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2024-12-31-accounts

Company registration number: 00567232 Charity registration number: 284077

Processors and Growers Research Organisation

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 December 2024

Forrester Boyd Robson Limited Waynflete House 139 Eastgate Louth Lincolnshire LN11 9QQ

Processors and Growers Research Organisation

Contents

Reference and Administrative Details 1 to 2
Strategic Report 3 to 4
Trustees' Report 5 to 9
Independent Auditors' Report 10 to 12
Consolidated Statement of Financial Activities 13 to 14
Consolidated Balance Sheet 15
Balance Sheet 16
Consolidated Statement of Cash Flows 17
Statement of Cash Flows 18
Notes to the Financial Statements 19 to 38

Processors and Growers Research Organisation

Reference and Administrative Details

Chief Executive Officer and R G Vickers Company Secretary Trustees J R S Ward, Chairman S J Portas, Vice Chairman C S Stowe S W Bumstead S J Francis J M Hopwood J A Maguire G J Renner D J Sedgeley M Shuldham Professor D L Sparkes R Wilson Senior Management / R Vickers Leadership Team S Belcher (retired 31 July 2024) B Howard C Judge A Scott Charity Registration Number 284077 Company Registration Number 00567232

The charity is incorporated in England and Wales.

Page 1

Processors and Growers Research Organisation

Reference and Administrative Details

Registered Office Great North Road Thornhaugh Peterborough PE8 6HJ Auditor Forrester Boyd Robson Limited Waynflete House 139 Eastgate Louth Lincolnshire LN11 9QQ Solicitors Greenwoods Solicitors Monkstone House City Road Peterborough Cambridgeshire PE1 1JE Bankers Clydesdale Bank Plc 10 Church Street Pterborough Lincolnshire PE8 6HJ Lloyds Bank Plc Stamford 65 High Street Stamford Lincolnshire PE9 2AT

Page 2

Processors and Growers Research Organisation

Strategic Report for the Year Ended 31 December 2024

The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 December 2024, in compliance with s414C of the Companies Act 2006.

Financial review

Policy on reserves

The reserves policy considers:

The Trustees regularly consider the risk to the Charity of any significant loss of income and also the risk of any unforeseen expenditure, thereby acknowledging the relationship between the risk management and reserves policies. The full effect of government policy in agricultural subsidy reform, the UK exit from the European Union, and instability of world politics on UK agriculture and related research still remains uncertain. Therefore, the Trustees deem it prudent to hold sufficient reserves to mitigate any potential negative impact on future income in order for the Charity to be able to achieve its objectives.

At 31st December 2024, unrestricted funds were £2.86m. The Trustees aim to maintain free reserves in unrestricted funds at a level equating to 35 months of unrestricted charitable expenditure in so far as these funds are not committed to or invested in tangible fixed assets. The Trustees consider this level will provide sufficient funds to

At 31st December 2024 the Group had total reserves of £2.86m (£0.6m in tangible fixed assets and £2.3m in investments and net working capital)

Investment policy and objectives

The investment policy considers:

The Charity currently holds several long-term investments, the income from which directly contributes to the Charity’s objectives. The Charity only invests in medium-risk products with due regard to social, environmental and ethical issues. The Trustees meet at least annually with representatives of the Fund Managers to review investment risk, income generation and capital growth.

Page 3

Processors and Growers Research Organisation

Strategic Report for the Year Ended 31 December 2024

Plans for future periods

Aims and key objectives for future periods

PGRO will continue to be principally engaged in high quality applied agricultural research. The Trustees recognise an important aspect of the Charity’s work is to contribute to the competitiveness and sustainability of UK legume crop production.

The Charity will continue to respond to appropriate grant funding calls, but the Trustees remain concerned that publicly available funding has reduced in recent years, whilst the grant application process is more competitive. The Trustees are confident the Charity will continue to identify and apply for all appropriate grants by submitting innovative ideas which emphasise the importance of efficient crop production through the most appropriate technology.

Collaborations with relevant industry and academic partners remain an important aspect of the Charity’s work to achieve added value from joint working and sharing access to a wider base of skills and experience. The Charity will, insofar as funds permit, continue to expand its co-sponsorship of relevant PhDs complimentary to the Charity’s R&D strategy.

Having been reviewed in 2023, the current strategic plan remains in force until the end of 2025. The aim being to ensure it is fit for purpose in the light of identified emerging risks to the Charity and to ensure PGRO remains a solvent and respected and vibrant organisation.

The Charity will continue to engage in knowledge transfer events and produce publications and articles relevant to the agricultural sector and wider audiences as appropriate.

The strategic report was approved by the trustees of the charity on 3 June 2025 and signed on its behalf by:

......................................... J R S Ward Chairman and trustee

Page 4

Processors and Growers Research Organisation

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 December 2024.

Objectives and activities

Objects and aims

Background

Established in 1944, Processors and Growers Research Organisation (PGRO) conducts innovative research and provides technical services on dry harvested peas, vining (freezing) peas and peas produced for canning operations and on other legumes and selected vegetables as appropriate. With over 70 years of research experience into legumes and other selected vegetable crops the Charity’s work is recognised nationally and internationally as a source of reliable and independent technical advice.

Vision and Strategy

PGRO aims to be at the forefront of legume crop innovation and employs staff with specialist skills and knowledge to conduct field and glasshouse trials to improve legume production and evaluate variety and agrochemical quality and performance.

PGRO’s scientific activities focus on the importance of soil health, the development of higher yielding crops which are resilient to climate change and environmentally friendly pest and disease control. The benefits of new knowledge are communicated to farmers and growers and to the food industry reliant on productive agriculture.

Mission

PGRO’s mission is to:

• Develop progressive and innovative approaches to crop research and development.

• Create and maintain extensive and close links with growers, processors, trade and fundamental research communities.

In fulfilling its mission, PGRO works closely with organisations which are part of the production and/or usage chain including growers, plant breeders, crop protection organisations, processing companies, pulse cleaning organisations and trading specialists. These links are important since it ensures PGRO continues to effectively support UK legume production for both home and export markets.

Page 5

Processors and Growers Research Organisation

Trustees' Report

Objectives, strategies and activities

During 2024 PGRO continued to deliver services in accordance with its research objectives and effectively delivered research projects including:

• Nitrogen Climate Smart project – evaluating the potential for increased pulse cropping to influence UK agriculture greenhouse gas emissions and speed the realisation of Net Zero (IUK funded)

• BELIS - Breeding European Legumes for Increased Sustainability (EU funded)

• Pea Protein - addresses the need to replace imported soya protein with English grown protein crops that can meet the market demand for quality and sustainability (IUK funded).

• Alleviating nutritional stress for wider environmental rewards in sustainable UK protein crop production

• PCGIN

The Charity, insofar as funds permitted conducted in-house research:

• Screening the efficacy of products designed to stimulate natural plant processes

• Cover cropping to improve and/or protect soil health

• Downy mildew control using foliar sprays in vining peas

• Screening of biostimulant products and bioactive substances

• Impact of legumes in multi-year leys/ fallows on crop rotations containing peas and beans

The charitable objective of education is fulfilled by co-sponsoring a rolling programme of PhDs relevant and complimentary to PGRO’s research and development strategy. During 2024 these comprised:

• Understanding the link between N-cycling and bacterial cytoskeleton in the rhizobium-legume symbiosis (University of East Anglia)

• Understanding the diversity of organisms contributing to foot and root rot disease in faba bean in the United Kingdom (University of Newcastle upon Tyne)

• Realising the environmental benefits of faba beans (Vicia faba L.) via optimised nutrition and nitrogen fixation ( Harper Adams University)

• Remote sensing and machine learning for the field-scale prediction of maturity and yield in vining pea (Pisum sativum L.) ( University of Nottingham)

• The Biology and Integrated Management of Bean Seed Fly. ( University of Warwick)

PGRO continued to provide advice and information to stakeholders and undertook knowledge transfer activities. The 2024 joint PGRO/Syngenta roadshows were continued with recordings being made available online to reach a wider audience. The events enable PGRO’s experts to inform growers and advisers on developments in pulse crop markets, agronomy and research.

Other knowledge transfer activities included online grower group meetings, production of articles, publications, crop bulletins and fact sheets. During 2024 the series of master class videos were further developed to PGRO’s website giving practical advice and information, which received very positive feedback. A podcast series was also begun, “Inside the Pod” is a continuing multi- episode series of informative interviews across the pulse industry, touching topics from research, through crops production to processing and consumption and is broadcast on the main popular podcast hosting platforms.

Experts from PGRO regularly liaise with pulse growing farmers via AHDB’s Monitor and Strategic Farms (a nationwide networks of leading farms) and the wider merchant and agronomist network of the UK supply industry, which brings together farmers willing to share performance and best practise information.

PGRO continued to be actively involved with the Yield Enhancement Network linking agricultural organisations and farmers with the focus on closing the gap between current and potential yields in peas and beans.

Page 6

Processors and Growers Research Organisation

Trustees' Report

Public benefit

Globally there are concerns around climate change, population growth and food security. Innovative crop science and technology addresses these pressures by increasing productivity and improving both environmental protection and resource conservation.

PGRO’s main objective is to contribute to the advancement of the science of legume (and other crops as appropriate) by undertaking scientific research projects. Additional benefits derived from the Charity meeting its main objective include the advancement of knowledge and environmental improvement.

PGRO’s independent and applied research into legume crops translates directly into farm practise, contributing to improvements in product quality and yields and environmentally friendly practises such as seed treatment, plant populations and crop husbandry.

The Trustees are satisfied they have complied with their duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Structure, governance and management

Nature of governing document

Processors and Growers Research Organisation was incorporated in England and Wales on 7th June 1956, and is a company limited by guarantee (registered number 00567232) and a registered charity (number 00284077). It is governed by its Memorandum and Articles of Association which were last amended 7th December 2017.

The Board of Trustees is responsible for the management of PGRO’s affairs in accordance with its Memorandum and Articles of Association and meets regularly throughout the year to oversee the Charity’s strategic direction and financial probity.

The Trustees have used the UK Charity Governance Code to measure the performance of the Board and its structure. The Code considers a maximum of twelve trustees to be good practice, and whilst PGRO currently has thirteen board members (the Memorandum and Articles of Association allow a maximum of fifteen), the Trustees consider a greater number allows for representation from all the 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. Their reappointment is approved providing they are still professionally active, have indicated their willingness to continue and any negative affect the loss of industry experience would have on the Board if a suitable replacement could not be sourced.

Additionally, the Management and Finance sub-committee (comprising the Chair, Vice-Chair, Chief Executive, Finance Manager and at least two other Board members) meets to:

The Chief Executive (appointed by the Trustees) manages the day-to- day operation of the charitable company. To ensure effective operations the Chief Executive and Senior Management Team have delegated authority for all operational matters.

Page 7

Processors and Growers Research Organisation

Trustees' Report

Induction and training of trustees

PGRO recruits Trustees with the relevant skillset to support the Charity’s activities. A regularly reviewed induction programme is in place for newly appointed Trustees. All Trustees are encouraged to be familiar with the practical work of the Charity and maintain an understanding of its activities by attending the Charity’s premises, events and meetings and engaging with staff

Arrangements for setting key management personnel remuneration

No remuneration or benefit was paid or granted to any Trustee.

Financial instruments

Objectives and policies

The group's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the group’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The group does not use derivative financial instruments for speculative purposes.

Cash flow risk

The group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The group uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.

Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Credit risk

The group’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The group’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the group uses a mixture of long-term and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

Page 8

Processors and Growers Research Organisation

Trustees' Report

Statement of trustees' responsibilities

The trustees (who are also the directors of Processors and Growers Research Organisation for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for 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 state of affairs of the parent charitable company and the group and of the incoming resources and application of resources, including its income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the parent charitable company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the parent charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

The annual report was approved by the trustees of the charity on 3 June 2025 and signed on its behalf by:

......................................... J R S Ward Chairman and trustee

Page 9

Processors and Growers Research Organisation

Independent Auditor's Report to the Members of Processors and Growers Research Organisation

Opinion

We have audited the financial statements of Processors and Growers Research Organisation (the 'charitable parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 10

Processors and Growers Research Organisation

Independent Auditor's Report to the Members of Processors and Growers Research Organisation

Opinion on other matter prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of trustees' responsibilities (set out on page 9), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statement or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, ommission or misrepresentation.

Page 11

Processors and Growers Research Organisation

Independent Auditor's Report to the Members of Processors and Growers Research Organisation

Use of our report

This report is made solely to the charitable parent company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

...................................... Adam Millson ACA (Senior Statutory Auditor) For and on behalf of Forrester Boyd Robson Limited, Statutory Auditor

Waynflete House 139 Eastgate Louth Lincolnshire LN11 9QQ

3 June 2025

Page 12

Processors and Growers Research Organisation

Consolidated Statement of Financial Activities for the Year Ended 31 December 2024 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Charitable activities
3
Investment income
4
Other trading activities
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Gains/losses on investment assets
15
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
22		 Unrestricted
funds
£
670,672
69,106
520,976
1,260,754
(347,631)
(841,050)
(1,188,681)
13,388
85,461
(87,940)
(2,479)
2,861,280
2,858,801		 Restricted
funds
£
114,275
-
-
114,275
-
(202,215)
(202,215)
-
(87,940)
87,940
-
-
-		 Total
2024
£
784,947
69,106
520,976
1,375,029
(347,631)
(1,043,265)
(1,390,896)
13,388
(2,479)
-
(2,479)
2,861,280
2,858,801

The notes on pages 19 to 38 form an integral part of these financial statements. Page 13

Processors and Growers Research Organisation

Consolidated Statement of Financial Activities for the Year Ended 31 December 2024 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Charitable activities
3
Investment income
4
Other trading activities
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Gains/losses on investment assets
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
22		 Unrestricted
funds
£
868,411
46,839
408,937
1,324,187
(298,508)
(755,598)
(1,054,106)
16,153
286,234
(161,166)
125,068
2,736,212
2,861,280		 Restricted
funds
£
95,868
-
-
95,868
-
(257,034)
(257,034)
-
(161,166)
161,166
-
-
-		 Total
2023
£
964,279
46,839
408,937
1,420,055
(298,508)
(1,012,632)
(1,311,140)
16,153
125,068
-
125,068
2,736,212
2,861,280

All of the group's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 22.

The notes on pages 19 to 38 form an integral part of these financial statements. Page 14

Processors and Growers Research Organisation

(Registration number: 00567232) Consolidated Balance Sheet as at 31 December 2024

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
17
Creditors: Amounts falling due within one year
18
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
19
Net assets
Funds of the group:
Unrestricted income funds
Unrestricted funds
Total funds
22		 2024
£
19,200
621,175
1,512,366
2,152,741
424,017
526,108
950,125
(244,065)
706,060
2,858,801
-
2,858,801
2,858,801
2,858,801		 2023
£
-
557,881
1,498,978
2,056,859
457,027
590,952
1,047,979
(239,929)
808,050
2,864,909
(3,629)
2,861,280
2,861,280
2,861,280

The financial statements on pages 13 to 38 were approved by the trustees, and authorised for issue on 3 June 2025 and signed on their behalf by:

......................................... J R S Ward Chairman and trustee

The notes on pages 19 to 38 form an integral part of these financial statements. Page 15

Processors and Growers Research Organisation

(Registration number: 00567232) Balance Sheet as at 31 December 2024

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
17
Creditors: Amounts falling due within one year
18
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
19
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
22		 2024
£
19,200
621,175
1,512,367
2,152,742
745,169
320,610
1,065,779
(359,720)
706,059
2,858,801
-
2,858,801
2,858,801
2,858,801		 2023
£
-
557,881
1,498,979
2,056,860
997,866
199,968
1,197,834
(389,785)
808,049
2,864,909
(3,629)
2,861,280
2,861,280
2,861,280

The financial statements on pages 13 to 38 were approved by the trustees, and authorised for issue on 3 June 2025 and signed on their behalf by:

......................................... J R S Ward Chairman and trustee

The notes on pages 19 to 38 form an integral part of these financial statements. Page 16

Processors and Growers Research Organisation

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note
Cash flows from operating activities
Net cash (expenditure)/income
Adjustments to cash flows from non-cash items
Depreciation
9
Investment income
4
Revaluation of investments
15
(Profit) / loss on disposal of fixed assets held for the group's own use
9
Working capital adjustments
Decrease in debtors
16
Increase/(decrease) in creditors
18
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
4
Purchase of intangible fixed assets
13
Purchase of tangible fixed assets
14
Sale of investments
Proceeds from sale of tangible fixed assets
Net cash flows from investing activities
Cash flows from financing activities
Repayment of capital element of finance leases and HP contracts
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December		 2024
£
(2,479)
98,158
(69,106)
(13,388)
(200)
12,985
33,010
7,755
53,750
69,106
(19,200)
(161,452)
-
200
(111,346)
(7,248)
(64,844)
590,952
526,108		 2023
£
125,068
57,956
(46,839)
(16,153)
(42,833)
77,199
93,262
(95,678)
74,783
46,839
-
(240,742)
12,590
42,833
(138,480)
(3,619)
(67,316)
658,268
590,952

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 19 to 38 form an integral part of these financial statements. Page 17

Processors and Growers Research Organisation

Statement of Cash Flows for the Year Ended 31 December 2024

Note
Cash flows from operating activities
Net cash (expenditure)/income
Adjustments to cash flows from non-cash items
Depreciation
14
Investment income
Revaluation of investments
15
(Profit) / Loss on disposal of fixed assets held for the charity's own use
9
Working capital adjustments
Decrease/(increase) in debtors
16
(Decrease)/increase in creditors
18
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
Purchase of intangible fixed assets
13
Purchase of tangible fixed assets
14
Sale of investments
Proceeds from sale of tangible fixed assets
Net cash flows from investing activities
Cash flows from financing activities
Repayment of capital element of finance leases and HP contracts
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December		 2024
£
(2,479)
98,158
(242,451)
(13,388)
(200)
(160,360)
252,697
(26,446)
65,891
242,451
(19,200)
(161,452)
-
200
61,999
(7,248)
120,642
199,968
320,610		 2023
£
125,068
57,956
(157,268)
(16,153)
(42,833)
(33,230)
(121,948)
35,171
(120,007)
157,268
-
(240,742)
12,590
42,833
(28,051)
(3,619)
(151,677)
351,645
199,968

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 19 to 38 form an integral part of these financial statements. Page 18

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £2 towards the assets of the charity in the event of liquidation.

The address of its registered office is:

Great North Road Thornhaugh Peterborough PE8 6HJ

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

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 otherwise stated in the relevant accounting policy notes.

The financial statements are presented in pound sterling which is the functional currency of the Group and are rounded to the nearest pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 December 2024.

No statement of financial activities is presented for the charity as permitted by section 408 of the Companies Act 2006. The charity made a loss for the financial year of £2,479 (2023 - surplus of £125,068).

A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

Going concern

The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the group.

Page 19

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

Income

All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Membership fees are recognized when the Group has entitlement to the income.

Rent and meeting income is recognised when receivable.

Levy income is recognised when receivable, with the level of charges reviewed annually by reference to work done.

Research and technical income, technical services and publications income is recognised by reference to work done.

Grants receivable

Revenue grants are credited as income 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.

Specifically with regards 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.

Gift aid

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of donation.

Other trading activities

The subsidiary trading company PGRO Research Ltd has agreed in advance by way of its constitution to mandate annually all profits made up to its parent Charity PGRO by way of charity gift aid donation. Such donation must be made within 9 months of the Balance Sheet date. Due to the commitment plus custom & practice established in this arrangement, the annual profit for the accounting period of the subsidiary is also included as gift aided income in the parent charity accounts in the same year that it arises in the subsidiary.

Investment income

Investment income is recognised when received and comprises interest on fixed interest securities and bank deposits.

Other income

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 20

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

Expenditure

All expenditure is accounted for on an accruals basis. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 cost of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those 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 directly in support of expenditure on the objects of the Charity. Support costs have been allocated to each activity on the following basis, based on an estimate of staff time spent on each activity;

activity;
2024 2023
Research and development 73.00% 73.00%
Knowledge Transfer 27.00% 27.00%

Raising funds

Costs of raising funds comprise the costs of trading of the wholly owned subsidiary, PGRO Research Limited.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Intangible assets

Intangible assets are stated in the Balance Sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Page 21

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

Tangible fixed assets

Individual fixed assets costing £500.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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 Activities.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Leasehold property 1% on cost
Plant and machinery 15% on cost
Site development 10% on cost
Office equipment 15% on cost
Computer equipment 30% on cost

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future income from the related project.

Fixed asset investments

Fixed asset investments are a form of financial instrument and are initially recognised at 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 is measured at cost less impairment.

Investment gains and losses, whether realised or unrealised, are combined and presented as 'Net gains/(losses) on investments' in the Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Trade debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 22

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Fund structure

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 to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The cost 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.

Pensions and other post retirement obligations

The group operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Critical accounting 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 assumptions:

The Charity 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 significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

The Trustees consider that the expected useful lives of tangible fixed assets and support cost allocations are appropriate.

Page 23

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

3 Income from charitable activities

Analysis of income from charitable activities - by type

Membership & levy fees
Grants receivable
Technical services & publications
Research & technical income
Analysis of income from charitable activities
Research and Development
Knowledge Transfer
4
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Other income from fixed asset investments
5
Income from other trading activities
Trading subsidiary income		 Unrestricted
funds
General
£
636,093
-
12,233
22,346
670,672
- by fund
Unrestricted
funds
General
£
489,591
181,081
670,672		 Restricted
funds
£
-
114,275
-
-
114,275
Restricted
funds
£
83,421
30,854
114,275
Unrestricted
funds
General
£
2,031
67,075
69,106
Unrestricted
funds
General
£
520,976		 Total
2024
£
636,093
114,275
12,233
22,346
784,947
Total
2024
£
573,012
211,935
784,947
Total
2024
£
2,031
67,075
69,106
Total
2024
£
520,976		 Total
2023
£
853,832
95,868
10,621
3,958
964,279
Total
2023
£
703,923
260,356
964,279
Total
2023
£
714
46,125
46,839
Total
2023
£
408,937

Page 24

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

6 Expenditure on raising funds

a) Costs of trading activities

Note
Trading subsidiary staff costs
Other trading subsidiary costs
7
Expenditure on charitable activities
Analysis of expenditure on charitable activities - by fund
Unrestricted
funds
General
£
Research and development
613,966
Knowledge transfer
227,083
841,049		 Unrestricted
funds
General
£
251,155
96,476
347,631
Restricted
funds
£
147,617
54,598
202,215		 Total
2024
£
251,155
96,476
347,631
Total
2024
£
761,583
281,681
1,043,264		 Total
2023
£
195,203
103,305
298,508
Total
2023
£
739,222
273,410
1,012,632

Analysis of expenditure on charitable activities - by type

Research and development
Knowledge transfer		 Activity
undertaken
directly
£
598,173
221,242
819,415		 Activity
support
costs
£
163,410
60,439
223,849		 2024
£
761,583
281,681
1,043,264		 2023
£
739,222
273,410
1,012,632

Page 25

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

Analysis of direct costs

Staff costs
Depreciation & loss on sale of
fixed assets
Project costs
Other staff costs
Repairs and maintenance
Stationery,
advertising,
postage
and equipment hire
Travel and subsistence
Total
Analysis of support costs
Staff costs
Other staff costs
Repairs & maintenance
Office running costs
Professional fees
Governance costs
Total		 Research
and
development
2024
£
327,552
71,509
140,505
9,430
8,154
4,503
36,519
598,173
Research
and
development
2024
£
67,279
14,604
-
56,370
21,135
6,722
163,410		 Knowledge
transfer
2024
£
121,150
26,449
51,968
3,488
3,016
1,665
13,507
221,242
Knowledge
transfer
2024
£
24,884
5,402
-
19,850
7,817
2,486
60,439		 Total
2024
£
448,702
97,958
192,473
12,918
11,170
6,168
50,026
819,415
Total
2024
£
92,163
20,006
-
73,520
28,952
9,208
223,849		 Total
2023
£
433,682
15,121
235,226
17,218
6,414
4,943
43,278
755,882
Total
2023
£
89,078
23,733
1,814
78,939
55,384
7,600
256,750

8 Analysis of governance and support costs

Governance costs

Audit fees
Audit of the financial statements
Other fees paid to auditors		 Unrestricted
funds
General
£
5,250
3,958
9,208		 Total
2024
£
5,250
3,958
9,208		 Total
2023
£
5,000
2,600
7,600

Page 26

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

9 Net incoming/outgoing resources

Net (outgoing)/incoming resources for the year include:

Audit fees
Profit on disposal of fixed assets held for the group's own use
Depreciation of fixed assets		 2024
£
5,250
(200)
98,158		 2023
£
5,000
(42,833)
57,954

10 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the group during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

11 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2024
£
668,135
68,222
55,663
792,020		 2023
£
607,024
64,887
46,052
717,963

The monthly average number of persons (including senior management / leadership team) employed by the group during the year expressed as full time equivalents was as follows:

Management and administration
Direct charitable		 2024
No
4
14
18		 2023
No
3
14
17

The number of employees whose emoluments fell within the following bands was:

£80,001 - £90,000
£90,001 - £100,000		 2024
No
-
1		 2023
No
1
-

The key management personnel of the Group comprise the Trustees and senior management team as listed on page 1. The total employee benefits of the key management personnel of the group were £290,128 (2023 - £290,768).

Page 27

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

12 Auditors' remuneration
Audit of the financial statements
Other fees to auditors
All other assurance services
All other non-audit services
13 Intangible fixed assets
Group
Cost
Additions
At 31 December 2024
Amortisation
At 31 December 2024
Net book value
At 31 December 2024
Charity
Cost
Additions
At 31 December 2024
Amortisation
At 31 December 2024
Net book value
At 31 December 2024		 2024
£
5,250
1,228
2,730
3,958
Computer
software
£
19,200		 2023
£
5,000
-
2,600
2,600
Total
£
19,200
19,200
-
19,200
Total
£
19,200
19,200
-
19,200
19,200
-
19,200
Computer
software
£
19,200
19,200
-
19,200

Page 28

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

14 Tangible fixed assets

Group

Cost
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Land and
buildings
£
287,333
4,965
292,298
124,046
2,871
126,917
165,381
163,287		 Furniture and
equipment
£
733,684
156,487
890,171
498,768
72,230
570,998
319,173
234,916		 Motor
vehicles
£
13,490
-
13,490
13,490
-
13,490
-
-		 Site
development
£
405,025
-
405,025
245,347
23,057
268,404
136,621
159,678		 Total
£
1,439,532
161,452
1,600,984
881,651
98,158
979,809
621,175
557,881

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £165,381 (2023 - £163,287) in respect of leaseholds.

Charity

Cost
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Land and
buildings
£
287,333
4,965
292,298
124,046
2,871
126,917
165,381
163,287		 Furniture and
equipment
£
733,684
156,487
890,171
498,768
72,230
570,998
319,173
234,916		 Motor
vehicles
£
13,490
-
13,490
13,490
-
13,490
-
-		 Site
development
£
405,025
-
405,025
245,347
23,057
268,404
136,621
159,678		 Total
£
1,439,532
161,452
1,600,984
881,651
98,158
979,809
621,175
557,881

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £165,381 (2023 - £163,287) in respect of leaseholds.

Page 29

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

15 Fixed asset investments

Group

Group
Other investments
Other investments
Cost or Valuation
At 1 January 2024
Revaluation
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Listed
investments
£
1,498,977
13,388		 2024
£
1,512,366
Unlisted
investments
£
1
-		 2023
£
1,498,978
Total
£
1,498,978
13,388
1,512,366
1,512,366
1,498,978
1,512,365 1
1,512,365 1
1,498,977 1

All the Group fixed asset investments are held in the UK.

The UK common investment funds are indirectly held by fund managers M&G Investments and Telford Mann Investments and are all included within unrestricted funds. Investments are re-stated at their fair value each year end.

Charity

Charity
Other investments
Shares in group undertakings and participating interests
Cost
At 1 January 2024
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 2024
£
1,512,366
Subsidiary
undertakings
£
1
1
1
1		 2023
£
1,498,978
Total
£
1
1
1
1

Page 30

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

Other investments

Cost or Valuation
At 1 January 2024
Revaluation
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Listed
investments
£
1,498,977
13,388
1,512,365
1,512,365
1,498,977		 Unlisted
investments
£
1
-
1
1
1		 Total
£
1,498,978
13,388
1,512,366
1,512,366
1,498,978

Details of undertakings

Details of the investments in which the charity holds 20% or more of the nominal value of any class of share capital are as follows:

Country of Proportion of voting Proportion of voting Principal
Undertaking incorporation Holding rights and shares held activity
2024 2023
Subsidiary undertakings
Trading
PGRO Research Limited activities on
Great North Road, Thornhaugh,
Peterborough, Cambridgeshire, PE8		 England & Wales Ordinary 100% 100% behalf of the
charitable
6HJ parent
company

Subsidiaries

The profit for the financial period of PGRO Research Limited was £173,345 (2023 - £110,429) and the aggregate amount of capital and reserves at the end of the period was £1 (2023 - £1).

16 Debtors

Trade debtors
Due from group undertakings
Prepayments
Accrued income		 Group
2024
£
2023
£
379,529
359,693
-
-
26,080
59,692
18,408
37,642
424,017
457,027		 Charity
2024
£
2023
£
265,966
313,593
457,186
586,939
11,210
59,692
10,807
37,642
745,169
997,866		 Charity
2024
£
2023
£
265,966
313,593
457,186
586,939
11,210
59,692
10,807
37,642
745,169
997,866
997,866

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Page 31

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

17 Cash and cash equivalents

17 Cash and cash equivalents
Cash on hand
Cash at bank
Short-term deposits		 Group
2024
£
2023
£
21
21
317,634
524,435
208,453
66,496
526,108
590,952		 Charity
2024
£
2023
£
21
21
112,136
133,451
208,453
66,496
320,610
199,968
199,968

18 Creditors: amounts falling due within one year

Trade creditors
Hire purchase and finance leases
Due to group undertakings
Other taxation and social security
VAT grant repayable
Other creditors
Accruals		 Group
2024
£
2023
£
82,901
66,523
-
3,619
-
-
18,147
17,425
92,176
72,406
6,477
1,912
44,364
78,044
244,065
239,929		 Charity
2024
£
2023
£
82,901
66,523
-
3,619
132,341
140,562
18,147
17,425
84,810
84,950
407
1,912
41,114
74,794
359,720
389,785		 Charity
2024
£
2023
£
82,901
66,523
-
3,619
132,341
140,562
18,147
17,425
84,810
84,950
407
1,912
41,114
74,794
359,720
389,785
389,785

19 Creditors: amounts falling due after one year

Hire purchase and finance leases Group
2024
£
2023
£
-
3,629		 Charity
2024
£
2023
£
-
3,629

20 Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £55,663 (2023 - £46,052).

Contributions totalling £Nil (2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

Page 32

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

21 Commitments

Group

Other financial commitments

The total amount of other financial commitments not provided in the financial statements was £34,245 (2023 - £66,242).

Charity

Other financial commitments

The total amount of other financial commitments not provided in the financial statements was £34,245 (2023 - £66,242).

Page 33

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

22 Funds

Group

Unrestricted funds
General
General funds
Trading subsidiary
Revaluation reserve
Designated
Fixed asset fund
Total unrestricted funds
Restricted funds
Restricted funds
Total funds
Unrestricted funds
General
General funds
Trading subsidiary
Revaluation reserve
Designated
Fixed asset fund
Total unrestricted funds
Restricted funds
Restricted funds
Total funds		 Balance at
1 January
2024
£
2,122,242
-
181,157
2,303,399
557,881
2,861,280
-
2,861,280
Balance at
1 January
2023
£
2,153,609
-
165,004
2,318,613
417,599
2,736,212
-
2,736,212		 Incoming
resources
£
739,778
520,976
-
1,260,754
-
1,260,754
114,275
1,375,029
Incoming
resources
£
915,250
408,937
-
1,324,187
-
1,324,187
95,868
1,420,055		 Resources
expended
£
(742,892)
(347,631)
-
(1,090,523)
(98,158)
(1,188,681)
(202,215)
(1,390,896)
Resources
expended
£
(655,139)
(298,508)
-
(953,647)
(100,459)
(1,054,106)
(257,034)
(1,311,140)		 Transfers
£
Other
recognised
gains/(losses)
£
(95,247)
-
(173,345)
-
-
13,388
(268,592)
13,388
180,652
-
(87,940)
13,388
87,940
-
-
13,388
Transfers
£
Other
recognised
gains/(losses)
£
(291,478)
-
(110,429)
-
-
16,153
(401,907)
16,153
240,741
-
(161,166)
16,153
161,166
-
-
16,153		 Balance at
31
December
2024
£
2,023,881
-
194,545
2,218,426
640,375
2,858,801
-
2,858,801
Balance at
31
December
2023
£
2,122,242
-
181,157
2,303,399
557,881
2,861,280
-
2,861,280

Page 34

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

Charity

Unrestricted funds
General
General funds
Trading subsidiary
Revaluation reserve
Designated
Fixed asset fund
Total unrestricted funds
Restricted funds
Restricted funds
Total funds
Unrestricted funds
General
General funds
Trading subsidiary
Revaluation reserve
Designated
Fixed asset fund
Total unrestricted funds
Restricted funds
Restricted funds
Total funds		 Balance at
1 January
2024
£
2,122,242
-
181,157
2,303,399
557,881
2,861,280
-
2,861,280
Balance at
1 January
2023
£
2,153,609
-
165,004
2,318,613
417,599
2,736,212
-
2,736,212		 Incoming
resources
£
739,778
173,345
-
913,123
-
913,123
114,275
1,027,398
Incoming
resources
£
915,250
110,429
-
1,025,679
-
1,025,679
95,868
1,121,547		 Resources
expended
£
(569,547)
(173,345)
-
(742,892)
(98,158)
(841,050)
(202,215)
(1,043,265)
Resources
expended
£
(544,710)
(110,429)
-
(655,139)
(100,459)
(755,598)
(257,034)
(1,012,632)		 Transfers
£
Other
recognised
gains/(losses)
£
(268,592)
-
-
-
-
13,388
(268,592)
13,388
180,652
-
(87,940)
13,388
87,940
-
-
13,388
Transfers
£
Other
recognised
gains/(losses)
£
(401,907)
-
-
-
-
16,153
(401,907)
16,153
240,741
-
(161,166)
16,153
161,166
-
-
16,153		 Balance at
31
December
2024
£
2,023,881
-
194,545
2,218,426
640,375
2,858,801
-
2,858,801
Balance at
31
December
2023
£
2,122,242
-
181,157
2,303,399
557,881
2,861,280
-
2,861,280

Page 35

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

The specific purposes for which the funds are to be applied are as follows:

Purposes of designated funds

Fixed assets fund - This represents the value of general funds invested in land and buildings and other similar 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 £180,652 (2023: £240,741) represents the net fixed asset additions and disposals in the year.

Trading subsidiary - Reserves in relation to the performance of the trading subsidiary PGRO Research Limited. The transfer of £173,345 (2023: £110,429) 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 difference between the historic cost value and the year end fair value of listed securities investments are per note 15.

Purposes of restricted funds

Restricted funds - These relate solely to grant income and related expenditure to match grant funded projects as required under the terms of the grant offer letters, and is therefore not readily available for other purposes.

Transfers from unrestricted funds to restricted funds represent unrestricted funds utilised on restricted projects.

23 Analysis of net assets between funds

Group

Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted funds
General
£
Designated
£
-
19,200
-
621,175
1,512,366
-
950,125
-
(244,065)
-
2,218,426
640,375
Unrestricted funds
General
£
Designated
£
-
557,881
1,498,978
-
1,047,979
-
(239,929)
-
(3,629)
-
2,303,399
557,881		 Total funds
at 31
December
2024
£
19,200
621,175
1,512,366
950,125
(244,065)
2,858,801
Total funds
at 31
December
2023
£
557,881
1,498,978
1,047,979
(239,929)
(3,629)
2,861,280

Page 36

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

Charity

Intangible fixed assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted funds
General
£
Designated
£
-
19,200
-
621,175
1,512,367
-
1,065,779
-
(359,720)
-
2,218,426
640,375
Unrestricted funds
General
£
Designated
£
-
557,881
1,498,979
-
1,197,834
-
(389,785)
-
(3,629)
-
2,303,399
557,881		 Total funds
at 31
December
2024
£
19,200
621,175
1,512,367
1,065,779
(359,720)
2,858,801
Total funds
at 31
December
2023
£
557,881
1,498,979
1,197,834
(389,785)
(3,629)
2,861,280

24 Analysis of net funds

Group

Cash at bank and in hand
Finance leases and hire purchase contracts
Net debt
Cash at bank and in hand
Finance leases and hire purchase contracts
Net debt		 At 1 January
2024
£
590,952
(7,248)
583,704
At 1 January
2023
£
658,268
(10,867)
647,401		 Financing
cash flows
£
(64,844)
7,248
(57,596)
Financing
cash flows
£
(67,316)
3,619
(63,697)		 At 31
December
2024
£
526,108
-
526,108
At 31
December
2023
£
590,952
(7,248)
583,704

Page 37

Processors and Growers Research Organisation

Notes to the Financial Statements for the Year Ended 31 December 2024

Charity

Cash at bank and in hand
Finance leases and hire purchase contracts
Net debt
Cash at bank and in hand
Finance leases and hire purchase contracts
Net debt		 At 1 January
2024
£
199,968
(7,248)
192,720
At 1 January
2023
£
351,645
(10,867)
340,778		 Financing
cash flows
£
120,642
7,248
127,890
Financing
cash flows
£
(151,677)
3,619
(148,058)		 At 31
December
2024
£
320,610
-
320,610
At 31
December
2023
£
199,968
(7,248)
192,720

25 Related party transactions

Group

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.

Charity

During the year the charity made the following related party transactions:

Fen Peas Limited

(A company under common control of Stephen Francis)

During the year, PGRO invoiced Fen Peas Limited £13,928 (2023: £nil). At the balance sheet date the amount due to/from Fen Peas Limited was £Nil (2023 - £Nil).

British Growers Association

(An organisation under common control of Jack Ward)

During the year, British Growers Association invoiced PGRO £nil (2023: £39,186) and paid £200 (2023: £nil) in respect of costs incurred by the Charity.

British Growers Association also offer the opportunity for their customers to become members and as a result, PGRO acquired a £1 share on 1st November 2022. The cost of this acquisition is presented within fixed asset investments. At the balance sheet date the amount due to/from to British Growers Association was £Nil (2023 - £3,856).

26 Controlling party

The Trustees do not consider that there is any single controlling party.

Page 38