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 2025 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 2025 Page Trustees, annual report (incorporating the directorfs report) Independent auditorfs report to the members Statement of financial activities (including income and expenditure account) Statement of financial position 18 24 25 Statement of cash flows 26 Notes to the financial statements 27 The following pages do not form part of the financial statements Detailed statement of financial activities 43 Notes to the detailed statement of financial activities 45
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) Year ended 31 March 2025 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the chartty for the year ended 31 March 2025. Chairfs report The accounts have been prepared in accordance with the accounting policies set out in note 3 to the accounts and comply with the Charrty's Memorandum and Articles of AsscKiation. the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effectNe 1 January 2015)"
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) Year ended 31 March 2025 Reference and administrative details Registered charity name The Northem 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 Mccafftey Mrs J¢>Anne E Dobson 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 Dr Keith William Agnew Dr DavKI Andrew Graham (Appointed 10 June 2025) {Appointed 10 June 2025, Resigned 28 July 20251 (Appointed 20 August 2025) Mr Cormac Patrick M¢Kervey Company secretary Mr Sean Kane Audltor Aubrey Campbell & Company Chartered accountants & statutory audttor 631 Lisburn Road Belfasl BT9 7GT
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conllnuedj Year ended 31 March 2025 Structure, 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 Associalion. Melhods 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 Famiers, 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 fami husbandry are represented as far as possible and that there is widespread representation across 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 charty 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. Indemni vision for trustees Every member of the Charity undertakes to contribute such amount as may be required {not exceeding £1) 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 insurants policy. Of anisational structure and how charil makes decisions The Board of Trustees meels 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 three advisory committees consist of farmer members, independent scientific advisors and representatives of the processing seclors. The Beef and Sheep Advisory Committees also have a representative from the Liveslock 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 ICAFREI 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) (contlnued) Year ended 31 March 2025 organisation and the strategic direction before deciding to approve the recommendations or return them to the relevanl committees for further consideration or rejection. The advisory committees are made up as follows {as of 31st March 2025).. Beef Advisory Committee Matthew Brownlee Arthur Callaghan Thomas Chambers Andrew Clarke John Egerton David Gibson Stephen Hennan (Vice Chairperson) Pat McKay Thomas Moorehead John Payne Michael Calvert (Non-voting CAFRE liaison) William Sherrard Frances Titterington Alan Turkington (Chairperson) Dalry Advisory Committee Claire Beckett Phillip Donaldson Neville Graham Alan Irwin Mark Blelock Robert Martin Samantha Mccarroll {Vice Chairperson) Samuel McElheran Don Morrow (Non-voting CAFRE liaison) John Oliver James Purcell Thomas Steele Gary Thompson (Chairperson) Sheep Advisory Committee Alistair Armstrong {Vice Chairperson) Roger Bell {Chairperson) Brian Cromie Jayne Harkness-Bones William Egerton James Davison Clement Lynch Nigel McLaughlin Brendan Kelly Kenneth Linton Michael Calvert (Non-voling CAFRE liaison) Frances Titterington lan Walker
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 2025 How deci ions 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, Operations and Strategy Manager's reports, financial statements 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 trust New Trustees are provided with infomiation about the role and about the Council as part of an application 'pack'. Following selection, new Trustees have an induction briefing from the Chairman and General Manager which provides information and guidelines on their tasks and responsibilities together wrth an outline of the objectives of Agrisearch. They also receive copies of past Trustee minutes and other corporate documentation. Arr ements for settin and remun ra ion 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 eslablished to review the employee handbook and if necessary act as an appeal panel for disciplinary and grievance issues. The Disciplinary and Grievance Committee is currently made up as follows: lan Mccluggage Norman Mcmordie Alan Mccay The PhD Scholarship committee is currently made up as follows.. Gerry Boyle Alan Mccay (Chairperson) lan Mccluggage A Govemance Committee is appointed by the Trustees and meets on a regular basis to review governance arrangements and ensure compliance with best practice. The Governance Committee is currently made up as follows.. Gerry Boyle {Chairperson) Norman Mcmordie lan Mccluggage Relationshi s with relat d arties and other charitieslor ursuit of its charitable ob'ective anisations wi h which it co-ordinales in Ihe Two Trustees, three members of the Agrisearch Sheep Advisory Committee, two members of the Agrisearch Dairy Advisory Committee and three members of the Agrisearch Beef Advisory Committee
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnu8dJ Year ended 31 March 2025 received payments during the financial year for activty undertaken as "farmer co-researchers" or "Beacon Farmers" these are detailed on page 41 under Related Paty Transactions. Famier co-researchers are appointed on-merit in consultation with the relevant lead scientist. Beacon Farmers were appointed on merit by an independent expert panel. Agrisearch has a conflict-of-interest policy and each TrLSStee and Advisory CommFttee 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 Directorfs Report) (continued) Year ended 31 March 2025 Objectives and activities Charitable ob'ective The principal activity of the Council is to commission research and development in the agricultural industry The Charty's objectives are to advance education, for the public benefit, in particular, by conducting and commissioning research into the improvement and development of sheep. beef and dairy famiing and to disseminate and publish the useful results of such research and also to promote the improvement of animal heatth and welfare in sheep, beef and dairy famiing in Northern Ireland. Aims of chari Like all industries. the Northern Ireland ruminant livestock sector needs to constantly advance to meet the challenges it faces. These include competitiveness in an increasingly globalised market, meeting government and consumer expectations in the fields of animal health and welfare, reducing the 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 increase their socio-economic resilience, improve their environmentsl sustainabilty and enhance the health status of their herds and flocks. Vision.. Driving fam profrtability and sustainability through science, research and innovation Pur ose.. To equip farmers through the application of science, research and innovation to make a difference for the rural economy, environment and society Strate '. Applying our knowledge. network and capabilrties and working with others to tum scienlific possibilrties into sound fami practice 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 integrty - Ethical leadership and good govemance - Accountabilty to famiers - 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 innovation projects and programmes - Advocating excellen in all research, science. and innovation activities
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 March 2025 In light of significant change within the agri-f¢))d sector and Agrisearch's operating environment, the Trustees instigated a strategy review process in November 2024. The review highlighted the need to have a more targeted and focused programme of work wrth 3 prrty areas being identlfied. 1. Placing the farmers needs at the heart of research and innovation in Northem Ireland 2. Grow and develop our long-term research and innovation platforms 3. The Last Mile - Research into ppctice 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, thal research findings are innovatively disseminated and that feedback and engagement are sought. Innovative research and developmenl is a key strategy within Govemment targets. Agrisearch is also committed to innovative research and development and aims to maximise tis influence and impact. Agrisearch also seeks to collaborate with government and industry bodies wrthin Northern Ireland and further afield. By doing so we can leverage our limited levy funds to achieve a much greater impact than by working alone. It is also the policy of the Trustees that the retum on investment of the funds directed to research is analysed and measured to ensure optimum value for money on behalf of the charty's funders. Increasingly, as research projects reach conclusion, greater emphasis is being placed on the dissemination of findings and the adoption by industry of the key recommendalions into every day working practice. Environmental and animal welfare considerations continue to be significant factors in the sustainabilrty of farming and Agrisearch takes increasing notice of these. rate ies for achievin ectives To build understanding of global advances in production systems, practices and techniques, through the funding of new research. the sharing of knowledge. and widespread innovation and development. To lever funding and deliver programmes through collaboratNe research partnerships, actively seeking partners localty, nationally and intemationally, and developing mutually beneficial relationships. - To communicate more effectively and directly with famiers, increase the number of farmers we reach and increase their active participation. - To facilrtate bottom-up, industry led priorities for research and innovation, based on need. To support the Nl science communty. working to ensure the future capacty and capabilty of Nl scientists and agriculturalists.
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 March 2025 Criteria or measures used to assess success Improvements in productivity and efficiency at fann level - Improvements in systems, processes. and praCtIS Increased profitability from faIng ruminant livestock - Reduced carbon footprint per kg of milkl beefl lamb Increased or more productive use of land Strength of Agrisearch profile localty and intemationally - Level of industrylfamer confidence in Agrisearch research models, methods, and outcomes Strong collaborative relationships in government. in the agri-focrfj industry. and in the scientific and academic communty - Increase in effectiveness of communication - Value for money and impact on farming (econom and environmental) Statement of com liance with Cha Commission uidance The Charity has paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. nificant activrti ndertaken Main objectives for the year and strategies for achieving them - To continue to deliver the Grasscheck programme - To hold a Gfasscheck 25th Annrrfersary Conference To continue to deliver our ZeroNsile project - Hold dissemination events to share the leamings from our ZeroNsile project - To develop a 5-year strategic plan To develop and an annual strategic business plan to ensure we are delivering on our strategic priorities To participate in the building of further networks and consortia to pool reSoUrs. avoid the duplicalion of research and draw down extemal funding. - To continue to engage wrth funding organisations and industry for future research initiatives - To continue our membership of and involvement in the Centre for Innovation Excellence in Livestock. To increase the reach of our knowledge exchange programme through further on-farm events, seminars and increasing traffic to the webstte and social media.
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continuedj Year ended 31 March 2025 - To further develop our communications and knowledge exchange strategy. To engage with DAEFIA to ensure a high priorty is given to research and knowledge exchange and ensure ctrordination 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 Northem Ireland. Any research proposal must address are least one of the foll¢Ybving key pillars: Sustainabilty I profrtabilty Environmental Impact - Animal WelfarelHealth - Food qualty I safety The Trustees also k)ok for addrtional extemal funding in any research projects they approve. Historically this was mainly obtained through the Department of Agriculture's Evidence and Innovation Strategy, Research Challenge Fund and European Innovation Partnership programmes and the InveslNI funded Agri-Food Quest Competence Centre. Agrisearch ha5 also previously obtained funding from the European Union under the Horvzon 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 inrtiatives which it can fund using its own resources. More recently, Agrisearch has been successful in obtaining funding from DEFRA as part of the UK Dairy Carbon Netsvork consortium and since the year end has been awarded funding as part of an AFBI led Peace Plus application from the CliBeef project. Use of volunteers The charity makes significant use of volunteers in the course of f(s work. In addition to the Trustee5, the members of the three sectoral advisory committees give freely of their time in attending and preparing for commrttee meetings as well as supporting events run by Agrisearch. In addition, many of Agrisearch's research programmes are based on commercial Northem 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 fami records and hosting events on their farms. Strategi¢ report The foll¢)wing sections for achievements and perfonnance and financial review fomi the strategic report of the charity. 10
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 March 2025 Achievements and performance Summa of main achievements - Held a Grasscheck 25th Anniversary Conference. - Launched the Agrisearch 5-year Strategic Plan - We were sucSsful in our bid to become a partner in the UK-DCN project - We We successful in our bid to become a partner in the Cli-Beef project - We have appointed 2 PhD researchers who are progressing their studies on the below programmes Rumibase Nl.. Developing a UnIfd database of the life cycle carbon inventory to encompass all Agrisearch ruminant platfoms, as a foundation for a untfEd database to encompass all Nl ruminant farms Modelling and Optimising on-farm renewable energy generation and consumption using artificial intelligence - Develop a proof of concept nutrient management t1 to support fanners make infonned decisions Held 3 ZeroNsile events 1 fami walk. 1 webinar and 1 workshop Under took a mycotoxin research project looking at mycotoxin levels in grass silage - Commission a sheep genotyping project wrth Signet - Commissioned a Social Media Audrt and implemented a range of recommendations - Completed our 2nd round of cartK)n benchmarking on farms in the Beacon Fami Network Completed the final report for the Super G project - Website continuously updated alongside use of social media. - Held 8 workshops for Advisory Committees. Beacon Famiers and Grasscheck farmers and others - Continued work on "Resilience for Dairf. (R4D) a new HorEon 2020 Thematic Network - Took a stand at the RUAS Winter Fair Investment erfomiance a ainst ob. ectives Cash flow and reallocation of funds belween accounts has been managed to maximize the limited returns available on deposit accounts. The Davy managed portfolio has retumed a go¢xI perfomiance with a retum of 4.1. this year. The St. James's Place managed portfolio has also retumed good perfomiance wsth a retum of 3.1 /0 this year. The Trustees have reviewed the portfolio and retums and are satisfied with the management of risk and investment income. 11
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 2025 Balanced icture of charit 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 of 14 successful knowledge exchange events. erformance indicators ex lainin out uts achieved ectives Given the straightforward nalure 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, perfonnance or position of the business. nificant ositive and ne alive factors Ihat affected Ihe achievement of ob'ectives and how future lans affecled 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 Sinclair Mayne as an Independent Scientific Advisor to advise the Trustees and managemenl. Agrisearch is now undertaking smaller scale farm-level initiatives which it can fund using its own resources. Financial review Review of financial osition at the end of the re in eriod The statement of financial activities for the year and the Statement of Financial Position are set out on pages 24 and 25 of this report. The net movement in funds for the financial year is net expenditure spent of (£7,685) (2024.. net income received of £366,083} During the financial year Trustees commissioned funding for Sheep Genotyping Project undertaken by Signet at a cost of £6,900. A Mycotoxin Project was also commissioned at a cost of £36,000. When other sources of funding are added, the total expenditure on Ihe related research and development since the formation of Agrisearch in 1997 is over £70m, with the input from Agrisearch amounting to £10m. nificant events that affected financial erformance and financial rin the eriod Events during the year did not give rise lo any material financial impact. The Trustees monitor financial perfomiance 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 wilh a prudent investing attitude whilst ensuring that sufficient funds are available to meet the operational expenditure of the organisalion. 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 organisation is largety 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. At the end of the financial year, there are no events or circumstances which would significantly impact the organisation's future financial performance. 12
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 March 2025 Financial review (continu Investment policy and objectives The overall investment policy is low risk. During the 2024-25 financial year the majorty 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 continue to be invested within investment portfolios managed by Davy & St. James's Place. All funds are accessible at less than one week's notice. Princi al sources f income and how ex endItU meets ob'ectiv Principal funding sources are terms-of-trade levies llected on a voluntary basis by Northern Ireland processors of dairy. beef and sheep. Resetves olic includin amount of reserves and wh held restricted funds desi nated funds fre reserves a ainst reserves The Trustees have established a policy whereby the company's 'Free' reserves, being funds not committed 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 its activrties in the event of a signtficant drop in funding. The level of unrestricted reserves held at the year ended 31 March 2025 is £835.180. In addition, in order lo ensure continuity of operations. further reserves are held for the ongoing commissioning of research, to ensure Agrisearch has the capacty to commission urgent research at short notice to address any emerging critical issues that may arise. Agrisearch works with other stakeholders to ensure maximum leverage of fijnds. Reserves held can vary depending on the timing of decisions made by co-funders. Reserves held can vary based on the expected or anticipated timing of research funding calls and the time taken for Cowfunders to consider applications made under such calls. The Trustees consider that the present level of reserves adequately meets these combined objectives. The level of restricted reserves held at the year ended 31 March 2025 is £35,140. These restricted funds relate to the UK Dairy Carbon Network. 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. WA)en reviewing risks the Board considers.. - the major risks to which Agrisearch is exposed; - the potential impact and probability asSlated with each risk; existing internal controls and accountabilty 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 regulady moniiored by the Office Bearers, Committee. The major financial risks are each subject to ongoing monrtoring and management. Agrisearch investments are regularty reviewed by the Office Bearers. Income and cost control are subject lo detailed review and challenge on at least a bimonthly basis. An annual budget for non-project 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 kept under regular review. 13
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 March 2025 Flnancial review (continuedj Agrisearch is reliant on the cwperation of dairy and red meat processors to collect producer levies on its behalf. 14
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (¢ondnued) Year ended 31 March 2025 Plans for future periods - Hold a dairy Conferen for high performance herd - Hold a beef conference - Carry out surveys for Dairy, Beef and Sheep farmers to infonn our research priorities Hold our Bi-annual Research and innovation Needs Conferen - Articulate research and innovation needs to govemment. academia and research - Successfully implement PhD Scholarships Programme - Maintain and develop our farmer neorkS Commission and launch a new Website - Implement recommendations from our Social Media Audrt Recruit 2 independent trustees who will add knowWge and expertise to the board of trustees - To work with academic and research partners to lever funding for projects To participate in the building of further networks and consortia 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. 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 priorty is given to research and knowledge exchange and ensure co-ordination of research and knowledge exchange activities and maximise synergies. 15
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 2025 Trustees, responsibilities statement The trustees, who are also directors for the purposes of company law. are responsible for preparing the tfUStees' report and the financial statements in accordance with applicable law and Unrted 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. In preparing these financial stalements, the trustees are required to.. select suitsble 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 that 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 wilh reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply wrth 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 information 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 that the charity's auditor is aware of that information. 16
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (¢onllnu Year ended 31 March 2025 The trustees, annual report and the strategic report were approved on . on behalf of the board of trustees by.. and signed erald Eugene Trustee Mr lan Gardiner MCCI Twstee Mr James Norman Mcmordie Trustee 17
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Independent Auditor's Report to the Members of The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Year ended 31 March 2025 Opinion We have audited the financial statements of The Northern Ireland Agricultural Research and Development Council TIA Agrisearch (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activrties (including income and expendrture account), statement of financial posrtion, statement of cash flows and the related notes, including a summary of significant accounting policies The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststements.. give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including r(s income and expenditure, for the year then ended; have been properly prepared in accordance wtth United Kingdom Generalty Accepted Accounting Practice.. have been prepared in accordance with the reqU1MentS of the Companies Act 2006 and the Charities Act (Northern Ireland) 2008. Basis for opinion We conducted our audit in accordan with Intemational Standards on Audtiing (UK) (ISAS (UK)) and applicable law. Our SponSIbl1111eS under those standards are further described in the auditor's responsibiif(ies for the audit of the financial stalements section of our report. We are independent of the charity in accordance wrth the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilrties in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or condrtions that. individually or collectivety. may cast signrfunt doubt on the charity's abilty to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilrties and the responsibilities of the trustees wrth respect to going concern are described in the relevant sections of this report. 18
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Independent Auditor's Report to the Members of The Northem Ireland Agricultural Research and Development Council TIA Agrisearch (¢ontinu8dJ Year ended 31 March 2025 Other Information The other information comprises the infonnation included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so. consider whether the other information is Material inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other infomiation. If. based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescribed by tha Companles Act 2006 In our opinion, based on the work undertaken in the course of the audrt.. the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent wrth the financial statements.. and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audrt, we have not identrfied material misstalements in the trustees, report. We have nothing to report in respect of the followng matters in relation to which Ihe Companies Act 2006 and Ihe Charrties Act {Northern Ireland) 2008 requires us to report to you if. in our opinion. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and retums,. or certain disclosures of truslees. remuneration specified by law are not made.. or we have not received all the infonnation and explanations we require for our audit. 19
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Independent Auditor's Report to the Members of The Northern Ireland Agricultural Research and Development Council TIA Agrisearch (continued) Year ended 31 March 2025 Responsibilities of trustees As explained more fully in the trustees, resporssibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's abilty to continue as a going concern. disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees etiher intend to liquidate the charity or to cease operations. or have no realistic atternative but to do so.
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Independent Auditor's Report to the Members of The Northern Ireland Agricultural Research and Development Council TIA Agrisearch (continu8d) Year ended 31 March 2025 Auditor's responsibilities for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wrth ISAS (UK) will aayS detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in the aggregate. they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibiltiies, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below-. Our approach to identifying and assessing the risks of material rnisstatement in respect of irregularrties. including fraud and non-compliance wrth laws and regulations. was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate compelence, capabilities and skills to identify or recognise non<ompliance with applicable laws and regulations; we identified the laws and regulations applicable to the company through discussions with trustees and other management; - we assessed the extent of compliance with the Saws and regulations identffied above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of nonrycompliance throughout the audit. We assessed the susceptibilty of the company's financial statements to material misststement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibilty to fraud, their knowledge of actual, suspected and alleged fraud., and considering the intemal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. - performed analytical predureS to identfy any unusual or unexpected relationships; tested journal entries to identify unusual transactions.. and assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias. In response to the risk of irregularities and non-compliance wtth laws and regulations. we designed 21
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Independent Auditor's Report to the Members of The Northern Ireland Agricultural Research and Development Council TIA Agrisearch (continued) Year ended 31 March 2025 procedures which included, but were not limrted to.. agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with govemance" and enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit prcKedures described above. The more removed that laws and regulations are from financial transadions, the less likety it is that we would become aware of non<ompliance. Audrting standards also limit the audit procedures required to identify non-compliance wrth laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. As part of an audit in accordance with ISAS (UK). we exercise professional judgment and maintain professional scepticism throughout the audrt. We also.. Identtfy and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audrt procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecling a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intenb'onal omissions. misrepresentations, or the override of inlernal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees. use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists relaled to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attenlion in our auditor's report to the related disclosures in the financial statements or, rf such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However. future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves lair presentation. 22
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Independent Auditorfs Report to the Members of The Northern Ireland Agricultural Research and Development Council TIA Agrisearch (continu•dJ Year ended 31 March 2025 We communicate with those charged wrth govemance regarding, among other matters, Ihe planned scope and timing of the audit and signrficant audrt findings. includin9 any significant deficiencies in intemal control that we identfy during our audit. Use of our report This report is made solely to the charity's members, as a body. in accordance with section 65 of Ihe Charities Act (Northern Ireland) 2008. Our audit work has been undertaken so that we might state lo the chanty's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's members as a body. for our audit work, for this report, or for the opinions we have fonT. John ag (Senio Statutory Audrtor) For and on behalf of Aubrey Campbell & Company Chartered accountants & statutory auditor 631 Lisburn Road Belfast BT9 7GT 251111202S 23
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 Restricted funds Total funds Total funds 2024 Unrestricted funds Note Income and endowments Donations and legacies Investment income Other income 497,747 18.968 28,373 62,218 559.965 18,968 28.373 621.451 15.163 Totsl income 545,088 62,218 607,306 636,614 Expenditure Expendrture on charitable activities Total expenditure 8,10 (609.505) (609.505) (27,078) {27,078) (636.583) (636.583) (337,974) (337.974) Net gains on investments 12 (21,592) (21.592) (67.443) Net (expenditure)lincome and net movement in funds {42,825) 35.140 (7,685) 366,083 Reconciliation of funds Total funds brought forward Total funds Carried forward 878.005 878.005 511,922 835,180 35,140 870,320 878,005 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 27 to 41 form part of these financlal staternents. 24
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Statement of Financial Position 31 March 2025 2025 2024 Note Fixed assets Tangible fixed assets Investments 17 18 13.534 780.292 9,512 753,971 793,826 763.483 Current assets Debtors Cash at bank and in hand 19 254,665 369,605 165,146 513,008 624,270 678,154 Creditors: amounts falllng due wlthln one year Net current assets 20 325,311 265.631 298.959 412,523 Total assets less current IlabllStles 1,092,785 1,176,006 Creditors: amounts falllng due after more than one year Net assets 21 222,465 298,001 870.320 878,005 Funds of the charlty Reslricted funds Unrestricted funds 35,140 835.180 878,005 Total charity funds 24 870.320 878,005 financial statements were approved by the board of trustees and authorised for issue on and are slqned on behalf of the board by.. .Gerald Eugen Trustee oyle an Gardiner Mccluggag Trustee Mr James Norman Mcmordie Trustee The notss on pages 27 to 41 forni part of these finan¢lal statements. 25
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2025 2025 2024 Cash flows from operating activities Net (expenditure)lincome (7,685) 366,083 Adjustments for.. Depreciation of tangible fixed assets Net gains on investments Dividends, interest and rents from investments Other interest receivable and similar income Loss on disposal of tangible fixed assets Accrued expensesl(income) 5.125 (21,592) (11.067) (7.901) 3,410 (67,443) (12,060) {3,103) 17 (3,548) 2.569 Changes in.. Trade and other debtors Trade and other creditors (89,519) 69,514 (18.425) (299,313) {148.495) 53,557 Cash generated from operations Interest received 7,901 3,103 Net cash (used in)Ifrom operating activities (140,594) 56,660 Cash flows from investing activities Dividends, interest and rents from investments Purchase of tangible assets Purchases of olher investments Proceeds from sale of other investments 11,067 (9.147) (115.457) 110.728 12,060 (5.301) {347,276) 339.284 Net cash used in investing activtiies (2,809) (1,233) Net {decrease)lincrease in cash and cash equlvalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (143,403) 513,008 55,427 457,581 369,605 513,008 Tho notes on pages 27 to 41 forni part of thoge flnanclal statoments. 26
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 General informatlon The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Innovation Centre, Large Park, Hillsborough, Co. Down, BT26 6DR, Northern Ireland. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charilies preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) {Charities SORP {FRS 102}} and the Companies Act 2006. Accountlng pollcles Basls of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concem There are no material uncertainties about the charrty's ability to continue. Judgements and key sources of estlmatlon uncertainty In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparenl from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only thal period, or in the period of the revision and future periods were the revision affects bolh current and fulure periods. 27
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 Accountlng policies (continued) Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the chanty's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Reslricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. Incoming resources Incoming is recognised when the Charity is legally entilled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. The levy rates charged to the producers are as follows.. Milk Beef Sheep 0.02p per litre 30p per head 5p per head Cash donations are recognised on receipt. Other donations are recognised onts the Charity has been notified of Ihe donation. unless performance conditions require deferral of the amount. Income tax recoverable in relalion to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Le9acies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset. 28
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Notes to the Financial Statements (¢ondnu Year ended 31 March 2025 Accounting policies (¢ontlnuedJ Resources expended All expendFture is accounted for on an accrual basis and has been classrfied under headings thal aggregate all costs related to the category. Expenditure is recognised where there is a legal or constwctive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Grants payable to third parties are within charitable objectives. Where unconditional gntS are offered. this is accrued as soon as the recipient is notified of the grant, as this gives rise to reasonable expectation that the recipient will receive grants. Expenditure on charitable activrties includes costs undertaken to further the purposes of the charity. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office costs, management charges and governance costs which support the Council's activities. These costs have been allocated to charitable activities. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregale benefrt of lease incentives is recognised as a reduction to expense over the lease term. on a straight-line basis. Tangible assets Tangible assets are inrtialty recorded at cost. and subsequently ststed at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. An increase in the carying amount of an asset as a resutl of a revaluation, is recognised in other recognised gains and losses. unless rt reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciatlon Depreciation is calculated so as to wrrte off the cost or valuation of an asset, less its residual value, over the useful economic lrfe of that asset as follows: Fixtures and fittings IT Equipment 20°h straight line 20. straight line 29
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Notes to the Financial Statements {contsnued) Year ended 31 March 2025 Accounting policies {condftuedJ Investments Fixed asset investments are initially recorded at cost, and subsequentty stated at cost less any accumulated impairment losses. Changes in fair value are recognised in net incomel(expenditure)for the year. Transaction costs are expensed as incurred. Investments in associates Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. IAlhere it is impracticable to measure fair value reliably wrthout undue cost or effort, the cost model will be adopted. Dividends and other distributions re1Ved from the investment are recognised as income wrthout regard lo whether the distributions are from accumulated profrts of the associate arising before or after the date of acquisition. Investments in joint ventures Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impaimient losses. Investments in jointly controlled entrties accounted for in accordance wrth the fair value model are initially recorded at the transaction price. At each reporting date. the investments are measured at fair value, wrth changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliab without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income wilhout regard to whether the distributions are from accumulated profrts of the joint venture arising before or after the date of acquisition. Impaiment of fixed assets A review for indicators of impaimient is carried out at each reporting date. with the recoverable amount being estimaled where such indicators exist. Where the carrying value excee(Is the recoverable amount, the asset is impaired accordingly. Prior impaimients are also reviewed for possible reversal at each reporting date. For the purposes of impainnent testing. when it is not possible to estimate the recoverable amount of an individual asset. an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallesl identrfiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. 30
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Notes to the Financial Ststements (continu•d) Year ended 31 March 2025 Accounting pollcles (conlinued) Impaimient of flxed assets (¢ondnu For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, all¢xated to each of the cash-generating units that are expected to benefit from the synergies of the combination. irrespective of whether other assets or liabilrties of the charity are assigned to those unrts. Flnancial Instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of Ihe instrument. Basic financial instruments are lnrtia1 recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can othepwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impaimient. Other financial instruments, including derivatives, are initially reco3nised at fair value, unless payment for an asset is deferred beyond nomial business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value. with any changes recognised in the statement of financial activities. wrth the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting dale. If there is objective evidence of impaimient, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impaimient. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset thal exceeds what Ihe carrying amount would have been had the impaimient not previously been recognised. 31
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Notes to the Financial Ststements (continu8 Year ended 31 March 2025 Accounting policies fcontinuedj Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled Whol wrthin 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Employee benefits The cost of any unused holiday entitlement is ognISed in the period in which the employee's services are received. Termination benefrts are recognised immediately as an expense when the Charity is demonstrably committed to temiinate the employment of an employee or to provide temiination benefrts. Limited by guarantee The company. being a company limsted by guarantee, does not have share capital. The liabilty of members of the company is limrted to £1 per member. Donations and legacies Unrestricted Funds Restricted Total Funds Funds 202S Donations Donations and gifts 479.256 479,256 Grants Grants receivable 18,491 62,218 80,709 497,747 62,218 559,965 Unrestricted Funds Restricted Total Funds Funds 2024 Donations Donations and gifts 470.561 470.561 32
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2025 Donations and legacles (contlnued) Unrestricted Funds Restricted Total Funds Funds 2024 Grants Grants receivable 150,890 150,890 621,451 621.451 Donations and Glfts Milk Levy Beef Levy Sheep Levy 327,911 131.370 19.975 329,948 122,231 18,382 479,256 470.561 Grants for Core Activitles DAEFIA Research Challenge Fund Brook Hall Estate ARCZero Newcastle Universty Super G UK DCN 124,247 18,423 8,220 18,491 62,218 18,491 62,218 150,890 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Income from other investments Other interest receivable 11,067 7,901 11.067 7.901 12.060 3,103 12,060 3,103 18,968 18.968 15,163 15,163 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Refund for project commilment Phd-02 28.373 28,373 33
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Notes to the Financial Statements l¢onllnu•dJ Year ended 31 March 2025 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2025 Research and development in the agricultural industry. Support costs 481,590 127,915 22.244 4,834 503,834 132,749 609.505 27,078 636,583 Unrestricted Funds Restricted Total Funds Funds 2024 Research and development in the agricultural industry. Support costs 222,481 115,493 222,481 115,493 337.974 337,974 2025 2024 Staff costs Legal and professional fees Dissemination costs 127,284 4,388 40,264 124,400 5,175 37,585 171,936 167,160 Grant funding activrties 309.654 55,320 Share of support costs Share of governance costs Unrestrlcted fund expenditure 102,418 25,497 87,592 27,902 609,505 337,974 Staff costs Grant funding activities Share of support costs 19.423 2.821 4,834 Restrlcted fund expenditurn 27,078
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Notes to the Financial Statements (¢oniinued) Year ended 31 March 2025 Reconci1Satlon of project commltments 2025 2024 Grants to institutions Opening commitments Queen's University Belfast Universty of Ulster Digilal Cataputt Signet {Decreased)Ilncreased project in year Paid during the year 543,600 298,784 131,392 833.998 20,000 6,900 (168,852) {64.678) (290,366) (245,720> 521,458 543.600 10. Expendlture on charftabl• actlvftles by actlvlty ty Activities undertaken directly Support Total funds costs 2025 Total fund 2024 Research and development in the agricultural industry. Governance costs 503.834 107,252 25,497 611,086 25.497 310,072 27,902 503,834 132.749 636,583 337.974 11. Analysls of support costs Analysis of support costs activty Total 2025 Total 2024 Staff costs Premises Communications and IT General office Finance costs Governance costs Support costs - depreciation Support costs - other costs 59.627 7,996 14,270 936 4,310 25,497 5.125 14,988 59,627 7.996 14.270 936 4,310 25.497 5,125 14,988 58,843 7,051 5.784 1,361 3,992 27,902 3,410 7,150 132.749 132,749 115.493 35
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 12. Net gains on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Gainsl(lossesl on other investment assets 21,592 21.592 67,443 67,443 13. Net {expenditure)lincome Net {expenditure)lincome is stated after chargingl{crediting)'. 2025 2024 Depreciation of tangible fixed assets Loss on disposal of tangible fixed assets 5,125 3,410 17 14. Auditors remuneration 2025 2024 Fees payable for the aLSdit of the financial statements 5,760 5,000 15. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2025 2024 Wages and salaries Social security costs Employer contributions to pension plans 188,034 13,831 4,470 167.765 11,537 3,942 206,335 183,244 The average head count of employees during the year was 6 {2024.' 6). The average number of full-time equivalent employees during the year is analysed as follows.. 2025 No. 2024 No. Operations Manager Strategy Manager Finance Officer Research Manager Farm Liaison Office Project Officer General Manager Field Officer Sludenl Researcher No employee received employee benefils of more than £60,000 during the year (2024.. Nil). 36
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Notes to the Financial Ststements (conllnuedj Year ended 31 March 2025 16. Trustee remunerdtion and expenses None of the Trustees (or any persons connected with them) received any remuneration during the year (2024= £nil). Trustees were reimbursed travel expenditure totalling £3,656 12024: £1,634). In addition, tsvo trustees received payments totalling £4,000 (2024.. £4,550) for taking part in projects including Beacon Farm Network and Grasscheck. 17. Tangible fixed assets Fixtures and fittings IT Equipment Total Cost At 1 April 2024 Additions 5,791 839 15,223 8,308 21,014 9.147 At 31 March 2025 6,630 23,531 30.161 Depreciatlon At 1 April 2024 Charge for the year At 31 March 2025 3,814 874 7.688 4,251 11.502 5.125 4,688 11,939 16,627 Carrying amount At 31 March 2025 1,942 11.592 13.534 At 31 March 2024 1,977 7.535 9,512 18. Investments Other investments Cost or valuation At 1 April 2024 Additions Disposals Fair value movements 753,971 115.457 (110,728) 21,592 At 31 March 2025 780,292 Impairment At 1 April 2024 and 31 March 2025 Carrying amount At 31 March 2025 780,292 At 31 March 2024 753.971 All investments shown above are held at valuation. 37
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Notes to the Financial Statements (continuerfj Year ended 31 March 2025 19. Debtors 2025 2024 Trade debtors Prepayments and accrued income Other debtors 220,678 5,614 28,373 160,509 4,637 254,665 165,146 20. Creditors: amounts falling due within one year 2025 2024 Trade creditors Accruals and deferred income Social security and other taxes Other creditors 2,369 12,651 5,012 245,599 20,020 6,298 298,993 325,311 265,631 Other credrtors relates to project expendrture committed to by the charity. 21. Creditors: amounts falling due after more than one year 2025 2024 Other creditors 222,465 298,001 Other credrtors relates to project expenditure committed to by the charity. 22. Deferred income 2025 2024 Amount deferred in year 4,800 23. Pensions and other post retirement benefrts Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £4.470 (2024.. £3,942). 38
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Notes to the Financial Statements (¢ontlnuedJ Year ended 31 March 2025 24. Analysls of charitable funds Unrestricted funds At Gains and 31 March 20 losses 25 At l April 2024 Income Expenditure General funds 878,005 545.088 1609,505) 21,592 835,180 At Gains and 31 March 20 losses 24 At 1 April 2023 Income Expenditure General funds 511.922 636,614 (337,974) 67,443 878,005 Restrlcted funds At Gains and 31 March 20 losses 25 At 1 April 2024 Income Expenditure UK DCN Fund 62,218 (27,078) 35,140 At Gains and 31 March 20 losses 24 At 1 April 2023 Income Expenditure UK DCN Fund 39
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Notes to the Financial Statements fcontinuedj Year ended 31 March 2025 25. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2025 Tangible fixed assets Investments Currenl assets Creditors less than 1 year Creditors greater than 1 year Net assets 9,718 780,292 592,946 1325,311) 1222,465) 835.180 3,816 13,534 780.292 624.270 {325.3111 {222.465} 870,320 31,324 35,140 Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 9,512 753,971 678,154 (265,631) {298,001) 878,005 9,512 753,971 678,154 {265,631) (298,001) 878,005 26. Financial instruments The carying amount for each category of financial instrument is as follows.. 2025 2024 Financial assets that are debt instruments measured at amortised cost Financial assets that are debl instruments measured al amortised cost 249.051 160,509 Financial assets that are equity instruments measured at cost less impairment Financial assets that are equity instruments measured at cost less impairment 780,292 753,971 Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost 541,478 558,620 27. Analysis of changes In net debt At At 1 Apr 2024 Cash flows 31 Mar 2025 Cash at bank and in hand 513,008 (143,403) 369,605
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Notes to the Financial Statements (¢ontinu•d) Year ended 31 March 2025 28. Operating lease commitments The total future minimum lease payments under non-cancellable operating leases are as follows: 2025 2024 Not later than 1 year Later than 1 year and not later than 5 years 3,492 3,492 3,492 3,492 6.984 29. Related parties During the year the were members of the Agrisearch advisory committees and Board of Trustees who were involved as famier ctrresearchers in projecls which Agnsearch co-funded. The advisory committees are in place to review funding and expenditure proposals. A total of £11,820 (2024.. £10,400) was paid out to three members of the Beef advisory committee. two members of the Dairy advisory commrttee and three members of the Sheep advisory committee. 41
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Management Inforniation Year ended 31 March 2025 The following pages do not fonn part of the financial statements. 42
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Detsiled Ststement of Financial Activities Year ended 31 March 2025 2025 2024 Income and endowments Donations and legacles Donations and gifts Grants receivable 479,256 80.709 470.561 150,890 559,965 621.451 Investment income Income from other investments Other interest receivable 11,067 7,901 12,060 3,103 18,968 15,163 Other income Refund for project commitment Phd-02 28,373 Total income 607.306 636,614 Expenditure Expenditure on charitable activities Wages and salaries Employer's NIC Pension costs Rent Insurance Legal and professional fees Other office costs Depreciation Loss on disposal of tangible fixed assets Dissemination costs Project expenditure Management charge Website Other Investment fees 188,034 13,831 4,470 3.492 4.504 29.885 936 5,125 167,765 11,537 3,942 3,492 3,559 33,077 1,361 3,410 17 37,585 55.320 90 5.783 7,134 3,902 40,263 313.404 14.270 14,059 4,310 (636,583) (337,974) Total expenditure (636,583> (337,974} 43
The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Detailed Statement of Financial Activities {contsnued) Year ended 31 March 2025 2025 2024 Net gains on investments {Gains)Ilosses on other investrnent assets (21,592) {67.443) Net (expenditure)lincome (7.685) 366,083
6• The Northern Ireland Agricultural Research and Development Council TIA Agrisearch Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2025 2025 2024 Expenditure on charitable actlvities Research and development in the agricultural industry. Activities undertaken directly Direct charitable activty - wageslsalaries Direct charitable activty - employerfs NIC Direct charitable activty - pension costs Direct charitable activty - legal and professional fees Direct charitable activty - dissemination costs Direct charitable activty - project expenditu 133,596 9,930 3,182 4,388 40,263 312,475 113,911 7,831 2,659 5,175 37,585 55.320 503,834 222.481 Support costs Support charitsble activity- wageslsalaries Support charitable activity- employerfs NIC Support charitable activity- pension costs Support charrtable activity- rent Support charitable activity - insurance Support charitable activity - other office costs Support charitable activity - depreciation Support charitable activity - k)ss on disposal of tangible fixed assets Support charitable activity - staff health insurance Support charitable activity- management charge Support charitable activity - webstle Support charitable activity - Other Support charrtable activity - investrnent fees 54,438 3,901 1,288 3,492 4,504 936 5.125 53,854 3,706 1,283 3,492 3,559 1,361 3,410 17 929 90 5,783 7,134 3,902 14,270 14.059 4,310 107,252 87,591 Governance costs Governance costs - accountancy fees Governance costs - audit fees Governance costs - legal and other professional fees Govemance costs - advisory support costs 2,760 5.760 8.878 8,099 1.000 5,000 15,470 6,432 25,497 27,902 Expenditure on charitable activities (636,583) (337.9741 45