VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 1125 Charity number: 802635 THE INSTITUTE OF AGRICULTURAL MANAGEMENT UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 2125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT CONTENTS Page Reference and administrative details of the The Institute of Agricultural Management, its Trustees and advisers Trustees. report Independent examinerfs report Statement of financial activities 10 Balance sheet Statement of cash flows 12 Notes to the financial statements 13-23
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 3Y25 THE INSTITUTE OF AGRICULTURAL MANAGEMENT REFERENCE AND ADMINISTRATIVE DETAILS OF THE THE INSTITUTE OF AGRICULTURAL MANAGEMENT, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Mr C A Atkin, Chair {resigned 1810412024) Mr T D A Brigstocke MBE Mr T Brunt, Co-opted Council Member Mr M Clementson (resigned 1810412024) MrJ A Giles Mr M Lobley, Co-opted Council Member Mr H V Matthews (resigned 1810412024) Mr R A Price, Chair Mr G Redman Mr D Roberts {resigned 0811012024) Ms K Russell Hall Mr O Scott Mr M Suthern, Co-opted Council Member Mr M Yearsley Mr T A Cotterill Mr W Oliver {appointed 1810412024) Mr J A Balfour {appointed 1810412024) Mr S R Haley {appointed 1810412024) Mr D Jones (appointed 1810412024) Charity registered number 802635 Principal office The Farm Office Redend Farm Station Road Pilning Bristol BS35 4JW Director Mrs Victoria Bywater Accountants James Cowper Kreston Chartered Accountants 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Page 1
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 4125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT REFERENCE AND ADMINISTRATIVE DETAILS OF THE THE INSTITUTE OF AGRICULTURAL MANAGEMENT, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Bankers HSBC plc 1 Marlborough Road Old Town Swindon Wiltshire SN3 1QN Page 2
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 5Y25 THE INSTITUTE OF AGRICULTURAL MANAGEMENT TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report together with the financial statements of the Charity for the year ended 31st December 2024. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charitvs goveming document and the provisions of the Statement of Recommended Practice (SORP). applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2015)- Objectives and activities Policies and objectives The Institute of Agricultural Management is the Professional Body for those engaged in agricultural, rural and environmental management. The objectives of the Institute of Agricultural Management (The Institute) are to maintain and improve the standards of the practi of agricultural management,. to advan, spread and promote all aspects of agricultural management and to encourage the study of agricultural management. The expression agricultural management, includes all aspects of the scien, production, conservation, amenity, economics and art of managing and marketing agriculture and related rural business, their products and seNices. In pursuing these objects, insofar as they may be similar to those of existing bodies, The Institute shall use its best endeavours to co-operate with them and to ensure that its activities are complementary. Main activities undertaken to further the The Institute of Agricultural Management's purposes for the public benefit The Trustees have considered the Charity Commission general guidance on public benefit when reviewing the institute's aims and objectives and in planning future activities. The Institute carries out its objectives by delivering a range of benefits to its members, the wider agricultural community and colleges and Universities by the following: Structured levels of membership Representation of members at consultations. on national committees etc Leadership Development Programme Organisation of the National Fami Management Conference Organisation of activities for students Organisation of neOrkIng opportunities and online CPD opportunities Organisation of the National Farm Visit Supporting the local branch neorkS Achievements and performance Main achievements of the The Institute of Agricultural Management The membership of the Institute continues to grow with the following membership grades available. Member (MIAgrM) Employed in agricultural management,. or employed in associated rural management., or lecturing in courses which include agricultural management. or aspiring to a more senior role in agricultural management. or aspiring to a more senior role in associated rural management. Commended Member I Commended Fellow (CMIAgrM I CFIAgrM) As Member criteria plus a minimum of 2 years. experience: or a course passed at Level 3 or equivalent which includes agri-business, farm management or related subjects i.e. BTEC Level 3 Extended Diploma in Agriculture,. plus annual achievement of 10 Continuous Professional Development (CPD) points. Page 3
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 6Y25 THE INSTITUTE OF AGRICULTURAL MANAGEMENT TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Professional Member I Professional Fellow (PMIAgrM I PFIAgrM) Route t As Member criteria plus a minimum of 5 years. experien. plus a course passed at Level 6 or equivalent which includes agricultural management e.g. Bsc (Hons) Agriculture; plus annual achievement of 20 Continuous Professional Development (CPD) points. plus successful review by a panel of the Professional Affairs Committee. Route 2- As Member criteria plus a minimum of 10 years, experience,. plus made a significant contribution to the sector; plus annual achievement of 20 Continuous Professional Development {CPD) points., plus successful review by a panel of the Professional Affairs Committee. Route 3 - Successfully completed 5 years. continuous criteria as a Commended Member. Route 4 - As Member criteria; plus completion of the Farm Management Skills Programme. Fellow (FIAgrM) including Honorary Fellow Awarded to individuals who are currently or have made an outstanding contribution to agriculture. Proposed and seconded by current Membersl Commended Membersl Professional Members or Fellows of the Institute and ratified by Council. Graduate Member (GMIAgrM) ROUTE 1.. A Graduate Member (GMIAgrM) is for an individual who has achieved a degree-level qualification in an agriculture or related course including an apprenticeship. ROUTE 2.. A Graduate Member (GMIAgrM) is for any individual following completion of their education. Student Members may automatically apply for Graduate Membership on completion of their fulll part time agriculture or related course including an apprentiShip. Graduate membership is for a two-year period following completion of a degree-level qualification in an agriculture or related course including an apprenticeship or general education. Student Member (SIAgrM) Registered on a fulllpart time agriculture or lated course including an apprenticeship; or registered on a full timelpart time land base course including an apprenticeship. Fellows. and Professionals. Lunch The Fellows and Professionals Lunch was held at the Sandringham Estate. National Farm Management Conference. Leadership Development Programme Alumni Dinner & The John Alliston Memorial Lecture The National Fann Management Conference 2024 was held in November at the QEII Centre, London with over 400 members and guests in attendance. The John Alliston Memorial Lecture and Dinner were held at the Farmers Club on the evening of the confen with 41 members and guests in attendance. National Farm Walk The National Farm Walk was unfortunately Canlled due to low take up. Farni Management Skills Programme (FMSP) The FMSP was held over 8 modules during November and December 2024. The programme was a great success and Harper Adams University continues to be an excellent venue. Leadership Programme The Leadership Programme ran from February to April 2024 with delegates spending time at Cirencester, Brussels. Wageningen and Westminster. 60 Minute Online CPD Sessions The Institute has offered a series of online training sessions free-of-charge to members of the autumn and winter months. Page 4
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 7125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Annual Review The Institute published its third Annual Review which was circulated to all members by email in December 2024 along with an electronic copy available via the website. Financial review Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concem basis in preparing the financial statements. The Charitys income during the year was £170.235 (2023.. £181,176) with expenditure at £171.369 (2023.. £166,215), resulting in a deficit £1.134 (surplus in 2023: £14.961). At the year end the total reseNes stood at £160,508 (2023.. £161.642). A deficit has been recorded due to a number of factors during the accounting period as follows; The cancellation of 2 events due to low numbers An increase in costs of the National Farm Management Conference Reserves policy The charity has a reserves policy which is reviewed on a regular basis to take account of changes to the future plans of IAgrM and perceived risks. Reserves are that part of a charitys unrestricted funds that is freely available to spend on any of the charitys purposes. This excludes restricted income funds and endowment funds, although holding such funds may influence a charity's reseNes policy. Reserves will also normally exclude tangible fixed assets held for the charitys use, programme-related investments and designated funds ring-fenced for essential future spending. The primary aim of this Reserves Policy is to: 1. Give confidence to funders by demonstrating good stewardship and financial management; 2. Assist with intemal strategic planning. inform the budget and risk management process., 3. Demonstrate the charitls sustainability and capacity to manage unforeseen financial difficulties; 4. Give voluntary funders. such as grant-makers, an understanding of why funding is needed to undertake a particular project or activity., 5. Give assurance to lenders and creditors that the charity can meet its financial commitments. and 6. Manage the risk to the charitys reputation from holding substantial unspent funds at the year-end without explanation. Throughout the year, the trustees have reviewed the Reserves Policy and considered the nature of the funds reiVed and held by the charity- i.e. whether the funds are unrestricted or restricted income, or expendable or permanent endowment, in order to identify why reserves might need to be held, quantify the amounts of resee$ needed to operate effectively and identify unrestricted funds which can be spent on any purposes of the charity. The policy will be reviewed at least annually as part of a charitys planning processes. The amount held in reserves will also be monitored during the course of the year as part of a charitys budgetary processes. IAgrM reserves are maintained for a variety of reasons as identified below: 1. Unexpected needs.. An amount might be needed to meet an unforeseen emergency or other unexpected need for funds. This amount is arrived at after considering risks and how much might be needed for such contingencies,. this involves judgement of events that may occur and their likelihood. £20,000 is retained to meet an unforeseen emergency or other unexpected event. 2. Expenditure budget a small contingency fund to meet unforeseen day-to-day operational costs. The expenditure budget is reviewed annually. A contingency of £10,000 is retained for unexpected and unforeseen operational expenditure. Page 5
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 8Y25 THE INSTITUTE OF AGRICULTURAL MANAGEMENT TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 3. Uncertainty over future sources of income. Most well run organisations retain reserves equivalent to a number of weeks or months of income equivalent to allow time to develop new sources of income or to cut-back on related expenditure. Potential significant loss of income could result from a downtum in economic activity or loss of reputation or National emergency. Income be retained to cater for this risk which would amount to around £20,000. 4. Planned spending commitments or designations which cannot be met from future income would imply a need for a specific sum to be set aside but this amount will be included within designations in the accounts. 5. Short-term deficits in cash flow organisations require a working balance to cover 'troughs' in the cash budget. Based on the financial year the cash flow is expected to be positive throughout the year i.e. cash generated from income generated should exed cash outlay on expenditure. Where significant one-off expenditure is incurred, use of reserves would be used to cover any shortfalls. As such no sum is set aside for this specific purpose especially given the sums detailed above (14). 6. In summary the Reserves amount to be retained totalling £50,000 amounts to.. Unexpected needs - £20,000 Expenditure budget - £10,000 Uncertainty over future sources of income - £20,000 Planned spending commitments or designations- £0 Short-Term deficits in cash flow- £0 Structure, governance and management Constitution The Charity was formed as a trust under a Trust Deed dated 22 January 1990 and its registered charity number is 802635. Appointment of Trustees Trustees are appointed by the members at the Annual General Meeting. Remuneration policy with service providers All remuneration is discussed and agreed at Executive meetings. Organisational structure The Board of Trustees administers the Charity and meet several times throughout the year. A director is appointed by the Board to manage the day to day operations of the Charity. Related party relationships During the year directorfs fees and administration costs were payable to Fortis9 Ltd, a company beneficially owned by Mr & Mrs RL Bywater. Risk management The major risks to which the Charity is exposed have been reviewed and systems have been established to mitigate those risks. The Charitys principal risks include financial risks of inadequate cashflow and budgetary control. These are monitored and discussed by regular financial reporting at Trustees meetings. Another principal risk is competition from other similar organisations and maintaining membership levels. This is managed by discussion at Trustees meetings to keep up to date within the industry, ensuring the conference topics are relevant to maximise attendance and monitoring membership levels regularly. Future developments The Institute will continue with its core activities as well as continuing to support its branches, and to encourage student interest in the subject. Page 6
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 9Y25 THE INSTITUTE OF AGRICULTURAL MANAGEMENT TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of The Institute of Agricultural Management and of its incoming resources and application of resources of the charity for that period. including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102). make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards {FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the The Institute of Agricultural Management will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the The Institute of Agricultural Management's transactions and disclose with reasonable accuracy at any time the financial position of the The Institute of Agricultural Management and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the The Institute of Agricultural Management and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charity and financial information included in the charitys website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions This report was approved by the Trustees and signed on their behalf by: PnLE2$w2f 1721".16Bsrnrrc+ll MrRAPrice (Chair of Trustees) Date: 25 April 2025 Page 7
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 10125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independent examiner's report to the Trustees of The Institute of Agricultural Management ('the The Institute of Agricultural Management.) I report to the charity Trustees on my examination of the accounts of the The Institute of Agricultural Management for the year ended 31 Dember 2024. Responsibilities and basis of report As the Trustees of the The Institute of Agricultural Management you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act,). I report in respect of my examination of the The Institute of Agricultural Management's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examinerfs statement Your attention is drawn to the fact that the The Institute of Agricultural Management has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practi effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the The Institute of Agricultural Management as required by section 130 of the 2011 Act., or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements concerning the fonn and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and faiv view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the The Institute of Agricultural Management's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the The Institute of Agricultural Management's Trustees those matters l am required to state to them in an independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the The Institute of Agricultural Management and the The Institute of Agricultural Management's Trustees as a body. for my work or for this report. Page 8
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 11125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Signed: Dated: 7 May 2025 Fiona Hawkins FCA James Cowper Kreston 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Page 9
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 12125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Investments 107,441 61,073 1.721 107.441 61,073 1.721 103,347 76,532 1,297 Total income 170,235 170,235 181,176 Expenditure on: Raising funds Charitable activities 5,823 165,546 5,823 165,546 2,379 163,836 Total expenditure 171,369 171,369 166,215 Net movement in funds (1,134) {1,134) 14,961 Reconciliation of funds: Total funds brought forward Net movement in funds 161,642 (1,134) 161,642 {1,134) 146,681 14,961 Total funds carried forward 160,508 160,508 161,642 Page 10
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 13125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Intangible assets 13 72 72 Current assets Debtors 14 16,986 167,107 12,612 162,489 Cash at bank and in hand 184,093 175,101 Creditors.. amounts falling due within one year 15 (23,585) (13,531) Net current assets 160,508 161,570 Total assets less current liabilities 160,508 161,642 Total net assets 160,508 161,642 Charity funds Unrestricted funds 16 160,508 161,642 Total funds 160,508 161,642 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: T Br gwd Pnce29Ay20¥ 1791."16BSTILrrc 11 MrRAPrice (Chair of Trustees) Date: 25 April 2025 MrT Brunt The notes on pages 13 to 23 fom part of these financial statements. Page11
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 14125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities (note 19) 4.618 12,867 Cash flows from investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 4.618 12,867 162,489 149,622 Cash and cash equivalents at the end of the year 167,107 162,489 The notes on pages 13 to 23 fom part of these financial statements Page 12
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 15125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP {FRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Institute of Agricultural Management meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 1.2 Income All income is recognised once the The Institute of Agricultural Management has entitlement to the income, it is probable that the income will be reiVed and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the year in which it is re1vable and to the extent the goods have been provided or on completion of the service. 1.3 Expenditure Expenditure is recognised once the is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the The Institute of Agricultural Management to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. 1.4 Intangible assets and amortisation Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life. Page 13
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 16125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 1.4 Intangible assets and amortisation (continued) Amortisation is provided on the following basis: Website 20 . straight line 1.5 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.6 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.7 Liabilities and provisions Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 1.8 Financial instruments The Institute of Agricultural Management only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.9 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the The Institute of Agricultural Management and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Page 14
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 17125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and sponsorship Unrestricted funds 2024 Total funds 2024 Total funds 2023 Sponsorship Membership subscriptions 19,726 87,715 19,726 87.715 18,610 84,737 Total 2024 107,441 107,441 103,347 Total 2023 103,347 103,347 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Conferen, events and training income Fami visits 53,177 3,766 4,080 50 53,177 3,766 4,080 50 64,792 6,535 5,205 Fellows. professionals and members lunth Survey sales Total 2024 61,073 61,073 76,532 Total 2023 76,532 76,532 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment income 1,721 1,721 1,297 Total 2023 1,297 1,297 Page 15
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 18125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on raising funds Costs of raising voluntary income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Costs of raising voluntary income 5,823 5.823 2,379 Total 2023 2,379 2,379 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Conference, events and training expenses Fami visits Fellows, professionals and members lunch Lecturers conference Salary survey expenses LDP alumni dinner expenses Leadership course expense Support costs Governance costs 87,372 1,601 3,445 175 240 87,372 1,601 3,445 175 240 80,656 5,593 6,364 500 165 4,399 11,604 43,300 13,410 4,399 11,604 43,300 13,410 4,185 5,082 49,126 12,165 Total 2024 165,546 165,546 163,836 Total 2023 163,836 163,836 Page 16
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 19125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs 2024 2023 Director's fees Director's expenses Printing and photocopying Postage and carriage Stationery Insurance 26,998 2.144 26,600 1,813 30 29 11 121 4,505 3,229 1.457 841 4,186 Professional fees Bank charges Website and IT costs 1,024 5,600 2,212 5,598 938 Advertising Annual review 125 2,656 1.233 72 Subscriptions Amortisation 1,004 43,300 49,126 Governance costs 2024 2023 Independent examination fee Director's fees Membership expenses Committee meeting expenses 2,075 8,584 2,170 581 1,880 8,400 1,151 734 13,410 12,165 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year. travel expenses totalling £233 were reimbursed or paid directly to 3 Trustees (2023 £433- 2 Trustees). 10. Independent examinerfs remuneration The Independent Examinerfs remuneration amounts to an Independent Examination and accountancy services fee of £2,075 (2023- £1.880). Page 17
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 20125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Stsff costs The charity has O employees (2023 - 0 employees). There are no employees who received total employee benefits of more than £60,000 in either year. 12. Taxation The charity does not trade for tax purposes and therefore is not liable to corporation tax on any surplus. 13. Intangible assets Website Cost At 1 January 2024 5.021 At 31 December 2024 5,021 Amortisation At 1 January 2024 Charge for the year 4.949 72 At 31 December 2024 5.021 Net book value At 31 December 2024 At 31 December 2023 72 Page 18
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 21125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Debtors 2024 2023 Due within one year Trade debtors Other debtors 2.014 14,677 295 420 12,192 Prepayments and accrued income 16,986 12,612 15. Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income 2,125 21,460 2,284 11,247 23,585 13,531 Included in accruals and deferred income is deferred income of £15,007 (2023 £6,170) which are memberships and subscriptions that relate to the following financial year. Page 19
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 22125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Ststement of funds ststement of funds - current year Balance at 31 December 2024 Balance at 1 January 2024 Income Expenditure Unrestricted funds Designated funds Designated funds - all funds 50,000 50,000 General funds General Funds- all funds 111,642 170,235 (171,369) 110,508 Total Unrestricted funds 161,642 170,235 {171,369} 160,508 Statement of funds - prior year Balance at 31 December 2023 Balance at 1 January 2023 Income Expenditure Unrestricted funds Designated funds Designated funds - all funds 50,000 50,000 General funds General Funds- all funds 96,681 181,176 (166,215) 111,642 Total Unrestricted funds 146,681 181,176 (166,215) 161,642 Designated Fund These are funds which have been ring-fenced for essential future spending (see trustees, report for further detsil). Page 20
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 23125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 17. Summary of funds Summary of funds - current year Balance at 31 December 2024 Balance at 1 January 2024 Income Expenditure Designated funds General funds 50,000 111,642 50,000 110,508 170,235 {171.369) 161,642 170,235 (171,369) 160,508 Summary of funds - prior year Balance at 31 December 2023 Balance at 1 January 2023 Income Expenditure Designated funds General funds 50,000 96,681 50,000 111,642 181,176 (166,215) 146,681 181,176 (166,215) 161,642 18. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Current assets Creditors due within one year 184,093 (23,585) 184,093 (23,585) Total 160,508 160,508 Page 21
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 24125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Intangible fixed assets Current assets 72 72 175,101 (13,531) 175,101 (13,531) Creditors due within one year Total 161,642 161,642 19. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net incomelexpenditure for the period (as per Statement of Financial Activities) (1,134) 14,961 Adjustments for: Amortisation charges Decreasel(increase) in debtors Decrease in creditors 72 (4,374) 10,054 1,004 527 (3,625) Net cash provided by operating activities 4,618 12,867 20. Analysis of cash and cash equivalents 2024 2023 Cash in hand 167,107 162,489 Total cash and cash equivalents 167,107 162,489 Page 22
VithalSignatur8 Transaction Ref. Y58V-9QPX-LMRF 07 May 2025 08..46..16 BST IUTC +11 D 112 P 25125 THE INSTITUTE OF AGRICULTURAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Analysis of changes in net debt At1 January 2024 Cash flows At31 December 2024 Cash at bank and in hand 162.489 4.618 167,107 162,489 4,618 167,107 22. Related party transactions During the year director's fees and administration costs of £35,582 (2023 £35,000) were payable to Fortis9 Ltd, a company beneficially owned by the Director, V Bywater. 23. Controlling party The Charity is controlled by its Trustees as listed on page 1. Page 23