DSC Company Registration No. 02852984 Charity Registration No. 1041966 The Food and Drink Training and Education Council Limited (A Company Limited by Guarantee) Report of the Trustees and Audited Financial Statements for the year ended 31 August 2024
The Food and Drink Training and Education Council Limited (registered number 02852984) Report and financial statements for the year ended 31 August 2024 Contents Page Offlcers and professlonal advisers Group trustee< report Trusteeg responsibilities statement Independent auditor's report Consolidated statement of financial artivities Balance sheets io ststement of cash Ilows and consolldated 5tstement of ¢a5h flows li Notes to the financial statements 12-23
The Food and Drink Training and Education Council Limited (registered number 02852984) Report and financial statements for the year ended 31 August 2024 Officers and professional advisers Names Bankers The Food and Drink Training and Education Council Limited Uoyds TSB Thavies Inn House 6 Holborn Circu5 London ECIN 2HP Food Training Co¥Jncil (Trading namel ftc (Trading namel Trustees Mr M P Grantley-smith Ichairmanl MrAJ Brodie Mr R J Bansback Mr R J Field Mr C J Aldersley (appointed 01103120241 Solicitors Sherrard5 45 Grosvenor Road St Albans Herts ALI 3AW Chief Execut1 Officer Auditor Mrs C Wa15h DSC Actountants Ltd Chartered Accountants and Re81Stered Auditors Tatters311 House East Parade Harrogate HGI SLT Secretary MrWJJermey Registrred Office 4100 Park Approach Thorpe Park Leeds LS15 8GB Page I
The Food and Drink Training and Education Council Limited (registered number 02852984) Report and financial statements for the year ended 31 August 2024 Group trustees, report The trustees present their report together with the financial statements for the year ended 31 August 2024. This report is also a Directors, Report as required by the Companies Att 2006. Structure, Governance and Management Governing document The Food and Drink Training and Education Council Limited is a company limited by guarantee, incorporated on 8 September 1993, and a registered charity. It is governed by its Memorandum and Articles of Association. The guarantee of each member is limited to £1. Structure The Food and Drink Training and Education Council has three wholly owned subsidiaries FDQ Limited and Institute of Meat Limited. Details appear in note 17. Chr15tine Walsh is the Group Chief Executive. Bill Jermey is the company seuetary as well as the chairman of IOM. The day-ttrday management of FDQ Limited is conducted by the chief executive Terry Fennell who reports into FDQ chair Dr Jane Downes. The day-to-day management of Institute of Meat is conducted by chief executive Keith Fisher who reports into the chair Bill Jermey. Both Dr Jane Downes and Btll Jermey report into the Group Chief Executive Christine Wa15h. The Chief Executive reports into the Trustees who approve the budget and are involved in key decision making. TrusteÈs The trustees are also dirertors for company law. A full list of those who seThed during the year and subsequently 15 shown within the legal and administrative information. Trustees are appointed by the members at the Annual General Meetin8 of the charity after nomination by a minimum of three members as required by the charitys Memorandum and Articles of A550ciation. All trustees receive appropriate training and induction on becomin8 trustees. Related parties The subsidiary companies, FDQ Limited and Institute of Meat are related parties because of this relationship. A150 related are the trustees and key management of the tompany and its subsidiaries, and any connerted persons as defined in the tharity SORP 2015. Some tnjstees are also directors of other companies. Risk policy The counul have reviewed and implemented a formal risk management process to a55e55 business risk and monagement strategies. Objertive and activitie5 The principal artivity of the charity is to secure and promote the provision of training within the food industry. The most important way it achieves this is through promotion and development of vocational training and apprenticeships. Our subsidiary FDQ Limited is the largest Awarding Or8anisation in the food industry and is well established as an end Point Assessment Organisation for many food industry apprenticeship5. This is an area for growth. This year the charity has continued to use income and reserves to work with industry to ensure that the new apprenticeships fully meet the needs of both employer and apprenty.ce as well as to fund further developments in different sectors. The Company also arranges a number of animal welfare and HACCP courses. Institute of Meat IloMI is a professional body representing its members within the meat industry. lom We profitable through their continuing engagement with industry and apprentices. Their Accredited Master Butcher award 15 provin8 popular both in the UK and abroad ès a retognised independent assessment method of experiential learnin8. Page 2
The Food and Drink Training and Education Council Limlted (registered number 02852984) Report and financial statements for the year ended 31 August 2024 Group trustees, report In setting the charity's objertives ènd planning its activities. the trustees have given careful consideration to the Charity Commission's general guidance on public benefit. Achièvements and perforrnancelfinancial review and plans for future periods We have continued to lead on govemment backed apprentice Trailblazer projects, assisting a large 8roup of employers by providing the setretariat for the employer Trailblazer group and IFATE, in reviewing and updating apprentice standards. These projects, along with our support of training development through FDQ Limited and support of Institute of Meat, assist us in achieving our charitable objertives. FDQ Ltmited continue to deliver End Point Assessments for many apprenticeships used by the food and drink manufacturer5. The demand for apprenticeships and qualifications continued into 2024, however all organisations experienced increased delivery costs. FDQ is the only awarding organisation that offers the qualifications mandated in the Food and Drink apprenticeship in Wales. The charity continues to 5LlPPOrt e¥pandinE the delivery of qualifications throughout the island of Ireland through FDQ who are recognised by CCEA as a regulated 3warding organisation. Animal Welfare training ha5 once again seen significant dUttI0n because many organisation5 have moved to in house trainers or their customers asking them to Use Bristol University. The tharity has recognised the changing landscape across the food manufacturing industry and the effects Brexit IS Still having on labour shortages. The charity is funding the (levelopment of new assessments and qualifications for the current year which should 80 live In 2025126. The charity will a150 fund advertising and provide other promotional services on endorsed programmes which have been requested by the food and drinks industry. Publlc benÈflt The charity provides benefit through engaging in activities that help the public at large to benefit ultimately from a better provision of trained staff in the food industry. Reserve poll Charity Commission guidelines require us to justify the amount of money helé by the charity. The reseNe poliry is to ensure the charity is viable, to protect the charity aeainst drops in income and to 3llow it to take advantage of new opportunities in the next year or two due to foreseeable changes. The charivs policy is to maintain reseNes equivalent to three months, operating costs. This year the board of trustees is comfortable with the year-end resee5 fi8ure. Durlng the year the trustee5 will regularly monitor the reserves in the light of the changing funding and financial climate and other risk5. Investment policy and perforrnAnce In accordance with the trust deed. the trustees have the power to invest in such stock5, shares investment5 and property in the UK as they see fit. There were no investments during the year. Small company provlslons This report ha5 been prepared in accordance with the special provisions for small companies under the Companies Act 2006. Statement as to dlsclosure of informatlon to auditors. So far as the trustees are aware, there is no relevant audit information la5 defined by Section 418 of the Companies Act 20061 of which the charivs auditors are unaware, and each trustee has tsken all the steps that he ought to have taken a5 a trustee in order to make himself aware of any relevant audit information and to e5tabli5h that the charitV5 auditors are aware of that information. By order of the Board M P Grantley-smith Chairman 27 February 2025 Page 3
The Food and Drink Training and Education Council Limited {registered number 02852984) Report and financial statements for the year ended 31 August 2024 Trustees, responsibilities statement The trustees (who are also directors of The Food and Drink Training and Education Counol for the purposes of ompany Saw) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicoble law and United Kingdom Accounting Standards (United Kingdom Generally Attepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the State of affairs of the charitable company and the group and of the incoming resources and opplitation of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustee5 are required to- Select suitsble a¢¢oLtnting policies and then apply them ton5iStently; observe the methods and principles in the Charities SORP.. make judgments and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subjert to any material departures disclosed and explained in the finanoal statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accountin8 records that disdose with reasonable accuracy Bt any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detertion of fraud and other irregularities. Page 4
Independent Auditorfs report to the members and trustee5 of The Food and Drink Training and Education Council Limited Oplnion We have audited the financial statements of The Food and Drink Training and Education Council (the 'charity'l and its Subsidiaries Ithe'group'l for the year ended 31 August 2024, which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheet. Statement of Cash Flows and Consolidated Statement of Cash Flows, and Notes to the Financial Ststements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparatÈon is United Kingdom Accounting Standards, comprisin8 Charities SORP- FRS 102 The Financial Reporting Standard applicable in tFie UK and Republic of Ireland, and appllcable law (United Kingdom Generally Accepted Accountin8 Prarticel. In our opinion the financial statements.. give a true and fair view of the state of the group's and of the chariws affairs as at 31 August 2024 and of the group's results for the year then ended; have been properly prepared in accordance with United fingdom Generally Accepted Accountlng Prartice- and have been prepared in accordance with the requirements of the Companies Act 2CQ6. Ba515 for oplnion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibillties under those standards are further described in the Auditorf5 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the finanaal statements in the UK, including the FRCS 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. Conclusions relatlng to golng concem In auditing the financial statements, we have concluded that the members use of the going concern 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 uncertaintie5 re5atlng to events or conditions that, individually or collertively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our respon5ibillties and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The trustees are responsible for the other information. The other information comprises the information included In the annval report. other than the financial statements and our auditorfs report thereon. Our opinion on the finanoal statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not eKpress any fom of assurance conclu5iori thereon. In Connection wwth our audit of the financial statements, our responsibility is to read the other Information and, in doin8 $0, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appear5 to be materially misstated. If we identify such material incons1Stencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial 5tstements or a material mi55tatement of the other information. If. based on the work we have performed, we condude 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. Oplnlon on other matter5 prescrlbed by the Cornpanies Act 2006 In our opinion. based on the work undertaken in the course of the audit= Page 5
Independent Auditorfs report to the members and trustees of The Food and Drink Training and Education Council Limited the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements- and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of our knowledge and understanding of the group and its environment obtained in the course of the audit, we have not identified material misststements in the Trustees. Report. We have nothing to report in re5pett of the following matters where the 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, regirne Responsibilltles of trustees As explained more fully in the Statement of Trustees, Responsibilities (set out on page 41, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for suth internal control as the trustees determine is necessary to enable the preparation of finantial statements that are free from material mi55t3tement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for a55es5in8 the group'5 and the charity's ability to continue a5 a going toncern, di5closin& as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the charity or to cease operations, or have no realistic 3lternative but to do so. Auditorfs responslbllities for the audlt of the financlal statements Our objettives 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 auditorf5 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 IUKI will always detect a material misstatement when it eSts. 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 ststements. We identified areas of laws and regulations through discussion with the trustees and from the inspertion of orrespondence with the Charity Commission and other regulatory and legal correspondence. The extent to which our protedures are capable of detecting irregularities, including fraud is detailed below- We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applieable laws and regulations, including fraud. We focused on laws and regulations which could give rise to a material mi55tatement in the financial statements, includin& but not limited to. the Companies Art 2006 and UK tax legislation. Our test5 included agreeing the financial statement disclosures to underlying supporting documentation, a review of correspondence with the Charity Commission, the most recent Ofqual cornplian reporL enquiries with management and the inspertion of other regulatory and legal correspondence. We addressed the risk of management override of internal controls, including testing journals and estimates and evaluating whether there was evidence of bias by the directors that represented a risk of material mi55tatement due to fraud and the completeness of income recognition by testing the income from a database of learners. We did not identify any key audit matters relating to irregularities, including fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases Page 6
Independent Auditorfs report to the members and trustee5 of The Food and Drink Training and Education Council Limited the more that compliance with lèw or regulation is removed from events and transartions reflected in the flnancial statements, as we will be less likely to become aware of instances of non-compli3nce. The risk is also greater regarding irregularities occurring due to fraud rather than error, a5 fraud involves intentional concealment, forgery, collusion, omission or misrepresentstion. A further description of OLtr responsibilities for the audit of the financiol Statements is located on the Financial Reporting Council's webslte at vnwi.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Auditors. Use of our report This report 15 made solely to the charitable company's trustees. as a body. in accordance with Chapter 3 of Part 16 of the Cornpanies Act 2006. Our audit work has been undertèken so that we might State to the charity's trustees those matters we are requSred 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 a55ume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work. for thi5 repor¢ or for the opinions we have formed. Graham French FCA (Senior Statutory Auditor) For an on behalf of DSC Accountsnts Ltd Statutory Auditors Tattersall House East Parade Harrogate HGI 5LT Date: 27 February 2025 Page 7
The Food and Drink Training and Education Council Limited (registered number 02852984) Consolidated Statement of Financial Activities For the year ended 31 August 2024 (Including Consolidated Income and Expenditure Account) Summary Income and Expenditure Account Unrestrirted fvnd 2024 2023 Incomin8 resources Incoming resources from generated fvnds Activities for generating funds Incorne generated by subsidiaries Investment Income Other investment income Incoming resources from charitsble activities Project and other income 1,390,237 1.390,237 1,541,248 892 892 1.620 14,925 14,925 15,785 Total incomlng resources 1,406,054 1,406,054 1,558,653 Resources expended Costs of generating funds Costs incurred by subsidiaries Costs of charitable attivities Direct costs Support Costs Governance costs 1,379,160 1.379,160 1.502,757 4,847 59,329 4,265 4,847 59,329 4,265 11,556 70,853 4,200 Total resourcès expended 1,447,601 1.447,601 1,589.366 Net {outgoingl l incorning resources Total funds brought forward at I September 141,5471 362.678 141,5471 362.678 130,7131 393.391 Total funds carrled forward 16 321,131 321,131 362,678 The Statement of Financial Attivities incorporates the income and expenditure account. The results for the year derive from continuing activities and there are no gain5 or losses other than those shown above. The notes form part of these financial statement5 Page 8
The Food and Drink Training and Education Council Limited (registered number 02852984) Consolidated and Charity Balance Sheet As at 31 August 2024 Group Charity 2024 2023 2024 2023 Note Flxed assets Intangib5e assets 34,223 37.532 Tangible assets Investments io li 9.043 18,616 332 522 Current assets Debtors Prepayments and accrued income Cash at bank and in hand 12 168,830 42.184 285,485 175,919 18,766 365,983 120,738 12,935 140,369 103,445 4,262 195,700 Total current assets 496.499 560,668 274,042 303,407 Credltors: arnounts falling due wlthin one year 13 169,2391 1130.1981 17,2301 15,1501 298,257 Net current assets 427.260 430,470 266,812 Total assets less current liabilltie5 470.S26 486.618 267,144 298,780 Credltors.. amounts falling due after more than one year 14 112.fAOI 123,6031 Accruals and deferred incorne {136,7551 1100,3371 14,335 16,2221 Net assets 321,131 362,678 262,809 292,558 Funds Unrestritted Unrestrirted deficit retained within non charitable subsidiaries 321,131 362,678 262.809 292,558 Total funds 16 321.131 362.678 262,809 292,558 The note5 fomi part of these financial statements Page 9
The Food and Drink Training and Education Council Limited (registered number 02852984) Consolidated and Charity Balance Sheet (Continued) As at 31 August 2024 The members have required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for: lal ensuring that the charitable company keeps acco¥Jntin8 records which comply with Sections 386 and 387 of the Companies Act 2CQ6 and Ibl preparingfinancial statements which give a true and fairview of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 21X)6 relating to financial statements, so far as applicable to the tharitable compony. These financial statements have been prepad in accordance with the special provisions of Part 15 of the Companies Art 2006 relating to small charitable companies. The financial statements of The Food and Drink Training and Education Council Mited were approved by the Board of Trustees on 27 February 2025 and were signed on its behalf by: M P Grantley-smith (Chairman of the Trustees) The notes fom part of these finanaal statements Page 10
The Food and Drink Training and Education Council Limited (registered number 02852984) Statement of Cash Flows and Consolidated Statement of Cash Flows For the year ended 31 August 2024 Group Charity 2024 2023 2024 2023 Note Cash generated fromllused inl operating artlwties Tax Paid 21 162,6141 13,1851 41,181 13,5491 155,3311 31,720 Net cash from operating aVItIeS 165.7991 37,632 155,3331 31,720 sh flows from Investir% artNltles Interest income Purchase of intangible assets Purchase of tangible fixed assets 892 13,3271 112.264) 1,620 114,5131 11,0211 1,071 Cash provlded by (used In) investlng artivitles 114,6991 113,9141 155,331} 1,071 Increaselldecreasel in cash and cash equivalents in the year 180.4981 23,718 155,3311 32,791 Cash and cash equivalents at the beginnin8 of the year Total cash and cash equlvalents at the end of the year 365,983 342,265 195.700 162,909 22 285,485 365,983 140,369 195,700 The notes form part of these financial statements Page 11
The Food and Drink Training and Education Council Limited (registered number 02852984} Notes to the financial statements {Continued) For the year ended 31 August 2024 ststLrtory Information The Food and Drink Training and Educat Council timited 15 a private company. limited by guarantee. registered in England and Wales. The company's registered number and registered Offi address can be found on the Company Information page. The charity is a public benefit entity. In the event of the charity being wound up, the liability in spett of the guarantee is limited to £1 per member of the chartty. The presentation currency of the financial statements is the Pound Steding 1£). Accourtin8 pollcles Basis of Preparatlon The financial statements have been prepared in accordan with Accounting and Reporting by Charitie5.' Statement of Recommended Practice applicableto charities preparingtheiraccounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Iland IFRS 1021 leffective l January 20151 (Charities SORP IFRS 10211, the Financial Reportin8 Standard Bpplicable in the UK and Republic of Ireland IFRS 1021, the Companies Act 2006 and the Charities Act 2011. The Food and Drink Training and Education Council Mited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially cOgnised at historical cost or tranrtIOn value unless otherwise stated in the relevant accounting policy notelsl. The financial statements have been prepared under the historical cost convention. Bas1$ of Consolidation These financial statements consolidate the resutts of the charity and its wholly owned subsidiaries. FDQ Limited, Institute of Meat and The Meat Training Council Limited on a line by line basis. A separète Statement of Financial Attivities. or income and expenditure account, for the charity itself is not presented because the charity has taken 8dvantage of the exemptions afforded by Section 408 of the Companie5 Act 2006. The Meat Training Council Limited has not traded during this financial year. Going conrn The trustee5 believe that the company will be able to maintain positive cash flows for the foreseeable future. and there is no reliance on external financing. As a consequen, the tnjstees believe the charity is well placed to manage its bLtsiness risk5 successfully despite the turrent urKertain ecorMiC OLttlwk. After making enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the fofeseeable futLre and that there are no material uncertainties about the charitvs abiltty to continue. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Fund accourrtirva General funds a unrestricted funds which are avoilable for use at the discretion of the trustees in furtherance of the general objectives of the chartty and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trvstees for a particular purpose. The aim and use of each desgnated fund is set out in the notes to the financial statements. Page 12
The Food and Drink Training and Education Council Limited (registered number 02852984) Notes to the financial statements (Continued) For the year ended 31 August 2024 Accounting policies (continued) Incoming resources Income is the amount derived from the provision of goods and services, and stated aftertrade discounts, other sales taxes and VAT. All incoming resource5 are included in the Statement of Financial Artivitie5 ISOFAI when the charlty is legally entitletl to the income and the amount can be qu8ntified with reasonable accuracy. Gronts und donations receivoble Income from donations and grants is included in incoming resources when these are 1Vable, except as follows: When donor5 specify that donations and grants given to the charlty must be used In future accounting periods, the income is deferred until those periods,. and When donors imFKJse conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resource5 untll the preiondition5 for use have been met. When donor5 specify that donations and grants, including capital grants. are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, thi5 ir*come is included in incoming resour5 of restricted funds when receivable. Resources experKled All eypenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headir¢gs they have been allocated on a basis consistent with use of re50urce5. Charttable expenditure relates to expenditure direttly relating to the objetts of the charity. Support COSts are those c05t5 incurred d1CtlY in supp)rt of e¥penditure on the objert5 of the charity and include project management carried out on the premises. Governance costs are those inclLbded in connection with the administration of the charty and compliance wfch consttrtrtional and statutory requirements. The council sets aslde reserves into a designated fund to be distributed as grants to other businesses within the meat and pouttry industry. Grants are awarded on receipt of applications that suitably satisfy the councils grant making criteria. Tanglble fixed assets and depreciation All tangible assets are capita14sed at cost. Depreciation is provided on 311 tangible fixed assets at rate5 calculated to write off the cost overthelr expected useful economic lives as follows: FiXtus, frttings and equipment 25% strafjght line Assets below a value of £5 are not con5idere(J material to the charity an(J so are not capitalised in the charty accounts. Assets above a value of £500 are capitalised in the subsidiary accounts. Impairnient review5 occur when there is an indication that the assets may be impaired. rixed asset Investments Fixed asset investments are in the balance sheet at cost less any provision made for impairment in value. Such investments are classified as current assets when regarded as available for sale. Page 13
The Food and Drink Training and Education Council Limited (registered number 02852984) Notes to the financial statements (Continued) For the year ended 31 August 2024 Accountlng pollcles Icontlnued) Development costs Intangible assets are initially measured at cost. After initial recognition. intangible assets ore measured at cost les5 any accumulated amortlsation and any accumulated impairment1055es. The development cost5 have been capitalised as they relate to the development of end point assessment for apprenticeship Standards. The costs relate to developing assessment plans and a55e5sor training which the benefjt will be seen over 5 years. Creditors and pro¥islons Creditors and provisions are recogni5ed where the charity has a present obligation res1n8 from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Credttors and provisions are normalty recognised at their settlement amount after allowing for any trade discounts due. Pen51on costs The pension costs charged to the SOFA represent the amount of the contribution payable to certain employees, personal pension schemes in respect of the accounting period. The contributions are split between costs incurred by the subsidiaries and sUPPOrt costs in the charity- They form part of the unrestrirted funds of the group. Leased a55ets Assets held under finance leases and hire purchase contracts are capttalised in the Balance Sheet and depreciated over their experted useful live5. The interest element of leasifkg payment5 repSentS a constant proportion of the capital balance outstanding and is charged to the SOFA over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the SOFA on Straight Ilne basis over the lease terms. Related partles As the company prepares publicly available consolidated financial statements, the company has taken advantage of the exemption contained in FRS 102 and ha5 therefore not dix105ed transaLtions or balance5 Wlth rcs wholly owned subsidiaries. Page 14
The Food and Drink Training and Education Council Limtted (registered number 02852984) Notes to the financial statements (Continued) For the year ended 31 August 2024 Flnancial performance of the charity The consolidated statement of financial artivities includes the results of the ¢hariV5 wholly owned subsidiaries. The summary finantial performance of the charity is detailed below. 2024 20Z3 Income Donation from subsidiary companies Investment income 14,925 52,155 15,785 81,921 1,071 67,080 98,777 Expenditure on charitable activitie5 Grant paid to subsidiary company Support Costs Governance costs 14,8471 115.0001 172,7171 14,2651 111,5561 132,7001 180,7411 14,2001 196,8291 1129,1971 Net lout8olng}lincoming resources 129,7491 130,4201 Fund balances brought forward 292,558 322,978 Fund balances carried foNiard 262,809 292,558 Represented by: Unrestricted income funds 262.809 292,558 Project and other income 2024 2023 Projert and other income: NVQ'S, courses and examination fees 14,925 15,785 No grants re¢eived in the year12023: nill. Investment Income 2024 2023 Bank interest received 892 1,620 Page 15
The Food and Drink Training and Education Council Limited (registered number 02852984) Notes to the financial statements (Continued) For the year ended 31 August 2024 Total resources expended Charitable artivities Costs of Support generatin8 Governance Costs funds costs 2024 2024 2024 Direct costs 2024 Total 2024 Total 2023 Project expenditure Staff costs and expenses Training and development Premises and office costs Travelling and motor expenses Audit fees Accountancy and professional fees Depreciation and amortisation Bank charges and interest Insurance Advertising and exhibitions Product development Conference costs Computer expenses Subscriptions Other costs Corporation Tax 4,847 343.627 773,460 8,107 79,848 45,828 8,265 348.474 806,587 8,107 81,238 49,852 12,530 461,065 794,336 5,311 76,689 57,058 12,150 33,127 1.390 4.024 4.265 6,657 190 1,183 1.330 8.770 8.632 28,283 741 15,289 28,473 1,924 1,330 15,368 24.661 9,529 31,923 6,976 3,388 1,952 22,253 42,213 4,185 3,209 33,642 17,329 11,298 35,492 4,987 4,965 3,184 6,598 24.661 9,529 30.964 6.090 2.575 1.952 959 886 813 4,847 59,329 1,379.160 4,265 1,477,601 1,589,366 Net incoming resources lor the year 15 stated after (har6ing: 2024 2023 Fees payable to the charivs auditorforthe audit of the accounts Fees payable to the charivs auditor for tax advisory services Fee5 payable to the charity5 auditor for other financial servits5 Depreciation of tangible assets Amortisation of intsngible assets Rents 12,530 1,385 11,191 12,899 15,574 53,751 12,150 1,325 7,776 15,019 27,194 49,562 Pa8e 16
The Food and Drink Training and Education Council Limited (registered number 02852984) Notes to the financial statements (Continued) For the year ended 31 August 2024 Staff costs 2024 2023 Gross wages and salaries Other staff costs Employerf5 national insurance Pension costs 686,406 5,013 5S,283 59.884 659,988 4,679 69,497 60,172 806,586 794,336 The average monthly number of employees durinE the year was as follows.. 2024 2023 No. Administration 21 21 All trustees are non-executive and other than noted below, none of them received any remuneration in the year12023'. £nill. Two trustees claimed £45612023: £1,144) in travelling expenses in the year. The key management personnel of the parent charity comprise the trustees. the Chief Executive Officer and Company Secretary. These a150 comprise the key management personnel of the group. The total employee benefits ofthe key management personnel were £24,15012023-. £18.WOI. The number of employee5 of the trading subsidiaries whose emoluments as defined for taxation purposes amounted to over £60.000 in the year wa5 as follows- 2024 No. 2023 No. £60,001- £70.000 £70,001- £80,000 £80.001- £90,000 Pension contributions in the year for staff earning more than £60.0 were E7,71112023.' £7.7211. Page 17
The Food and Drink Training and Education Council Limited (registered number 02852984) Notes to the financial statements (Continued) For the year ended 31 August 2024 Intangible assets Group Charity development development costs Costs Cost At I September 2023 Additions 222,153 12,264 234.417 At 31 August 2024 Depreciation At I September 2023 Charge for the year 184,621 IS,573 200,194 At 31 August 2024 Net book value At 31 August 2024 34,223 37.532 At 31 August 2023 Page 18
The Food and Drink Training and Education Council Limited (registered number 02852984) Notes to the financial statements (Continued) For the year ended 31 August 2024 io. Tanglble assets Group Charlty fixtures, fixtures, ffttings and ffttings and equipment equlpment Cost At I September 2023 Additions Disposa15 75,140 3,327 14,6011 6,758 At 31 August 2024 73,866 6,758 Depreclatlon At I September 2023 Charge for the year Elimination on disposal 56,525 12,899 14.6011 6.236 190 At 31 August 2024 64,823 6.426 Net book value At 31 August 2024 9,043 332 At 31 August 2023 18.615 522 ii. Fixed asset Investments Shares in group under takings Cost At I September2023 Disposa15 iii At 31 August 2024 Net bookvalue At 31 Augvst 2024 At 31 August 2023 The investment in The Meat Trainsng Council rnited was disposed when the company was dissolved In November 2023. Page 19
The Food and Drink Training and Education Council Limited (registered number 02852984)
Notes to the financial statements (Continued) For the year ended 31 August 2024
| 12. Debtors Trade debtors Amounts owed by subsidiary undertakings Other debtors 13. Creditors: Amounts falling due within one year Trade creditors Taxation and social security costs Bank loans Other creditors 14. Creditors: Amounts falling due after one year Bank loans 15. Accruals and deferred income Accruals and deferred income |
Group 2024 £ 2023 £ 165,515 172,604 - - 3,315 3,315 168,830 175,919 Group 2024 £ 2023 £ 43,990 94,811 8,066 19,324 10,000 10,000 7,183 6,063 69,239 130,198 Group 2024 £ 2023 £ 12,640 23,603 Group 2024 £ 2023 £ 136,755 100,337 |
Charity 2024 £ 2023 £ 1,294 1,282 119,444 102,163 - - 120,738 103,445 Charity 2024 £ 2023 £ 4,400 4,097 991 877 - - 1,839 176 7,230 5,150 Charity 2024 £ 2023 £ - - Charity 2024 £ 2023 £ 4,335 6,222 |
|---|---|---|
Page 20
The Food and Drink Training and Education Council Limited (registered number 02852984)
Notes to the financial statements (Continued) For the year ended 31 August 2024
15. Accruals and deferred income (continued)
Deferred income comprises membership subscriptions which run from April 2024 to March 2025 and income from end point assessments which had not been performed by the balance sheet date.
| Balance as at 1 September 2023 Amount released to income from activities for generating funds Amount deferred in year Balance as at 31 August 2024 |
Group £ 72,873 (72,873) 118,035 118,035 |
Charity £ - - - |
|---|---|---|
| - |
16. Statement of funds - Group Analysis of movements in unrestricted funds
| At 1 September 2023 £ Income £ Expenditure £ Unrestricted 362,678 1,406,054 (1,447,601) Total funds 362,678 1,406,054 (1,447,601) Analysis of movement in unrestricted funds – previous year At 1 September 2022 £ Income £ Expenditure £ Unrestricted 393,391 1,558,653 (1,589,366) Total funds 393,391 1,558,653 (1,589,366) |
Transfers £ - - Transfers £ - - |
At 31 August 2024 £ 321,131 |
|---|---|---|
| 321,131 | ||
| At 31 August 2023 £ 362,678 |
||
| 362,678 |
Page 21
The Food and Drink Training and Education Council Limited (registered number 02852984) Notes to the financial statements (Continued) For the year ended 31 August 2024 17. SUbslary companies The charity is the sole member of FDQ Limited (registered number 055083181 and Institute of Meat Ire81Stered number 074004711. Al are companie5 registered in England and Wales and are limited by guarantee. The registered office of all the companie5 is the same as the parent, and can be found on the Company Information page. All activities have been consolidated oft a line by line basis in the SOFA. The majority of any net profit is gifted to the tharity. A summary of the results of the subsidiarie5 15 shown below. Inrtltute of Meat 2024 2023 FDQ Limlted 2024 2023 Turnover and costs contribLrtion Cost of sales 133.719 122,7431 132,648 1,284,907 1,439,189 120,4081 1320,8841 1429,1011 110,976 112.240 964,023 1,010,088 Administrative expenses Interest receivable Charitable donation 151,5541 148,6151 1971,0241 1989,0381 892 549 118,6511 {52,1551 163,2701 Net profit 7,267 355 16.1091 2,948 Tax 11,3831 13541 15681 12,8311 Net profit after tax S.884 16,6771 117 Members, surpluslldeficitl 9,885 4,C()I 38,362 45,039 FDQ Limited provides training and education services within the food industry. Institute of Meat acts as a professional body within the food industry. 18. Taxation The charitable artivities are exempt from taxation under Chapter 3 of Part 11 of the Corporation Tax Act 2010. Ultimate controlling party 19. The company 15 limited by guarantee. The liability of each member is limited. A member is defined as a person or entity entered as such in the statutory records of the company. Every member ofthe company undertakesto contribute £1 to the a55ets ofthe company, in the event of being wound up while he is a member, or within one year after he ceases to be 3 member. As a result no individual member has overall control. As at 31 August 2024, there were 12 members {2023: 121 of the company. Page 22
The Food and Drink Training and Education Council Limited (registered number 02852984) Notes to the financial statements (Continued) For the year ended 31 August 2024 20. Related party disclosures There were no related party transactions for the year ended 31 August 2024. 21. Reconciliation of net rnovements In funds to net cash flow from operating artivities Group Charlty 2024 2023 2024 2023 Surplus/lDeficitl before taxation Depreciation charges Interest income 139.5971 28,473 18921 {27.5291 42,213 11.6201 129,7491 130,4191 190 11,0711 112,0161 13.064 129,5591 131,3001 Decrease/lincreasel in trade and other debtors IDecreasel/increase in trade and other reditors {16.3291 54,052 125,9661 61,335 134,2691 125,9351 194 1,685 Cash generated from operations 162,6141 41,181 155,3311 31,720 22. Cash and cash equwalents Group 3110812024 0110912023 Charlty 3110812024 0110912023 Year ended 31 August 2024 Cash and cash equivalents 285.485 365.983 140.369 195,71XI Group 3110812023 OV0912022 Charlty 3110812023 0110912022 Year ended 31 August 2023 Cash and cash equivalents 365.983 342,265 195,700 162,909 Page 23