2021-03-31-accounts

Rothamsted Research Limited ANNUAL REPORT AND FtNANCIAL STATEMENTS for thc year ended 31 March 2021 Company Registration No. 2393175 Charity No. 802038

Legal and Administrative Infomi&tion Trustees, Report (Inc0￿x)ratlng the Str&egi¢ R¢port- pages 6-16) 3-19 Statement of Trustees, Responsibiliti¢S 20 Independent Auditor's Re￿rt 21-24 Consolidaled Siatement of Financial Activities 25 Charity Statement of FinanciAI Activiti¢s 26 Balance Sheets 27 Consolidated and Charity Cash Flow Ststements 28-29 Accounting Policies 3￿35 Nots$ to the Financial Statements 36-55 Income and Expenditur¢ Accounts 56

Rothamsted Research Limited LEGAL & ADMINISTRATIVE INFORMATION DIRECTORS Professor Sir John Beddington FRS (Chair) Professor Andrew Balmford FRS Appointed 8 September 2021 Professor Sir David Baulcombe, FRS Dr Oliver Doubleday (Deputy Chair) Professi)r Bridgyet Emmett Mr JohTJ Haywood Mr Jan Holthuis*A Dr Stuart Jarvis Professor Louise Manning Professor Michael Winter, Appointed 8 Septemb¢r 2021 Appointed I l May 2021 Memher of Finance and Audit Committee M¢mb¢r of the S¢ience Advisory Group of the Board Member of the Intellectual Property and Exploilation Panel CHARITY NUMBER,. 802038 COMPANY NUMBER.. 2393175, a company r¢8islered in Cngland and Wales REGISTERED OFficE Roihamsted Research Limited Harpenden Hertfordshire AL5 2JQ AUDITOR RSM UK Audit LLP The Pinna¢le 170 Midsummer Boulevard Milton K¢yn¢s MK9 1 BP PRINCIPAL BANKERS Barclays Ejank 22-24 Upper Marlborough Road Si Albans Hertfordshire ALI 3A1. PRINCIPAL SOLICITORS Mills and Reeve LLP BotBniL House 100 Hills Road Cambridge CB2 IPH Page 2

Rothamsted Research Limited TRUSTEES, REPORT (INCORPORATING T14E STRATEGIC RE.PORD The Dir¢¢tors submit their Annual Report tog¢th¢r with the audited Financial Siatcmcnts for the year ended 31 March 2021. This contsins a Directors, report as required by company law. further infonnalion can be found at lill '.Ilwww.mihg11)sled.4c.Iikl STRUCTURE, GOVERNANCE AND MANAGEMENT Direetors And Offi¢¢r Th¢ Directors, who are als() the Trusiees, the Institute Director and Officer of ihc Company. who served throughout th¢ year. were as follows: Dlreetors Professor Sir John Beddington FRS (Chairnian) Professor Sir David Elaulcombe Pn)fessor Andrcw Balinford F RS Prolessor Bridgyet Emmell Dr Oliver Doubleday Professor Sir Charles Godfray Mr.lohii Haywood Mr Jan Holthui8 Dr Stuart Jarvis Prutissor Louise Maiining Mg Sally Smith Professor Michael Winter Apppointed 8 September 2021 Appointed 8 Seplembcr 2021 Resi¥ned 31 August 2021 Appoinled I l May 2021 Resigned 10 Februory 2021 Instltute Dlre¢¢or Professor AnL>ela Karp Offl¢er Comp#ny Secretary.. Louise WarrL'n Constltutlon R()Ihamsied Rcbearch Limited (the Institute or Ihe Company, Rothamsted Research or RRes) is 4 charilable company which is limitcd by ihe guarant¢¢s of. ils members to a m￿lmU[n of £1 each ajid whiLh is regulated by the terms of ils Articles of Association. ThL Lompany Registration Number is 2393175. The Company is also a registered charity. number 802038 und. as such, is not usually liable lo taxation on income arising from and exFnd¢d on its charitable activities. Appointment of Trugtees An executive 5ear¢h ogency is used for the identification of potential Truslee-Direclors. These are then con.sidered by an appoii)tmenls panel nominated by th¢ Board and composed of two or three Trustees considering overall balance of skills and cxperience, vacancies and future needs or pressures on tlie Board. Poiential appoinlees are invited to visit Roihamsted campus to meet the Institute Director and others as appropriate. Trustee Induttion *Dd Trglnlng Ncw Trusiee-Dire¢tOTS are offered training opportunities wilh good quality national providers identified by mutual agreement. 'fhis ensures that the Board are all fully awar¢ ot th¢ latCSt P05ilion on relevant Company and Charity law, regulation5 and good practice especially in the ¢ontexl of Rothamsted ResearLh Limited and th¢ ¢urr¢nt decisions that it faces. Induction and trdining for new Trustee-Dircctors will be carefully tailored to the needs of the individuals Concerned with special consideration of thc issues that the group faces in the coming moiiths. Page 3

Rothamsted Research Limited TRUSTEF.S' REPORT (tNCORPORATING THE STRATEGIC REPORT) Third Party Claims The g)TOUP holds Directors and Officers insurance which will indemnify the Directors against claims from third parties. Orxanlsation Thc Iloard of Directors is responsible for the overall governance and strategic direction of the Company in accurdance with the Company's Articles of Association. Day-ts)-day managemeni is delegated to the Chief Executive Officerimd Instilulc Direclor, who the Board is ¢xp¢¢led to qupport in Ihc development of strategic direction and polici¢s, objectives ￿nd gFo8ls. There may be between 9 and l.$ .1 rustee-t)ircctors 8ltting the Board of r)iro¢lors, with LawLS Agricultural Trusl {"LA T") and lJiolecl)nology and Biological Sciences Research Council ["￿￿sRC"j. part of UK R¢search & Ini)ovalion, eaL'h providiiig an ObsL'rver at Board meetin&s and ¢ach nominating onc Director. ThL Cliair of the Board is joiiiily nominated by LA'f and Ihc IIBSRC,. All direclors arc appointed to serve on an ud hiiminLJm and non-exeLUtive ba8is and, except for the Chair, do not receive any rcmuneralion; consistent with this position the Eloard of Dire¢lors advises on the d¢velopmenl of strategy und policy. Th¢ Inslilule DireLtor repnrt.8 lo the Chair and Truslee-DiN'Ltors of Roihamsled Research Limited. There is an appoinlmei)Is panel that is set up as r¢quired. The Board considers and is guidLd by the guidancc issued froin lime lo lime by the Lharity Coininission. The relalioiiship ol. the Company with its major funding body. the UKRI Biotechnology and Biological Sciences Research Council, is defined by the ternis dnd c()nditions of an Institute Graiil A¥rttmenl. The McrnbLrs of th¢ Company are LA'I- and UKRI-EJEJSRC plLlS the C'hair ofiiRes bLing a sin&?le nalural Member and Ihey have sigined a M¢mbLrs' Ag>reeinent. The role of tliLw' members is definLxl ihrough a M¢mb¢ts' Agreement Iliai d¢s¢ribes how this tripartite arrangemeiit rL'cogynises the contribuliun in land 11.ATI and funding (UKRI-BBSRC) respLYlively to the wL.11-beinL7 af Roihwnsled Reqeftrch Limitcd. this is aGhi¢vcd through an arm's lenuiih stancLb thai does not seek io unduly influLnce the $lrategic dirL'Llion ofihe Inslilute. To date. lh¢ Bo#i'd has cslablished three sub-¢oinmittees for specific purpuses, Iiainely Ihe Finance and Audit Coinmittee, Ihe Science Advisory Group uf the Board, and Ihe RemLiiieratiun Luminittee. Ilie latlLr setting r¢muner8lion for key senior bascd on perforinancL. Until 2017 Ihere was an agreement in place by which UKRI-BBSRC employecs {who were public sector employees and 511hjecl to those conlrolsl wcre deployed lo work at Roihamst¢d RL5¢a￿h will) Ihe latter bcaring all relevant costs. With ¢ffe¢l from l April 2017 all UKRI-1111SkC employees were transferred iu Rothamsted Research Limitcd einplnymenl uiider 'l'UPE reguldtions. Pension arrai)gyements protectcd by TIJPL remain the same and are administered by the Research Coun¢ils' Pensioii Scheme. All new membcr5 of staff appoinl¢d are employees of the Company under tern)8 and condiiions defined by the Company. 'I'h¢y pay into a dLfined eontribulion Pcnsion Scheme (started on l April 2012) provided and adininist¢r¢d by Aviva PLC. Employee Consultation The Company recognises all appropriatc Trade ljnions rcprcsenting staff employed. The lrtstitule Negotiating Consultative Committee meets al least twic¢ a y¢8r. It provides ai) avenue for provision of information. consultation and di8¢ussion of a wide range of matters affecling staff. At a national level, Ihere is a Joini Negotiating Consullalive Committee representing all stuff within the instilulions suppot1ed by the UKRI-BBSRC. Infornialion is also provided at a national and local Icvel through the Annual Report. the Stralegi¢ Plan and other publications. -rhe F.mployee Forum givcs an employee voicc within Roiham51cd and repr¢s¢nt5 all staff across the whole of the orgaTJi5alion. It provides the opportunity for representatives and senior management to shar¢ k¢y infomialion. have discussions about the issues. inlerests aJ)d ideas that

r¢ imporiant to all. and provides d pldtform lo en5urc participation in constructive discussion5 on how besi

to Ljrow and develop the Institute. The Forum complements and is additional to existing mdhods of intemal communiLation. It proactively seeks vi¢ws and feedback and acts &$ a communication and ¢onsultstive body 111 arth4 such as.. Institute strategy & perlormance, the political environmenl and 115 iwnpacl on RRes, organisational development and changes, employTnent terms and arrangements, employee engagement,

Rothamsted Research Limited TRUSTEES, REPORT (INCORPORATING THE STRATEGIC REPORD health, safety and well-being, training & people development &s well as work life balance and equality and diversity. I'he Institute Director a11¢nds the Institute Negotiating Consultative Committce and receives r¢gular rep()rts froin the Employee Fowm, which is attended by a member of HR, reporting back to the Board. Di84bl¢d Persony The Compkmy complies with all relevani legislation re1￿l￿g to disabled persons and Continually strives to rollow best practice in these mallers for an ernployeL With a disability to remain in cmployment or lo bu¢￿SSfullY einploy a disabled preferred candidate within R safe working environtnenl. Our staff code requireq that we will not reject a disabled job applicunt for a reason which relates lo histher disability. person specific&lions will always be used aiid s¢leclion criteria monilor¢d to ¢nsur¢ that discrimination does not ui)wiltingly occur. T￿ruItment and selection procedures will be adapted where possibl¢ to ensure that they do not disadvw)la&ve disabled job applicants. We will lake Steps to lry to enahle an employee who bcoomes disabled lo remain in cmployment. In LOliSultation with the employL"c. adju.slmenls to facilitate their rclenlion will be considered. Employees wilh disabilitie% will be provided with opportunities to develop full and rewarding Lareers on an cquivalenl basis io othcr employ¢cs with similar ykills and abiliti¢s and, as descTib¢d Above, WL will Suppon #ny such applicant.8 for v￿anCieS across the Inslilule. Athen4 SWAN Charter 'I'he Aihena SWAN Churter recogniscs advancement of gender equality.. repre8¢nlalion, progresgion ttnd SULcess for all, and Ilotharnsted Resea￿h Limited is cominitted to achieving this. Roiham51cd Re.%earch Limited gaincd the Athena SWAN Bron7£ award in 2014, and thi$ was renewed in 2018 origiinally ¢slublished lo encuurag>e and recognise commilmenl lo advancing the careers of womei) in science, lechnology. enbiineeringi. maths and mLdicii)e (STF.MMI. Th¢ chart¢r now rec()gi)ise5 work undertakcn to address gender equality more broudly, and not just barriers io progrLssion thal affect women. Conneeted Chirlty ond Companleg The freehold inter¢st in the land aiid buildings at the Company's Inain uperaling sitc, (Rothamsl¢d, I larpenden, Hertford.shire) is held by Lawes Ag¥ricultural Trusl (LAT). a charity wilh similar objecLg 10 Roihajllsled Research. There 15 no written dgFTeem¢nl for (he occupation of this Slte and no rent is chargcd to the Company by LA'I.. Land and buildings at North Wykc. Devon aTe owned by ihe UKRI-Biolecl)nolo&v and IliolnLiical Sciences Research Council ("BBSRC") and occupied by th¢ Company under & formal lease and a peppenorn rent. Roiham51ed Manor Limited (RML) is a wholly owned 8ubsidiHry of the Company having been transferred with all accumulated losses at l April 201U from LAT. RML forni¢rly provided prupcrty and events Inanagtemenl scrvices for LA T owned propertiLS occupied by Rolham8led stud¢nls and staff but the company became dormant from Seplcmbcr 2020. Roth#m5ted Enterprises Limited {RF.L) is a joini vcnture of RO¢ha￿sted Research. LAT and IJKRI-BBSRC. REL operates and provides catering4 conferencing and some management agent s¢ryi¢¢s for the Conference Centre, Law¥s Open Innovation Hub and, on bchalf of LA'r. The DaniLI Hall Building and Russell Building. REL is a unique hub fo¢used on promoting collaboration and iiinovalion by partnering with ¢omm¢r¢ial a&Jriculiural technology businesses and opening? the research process. With acL'ess lo Rothamsted's world cl&qs facilities and researchers, RF.L. offers flexibl¢ laboratory space. offices and infomal Ineeling hubs, as well as an ¢xlended Conference Cenire. No other malerial subsidiary undertakings cot￿u¢1ed any trading activities during the year. The Charity has a 15.87 % shareholding in VSN International Limited, the principal aclivity of which is reSe￿h into. and development and distribution of. data analysis solhvare. mainly targeted ￿ the Page 5

Rothamsted Research Limited TRUSTEES, REPORT (INCORPORATING THE STRATEGIC RE.PORT) international life science sector. The cuJnpany continues to consolidate through steady growth. The 2020121 operating profil of £412k (19120..£287k) was achieved acros5 all terrilories of the globe. Fund Ral8ing Thc Company does not actively fund rais¢, and i)0 pYofes5ional fund-raisers are engaged. Therefore no Complaints were received in conneciion with fundraising. STRATECIC RF.PORT 0￿F,CTtVEs AND ACTIVITIES I'he objects of RRes are: For Ihe ￿tIcr]I ofihe public to advance the science of ag)riculiure by th¢ initiation, proleclion. d¢v¢lopment and continuanLe of investigations and experiments. To ensure Ihal research und¢rtak¢n is complemeiltary to related studies elsewhere whilst providing for regional diversity in the environment and in agricultural praciiLL'. and lo collabordle in joint progTrainmes whLre appropriate: To promote the disscmination and extension of research findingis alone or in asso¢ialion with other charitabl¢ organi5ations havingy objecls similar lo Ihe obje¢ls ot'the Company w)d to a¢iively faLililate Ihe uptake of rcsLarch results by industry,. To exLend thbse a¢tivities Through exlemal funding to provide support lo developing countries, RRes remains d¢dical¢d lo providing 8L'ientific research that conlributcs lo the su.siainability of auicultural land mana¥emenl systems both in Ihe UK and tlirougjhoul Ihc world. This inLludes improving yield and qualily of Crops produced for d vuriety of purposes and eiihan¢ii)g the sustainability of gLrriculiural systcms worldwid¢. RRes is also using it5 scientific ¢xpcrtise to understand climaie change and taking this further by demonslraling how plants and appropriately m8na8ed agriculiure can help lo mitigat¢ anthropogenic effects on climate change. Agriculiurc provides one of the most spectacular illuslraiions of how the benofits from good scicnce can providL improved well-beingy for mankind; from Ihe precarious food security that was found througFhoui Ihe lobe only u few &Jeneralions io a sufficient, predictable supply of good quality food Ihat niuLh of the world enjoys ti)day. However, that situation is not true for a larg¢ niimber Of people, nor IS It assured without constant scicntific dev¢lopmcnt and uJlobal food security is a signilicanl political issue for all countriLs. Tliis 5ltuation is not likely to change in the medium tLrnI and ihe unique con)bination of skills and experi¢nce acTOSS RR¢s is increasin8ly rL.levanl for that and the girowing bi(conomy. The mission of RRes is lo perfomi world-class re.8earch to deliver knowledge, innovation and new practices to in¢r¢asc crop and animal produclivity and to develop environmentally sustainable solulioiis for food at energy production. RRes's purpob¢ is lo bring together bilobal science, fresh thinking and innovAtion for lasting? benefits worldwide. 'I'he uniquL value proposilion for which RRes is held in high regTard globally, is Ilie novelty and inlegrily of ils knowledge on agricultural systems. RRe8' reSea￿h underpins key sector.s of UK bios¢ienLcs such &8 sustainable food production, bioenergy and biotechnology. The launch of RRes' 2017-2022 reSea￿h and innovalion strdtegy coincided with the commencerncnt of the new Institute StrateLiic Programmc5 {ISPs). The strdteLy was fonnid after extensive stakeholder discussions. in which period the present ISPS were also shaped. The RR¢s strategy identificd three overarching Them&s {"Scien¢¢ Portfolios,? that addre55 major challenges for future agriculture.. Supcrior Crops.. IncrL'asiJ]g Susfainable yield and quality of food crops and designing crops with novel nutritional or industrial value. Seeuring Produ¢tivity: Iiicreasing resilience of ¢rop produclivily by reducingp losses Cdused by biotic and abioti¢ stre5ses,' Future Agri•Food Systems: Higih-perforniin¥ crop and liVe￿OCk production systems with lower ¢nvironmenlal impact. Pa&e 6

Rothamsted Research Limited TRUSTEES. REPORT (INCORPORATING THE STRATEGIC REPORT) Five Instltute Stri¢egie Progrlmmes (ISPS), and th￿¢ NA¢ional Cap￿bIlItIeS (Ncs) act as central pillat of these Science Portloliuy- Portfollo Superior Crops Isp Designing Future Wh¢8t (DFW} Tailoring Plant Metabolism (TPM} NC Seeuring Produetivil Future Agri Food Systems Smart Crop Prolcction {SCP) • Rothamsled Inse￿ Survey {RlS) Soil io Nutrition (S2N) Achievingy Suslainable Agricultural Systemy ASSIST North Wyke Farin Plaifonn (NWFP) Long-Term Experiments (LTE) Brielly, the flVL inter-connected ISPS and numer()us other grants linked to Ihem have the following major aims.. ISP I: Desl%nlng Fllt￿re Wheit a UK wheal reseaT¢h prugramme to improvc resource, resilience and value of wheat thTou¥h &Fenetic improvLmenl ISP 2: Tallorlng Plgnt M¢tabthlism a pragramTnc aimed al delivering novel trait$ in bespoke Lrups foT tlie bioeconomy. including oilseed Crops and will(Trws ISP3: Smart Crop l>rote¢tion & pro&Tramme on novel. systems-based solutions for managing insecl pe81s, crop discuse and weed8 in crop pruduction ISP4.. Soil to Iyutritloll d programme that applies a mechanistic approach io oplimising nulricnl use e￿]cIencY across crup and livestock fo¢)d prodwlion sysiems ISP S: Achlevin8 Su5tainablc Agrlcultural Systems a prograinine lo evaluate and understand the perforniaiice of 5UStainabl¢ inlensilicalion options at farming scalc Th¢ three National Capabilities, the Long-'I'erm F.xpLrimenl.8. the Rothumyted Insect Survey and the North Wyke F&mi Plaiform continue lo s¢rvL as a key resourcc for our slralegic research as well a8 reseaT¢h conduLtcd by national and international pariners. ThLy lire supported by BBSRC and owi lo scicnlisis everywhere. The C'ompany's main objLclives lor the year were lo: Attract new tslent at Profcssorial and Proj¢¢l l.cadership level to expand our capabilities and grant winiiin&¥ capacity. D¢v¢lop a rcvi5ed HR slralegy lo improve culture and ¥ar¢er developmcnL including a revised performance and rewards review process thai helps drive culturc change,. Strengthen our science by focussing elTorls onts) fewer are&s and achieving cxcellence in these through mentorship and training; JinplementingT a strategy for ￿pabIlity gap filling by recruitment, upskilling of existing staff or partiier5hip5' Impleincnting the digital roadmap that has b¢¢n developed througli the digital consultancy wilh Wilsun Flel¢her' Shaping our new draft programmes in readiness for future submission to BBSRC: and Improving financial sustainability through op¢raliondl ¢flicien¢ies and Llear ￿]d transparent accounts. The Institute assembl¢d a Covid-19 Core response team in March 2020. The Institute worked closely with the Lawes Agricultural Trust and Roihamsted Enterprises Ltd in all decision-making and planning. During lockdown, srnall, dedicated teams working in roras (complying with all Covid-19 safety guidelines), ensurcd that the high standards of aniirjal wellare have been fully maintained. through a very busy lambing and calving period, and that all criiical exp¢rimenls were cared for. on the farm, in the glasshouses and in controlled environment room5 on all 51te5. Home workin8 was mad¢ possible by c￿efUl planning of IT who Page 7

Rothamsted Research Limited TRUSTEES, REPORT (tNCORPORATtNCT THE STRATFGIC RF.PORT) have continued to service a]1 needs. The Institute worked hard lo prepare th¢ working environment lo be as safe as possiblc and implcJnented a phased Tetum to work, whilst always encourdging home-working whenever possible. 'I'hrough these means the Institute maintained business conlinuily and a hAgh level or health and safety Ihroughout Ihi.% whole period of the pandemic. As part of the Transfornialion Programme being undertaken by the Institute 7 Senior level Science Leaders have bccn recruited, highly recognised in their fields with excellent track rcLords, to inspire and pruvidc new leadership under science WtrrtfDlios. Following an extcnsive capability mapping exercise the new, flatter. organisational slruclure is complete. 'I'he new struLture aliLYns well wilh the BBSRC In￿11￿1¢ Strlllegy recommendations for Culture and a new HR strategy is under d¢velopmenl lo support it. Thc Knowlcdgc Exchangc and Commercialisalion (KEC), has bccn reLonfigur¢d wilh th¢ KF. ledm incoTrorated within the Research and Innovdtion Grants Office (RIGO) and the C part of a separate Innovalion and Commerciali5ation OffiLe {ICO).Th¢ ICO has a new Director and an Inl¢lle¢lual Prop¥ty and Exploilalion Pan¢1, including Board membcrship, has been establi.qhed. In consultsiion with Wilson F lelcher a digitsl translormation plan roadmap has been developed, and new pilot initiylives started. New digital science initiatives are being embcddcd within tuiure programmes. 'rhe Institute l<e8earch Grants Office has workcd hard with Departmentsl Head.5 lo idenlify and Support grants submissions, In 2020121, the overall sU￿e$S rate for giranl submisqion was 34Vo (2020.. 29 % ) which was higher than the UK ayerage. Notable successful wins in 2021 included the following grant5 of over £500k: IJIJSRC Responsive Mode awurd io Johnathan Napier NERC Rcsponsive Mode award io James Bell NF.RC Responsive M(NJe award io Adrian Collin$ Along with graiiLs of over £300k: BB8IIC Responsive Mod¢ award io Mikc Elirkett Norw¢gian Seafood Re5ear¢h fund award lo Mike Birkell In addition, the Inslilule has achieved great success with F.quipment and Capital bid4 totalling more than £4.8m. The Sl IAKE Climate Change Entrepreneur support programme has successfully completed a third run. Three new ventures were successful in their applications, each receivinL? a converiible loan of£140K which are shown on the balance sheet as social investmenls. 'I'wo Rothamsted spinout conipanies. Pherosyn and Sugarox wer¢ among th¢ SUL¢es5ful venlur¢s in cohort one and continue lo develop. Following the launch of Plieroysll. this teain successfully bid for 8 £308K BBSRC grant {Industridl Biotechnology for Improving produ¢tion of Higher Value Chemi¢a15) and a £27UK Ir￿0Vate UK grant under the SMAR'I. initialive for scale up. Sugarox hav¢ s¢¢ured £180k of non-diluted fuiiding from the Defra Farming Innovation Progr￿mMe for a collaborativc R&D project with RothaMSt￿, and ar¢ closing a £150k S¢¢d Ent¢rpris¢ Inveslrncnl SLheme having reached full subqcription. Financial modelling? exercises have been undertaken to ensure Ihe Institute remains dhead of any issues over financial sustainability. The iinpact of Covid-19 resulted in a rcquest for additional funding support from BBSRC. which Provided through UKRI. This additional support has helped the Institute, but the years ah¢ad remain chall¢nging. Pog¢ 8

Rothamsted Research Limited TRUSTEF.S' REPORT (tNCORPORATtNG TJ4F. STRATEGIC REPORT) To help achiev¢ financial suslainabilily Ihe Company has a highly skill¢d workforce of s¢i¢nlisls of inl¢rnational quality who have a¢Less to state-of-the_art facilities along7side unrivalled time-series of data and sample 8￿h)veS, including those derivLd frovn the world-renowned and unique "C]￿S]eal, field experiments started over 175 y¢Ars ago. The major areas of aetivlty are 5cicnlific research, postgraduate educalion and public engagement. Rothamsted is committed to ensuring that all its research is published in widely available media ofvarious types appropriate for the target audienLe. Seienee: All kR¢s strategi¢ programmcs acliieved substsntive proLyress throughoul the year, alihough the effcctivc and safe management ofcovid 19 risks necessitated revised workii)g pruetices. In purticular, our reSea￿h wag affected by ffduced ihroughput of sample collection. prepdration and analysis (DFW-TPM-S2N) and r¢slri¢l¢d travcl for planned field work oft-5ite (S2N- DFW. TPM). Mitigation measures included introducin&F interniediary approaches such as reducing sample iaken for analysis (S2N- 'I'PM) andlor restricting the range of Incasurements taken (S2N). In rarL' cases. cxperimenls were delayed by a (Illl growing season (TPM). In addition, in-person ¢ngagem¢nl and visits were nol possible and hands-on Iraining pla¢ed on hold, limiting outr¢ach. D&%piie these limitations. notable achievemen18 in the reporting year were rcportLd by all ISPGS.. TPM res¢or¢h in lipid and phenolic glycoside pathways havc L'xteiided from discovery wienLL to d¢livL'ry of producis in crops. plus fiLld trials, function&1 testinkn prol¢¢lion of IP aiid significanl progrcss in the path to comin¢r¢ialisalion. S2N has advaJ)ced ihe concept ot. soil hLalth, not by Lonccniralin¥ on sin¥le faclor8 8uch as SOC or singTle nulrienls. but by developing understanding of soil- crop systems and their inleraclions with IhL ¢nvironineni across mulliplc SLales. Tlii5 has allowed us lo develop fil-lur-purpose metrics, based i)n tt mechani51ic understanding) of complex and interacting pro¢¢sses. Dfw had delivered A majnr step-cliange in genc tunclional characterisation resources in wheul iiicludin contribution lo the international sequencing7 and &gsembly of15 genomcs of hLxdploid whLal, as well as low coverage sequencing of 242 Ae. lauschii accessions {D-genome pmgLnitorl. Innov*¢lon'. The new ICO has m&de & 8lrong 8lart with a ncw IP Policy fully approved and adopted. Since its forination thL IPEP, which consi818 or rive meinbcr uf the execulive aiid non-execulive teain, has Inet I I limcs llnd made 19 decisions to approv¢ bignificanl ¢ommercialisalion events recommcnded by ICO in¢luding the progression of RothMinslLd spin-outs, joint venlures, IiLL'nces, palciil prosecution. renewal and ab&ndunmenl decisions, ￿ well as the approval ol'certain slralegic institute initiatives. Partner8hlp$: AgRIA {Agri-'l ech Research Innovation Accel¢ralor) was 8 3-y¢ar cir¢a £1.7M funding for collaboraliyc innovation projects iii14ertfordshire re&)ion betw¢en Icadii)g #¢ademics 8nd small and medium- sized ente￿rIseS (SML'sl to boost economiL giruwth. ALIRIA re¢eiv¢d fundin¥ Iroin IhL European Regioi)al DevLlopment Fund (ERDF) and w&s led by Roihamsted Re.%earch (RRes) in partnership with the University of Hertfordshir¢ (UH}, unive￿ity Collegie Lundon {IICL), and Crdnfield University. All AgRIA projects wcrL' short and intensive proof-of-¢on¢epl projects (6-9 Inonths in duration). In total, AgRIA has support¢d 20 proj¢cts b¢lw¢¢n busin¢55es and academics. The SHAKL Climate Change secd inve51ment and accelerator programme. for auicultural start-ups with a Positive impact on Climate change, successfully moved ihrough its sevond ycur ol. opL'ration in the period. I'he call for application for Cohort 2 opened early in the y¢arand some 55 appli¢alionq were received and screened. From these applications, 17 ventures were invited to attcnd a week long 5peciali5t workshop in May 2020. Afier an initial pil¢h, 10 v¢nluffs were 5elerted for detailed business metjtoring and specialist science meetings ov¢r a thre¢ month period. FollowinLi a fina] pitLh in Septetnber, 3 ventures 5elecled for investment successfully Completed due diligLnce, being {1) SugTaROx, the liccnsee of a novcl bio-stimulant tcchnoloLY for crop production. (li) F.ntio, & converter of organic waste into insect protein5 for fish fo(Kl' and (iii) Climate F￿ge, an IT enablèd di%lributor of agricultural services to small holder farnicrs. By the end of the finan¢ial year thc Sl IAKF. portfolio con51sled of 7 ventures, includin&y Economad, Glaia, HE F¢¢d and Pherosyn from Cohort l. Th¢ call for application for Cohort 3 was issued early in 2021 and ihe programme i& Lurrenily ongoing, wilh 3 ventures in due diligence. Discussions are currently taking place to deliver the SHAKE Programme for a fourth consccutivc cohort over 2022. Puge 9

Rothamsted Research Limited TRUSTEES, REPORT (tNCORPORATING THE STRATEGIC REPORT) Farmer & industry eng4gemcnt: We strengthened links with UK farmers and farnier networks through direct researeh involveTncnt in programmes such as A T. IIORI, LRDF Agri-te¢h proj¢¢ts and ihe Soil lo Nutrition ISP. Our S¢i¢nce & Innovaiion Advisory Board (SIAB) and Insiiiute Strategic progTamme (ISP) Advisory Groups proyidc healthy early sounding beds for idea5, whilst our partnerships with key b()dies 8uch as AHDB, AgriT￿h E&ql and the National Famiers Union enable us to coi)nect to regional and national farnier nelworks. Our Harpendcn site has now joiiied our North Wykc ca]npus as a LEAb Innovation Centre. linking us to other leading farnier-facing research organisations and LEAf's nationg41 network of LEAF Marque w)d Demonstration Farnis. Scientists also engaged with the agricultural industry at ¢xtcmal events; Cereals 2020, , Groundbwell, NFU meetings, and the Oxford Real Farmin¥ Conferences. Most KE activities have had io be moved online due to ih¢ COVID pandeinic with a key highlight including the delivcry of a six week online Farming Forum involving members from the North Devon Ileef sector looking at how they Can transition lo net T£ro emissions by 2050, drawing on expertise from Rothamsled scicntists ￿ld invited speakers from aligned research, farmingi and environmental organisalions. Wo contiiiue lo look for pportunilies lo support farmer-led innovation and a number of Rothamsted researchers havc Loiitributed to Farmliin w)d Innovulive Farnier Field l.ab trials in th¢ 2020121. In winter 20121, our North Wyke site joined a network of 7 other farms in mid and Iiorth Devon all iinplemenling silvopasiure systems Oil their farms. Workiiig wilh the farmers and partners ai Ihe Woodland Trust, Soil Aysociation, fwAG SW and the Orgunic Rcscurch Centr¢, Ruihainsled will iiivc51igale Ihe impaLt of different silvopa51ure plailting desi&yns on a rang¢ ol-la¢lors ofintLrcsl to the fann¢rs such as soil carbon, biodiversity and dnimal health. This network provides valuabl¢ resource for farn)er Lngagement and has received considcrable allention in the media. Government and Pnlley: Despilc the constraints of the pandemic, RRes hay continued to play an influencinL7 role, providingy ihoughi leadLrship and evidence for policy developmenl via formdl and infDm)al responses to inquirieslconsulialions across goverrbincnt and the poli¢y sL'¢lor. An iniernal Policy Mallers Group was creatcd to share opportunities for coiilributingy lo relevant policy dev¢lopment ￿)d update staff. We conlributcd to the DEFRA consulialion on gene-editing and in1Lr￿1ed with our local MP r¢garding Ilie AgriLuliure Bill which received ROYMI Assent in NovLmber 2020. The Dasgupla Revi¢w on Ilie Economics ul- Biodiv¢rsity was published, including evidence trom our ASSIST teum. A summ1￿ of lh¢ r¢sponsc5 to the public consullalion on the new Lnvironmental Land Managemeiit fami payment system, lo which we submitt¢d evidence, was published in fiebruary 2021. Roiharnsted is also represented on the team that coiy)piles und reporls th¢ UK inventory of greenhouse gases to the UNFCCC and began dialogue with UKRI r¢8ardin¥ a presencc tor UK environmental science at COP 26 in Glasgow, Publlc Engag¢ment and Sclence CommunieAtion: A successful programme of communication w impleinenied, including press releases. media engabiement, TV and radio. During 202012021. 41 press relcdses We￿ issued with widcspread pick up across mainstream and specialist media. Our ii¢w m¢dia monitoring service re¢ord¢d Ihil RRes wa5 mentioned in over 1.400 articles globally (print, broadLasl and onlinL). Whilst dirccl public engagement was suspended during the pandemic, RR¢s still took part in.several virtuai ev¢nts in¢luding New SciL*nlisi Live., F￿l￿re iJfFoodathlA¥riLuliMre, pArt of the IJK'S most popular public science event, attracling ov¢r 4,000 people online. RISK MANAGEMENT The Company h&s a fornTral risk management strategy whi¢h has becn in plaee througFK)ut the period covered by this repot1 and is reviewed by the Board and the Finance and Audit Committee. The Board hils overall responsibility for establishing key proccdures d¢sign¢d to achieve systems of int¢mal ¢onlrol and for reviewing and evaluating their effectiveness. l lie risk managetnenl strateby comprises.. An annual review of ihe key risks the Company may lace; Puge 10

Rothamsted Research Limited TRUSTEES, REPORT (INCORPORATtNG THE STRATEGIC REPORT) The establi.shment of systems and procedures lo mitigate thosc risks identified within the risk register. The implementslion of procedures designed lo minimise any wlenlial impact on the Company should those risks materialise. Financial proc¢ss¢s ar¢ ¢ar¢fully controllcd and monitored through active and regFular review of policies and procedures to ensure segregaliun of duly) appropriate sibning authority is monitored. A risk regyister is mainlained which %el% out the key organisalional risks. Risks arc considered by referenee to thc probability of o¢curren¢e and impa¢1 on the Company. The principal risk5 identified, related go&ls, and management strate8ies to improve miligalion, are as follows.. Risk Identifwl In$tltute Goal at Ri4k Prineipl Mltlgatlons take Covid-19 Pandemic Excellent, oul¢ome-driven, and well-r¢sour¥¢d s¢ien¢e,' highly motivated, skilled and well. performing wurkforce. Impact on financial 5￿qlaInablIity. Cor¢ Covid RLsponse and Work Smart, Stay Ap8rt taskforce meetings and frequent guidance updates. Financial modelling ai)d increased ci)giagyement with Lon. funders., RefoLused aclivilies and rL'.yligned budbels. Siralegic reviews &$ part of th¢ TrE4nyfDnnation programmc dclivered Ihrougli lour workin&, gyroups. Improved underslanding, systems and oversighi of ¢ompelitive &>ranls' StrLng>thened conimerl'ialisation ca abilit ai)d IP olic HLalth & Safely %irategy (iroup establish¢d and governance structurcs strengthened,. Grealcr Finance ￿)d Audit Committee ovcrsigiht,. Management Committee review of all olicics dnd rocedur¢s. l.oss of major income slreain Long-t¢mi su5tainabilily & reputation Non-compliance wiih laws aT]d standard$ A robust sysiem ot contro15 exisls to pioteci the Inslitule's peopl &sseis, and rcpulation The Institute has a dedicated Audit, Risk and Compliance officer and day to day responsibility for the implcmeiitation of risk managemenl pro¢¥dures and ongoing monitoring of risk and th¢ effectiveness of controls rest5 Wlth thL Direclor's Advisory Team {DAI'). The DAT examines Lxislingl and emerging corporate risks. reviews the Insliluie ri8k register and explores corporate risks in detail based upon an agreed timetable. It is also overqeen by the Finance and Audit Committ¢¢, lo which Significant risks may be escalated for action or monitoring, a5 well as high level ov¢t¥ight by the Board. 'rhe Fin¥n¢e and Audit Comillitiee is emw)wered by Ihe Board of Trustee-Director8 and has responsibility for &dvi8ing on the effectiveness of the sy.stems of inlcmal control, including risk rnanagement. To fulfil this requirement, the risk profile is reviewed by the Finance and Audit Committee. In tern)s of financial risk5, Ihe Group has no borrowings and litniled exposure to financial inslruinenls, bULh as trad¢ debknrs trade creditors. Cash is held in deposit aucounls and treasury deposits with major UK clearing hanks. The Group's exposure lo trade debtors and the associated risk of default is limited to only Poge 11

Rothamsted Research Limited TRUSTEES, REPORT (INCORPORATING THE STRATEGIC RE,PORT) £1.2m at 31 March 2021. 2020 £1.7m. Future strategic funding from April 2023 is subject to the Current comprehensive spending review and has yet to be filtered down lo the 5trale¥ic institutes but there is nothing to suggest thai RRes does not remain a key stralegic inslilule of IJKRI-BBSRC as evidenced by recent financial invcstment in the capital requirements and transforniation of the institute. PUBLIC BENEFIT Roihamsled Research Limited traces its primary Object l)ack to that of thc l.AT- still extant ond owner of the land and building assets ai Rothamsl¢d tmd Brooms Barn fro1￿ which it was created in 1986,. this Object can be summarised as the advanLemenl ofihe science uf agyriculture. By virtue of the means and roules by which ihis is carried out. it is clearly aimed at publiL benefit and so falls within the charitable purpose of "the advancemenl of the arts, culturc. herilagie or science" There are inevitabl¢ ancillary b¢nefils from Ihe primary a¢livili¢s as a result of meeting ihL primary ohjecl that would fall into the categories of advancement of education, the advaneemenl of envir(Inmeiital prolection or improvemenl and, perhaps lo a more limiied extenl, th¢ advancement uf health. 'I'he Charity Commission guidan¢e lisls s¢ientifi¢ research" as one of lh¢ approved calegori¢s and .%pecifi¢ally Inenlioiis scientific resLurch projects under lh¢ heading of Ilie 8dvancemenl of %cience. ThL Trustee-Directors have complied with .4e¢tion 17 0l.ihe Charitie.% Act 201110 havc duc regard io public benefit &Fuidance published by Ihc Charity Commission. In the preccding section8 of this report we detail how the objeciives and achievements of Rothamsled Research have been suLLe5sfully pursued. WL #im to reach the hi&Jhcbl Icvel in the quality of our scicnlific research; we ensure that this is fully and widely dislribuled lo a global audience aiid s(Tr achieve intLrn&tional recog?nition. 'I'his will continue to be via the referrL'd scientific liierature, through contributions to re.8earch conference.8 a8 speakeTS und poster providers and via popular preg9 artielcs tor farniers and ihos¢ engag¢d in lund managemenl. bor lh¢ wid¢r public we both initiatL debates on important scientific issues relaLing to food produLtiun and securily and proactively engage in discussions and consultations involving Ihltse lopics. W¢ are convinced of the nece88ity lo help ensure that our scientific advances can enhtLnee Ihe couniryside 8nd environmonl ut both a nalional und a b7lobal level taking as many steps &8 we ¢an lo ensure this is achieved. The benefits of our work reach and inlluence. directly or Indire￿ly. all beilors of society.. Ihe broad aim of optimising tl)e use of resources. maiiilaining crop pr(Klu¢lion, while Ininimising potentially d&maging environmental impacts is of benLfil to all of humanity. There are some sectors of socicty who hold views that would limii the intri)duction of .wme of the technologies ihat aTise from, Dr are an inherent part of, our scicnlific iiiv&stigali0i1s' g¢ncti¢ modification ofcrop plants might fall into this Cdtegory. Equally, much of our work is of dir¢¢l b¢n¢fit lo Ihe pra¢lic¥s that are supported by the very same groups,. irnprovemenl of biulogical eonlrol strategies may be hiuThlighted itl this context. lThus. wc Covcr a wide nuinber of sectors and intercsls and philosophical rK)silion8 without favouring any one. Thc scientific slrntegy is highly outcom¢-focuss¢d. Roihamsled Research l.imited is continuing lo monitur and understand the beiiefits that th¢ r¢s¢8r¢h work hag brought to a broad cross section of the cominunity and more details can be 8een on our web 51te at .'Ilwww. sted.a¢.u our-5cience. This covers a range of. scientifi¢ disciplines bul ¢xample5 includc improvemenl of fertiliser reLummendations lo reduce waste and pollution. improved monitoring? of aphids, tracking and controlling potato dibLases, enhancing disease resistance in oilseeds uscd in the Indian 5ub-continentand controlling ins¢cl vc¢lors of human/anim&l disease for us¢ in both ihe developed and developing world. Also, Roihamsted data has infornicd regulations for heavy metal levels in grainsy glucosinolate levels in r&pe seed oil and opportunilies for monitoring and improving soil health. Indir¢¢t b¢nefil may arise from a commercial company identifying new opportunities within our research findings or ¢Juring a collaboration. this is incidental lo our work so in our dealings with commercial Poge J2

Rothamsted Research Limited TRUSTEES, REPORT (INCORPORA"fiNG THE STRATEGIC REPORT) compani¢s we do not a¢¢epl any blanket inhibition on freedom to publish. We do accept that, in some examples. lh¢ best way th81 s¢ientifiL di8coveries may be intr(Kluced and achieve the most widespread use is through protection of our inlelleciual property and therefore fully aecept that such an approach can be a legilimalc forni of comprehensiv¢ dissemination and actively pursue this where appropriate. Any financial benefit captured by Rlies in this or w)y other way will be ug¢d to further pursue its Objects. FINANCIAL REVIEW Income Total group income was £35.5m (2020.. £32.4m). This included capital grants of £4.8m (2020.. £2.6m). When ¢ornparing inwme year on yedr, if capitHI funding is removed il has increased by 30/0. Rothamst¢d's principal funder is the UK Iliulechnology and Biological Sciences Research Council IUKRI) which conlribuied 730/ of tolal in¢om¢ (2020.. 690/•). This increase is as a result of Ihc inLreased capital fundingy above and Sup￿￿ provided lo miligatc the financial impact ofihe Covid-19 pandemic. Expendl¢ure Total group expenditure tor the year amounted 10 £31.2m (2020 £33.1 m). R￿Urrent expenditure (excluding depreciation and reduiidan¢y costs) reduced trom £29.3m to £26.9m. This reduction in recurrent expenditur¢ wa5 £2.4m, of which direct costs acLounled for £1.9ni. Depreciation and amortisation charges have incr¢usod by £0. I m in thc year with ihe additional capital fundin&i received. Net movement In reserves qnd reserves pogltiun I'h¢ nel movcmenl in reserves for the year was an increase of £4.5m. Unreqlricted reserves incr¢as¢d by £l.Om lo £18.7m, and reslriclcd reserves increased by £3.5m to £50. I m. The InslilutL 15 very carefully muiiiloring its LOSI b&se and is striving for etriciency savin&Js where possible in order to pr¢vcnt future deleriordlion of its unreslricled reserves. The Inslilule is operalinLT on a light finanlial bud&)el for thL remainder of. the current Inslitule SITalegie ProgrJinme funding ¢yile (lo March 20231 and is puttinby in place the tools to improvc the quality and suLcess rafrs of grnnt applicalions and secure addilional incomc streams. Subsldllries *nd JOI￿( venture One joint venture (Roihamsted Entcrprise Limited) made & pmfit of £43k of which Roihamsted's 40Yo shar¢. s included in th¢ ¢onsolidated accounts, was £17k. One subsidiary company, Rothamsted Manor Limited, has been made dorniant from th¢ 31 yl of August 2020 following the surrendcr of the le85¢ on the manor on thc 3rd of July 2020 to Lawes A8ri¢ultural Trt￿t (LA'I.). During 2014115, Rothamsted Einl¢rprises Ltd completed the constru¢tion of the Lawes Open Innovalion Hub and the Rotliamsfrd Conference Centrc extension on land at Wesi Common, Harpendei), and its princip&l aciivities are conferencing,. business incubalioh and shared laboratory fa¢ilili&q to promote collahoralivc working. REL m&nag¢s both the Daniel14all and Russell 14uildings for LA T and is has relaunchcd the Manor now appTopriate licenses are in place. Capit81 expendlture Capital expenditurc for the year was £4.4m. It also includes Capital spend which was supported by capitsl grants from BBSRC. Page 13

Rothamsted Research Limited TRUSTEES, REPORT (INCORPORATtNG THE STRATEGIC REPORT) Cash Cash ai 31 March 2021 was £16.6m (2020.. £12.4m). Rothamsted deposits it5 cash with major UK clearin8 banks. Ii)come from cash deposits in the year was £40k (2020- £107k). Investment pollcy The Group's investments are held to: Provide operational liquidity Plan for sLienlific research and Support intellectual property Investments are held as fixcd terni detX)sits with major IJK ¢learing banks. Labh is drawn down in line with plaiined exp¢nditur¢ sLh¢dule within ihe bud&Fet and iii conjunclion with the reserves w>licy and for¢¢astin&. Maturities ofihe dcposils matcli these timelines. In addition thcre are a sm&ll nuTnber of inveslmenls hcld lo achieve a longer temi return on intelleclual property to provide funding for future research progrdmmes and a Inodel for comTn¢rci&lisalion of reSe￿h and innovation in lo Il)e rnarkel place. So¢lAI Inv¢8tments As nolLd on pagye 8 the Charity has mad¢ a numbcr of mixed motive invcstmeiits under ihe SFIAKE Climate Change F.nlrcpreneur supwrt pro¥r8mme. -fhese are included in ihe financial stutL'ments a8 concessiunury loarLS Within social investment8.'fhe Charity awards U)ese for entrepreneurs and siart-ups who are Lombatting climate change with science or le¢h-batscd ideab in tl)e areas of ￿￿riCUltUre or food pr(xluction. Successful applicdnls who r¢c¢ive u loan are mentored dnd supwrt¢d by lea(lin&J scien¢¢ Science tech and business experts with regulur m¢etin&Fs lo monitor perforniance. Rveryes polley Tl)e Gmup's reserves are held to support finan¢ial solvency, manage uncertainty and fund futu￿ #¢tivities. "I'he level of rcserves required by thL group i.s ille￿rore detemiined hy Teference to.. ruture operational and capital expenditure reouiremenis for the ISP funding cycl¢ Polcntial financial risks id¢iitifi¢d in the risk rcgister Potential funding required for slralegic inves(tnents not included in the operaling budget Workinby capilallliquidity requirements UnTestricled reserves that have been designated for specific purpos¢s are shown in a separate designated r¢s¢rvc. £0.75m I￿ designated towards th¢ I'ransformation of Rothamsted projcct which is expected to be spent in 2022123. £1.6m 15 desiwated toward5 man47ing financial sustainability and is expected to be spent in 2021122. The Institute has set itself a target level of reserve5 of £4.6m and defines its current free r¢s¢ryes as £5.9m. Key performan¢¢ indl¢*¢or8 During the year a nUmi￿r of key perforniance indicators (KPI'S) have been implemented in order for the execulive team and trusree b4)ard to monitor financial perforniance and susl&inability of the Institute. Each KPI is s￿lfiC, Measurable, Achievable, Realistic and TIm￿bound {SMART) and is reported on at leas1 once a quart¢r. Page 14

Rothamsted Research Limited TRUSTF.ES' REPORT (tNCORPORATtNG THE STRATEGIC RE,PORT) For external repot1ing the following* four KPIS have been chosen. KPI l is concerned with the Submitting and winning of new grants in ord¢r to g¢n¢rate gdditional income. A grant will typically span s¢veral years. KPI 2 measures the cost of unfunded science posts a￿1 how much it conlribules lo the overhead coyt of the Inslilute. KPI 3 measures the financial perfomiance of our unrestricted reserves in the year KPI 4 Mel￿vreS Ihe overall value ot unrestricted reserves and is used in coi)junclion with thc rcserves policy. Tar8¢ts were s¢1 forthe financial year based on perfomiance in the previous ycar and the overdll perfonnance is highlig]ited in Ilie table bclow. 2019120 2020121 Target for 2021122 io,coo 725 12,7401 15,752 KPI l.. Grants awarded l£'LKJJI KPI 2.. Unfunded Science Cost KPI 3.. Unrestricted nel surplu5lldeflcltl KPI 4.. Unrestricted reseryes 11,161 322 13,9881 17,636 9,488 588 1,037 18,784 The total value of grants awarded has de¢reaged on the previous year (KPI I ), how¢ver il is in line with the larbTret previously sel. 1The largel hu5 been ii)creased for 2021122 as th¢ transformatiot) programme take5 effect. Unfuiided sci¢n¢e Cost has incre&sed with the Llosure of the Smart Crop Protection programme and )is 14 a measure that we continue to closcly moiiilor. The movement in unreslriclLd reserves was tavourable in thc year IKPI 3) with Silk)POrt pmvided by FJtJSRC whicli in lurii has led lo ihe overall value of ui)restrictcd rcscrves bein&1 al)ovL turg>ei IKPI 4). The targcls set for 2021122 are in line with the ugreed budget for the coining y¢ar and reflect ihc iinpact of C-19 and or)A budLJel cuts. FUTURE DF.VELOPMENTS Within the overall UK research land5Lape. Roihamsted's key slrenL)th lies in conducting? slralegic, problem- oriented. integrated agjricultural s¢ien¢e with wide impact. F,Inbeddinb? a syslcrns approach and working? in an excellencc- and outcome-driven manner. we develop novel solulions for the sustainabl¢ inlensili¢alion, STnart proleclion and diversification of arable and grassland-liveslock .sysl¢ms in the UK and globally. Thi5 approach is finnly ¢mb¢dded ii) the new SciLiice Strategy lor 2017-2022. which we have been implemenlin siiice April 2017. As a result of th¢ Coronavirus pandemic the ISPS have been Lxlei)ded by one year to 2023. This extension pcriod will be used not only to compl¢le the Current work under the ISP but to develop and prcparc for the next round of ISP submi53ions. Our priorities for 2021122 ar¢ to (i) fully on-board and integrate new Professorial-levcl SLience Leaders, und projecl-leadeT level recruitments. {ii) develop and implement Ihe plans needed to realise the oulpuls and outcomes of our current strategic progrdmmes (following limitations Vand delayb incurred due to Covid-19)- (iii}, restruclure thc inslilule. including new research group5 and tcams and a new F.xccutive, building on the capability analysis conducted in 2020121 and incorporating the new joiners (iv) modify and ¢omplele the new 14R strategy to align with the ihree principles of th¢ BBSRC Institute S1ralegy (published July 2021) and Wlth the n¢w structure (v) complete initial di8italisdtion projects and build capability through new r¢¢ruilmenls and digital activities. (vi) finalise and submit appliLations for new strategic programm¢s (start dale April 2023). To enable the ISPS to deliver fully against intended Tnileslones in our current strat¢gi¢ programmes. workplans for the year 2021-22 hav¢ b¢¢n readjusted lo accommodate s£￿￿pIe processing and analysis backlogs (due to Covid-19). and Éo publish and disseminate re5ulls. Our National capabililies will enhance impacl throu￿ continuing improvements in data a￿C5S and a programmc of training and engag¢ment using Page 15

Rothamsted Research Limited TRUSTEF.S' REPORT (tNCORPORATING THE STRATE.GIC ￿PORT) a mix of virtual and for live activities. To ensure outreach from all strutL¥ic programmes feeds into key debates and policies in food 8nd famiing. and l() cnsure translation of outputs lo outcownes. via knowledge exchange, licensing or spinouts, a targelcd campaign of public, industrial a])d policy engagements will be pursued through the ycar. Our vi.%ioii and purpose will rcinain aligned to high lev¢1 largcts of climate change, biodiversity and nulrilion in deliverinLi r¢s¢ar¢h on the most pre55ingy UK and global challenges lacinuT food and agriculture. Uiider five new Ih¢mes, our new SirategiL prograrnm¢s will fill knowledgJe g'aps and deliver oul¢omes, exploitingy inlegrdled 'Data-driven BioscicnLes' to help aehieve 'Zero Loss,, 'Resilient Agri- landscapes,, 'Nutritioiis food, and 'Healthy Plants and Soils, whilst also driving production, and resourc¢ L.ffiLiencies, and cnhancing environmental benefits. includin8 biodiversily. Compliance with sectlon 172 The Board of Trustees welcomes the opportunity to demonstratc how they have developed the Institutes business relationships wiih .qtakeholders. The '] Tustees believe that IhLy l)ave acted in a way th¢y Consider would be most likely to promole ihe success of the company for the benefit of its members ds a whole {havin8 regard to the stak¢hold¢rs and mallers Sct OLII in s172( l Hd-fj of the act) in the decisiuns taken during Ihc year ended 31 March 2021 and in the approval of the Transformation Progrnmme. A5 Trnslees. our intention is to behave r¢sponsibly and ensure that management operate the business in a responsible maiJncr, operating) within high standards ol'biisiness coiiduct and &)ood governance.'I'he TrusteL5 inlcntion is lo bchave responsibly towards our slakLholder5 and treat thein fairly and equally, so Ihcy too may b¢n¢fil from ihc successful d¢liv¢ry of our plan. When tnaking strdlegiic decisions the Trustees have taken inlo acLount Ihe likely ¢onsequences of these decisions in the long tcm). The Trustees continu¢ to work closely wilh UKRI-BIJSKC, as evidenced through the conccption and progre%q of the Transformatiun Prog)ramme dcscribed on PagL 8. Employ¢cs from across tl)L Insitute hav¢ beLn L105ely involved in lh¢ developmenl and direction of th¢ Tr#nsfomi81ion ProbTramme, with wurking groupb given th¢ opportunity to allend 13oard meetings and provid¢ fe¢dba¢k. As refleLled in the Sir&l¢gic Report {Pag?es 6-10), the In81ilut¢ has continued to strengTthen links will) farmers, Governmenl and publi ei)b?a&Jement. The Inslilulc engages with staffthrough the einployee coiisuliation chaniiels described on Pa8¢ 4 Df the Trustees, R¢port. 8nd is pleased to coiifirni continuation of ils Athena SWAN Chdrter. Thc Trusle¢s are responsible for the overall governance and $lraicgic direclion of Rothamsted Res¢ar¢h and have a duty to ensure it provides a service thdt is a public bcn¢fit and meets the needs of its. bcii¢ticiaries. Their role includes Il)e provision of leadership with a framework ot'prudenl and effective controls. including through the Tr'inance aiid Audit Committee and S¢icnlilic Advisory Group of th¢ Board. The Trustees havc m&inlAin¢d a clos¢ relationship with the Institutc leade￿hIp team and have been reassured by the measures pul in plaLc in response to the Covid-19 pandemic. 'I'he Institute formed twu group5> lh¢ Core Covid Respons¢ Team (CCRTI and Work Smat1, Stay Apart IWS5AI teatn in response to the g?lobal pai)demic. 'I'h¢ CCRT reports lo the Board ihrough the Instilule Dircc'lor operating on a strat¢gi¢ l¢v¢l, with the WSSA providing day-lo-day support and gyuidance for th¥ implemenlation of best pr&cticcs and safe working. StatT are surveyed and consuli¢d on a weekly basis to cnsure their necds are b¢ing appropriately addre&8ed. GOIL¥G CONCERN Une of (he Group's main objectives for the year was to improve the financial sustainability of the Institute and financial modelling ex¢r¢ises have been undertaken throughout the lasl 12 moi)th5 to ensure the Institute remains ahead of any issues Over fiiiancial 5UStainability. The impa¢1 ot Covid-19 resulted in a request for additional funding support from 13BSRC, which wa5 provided through UKRI in summer 2020. This additional support hils helped the Institute, bul Ihe years ahead remain Challen￿Irtg. The BBSRC continues to invesl in the Institute despite these challenges with further capital awards of £4.8m made in ihe 2Q20r21 financial year and with the Transforniation Programme award (total £6.5m) designed to accelerate the scieniific and organisational transforniation of the Institute. It is expeilcd that the Iransfomiation will shortly Page 16

Rothamsted Research Limited TRUSTEES, REPORT (tNCORPORATtNG THE STRATF.GIC REPORT) begin having a positive impact on grant S￿¢¢S$ rates with a new tranche of senior scientists appointed and with gTrealer resource to open up new opportunilies (innovation mandgyeTS), free up Principal Investigator {Pl) time lo write &Franl pro]K)sals (teehnicians) and a science catalyst fund to allow Pl's to advance research intt) a more fundable state. The Institute has confimi¢d slrntcgic funding in place from the BBSRC until March 2022 ￿)d a Tollover process for one additional year (2022123) is in progress with the final dward confirmation due in early January 2022. All indicalions arc that the funding will be awarded at the current level with no allowance for inflation. Followingi the ComprLhensive Spending RLview in Novemb¢r 2021 further information will be disseminated lo all UKRI strategic Institutes on funding arrangements post 2022123 after UKRI's allocation is ¢onfirmed bul thLre is nothing to suggest that RRe8 does not ￿maIn a key strategic Institute of the nBSRC and UKKI as evidenced by the financial investment d¢tail¢d. In addition the Institute h&s been taking steps 10 8enerale more Irading income from commercialisalion of ils expertise and consuliancy services both lu Ihe campus and beyond. A more eificicnl method for co81ing and charging the usc of scientific and operational facililies has bc¢n dcvel()ped and h&s been upplicd across the Inslitut¢. In addition ihere are ￿Veral mili¥atinbT aclions being developed to reducL cost should ihis become required. Th¢ board h&8 reviewed and approvLd mwiagemLnt's financial forccusts. supporting> cash flows and sensitivity unalysis io March 2023 based on the finan¢ial suslainabilily modelling which shnw .4uffi¢ienl runds to cover liabilities as they fall duc. These for¢¢asts are considered by ihL t)iicctors lo as8ume'. Achievable levels of new cumpetitive fundin￿ awards tl)rou8h reLruitment of s¢nior s¢i¢iilisls Achievable level.s of trading income RLasonabl¢ l￿d prudent assumptions for ¢osl Icvels and the continuing financial imp8¢1 of COVID- 19 As a result the board concludes that the Inslilulc Lan contii)ue to operate wiihin ils ¢urrently uvailable cash aiid working Lapilal facilities and is ih¢refow ￿nSidered a going concern. In arriving 81 Iliis conclusion the board h<￿ had regard lu rL'l¢vl￿t factors including IhL COVID-19 pandemic. 'I'he SITatL'gric Repori. which concludes dbove, includes infumiation in resp¢¢l of financial in.$truments, future development and research and d¢vclopment aciivities in accordan¢¢ with the seclion 414C(I l) ol. the Companics Act 2006. Eneryy Cirb()n Reporti118 As part of the obligFalions set out under thL Ener￿V and c.arbon Repnrt Regulations 20111, the charity is required lo disclose Ihe energy and carbon cregl¢d as an organisalinn over the last reporting year slariing on or after April 2019.To fulfil this w¢ hav¢ m¢&sured our UK energy and greenhou5L' gFdS emi.4sions as cla55ified within scope l and 2 (Sireamlined F.nergy and Carbon Reporting (SLCR)). Energy Consumptlon and Cvreenhouse G*8es lkne methodology used for del¢rminin¥ energy and carbon emissions within this scction of ihe report come from a number of source5 of our greenhouse emissions.. Nalural gas used for heating) the buildings we occupy and for hoi water. Electricity used for lightingi cooling and air condilioninL. Fuel consumption in vehi¢l¢s that 8r¢ used for business including Staff vehicles and hire car5. Gas and electricity coiisumplion have becn taken from invoices and sub-m¢ler r¢adiiigb as appropriate. uel consumplion is m¢asur¢d from Jnileage incurred by employees Iravelling to and from lo¢alions. The charity's ¥unsumption and &gsocialed greenhouse gas einissions for the financial year April 2020 10 March 2021 are shown in ihe table below. Energy Efflclency Aetions 'I'he chArity has installed LED lighting in its controlled environment rooms 4md instslled new chillers for our iiisectary rhilled wat¢r supply. In addition we have refurbished the third floor Lab in Bawden Building with LED ligliling. air ¢onditioningv R32 aiid energy efficient fum¢ cupboards. Several air Page17

Rothamsted Research Limited TRUSTEES, REPORT (tNCORPORATtNG THE STRATEGIC RE,PORT) conditioning unils have been r¢pla¢ed and inverter driven pumps installed for ihe Cenienary Building for mains water and hot water. Informatlon Requlred Current Reporting Yesr UK and o(f8hore Previous Reportlng Year Energy consumption used to ca]culate emissions.. /kWh Gas- 14,234,460kWh Electricity- 6,031.102 kwh Transrrf)rt 107,911 kwh Gas- 18,328,001 kwh Eleciricity - 5,821.998 kwh 'rransport - 215,833 kwh Total - 20,373,473 kwh Total - 24,365,832 kwh F.missions from combustion as tCO2e Emissions from business travel in company ownL veliicles (Scope l) Lmissions from purohas¢d electricity (Scope 2. location- bas¢d) 2,617.3 tonne8 3,370 tonnes 27.5 tonnes 55 tonnes 1,406.1 lonnes 1,3fj7.3 tonnes Informatknn Requlred Current RepThrting Y¢ar UK And offshnre PrevlDuA Reportln8 Year Emi.ssions from business travel in rental cars or einployee-owned vehicles where company is responsible for purchasing the fuel Scu Total gross CO2e based on above Intensity ratio.. C02e gross rigure based on mandatory fields abovel ¢.g. £1 OQ,000 revenue (taken from 5 Results) 4,050.9 tonnes 4.782.3 tonnes etres squAred of occupied roperty. This is because this Igure is already used for their BSRC KPI ¢al¢ulation. 'I'he total i&Fur¢ for Rothatnsted Research imited is .59,868.5 m2. Total I￿l$S1On5 were 0.07 tonnes C02e per eter Squared of occupied property. Jtres squared of occupied roperty. This is bgcause this Igure is already used for their BSRC KPI calculation. The tal figure for Rothamsted esearch Limited is 9,868.5 m2. Total emissions ere 0.08 ionnes C02¢ p¢r meter uared of occupied properly. Page 18

Rothamsted Research Limited TRUSTEES, REPORT (INCORPORATING THE STRATEGIC REPORT) AUDrr OR RSM UK Audit LLP has indi¢at¢d its willingness tocontinue in office. STATEMF,NT AS TO DISCLOSURE OF INFORLVIATION TO THE AUDITOR The Directors who wer¢ in offi¢e at the date of approval of Ih¢se financial statements have Confirnied. as far as they are awar¢, that there iq no relevant audit informalion of which the auditor is unaware. The Directors have ¢onfirnied thai they have taken all the steps that they oughi to have iaken as Dir¢¢lors lo make themselves aware of any relevant audit inforn)ation and lo establish that it h&s been communicated to the auditor. The Trustees. Repx)rt prepared under the Ch4rili¢s Act 2011. which also contains all inforniation required in a Directors. Report by the Companies Aci 2006, and the incorporated strategic report prepared ut)der the Companies Act 2006. were approved by th¢ Board And signed On Beh*lf of the Board Professor Sir John Beddingtort Trustee Roihamsted Research Limited Harpenden Hertfordshire AL5 2JQ Dale.. 8 DccembeT 2021 Poge J9

Rothamsted Research Limited STATEMENT OF TRUSTEES, RESPONSIBILITES The trustccs (who are also directors of liothamsled Research Limited for the purpobes of company law) are responsible for preparing the Trustees, Annual R¢port and the financial 51alements in accordance with applicable law and United KingTdom A￿oun1]ng￿ Standards (United Kingdom Gcnerally Accepled Accounting Pra￿lce). Company law requires the trustees to prepare financial statements for each financial year which give a true And fair view of the slate of affairs of the Lharitable company and the group and of the incoming resources and application ofresources, includin&T th¢ in¢ome and expenditure. of the charitable group for that p¢riod. In preparing these finan¢ial statements, Ihe tru£lees are required to.. select suitable accounting ￿lIcIeS and then apply them consislently; observe the methods and prin¥iples in the Charities SORP: make judgments and esiimates that are reasonable and prudent. state wh¢iher applicable UK Accounting star￿ards have been followed. subjecl lo any material departures disclosed and explaii)ed ii) the financial siat¢ments; and prepare Ihe financial statements on ihe going concern b&sis unless it is inappropriate to presume that the Lharitable coinpany will continue in business. 'rhe trustees are responsible for keeping proper accounting records Ihat dis¥lose with reasonable aceurncy al any time the finuncial posilion of the Lharitsble company and enablc them lo ensurc that the financial 8thlement8 comply with the Compani¢s A¢1 2006. They are also responqible for safeguarding the assets of the churitable company and the group and hence for taking reasoi)able 8teps for the prevention and delection offraud and other irregularities. In so far as the trLL8tees are aware.. there is no relevant audit information of which the charitable company's auditor is unaware; and the Irusl¢¢s havc taken all steps thai they ought to have laken lo make themselves aware of any r¢l¢v8nt audit inforniation and to establish that die auditoi is aware of that infomialion, Thc Iruste¢s are responsible for the maintenance and integTity vf the corporate and financial infomialion included on the charitable company's wehsite. Leglslaliun in the United Kingdom governing the preparation and dissemination of financial slatcments may differ from legislation in other juriqdiciions. Page 20

Rothamsted Research Limited INDEPENDENT AUDITOR'S RE.PORT Oplnlo We have audited the financial.statements of Rothamsted Research Limilod (the'parent charitable company'} and its subsidiary (the 'group') for the year ended 31 March 2021 which comprise the Coi)bolidated and Charity Ststement nf Financia] Activities, the Consolidated and Company Balancc Sheets. the Consolidated and CoMp￿Y Cash flow Slatements and nutes to the financial slaleinenl& including significant accounting poli¢ies. ThL financial reporting fraihework that has been applied in their preparation is applicable law and lJniled Kingdom Accounting Standards, in¢luding FRS 102 "The F inancial Rcporting Standard applicable ill thc UK aTKI Republic of I￿land. {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statetnents.. give a true and fair view of the stale of the group's and ihe parent charit&ble company's affairs as at 31 March 2021 and of the group's in¢oining resources and application of resourc¢s, in¢luding ils income and ¢xpendilur¢, for the year then ended. have been properly prepared in 8c¢ordanc¢ with United Kingdom Generdlly Accepted A￿o￿nting Practice. and have been prepared in accordanLe with the requirements of th¢ Companies Act 21)06. Bayls for oplnion We have been appointed auditors under the Companies Act 2006 and seclion IS l of the Charities Acl 21)11 and report in a¢cordanLc with Ihose Acts. We conducted our audlt in accordanc¢ with Inlernalional Stsiidardq on Auditing {UK) (ISAS {UK)) ond applicable law. Our responsibililics under those standards are turther described in the Auditor's responsibilities for Ihe audit ul-the financiRI statements s¢clion ofour rewrt. We arL' independent of Ihe wup and parcnt charitable company in aL¢ordan¢e with tl)e ethical requireinents thal ar¢ rclLvaiil lo our audit of the financial $lal¢m¢nts in Ihe UK, inL'luding the FRC'S F.Ihical Standard and we have fulfilled our nther ethic81 rLsponsibililie8 in accordancL' with these requirements. We believe thai the audit cvidcnce we have obthined is sufficilnt and appropriate to provide a basis for our opiiiion. Conclusions rel#tlng to 8oln8 concern In audilingy the financial sialeTllCliis, we have concluded that th¢ trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. B&*d on Ihe work wc have perfornied, we have not identified any material un¢ertaintie5 relaling lo events or Londitions thaL individually or collectively, may cast si&>nificanl doubt on thL group's or parenl charitdble company's ability to continue &8 a gyoing concem for a period of at l¢ast Iw¢lv¢ months from when the fin&ncial stat¢menls are auihorised for issue. Our r¢sponsibililies and the responsibilities of the trustees with r¢spe¢t to going concem are described in Ihe relevaiil sections of this report. Other InfonnAtlon The oth¢r infomation ¢omprise5 the inforniation included in the Annual Report other than the financial statemen15 and our auditor's report thereon. l lie trustees are respoii8ible tor thc viher information contained within the Annual Re￿ri. Our opinion on the financial slalemenls docb nut cover the other information und, except lo the extcnt othetivise explicitly Stat￿ in our report. we do not cxpress any forni of assurance conclusion thereon. Pog¢ 21

Rothamsted Research Limited INDEPENDFNT AUDITOR'S REPORT Our responsibility is lo read ihe other infomiation and, in doing so, consider whether the other information is materially in¢(Trn5151eiil with the financial statements or our knowledgie obtained in the course of the audit off otherwise appears to be materia]ly nii5Stated. If we idcntify such material inconsistencies or apparent material misstatcmcnts, we are required to deterniine whether Ihis gives rise to a material misstatsment in the financial statements themselves. If, based on the work we have ￿rf0mied, we conclude that there is a malcrial Inisstatemcnt of this other infornidtion. we are required lo report that fact. We have nothing lo report in ihis regyard. Opinion.5 on other matter8 pret4¢ribed by the Companie$ Act 2006 In our opinion, based on the work undertaken in the course of ihe audit.. Ihe iiiformation giiven in th¢ Truslce6' Report. which includes th¢ Dir¢¢tors' Report and the Strategic Rewjrt prepared for the purposes of company law. for the financial year for which the financial stalemenls are prepared 1.8 consistent with the financi81 slatemenls. and the Directors, Report and the Sirateg)ic Report included within the Trustees, Report have been prepar¢d in d¢Lordance with applicable leg?al requireinents. Malt¢rs on which we ￿Te required to rep(brt by exceptio In the light of ihe knowledge and underslanding of th¢ group and the parcnt charilable compaiiy and their environment obtained in the Course of the audit, we have not idenlifi¢d InalLriai misslalements in the Dir¢¢tors' Report or the Slralegi¢ Report included within the '[ rusleLs' Repori. We have nothing lo r¢port in respect ofihe following matters where IhL Companies Act 2006 requires u8 10 repnrt to you if, in our opinion.. adequutc accounting re¢ord5 hav¢ not been kept by the parent charitsblL company. or returns dequate for our audit have not been r¢c¢ived from brAn¢hes not visiled by us. or the pareni charitable ctsmparty's financi81 slalem¢nls are not in agreement with the accounting records and retums; or cLrtain disclosures of trustees, remuneration specified by law arc not made. or we have not received all th¢ information and explanations we require for our audit. RespuTrsibilities of Irus¢c¢s As explained more fully in the Statement of Trustees, Responsibilities s¢t out on page 20, Ihe truslces (who are Also the directors of ihe charitable company for Ihe purposes of company law) are responsible for the prepuralion of the financi&l statements and for bein￿ satisfied that they give a Iru¢ and f&ir view, and for such internal control as the trustees detemine is necessary lo ¢nable thL preparalion of financial statements Ihat are free from material misststemenl, whLihor due lo fraud or error. In preparing the financial statements, the trustees are responsible for asscssing the group's and parent charitable company'5 ability to continue as a going concern, disclosing, as applicable, mattcrs related lo 80ing ¢on¢ern and using the gloingi concern b&sis of accountin&F unless the Iruslees either intend to liquida the Liroup or parent chllritsble company or to cease operations. or have no realistic a]ternative but to do so. Auditor'8 regpon8lbilltiei for the &udit of the finAnci&l statementy Our objectives are to obtain reasonable &ssurance about whether the financial ￿aternents a5 a whole are fre¢ from material misStalemenL whether due to fraud or error, and to issue an auditor's reTX)rt that includes our opinion. Reasonable assurance is a high level of assurance, but is not a gyuarante¢ that an audit condu¢ted in Page 22

Rothamsted Research Limited INDEPENDENT AUDITOR'S RE,PORT accordance with ISAS (UK) will always delect a material tnisstalement when it ¢xists. Misstatements can arise fr()m fraud or error and are considered material if. individually or in the aggregate, they could reasonAbly be expected lo influence the ¢¢onomic decisions of users taken on thc basis of these financial slatemcnts. The extent to which thc audit WIIS Collsldered capable of detecting irregularltles, Includlng frnud IrregTularities are inslanc¢s of non-complian¢¢ with laws and regulations. The objecliveq of our audil are io obtain sutricient 8ppropriale audit evidence regarding compliance wilh laws and re&yulalTolls that have direct effect nn the deterniinalion of material amounts and disclosureq in the financial statements, to perforni nudit procedures to help identify instances of'non-wmpliance wilh otiier laws and rcgulations t]iat may have a material effect on the finwicial slaleinents, and Iv Yespond appropriately lo identified or suSpeC￿d non- compliance with laws and regulations identified during the audit. In rclation to fraud, the objectives of our audit are to idenlify and assess the risk of maierial misslalemenl of the financial statements due to fraud, to obtain suffi¢i¢nt appropriate audit evidei)ce regardinb? the assessed risks of material misstatement due to fraud through degigining and implemcnting appropriate responses and lo respond appropriately lo fraud or susp¢clcd frdud identified during (he audit. However, il is the primary responsibility of management, with tlie oversi8hi of those charged with governance. to ensure that thc entity's opcrdtions are conducted in ￿CordanCe with the provisions vf laws and re&Fulations and for lh¢ pr¢v¢ntion aiid det¢clion of frdud. In id¢ntifying and asse%8ing risks of malcrial misslalemenl in respect of irregularities, including fraud, thc group audit engau>ement team.. obiain¢d an und¢tBtanding of the na¢ure ofihe sector. including the legal and regulatory framework thal the group and parcnl charitablL Lompany operate in and how the group and parent charilablc company 8r¢ ¢omplying) wilh the legal and r¢gulatory Iramework8' ii)quired of management. and those chargied wilh gyovemanc¢. aboul their own idenlificalion and assessment of the risks of irregiularities, including any known aclual. susp¢olLd or all¢by¢d instan¢e8 offraud. di$¢ussed matters about non-coinpliance with laws and regulations and how fraud migiht occur including assL'ssment of how and where the financi&l siatements may b¢ susoeplibl¢ lo fraud As a result of these procedures we consider the most significant laws and reguldtion5 that have a direcl impact on the financial slalemenls are F'RS 102, ChArilie5 SORP {fRS 102), Companies Aci 2006, Charilies Aci 2011, the parenl charitable company'5 gjoveming document and tax leL?islation. We perfornied audit procedure5 to detect non-compliances which may have a material impa¢1 on the financi￿ slalemenls which included reviewing the financial stalements including tlie Trustees, Report and remaining alert to new or unusual tTansdCtions which may not be in a¢cordan¢e with the governing documellls. The m051 SI&Tnificant laws and regulations that have an indireLt impact on the financial slaiemenls are Ihose in relation to Health and safely. We p¢rforni¢d audit PToc¢durcs to inquire of management whether the group is in compliance with these law and regulations and reviewed any correspondenee with regulatory authorities. The group audit cng£￿TeMent team identified the risk of management override of controls as the area whcre the financial statetnents were most SU5ceptible to material misstatement due lo fraud. A￿11¢ procedures perfornied Includ￿ bul were not limited to ic￿l￿g manual journal entries and oiher adjustments, evaluating Puge 23

Rothamsted Research Limited INDEPENDENT AUDITOR'S REPORT the business ralionale in relation lo significant. unusual transactions and transactions entered into outside the norniai ¢out%e of business and challenging judgments and estimates. A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council's website at .Ilwww.frc.or T uklaiiditorsres onsibilities. This description forn)s part of our auditor's reporL Us¢ of our r¢port This report is made solely to ihe charitable Company's m¢mbers. Os 8 Ixmly, in ac¢ordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so Ihal we might slate lo the ¢harilable Company's members those matters we are required to state lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, w¢ do not acc¢pt or &8sume responsibility lo anyone other ihan the chAril&ble company and the charitabl¢ company's members as a body. for our audit work, for this report, or for the opinions w¢ have fornied. SARAH MASON (Senior Stsiutory Auditor) For and on behalt of RSM UK AUDIT LLP, Statutory Audilor Chartered Accountants The Pinnacle 170 Midsummer Boulevard Milton Keynes MK9 IBP 17 December 2021 Page 24

Rothamsted Research Limited CONSOLIDATED STA TEMENT OF FtNANCIAL ACTtVITIES ar ended 31 Marcli 2021 N(Jles Totsj funds 2021 Total funds 2020 £'ooo Unrestricted Restricted funds funds £'ooo £'ooo INCOME Income from-. - trading inve5tTnents Nei interest in resulis ofjoinl venture 172 40 128 172 40 128 398 107 290 12 Income from charitable aclivities.. scientific research Capilal granls poslgraduate education and training 15,645 14.058 4,818 29.703 4.818 607 28.485 607 520 16.252 18.876 35.128 31,650 TOTAL INCOME 16.592 18.876 35,468 32,445 EXPF.Nt)ITURE ON.. Raisin8 funds Charitable activities 58 33.043 6a 16.027 14,998 31,025 'roi'AL EXPENDITUR 16.143 14,998 31.141 33,101 Net gains on investmcnts. 202 202 NET INCOMI.I(EXPENDITURE) FOR THE YEAR BEFORE TRANSFERS 651 3.878 4,529 (656) 'I'ransfers between funds 16 379 (379) NET MOVEMENT IN FUNDS IN YEAR 1,030 3.499 4,529 (656) RECONCILIATION OF FUNDS rund balances at l April 2020 17,636 46,601 64,237 64,893 Fund balances at 31 March 2021 18,666 50,1 68.766 64,237 All inwme and expenditure derives from continuing activilies Page 25

Rothamsted Research Limited CHARITY STATEMENT OF FINANCIAL ACTIVITIES for the year ¢nd¢d 31 March 2021 Totsl funds 2021 £'ooo Total funds 2020 £'ooo Unrestricted funds £'ooo Restricted funds Noles £'ooo INCOME Income from: Ir8ding investments 172 40 172 40 351 107 Income fmm charitable a¢tivilies- scieniific research capital grants qlgraduate education and training 15.645 14.058 4,818 29,703 4,818 607 28,485 2.645 52a 607 16,252 18,876 35,128 31,650 TOTAL NCOME 16,464 18,876 35,340 32.108 EXPENDITURE ON.. Raising funds 15 15 13 Charitable activilies 16,128 14.998 31.126 33,041 TOTAL EXPENDITURE 16,143 14,998 31,141 33,054 Nel gains on investments 202 202 NET tNCOMEI(EXPENDITURE) FOR THE YEAR BEFORE TRANSFLRS 523 3,878 4.401 (946) Transfer between funds 16 379 (379) NET MOVEMENT IN FUNDS IN YEAR 902 3.499 4.401 (946) RF.CONCILIA TION OF FUNDS Fund balances al l April 2020 17,747 46,601 64,348 65,294 Fund balances at 31 March 2021 18,649 50,100 68,749 64.348 Page 20

Rothamsted Research Limited BALANCE SHEETS 31 March 2021 Company Registrntion Number 2393175 Not*s Group 2021 £'ooo Charity 2021 £'ooo Group 2020 £'ooo Charity 2020 £'o FIXED ASSETS Tangible a5SCtS Intangibl¢ asy¢ts Investments Social Investments Joint venture 10 50,873 956 356 840 20 50,873 956 356 840 49,624 1,217 154 49.624 1.217 154 12 12 12 (108) 53,045 53.025 50,887 50.995 CURRENT ASSETS Stock Debtors Cash at bank and in hond 748 6,062 16,616 748 6.062 16,616 752 4.902 12,405 752 4,873 12.345 13 23,426 23.420 18.059 17,970 CREDITORS.. Arnounts fallinB due within on¢ year 14 (7,705) {7,702) (4.709) (4,617) NE'f CURRENT ASSETS 15,721 15,724 13.350 13,353 TO'I'AL ASSETS LESS CURRENT LIABILITIES 68.766 68,749 64.237 64.348 NF.T ASSETS 68,766 68,749 64.237 64,348 FUNDS Restricted funds Unrcstrictcd funds.. Cicncrdl fvnds Designated funds 16 50,100 50.100 46,601 46.601 16,326 2,340 16,309 2,340 16,886 750 16,997 750 16 18,666 18.649 17,636 17,747 T(yfAL FUNDS 68,766 08.749 64,237 64.348 The financial statements sd out on pages 23 to 54 were approved by the Board and 4Uthorised for i55u¢ on 8 DecetnbEr 2021 and Signed on its E¢half by: SI￿ T44Trrs Stuart Jarvis Director Page27

Rothamsted Research Limited CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 March 2021 Noles 2021 £'ooo 2020 £'ooo Cash generaled from / (used in) 0￿ratIonS 17 4,814 (2,470) Cash flows from Inv¢sting ￿tIvItieS Dividends, inlerest and rent from investments Purchase of pmperty, plant and equipment Capital grants. received Concessionary loans grantLd (In¢re￿e)1Decrease in money market deposits gr¢4t¢r than 90 days Net gain on Investments 107 (3,891) 2,645 (4,419) 4,818 (840) (7,504) (202) 3.000 Net C&8h (us¢d in) I g¢￿Taled from investing aclivilies (8,107) 1,861 Change in and c&sh ¢quivalenls in ￿PortIng period Cash and ¢ash equivalenls at beginning of reportin¥ pcriod (3,293) 12,405 {609) 13,014 Lash and Lash equivalents at the end of the reporting period 17 9,112 12.405 Page 28

Rothamsted Research Limited CHARITY CASH FLOW STATEMENT for the year ended 31 March 2021 NolÈs 2021 £,￿)0 2020 £'ooo C&sh gen¢rat¢d from l (used in) operations 18 4,874 (2.374) Cash flows from Investing activities Dividends, interest and rent from investments Pu￿hase of prO￿rty, plant and equipment Capital grant5 rcceived Con¢essi()nary loans granted (Increas¢Fdecrease in money market deposits greater than 90 days Net g7ain on inveslments 40 (4,419) 4,818 1840) (7,504) 202 107 (3,891) 2,645 3,000 Net c&sh (used in) I generated from invcsling activities {8,107) 1,861 Change in cash and cash equivalent8 in reporting period Cash and c&qh equivalents al beginnin¥ of reFM)rting peri(MJ (3,233) 12,345 (513) 12,858 Cash and cash equival¢nls al the end of the reporting period 18 9,112 12,345 Page 29

Rothamsted Research Limited ACCOIJNTING POLICIES 'I'hese financial slalements have been prepared in accordance with FRS102 (The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS102)}. The financial statements have be¢n pr¢par¢d under ihe historical cosi convention as modified by carrying investments at fair valu¢. Th¢ financial statements meet the requirements of Ihc CompaniL5 Act 2006. the SiatLTnent of Recommended Practice- Accounting and Reporting by Charities (Charities SORP {FRS102)) and applicable accoullling 5tand&rds 80 far as these requirements are appropriate. Rothamsted Ileseawh Limited is a privat¢ compjny limited by guarantee and a registered charity. It is registercd, domiciled and incorpornted in Eii&Fland. The re&?i5tered company and charity numbers are on page 2. The charity is a public benefit entity as defincd by FRSI 02 and part of a public benefit group. mone1¢￿ amounts in these financial ststemcftts are rounded io thL ncarc5t whole £1,000, ex¢ept wh¢r¢ otherwisc indic&t¢d. Sterling is the Group's functional and presentalional currency. In accurdance with FRS 102, the charity h&s taken &dvantsge of the exemption from the Collowing dis¢losure requirement in its individual financial statements: Section 33 'Relaled Party DisL'IosurL's' Compensation for key Ihanagement personnel. GOING CONCERN One of the Group's main obje¢liv¢s for th¢ ycar was lo improve the financial sustainability of the In5titutL and rinan¢ial mod¢lliiiL> exerci.qes have been ui)dertaken throughout ihe lust 12 months to ensure the Instilute Temain.q head of&ny issues over financial susiainability. The impact of Covid-19 re8ulted in a request for additional funding support from t4EJSRC, which was provided IhrouEh IIKIII in summer 2020. Thi5 additional Support ha8 helped ilie Institute, bul the yeary uhead rL'inuiii challen¥ing. The BBSRC cnntinues to invest in thc Institute despite thcs¢ challenges with turther cupilal awards of £4.8m made in Ihe 2020121 financial year and with the Transformation Programme award {tolAI £6.5m) dLsignLd to dLCL.leratc the sciei)tific and organisalioiial Iranslvm)dlioi) ol. Ih Institute. It is expected ihal the transformalion will shortly begin hdvinLr a positive impact on grani success rates with a new iranche ofsenior scienti$1s Appointed ind with greaiLr resource to op¢n up new opportunities (innovation Inanagers), frLe up Principal Investigator {Pl) time to write g)ranl proposals (le¢hni¢ians) and a s¢ien¢e calaly81 fund to allow Pl's lo advance research inlo a more fundable state. 'fhe Institute lias cnnfirmed str&lebiic funding iii plaee rroin the BBSRC until MarLh 2022 und a rollover process for one additional y¢ar (2022123} is in progress with the rindl award confinnation due in early January 2022. All indications are that the fundii)g will be awarded at the current level with no allowancL for inflation. Followingy the Comprehensive Spending Revi¢w in November 2021 lurthcr information will be di88eminal¢d to all IIKRI stralegiL Inslilute8 on funding arrangements post 2022123 after UKRI'% allocation is contim)¢d bill Ih¢rc is nothing lo suggest that RRes does not reihain a key strategiL Institutc of thL BBSRC and IJKRI as evidenced by the finwicial invcstmcrtt delailed. In addition the Institute has been taking steps to generate more trading income from commercialisation of its expertise and collsultancy services boih io Ihe campiis and beyond. A more efficient meihod for ¢ostingand ¢hargin8 the use of scienlific and operational facililies has b¢¢n dev¢lop¢d and has beeii applied a¢ro55 the Institute. In uddilion there are s¢veral mitigating a¢tions b¢ing d¢v¢lop¢d lu r¢duc¢ Cost should this become required. The board has revi¢w¢d and approv¢d managcmcnl's fin1￿¢1￿1 forecasts, supporting cash flows and sensltivity analysis to March 2023 based on the financial sustainability modelling which Show sU￿1C]ent funds to cover liabilitics as they fall due. These forecasls are considered by the Directors to assume: Achievable levels of new competitive funding uwards throuLh recruitment of senior scientists Achiev&bl¢ I￿v¢1$ of Iradin&y inLome Reasonable and prudent a&8umptions for cost levels and the continuing financial impact of COVID-19 As a result the IM)ard con¢lud¢s that th¢ Inslilule ¢wi ¢ontinue lo operate within its currently available cash and working capital faLilities and is therefore con.4idered a goinLF concern. In arriving at thi5 cvnllusion the Ixwd has had regard to relevant factors including Ihe COVID-19 pandimic. BASIS or CONSOLIDA"fioN The results of Rothamst¢d Manor Limil¢d have been included in the consolidaled financial slaleinents on a line by line basis, using a¢quisition m¢ihod of a¢¢ounting unlil the 31 St of August 2020 at which point it was made Poge 30

Rothamsted Research Limited ACCOUNTING POLICIES dorn)anl. Rothamsted Manor Limited is the only UK subsidiary uiidertakin&F that has traded during the year {see Note 12). Other subsidiaries have noi i*en consolidated on grounds of immaleTiality. JOINT VENTURES Undertakings in which the group has a long-terni interest and which are under joint control are defined &8 joint ventures. Joint ventures are 8c¢ounted for using the equity Inethod. TANGIBLE ASSETS Tangible assels are depreciated to their estimated residual values over Ih¢ir eX￿rIed us¢ful liv¢s on a straight-line basis. Items over £3,000 are capilali5ed. Building5 Plant & Machinery Fixtures. Fittings and Vchicles 25 - 50 years 5- Ioyears 3- Ioyears Assets in the course of coiistruclion are included at cost, and will be depreciated lo iheir esliinaied residual values over their expected us¢ful lives on 8 slraighi-line basis once the #ssel is available for use. Freehold land is included al ¢osl and not depreciated. An assessmeni is made at each reporting dale of whether ihere are any indications thal & fixed asset may be impaired or that an impairment loss prLviously recogiiised has fully or partially reversed. If such indiL8tions exist, the recoverablc amouni of the asset is estimatLd. Shortfalls between the caryingT value of fixed asqels and their recoverable amounts arc rccognised as impairnients in the Stdtemcnt of Financial Activitie5. INTANGIBLL ASSEI'S Inlang?ible assets are amortised lo their estimated r¢siduul va]ues over their expected wful lives on & slraighi-line basis. Items over £3,￿0 are capitaliqed. Computcr Suftware 3-5years Assets in the course of ¢onstruclion ar¢ included at cost, und will be amortised to their estimated residual values over their expected useful lives on a straight-line busis once the assel is available for us¢. An ass¢ssment is madc at each reporting dat of wheth¢r there are any indications that a fix¢d asset Inay he iinpaired or that an impairment 1058 previously recognis¢d has fully or partially r¢v¢rsed. If such indications exist, the recovcrable amouni of the el is estimated. Shortfalls belweei) Ihe carrying valuc of tixcd assets and their recovernble amounts are recognised as imp&irni¢nls in the Slalemenl of Financial Aclivitles. STOCKS Inventory lakes the form of both materials to be ¢onsum¢d in the r¢nd¢ring of services and assets held for sale in the ordinary course of business (fami livestock). Inventory is measured at the lower of cost and eslimaled selling price less costs to complete and sell. INVESTMENTS Unlisted investsnents are carried at diTeclors' estimate of fair value as at the Balance She¢t dale, and any gains or losses tsken lo the Statement of Financial Activities. The eslirnate of fair valu¢ is bas¢d on the 18lest availabl¢ tinanLial intormalion. SOCIAL NVESTMENTS Mixed motive social investments in th¢ fomi of ¢on¢¢ssionary loans are measured at the arnount paid. including interest accrued and after impairni¢nl, where appli¢abl¢. INVESTMENTS tN GROUP UNDER TAKINGS Investments in group undertakings ar¢ staled at cost less impairnient. where relevant. as these reprcsent shareholdings in unlisted companies. Page 31

Rothamsted Research Limited ACCOUNTtNG POLICIES FUND ACCOUNTING GeTher￿ funds are unrestricted funds which ar¢ &vailable for use ai the discretion of the Truslee-Directors in furtherance of the general objectives of the Charity and which huve noi been designated for other purposes. Designated funds comprise unrestricted funds that have been set asidc by the Truslee-Directors for particular purposes. The aim and [￿e of cach designated fund are set out in the notc5 to Ihc financial Statements. Reslricted funds are funds which are lo be v￿d in accordance with spccific restrictiolls imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and admii)islerii)g such funds is charged against the specific fund. The aim and use of the restricted funds are set out in the notes lo the financial slRt¢m¢nts. INCOME All income exLept g¥rants is in¢lud¢d in Ihe Sialement of Financial Activities when the Group or Lhariry is legally entitled tu thc income and the amount Can be quanlified with reasonable &ccuracy. Income from granLs. including pital grants, is included within income when thcse are receivable, except as follows: When doi)ors specify that UTranls giv¢n to the Charity must bL used in future accoui)ting periods. the income is deferrcd until those periods. When donors impose Londitions, which musl be fulfilled before the Charity becomes entitled lo use such income, and those ¢ondilions ar¢ oulside Il)e control of th¢ Charity> thc income is deferred and not in¢luded in income until pre-¢oi)dilions fur use hav¢ t¢cn met. When donors specify that granis, includingy capital grants, are for reslriuled purposes, which do not amount to pre- conditions regarding ¢ntitlement, this income is inLluded in restri¢ted funds when receivable. Roihainsted Manor Limited (RML) generatcd income from properly and events management. The income and expLndilurL' a$S￿lated wilh this aLtivity dre Included within income fmm tradin8 and expendilure on rai8ing funds for the five months unlil dormancy. EXPF,NDI'I'URE l.iabilities are recognised as expenditure &q soon as Ihere 11> a leb>al or constructive obligation commilling the Group or Charity to the expei)diturc. All expenditure is iiicluded in the SlalemLnt ol- Financial Activities on an uL¢ruals basis, inclusive of any VA T whiLh cannot be recovered. and have been C1&￿Ir1ed undcr headings tliat a8gre8at¢ all COSts relatcd to the cate&Fory. C051s uf ra15ing funds are those costs incurred in tradin¥ activities which raise funds. Charitable activities includc expenditure associaied with scienlific research and postgraduale education and training and in¢lude boih the dire¢t cost8 and support costs relating to th¢s¢ activities. Gov¢rnanLe c051s include those incurrLd in the govem{￿le of the Charity and its assets and are primllrily associated with constitutional and statutory requirements. Support costs include central tun¢tion5 and have bcen a]located lo activity cost ¢#l¢gories on a basis consisl¢nl with the use ofresources. OPERAI'ING I,F,ASES Rcntals under operating leases are wrill¢n off oli a straighi-line basis over the terrn of the leas¢. GRANTS Expenditure by the Charity. which is finan¢oJ by grant.8 from third parties and applied to buildings not owned by Ihe Group. is capitalised and included wiihin Restricted Funds. The rent-frce provision lo the Charity of the buildings, on which such expenditure has been applied, is not treated as a donalion as il is not possible lo place an appropriate value on such arrangeJn¢nls. Puge 32

Rothamsted Research Limited ACCOUNTING POI.ICIF.S Grants received as Unreslricied Funds. whether designated or general. are def¢rred to th¢ ¢xt¢nt that they relate to exp¢nditwe where th¢ donor has stipulated that they be incurred in future periods, or are subjoct to pre-conditions that have not been mel at the balance sheet date. PENSION COSTS Employees who remain on BBSRC contracts arc rnembers of the R¢s¢arch Councils. Pension Schemes. Tliesc are defined benefit sch¢mes, the finances of which are administered by ihc BBSRC, and for which s¢paralc accounts are published (see Note 9). The pension schemes arc administered by the K¢sear¢h Councils, Joint Superannuaiion Services and the s¢h¢mL¥s' finan¢es are administered by the BIISRC. Under tIiL definitions set out in FRS 102, the scheine is a multi-employer pension scheine. The Charity is unable to idenlify its share of the underlying? &58ets and liabilitie5 of thc scheme. Accordingly. the Charity has a¢¢ounled for ils conlribulions lo the scheme as it. il were g defined contribution scheme. The ￿nsiOn costs represent Contributions payable by Ihe Group lo thc scliemes. Employees with Ilolhamstcd contracts are m¢mb¢rs of a defined Contribution scheme. The amount ¢harg¢d as expenditure represents the contributions pay#blL by Ihe Group in the ycar and is split between r¢stri¢t¢d and unreslricled funds b&sed on how the individual is fundcd. REDtrNDANCY COS'I'S A liability is r¢cognised for redundancy where the charity is demonstrably commilied kn lerminuling the einployment of an employee or lo providc lenninalion benefits. A redundancy paym¢nl is charg¢d lo Ihe Slalement of Finan¢ial A¢livili¢s Immedia￿)Y on recognitiun ￿ the best estimat¢ of the the reportiiig dale. WherL ihe responsibility for funding thc redundancy payment lies with a third party in full or in purt thL dssocialed income is immedia*ly recognised in the Stalemeni of Financial Activities. Redundancy payments for employees who remain on BfisRC contracts are linked lo severanLc arrmngemenls under IhL cxit tertns outlined iii Ihe Civil ServiLe Compensation SLhLmL Tenlls (CSCS). These lem15 COVCT all dgyreed exits under Voluntary Redundancyj Compulsory R¢iiundancy and Voluntary Exit. Puyments are made following? a process approyed by Joint Superannuation Service8 (JSS) who administer the CSC8 on ihe charity's bchalf. Severance estimates are provided &s part of the agrccd redundancy process with fundiiig being agreed at IOOty/fy with BBSRC until 31 Murch 2020, laperi1i8 off to 50Y• from 1st April 2020, 250/0 Irom Isl April 2021 and 00/0 from I st April 2022. R¢dw)dancy payments for stsff employed by the charity under Rofhamstcd Contr￿ts are not funded and are calculated in accordance with statutory PTOViSions. RELA TCD PARTY TRANSACTIONS BBSRC and LAT are relateil parties of the Inslitule. RESEARCH AND DF.VELOPMENT All research and development Costs are written off as incurred. CHARITABLL STATUS Rothamsled ResearL'h Limiled is A registered charity, reLyistralion number 802038. and in consequence is cxempt from taxation on income arising from and exp¢nd¢d on ils charitable activities. OREIGN CURRENCIF.S Transactions in loreign ¢urrenci¢s are re¢'orded using the rate of exchangFe ruling at Ihe date of Ihdt transaction. Monetary assets and liabilitie8 denominated in foreign currencies are translated using the rate of exchange ruling al the balance sheei date and unrealised and realised gains and losses on translation are included in th¢ Statement of Financial Activities. Page 33

Rothamsted Research Limited ACCOUNTEN(i POLICIES FINANLIAI. INSTRUMENTS The Group applies the provisions of Section I I 'Ba5ic Financial Instrumenls, and Section 12 '0ther Financial Instruments Issues, of FRS 102, in full, to all its financial instruments. Financial a&seL8 and finan¢ial liabililies are recognised when the Group becomes a party to the conlractual provisions of ihe instrument. and are otTset only whcn the Group currenily has a legally enforceable right to set off the recognised amounts and intends either lo settle on a net basis. or to realise the asset and settle the liability siinultaneously. Financial Assets Debior,f Debtors whiLh are receivable within one year and which do not constitute d financing transaclioii are initially measured at die transaLtion price. Such debtors are subsequenily measured at amortised tiosi, being ihe Iransaction priLC ILbs any awnounls settled and any impairnient loss¢s. A provision for impairment of debtors is e51&blished when there is objeclive evidence that the amounts due will not be collected per Ihe original terms of the conlra¢l. ImpairmL'nl loss¢s ar¢ re¢ognised ag expenditure in the Stateinenl of Financial Activities for th¢ excess ol- Ihe carrying Yalue of the debtor over the pre5enl value of the future eBsh flows di5COUllted using the original effective interest rale. Subsequent reversals of An impmimient loss that objcctively rel￿e to an evenl o¢¢urring aftcr the impainneni loss was rccognised, urL' rccoLFnised imin¢diately in the Statement of Financial Activilies. Concessionary loans are mcasured al the amount paid, including interest accrued and after iinpaim]enL where applicabl¢, inancial I,iabilities Credilors Crcdilors payable within one yeAr that do not constitut¢ a finan¢ing transaction arc initially measured at the transaction price and subsequently measured at amortised cost, being Ihe transaction price less any tunounts seiiled. SIGNIFICANT JUDGEMENTS AND ESTIMATES The Group makes &slimates and assumptions concerning the future. The resulting accounling estimat¢s and ssumplions will, by definition, seldom equal the related aclual resulls. The e51iinatLS and ussumptions that have & significant risk of Causing a malcrial adjustment to the carrying amounts of assets and liabilities within th¢ next rinanlial year are discussed below. estimation uncertain include.. Grants received for capital expenditure are included in thc Statcment of Financial Activities when Il)e Group is entitled to receipt, where&s the dcprecialion on Iho8e granl-funded eapital assels is reflected in the Stalemenl of inancial Activities ov¢r tho useful e¢onomic lives of those as5et5 as stated on page 31. I'he depreciation cost (included in note l O) is signifi¢anl to the result as shown in the financial statements and, accordingly. th¢ expected Useful lives are an imporlant estimate in the context olih¢s¢ financial statements Under ihe tcrnis of the bare licence, the Charity has unencumb¢r¢d usage of the buildings reported as fixed assets in note l O in these financial stalernents. The Irustee-directors are confident that the Institute will retain a legal right to occupy the land and buildings for the forcseeable future. The land is owned by Th¢ l.awe5 Agriculiural Trust. Page 34

Rothamsted Research Limited ACCOUNTtNG POLICIES Unlisl¢d investments are carried at directors. estimate of fair valu¢ as at the BalaJ)ce Sheet date, and any gains or losses taken lo the Ststemeni of Financial Activities. The estim&te of fair value is based on the holding as a pmportion of the net asset value as per the most recently Available infornlation . Page 35

Rothamsted Research Limited NOTES TO THE FfNANCIAL STATEMENTS for the year ended 31 March 2021 I TRADING INCOME GROUP Unrestri¢ted Unrestricted Restricted 2021 2020 2021 £'o(Ks £'o £'ooo Rcstricted 2020 £'ooo Total 2021 £'ooo Total 2020 £'ooo Consultancy Other Sal¢ of goods trAding 27 324 47 27 324 47 172 398 172 398 CHARITY Unrestricted Unresirided Restrict¢d Restricted 2021 2020 2021 2020 £'oi)o £'ooo £'ooo £'ooo I'otal 2021 £'ooo Total 2020 £.0￿) Consultancy Oiher 27 324 27 324 172 172 172 331 172 351 2 INVESTMENT INCOME lJnre8tricted Unrestrictcd Restri¢led Restri¢¢¢d 2021 2020 2021 2020 £'o( £'ooo £'ooo £'ooo Totsl 2Q21 £'ooo Total 2020 £'ooo CIROIJP AND CHARITY Dividend income Intrrest re¢eivable 25 25 82 25 25 82 40 107 40 107 Page 30

Rothamsted Research Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 C14ARI'fABLE ACTIVITIES Totsl income from charitable activities is analysed as follows: GROUP AND CHARITY Unr¢5tri¢t¢d Unrestri¢t¢d Restricted Restricted 2021 2020 2021 2020 £'ooo £'ooo £,[￿)0 TotAI 2021 £'ooo Total 2020 £'ooo Strategic Funding Comp¢titiv¢ Projext Grant Open Access Funding Smart c.rop Prut¢¢lion Slrategi¢ Hires Copitsl F4uipment Building Project Funding C8pilal mainienwice R¢dundancy Fundin$ Resource Grani Fundin8 10,087 10,814 10,087 2.991 85 10,814 3.125 85 1,891 2(K) 2,157 2,991 85 85 1,891 200 2,137 200 3,583 200 3,5¥3 1235 845 1,600 489 378 3.145 1,235 845 6,790 489 378 3,145 5,190 TOI'AL BBSRC, 12 22 327 409 327 409 Other Government DepartThen¢s I Public Sector (see below) European Union Industry I'ru$15. Foundations. Charities SHAKE Climate In¢om¢ from Farm Operalions ERDF Postgraduate Education and Training Union Open Access Fundin8 2,080 797 .603 298 1,069 1,893 2,080 797 1,514 873 1,603 298 1,069 1,893 738 1.046 681 681 566 366 590 607 555 520 SW 607 355 320 IRCUKI 60 77 60 737 77 ,235 Misce114neous inwme 737 1.255 I'OTAL INCOME 16,252 11,293 18,876 20,357 35,128 31,630 Other Government Departments I Public Sector.. Other Rese4rch Councils Other ,947 133 1.255 348 1,947 133 1,255 348 2,080 1,603 2,080 .603 Poge37

Rothamsted Research Limited NOTES TO THE FtNANCIAL STATEMENTS for the Ye<￿ ended 31 March 2021 4 INCOME GROUP Analysis of income by geographical rc¥ion'. Unrestricted Unr¢strid¢d RestTi¢t¢d RestrbCt¢d 2021 2020 2021 2020 £'ooo £'ouo £'ooo £'ooo Tot 2021 £'oiy) TotAI 2020 £'ooo Domestic Customers 15.647 10,536 18,876 20,357 34J23 30.893 (UK) EU Customers 931 573 931 573 Non- EU Custom¢TS 14 979 14 979 16,592 12,088 18.876 20,357 35.468 32,445 CHARITY An4lysi$ of in¢ome by g¢ographical re8ion: Urbr¢stri¢*d UnTestricled R¢siricied Restricted 2021 2020 2021 2020 £'ooo £'¢wo £'ooo Tothl 2021 £'ooo TotAI 2020 £'ooo Domestic Custom¢rs 15,519 10.199 18,876 20,357 34.395 30,556 IUKI EU Customers 931 573 931 573 Non- EU Cu5tom¢TS 14 979 14 979 16,404 18,876 20,357 35,340 32,108 5 COSTOF RAISING FUNDS Unreitricted Unrestricted 2021 2020 £'(K)O £'ooo Restricted Rcstrictcd 2021 2020 £'ooo £'ooo Total 2021 £'ooo Totsl 2020 £'ooo GROUP Consultan Cost of goods sold 15 101 15 13 45 45 58 58 .IIARITY Unrestri¢ted Unrestrictcd Re5trictcd Restricted 2021 2020 2021 2020 £'ooo £'ooo £'ooo £'(K)O Total 2021 £'o(MJ Totsl 2020 £'ooo Consultancy 15 13 15 13 Page 38

Rothamsted Research Limited NOTES TO THE FINANCIAL STATEMEKrs ror the year ended 31 March 2021 6a) CHARITABLE ACTIVITIES Direct costs Other costs Support costs Total 2021 £'ooo Total 2020 £'o GROUP £'ooo £'ooo £'ooo Scientific research Postgraduate education and trdining 19,437 744 4.675 5,954 215 30.066 959 32,080 963 20,181 4.675 6.169 31,025 33,043 Unrestricted Reslricied 5,183 14.998 4.675 6,169 16,027 14,998 16,264 16,779 20,181 4,675 6,169 31,025 33,043 Direcl costs Other costs Support costs Total 2021 £'ooo Total 2020 £'ooo CHARITY £'ooo £'ooo £'ooo Scienlific research Poslgraduale education and training 19.538 744 4,675 5,954 215 30,167 959 32.078 963 20.282 4,675 6.169 31,126 33,041 Unrestricted Restricted 5,284 14,998 4,675 6,169 16.128 14,998 16,262 16.779 20,282 4.675 6,169 31,126 33.041 Direct costs £20,181k {2020.' £22,939k) for thc Group and £20.282k (2020.. £22,937k) for the Charity are those associated with providing the activity, such as laboratory supplies. oiher costs of £4.675k {2020.. £4,390k) include indirect costs relatinui to preinises and equipment. Supwrt costs are detailed in Note 6b. Poge 39

Rothamsted Research Limited NOTES TO THE FINANCIAL STATEMENTS for the y¢ar ¢nded 31 March 2021 6b) SUPFf)RT COSTS The Group and Charity allocate support costs as .%hown in the table below. Support cosls ar¢ allocatsd on a basis consistent with the use of expenditure. GROUP ANDCHARITY Postgraduate education nd training £'ooo Scientific research £'ooo Total 2021 £'ooo Total 2020 £'ooo Commercial and Finan¢e Human Resources Computing Service Institute Ma]iagement Other admiiiisty￿10n Govemance 848 296 554 1,654 2,516 31 879 307 574 1,714 2,608 87 872 277 524 1.787 2.174 80 20 92 5,954 215 6.169 5,714 An analysis of the comparalive 2019120 5UPPOrt costs arL' as follows: GROUP AND CHARITY Postgraduate education and trainin Scientific r¢sL'arLh Total 2020 £'ooo Totsl 2019 £'ooo £'ooo £'ooo Comrnercial and Finance Human Resources Computing> Service Inslilute MIU)￿leMent other adminislralion Govemance 846 265 498 1,733 2,091 79 26 12 26 54 83 872 277 524 1,787 2.174 80 775 356 783 1.596 2.465 96 5.512 202 5,714 6,071 Puge 40

Rothamsted Research Limited NOTES TO THE FINANCIAL STATEMENTS for the y¢ar ended 31 March 2021 7 GOVERNANCE COSTS Unr¢strict¢d Unrestricted Resiricta Restricted 2021 2020 2021 2020 £'ooo £'ooo £'ooo Total 2021 £'ooo Total 2020 £'ooo GROUP AND CHARITY Audit fee Trustees, expenses Technical suP￿rt Professional 8dvice to Tru5t¢e$ 38 38 38 38 49 41 49 41 87 80 87 80 6 Directors (2020.6) claimed £nil {2020.' £927) reimbursement of iravel expenses. t)ue to Covid-19 re3tictions and meetings were held virtually. Under the am¢nd¢d Articles of Asso¢ia¢ion approved by Special Resolution on 10 Dec¢mb¢r 2013. the Charity is auihorised lo remunerate its Chuirman, and in ihe year ended 31 March 2021 paid an honorarium of £1 0,932 (2020.. £10,932). Other iru$lees received £Nil (2020.. £Nil). NET INCOMFJIEXPBNDITUREI IS STATED AFTER CHARGINGIICRBf)ITING) THE FOLLOWINO.. Group 2021 £'ooo Chority 2021 £'ooo Group 2020 £'ooo Charity 2020 £'ooo Interesl receivablc (131 (821 (821 Auditor's remunerntion- audit services- parent Auditor's remuneration- audit services- subsidiary Auditor's remuneration- taxation advisory Auditor's remuneration- tsxation complianc¢ Depreciation Amortis&tion 38 38 40 38 12 12 12 12 3.170 3.170 3.223 3,223 261 261 87 87 Page 41

Rothamsted Research Limited NOTES TO THE FINANCIAL STATF,MENTS ror the year ended 31 March 2021 9 STAFF COSTS AND Unrestricted NUMBERS 2021 £'ooo Unrestrieted Restricted Restri¢t¢d 2020 2021 2020 £'ooo £'O(M) i'ooo Totol 2021 Total 2020 £'ooo GROUP Salaries woges So¢ial Security cost8 Other pension cosis Reduttdan￿ costs 8,574 775 1,423 17 8.204 821 1.509 82 4,613 477 910 845 5.185 541 1.041 378 13,187 1,252 2,333 13,389 1,362 2,551 460 10,789 10.616 6,845 7,145 17,634 17,761 CHARITY UnTe8trieted 2021 £'ooo UnTestri¢¢ed RcgtriLted Restricted 2020 2021 2020 £'ooo £'(rf)o £'ooo Total 2021 £'ooo Total 2020 £'ooo S418rics o1)d wog& Social s¢¢urity costs oihei pension rosts Redundancy costs 8.574 775 1.423 8,191 821 1,509 82 4,613 477 910 845 S,18S 541 13,187 ,252 13.376 1,302 2.550 460 378 862 10.789 10.603 6,845 7,145 17,634 17,748 The average number of persons employed by category w&5', Group 'rotal 2021 No. Charity Total 2021 No. Group Total 2020 No. Charity Total 2020 Science stsff Techni¢al and administrative staff 269 105 269 105 262 102 262 374 374 364 364 The aveTage number of persons (full time equivalent) employed by category was.. Science staff T¢¢hni¢al and adrninistralive staff 239 101 239 101 235 98 235 98 340 340 333 333 Page 42

Rothamsted Research Limited NOTES TO THE FtNANCIAL STATEMENTS for the year end¢d 31 Mdrch 2021 STAfF COSTS AND NUMBERS (continued) The numkr of staff with emoluments greater than £60.0(K). all of whom were ￿rUInS pension benefits. was.. Group Total 2021 Charity Total 2021 Group Total 2020 Charity Total 2020 £60.IM)0 - £69.999 £70,000 - £79.999 £81).000 - £89,999 £90,000 - £99,999 £I10,(M)0- £119,999 £120,(K)0 - £129,999 £130.(M)0 - £139,999 £150,(M)0 - £159,999 17 17 22 22 25 25 RLmunerution for 14 key Management Committee employee* was £1,059k. including employer's national insurance (2020.. £970k, 10 cinployLLs). Charity stulT Lmployed prior lo the change in governance are BBSRC employees who are subjeci lo BBSRC l¢rins and coiiditions of .8ervice and are appointed by the Charity under delebTalcd powers. Althou&Th the legal liubility for empluyment reslcd with thc fiBSRC through 10 31 M&rcli 2021, the Charity is expected to meet all staff costs arising from nornial activities. Ex BBSRC slaff employed by Rothamstcd ResLar¢h Ltd ar¢ members of the Research Councils. Pension SLhemis (RCPS), which are fund¢d on a pay-as-you-go basis prii)cipally Ihrougih employer and employee contribulions annual Grant-in-Aid. The pensioii schemes are by analou lo the Principal Civil Scrvice Pension Scheme (PCSPS), except that the schemes, whicli are defined b¢nefil schemes and providc reliremeni And related benefits on final emoluments, redundancy and injury benefits are adminislered and funded by the Research Councils. The pension schLmes are administcred by the Research Councils, Joint Superannuation Services and the schemes, finances are administered by ihe BBSRC. Under ihe definilions set oul in Financial Reportingj Stimdard 102 thc schcmes arc a multi-employer pension schem¢. The Charity is unable lo identify its share of the underlying assets and liabilities of the sclieme. Accordingly, the Charity has taken advantage of the exemption of FRS 102 and ha5 accounted for its rottlributiotls lo the scheme as if it were a d¢fin¢d contribution schcme. For 2020121. the Group paid £1,031k (2020: £1,237k) in employer's contributions into the scheme. A separale Research Councils, Pensions Schemes Account was published for ihe year cnded 31 March 2021 and contains the further disclosure of infornialion under the relevant accounling standard. The total net liability as at 31 March 2021 was £6.658m (2020-. £6,124m). Th¢ Group expe¢ts to pay £1,171 k in respect of RCPS and £1.265k in respect ofthe defined contribution scheme in ¢mploy¢r's contributions in 2021122. StatTemployed since l April 2012 are members of a dcfincd contribution schemc, us noled on page 4. Group contributions made in 2020121 amounled lo £1.17] k (2020.. £1,293k). and therc wcre £Nil accrued or prepaid contribution5 ai 31 March 2021 (2020: £Nil). In the year, the Charity paid £7k in pretniums for Profe55ional Indemnity InsuraT]c¢ {2020'. £6.6k). Page 43

Rothamsted Research Limited NOTES TO THE F￿ANCIAL STATF.MF.NTS for the year ended 3 l March 2021 10 TANGIBLC FIXED ASSETS Fixtures, Plant and fittings and machinery vehicle5 £'ooo £'(K)O Land & Buildings £'ooo Total £'ooo GROUP Cost: As at l April 2020 Additions 69.673 1.132 28,623 2,997 6,336 290 104,632 4.419 As al 31 March 2021 70,805 31,620 6.626 109,051 Accumulaled depreciation: As at l April 2020 Char8¢ for lh¢ year 29,445 1.486 22,073 923 3.490 761 55,008 3.17U As at 31 March 2021 30,931 22,()90 4,251 58.1711 Net book value: As al 31 March 2021 39,874 8,624 2,375 50,873 As al 31 March 2020 40,228 6.550 2,846 49,624 Fixtur¢s, Plant ond fittinxs and machinery v¢hicles Land & Buildin8S £,￿0 C'IIARITY Total £'ooo £'ooo £,￿0 COM: As at l April 2020 Additions 69.673 1,132 28,623 2,997 6,210 290 4,419 As at 31 Marcli 2021 70,1105 31,620 6,500 108,925 Accumulaled d¢pre¢ialion: As al l April 2n20 Charge for the year 29.445 1.486 22,052 923 3.385 761 54.882 3,170 As at 31 March 2021 30,931 22,975 4,146 58,052 Ne( bi)ok value.. As at 31 March 2021 39,874 8,645 2.354 50,873 As at 31 Ma￿h 2020 40.228 6,571 2,825 49,624 Page 44

Rothamsted Research Limited NOTES TO THE F￿ANCIAL STATEMENTS for the year ended 31 March 2021 10 TANGIBLE FIXED ASSETS (Continued) Under the iernis of the bare licence, the Charity has unencumbered usage of the buildings reported as fixed assets above. The trustee-directors are confident ihat the Institule will retain a legal Tight to occupy the land and buildings for the tore5eeable future. The land is owned by The Lawes Agri¢uliurnl Trust. a related party as disclosed in note 19. INTANGIBLE FIXED ASSETS GROUP AND CHARITY Software £'ooo Total £'ooo Cost: As at l April 2020 and 31 March 2021 1.304 1,304 Accumulated amortisation., A.8 at l April 2020 Charge for the year 87 261 87 261 As at 31 March 2021 348 348 Nel book value.. As at 31 March 2021 956 956 As al 31 March 2020 1,217 1,217 12 INVCS'fMENIB Unlisted investsnenls 2021 £'ooo Unlisted investments 2020 £'ooo GROUP Valuation.. As at l April und 31 March 356 154 The unlisted investments relate to the following IK)Idings'. The Company owns 2,833 £0.01 QTdinary shares in VSN International Limited, a 15.87fjA shatyholding. The Company also owns103,675 £0.00 l ordinary Shares, a 0.90/0 shareholding in Insense Limited. Investments are held at the Directors. esiimate of fair value. The valualion was undertaken by management based on publicly available financial inforniation. Page 45

Rothamsted Research Limited NOTES TO THE FtNANCIAL STATF.MENTS fi)r the year ended 31 March 2021 Sha￿$ in group undertakings £'ooo Unlislcd investments CHARITY Totsl £'ooo £'ooo CO￿ I valuation.. As at l April 2020 154 154 Unrcalised gain 202 202 As at 31 March 2021 356 356 Impairnient as at l April 2020 and 31 March 2021 Net Book Value.. As at 31 March 2021 356 356 As at 31 March 2020 154 154 Shares in subsidiary undertakings The Charity held the following shares in subsidiary undertakings al 31 March 2021.. Shrt hdd (.'apll•l Mnd Keiervti Country or Jmellr￿r11b)n Roiham5ted Research Iloldings Limit¢d (dorJnant) Ordinary l(X) England & Rotham5ted Internalional Consulting Limited (dorniant} Ordinary 100 England & Wales Genetic-fechnologies Limited (dorniant) Ordinary 100 Fngland & Waies Rotham51ed Manor Limited (domiant) Ordinary 100 (716,673) England & Wa1¢5 Rothamsted Experimental Station Limited {dorniant) Ordinary 100 England & Wale5 AfSIS Ltd (dormant) Ordinary 100 8,0(M 'rantania * held Indir￿tlY via Rothamst¢d R¢5¢arch Holdings Limited. The registered office of these undertakings is Rothamsted Rese￿Ch Limited, Harpenden. Hertfordshire AL5 2JQ except AtEIS Limited. The registe￿d office of ihis entity is P.0. Box 2704. Dodoma Road. Arush4 Tanzania. Page 46

Rothamsted Research Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 The results of Rothamsted Manor Limited (company no 03706064). for the year ended 31 August 2020, which are included in the consolidated fina￿la[ statements, are set out below: 2021 £'ooo 2(k20 £'ooo Turnover Expenditure 47 (45) (ioi) Retained profitl(loss )for the year Net liabilities at l April Nel liabilities at 31 March (101) (717) (717) {618) {616) B¢ing'. Tangyible fixed assets Curr¢nl assets Current liabilities 89 (705) (016) {717) {717) liabilitie5 at 31 March Rotham8led Manor Limited ¢e&s¢d trading during 2020121. Rothainsled Enterprises Limited as shown below, is a joint venture between Roihamsted Research Limited (400/0). the LdWCS Agricultural'frust {40O/0), ￿)d the Biotechnulogy and EliologiLal SLienLe5 Rcseurch Council (200/0). The Charity owiis 400/0 of the 5 ordinary shares issued. Accordingly. given joinl ¢ontrol, 40 % of the results and th¢ ass¢ls of ihe joint venture have been include(i in the consolidated financial statements of Rothamsted Research Limited, on ihc b&sis of statuiory accounls ihis year as follows 2021 £'ooo 654 (637) 17 2020 £'ooo 784 (760) 24 266 (398) {1081 Turnover Administralive expenses Retained profiVlloss)for the year Recognition of additional prior y¢ar profil Nel (liabililies) at l April Nel assets l (liabilities) at 31 March (108) 20 2021 £'ooo 2020 £'ooo Being.. Fixed assets Net current assets 4,039 272 4,255 146 4.311 4.401 Liabilities greatcr than one year Net assets l (liabiliti¢s} at 31 March (4.291) 20 {4,509) (108) Page 47

Rothamsted Research Limited NOTES TO THE FFNANCIAI. sTATEME￿s for the year ended 31 March 2021 S(￿lAL INVESTMENTS 2021 2020 £'ooo GROUP AND CHARITY Cost.. Conc¢ssionary Loans 840 840 Concessionary loans have been granted for an initial terni of 12 monihs with interest of 50/0 per annum. Ea¢h loan automali¢ally converts into shares in the evenl of default or if the purpose of the loan can no longer be effectively furthered. Otherwise the loans are convcrtiblc ai the Charity's option any lime after the initial 12 month term. 13 DEBTORS Group 2021 £'ooo Charity 2021 £'ooo Group 2020 £.￿)0 Charity 2020 £'ooo Due within one year Trade debtors Other debtors Prepayments and accrued income Other tax and soLi&l security Due from joinl venlure- due in one year 1,210 1.306 3,000 80 ,210 1,306 3,000 80 1,727 164 2,327 31 453 1.727 164 2.325 453 5,596 5,596 4,702 4,673 Other debtors due after one year Duc from joint venlure 466 466 200 200 6,002 6,Q62 4,902 4,873 14 CREDITORS: Amounts fallingdue within one year Group 2021 £'ooo 3.231 Charity 2021 £'ooo 3,231 Gft)up 2020 Charity 2020 £'ooo 1,759 Trdde creditors Other creditor5 A¢¢ruals Def¢rr¢d inwm¢ (s￿ nole 15) 1,759 87 941 1.922 2.168 2,300 2,168 2.300 930 1,922 7,705 7,702 4.709 4,617 Poge 4

Rothamsted Research Limited NOTES TO THF, FTNANCIAL STATEMEKrs ror the year ended 31 March 2021 15 DEFERRED INCOME represents grant income r¢¢eived in advance of expenditure. The movement can be an81ysed as follows: roup 2021 £'ooo Charity 2021 £'ooo Group 2020 £'ooo Charity 2020 £'ooo Opening b818nce Amounls d¢f¢rred during the year Release of amounts previously deferred 1.922 2.300 (1,922) ,922 2,300 (1,922) 4,168 1,922 (4,168) 4,168 1,922 (4,168) 2,300 2,300 1,922 1,922 16 FUNDS Unr¢slri¢*d Unr¢slri¢led Restricted Restricted 2021 2020 2021 2020 £'ooo £'ooo £'o £'ooo 18.666 17.636 50.100 46,601 Total 2021 £'ooo 68.766 Totsl 2020 £'ooo 64,237 GROUP Funds as at 31 Ma￿h Funds balances are rcprL'5enled by.. Fixed assets Current 1155ets Currenl liabiliti¢5 10,685 15,686 (7.705) 11,537 10,788 (4,709) 42,360 7,74n 39,330 7,271 53.045 50,887 23,426 18,059 (7,705) (4,709) 18,666 17,636 so,100 46.601 68,766 64.237 CHARII'Y UnrL'siricled Unrestricted Restricted R&stricled 2021 2020 2021 2020 £'ooo £'ooo £,￿0 £'ooo 18.649 17,747 50,100 46,601 Total Total 2021 2020 £'ooo £'ooo 68,749 64,348 rundb as at 31 March runds balances are represented by: Fixed assets Currcnt assets Current liabilities 10,665 15,686 (7.702) 11.665 10,699 (4.617) 42.360 7,740 39,330 7.271 53.025 50,995 23.426 17,970 (7.702) (4.617) 18,649 17,747 50,100 46,601 68,749 64,348 GROUP- GENERAL fuNDS 2021 'ooo 16,886 651 (3,600) 2,010 379 2020 £'ooo 20,124 (3,484) Balance brought forward Net income l (expenditure) Designated in year Released from designated fund5 Trnn5fer froin restricted tunds 246 Balance carried forward 16,326 16,886 PaRe 49

Rothamsted Research Limited NOTES TO THE FtNANCIAL STATEMENTS for the year ended 31 March 2021 16 FUNDS (¢ontinued) CHARITY- GENERAL FUNDS 2021 £'ooo 16,997 523 (3.600) 2.010 379 2020 £'ooo 20,525 (3.774) B&lance brought forward Nel lexpendilurelincome Designated in year Released froJn designated funds Transfer from restricted funds 246 Balance carried forward 16.309 16,997 2021 £'ooo 2020 £'ooo DESIGNATED ESTATE REBUILD FUND GROUPAND CHARITY Balance brouLFht forward Designated in the year Relca5ed in the year 750 3,600 (2,010) 1.500 750 {i.soo) Balanc¢ Carri￿ forward 2.340 750 £750k of the designat￿ fund relales to funds set aside by the Iruslee-directors for the Iraiisforniation of Rothamsled. £l.590k relates lo mana8in8 financial sustainability at tlie inslilule. GROUP AND CHARI'rY RESTRICTED April 2020 £'ooo 31 March 2021 £'ooo Income Expenditure £'(K>O £'ooo Transfers £'ooo Lapitdl fund Estate Rebuild fund Open Access fund(RCUK) Shake Climate Change Gatss Foundation{ISDA) BBSRC Resourcc Grant Rl f¢llows Redundancy (2019-20) Transformation award 39,330 2,379 4.818 (2.628) 41,520 2,000 (379) 60 (55) 727 (623) 1,285 873 147 10.372 (10,574) 671 136 845 1,600 (845} (262) 3,145 4,483 46.601 18.876 (14,998) (379) 50,100 Page 50

Rothamsted Research Limited NOTES TO THE FINANCIAL STATEMENTS for th¢ year ended 31 March 2021 16 FUNDS (continued) The Capital fund principally represents funding received. largely from the BBSRC, for the acquisltion of tangible fixed assels. These ass¢ls are buili on land that is noi owi)ed by the Institute. It represents the net book value of such fixed 8ssets. The Estate Rebuild furtd represents funding received from the BIISRC in respect of ensuring the long-tem sustainability of the Institute's estaie facililies. 'I'he Open AL¢ess fund repres¢nls funding received from the UKRI, in respect of the RCUK requirement for publications to be openly available on a publisher's site. SHAKE climale changle is aprogyramme which helps entrepreneurs and start UP5 who are combating cliTnate change. Of the fund closing balance of £1,285k,. £840k has been prtsvided a8 social invesiment loans and is accounted for within the balance sheet. In accordance with the Institute Standard Conditions of Grant it has become required to place all rant award payments from the BBSRC in relation ￿ ISP'S in a restricted reserve called BBSRC resourcL gyfdnt, or BBSRC eapitAI grani for capital spend on ISP'S, against whi¢h aclu81 costs incurr¢d will be charged. Rl f¢llows funds are used io make awards io s¢ientisls from developing and emerging countries worldwide to conduct research into agriculture in developing ¢ounlries. The transforniation award is monies received towards Ihe ov¢rall Transfonnation Project. There were transfers from the restricted Estate Rebuild Fund of £379k (2020.'£246k) lo unrcslricled funds during the year as a conlribulion lo the cost of ihe L,RP implementation project with the perniission of the donor. An analysis of the comparative 2019120 restricted fund movements follows- JROIIP AND CHARITY RESTRicfED l April 2019 £'ooo 31 March 2020 £'ooo Income Expenditure £'o Transfers £'ooo £'ooo Capit&l fund Estate Rebuild fund Opeii Access fundlRC'UK) SHAKE Climate Chan&¥e Gales Found￿1017 (ISDA) BBSRC Resource Grunt BBSRC Capital Grant Transformation Funding Redundancy funding Rl Fellows 39,207 2,875 2,645 (2.522) {250) 177) 39,330 2.379 (246) 77 (394) (270) (12,888) 727 270 770 12,991 873 3,145 378 3,145 (378) 147 147 43.268 20,357 (16,799) (246) 46,601 Page 51

Rothamsted Research Limited NOTES TO THE FINANCTAL STATEMENTS for the year ended 31 March 2021 17 RECONCILIATION OF GROUP NET INCOMEI{EXPENDITURE) FOR THE YEAR TO NET CASH GENERATED FROMI {USED IN) OPERATIONS Net incomel (expenditure) for the year Adjuslments for.. Depreciation of tangyible fixed assets Amortisation of intangible fixed &ssels Dividends. interest and rents from investments 2021 £'ooo 4.529 2020 £'ooo (656) 3.170 261 (40) 3.223 87 (107) Share of joint vet)lure loss l (gain) Capital Grdnts (128) (4,818) {290) (2.645) Operating cash flows before movements in working c4pitsI 2,974 (388) Dccrease in stocks Decrease/(in¢rease) in debiors Incre&sel(decrease) in creditors 57 567 (2.706) (1,160) 2.996 1.840 {2.082) Cash 8eneraled from / (us¢d in) operalions 4,814 (2.470) ANALYSIS OF CASH AT BANK AND IN HAND 2021 £'ooo 8,112 1,000 2020 £'ooo 4,905 7,500 Cayh And cash equivalents represent.. Bank bHlances Short tem) deposits 90 days or less Cash and cash equivalents Short terni deposits more ihan 90 days 9,112 7,5U4 12.405 Cash al bank and in hllnd as per balance sheet 16,616 12,405 Page 52

Rothamsted Research Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 18 RECONCILIA TION OF CHARITY NET INCOMEI (EXPENDITURE) FOR THE YEAR TO NET CASH GENERATED FROM I {USID IN) B Y OPERA TIONS 2021 £'o 2020 £'ooo Net income / (expenditure) for the year Adjustments for- Depreciation of tangible fixed assets Amortisation of intangible fixed oss¢ts Dividends, interest and rents from investments Gain on disposal of tangible fixed assets Capital grants 4,401 (946) 3,170 261 (40) 3.223 87 (107) {4,818} (2.645) Operating cash flows before movements in working capital 2,974 (388) Decrease in stocks (In¢rea5eyDecreAse in debtors Increasel(De¢rease) in creditors 57 741 (2.784) {1,189) 3,083 1.900 (1.986) Cash generated in l (used in) operations 4,874 (2,374) ANALYSIS OF CASH A'f BANK AND IN HAND 2021 £'ooo 8,112 1,000 2020 £'ooo 4,845 7,500 Cash and cash equiva]enls Tepresenl.. Bank baldnces Short lerm deposits 90 days or less Cash and cash equivalents Short temi deposits more than 90 days 9,112 7,504 12,345 Cash ut bank and in hand as per balance sheet 16,616 12,345 Page 53

Rothamsted Research Limited NOTES TO THE FINANCIAL STATEMENTS for th¢ year ended 31 March 2020 19 RELA TED PARTY TRANSAcfioNS As explained in the Trustees, Report {incorporating the Strdte&Fic Rewrt), LA T a￿1 BBSRC are members of the charitable company and, aLcordingly. are considered related parties. BBSRC funds s¢i¢ntific research and Lyiuipmenl purchases for the Institute. Funding for 2020121 was £25,816k (2020: £22,284k) and the breakdown of this is shown in Note 3. Al the 2020121 year-end BBSRC had £1.072k (2020.. £528k) included wiihin trade debtors of the charity. Note 9 of the financial statements explains the staffing arrangemei)tq between BBSRC and the Charity. Land and buildings at North Wyke, Devon ￿ owned by the Iliole¢hnology and Biological Sciences Research Council and occupied by the Charity und¢r a formal lease and al a peppercom rcnt. LA T also funds scientific research through grants to the Inslilute, and in Ih¢ year 2020121 the valuc of this lo the Charity was £588k 12020.. £SOOk). The Charity Made total Skjlcs of £710k (2020.. £788k) and purchases of £37k {2020.. £16k} to and froin LAT. These transactions relale to pay, utility recl)arges and site support. At year.end. Ihe ChBrily was owed £228k (2020.. £151 k) by l.AT. LA T provides sludent acLommodalion to RRes. Details of ih¢ agr¢¢m¢nts regarding the Charity's use of buildings owned by LA T ar¢ set out in Nolc 10. whi¢h ar¢ currently renl free. During the year, tli¢ Chority made a provision agoinsl the amount due froin Rotham5ted Manor Limiled of £10] k (see nole 12), (2020.. £115k). Thc Lharity made a total sales of £Nil {202Q.. £1 Iok) to RMI. und purchases of £Nil (2020: £Nil) from RML. RRes provided 8ite suppnrt to the company during the yLar until li beLame dornianl. Ai Ihc year end. the Charily was owed £467k (2020: £453k) by Rothamsted Enterprise Lld (RLL). I'his includes a concessionary Iodn of £200k (2020- £200k) which falls due afler morc than one year and on which no intere81 1$ payable. A proviyion of £Nil 12020..Nil) has been made in ihe a¢¢ounls for the dcbt. The Charity made total sales of £575k (2020.. £492kl to RLL and purchases i)f £160k (2020.. £324k) from REL. RRes provides back oifice suppori, site sUPlX)rt and Scientific services to REL. At 31 March 2021. the Charity owed RLL £Nil {2020.. £Nil). Rothamsled Research is a member of ALFriMetrics Lid and perfornied adrninislralive and sciLntific services for the company. The balance of monies owed lo RRe8 outstanding at th¢ y¢ar-end was £Nil (2020: £Nil). 'I'h¢ Charity mad¢ a t()lal sale of £Nil (2020: £3.5k) lo Agrimelrics during Ilic ycar. The Company ceased lo act as fiscal agents for Innovative Solutions for Decision Agriculiure (ISDA) a project funded by the Bill Jnd Melinda tiates Foundalion in 2020.'1'he charilable purpuse of th¢ fund is io build ma￿et-driven, tailored and scalable digiia] tools for the man4LFement of soil and agricultural systems for small scale farm holders in Africa. An equivalenl of £Nil (2020.. £268k} was administered on behalf of ISDA, Ai the ¢nd of the period. ¢1 balan¢e of £Nil remained (2020:£Nil). 20 CONTINGENT I.IABII.ITIES Under the ternis of th¢ ¢ontra¢t betw¢¢n th¢ Charity and the Biotechnology and Biological Sciences Research Council, should CLrtain fixed assets be sold, a proportion of the proceeds might beLume payable by Ihe Charily lo the Research Council. No buch liability exists al 31 March 2021 (2020.. £Nil). Pa&ie 25

Rothamsted Research Limited NOTES TO THE F￿ANCIAL STATEMENTS for the year ended 31 March 2021 21 FINANCIAL SNSTRUMEKrs Group 2021 £'ooo 356 Charity 2021 £'ooo 356 GtDup 2020 £'ooo 154 Cliarity 2020 Financial assets held at fftir value 154 Page 55

Rothamsted Research Limited COME AND EXPENDITURE ACCOifNTS for th¢ year ended 31 March 2021 Group 2021 £'ooo Charity 2021 £'ooo Group 2020 £.￿0 Charity 2020 £'ooo Gross income of continuing operations 30.650 30.522 29,800 29,463 Total expenditure of continuing operations (28.740) (28.740) (30,579) {30.532) Net inc4)tlle l (expenditure) for the year 1.910 1.782 (779) 1.069 N¢t in¢ome / (expenditure) for the year 1.910 .782 (779) (1,069) Nel gain on Investments 202 202 Capital grants received 4,818 4,818 2,645 2.645 Release of deferred capital granl in lin¢ wilh depreciation (2.401) (2.401) (2,522) (2.522) Net income l (expenditurc) for the year per sofA 4.529 4.401 (656) (946) Puge SO