Registered number:
08811248
Charity number: 1155563
Trustees' Report and Financial Statements
for the year ended
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Contents
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Reference and Administrative Details of the Charity, its Trustees and Advisers
for the year ended 31 December 2019
Page 1
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Chairman and Chief Executive's statement
for the year ended 31 December 2019
The Chairman and Chief Executive present their statement for the year.
• 2019 was a significant year for IFA as the organisation reached it’s largest number of projects to date, resulting in a successful year with a full team in place. • Progressing on the strong foundations which were established during 2018, last year the organisation made notable and significant contribution to projects both in the UK and in the EU where IfA were key partners in 9 Horizon 2020 projects. • A strong year financially has been delivered with am in year surplus of £48,751 and at year end and an improving carry forward reserve of £159,148. • We have introduced a host of new systems in finance, marketing and communications and have seen significant benefits from these in to 2020. The implementation of the new IfA website and marketing strategy saw website traffic increase three-fold. Update on Covid-19 in 2020 As we write this in Early September 2020 we are emerging from the greatest humanitarian and financial crisis of our lifetime. More concerningly we may only just be coming to terms with the challenge which the Covid-19 pandemic presents. IfA had intended to see further growth in 2020 and had budgeted accordingly. The UK and European lockdown have both effected the organization but in differing ways In the UK virtually all work stopped and was placed on hold in mid March. All EU projects, somewhat paradoxically, continued right through the lockdown and workloads and schedules have been largely unaffected. We took the decision to furlough the majority of staff from April 1st and have utilized the scheme for the majority of its running. We have brought certain key members of staff back part time at key dates. It is important to recognize the efforts and sacrifices made by the few staff who did not go on furlough as we have operated on 40% or less of our usual capacity. Without the hard work of our non furloughed staff we would not have come through this as well as we have so far. Equally it is important that we also recognize the hard times that those staff who have been furloughed have faced. In short, 2020 has been a significantly testing year for many people, but as the Chairman and CEO we are very proud of all the staff and how they have conducted themselves through these unprecedented times. Having formed a strong team of staff based on skill and ability rather than location, our team were already well equipped with the necessary tools and software to allow us to move fully to remote working within 24 hours. As a result, unlike many organisations who have struggled to adjust to this change, we have had no major problems with IT or security of systems, allowing us to continue working at usual capacity. 2020 and beyond The future is less certain and less assured than it has been for many years, we have seen significant changes in a number of our commercial clients and have received notices of reduction in funding from some of our charity donors. Brexit is still looming large with no real clarity on the likelihood of a no deal exit; or indeed on what such a departure would mean. We are beginning to see the green shoots of recovery and opportunity which always follows a crisis and are well placed to make the most of these in the newly emerging world in which we will operate in the future.
Page 2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Chairman and Chief Executive's statement (continued)
for the year ended 31 December 2019
However, it will be wise to be prudent for the remainder of this year and beyond into 2021. To this end we are reviewing all of our costs and will make whatever cost savings are necessary once we have a clearer picture of what the longer-term impact of Brexit and Covid-19 will be. We will continue to serve Agricultural innovators and will continue to pivot our own operations to best support the emerging opportunities into 2021. P Westaway Andrew Lazenby Chairman Cheif Executive 23 September 2020
Page 3
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Trustees' report
for the year ended 31 December 2019
The Trustees present their annual report together with the audited financial statements of the Innovation for Agriculture for the year 1 January 2019 to 31 December 2019. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective January 2015).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing their aims and objectives and in planning their future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
The charitable objects of the Charity are the advancement and promotion, for the public benefit, of agriculture and horticulture including without limit: a) The promotion of sustainable intensification and efficient food production: b) The conservation, protection, research and development of agriculture with particular emphasis on the physical and natural environment, soil health and erosion, greenhouse gas emissions, diffuse pollution and bio-diversity; c) The advancement of education and investment in new knowledge and dissemination of best farming practices; and d) The improvement of farm animal health and welfare.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
The Charity was founded in December 2013 and at the end of its sixth full year of operation is becoming established both as an entity and within the market landscape. 2019 was another year of successful growth. During 2019 the Charity continued to deliver its Soil & Water and Precision Livestock programmes and successfully attracted funding to establish a new work stream on Antibiotic reduction, which will facilitate expansion during 2098. In the medium term the objective is to continue to raise funding to facilitate the creation of new areas of activity.
As an environmental background to this growth, as we enter 2020, we face more uncertainty than ever before in both European Union funding and in UK Government Policy. Whilst we are in growth and continuing to develop all of our work programmes it is crucial that we are mindful of tougher times ahead and that we continue to manage the cost side of the organisation prudently.
Page 4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Objectives and activities
(continued)
c. Activities undertaken to achieve objectives
To achieve its charitable aims IfA stages training events on topics covering Soil Enrichment and Precision Livestock Farming & Animal Welfare. When organising such events it ensures that they embrace, promote and advance agricultural education and best practice, enable the establishment of networks for the transfer of knowledge with the overall aim of contributing to the well-being and prosperity of the Agricultural community.
It is the Charity’s intention that it will continue to develop and enhance its network of agricultural societies around England to improve the communication between the technical research institutions and farmers relating to agricultural and horticultural issues. During 2016 Cheshire Agricultural Society joined Innovation for Agriculture’s network to bring the total number of societies participating in the initiative to 16. During 2019 no societies joined or left.
d. Main activities undertaken to further the Charity's purposes for the public benefit
As identified above the Charity arranges training events on topics covering Soil Enrichment, Precision Livestock Farming and antimicrobial resistance and the appropriate use of Antibiotics. When organising such events it ensures that they embrace, promote and advance agricultural education and best practice, to enable the enhancement of networks for the transfer of knowledge.
The events lead to an improvement in animal welfare, soil health and freshwater quality.
Achievements and performance
a. Review of activities
A review of activities is contained within the Chairman and Chief Executive’s Statement.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
In the medium term, IfA aspires to hold reserves equivalent to 50% of annual operating costs and for the Charity to move its focus to generating an increasing proportion of its income from operations rather than relying entirely on fund-raising from other charities and institutions. The Trustees are pleased with what has been achieved in this regard in the five periods of operation.
At 31 December 2019 the total free reserves amounted to £159,148 (2018 - £99,950) which are expected to produce negligible income.
c. Material investments policy
IfA held no investments at 31 December 2019.
d. Principal funding
Funding is generated from other charities, the European Horizon 2020 Science Programme and a growing number of commercial customers.
Structure, governance and management
Page 5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Structure, governance and management
(continued)
a. Constitution
Innovation for Agriculture (“IfA” or the “Charity”) is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 11 December 2013. Under Section 60 of the Companies Act 2006 it is exempt from the requirement to use the word “limited” after its name. It is registered as a charity with the Charity Commission. Subject to the approval of the Trustees, membership is open to all and at 31 December 2019 there were five members (2018: six members), each of whom has agreed to contribute £10 in the event of the Charity winding up. We hope to increase this number during 2020.
b. Methods of appointment or election of Trustees
The initial Trustees were nominated by the sponsoring agricultural societies. As set out in the Articles of Association, the Chairman of the Board of Trustees is appointed by the other Trustees and, as for all other Trustees, serves until he is required to retire by rotation at the Annual General Meeting. Trustees have no formal service agreements. The Board meets at least quarterly to conduct the business of the Charity. Two independent Trustees also form part of the Board, each of whom brings relevant experience to assist the Charity with the achievement of its objectives.
c. Organisational structure and decision-making policies
The Charity has a very flat management structure with a Chief Executive reporting to the Chairman and ten other employees.
d. Policies adopted for the induction and training of Trustees
The Trustees appointed to date are all experienced directors and have needed no additional training. It is intended that the Trustees will be briefed on changes to the legal and compliance environment on at least an annual basis.
e. Pay policy for key management personnel
The Charity has entered into an agreement to pay the Chairman a fee of £900 per month plus reasonable travel expenses for his services assisting with the raising of funds on behalf of the Charity. No other Trustees receive any remuneration.
f. Related party relationships
The Charity has no subsidiaries or associated companies.
The Chief Executive of the Charity is also the Chief Executive of the Royal Agricultural Society of England – a member of the Charity. The Chairman of RASE is also a Board Member of the Charity.
g. Risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
h. Trustees' indemnities
The Charity has purchased Professional Indemnity Insurance which protects the Charity from loss arising from the neglect or default of its Trustees and employees. The Charity also holds Directors & Officers insurance to cover the cost of compensation for alleged wrongful acts.
Page 6
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Plans for future periods
The Charity will, as funding allows, continue to develop its resources to build an extension service to improve the communication between the technical research institutions and farmers relating to agricultural and horticultural issues.
Members' liability
The Members of the Charity guarantee to contribute an amount not exceeding £10 to the assets of the Charity in the event of winding up.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity 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 Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
∙
select suitable accounting policies and then apply them consistently;
∙
observe the methods and principles of the Charities SORP (FRS 102)
∙
make judgements and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.
Disclosure of information to auditor
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
∙
so far as that Trustee is aware, there is no relevant audit information of which the charity's auditor is unaware, and
∙
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
Auditor
The auditor, Dains LLP, has indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.
Approved by order of the members of the board of Trustees on
Page 7
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Independent Auditor's Report to the Members of Innovation for Agriculture
We have audited the financial statements of Innovation for Agriculture
(the 'charity') for the year ended
In our opinion the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Page 8
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Independent Auditor's Report to the Members of Innovation for Agriculture (continued)
The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
∙
the Trustees' report has been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 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 returns; or
∙
certain disclosures of Trustees' remuneration specified by law are not made; or
∙
we have not received all the information and explanations we require for our audit; or
∙
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
Page 9
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Independent Auditor's Report to the Members of Innovation for Agriculture (continued)
As explained more fully in the trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company 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 internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Chartered Accountants
Page 10
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account)
for the year ended 31 December 2019
Page 11
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Registered number: 08811248
Balance sheet
for the year ended 31 December 2019
The financial statements were approved and authorised for issue by the Trustees on
Page 12
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Statement of cash flows
for the year ended 31 December 2019
Page 13
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2019
Innovation for Agriculture is a charitable company incorporated in England and Wales and registered with the Charity Commission. The address of the registered office is given in the reference and administrative details section of these financial statements. The nature of the Charity's operations and principal activities are detailed in the Trustees Report.
2.
Accounting policies
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Innovation for Agriculture meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donated services or facilities are recognised when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' Report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 14
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2019
2.
Accounting policies (continued)
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
All assets costing more than £500 are capitalised.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
Page 15
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2019
2.
Accounting policies (continued)
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innvoation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life o the asset and projected disposal values.
Page 16
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2019
3.
Income from donations and legacies
(continued)
Page 17
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2019
5.
Expenditure on raising funds
(continued)
Page 18
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2019
6.
Analysis of expenditure by activities
(continued)
Page 19
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2019
Page 20
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2019
Page 21
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2019
Page 22
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2019
Page 23
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2019
Page 24
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2019
Page 25
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2019
Page 26
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2019
Page 27
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovation for Agriculture
(A company limited by guarantee)
Notes to the financial statements
for the year ended 31 December 2019
The Charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £8,774 (2018 - £8,876). Contributions totalling £1,347 (2018 - £1,392) were payable to the fund at the balance sheet date and are included in creditors.
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding
£
10
for the debts and liabilities contracted before he/she ceases to be a member.
Page 28
|