and other
selected vegetable crops
Provide timely, accurate and well researched information
Advance the SGience of agriculture by the iniliatlon. development and continuance of invosligatlons and
applied research
Ensure research is undertaken that is complimentary lo related studies elsewhore, whilst providing for
regional environmental and agricultural practice diversity
Collaborate in joint programmes as and when appropria18
Promote the dissemination and extension of research findings (either alone or with other organiSat￿n5
whose objectives are similar to those of the Charity)
Page 4

PROCESSORS & GROWERS RESEARCH ORGANISATION
{A Company Limited by Guarantèè)
TRUSTEES, REPORT Ilncorporatlng the Strateglc Report)
FOR THE YEAR ENDED 31 DECEMBER 2020
PGRO'S mission is to..
Pursue the provision of current advice for growers, the realisation of improved crop yield, qualty and
economics.
Facilitats open, accessible, reliable and relevant knowledge eKchange.
Develop progressive and innovative approaches to crop research and development.
Create and maintBin extensive and close links with growers, processors, trade and fundamental research
communllies.
In fulfilling its mission. PGRO works dosely with organlsallons which are part of the production andlor usage
chain includlng=
Growers
Plant breeders
Crop protection organisations
Piocessing comp8nies
Pulse cleaning organisalions
Trading speclalists
The Charity considers these links are important since it ensuies PGRO continues to effeclivety support UK
legume pmduclion for both hom8 and export markets.
Charitable objectives are mel through the provision of..
Industry approved applied research and development programmes as dlscussed at panel meetings
Effective education and knowledge transfer activities delivered to schools. col￿ge$, growers,
agronomists and processors
Delivery of knowledge and services benefitting both public and commercial customers
Sponsorship of PhDs relevant lo legumes
A strong UK agricultural sector creates employment and inward UK investrnènl. 11 is generally accèpted global
crop production musl increase in order lo keep pace wlth projected worldwide population growth. Globally.
demand for fcK)d is surpassing supply, and the availability of land SLJitab18 for agricultural produclion will be
limiting factor. Therefore, increased agricultural productivity (i.e. producing more per he¢lar81 is an urgent
requirement. Experts believe climate change will reduce crop yields and water avai12bilily in intemperate areas.
thus creating increased dependency and pressure on agricultural production in temperalo regions of Europe and
North America. Increased intensification needs to be sustainable in the long-temi. and agricultural research works
lo towards providing a food supply that is secure and sustainable whilst having minimal environrnenlal irnpacl by
producing crops which can help mitigate and adapt to climate change.
PGRO undertakes applied. industry approved research and development programmes, focusing on..
Plant and soil-bome pests and diseases
Soil health
The value of legumes in crop rotstions
Improved yield and quality in legume crops
Data analysis and provision of science-backed information
Environmental improvement
I the above activities conlribule towards the achievement of the Charity's legal objectives as identified on the
previous page.
Page 5

PROCESSORS & GROWERS RESEARCH ORGANISATION
IA Cornpany Limited by Guarantee)
TRUSTEES. REPORT (Incorporatlng the Strateglc Report)
FOR THE YEAR ENDED 31 DECEMBER 2020
PGRO'S 8CtThiilies provide an important interface be￿een farming and food industries. and the Ch8rity uses 8
variety of methods to ensure research Tesulls and recommendations are applied quickly and accurately via..
Articles and publications
Grower meelingslworkshops
Agronomy training
PGRO website and social media
Open days. seminars and presentstions of both C￿r￿nt and emerging issues
PGRO remains dedicated to providing scientific research th8t contrlbules to the suslalnabilty of legume crops
land other vegetable crops as approprlale), ané lo improve the yield and quality thereof. The Charlty has a highty
skilled and well-respecled workforce. Stakeholder benefits come through improvernenls in quality, reliability and
profitability of legume crops.
Isk Assessment and Mana
ement
Thè Board ofTrustees is responsible lor ensuring Ih8re are effecllve and adequate rlsk managamenl and internal
controls systems in place to manage the major risks lo which the Charity is exposed. The Risk Register (focusing
on the key risk areas of governance, operattonal, financial, environmental and extemallregulaloryl, Kjenlifies the
risks PGRO faces. prioritises them in tem￿ of likelihood of occurrence. their potential impact and how they Can
be mitigated.
The Board recognis8S the Risk Register is a live document and r8gularly review..
The key risks the Charity Mayf8￿, likelihood of malerialisalion, likely impact and thè procadures required
lo mlnimlse impact should they materialise
Internal controls and procedures and their effectiveness to ensure the needs of the Charity are mel and
compliance with externally issued guldellnes and statements of best practice.
With regard lo Covid-19, the Charity operates according lo government and local guldelines and follows best
practice w((h regard to social distsncing and hYg￿ne, and undertook early discussions with stakeholders and
employees which remains ongoing.
Page 6

PROCESSORS & GROWERS RESEARCH ORGANISATION
IA Company Llmited by Guarantee}
TRUSTEES, REPORT Ilncorporatlng the Strateglc Report)
FOR THE YEAR ENDED 31 DECEMBER 2020
STRATEGIC REP
ACHIEVEMENTS AND PERFORMANCE
With over 70 years of research experience into legumes and other selected vegetable crops, PGRO has a widely
recognised reputation as being one of the few remaining UK sources of sound, independent techn￿81 advice. al
a time when food production, quality and provenance faces increasing scrutiny both nationally and inlernalion811y.
Research underpins the vast majority of th8 work undertaken by the Charity, enabling discovery. creation.
dissemination and knowledge preservation. PGRO aims to pursue the highest standards of research excellence
by employing knowledgeable and dedicated stsff who are well respected by the industry. Through continued
development and investment, PGRO supports a culture of inquiry and initiative, and beI￿Ve$ in rese8r¢h that
makes a differen￿. The Trustees believe il is vital the Charity continues to maintsin and demonstrate its
independence. innovation and integrity.
PGRO'S scientific activities encompass improvements in legume production such as developing higher yielding
crops which are resillenl to climate change. pest and disease control with which to protect the environment and
the importanco of soil health. PGRO has the specialist ski118 and knowledge to enable improved legume
production, evalualK)n of variety and agrochemical performance and quality from field and glasshouse trials. Via
PGRO'S knowledge exchange programmes, the benefits of new knowledge are communica18d lo farmers and
growers and further lo the food industry reliant on produ¢liv8 agriculture.
PGRO aims lo be at the forefront of legume crop innovalltsn.
During 2020 PGRO continued lo deliver services in accordanc8 w￿h its researth objectives and effecllve5y
delivered existing research projects including=
Surveillance of virus diseases in UK pea crops - AHDB funded
Horticulture strategic cent￿S for field vegetables - AHD8 funded
Fostering Sustainable Legume Based Famiing Systems and Agrifeed and Food Chalns in the EU
ILEGVALUEI- part EU fijnded
Transition Paths lo Sustainable Legume Based Systems in Europe ITRUEI- part EU funded
Improving productivity in pea. bean and legume growing through advanced data analytics, machlne
learning and Al tschniques IIUK funded)
Genetic improvement of pea lo replace soy8b8an in diets of poultry and monogaslric livestock IBBSRC
funded)
Thè Charity, Insofar as funds permitted conducted in-house research areas such 8S.'
s￿enIng the efficacy of products designed to sts'mulate natural plant proces8es
Cover crops grown be￿een periods of regular crop Production with the aim of improving or proleoling
soll health, structure and nutrient Capture
Inter cropping whereby bNo or more crops are grown in dose proximity
Plant populations lo maximise yield
MolecLtlar legts for pests and diseases
Page 7

PROCESSORS & GROWERS RESEARCH ORGANISATION
IA Company Limited by Guaranteè)
TRUSTEES, REPORT {Incorporating the Strategic Report)
FOR THE YEAR ENDED 31 DECEMBER 2020
Education is one of PGRO'S chariiable objectives and Is fulfilled by co-sponsoring a rolling programme of PhDs
insofar as the proposals are relevant and complimentary lo PGRO'S overall research and development strategy.
During 2020 the programmes of work comprised:
Management of stem and bulb nematode in field beans (Harper Adams University- 3 years).
Understanding and mitigating pea yield decline due lo foot-rot (University of Warwick- ended 20201-
Development of novel seed treatments for grain legumes lo simultaneously Increase biological nSlrog8n
fixation and Induce disease resistance (University of Stirling- ended 20201.
Strategies lo optimise pollination of the UK field bgan crop (University of Cambrrdge- 4 years).
Knowledge Iransf8r partnership Iunlversity of Nottingham- 3 years)
Understanding and increased knowledge of bean seed fly biology to develop an integrated control
strategy (Warwick University- 3.5 years. New 20201
During 2020 PGRO continued to provide advice and information and undertook knowledge transfer activities.
The 2020 joint PGROISyngenta roadshows were held online due to Covid-19, bul proved as popular as ever
enabling PGRO'S experts to infom) growers and advisers on the latest developments in pulse crop markets.
agronomy and research.
Advic& and information was distributed by many other sources such as onllne grower group meetings, articles,
putrAications. crop bulletins and fact sheets, lo name just a few.
PGRO'S website continues lo be an important interface with growers, breeders and the wider community, by
providing valuable advice and knowledge transfer lo interested partes. The website is updated regularly as well
as being subject to a major bi-annu81 review. Other social media methrxls (such as Twitter) 8re used lo interact
with stakeholders.
PGRO is actively involved with AHDB'S Monitor Farms la nationwide network of farms), bringing together groups
of like-minded farmers willing lo share performance and best practis8 information in order to improve their
businesses. Expetts from PGRO regularly liaSse Icurrenlly online due to Covi&191 with farms where pulses are
grown lo offer advice and undertake knowledge transfer.
PGRO is also actively involved with the Yièld Enhancement Neh￿ork which connects agricultural organisations
and farmers from the UK, Europe and beyond focusing on closing the gap bett￿88￿ current and pol8nllal yields
in peas. This involvement will continue into 2021.
FUTURE P
NS
PGRO will continue to be prlncipally gngaged in high quality applied agricultural research. The TTUStees recognis8
an important aspect of the Charity's work Is to contribute lo the competitiveness and sustainability of UK logum8
crop production.
The Charity will continue lo respond to appropriate funding calls as they pertain to applied crop research, bul the
Trustees are mindful that publicly available funding h8$ reduced in recent years, whilst the grant application
process is mor6 competitive than ever. The Trustees are pleased that following the UK'S exil from the EU, the
Charity can still apply for EU funding. Thus. PGRO will continue lo be available for collaborative research with
EU organisations. The Trustees are cOnf￿ent the Charity will continue to idenlrfy and apply for all appropriat8
grants by submitting innovative ideas which eM￿asiSe the importance of efficient crop production through the
most appropriate technology.
Commitments to collaborations with relevant Industry and academic partners remain an important aspect of the
Charity's work in order to achieve added value from joint working and sharing access lo a wider base of skills
and experience.
Pag8 8

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limited by Guarantee)
TRUSTEES, REPORT {In¢orporating the Strateglc Report)
FOR THE YEAR ENDED 31 DECEMBER 2020
The Charity wlll. insofar as funds permit. continue lo expand Its co-sponsorship of relevant PhDs complimentary
to the Charity's R&D strategy.
The current strategic plan (approved in 20f8} covers 2019 - 2022. The key aspects therein will continue to be
kept under review to ensure Ihgy are fil for purpose in the light of identified emerging risks lo the Charity and lo
ensure PGRO remains a solvent, respected and vibrant organisalion with a strong identity.
Provision of clear flnancial information continues to allowfor effective and timely decision-m8king al Managernent
and Finance Committee level. and will continue to enable this group and thg Board to fully and effeclDrely CDntrc
the business. The Charity will continue its investment in capital equipment to ensure the business remains at the
forefront of innovative agricultural research.
The Charity will continue to engage in knowledge transfer events and produce publicatlons and artides relevant
lo the agricultural sector and wider audien￿8 as appropriate.
The Twslees are maintaining a watching brief with ragard lo changes in UK agricultural policy following the UKS
exil from the EU. The Basic Payment Scheme to farmers is lo be progressively phased out frorn 2021 to 2028
and all greenlng measures within the Common Agri¢ullural Policy will be scrapped. The replactrmeni
Enmronmental Land Management Scheme aims to encourage farmers to lake steps lo improve the environment,
animal health and welfare, and reduce carbon emissions. At present. th8 impact on UK cropping systems cannot
quantified. The agricultural industry is of course well represented on PGRO'S Board. Their input and advice
will be greatly valued.
The decllning avallability of agro-chemicals will inevitably present challenges for growers and crop health in the
future. PGRO sees this as 8n opportunity lo further promote and encourage ￿searCh work in Its molecular
laboratory. There is great potential for diagnostic and predictive research lo facilitate integrated pest management
strategies on fams.
PUBLIC BENEFIT
The Truslees are sallsfled they have complied with their dLIty in section 4 of the Charilles Act 201110 have due
ard to public benefit guidance published by the Charities Commission.
PGRO'S main objective is to contribute to the advancement of the science of legume and other crops as
approprlate by undertaking scientific research projects. Additional benefts derlved from the Charity meeting its
main objective include the advancement of..
Educalionlknowledge
Environmental improvementlprotection
Innovalwe crop science and te¢hndogy are addressing pressures caused by climate change, global population
growth and food security issues by increasing productivity, protecting the environment and conseNing resources.
PGRO'S independent and applie¢J research into crucial legurne crops Iranslales directly into fam) practise.
contributing lo improved quality, ylelds, soil health an¢J environrnenlally friendly pe51 and disease management.
PGRO seeks to advance knowledge on all aspects of growing legurne crops from schools and colleges to farm
advisers. growers and pro¢essors, covering aspects such as..
Seed treatment
Plant populations
Crop husbandry- rotation, culthiation. fertiliser usage, drilling, plant population, coritrol of weed pests,
diseases and disorders, harvesting, drying and storage.
Therefore. benefits arise from the aifvancement of education and environmental prolectionl improvement.
Page 9

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Llmited by Guaranteè)
TRUSTEES, REPORT (Ineorporating the Strateglc Report)
FOR THE YEAR ENDED 31 DECEMBER 2020
FINANCIAL REVIEW
Weather variability, trading volatility in the legume markets and the lack of availability of res98rch grants can all
cause significant swings in the Charity's income year on year. Stock Market swings can also imp8Ct significantly
on the year end valuation of the Ch8rity's investments.
The Charity suffered from all of the aforementioned during 2020. Causing reserves lo decrease by £227.683
{2019= £259,038 increase). The decrease in 2020 was In large part due lo revaluation of the Charity's investments
where a net unrealised loss £157.272 was posted.
Investment in capital equipment was undertaken as planned. The main areas were:
Machinery and equipment £24.4k
Improvements lo facilities £14.5k
The Trustees are ¢onfidenl that the direction and financial management of the Charity remains robust, and
continually review expendiluTe levels to ensure value for money is achievtsd.
The Trusl8&s continue to monitor and evaluate the evolving implications on the UK agricultural industry following
the UK'S extt from the European Union. and lo consider any irnpact this may have on PGRO'S income streams.
rinci
al Fundln
SoureÈ$
Incoming resour￿ for the Charity and Its subsidiary for the year tolalled £1.2m12019.' £1.37m}, ofwhich £0.1m
related lo restricted funds12019.' £0.2ml.
Principal sources of income were derived from levy on legume crcys traded ex-farm end research grants. The
Trustees recognise the Importance of dfverse income streams forth8 financial health of the Charity and addlllonal
income came from..
Conlr8Ct trials
Membership fees
Conference facilities
Technical se1￿ceS
All expenditure during the year was incurred in furtherance of the Charl￿$ obleclives. There are currenlty no
significant futijre factors which the Trustees consider will affect financial performance.
Covld-19.. The Charivs actlvlfjès meant h was exempt from full closure and ITav&l restrlclions allowing the
majority of operations to continue throughout 2020. As previously mentioned. discussions with stakeholders were
initiated al an early stage and continued throughout the year. Work on a small number of projects was Curtailed
and hence funding was deferred lo 2021. The conference centre facllilles closed lo external bookings e8rW in
2020, resulting in a loss of income. The Trustees estimate lost income from all sources amounted to
approximately £34k.
Stock market turbulence during 2020 has caused the Charivs Investments to fall in value an(t hence the value
of ils reserves. Regular updates from the FLJnd Managers allow the Charity to monitor the situation closely.
By consldering expected future income versus future financial obligations. the Trustees have a reasonable
expectation that PGRO has adequate resources to continue in operational exisience for the foreseeable future.
Accordingly, they continue lo adopt the going concem basis in preparing the annual reports and accounts.
Page 10

PROCESSORS & GROWERS RESEARCH ORGANISATION
{A Company Limited by Guarantee}
TRUSTEES, REPORT {Incorporatlng the Strateglc Report>
FOR THE YEAR ENDED 31 DECEMBER 2020
Investment Polic
The Investment policy adopted by the Board in 2015 is due for review In 2021 and factors to be considered will
Include..
The current economic climate
Future plans
Contingenaes for the variability of levy recelpts
Availability of grant funding
Covid-19 and stock market implications
The Charity currently holds several long-teTm investments from which income is used lo directly contribute lo the
Charity's objectives. The Charity only invests in products which the Trustees deem to have dkje regard lo social.
environmental and elhical issues. The Trustees meet at least annuallywilh representatives of the Fund Managers
lo review investment risk. incorne generation and capit81 growth.
R8seNes Polic
The reserves policy adopted by the Board in 2015 was reviewed in 2020. the review considered factors such as-.
The natLJre of current activities and related income and expenditure streams
The requirement lo match variable income with any fixed expenditure commilmgnts
Any requirement to fulfil longer term liabilities
Future plans including investment in fixed asset additions or replacements
The overall business climate and the r￿kS faced by the Charity
The Twste8s regulaTly consider the risk to the Charity of any significant loss of income and also the risk ol any
unforeseen expenditure. thereby acknowledging the relationship be￿een the risk management and ￿serveS
policies. As previously mentioned. the effect of the UKexil from the European Union on UK agriculture and related
research is as yet unknown. Therefore, the Tnjslees deem il prudent lo hold sufficient reseryes lo miligale any
potential neg81ive impact on future income in order for the Charity to be able to achieve its obj8CttV8S.
At 31SI December 2020. unrestricted funds were £2.3m. The Trustees aim to maintsin frea reserves In unreslricled
funds al a lovel equating lo 6 months of unreslricled charitable expenditure in so far 88 these funds are not
committed to or invested in tangible fixed assets. The Trustees consider this level w511 provide sufficient funds to..
Appty for extem81 research grants (where match funding is a frequent requirement)
Participate in external research where in-kind contributions are required
Consider further sponsorship of PhDs with universities
Further develop laboratory and molecular facilities
Ensure the Charity's activities are maintained by und8rtaklng Industry approved research and
development where extemal funding cannot be obtained
Ensure season81 variations of cash inflows due lo inherent uncertainty inlgvy receipts are mitigated
Replace and extend capital assets as necessary
FLJifil long term liabilities
Allow for medium lo long 18rm planning
At 31sl December 2020 the Group had total reserves of £2.3m I£0.4m iri fixed assets and £1.9m in investments
and net working capit811.
Page 11

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limited by Guaranteè)
TRUSTEES, REPORT {Incorporatlng the Strateglc Report)
FOR THE YEAR ENDED 31 DECEMBER 2020
Disclosure of Intomation to auditors
Each of the persons who are Tnjslees at the lime when this Tru5tees' Report is approved has confirmed that..
so far as that Trustee is aware, there is no relevant audit infom)alK)n of which the charitable Group's
auditors are unaware. and
that Trustee has taken all the steps that ought to h8ve been taken as a Trustee in order to be aware of
any relevant audit information and lo establish that the charitable Group's auditors are aware of that
information.
This report was approved and aulhori5ed for issue by the Trustees on i ￿try￿. LO LI
signed on its behalf by..
and
S J Francis
Chairrnan
Page 12

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limlted by Guarantee)
STATEMENT OF TRUSTEES. RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees (who are also the D1￿CtOrS of the Charity for the purposes of company lawl are responsible for
preparing the Trustees, Report and the financial slalements in accordance with applicable law and United
Kingdom Accounting Standa￿s (United Kingdcmn Generally Accepted Accounting Practice}-
Company law requires the Trustees to prepare financial slalemenls lor each financial year. Under company law,
the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair
view of the slate of affairs of the Group and the Charity 8nd of their incoming resources arKI application of
resources, including their income and expenditure. for that period. In preparing these financial statements. the
Trustees are required to".
select suitsble accounting polScSes an¢J then apply them consislenlly.
observe the methods and principles of the Challli8s SORP (FRS 1021.,
make judgements and accounting eslimales that are reasonable and prudent-
state whether applicable UK Accounting Standards IFRS 102) have been followed. subject lo any
material departures disck)sed and explained in the financial slatem8nts',
pr8pare the financial statements on the going concern basis unless it Is Inapproprfale to presume that the
Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain
the Group and the Charity's transactions and disclose wSlh reasonable accuracy at any lime the financial
>sition of the GTOUP and the Charity and enable them lo ensure that the financial stslements Comply with the
Companies Act 2006. They are also responsible for saftrguarding the assets of the Group and the Charity and
hence for taking ￿asOnable steps for the prevention and detection of fraud and other irregLJlarilies.
In so far as the Trustees ar8 aw8re'.
thera is no relevant audll infomialion of which the charitabl8 companVs auditor Is unaware., and
the Trustees have taken all steps that they ought lo have taken lo make themselves aware of any
relevant audit inforrnalion ané to estsblish that the auditor is aware of that infomiation.
Approved by Order of the Membèrs of the Board of Trustees and signed on its behaLf by..
S J Francls
Chairman
Date..
lil Q)ILI
P8ge 13

PROCESSORS & GROWERS RESEARCH ORGANISATION
{A Company Limited by Guarant•¢l
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF PROCESSORS & GROWERS RESEARCH
ORGANISATION
Opinion
We have audlled the Trustees, report of Processors & Growers Research Organisalion (the 'Charitll and ils
subsidiaries Ilhe 'Group'l for the year ended 31 December 2020 which comprise the Consolidated Stslement of
Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet. the Consolidated Statement of
Cash Flows and the related notes, including a summary of signtficanl accounting policies. The financial
reporting framework that has been applied in Ihelr preparation is applicable law and United Kingdom Accounting
Standards. including Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK
and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practi￿).
In our opinion the Trustees, ￿port..
give a true and fair view of the slate of the Group's and of the parent charitable compan￿3 affairs as at 31
De￿mb￿r 2020 and of the Group's incoming resources and application of resour¢88, including its
income and expenditLJre for the year then ended-
have been properly prepaTed in accordance with United Kingdom Generally Accepted Accounting
Practice," and
have been prepared in accLJrdanc8 with the reqU1￿ments of the Charities Act 2011.
Basis for oplnlon
We conducted our audit in accordance with International Standards on Auditing (UK) IISAS {UKII and applicable
law. Our ￿Sponsibl1111eS under those standards are further described in the Auditors. responsibilities for the audit
of the Trustees. report section of our report. We are independent of the Group in accordance with the ethical
requirèments that are relevant lo our audit of the Truste&s' report in Ihe United Kingdom. including the Financial
Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilFties in accordance with
those requirements. We believe that the au¢Yil evldence we have obtained is sufficient and appropriate lo
provide a basis for our opinion.
Con¢lusions relating to golng coneÈrn
In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis of
accounting in the preparation of tha financial statements is appropriate.
Based on the work we have perfomied, we have not identified any material uncertainties relatlng to events or
conditions that, individually or collectively, may cast significant doubl on the Group's or the parent charitable
company's ability lo continue as a going GOn￿M for a period of 8t least ￿1ve months from when the financial
ststemenls are authorised for issue.
Our responsibilities and the responsibilit￿$ of the Trustees wlh r8specl to going concern are described In the
relevant sections of this report.
Page 14

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF PROCESSORS & GROWERS RESEARCH
ORGANISATION (CONTINUED)
Other infom)atlon
The fruslees are responsible for the other infomialion. The olher information comprises the information
included in the Trustees, Annual Report, other than the Trustees. report and our Auditors, Report Ihereon. Our
opinion on the Trustees, report does not cover the other information and we do not express any form of
assurancè rA)nclusion thereon.
In connection whh our audit of the Trustees. report. our responsibility is lo read the other infom18tion and. in
doing so. consider whether the other infornialion is materially inconsislenl with ihe Trustees. report or our
knowledge obtained in Ihe audit or otherwise appears lo be materially misstated. If we identify such material
inconsistencies or apparent material misslalements, we are required lo determine whether there is a malorial
misstalemenl in the TTUStees' report or a material misstatement of the other information. If, based on the work
we have performed. we conclude that there is a material mlsstslernent of Ihls other infomi81ion, we are required
to report that fact.
We have nothing lo report in Ihls regard.
Matters on whl¢h we ar8 required to report by exception
We have nothing lo report In respect of the following matters where the Charilles {Accounts and Reports)
Regulations 2008 requires us lo report lo you if. in our opinion..
the infomiation given in the financial statement is Snconsislenl in any material respect with the Trustees.
port- or
the charilablg company has not kept adequate accounllng records., or
the financial slalements are not in agreernent with the accounting records and retums.. o
we have not received all the infomiation and explanations we require for our audit.
Responsibilltles of Trustees
As explained more fully In the Ststemenl of Trustees. Responsibilities, the Tnjstees (who are also the Directors
of the charitable company for the purposes of company lawl are responsible for the preparation of the financial
slalements and for being satisfied that they give a true and fair wew, and for such internal control as the
Trustees determine is necessary to enable the preparation of Trustees, report that are free from maleri81
misststemenl, whether due lo fraud or error.
In preparing the Trustees, report, the Trusle8s are responslble for assessing the Group's and the parent
charitable companys 8bility to continue as a going concern, disclosing. as applicable, matters related lo going
concem and using the going concem basis of accounting unless the Trustees either intend to liquldale the
Group or the parent charitable company or to cease operations. or have no realistic allernalive bul lo do so.
Page 15

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limited by Guar8nteel
INDEPENDENT AUDITORS. REPORT TO THE IAEMBERS OF PROCESSORS & GROWERS RESEARCH
ORGANISATION {CONTINUEDI
Audltors. responsibilltles for the audlt of the financial statements
We have been appointed as auditor under section 151 of the Charilies Act 2011 and report in acLord8nce with
the Act and relevant regulations made OT having effect Ihereunder.
Our objectives are to obtain reasonable assurAn¢e about whether the Trustees, report as a whole are free from
material misstatement. whether due to fraud or error, and lo issue an Auditors, Report that includes our opinion.
Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in
accordance wth ISAS IUKI will always delecl a material misstatement when it exists. Misslalements can arise
from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be
expected lo influence the economic decisions of users taken on the basis of these Trustees, report.
Irregulari118s, including fraud, are Instances of non-compllancè with laws and regulations. We design
procedLtres in line with our responslbililies. outlined above, to delecl material misslalements in respect of
irregularities, including fraud. The extent lo which our procedures are capable of delecling irregularities.
indudlng fraud is detsiled below..
Enquiry of management and those charged with govemance around actual and potential lilig8tion and
claims..
Enquiry of entity staff to identify any instanos of non-complSance with laws and regulallon8;
Performing audit work over the risk of management override of controls. including lesling of journal
entries and other adjustments for appropriateness, evaluating the business rationale of significant
transactions outside the normal course of business and reviewing accounting estimates for bias.,
Reviewing minutes of rneelings of those Charged with govemance.,
Reviewing financial statement disdosures and lesling to supporting documentation to assegs compllance
th applicable laws and regulations.
Because of the inherent limlt8tlons of an audit, there is a risk that we will not delecl all irregularthes. including
those leading to a malerlal misslatemenl in the financial statements or non-compliance wlh regulation. This risk
increases the morè that compliance wllh a law or regulalk)n is removed from the events and transactions
reflected in the financial statements, as we will be less likety lo become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due lo fraud rather than error. as fraud involves
intent5onal concealment. forgery, collusion, omission or misrepresentation.
A further descriptlon of our responslbililies for the audll of the Twslees. report is located on the Financial
Reporting Council's websit8 al.. www.frc.
uklauditorsres
Auditors, Report.
"fjes. This description forms part of our
Page 16

PROCESSORS & GROWERS RESEARCH ORGANISATION
{A Company Llmited by Guarantee}
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF PROCESSORS & GROiVERS RESEARCH
ORGANISATION (CONTINUED)
Use of our report
This report is made solely lo the charitable companls Trustees, as a body, in accordance with Part 4 of the
Charllies (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale
to the charltable comp8nVs Trustees those matters we are required to stste to them in an Auditors, Report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbllily lo
anyone other than the charitable company and its Members. as a body, for our audit work, for this report. or for
the opinions we have foTmed.
Rebecca Hughes Bsc IH¢nsl FCCA (Senior statutory Auditor)
MHA Maclntyre Hudson
Chartered Accounlanls
Statutory Auditor
1 The Forum
Minerva Business Paik
Lynch Wood
Pelerborough
PE2 6FT
Date..
30 June 2021
MHA Maclntyre Hudson are eligible to act as auditors In terms of sedion 1212 ofthe CompanSes Act 2006.
Page 17

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Umlted by Guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND
EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 31 OECEMBER 2020
Unrestrictèd
funds
2020
Restricted
funds
2020
Total
funds
2020
Total
funds
2019
Notg
Income from:
Charitable activities
Other trading activities
Investments
Other income
553,370
457,356
51,637
3,118
133.894
687,264
457,356
51.637
3.118
792,581
518,875
58,809
2.103
Total incom¢
Expenditurg on:
Raising funds
Charitabl8 activities
1.065,481
133,894
1.199,375
1.372.368
320.960
813.925
320.960
948,826
3Yf,722
903,284
9.10
134.901
T¢tal expendlture
1.134,885
134,901
1,269.786
1,275,006
Nel Ilossesygains on investments
15
(157.272)
1157,272)
161,676
Net Iexpenditurellin￿me
1226,6761
{1.Ix171
1227.683}
259,038
Transfers between funds
18
(1,0071
1,007
Net movemènt in funds
{227,683)
1227,6831
259,038
Re¢onciliatlon of funds:
Total funds brought forward
Nel movement in funds
2.541.598
1227,6831
2,541.598
1227.683)
2,282.560
259,038
Total funds carried for•vard
2,313.915
2,313,915
2,541,598
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
Al income and expendlture derive from continuing activities.
The notes on pages 22 to 48 form part of these financlal statements.
Page 18

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limited by Guaranteè)
REGISTERED NUMBER: 00567232
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2020
2020
2020
2019
2019
Note
Fixed assèts
Tangible assets
Investments
14
15
355,663
1.099,105
394.435
1,256,377
1,454,768
1,650,812
Current assets
Debtors
Cash 8t bank and In hand
16
21
433.000
697.202
388.091
764,447
1,130.202
1,152.538
Creditors.. amounts falling due within one year
17
{271,055}
1261.752)
Net curront assets
859,147
890,786
Total nèt assets
2.313,915
2.541,598
Charlty funds
Unrestricted funds
18
2.313,915
2,541,598
Total funds
2,313.915
2.541.598
The Charity was entitled to exemption from audit under section 477 of the Companies Act 21)06.
The Members have not required the entity to obtain an audit for the year in question in accordance wlh sectlon
476 ofthe Companies Act 2006.
However, an audit is required in accordance with secllon 151 of the Charities Act 2011.
The Trustees acknts￿edge their responsibililitrs for complwng wilh the requlrements of the Act wtth respect to
accountlng records and prepara￿On of finarrial statements.
The financial statements have been prepared in aGcordance with the provisions applicable lo entities subject lo
the small companies regime.
The finan
lal ststements were approved and authorised for issue by the Trustees and signed on thelr behalf by..
S J Francis
Chairman
Dale.. iflklii
The notes on pages 22 to 48 form part of these financial statements.
Page 19

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limited by Guarantee)
REGISTERED NUMBER: 00567232
CHARITY BALANCE SHEET
AS AT 31 DECEMBER 2020
2020
2020
2019
2019
Note
Fixed as￿tS
Tangible assets
Investments
14
15
355.663
1.099.106
394,435
1,256,378
1,454,769
1,650,813
Current assets
Debtors
Cash at bank and in hand
16
774,422
376,116
845,428
348,812
1.150,538
t. 194.240
Creditors- amounts falling due within one year
17
1291,392)
(303.455)
Net ¢urrent assets
859,146
890,785
Total nat assets
2.313.915
2.541,598
Charlty funds
Unrestricted fijnds
2,313,915
2,541,598
Total funds
2.313.915
2,541,598
The Charity wes entitled to exemption from audit under section 477 of the Companies Act 2006.
The Members have not roquired the entity to obtain an audit for the year in question in accordance with section
476 of the Companies Act 2006.
However, an audll is required in accordance with sectlon 151 of the Charities Act 2011.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act wllh respect lo
accounting records and prèparation of financial statements.
The financial statements have been prepared in accordanc8 wlth the provisions applicable to enlilies subject to
the small companies regime.
The financial state
enls were approved and authorised for issue by the Trustees and signed on their behalf by:
SJFr
Chairman
Dale- 1s1&111
The notes on pages 22 10 48 form part of these finanaal statements.
Page 20

PROCESSORS & GROWERS RESEARCH ORGANISATION
IA Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2020
2020
2019
Note
Cash flows from t)peratiTrg activities
Nel cash used in operating activities
20
179.962)
100,584
Cash flows from investing activltles
Inveslrnent income
pr￿eedS from the sale of tangible fixed assets
Purchase of tangible fixed assets
51.637
58,809
2,001
(56,455)
14
(38,920)
Net cash provided by investing a¢tlvltles
12,717
4,355
Change cash and cash èqulvalents in the year
Cash and cash equivalents at the beginning of the year
67,2451
764447
104.939
659,508
Cash and cash equlvalents at the end of th• year
21
897.202
764,447
The notes on pages 22 to 48 form part of these financial statements.
Page 21

PROCESSORS & GROWERS RESEARCH ORGANISATION
{A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
General infom)atlon
The Charity Is a company limited by guarantee and is registered with the Charity Commission (Charity
Registered Number 284077) and Registrar of Companies (Company Registration Number 00567232} in
England and Wales.
The address of the Tegislered offic8 is given in the Charity information on page 1 of these financial
ststements. The nature of th6 Charitys operations and princlpal actlvlty is the provision of scientific
research In relation lo legume crops.
In the event of the Charlty being wound up, the liabi1Sty In respect of Ihe guarantee is limited to £2 per
Member of the Charity.
Accountlng pollcles
2.1 Basss of preparntlon of financlal statements
The financial slalements have been prepared in accordance ￿rith the Charflles SORP (FRS 1021-
Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021, the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS 1021 and the Companies Act 2006.
Processors & Growers Research Organisat￿)n meets the deflnltton of a PLtblic benefit entity under
FRS 102.
Assets and liabilities are inilialty recognised al historical cost or transaction value unless olherwse
stated in the relevant accounting policy.
The financial statements are presented in pound sterling which is the funotional curr8ncy of the
GTOUP and èr& rounded to the nearest pound.
The Consolldated Statement of Financial Activities ISOFAI and ConsolKlated Balance Sheet
consolldate the financial statements of the Charity and its subsidiary undertaking. The results of the
subsi¢Jiary are consolidated on a line by line basis.
The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act
2006 and has not presented its own Statem8nt of Financial Activities in thes8 financial $tat8ments.
The income and expenditure account for the year dealt with in the accounts of the Charty was
deficit of £227,68312019- surplus of £259,038).
Page 22

PROCESSORS & GROWERS RESEARCH ORGANISATION
IA Company Llmlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEM8ER 2020
ACCOUn￿ng pollcles {contlnued)
2.2 Going concem
The financlal statements have been prepared on a golng concern basis. The Trustees have
considared relevant information, including the annual budget, forecasl future cash flows and the
impact of subsequent events in maklng their assessment. In response lo the COVID.19 pandemic,
the TTUStees have performed a robust analysis of forecast future cash flows tsking into account the
potential impact on the business of possible future scenarios arising from the impact of COVID-19.
This analysis also considers the effectiveness of available measures lo assist in mitigating the
impact.
Based on these assessments and havlng regard to the reSoUr￿S 8vailable lo the entity, the
Trustees have concluded that therè is no material uncertainty and that they can continue to adopt
the going concern basis in preparing the Trustees Report and accounts.
2.3 Tumover
Turnover cA)mprises revenue recognised by the Group in respect of goods and seNices supplied
during the year, exclusive of Value Added Tax and trade discounts.
2.4 Income
All incorne is recognised once the Group has enlillement to the income, it is probable that the
income will ba received and the amount of income receivable can be measured reliably.
Membership fees are recognised when the Group has enliuemenl to the income.
Rent ané meeting income is recogn15ed when recewable.
L8vy income is recognised when receivable. with the level of charges reviewed annually by
reference to work done.
Research and technical Ir￿Ome, technical seNices and publications income is recognised by
reference to work done.
Revenue grants are credited as income when they are recelvable provided conditions for receipt
have been complied with. unloss they relate to a specified future period, In which case they are
deferred.
Specrfically wilh ￿gardS to EU True Project and EU Leg Value grant income. such income is
recognised in line with related expenditure as per the tems of the grants.
Income tax recoverable in relation to donations recelved under Glft Aid or deeds of covenant is
reeognised al the time of donation.
Investment income is recognised when received and comprises interest on fixed interest sacurllies
and bank deposits.
Other income 15 recognised in the period in which il Ss receivabla and to the extent the goods have
been provlded or on completion of the service.
Page 23

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Accounting pollcles Icontlnued)
2.5 Expenditure
All expenditure is accounted for on an accruals basis. Expenditure is recognised once there is a
legal or conslruclive obligation lo transfer economic benefil to a third party, it is probable that a
transfer of economic benefits will be required in sethement and the amount of the obligation can be
measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the
total of direct costs and shared costs. including support costs Involved in undertaklng each activity-
Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs which
contribute lo MO￿ than one activity and support costs which are not attributable to a single 8Ctlwly
are apportioned befvjeen those acliviÉies on a basis consistent with the use of resources. Central
staff costs are allo¢8led on the basis of time spent. and depreciation charge5 allocated on the
portion of the ass81's use.
Support costs are those costs incurre(I directly in support of expenditure on the objects of the
Charity. Support costs have been allocated to each activity on the follo￿ring basls, based on an
estimate of staff time spent on each actlvSty'.
Research and development
Knowledge transfer
70.270A
29.73%
71.630
28.37%
Govemancts costs a￿ costs incurred in connection with the administration of the Group and
Complian￿ with constitutional and slalutory requirements.
Costs of rarsing funds comprise the costs of trading of the wholly owned subsidiary, PGRO
Research Limited.
Research and development expenditure 18 recognised as an expense in the period in which 11 Is
Sncurred.
All expendilure is incluswe of Srrecoverable VAT.
2.6 Intèrest r8c•lvabl•
Interest on funds held on deposit is included when recelv8ble and the amount can be measured
reliably by the Group,. Ihls is normally upon nolificalion of the interest paid or payable by the
instslution with whom the funds are deposited.
2.7 Levy funded research
The extemal cost of levy funded pulses research programmes 18 recognised in the Consolidated
Ststement of Financlal Advities in the year that the research Is undertaken.
2.8 Taxation
The Charity is exempt from corporation lax as all of its income is charitable and is applied for
charitable purposes. The trading subsidiary, PGRO Research Limited, gift 8ids all tsx8ble profits to
the Charity under a deed of covenant.
Page 24

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Llmited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Accountlng pollcies Icontlnued}
2.9 Tangible r￿ed ass¢ts and depre¢lation
Tangible fixed assets costing £500 or more are capStalised and recognised when future economic
benefits are probable and the Cost OT value of the asset can b8 measured reliably.
Tangible fixed assets are Initially recognlsed al cost. After recognition, under the cost model,
tangible fixed assets are measured al cost less a¢cumulaled depreciation and any accumulatsd
Smpairment losses. All costs incurred lo bring a tangible fixed asset into its intended working
condition should be included in the measurement of cost.
A review for impaimienl of a fixed asset is carried out if events or changes in drcumstances indic8te
that the carrying value of any fixed asset may nol be recoverable. Shortfalls bettmeen the carnwng
value of fixed a$5els and th8ir recoverable amounts are recognised as impairments. Impairment
losses are recognised in the Consolidated Slalemenl of Financial Activltles.
Depr¢ci81ion is charged so as to alloeale the cost of tangible fixed assets less their residual v81ue
over their estimated useful lives. using the straighl-llne method.
Depreci8tion is provided on the following bases..
Long-temi leasehold propety
Plant and machinery
Motor vehicles
offi￿ equipment
Computer equipment
Site development
Over the life of the lease
150A on cost
20% on cost
150/0 on cost
300A on cost
10% on cost
2.10 Investments
Fixed asset investments 8re a form of financial instrument and are initially recognised al their
transaction cost and subsequently measured al fair value at the Balance Sheet dale, unless the
valuè cannot ￿ measured reliably in which case it is measured al cost less Impaimienl.
Investment gains and losses, whether realised or unrealised, are combined and presented as 'N8t
gainsl(losses) on investments, in the Consolidated Statement of Financial Activities.
Investments in subsidiaries are valued al cosl1oss promsion for impairment.
2.11 Debtors
Trade and other debtors ar8 recognised al the setdèment amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
2.12Cash at bank and in hand
Cash at bank and in hand includes cash and short-lerm highly liquid investments a short
maturity of three months or less from the date of acquisitk)n or opening of the deposit or similar
account.
Page 25

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limltfjd by Guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Accountlng pollcles Icontlnuedl
2.13 Liabilities and provislon3
Liabilitses are recognised when there is an obligation al the Balance Sheet dale as a result of a past
event, it Ss probable that a transfer of economic benefit will be required in settlement, and the
amount of the setdement can be estimatsd reliably.
Liabilities are recognised al the amount that the Charity anticipates it will pay lo settle the debt L* the
amount it has received as advanced payments for the goods or services it must provi(J8.
Provisions ere meBsured al the best estimate of the amounts required lo settle the obligation. Where
the effect of the time value of money is material, the provision is based ot) the present value of those
amounts, discounted al th6 pre-tax discount rale that reflects the risks specific to the liability. The
unwinding of the discount is recognised in the Consolidated Statement of Financial AGtivili8s as
finance cost.
2.14 Financlal instruments
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised al transaction value and
subsequently measured at their settlement value with the exception of bank k>ans which ar8
subsequently measured at amortised cost using the effective interest method.
2.15 Operating leases
Rentals paid under operating leases are charged lo the Consolidated Statement of FinancSal
Activities on a slraighl line basis over th8 lease term.
2.16 Penslons
The Group operates 8 defined contribution pension scheme and the pension charge represen18 the
amounts payable by the Group lo the fund in respect of the year.
2.17 Fund accounting
General funds are unreslricled funds whlch are 8vailable for US8 al the dlscrelion of the Trustees in
furtherance of the general objectives of the Group and which have not been designated for other
purposes.
Designated funds comprise unreslricled funds that havo been sel aside by the Trustees for
particular purposes. The aim and usa of each designated fund is set out in the note8 to the financial
statements.
Reslricled funds are funds ￿1¢h are to be used in accordance with specific reslriclions imposed by
donors or whth have been ralsed by the Group for particular purposes. The costs of raising and
administering such funds are charged against the specific fund. Tho aim and use of each reslri¢ted
fund is set out in the notes lo the financial slalements.
Investment Income, gains and losses are allocated to the appropriate fund.
Page 26

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Crltlcal accountlng estimates and areas of Judgement
Estimates and judgements are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances.
Critical accounting estimates and assumption5'.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates
and assumptions will. by definition, seldom equal the related actual results. The estimates and
assumptions that have a signrficanl risk of causing a material adjuslmenl lo the carrying amounts of
assets and liabilities within the next financial year are discussed below.
Expected life of tsngible fixed assets
Support cost allocation.
The Trustees considor that the expeded useful lives of tangible fixed assets and support cost aliocalions
are appropriate.
Analy81s of income from charltablo actlvlties- by fund
Unrestrlcted Restricted
funds
funds
2020
2020
Total
funds
2020
Research and development
Knowledge transfer
409,727
143,643
99,138
34,756
508.865
178.399
Total 2020
553,370
133.894
687.264
Unrestricted
funds
2019
Restrictsd
funds
2019
Totsl
funds
2019
Research and development
Knowledge transfer
415.026
135,423
182,562
59.570
591.588
194,993
Total 2019
550,449
242, 132
792,581
Page 27

PROCESSORS & GROWERS RESEARCH ORGANISATION
IA Company Llmited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Analysis of Income from charltable actlvltles- by type
Unrestricted Restrlcted
funds
funds
2020
2020
Total
funds
2020
Membership and levy fees
Grants receivable
Resear¢h and lethnical income
Technical services and publications
539.502
539,502
133,894
3.763
10.105
133.894
3,763
10.105
Total 2020
553,370
133,894
687.264
Unrostricfed
funds
2019
Rostrict8d
funds
2019
Total
funds
2019
Membershlp and levy fees
Grants receivable
Research and technical income
Technical services and publications
538,578
538.578
242,132
2,221
9,650
242, 132
2,221
9,650
Total 2019
550,449
242, 132
792,581
Page 28

PROCESSORS & GROWERS RESEARCH ORGANISATION
IA Company Llmited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Trading activitie$
2020
2019
Charlty trading Income
Trading subsidiary
457,356
518,875
457,356
518,875
Charlty tradlng expendSture
Trading subsidiary- Diiect costs
Trading subsidiary- Support costs
1277,410} (315,364)
43,5501
(56,358)
1320.9601 (371,722J
Net income from trading activitie8
136,396
147, 753
The wholly owned trading subsidiary, PGRO Research Limited, is incorporated in England and Wales
(Company Registration Number 075838221 and pays all of its profits to the Charity under the gift aid
scheme. PGRO Research Limited undertakes the trading activities of its charitable company parenL
Processors & Growers Research Organisab'on. A summary of the flnancial performance of the subsidiary
in isolation is above.
In 2020 and 2019, 811 incorw and expendlture from trading actlvities was to I from unreslricled funds.
The transfer under gift aid of the trading profits of PGRO Research Llmited as a dislribtjtion to the Charity
was £136,39612019- £147,153).
Page 29

PROCESSORS & GROWERS RESEARCH ORGANISATION
{A Company Llmlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Income from investments
Unrestricted
funds
2020
Total
funds
2020
M&G investments and Tellord Mann investment income
Bank interest receivable
51,445
192
51,445
192
Total 2020
51.637
51,637
Unresfricled
funds
20Y9
Tofal
funds
2019
M&G investrnents and Telford Mann inv88lment income
Bank interest receivable
58,669
140
58,669
140
Tolal 2019
58.809
58.809
other income
Unrestricted
funds
2020
Total
funds
2020
Other income
3.118
3,118
Unrestricted
funds
2019
Total
fvnds
2019
other income
2, 103
2,103
Page 30

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Llmited by Guarant¢&l
NOTES TO THE FINANCJAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Analysis of expenditure on charltable actlvltles- by fund
Unrestricted Restricted
funds
fund$
2020
2020
Total
funds
2020
Research and development
Knowled9e transfer
567,376
246,549
134.901
702.2TT
246,549
Total 2020
813,925
134.901
948,826
Unrestrlcted
lunds
2019
Restricted
funds
2019
Totel
funds
2019
Research and development
Knowledge transfer
429,341
222.461
251,482
680.823
222,461
Total 2019
651,802
251,482
903,284
Page 31

PROCESSORS & GROWERS RESEARCH ORGANISATION
{A Company Llmlted by Guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
10. Analyslg of expendlture on chaTitabl8 actlvltles - by type
Activitles
undertaken
directly
2020
Support
costs
2020
Totsl
funds
2020
Research and development
Kno%￿edge transfer
541.811
178,656
160,466
67.893
702,277
246,549
Total 2020
720.467
228,359
948,826
Activifies
undertaken
directly
2019
Support
costs
2019
Total
funds
2019
Research and development
Knowledge transfer
541,662
167,354
139, 161
55,107
680,823
222,461
Tot812019
709,016
194,268
903,284
Page 32

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limited by Guarantsel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
10. Analysis of oxpenditure on charltsblg actlvltles - by type (continugd)
Analysis of dlrect costs
Research and Knowledge
development
transfar
2020
Total
funds
2020
2020
Stsff costs
Depreciation
Project costs
Other staff costs
Office running costs
Slalionery, 8dvertising. postage 8nd equipment hir8
Travel and subsistence
230.247
55,795
233,707
2,175
917
97.415
13,488
31,418
921
917
13,473
21,024
327.662
69.283
265,125
3,096
1,834
13.473
39.994
18.970
Total 2020
541,811
178,656
720,467
Reseafrrh and Knowledge
developmenl
transfer
2019
2019
Totsl
funds
2019
Staff costs
Depreciation
Project costs
other staff costs
Office running costs
Stslionery, advertising, postsge and equlpment hire
Travel and subsistence
227,216
51.829
242,817
2,007
856
89.974
13, 150
32. 147
794
317, 190
64,979
274,964
2.801
t. T12
8, 741
39.229
856
8. 141
22.292
16.937
Tolal 2019
541,662
167,354
709,Of6
Page 33

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
10. Anatysis of expenditure on charltable activltles - by type (eontinu¢d)
Analysis of support ¢05ts
Research and Knowledge
development
transfer
2020
2020
Totsl
funds
2020
Staff costs
Depreciation
Other staff costs
Office running costs
Stationery, advertislng, postsge and equipmènt hire
Repairs and maintenance
Travel and subsislen
Professional fees
Govemance costs
99.876
5.909
3.675
31,540
10,348
3,013
242
1.183
4,680
42,257
2,500
1,555
13,344
4,379
1,274
103
501
1.980
142,133
8,409
5,230
44.884
14.727
4,287
345
1.684
6,660
Totsl 2020
160,466
67,893
228,359
Research and Knowledge
developmenl
transfer
2019
2019
Total
funds
2019
Stsff costs
Depreciation
Other staff costs
Office running costs
Slalionery, advertising, postag8 and equlpmenl hire
Repairs and maintenance
Travel and SLJbsislence
Professional fèes
Profit on disposal of fixed assets
G0Veman￿ costs
77,520
8, 135
3,807
30. T65
7.361
5.903
460
1.179
(396)
4.427
30.697
3,221
1,508
12, 183
2,915
2.337
182
467
(156)
1. 753
108,217
11,356
5,315
42,948
10,276
8,240
642
1,646
(552)
6,180
Total 2019
139, 161
55,107
194.268
Page 34

PROCESSORS & GROVERS RESEARCH ORGANISATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
11. Audltovs r•muneration
2020
2019
Fees payable lo the Charitys auditor for the audlt of the Charlty's annual
accounts and ils subsidiaries
6,000
7,000
Fees payable lo the Charity's auditor in respect of:
Atl non-audll services not included above
660
1,840
12. Staff c03ts
Group
2020
Group
2019
Charity
2020
Charily
2019
Wages and salaries
Social security costs
Pension costs
554,014
64.181
44.385
495.367
55,816
40,228
361.229
64,181
44,386
316,984
62,813
45,610
662,580
591.411
469,796
425,407
Further stsff costs are induded wilhin cost of sal88 of the trading subsidiary PGRO Research Limited
which tolalled £35.33912019 - £81,581), which are present wf(hin the overall £320,96012019 - £371,722)
Charity trading exp&nditure per Note 6. These are not Included above as the table only surrmarises the
admini%lralion expenses element of staff costs of the subsidiary. Total staff costs of the Group therefore
lolalled £697.920 (2019- £672,992).
Totsl staff costs included in the trading subsidiary PGRO Research Limited for the year lotslled £228,124
12019 - £247.5851.
The 8verage number of persons employed by the Charity during the year was as follows:
Group
2020
No.
Group
2019
Management and administration
Direct charitable
16
18
19
21
Pagè 35

PROCESSORS & GROWERS RESEARCH ORGANISATION
{A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
12. Staff costs (contlnuedl
The number of employees whosè employee ￿nefft8 (excluding employer pension costs) exceeded
£60,000 was..
Group
2020
Group
2019
In the band £70,001 - £80.000
In the band £80,001- £90.000
The Key M8nagemenl Personnel of the Group are the Trustees and the six Senior Managers. ￿Ing the
CEO, Ihe Finance Manager and the four Principal Technical Officers. The Trustees are not remunerated.
The total of employer benefits. including employers soclal security contributions. recgived by K8y
Manauement Personnel of the Group was £348,62512D19- £333,4521-
13.
Trustoes. r•muneratlon and expensas
During th& year, no Trustees received any remuneration oi other benefits (2019- £NIL).
During the year endeil 31 De￿rnber 2020, no Trustee expenses have been incurred (2019- £NILJ.
Page 36

PROCESSORS & GROWERS RESEARCH ORGANISATION
IA Company Llmited by Guarante•l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
14. Tanglble fixed assets
Group and Charty
Long-temi
leasehold Plant and
property machinery
Office and
Motor computer
Slte
vehiclès equipmant development
Total
Cost
Al 1 January 2020
Additions
284.472
376,791
23,550
32,490
132.498
246,144 1.072.395
14,525
38,920
At 31 December 2020
284,472
400,341
32,490
133,343
260,669 1,111.315
Deprè¢iation
At 1 January 2020
Charge for the year
112,886
2,768
249.167
42.305
28,136
2,698
124,860
5.643
162,911
24,278
677,960
77,692
At 31 December 2020
115,654
291.472
30,834
130,503
187.189
755.652
Net book value
At 31 December 2020
168,818
108.869
1,656
2,840
73,480
355,863
At 31 Decamber 2019
171.586
127,624
4.354
7.638
83,233
394,435
The tangible fixed assets are held for the direct furtherance of the Charity's objects.
Paga 37

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limited by Guarantee}
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
15.
Flxed asset Investments
Ll$ted
securlties
Group
Falr value
At 1 Janu8ry 2020
Revaluations
1.256,377
1157.272)
At 31 December 2020
1,099,105
Shares In
group
undertaklngs
Llsted
securitles
Charity
Total
Cost or valuation
AI 1 January 2020
Revaluations
1,256.377
1157.2721
1,258,378
(157.2721
At 31 December 2020
1,099.105
1.099.106
Group investments at fair value comprlse:
2020
2019
UK common investment funds
1,099.105
1.256,377
1,099,105
1,256,377
All the Group fixed asset investments are helij in the UK.
The UK common Investment funds are indirectly held by fund manager M&G Investments and Tejford
Mann Investments and 8re all included wrthin unrestricted funds. Investments are re-stated at their lair
value each year end.
Page 38

PROCESSORS & GROWERS RESEARCH OROANISATION
(Aeornpany Llrniiod byGuarnntq•l
NOTES TOTHE FINANC￿LsTATEmENTs
FOR THÉVEAR ENDED 31 DECE￿ER 20111
15. Fkyed a6SO1 Inv•$tm•nts Icontinuadl
Prlr¢rlyl Bubsldlarfes
The folltv￿n9 was a suW44ary Ur￿￿rt￿￿ofl￿ch￿ty.
Nam
Company
numbÈr
R•glst•r4d vfnca orp￿￿￿pal Holdlng
plÈt• dbusln•Bs
dln
consulldallon
PGRO Res8wth Lknited
07583B22
G￿8t North Ro8d, Thomhawh.
P¢teFbo￿￿h. pe86HJ
lll￿A Yes
Th8 fia￿C￿l re5ulL8 of the 1th51d￿ryInr1h8 ￿arW*re..
Narn•
E￿n￿ttur0
Isurplusl
the year
PGRO Resoarch Umiled
457,356
PagB39

PROCESSORS & GROWERS RESEARCH ORGANISATION
IA Company Limit8d by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Charlty Investments at falr value comprise:
2020
2019
UK common investment funds
Investment in group companies
1,099,105
1,256,377
1.099.106
1,256,378
All the Charity fixed asset investments are held in the UK.
16. Debtors
Graup
2020
Group
2019
Charity
2020
Charlty
2019
Due wlthin one year
Trade debtors
Amounts owed by group undertakings
Prepayments and accrued income
271,812
216,603
395,684
267,435
111.303
423,405
267,834
154, 189
161,188
171.488
433.000
388,091
774,422
845,428
Amounts owed by group undertakings are unsecured. are interest free and repayable on demand.
Charity trade debtors includes £175,410 12019 - £231.0411 in relation lo trade debtors wlh the trading
subsidiary.
Page 40

PROCESSORS & GROWERS RESEARCH ORGANISATION
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
17. Credltors: Amounts falllng due wlthln one year
Group
2020
Group
2019
Charlty
2020
Chaf
2019
Trade creditors
Amounts owed to group undertakings
Other taxation and socAal security
Accruals and deferred income
34,785
46.309
33,044
9.831
95.758
152,759
100.286
79,811
156.459
97.682
117,761
f 16,681
84,904
271,055
261.752
291,392
303.455
Amounts owed to group undertakings are unsecured, are interest free and repayable on demand.
Charlty trade creditors includes £179 12019 £53,977) in ￿lS￿on lo trade creditors Mmth the Ir8ding
subsidiary.
Group
2020
Group
2019
Charlty
2020
Charify
2019
Deferred Income
Deferred income at 1 January
Resoltrces defe￿ed during the year
Amounts released from previous years
55,909
35.491
155,909)
82.612
55,909
(82,612)
25,852
35,491
(25,852)
28,711
25.852
(28. 711)
Deforred income at 31 Decembèr
35,491
55,909
35.491
25,852
Deferred income comprises income r8laling trj 2021 associate fees Isubscriplionsl and 2021 proj8cI
work.
Page 41

PROCESSORS & GROWERS RESEARCH ORGANISATION
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
18. Statement of funds
Statement of funds - currÈnt year- Group
Balance at I
January
2020
Balance at
31
Galnsl Decernber
{Losse$l
2020
Transf•rs
Inlout
Income Expendltur¢
Unrestrlcted
funds
Designated
funds
Flxed asset
fund
394,435
177,692)
38.920
355,683
General funds
General funds
Trading
subsidiary
R8valuallon
reserve
1.871.977
608.125
1736.2331
96,469
1.840,338
457.358
(320.9601 {136,396)
275,186
{157,2721
117.914
2,147.163
1.065,481 {1.057.1931
139.92n 1157.2721 1,958,252
Total
Unrestricted
funds
2,541,598
1,065,481 (1.134.885)
{1.007) (157,2721 2,313.915
Restrl¢ted
funds
Restricted
funds
133,894
1134.9011
1.007
Total af funds
2,541,598
1,199.375 (1.269,7861
(157.272) 2,313,915
Page 42

PROCESSORS & GROWERS RESEARCH ORGANISATION
IA Company Limited by Guarante•)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
18. Statement of funds {contlnugdl
Statement of fund$ - prior year- Group
Balance 81
7 January
2019
Balance al
31
D8cembei
2019
Transfers
in/oul
Gain
(Loss8sJ
Income Expenditure
Unrestrlcted
funds
Designated
funds
Fixed asset
fund
415,764
(76,335)
55.006
394,435
General funds
General funds
Trading
subsidiary
Revaluallon
reserve
1, 751,380
611.361
(575,467)
84,703
t,871.9T7
5t8.875
(371. 722)
(147.153)
113,510
161.676
275,186
1.864,890
1,130,236
1947,1891
(62,450)
161,676
2. 147, 163
Total
Unrestrlcted
funds
2.280,654
1,130,236 {1.023.5241
(7,444)
161,676
2.541,598
Restrlcted
funds
Restricted
funds
Colin Leakey
Bursary fund
242, 132
(249.576)
7,444
1.906
(1.906)
1,906
242,132
{251,4821
7,444
Total of funds
2,282,560
1,372,368 (1,275,006J
161,676
2,541.598
Page 43

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limlted by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
18. Statement of funds Icontinuod)
Purpose$ of Deslgnated funds
Fixed assets fund - This represents the value of general funds invested in lantl and buildings and other
rixed assets and is therefore not readily available for other purposes.
Purposes of General funds
General funds The 'free reseNes' after all other designations and restrictions. The transfer to the fixed
asset fund of £38,920 represents the net of fixed asset additions and disposals in the year.
Tr8ding subsidiary - Reserves in relation to the perfomiance of the trading subsidlary PGRO Research
Limited. The transfer of £136,396 to the general fund fmm this fund represents the gift aid of the proffts
from the trading subsidary to the Charity.
R8valuation reserve - Being the difference be￿etsn the historic cost value and the year end fair value of
listed securities investments as per Note 15.
Purposes of Restrlcted funds
Restricted funds Th8se rèlate Sole￿ to grant Income and related expendllure to match grant funded
projects as requSred under the t&m)s of the grant offer letters. and is therefore not readily available for
oth&r purposes.
Colin Le8key bursary fund - Undertaking ongoing research of Phaseolus beans.
Tr8nsfers from unrestricted funds to restrict&J funds represent unrestricted funds ulilised on restricted
projects oflhe Charity.
Page 44

PROCESSORS & GROWERS RESEARCH ORGANISATION
{A Company Limited by Guarant8•1
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
19. Analysis of net assets bgtween funds
Analysls of net assets between funds - current period
Unrestrictèd
funds
2020
Total
funds
2020
Tangible fixed assets
Flxed asset investrnenls
Current assets
Creditors due within one year
355.663
355.663
1,099,105
1.099,105
1.130,202
1,130,202
(271,0551 (271,0551
Total
2,313.915
2.313,915
Analys18 of net assets between funds - prlor period
Unrests7cled
funds
2019
Totsl
fvnds
2019
Tangible fixed assets
Fixed assat investments
Current assets
Creditors due wlhin one year
394,435
394,435
1.256,377
1,256.377
1,152,538
1, 152,538
(261,7521 1261. 752)
Totsl
2,541,598
2.541.598
Page 45

PROCESSORS & GROWERS RESEARCH ORGANISATION
{A Company Llmited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Reconciliation of net movem¢nt in funds to net cash flow from operatlng actlvllles
Group
2020
Group
2019
Net incomelexpendilure for the period las per Stslemenl of
Financial Activiliesl
(227,683)
259,038
Adjustments for:
Depreciation charges
Lossesllgains) on investments
Investment income
Profit on the sale of fixed assets
Increase in éeblors
Increase in creditors
14
77.692
157,272
{51,6371
76,335
(161,676)
(58.809)
(552)
(35,035)
21,283
15
10
16
144.909)
9,303
17
Net cash provided byllused In) operating activit1?$
179,9621
tOO.584
21. Analysis of cash and cash equlvalents
Group
2020
Grcsup
2019
Cash in hand
697,202
764,447
Total cash and cash equivalents
697.202
764,447
Analysls of changes in net debt
At1
January
2020 Cash fl¢ws
At31
Decembèr
2020
Cash al bank and in hand
764,447
{67,2451
897,202
784,447
(67.2451
697,202
Page 46

PROCESSORS & GROWERS RESEARCH ORGANISATION
{A Company Limited by Guaranteo)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
23. Capital commitments
Group
2020
Group
2019
Charty
2020
Charfty
2019
Contracted for but not provided in these
financial statements
Acquisition of tsngible fixed assets
S,438
23,000
5,438
23.000
24. Pen$lon commltments
The Group operates a defined contribution pension Scheme. The assets of the Scheme are held
separately from those of the GTOUP in an independently administered fund.
The pension cost charge represents contributions pay8ble by the Group to the fund and amounted to
£44,38612019- £40,228).
Al the year end there were no pension ¢c￿t￿"bull0nS payable12019- £NILI.
25. 0￿ratIng lease commltm6nts
At 31 December 2020 the Group and the Charity had commitments to make future minimum lease
payments under non-cancellable operating leases as follows=
Group
2020
Group
2019
Charity
2020
Chanty
2019
Group and Charity
Not later than 1 year
Later than 1 year and not later than 5 years
34.417
29.295
36.127
60,628
34,417
29,295
36. 127
60.628
63.712
96, 755
63,712
96. 755
The following lease payments have been recognised as an expense in the Statement of Financial
Aclivilies..
Group
2020
Group
2019
Charlty
2020
Charity
2019
Operating lease rentals
36.528
39,759
36,528
39.759
Page 47

PROCESSORS & GROWERS RESEARCH ORGANISATION
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
26.
Related party transactlons
The Group and Charity have taken advantage of the exemption contained in FRS 102 section 33 Related
Paty DiscIosures and has therefore not di%closed transactions or balan￿5 whilh wholly owned entities
which form part of its Group.
Other than Key Management Personnel remuneration disclosed in Note 12 and transactions with the
trading subsidiary disclosed in Notes 6. 16 and 17, there were no related paty transactions durlng 2020
or 2019.
27. Controlling party
The Tntstees do not consider that there Is any slngle controlling paty.
Page 48