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2021-12-31-accounts

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PROCESSORS AND GROWERS RESEARCH OAGANISATION (A company Ilmlted by guar•nlee) TRUSTEES. REPORT (copTnNUED) FOR THE YEAR ENDED 31 DECEMBER 2021 informal*)n. The Trustees are res￿nsIble lor the maintenance aThY integrity of the eoryx)rate financial information included on the charitak￿e companls website. Legislation in the United KIn￿10M goveming the preparation and dissemination of fina￿la1 slalements may diller from legislation in other jurisdictions. INDEPENDETr￿ AUDrroRS Whttings LLP has indicated its ￿1]ingneSS to continue in office, and as such is deemed lo ¥e-appointed under section 487121 ol Companies Act 2(￿. The Trustees approve the Trustees, Rewrt, incorporating the strateg￿ Report and financial sL7tements which are signed on behatf of the Board ol Iwslees ol Processors and GToweTS Research Organisation Approved by order I the members of the board ol Trustees aThJ swJned on their behall by. Trustee Date.. i io Page 9

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PROCESSORS AND GROWERS RESEARCH ORGANISATION {A company limited by guarantsel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF PROCESSORS AND GROWERS RESEARCH ORGANISATION ICONTINUEDI Us• of our report This report is made solety lo the charitalJe companY$ members, as a bcJy, in aC￿dan¢ with Chapter 3 of Part 16 of the Cornpanies Act 2006. and to the charrtable companls trustees, as a body. Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the charitable CL)mpany's members those matters we are required to stale to them in an auditors, rekx)rt and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibilrty lo anyone other than the charitable company arKI its members, as a body. for our audit work, for this report. or for the opinions we have forned. Mark Haydon BA CA Isenlor statutory auditoo foi and on t)ehalf of Whitings LLP Raleigh House 14C Compass Point Business Park Stot*s Bridge Way Sl Ives Cambridgeshire PE27 5JL Dale.. ?l -9 - Page 13

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PROCESSORS AND GROWERS RESEARCH ORGANISATION (A company limlled by guarantee) REGISTERED NUMBER: (M￿7232 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Flxed assets Tangible assets Investments 15 16 346,251 1J80.566 355.662 1.099, 104 1,726.817 1,454,766 Current assets Debtors Gash at bank and in hand 17 433.002 697.200 550,031 1,119.715 1. 130,202 Creditors- amounts falling due within one year 18 (257,363> I271.￿) Net current assets 862,352 859, 149 Total ar￿et$ less currgnt liabilities 2.589,169 2,313,915 Net assets excluding pension asset 2W.169 2,313,915 Total net assets 1589.169 2,313,915 Charlty funds Restricted funds UnTestricled funds 2589,169 2.313,915 Total funds 589,169 2,313,915 The Trustees acknowledge Iheir Tesp)n&bilthes tor compl￿"ng wth the requirements of the Ael with respect lo accounting records and prepar*ion of linwKial statements. The linancial statements have been ryepared in accordance wilh the prowsions applicable lo entities subject lo the Sm￿1 c£)mpanies regime. The financial slalements were approved and authorised for issue by the Trustees and Sign￿ on Iheir beham by.. Trustee Date.. Iw 102W- Page 15

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) REGISTERED NUMBER: 00567232 CONSOLIDATED BALANCE SHEET ICONTINUEDI AS AT 31 DECEMBER 2021 The notes on pages 20 to 43 form part of these financial slatements. Page 16

PROCESSORS AND GROWERS RESEARCH ORGANISATKIN (A company limited by guarantee) REGISTERED NUMBER: C￿7232 COMPANY BALANCE SHE AS AT 31 DECEIABER 2021 2027 2020 Flx8d assets Tangible assets Investments 15 346.251 1,380A66 355,662 1,099. 104 16 1,726017 1,454,766 Currgrf agsets Debtors Cash at bank and in hand 17 623W5 774,424 376. 115 1.111534 1. 150,539 Credftors= amounts falling due within one year 18 (335,085) 1291,390) Nei ourrent assets 859, 14S Total assets less currem liabilllles 2.313,915 Net assets excluding pension ass8* 1504,266 2,373,915 Total net assets 2￿￿4,266 2.313,915 Charfty furKIs Flestricled lurKIs Unrestricled funds 2.504266 2,313.915 Total lunds 1504.266 2.313,915 The Companvs net movement in furKls for the year was £190,351 (2020- £(364,080)). The Trustees acknowl&Jge Iheir res￿￿sibIlIthes for complying ￿￿th the Tequirements ol the Act wth respect lo accounting records arKI preparalton ol financial statements. The financial statements have prepared in aC￿rdance wtth the Provisions applicable to enlities subject lo the small companies regime. The linancial stale ents were approved and aut￿rISed lor issue by the Trustees and signed on their behalf by: Trustee Dale.. i i+￿ IOZ Page 17

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) REGISTERED NUMBER: 00567232 COMPANY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2021 The notes on pages 20 to 43 form part of these financial slatements. Page 18

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Cash flows from operatlng actlvftles Nel cash used in operating acts"vits"es 4,611 (T9,962) Cash flows from Investing adivlties Dividends. interests and rents from investments Purchase of tangible fixed assets Purchase of investments Investment managers fees settled 45,475 150.610) (150.000) 3.356 51,636 (38,920) Net cash (used in)Iprovided by investing activities {151,779) 12,716 Cash Ilows from financing activilies Net cash provlded by financlng actlvllles Change in eash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (147.168) 697.202 {67,2461 764,448 Cash and cash equivalents at the end of Ihe year 550.034 697,202 The notes on pages 20 to 43 forTll part of these financial statements Page 19

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 General inforn)ation The Charity is a company limiled by guaranlee and is registered with the Charity Commission (Charity Registered Number 2840771 and Registrar of Companies (Company Registration Number 005672321 in England and Wales. The address of the registered Offi￿ is given in the Charity information on page 1 of these financial statements. The nature of the Chariws operaDons and principal activity is the provision of scientific research in relation to legume crops. In the event of the Charity being wound up. the liability in respect of the guarantee is limited to £2 per Member of the Charity. A￿OUntIng polici8s 2.1 Basis of preparation of financial sL*ements The fin8ncial statements have been prep8red in ac￿rdanCe with the Charities SORP IFRS 1021 Accounting and Reporting by Charities= Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Processors and Growers Research Organisation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othetwise ststed in the relevant accounting policy. The consolidated statement of financial activities ISOFAI and consolidated balance sheet consolidate the financial ststemenls of the Company and sts subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own ststemenl of financial activities in these financial slatemenls. 2.2 Going concern The financial statements have been prepa￿ on a going concern basis. The Trustees have considered relevant infomiation, including the annual budget. forecast future cash flows and the impact of subsequent events in making their assessment. In response lo the COVID-19 pandemic, the Trustees have performed a robust analysis of forecasl future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers Ihe eff￿tiveness of available measures to assist in mitigating the impact. Based on these assessments and having regard lo the resources available to the entity, the Trustees have concluded that there is no material uncertainty and that they can continue to adopt the going concen basis in preparing the Trustees Report and accounts. Page 20

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies Icontinuedl 2.3 Income All income is recognised once Ihe Charity has entiuement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income is recognised exclusive of Value Added Tax and trade discounts. Membership fees are recognised when the Charity has entiuement to the income. Rent and meeting income is rewgnised when receivable. Levy income is recognised when r￿1Vable, the level of charges reviewed annually by reference to work done. Research and technical income. technical servi￿$ and publications income is recognised by reference to work done. Revenue grants are credited as in(x)me when they are receivable provided conditions for receipt have been complied with, unless they relate to a specified future period, in which case they are deferred. With regard to EU True Project and EU Leg Value grant income. such income is recognised in line with related expenditure as per the terms of the grants. Income tax recoverable in relation to donations received under Gtft Aid or deeds of covenant is recognised at the time of donation. Investment income is recognised when received and comprises interest on fixed interest securities and bank depostts and dividend income receivable. Other income is re(x)gnised in the peri(xJ in which it is receivable and to the extent that the goods or serwces have been provided. Income lax recoverable in relation to inve5trnent incorne is recognised at the time the investment income is receivable. Other income 15 recognised in the peri(xJ in which it is receivable and to the extent the goods have been provided or orb completion of the service. Page 21

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies Icontinuedl 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement 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 tolal of direct costs and shared costs, including support costs involved in undertaking each acbvity- Direct costs attribulable to a single acb'vity are allocated directly to that activity. Shared costs which contribute to more than one activity and support wsts which are not attributable to a single activity are apportioned belween Ihose activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Support costs are those costs incurred diredy in support of expenditure on the objedives of the Charity- Support costs have been allocated to each actiwty on the followng basis, based on an estimate of staff time spent on each ackn"vity: Research and development 72.06¥0 {2020: 70.27%) Knowledge transfer 27.94°l12020= 29.73 /fy) Governance costs are costs incurred in connectioTr the administration of the Charity and compliance wlh constitutional and statutory requirements. Research and development expenditure is recognised as an expense in the period in which it is incurred. Al expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group,. this is normally uw)n notification of the interest paid or payable by the institution with whorn the funds are depostted. 2.6 Taxation The Charity is considered to p8SS the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of 8 ch8rit8ble cornpany for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capitsl gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the T8xalion of Chargeable G8ins Act 1992. to the extent that such income or gains are applied exclusively to ch8ritsble purpM)ses. Page 22

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies Icontinuedl 2.7 Tangible fixed assets and deprKiation Tangible fixed assets costing £500 or more are capitslised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activtties. Depreciation is charged so as to all(Thte the cost of tangible fixed assets less their residual value over their estimated usefijl lives. using the straight-line method. Depreciation is promded on the following basis.. Long-term leasehold property Plant and machinery Motor vehicles Office equipment Computer equipment Site development Over the lrfe of the lease 15.￿ on cost 200kn on cost 15.kn on cost 300kn on cost 100kn on cost 2.8 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it 15 Measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'G8insIILossesl on investments, in the consolidated statement of financi818Ctivities. 2.9 Debtors Trade and other debtors are recognised at the settlement amount after 8ny trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-tem) highly liquid investments WTth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 23

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies Icontinuedl 2.11 Liabilities and provisions Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to setue the debt or the amount it has received as advanced payTnents for the gcx)ds or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specrfic to the liability. The unwinding of the discount is recognised in the consolidated statement of financial activities as a finance Cost. 2.12 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are inikn.ally recognised at transaction valLJe and subsequently measLJred al their setuement value wrth the eX￿ptIon of bank loans which are subsequently measured al amortised cost using the effective interest meth(xl. 2.13 Operating leases Rentals paid under operating leases are charged to the consolidated statement of financial aclivrf(ies on a straight line basis over the lease term. 2.14 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. 2.15 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes lo the financial ststements. Restricted funds are funds which are to be used in accordance with spectfic restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 24

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies Icontinuedl Critical accounting estimates and areas of judgement Eslimales and judgements are continualty evalualed and are based on historical experience and other factors, including expectstions of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Charity makes estimates and assumptions ￿n￿rnIng the future. The resulting accounting estimates and assumptions will. by definition. seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows.. Expected lrfe of tangible fixed assets - SupFX)rt cost allocation The Trustees consider that the expected useful lives of tangible fixed assets and support cost allocations are appropriate. Page 25

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Analysis of income from charitable activities - by type Unrèstrict funds 2021 Restrieted funds 2021 Total funds 2021 Total funds 2020 Membership & levy fees Grants receivable Technical services & publications Research & technical income 700.102 700.102 110.951 14,485 710 539,501 133,893 10, 105 3,764 110,951 14.485 710 715.297 110,951 826.248 687,263 Total 2020 553,369 133,894 687,263 Analysls of Income from charltsble actlvltles - by a¢tlvlty Unrestricted funds 2021 Restricted funds 2021 Total fund5 2021 Total funds 2020 Research and development Knowledge transfer 515,412 199.885 79.947 31,004 595.359 230.889 508,865 7 78,398 Total 2021 715.297 110,951 826,248 687,263 Total 2020 553.369 133,894 68T,263 Income from other trading activities Income from non charitable Irading activilies UnrestrScted funds 2021 Total funds 2021 Trading subsidiary 452,126 452,126 Page 26

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Investment income Unrestrieted funds 2021 Total funds 2021 Total funds 2020 Income from local listed investments Investment income- local cash 45,436 36 45.436 36 51,442 194 45,472 45.472 51,636 Total 2020 51,636 51,636 Other incoming resources Unrestrlcted funds 2021 Total funds 2021 Total funds 2020 Other income 1,094 1.094 3,118 Total 2020 3,118 3,118 Expenditure on raising funds Other trading expenses Unrèstrietèd funds 2021 Total funds 2021 Charity trading expenses 367.222 367,222 Page 27

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 10. Analysis of expenditure on charitsble aclivities Summary by fund type Unrèstrietod funds 2021 R•striet•d funds 2021 Total funds 2021 Total funds 2020 Research and development Knowledge transfer 477.492 228.725 75,239 35,822 552.731 264.547 702,277 246,549 706,217 111,061 817.278 948,826 Total 2020 683, 700 265, 126 948,826 11. Analysis of expenditure by activities Activities undertaken directly 2021 Support osts Total funds 2021 Total funds 2020 2021 Research and development Knowledge transfer 388.3 200,813 164,341 63,734 552.731 264.547 702,276 246,549 589.203 228,075 817.278 948,825 Total 2020 720,470 228,355 948,825 Page 28

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 11. Analysis of expenditure by activities (continued Analysis of support costs Research and development 2021 Knowledge transfer 2021 Total funds 2021 Total funds 2020 Staff costs Depreciation Travel & subsistence costs Other staff costs Repairs & maintenance Stslionery, advertising, postage & equipment hire Office running costs Govemance costs Professional fees 103,704 2,881 431 1.071 2.860 40,218 1,117 167 415 1,109 143.922 3.998 598 1.486 3,969 142,130 8,409 345 5,229 4,286 10,514 36.809 6.071 4,077 14,277 2,354 14.591 51.086 8.425 14, 729 44,882 6,660 1.685 164,341 63,734 228.075 228,355 Total 2020 169,021 59.334 228,355 Page 29

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Analysis of direct costs Research and development 2021 Knowledge transfer 2021 Total funds 2021 Tot81 funds 2020 Stsff costs Depreciation Project costs other staff costs Office running costs Stationery, advertising. postage & equipment hire Travel & subsistence Professional fees 238.181 40.366 75.239 7,112 936 103,196 15,655 35,822 2,870 936 341.377 56.021 111.061 9.982 1.872 327,662 69,283 265, 125 3,096 1,834 2.699 19.666 4,1 12,489 28,218 1.625 15.188 47,884 5.815 13,473 39,994 388.389 200,811 589.200 720,467 Total 2020 541,811 178,656 720,467 12. Auditors. remuneration 2021 2020 Fees payable to the Companls auditor for the audit of the Companls annual accounts 6.975 6,000 Fees payable lo the Companys auditor in respect of: All non-audil serVI￿S not included above 66Q 13. Staff costs Group 2021 Group 2020 Company 2021 Company 2020 Wages and salaries Social security costs Contribution to defined contribution pension schemes 391.891 55.973 394, 793 45.568 391.891 55.973 394, 793 45,568 37.435 29.432 37.435 29,432 485,299 469.793 485,299 469, 193 Page 30

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. Staff costs {continued) The average number of persons employed by the Company during the year was as follows: Group 2021 No. Group 2020 No. Company 2021 No. Company 2020 No. Management and administration Direct charitable 13 16 13 16 16 19 16 19 The number of employees whose employee benefits (excluding employer pension costs} ex￿eded £60.000 was.. Group 2021 No. Group 2020 In the band £80,001- £90.000 The Key Management Personnel of the Group are the Truslees and Ihe Senior Managers, being the CEO, the Finance Manager and the Principal Technical OffI￿r$. The Trustees are not remunerated. The total of employer benefits. induding employers social security contributions, received by Key Management Personnel of the Group was £246.65712020= £348,625). 14. Trustees. remuneration and expenses During the year, no Trustees received any remunerati(ffi or other benefits (2020- £NIL). During the year ended 31 December 2021, no Truslee expenses have been incurred (2020 - £NIL). Page 31

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 16. Fixed asset investments Listed investments Group Cost or valuation At 1 January 2021 Additions 1.099,105 150,000 13,3531 134,814 Disposals Revaluations At 31 December 2021 1.380,566 Net book value At 31 December 2021 1.380,566 Al 31 December 2020 1,099,105 Investrnents at fair value comprise funds indirecly held by fund managers M&G Investments and Telford Mann Investrnents. All investments in listed securib.es are held in UK common investment funds and are included wlhin unrestricted funds. Investrnent5 are revalued to recognise their fair value at each balance sheet dale. Llsted Investments Company Cost or valuation At 1 January 2021 Additions 1,099,105 150,000 13,3531 134,814 Disposals Revaluations At 31 December 2021 1,380,566 Net book value At 31 December 2021 1.380,566 At 31 De￿rnber 2020 1,099,105 Page 34

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 17. Debtors GTOUP 2021 Group 2020 Company 2021 Company 2020 Due within one year Trade debtors Amounts owed by group undettskings Other debtors Prepayinenls and accrued incorne 343.018 271,815 292.600 191.455 139.830 395,687 267,435 111,302 224.941 1.725 159,668 1.519 569.684 433,002 623.885 774,424 18. Creditors: Amounts falling due within one year Group 2021 Group 2020 Company 2021 Company 2020 Trade creditors 45.995 34.785 45,995 64.306 102.939 121.845 33,044 9,831 95, 756 152,759 Amounts owed lo group undertakings Other taxation and social security Accruals and deferred income 78.618 132.750 79.810 156,458 257,363 271,053 335.085 291,390 Group 2021 Group 2020 Company 2021 Company 2020 Deferred income at 1 January 2021 Resources deferred during the year Amounts released from previous periods 35,491 18.737 135.491) 25.852 35,491 (25,852) 35.491 18,737 135.491) 25,852 35,49f (25,852) 18.737 35,491 18.737 35,491 Deferred incorne comprises income in relation to future period 8SS(Kl8te fees Isubscriplionsl and project work. Page 35

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 19. Financial instruments GTOUP 2021 Group 2020 Company 2021 Company 2020 Financial assets Financial assets measured at fair value through income and expenditure 550.032 697.201 488,649 376,115 Financial assets measured al fair value through income and expendilure comprise cash held at bank and in hand. Page 36

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 20. Statement of funds Statement of funds - Current year Balance at 31 December 2021 Balance at 1 January 2021 Transfers inlout Galnsl (Losses) Income Expenditure Unrestricted funds Designated funds Fixed asset fund 355.663 41,686 397,349 General funds General funds Trading subsidiary Revaluation reserve 1.840,338 761.863 {706.217) 43,108 1.939,092 452.126 (367.222) {84,9041 117.914 134.814 252,728 1,958,252 1,213,989 11,073,439) {41,7961 134,814 2,191,820 Total Unrestricted funds 2,313,915 1,213,989 11,073,439) {1101 134,814 2,589,169 Restricted funds Restricted Funds 110.951 (111.061) 110 Total of funds 2.313.915 1.324.940 11.184.$00) 134.814 2.589,169 Page 37

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 20. Statement of funds (continued Statement offunds- prioryear BalanGe at 31 De￿mber 2020 Balance at 1 January 2020 Transfers I￿out Gain (Losses) Incon￿ Expenditure Unrestricted funds Designatgd funds Fixed asset fund 394.435 (77.692) 38.920 355,663 General funds General funds Trading subsidiary Revaluation reserve 1,871.979 608, 122 (736,232J 96,469 1,840,338 457.356 (320.960) (136.396) 275.186 (157,272) 117,914 2, 147,165 1,065,478 (1,057, 192) (39,927) (157,272) 1,958,252 Total Unrestricted funds 2,541,600 (1, 134.884J (1,007) (157,272) 2,313,915 Restricted fund$ Restricted Funds 133.894 (134.901) 1.007 Total of funds 2,541,600 133.894 (1.269, 785) (151,212) 2,313,975 Page 38

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 20. Statement of funds (continued Purposes of designated funds Fixed assets fund - This represents the value of general funds invested in land and buildings and other fixed assets and is therefore not readily available for other purposes. Purposes of general funds General funds- The 'free reserves. after all other designations and restrictions. The transfer to the fixed asset fund of £41,68612020'. £38,920) represents the net of fixed asset additions and disposals in the year. Trading subsidiary- Reserves in relation to the perfornian￿ of the trading subsidiary PGRO Research Limited. The transfer of £84,90412020.. £136,396) to the general fund from this fund represents the gift aid of the profits from the trading subsidiary to the Charity- Revaluation reserve - Being the differen￿ between the historic cost value and the year end fair value of listed secLJrilies investrnents are per note 14. Purposes of restricted funds Restricted funds - These relate solely lo grant income and related expenditure to match grant fLJnded projects as required under the terms of the grant offer letters. and is therefore not readily available for other purposes. Colin Leakey bursary fund- Undertaking ongoing research of Phaseolus beans. Transfers from unrestricted funds to restricted funds represent unrestricted fijnds utilised on restrictted projects of the Charity. 21. Summary of funds Surnmary of funds- current year Balance at 31 December Balance at 1 January 2021 Transfers inlout Gainsl (Losses) Income Expenditure 2021 Designated funds General funds Reslricled funds 355,663 1.958.252 41,686 (41,7961 110 397,349 2.191,820 1.213.989 11.073.439) 110.951 (111.061) 134.814 2.313.915 1,324.940 11.184,500) 134,814 2.589,169 Page 39

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 21. Summary of funds lcontinuedl Summary of funds- prioryear BalanGe at 31 De￿mber 2020 Balance at 1 January 2020 Transfers I￿out Gain (Losses) Incon￿ Expenditure Designated funds General funds Restricted funds 394,435 2,147,165 (77,692) 1.065.478 (1.057, 192) 133,894 (134.901) 38,920 (39.92T) (151,2T2) 1,007 355,663 1,958.252 2,541,600 1, 199,372 {1.269, 785) (157,272) 2,313,975 22. Analysis of net assets between funds Analysis of net assets between funds - current year Unre5tri￿ed fund5 2021 Total funds 2021 Tangible fixed assets Fixed asset investments Current assets 346.251 1,380.566 1,119,715 {257,3631 346,251 1.380,566 1,119,715 1257,3631 Creditors due within one year Total 2,589,169 2.589,169 Analysis of net assets between funds - prior year Unrestricted funds 2020 Total funds 2020 Tangible fixed assets Fixed asset investments Current assets 355,662 1,099, 104 1,130,204 (271,055) 355,662 1,099,104 1, 730,204 (271,055) Creditors due within one year Totsl 2.313,915 2,313,975 Page 40

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 23. Reconciliation of net movement in funds to net cash flow from operating activities Group 2021 Group 2020 Nel incomelexpendilure for the year las per Statement of Financial Acliviliesl 275.254 (227,685) Adjustments for: Depreciation charges Gainsl{lossesl on inveslments Income from investments Increase in debtors 60.020 (134.814) 145.475) {136,684) 113.690) 77,694 757,272 (51,637) (44,909) 9,303 Increaselldecreasel in creditors Net cash provided byl(used in) operaling aclivities 4.611 (79,962) 24. Analysis of cash and cash equivalents Group 2021 Group 2020 Cash in hand 550,034 697,202 Totsl cash and cash equivalents 550.034 697,202 25. Analysls of changes In net debt At31 At 1 January 2021 December Cash flows 2021 Cash at bank and irb hand 697,201 {147.169) 550,032 697,201 {147.169) 550,032 Page 41

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 26. Capital commitments GTOUP 2021 Group 2020 Company 2021 Company 2020 Contracted for but not provided in these financial statements Acquisition of tangible fixed assets 22,000 5.438 22,000 5.438 27. Pension commitments The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independenuy administered fund. The pension cost charge represents contributions payable by the Charity lo the fund and amounted to £40,695 {2020'. £44,386). At the year end. pension contributions payable of £6.301 were included within taxation & social security 12020.. £Nill. 28. Opgrating lease Commitments At 31 December 2021 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows: Group 2021 Gmup 2020 Company 2021 Company 2020 Not later than 1 year Later than 1 year and not18ter than 5 years 26.731 14.040 34,417 29.295 26.731 14.040 34,417 29,295 40,771 63.712 40,771 63,772 29. Related party transactlons The Charity has taken advantage of the exemption contained in FRS 102 section 33.1 Related Party Disclosures and has therefore not disclosed transactions or balances with wholly owned entities which form part of the group. Fen Peas Limited - a company under ￿MmOn control of Stephen Francis During Ihe year. PGRO invoiced Fen Peas Limiled £10.38512020= £5,630). The amount outstanding from Fen Peas Limited al the balance sheet dale was £Nil (2020.. £Nill. Other than Key Managemenl Personnel remuneration disclosed in Note 13, there were no further related party transactions during 2021 or 2020. Page 42

PROCESSORS AND GROWERS RESEARCH ORGANISATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 30. Controlling party The Trustees do not consider that Ihere is any single controlling paty. Page 43