COMPANY REGISTRATION NUMBER: N1035855
CHARITY REGISTRATION NUMBER: 102341
The Northern Ireland Agricultural Research and
Development Council TIA Agrisearch
Company Limited by Guarantee
Financial Statements
31 March 2024
AUBREY CAMPBELL & COMPANY
Chartered accountants & statutory auditor
631 Lisburn Road
Belfast
BT9 7GT

The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
Page
Trustees, annual report (incorporating the directoffs report)
Independent auditorfs report to the members
Statement of financial activities (including income and
expenditure account)
16
22
Statement of financial position
Statement of cash flows
23
24
Notes to the financial statements
25
The following pages do not form part of the financial statements
Detailed statement of financial activities
41
Notes to the detailed statement of financial activities
43

The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report)
Year ended 31 March 2024
The trustees. who are also the directors for the purposes of company law. present their report and the
rinancial statements of the charity for the year ended 31 March 2024.
Chalr's report
The accounts have been prepared in accordance with the accounting policies set out in note 3 to the
accounts and comply with the Charity's Memorandum and Articles of Association, the Companies Act
2006 and "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 2015)"

The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (eontlnuad)
Year ended 31 March 2024
Reference and administrative detsils
Registered charity name
The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Charity registration number
102341
Company registration number N1035855
Principal office and registered Innovation Centre
office
Large Park
Hillsborough
Co. Down
BT26 6DR
Northern Ireland
The trustees
Mr Seamus Mccaffrey
Mr Charles John Henning
Mr Conall Donnelly
Mrs Jo-Anne E Dobson
Mrs Valerie Mcconnell
Mr David Rea
Mr Ivor Ferguson
Prof. Gerald Eugene Boyle
Mr lan Gardiner Mccluggage
Mr James Norman Mcmordie
Mr Alan Mccay
Mr Samuel Chesney
Mr Richard Cleland
Mr Daryl Daniel McLaughlin
Mrs Beulah Louise Skelly
(Resigned 28 November 2023)
(Resigned 28 April 2023)
(Resigned 28 November 2023)
(Appointed 21 July 2023)
(Appointed 28 November 2023)
Company secretary
Mr Sean Kane
Auditor
Aubrey Campbell & Company
Chartered accountants & statutory auditor
631 Lisburn Road
Belfast
BT9 7GT

The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) fcontInu￿)
Year ended 31 March 2024
Structurei governance and management
Nature of
overnin
document and how charit
is constituted
'AgriSearch' is the trading name for the Northern Ireland Agricultural Research & Development Council,
a charitable company. limited by guarantee with no share capital. It is governed by its Memorandum
and Articles of Association.
Methods to recruit and a
oint new trustees
The Board of Trustees, who are also the Directors of the Charitable Company. are appointed by the
Council. The Trustees appoint three Advisory Committees to consider and monitor appropriate research
projects.
Nominations are received from the Ulster Farmers, Union for three farmer Trustees. On behalf of
processors (who are levy collectors) DairyUK and Nl Meat Exporters Association (NIMEA) nominate
one trustee each.
Three farmer Trustees are recruited independently with the aim of ensuring that relevant differing
aspects of farm husbandry are represented as far as possible and that there is widespread
representation a¢ross Northern Ireland.
Additional independent Trustees are recruited who are not active farmers but have standing within the
agricultural community and have experience of a commercial environment.
Members of the charity are approved at the AGM following nomination by the Trustees.
While nominations for Trustees are received from the Ulster Farmers, Union, DairyUK and NIMEA the
final decision as to who to appoint is at the discretion of the members of the charity.
Indemnit
rovision for trustees
Every member of the Charity undertakes to contribute such amount as may be required (not exceeding
£11 to the Charity's assets if it should be wound up while he or she is a member or within one year after
he or she ceases to be a member, for payment of the Charity's debts and liabilities contracted before
he or she ceases to be a member, and of the costs, Charges and expenses of winding up. and for the
adjustment of the rights of the contributories among themselves.
Trustees are also Covered by a management and corporate liability insurance policy.
anisational structure and how chari
makes decisions
The Board of Trustees meets five times per year and each of the Advisory Committees meets when
required to review funding and expenditure proposals and to identify future research needs. The
Chairman. Vice-chairmen. Senior Vice-chairman and the General Manager meet frequently to review
the day to day operation and govemance of the organisation.
The three advisory committees consist of farmer members, independent s¢ientific advisors and
representatives of the processing sectors. The Beef and Sheep Advisory Committees also have a
representative from the Livestock and Meat Commission for Nl. Their role is to identify and evaluate
research proposals and recommend projects to the Trustees. Each committee includes one
representative of College of Agriculture. Food and Rural Enterprise (CAFRE) in an advisory Capacity.
The Trustees review all proposals from advisory committees, taking into account the finances of the

The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (oontlnugd)
Year ended 31 March 2024
organisation and the strategic direction before deciding to approve the recommendations or return them
to the relevant committees for further consideration or rejection
The advlsory committees are made up as follows (as of 31st March 2024):
Beef Advisory Committee
Matthew Brownlee
Arthur Callaghan
Thomas Chambers
Andrew Clarke
John Egerton
David Gibson
Stephen Hennan
Pat McKay
Thomas Moorehead
John Payne
Albert Johnston
William Sherrard
Colin Smith
Alan Turkingtom
Vice Chairperson
(Non-voting CAFRE liaison)
Chairperson
Dairy Advisory Committee
Claire Beckett
Phillip Donaldson
Neville Graham
Alan Irwin
Ivor Lowry
Robert Martin (Spa)
Samantha Mccarroll
Samuel McElheran
Don Morrow
John Oliver
James Purcell
Thomas Steele
Gary Thompson
Vice Chairperson
(Non-voting CAFRE liaison)
Chairperson
Sheep Advisory Commlttee
Alistair Armstrong
Roger Bell
Brian Cromie
James Davison
Clement Lynch
Nigel McLaughlin
Brendan Kelly
Kenneth Linton
Albert Johnston
Colin Smith
lan Walker
Acting Chairperson
(Non-voting CAFRE liaison)

The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (¢ontInu￿)
Year ended 31 March 2024
How decisions are made
Decisions are taken by the Board of Trustees which meets at least five times a year. Meeting papers
which include an agenda, minutes of the previous meeting. General Manager's report. financial
slatemenls and details of any project proposals being considered for funding are circulated in advance
of the meeting.
Policies and
rocedures for induction and trainin
of trustees
New Trustees are provided with information about the role and about the Council as part of an
application 'pack'. Following sele¢tion, new Trustees have an induction briefing from the Chairman and
General Manager which provides information and guidelines on their tasks and responsibilities together
with an outline of the objectives of Agrisearch. They also receive copi8s of past Trustee minutes and
other corporate documentation.
Arran
ements for settin
and remuneration of ke
mana
ement
A remuneration committee is appointed by the Trustees and meets on annual basis to consider the
remuneration of key management. Its recommendations are submitted to the Trustees for approval.
The remuneration committee is currently made up as follows:
Norman Mcmordie (Chairperson)
Crosby Cleland
Jo-Anne Dobson
A Disciplinary and Grievance Committee has also been established to review the employee handbook
and if necessary act as an appeal panel for disciplinary and grievance issues.
The Dis¢iplinary and Grievance Committee is currently made up as follows:
lan M¢Cluggage
Norman Mcmordie
Alan Mccay
The PhD Scholarship committee is currently made up as follows:
Gerry Boyle
Alan Mccay
lan Mccluggage
Relationshi
s with related arties and other charitieslor
ursuit of its charitable ob'ectives
anisations with which it co-ordinates in the
Two Tru51ees, one member of the AgriS8arch Sheep Advisory Committee. two members of the
Agrisearch Dairy Advisory Committee and three members of the Agrisearch Beef Advisory Committee
received payments during the financial year for activity undertaken as "farmer co-researchers" or
"Beacon Farmers" these are detailed on pages 34 and 39 under 'Tru5tee Remuneration, and 'Related
Party Transactions.. Famier ¢o-researchers are appointed on-merit in consultation with the relevant lead
scientist. Beacon Farmers were appointed on merit by an an independent expert panel.
Agrisearch has a conflict of interest policy and each Trustee and Advisory Committee member is asked
to complete a declaration of interests. In addition, declaration of conflicts of interest is a standing item
at the top of the agenda for every meeting of Trustees.

The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (¢ontlnuad)
Year ended 31 March 2024
Objectives and activities
Charitable ob-ective
The principal activily of the Council is to ¢ommission research and development in the agricultural
industry. The Charity's objectives are to advance education, for the public benefit, in particular, by
onducting and commissioning research into the improvement and development of sheep, beef and
dairy farming and to disseminate and publish the useful results of such research and also to promote
the improvement of animal health and welfare in sheep, bèef and dairy farming in Northern Ireland.
Aims of chari
Like all industries, the Northern Ireland ruminant livestock sector needs to constantly advance lo meet
the challenges it faces. These inGlude competitiveness in an increasingly globalised market, meeting
government and consumer expectations in the fields of animal health and welfare, reducing Ihe
environmental impact of farming, delivery of ecosystem services and improving food quality and safety.
Research and innovation have a major role to play in helping farmers to increas8 their socio-economic
resilience. improve their environmental sustainability and enhance the health status of their herds and
flocks.
Pur
ose: To make the Northern Ireland Ruminant Livestock Sector more competitive. profitable and
sustainable.
Vision- Agrisearch is committed to being an important driverof excellence and innovation in the Northem
Ireland ruminant livestock sector, and being recognised as such by government and industry.
Mission: To realise this vision. our mission is to drive profitability and sustainability. as a trusted, valued
conduit of knowledge and innovation based on sound science and widely applied research.
Values and Princi
les- Our values and principles below will be prevalent in all of our activities and
reflected in all of our work.
Honesty and integrity
Ethical leadership and good govemance
- Accountability to farmers- levy payer led
Consultation. engagement, and effective communication at all levels of government and the industry
Collaboration and partnership across all our sectors
Seeking value for money in all of our research and innovalion projects and programmes
Advocating excellence in all research, science. and innovation activities
In light of further signifiGant change within the agri-food sector and Agrisearch's operating environment,
the Trustees instigated a strategy review process in February 2020. As part of this process the Trustees
engaged extensively with farm6rs, processors. experts and other key stakeholders in the industry. The
review highlighted the need to have a more targeted and focused programme of work. Sustainability
was identified as the main challenge for the industry.

The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Company Limited by Guarantee
Trustees. Annual Report {Incorporating the Director's Report) (contlnuèd)
Year ended 31 March 2024
The three pillars of sustainability are:
Peo
le - Farming systems that offer a reasonable workllife balance and that protect farming's social
license.
Planet- Farming systems Ihat deliver ecosystem services (e.g. biodiversity and carbon sequestration)
as well as minimising nutrient losses and carbon foot print.
Profit - Farming systems are not sustainable unless they are profitable. A lack of profitability is a
major challenge for many farms. particularly those in the beef and sheep sectors. In addition increased
volatility in the price of milk. beef and lamb and fami inputs can also threaten the economic resilience
and sustainability of farms.
How achievement of aims furthers ob'ectives
The charity is dependent on the goodwill of its levy funders. Given this, the Trustees have put in place
a range of systems to try to ensure appropriate research projects are commissioned, that research
findings are innovatively disseminated and that feedback and engagement are sought. Innovative
research and development is a key slrategy within Government targets. Agrisearch is also committed
to innovative research and development and aims to maximise its inlluence and impact. Agrisearch also
seeks to collaborate with government and industry bodies within Northern Ireland and further afield. By
doing so we can leverage our limited levyfunds to achieve a much greater impactthan by working alone.
It is also the policy of the Trustees that the return on investment of the funds directed to research is
analysed and measured lo ensure optimum value for money on behalf of the charity's funders.
Increasingly, as research projects reach conclusion, greater emphasis is being placed on the
dissemination of findings and the adoption by industry of Ihe key recommendations into every day
working practice. Environmental and animal welfare considerations continue to be more significant
factors in the sustainability of famiing and Agrisearch takes increasing notice of these.
Strate
ies for achievin
aims and ob'ectives
To build understanding of global advances in production systems, practices and techniques. through
the funding of new researGh. the sharing of knowledge. and widespread innovation and development.
To leverfunding and deliver programmes through collaborative research partnerships, actively seeking
partners lo¢ally. nationally and internationally. and developing mutually beneficial relationships.
To communicate more effectively and directly with farmers, in¢rease the number of farmers we reach
and increase their active participation.
To facilitate bottom-up. industry led priorities for research and innovation. based on need.
To support the Nl science community, working to ensure the future Capacity and capability of Nl
scientists and agrlculturalistS.

The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (contlnued)
Year ended 31 March 2024
Criteria or measures used to assess success
Improvements in productivity and efficiency at farm level
Improvements in systems. processes, and practices
Increased profitability from farming ruminant livestock
Redu¢ed carbon footprint per kg of milkj beefl lamb
Reduced input, overhead, and energy costs per unit of output
Increased or more productive use of land
Strength of Agrisearch profile locally and internationally
Level of industrylfarmer confidence in Agrisearch research models. methods, and outcomes
Strong Collaborative relationships in government, in the agri-food industry. and in the sGientific and
academic community
Increase in effectiveness of communication
Value for money and impact on farming (economic and environmental)
Statement of com
liance with Charit Commission
uidance
The Charity has paid due regard to guidance issued by the Charity Commission in deciding what
activities the Charity should undertake.
nificant activities undertaken
Main objectlves for the year and strategies for achieving them
To further develop the Beacon Farm Ne￿Ork including the holding of workshops for the participating
farmers
- To continue with the GrassChe¢k programme and expand the Grasscheck farm networks
- To hold a Research and Innovation Needs Conference
To continue to deliver our ZeroNsile project
To contribute in the delivery of Dissemination events for Arczero
To continue our involvement in Resilience for Dairy (R4D) Horizon 2020 Thematic network
To deliver a series of workshops and webinars to disseminate findings from European Innovation
Partnership projects
To participate in the building of further ￿e￿orkS and consorlia to pool resources, avoid the duplication
of research and draw down external funding
To continue our membership of and involvement in the Centre for Innovation Excellence in Livestock

The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (contlnuad)
Year ended 31 March 2024
-To hold furiher Knowledge Exchange events in collaboration with AFBI and CAFRE
To increase the reach of our knowledge exchange programme through further on-farm events,
seminars and increasing traffic to the website and social media
-To further develop our communications and knowledge exchange strategy
- To engage with DAERA to ensure a high priority is given to research and knowledge exchange and
ensure co-ordination of research and knowledge exchange activities and maximise synergies
Grant-makin
olic
Investments in research programmes take into account value for money, affordability and the potential
for the research to be adopted in practice on farms in Northern Ireland.
Any resear¢h proposal must address are least one of the following key pillars:
Sustainability I profitability
- Environmental Impact
- Animal WelfarelHealth
Food quality I safety
The Trustees also look for additional external funding in any research projects they approve. This is
mainly obtained through the Department of Agriculture's Evidence and Innovation Strategy and
Resear¢h Challenge Fund programmes and more recently the InvestNI funded Agri-Food Quest
Competence Centre. AgriSearGh has also obtained funding from the European Union under the Horizon
2020 programme. However, the opportunities for levering funding for research projects has greatly
diminished in recent years. Thus Agrisearch is increasingly looking to undertake smaller scale farm-
level initiatives which it can fund using its own resources.
Use of volunteers
The charity makes significant use of volunteers in the course of its work. In addition lo the Trustees,
the members of the three sectoral advisory committees give freely of their time in attending and
preparing for committee meetings as well as 5UPPOrting events run by Agrisearch.
In addition, many of Agrisearch's research programmes are based on commercial Northern Ireland
farms who only receive a small payment for the time they spend on these projects and who make their
herds and flocks available for research as well as allowing access to farm records and hosting extension
events on their farms.
Strategic report
The following sections for achievements and performance and financial review form the strategic report
of the charity.

The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Company Limited by Guarantee
Trustees. Annual Report {Incorporating the Director's Report) (contlnuèdj
Year ended 31 March 2024
Achievements and performance
Summa
of main achievements
Held our inaugural Research and Innovations needs Conference
Established an Agrisearch PhD Scholarships Program and launched 3 PhD Scholarships
Rumibaso Nl= Developing a unified database of the life cycle carbon inventory to
encompass all Agrisearch ruminant platforms, as a foundation for a unified database to
encompass all Nl ruminant farms
GrazeGro Plus: Modelling the effects of climate change on sward productivity and
resillience
Modelling and Optimising on-farm renewable energy generation and consumption using
artificial intelligence
Farmers successfully established red clover on 11 participating farms in the ZeroNsile project
Continued involvement in SUPER-G {a Horizon 2020 project}
Commissioned and published a review of Nutrient Management Planning Tools
Held 3 workshops and 3 webinars on European Innovation Partnership:
Targeted Selective Treatment of Anthelmintics
Multi-species Swards for Beef & Sheep
Leatherjacket Mitigation Strategies
- Led KE and Comms Activities for ARC Zero EIP operational group.
Website continuously updated alongside use of social media.
Led or were involved in 6 farm walks
- Held 9 workshops for Advisory Committees, Beacon Farmers and Grasscheck farmers and others
Delivered 4 webinars in partnership with UFU and AFBI titled 'S¢ien¢e the Delivers on Farm,
Resilient Grassland
Dairy Nulrition
Nutrient Management in Grassland
Carbon Benchmarking
Continued work on "Resilience for Dairy" (R4D) a new Horizon 2020 Themati¢ Network
- Took a stand at the RUAS Winter Fair
Investment erformance a
ainst ob'ectives
Cash ftow and reallocation of funds be￿een accounts has been managed to maximize the limited
returns available on deposit accounts. The Davy managed portfolio has returned a good performance
with a return of 8.9% this year. The St. James's Place managed portfolio has also returned good
performance with a return of 10.6 % this year. The Trustees have reviewed the portfolio and returns and
are satisfied with the management of risk and investment income.
10

The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (¢ontlnuedJ
Year ended 31 March 2024
Balanced
icture of chari
ro
ress a
ainst ob'ectives
While Agrisearch has been successful at leveraging a significant amount of funding from government
and other sources in the past. many funding streams which Agrisearch has availed of in the past are
no longer open to new applications. Knowledge exchange is a key component of our work. Over the
course of the year we have run or assisted in the running of22 successful knowledge exchange events.
erformance indicators ex
lainin
out uts achieved b ob'ectives
Given the straightforward nature of the business, the company's directors are of the opinion that analysis
using KPI'S is not necessary for an understanding of the development, performance or position of the
business.
nificant
ositive and ne ative factors that affected the achievement of ob'ectives and how future
lans affected
Given the relatively small amount of levy income the commissioning of research projects is dependent
on the availability of leveraged funding. Funding competitions for such projects do not follow a regular
cycle. In the last three years there have been fewer funding calls open and those that have been open
have not aligned particularly well with the goals and aspirations of Agrisearch. As a result of this the
Trustees instigated a major review of Agrisearch's strategy. Further to this they have engaged the
services of Dr Sin¢lair Mayne as an Independent Scienlific Advisor to advise the Trustees and
management. Agrisearch is now undertaking smaller scale farm-level initiatives which it can fund using
its own resources.
11

The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (oontlnu•d)
Year ended 31 March 2024
Financial review
Review of financial
osition at the end of the re
ortin
eriod
The statement of financial activities for the year is set out on page 22 of this report. The net movement
in funds for the financial year is net income received of £366,083 (2023: net expenditure spent of -
£630,831). During the financial year the Trustees commissioned funding for three PhD Scholarships
totalling £360,000, letters of awards werè issues to Queen's and Ulster Universities but due to delays
recruiting students the provision is not reflected in this year's accounts. One project (Digital Catapult
Ten-Fold Net Zero Accelerator
Nutrient Management Planning Tool Proof of Concept) was
commissioned at a cost of £20.000 with a further £20,000 funded by the Department of Agriculture,
Environment and Rural Affairs. When other sources of funding are added, the total expenditure on the
related research and development since the formation of Agrisearch in 1997 is over £63m. with the
input from Agrisearch amounting to £9.6M.
nificant events that affected financial erformance and financial
osition durin
the
eriod
Events during the year did not give rise to any material financial impact.
The Trustees monitor financial performance on a regular basis and take a low risk stance on finance. It
is the Trustees. policy to achieve the best financial return on longer term funds with a prudent investing
attitude whilst ensuring that sufficient funds are available to meet the operational expenditure of the
organisation. Invested funds can be accessed at short notice. Financial risk is considered as part of
the Trustees, ongoing assessment of its operating environment and a risk register is is maintained.
The organisalion is largely dependent on a revenue stream from voluntary levies paid by farmers and
agri-food processors. The risk to future financial performance based on this is regularly considered and
assessed. Budgets are set for each financial year in light of this. Al the end of the financial year. there
are no events or circumstances which would significantly impact the organisation's future financial
performance.
Investment policy and objectives
The overall investment policy is low risk. During the 2023-24 financial year the majority of funds were
held in deposits across a number of institutions as agreed by the Trustees. A portion of funds which
are not required in the short term Gontinue to be invested within investment portfolios managed by Davy
& St. James's Place. All funds are accessible al less than one week's notice.
12

The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (Continued)
Year ended 31 March 2024
Financlal review (continued)
Princi
al sources of income and how ex
enditure meets ob'ectives
Principal funding sources are terms-of-trade levies collected on a voluntary basis by Northern Ireland
processors of dairy, beef and sheep.
Reserves
olic
includin
amount of reserves and wh held restricted funds desi
reserves a
ainst reserves
olic
The Trustees have established a policy whereby the company's 'Free' reserves, being funds not
ommitted to third parties for research should represent at least 12 months management and
administration costs. At this level, the Trustees are of the view that the company would be able to
continue ils activities in the event of a significant drop in funding. The level of reserves held at the year
ended 31 March 2024 is £878,005. In addition. in order to ensure continuity of operations, further
reserves are held for the ongoing commissioning of research. to ensure AgriSear¢h has the capacity to
commission urgent research at short nolice to address any emerging critical issues that may arise.
Agrisearch works with other stakeholders to ensure maximum leverage of fund5. Reserves held can
vary depending on the timing of decisions made by co-funders. Reserves held can vary based on the
expected or anlicipated timing of research funding calls and the time taken for co-funders to consider
applications made under such calls. The Trustees considerthat the present level of reserves adequately
meets these combined objectives.
nated funds free
Risk factors
The Trustees are responsible for ensuring effective risk management, and that internal controls are in
place to appropriately manage the risk exposure of Agrisearch. When reviewing risks the Board
considers:
the major risks to which Agrisearch is exposed.,
the potential impact and probability associated with each risk.
existing internal controls and accountability for them:
mitigating actions needed to reduce each risk to a level that the Trustees considered to be acceptable.
The Trustees have drawn up a comprehensive and detailed risk register which is formally reviewed by
the Trustees every year and is regularly monitored by the Office Bearers, Committee.
The major financial risks are each subject to ongoing monitoring and management. Agrisearch
investments are regularly reviewed by the Office Bearers. Income and cost control are subject to detailed
review and challenge on at least a bimonthly basis. An annual budget for non-projeGt related expenditure
for the forthcoming year is placed before the Trustees for approval before the start of each financial
year. During the year a Financial Control Document was drawn up and adopted by the Trustees and is
is kept under regular review.
Agrisearch is reliant on the co-operation of dairy and red meat processors to collect producer levies on
its behalf.
13

The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Company Limited by Guarantee
Trustees. Annual Report {Incorporating the Director's Report) (contInu￿)
Year ended 31 March 2024
Financial review (continued)
Plans for future perlods
- To secure students for our PhD Scholarship Programme
To work wilh academic and research partners to lever funding for projects to utilise the Beacon Farm
network
To continue our involvement in the Resilience for Dairy (R4D) Horizon 2020 Thematic network
To participate in the building offurther networks and consortia to pool resourGes. avoid the duplication
of research and draw down external funding
To continue our membership of and involvement in the Centre for Innovation Excellence in Livestock
- To hold further knowledge exchange events in collaboration with AFBI and CAFRE
To increase the reach of our knowledge exchange programme through further on-farm events,
seminars and increasing traffic to the website and social media
To further develop our communications and knowledge exchange strategy
To engage with DAERA to ensure a high priority is given to research and knowledge transfer and
ensure co-ordination of research and knowledge transfer activities and maximize synergies
To review our current strategy and develop an operational plan for 2025-2030
Trustees. responsibilities statement
The trustees. who are also directors for the purposes of company law, are responsible for preparing the
trustees, report and the financial statements in accordance with applicable law and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a
true and fair view of the state of affairs of the charitable company and the incoming resources and
application of resources, including the income and expenditure. for that period.
14

The Northern Ireland Agricultural Research and Development
Council TIA Agrisearch
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) {wnllnued)
Year ended 31 March 2024
In preparing these financial statements. the trustees are required to:
select suitable accounting policies and then apply them consistently.
observe the methods and principles in the applicable Charities SORP.
make judgments and accounting estimates that are reasonable and prudent:
state whether applicable UK Accounting Standards 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
Ihat the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and
explain the charity's transactions and disclose with reasonable accuracy at any time the financial
position of the charity and enable them to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence
for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a trustee at the date of approval of this report Confirms that:
so far as they are aware. there is no relevant audit infomiation of which the charity's auditor is
unaware: and
they have taken all steps that they ought to have taken as a trustee to make themselves aware of
any relevant audit information and to establish thal the charity's auditor is aware of that information.
The trustees. annual report and the strategic report were approved on 111h November 2024 and signed
on behalf of the board of trustees by:
Prof. Ge
Trustee
Id Eugene Boyl
Mr lan Gardin
Trustee
M¢CIu
Mr James Norman M¢Mordie
Truste&
15