## NOT FOR DISTRIBUTION
## **The A Team Foundation Limited**
## **Annual Report and Financial Statements**
5 April 2022
Company Limited by Guarantee Registration Number 03775136 (England and Wales)
Charity Registration Number 1077094
## **Contents**
|**Reports**||
|---|---|
|Reference and administrative information|1|
|Directors’ report|2|
|Independent auditor’s report|9|
|**Financial statements**||
|Statement of financial activities|13|
|Balance sheet|14|
|Statement of cash flows|15|
|Principal accounting policies|16|
|Notes to the financial statements|20|
The A Team Foundation Limited
## **Reference and administrative information**
**Directors** Mr Benjamin Arbib Mrs Marina Arbib (appointed 29/06/21) Mrs Annabel Arbib (resigned 29/06/21) Mr Paul Reynolds **Registered office** 61 Grosvenor Street London W1K 3JE **Company registration number** 03775136 (England and Wales) **Charity registration number** 1077094 **Auditor** Buzzacott LLP 130 Wood Street London EC2V 6DL **Bankers** C Hoare & Co 37 Fleet Street London EC4P 4DQ **Investment managers** Thesis Asset Management Ltd Exchange Building, St John’s Street Chichester West Sussex PO19 1UP
The A Team Foundation Limited **1**
**Directors’ report** Year ended 5 April 2022
The directors present their statutory report together with the financial statements of The A Team Foundation Limited for the year ended 5 April 2022.
This report has been prepared in accordance with Part VIII of the Charities Act 2011.
The financial statements have been prepared in accordance with the accounting policies set out on pages 16 to 19 of the attached financial statements and comply with the Memorandum and Articles of Association of The A Team Foundation Limited, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
## **GOVERNANCE, STRUCTURE AND MANAGEMENT**
## **Constitution**
The A Team Foundation Limited is a company limited by guarantee (Registration Number 03775136) and a registered charity (Registration Number 1077094).
## **Directors**
The names of the directors who served during the period are set out as part of the reference and administrative information on page 1 of these Annual Report and Financial Statements.
The Articles of Association require a minimum of three directors and a maximum of seven. Directors may co-opt any person duly qualified to fill a vacancy in their number or as an additional director. Decisions on donations are taken by all directors and investment decisions have been delegated to Benjamin Arbib.
## **Directors’ responsibilities statement**
The charitable company’s directors (who are also trustees of the Foundation for the purposes of charity law) are responsible for preparing the annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of The A Team Foundation Limited and of its income and expenditure for the financial year then ended. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
- observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);
make judgements and estimates that are reasonable and prudent;
The A Team Foundation Limited **2**
**Directors’ report** Year ended 5 April 2022
## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued)
## **Directors’ responsibilities statement** (continued)
- 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 operation.
The directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Each of the directors confirms that:
- so far as the director is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and
- the director has taken all steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
## **Risk management**
The directors have identified the major risks to which the charity is exposed and remain confident that they have in place systems and procedures to mitigate the risks. They feel that the main risk to which the charity is exposed is the protection of assets and income. The income of the charity is mainly derived from the portfolio of investments held within the charity. The directors monitor the performance of the investments and regularly review their investment policy, meeting on a quarterly basis to consider the investment yields and capital growth.
## **Key management personnel**
The directors are the key management and as such have not at any time received any remuneration for their services.
The A Team Foundation Limited **3**
**Directors’ report** Year ended 5 April 2022
## **OBJECTIVES, ACTIVITIES AND RELEVANT POLICIES**
In accordance with its Articles of Association, the Foundation is to promote any charitable purpose or support any charity selected by the directors. The directors seek through their grant-making programme and social investments to support charitable projects in areas identified as being of particular interest to them.
Within these broad formal objects, the directors have considered how best the charity can apply its resources for public benefit. In doing so, the directors have paid due regard to the guidance published by the Charity Commission under Section 4 of the Charities Act 2011.
## **Strategy**
Since 2009, the Foundation directors have chosen to support organisations and projects that explore the links between the consumption and production of foods and their effects on human health, social wellbeing and the environment. Most recently, the directors have focused on funding within five broad programme areas:
- **Inspiring nutrition:** Encouraging authentic and enlightened food production and consumption.
- **Community cohesion:** Engaging communities with food to form meaningful connections to people and the land.
- **Education:** Disseminating the true value and interconnectivity of food and farming.
- **Environmental stewardship:** Endorsing responsible land management that works in harmony with nature.
- **Equality:** Supporting the rights for people to work and live in dignity, providing assistance for marginalised food growing communities.
## **Grantmaking**
The directors support a wide range of charitable institutions and purposes. They take a strategic approach to grant-making and do not respond to unsolicited applications. The foundation’s directors and staff proactively solicit proposals from organisations that evidence public benefit and alignment with the foundation’s strategy.
The foundation primarily funds within the UK, with some grants being awarded to international organisations that evidence a unique or innovative approach to the foundation’s programme areas.
## **Collaboration and pooled grantmaking**
The directors recognise the value of working collaboratively with other funders to pool resources, share learning, and increase impact.
In 2019, the A Team Foundation and the Roddick Foundation cofounded Farming the Future, a collaborative pooled fund that aims to be in service of the food and farming movements by enabling funders and organisations to work together more effectively. In 2021, the collective included the A Team Foundation, the Roddick Foundation, Samworth Foundation, Thirty Percy, Savitri Trust, Be The Earth, Bertha Earth, the Kreitman Foundation and a number of private individuals.
During 2021, Farming the Future’s fiscal sponsorship transferred from the A Team Foundation to Prism the Gift Fund to better recognise its financial independence. The A Team Foundation now award an annual grant directly to Prism the Gift Fund’s nominated Farming the Future account for regranting. In financial year ending April 2022, the A Team awarded a grant of £179,157 for this purpose.
The A Team Foundation Limited **4**
## **Directors’ report** Year ended 5 April 2022
The Foundation also makes an annual contribution to the Agroecology Fund, a multi-donor fund based in the US that amplifies agroecological practices and policies throughout the world.
## **Investments**
The investment strategy is set by the directors, who consider the charity’s income requirements, the risk profile and the view of economic and market conditions. The investment objectives are to obtain a balanced return from both capital growth and income. The directors meet on a regular basis to consider the charity’s portfolio and investment performance.
The directors recognise that the foundation’s investments play a significant role in achieving the foundation’s charitable aims. In recent years, a percentage of the foundation’s investment portfolio has been transitioned to mission aligned investments. Each investment within the mission aligned portfolio is assessed against the Commonlands Four Returns Framework (https://www.commonland.com/4-returns/), which seeks the following returns:
- Inspiration: Giving people hope and a sense of purpose
- Social capital: Bringing back jobs, business activity, education and security
- Natural capital: Restoring biodiversity, soil, water quality and capturing carbon
- Financial capital: Realising long-term sustainable profit
## **Funder Commitment on Climate Change**
In November 2021, the A Team Foundation signed the Funder Commitment on Climate Change. The Commitment recognises that the growing climate emergency is a serious risk to the pursuit of charitable aims. All foundations can play a part in addressing the causes of climate change and supporting adaptation to its effects. There is a special responsibility on foundations, whose assets are held for the public good, to use their resources and independence to rise to the challenge.
The Commitment comprises the following:
- **Educate and learn** : We will make opportunities for our trustees, staff and stakeholders to learn more about the key causes and solutions of climate change.
- **Commit resources** : We will commit resources to accelerate work that addresses the causes and impacts of climate change. (If our governing document or other factors make it difficult to directly fund such work, we will find other ways to contribute, or consider how such barriers might be overcome).
- **Integrate** : Within all our existing programmes, priorities and processes, we will seek opportunities to contribute to a fair and lasting transition to a post carbon society, and to support adaptation to climate change impacts.
- **Steward our investments for a post-carbon future** : We will recognise climate change as a high-level risk to our investments, and therefore to our mission. We will proactively address the risks and opportunities of a transition to a post carbon economy in our investment strategy and its implementation, recognising that our decisions can contribute to this transition being achieved.
- **Decarbonise our operations:** We will take ambitious action to minimise the carbon footprint of our own operations.
- **Report on progress:** We will report annually on our progress against the five goals listed above. We will continue to develop our practice, to learn from others, and to share our learning.
The Commitment was launched in November 2019, and since June 2020 has been hosted by the Association of Charitable Foundation (ACF). Every year, ACF publishes a report
The A Team Foundation Limited **5**
**Directors’ report** Year ended 5 April 2022
summarising the progress of all signatories. The A Team Foundation will publish its first annual progress report in November 2022.
## **ACTIVITIES IN THE CURRENT YEAR**
**Summary of three largest grants (excluding grant to Prism the Gift Fund for Farming the Future)**
## **Boston College**
_Changing the Paradigm: A new global approach to protecting people and the planet from toxic chemicals, $100,000 USD_
Boston College plan to prepare a multi-author, scholarly report that examines current chemical safety policy in the United Kingdom, Europe, the United States, and internationally, and develops science-based strategies to improve these policies to better protect the health of infants and children.
Chemical pollution is a great and growing global problem. More than 140,000 new chemicals and pesticides have been invented and produced since 1950. These are materials that never before existed on earth. They have become widely dispersed in the environment and are responsible for nearly universal human exposure. Rigorous pre-market evaluation of new chemicals has become mandatory in only the past decade and in only a few high-income countries, mainly in Europe. The result of this failure of due diligence is that chemicals and pesticides whose effects on human health and the environment were never examined before they came to market have repeatedly been found responsible for episodes of disease, death, and environmental degradation. Infants and children are especially vulnerable to manufactured chemicals, and exposures to even very small quantities of these materials at critical periods in early life can cause lasting damage.
The culminating report of this study will be published in a biomedical journal and will be used to inform deliberations on chemical policy. Once published, the report will be supported by a high-visibility media campaign to be organized by international NGO, Toxic-Free Future for our Children.
## **International Conservation Fund of Canada**
_Indigenous Lands and Large Scale Conservation of Amazon forests: the Kayapo of Brazil, $100,000 USD_
The Kayapo are an indigenous tribe from Brazil whose traditional territories include over 9 million hectares of the south eastern Amazon. These territories are a critical source of ecosystem services - biodiversity conservation, carbon storage, watershed protection and, maintenance of rainfall regimes, but are under increased threat from deforestation for logging and goldmining.
The Kayapo have partnered with the International Conservation Fund of Canada to expand a territorial surveillance program to control access to their territories and prevent illegal deforestation. Additionally, the surveillance guard posts provide equitably distributed, respected work and income for Kayapo families.
## **Agroecology Fund**
## _Contribution to the Agroecology Fund, £60,000 (_ over three years)
The Agroecology Fund (AEF) is a pooled donor fund focused on global agroecological initiatives. Since establishment, AEF has grown from four to twenty one donors. Their philanthropic model pools the wisdom and expertise from among their grantees, advisors and donors to advocate for and further collaboration among groups amplifying sustainable food
The A Team Foundation Limited **6**
**Directors’ report** Year ended 5 April 2022
systems that respect the knowledge and practice of small-scale farmers, women, youth and indigenous communities.
AEF began its work in 2012, supported by a diverse group of U.S., Asian and European funders committed to grant-making that advances international agroecology. In just seven years, AEF has awarded $6.1 million to 49 collaboratives made up of 293 local, regional and global organisations from Africa, Asia, Europe, Latin America and the USA, supporting viable food systems, economic well-being and human rights, whilst also mitigating climate change through low input agriculture, such as sustainable soil and water use.
## **PERFORMANCE**
## **Investment performance**
There were various acquisitions and disposals of investments during the year. The realised investment gain on disposals for the year ended 5 April 2022 was £32,342 (2021 – gains of £205,371) while the unrealised gain on changes in the market value of investments amounted £746,228 (2021 – gain of £3,067,952).
The Investment portfolio yielded dividends and interest amounting to £150,559 (2021 - £147,443) in the year. The directors consider investment performance to be in line with market conditions. In addition, interest was earned on cash held in short term deposit accounts and secured loans amounting to £6,219 (2021 - £13,285).
## **FINANCIAL REVIEW**
## **Results for the period**
During the year ended 5 April 2022, the charity’s total income was £420,225 (2021 - £769,778), mainly derived from investments and donations received. Donations of £247,966 were received and restricted for the specific purpose of being used on the Farming The Future project.
The charity incurred expenditure on its unrestricted fund of £981,831 (2021 - £384,123) of which 80% related to grants payable, which resulted in net charitable expenditure on unrestricted funds of £809,572. After foreign exchange gains of £49,746 (2021: losses of £97,082), and transfers out of £2,033,712 (2021 – transferred in £2,613,713) to the expendable endowment fund, unrestricted funds were £393,415 (2021 - £3,186,953) as at 5 April 2022.
The charity received donations totalling £247,966 (2021 - £609,000) on its restricted fund. The charity incurred expenditure of £68,252 on its restricted fund leaving a net balance of £179,714 to carry forward to 2022/23.
After investment management fees of £14,067, net investment gains of £778,570 (2021 – net investment gains of £3,273,323) and the transfer of £2,033,712 from the unrestricted fund the expendable endowment fund totalled £17,165,897 (2021 - £14,367,682) at 5 April 2022.
## **Reserves policy and financial position**
As at 5 April 2022 total funds of £17,739,026 were carried forward in accordance with the directors’ policy on reserves. Included are restricted funds of £179,714 relating to funding from the National Lottery which is carried forward in support of future costs of the Farming the Future project.
The A Team Foundation Limited **7**
## **Directors’ report** Year ended 5 April 2022
The foundation’s “free reserves” are £17,559,312 at 5 April 2022 (2021 - £17,554,635). The policy is to expend the income generated by the endowment fund to the fullest extent possible, in as much that the directors are able to identify suitable recipients during the year. The endowment will be invested with the intent to, as far as possible, retain its capital value and produce an annual income.
## **FUTURE PLANS**
The directors are satisfied with their grant making policy and it is their intention to support a wide and varied number of charities.
Approved by the directors and signed on their behalf by:
Director
Approved on:
The A Team Foundation Limited Registered Company Number 03775136 (England and Wales)
The A Team Foundation Limited **8**
**Independent auditor’s report** Year ended 5 April 2022
## **Independent auditor’s report to the members of The A Team Foundation Limited**
## **Opinion**
We have audited the financial statements of The A Team Foundation Limited (the ‘charitable company’) for the year ended 5 April 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 5 April 2022 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
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 UK, including the FRC’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.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the directors’ 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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable parent company’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 responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
## **Other information**
The directors 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.
The A Team Foundation Limited **9**
**Independent auditor’s report** Year ended 5 April 2022
## **Other information** (continued)
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.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors’ report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the 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 directors’ report. We have nothing to report in respect of the following matters in relation to which 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 directors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
## **Responsibilities of directors**
As explained more fully in the directors’ responsibilities statement, the directors 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 directors 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 directors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
The A Team Foundation Limited **10**
**Independent auditor’s report** Year ended 5 April 2022
## **Auditor’s responsibilities for the audit of the financial statements**
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, 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:
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are the Companies Act 2006, the Charities SORP FRS 102 and the Charities Act 2011.
- We understood how the charitable company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal, compliance and governance procedures. We corroborated our inquiries through our review of trustee meetings and papers provided to the trustees.
- We assessed the susceptibility of the charitable company’s financial statements to material misstatements, including how fraud might occur. Audit procedures performed by the engagement team included:
- Identifying and assessing the design and implementation of controls in place to prevent and detect fraud;
- Challenging assumptions and judgments made by management and the trustees in its significant accounting estimates;
- Identifying and testing journal entries, in particular adjustments made at the yearend for financial statement preparation; and
- Assessing the extent of compliance with relevant laws and regulations by reviewing correspondence with regulators and legal advisors.
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.
The A Team Foundation Limited **11**
## **Independent auditor’s report** Year ended 5 April 2022
## **Use of our 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Katharine Patel, Senior Statutory Auditor for and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL
Date: 28 December 2022
The A Team Foundation Limited **12**
## **Statement of financial activities** year to 5 April 2022
|Notes|Unrestricted
funds
£|Restricted
funds
£|Expendable
endowment
£|**Total**
**2022**
**£**|Total
2021
£|
|---|---|---|---|---|---|
|**Income from:**
Investment income
1
Interest receivable
2
Donations received
**Total income**
**Expenditure on:**
On charitable activities
3/4
Net (gains)/losses on foreign exchange
**Total expenditure**
**Net expenditure before losses on**
**investments**
Net gain/(losses) on investments
7
**Net income before transfers**
Transfer between funds
**Net movement in funds for the year**
**Fund balances brought forward**
**at 6 April 2021**
**Fund balances carried forward**
**at 5 April 2022**
15|150,559
6,219
15,481|-
-
247,966|-
-
-|**150,559**
**6,219**
**263,447**|147,443
13,285
609,050|
||172,259|247,966|-|**420,225**|769,778|
||981,831
(49,746)|68,252
-|14,067
-|**1,064,150**
**(49,746)**|1,008,055
97,082|
||932,085|68,252|14,067|**1,014,404**|1,105,137|
||(759,826)
-|179,714
-|(14,067)
778,570|**(594,179)**
**778,570**|(335,359)
3,273,323|
||(759,826)
(2,033,712)|179,714
-|764,503
2,033,712|**184,391**
**-**|2,937,964
-|
||(2,793,538)
3,186,953|179,714
-|2,798,215
14,367,682|**184,391**
**17,554,635**|2,937,964
14,616,671|
||393,415|179,714|17,165,897|**17,739,026**|17,554,635|
All recognised gains and losses are included in the statement of financial activities.
All of the charity’s activities are derived from continuing operations.
The A Team Foundation Limited **13**
## **Balance sheet** as at 5 April 2022
|Notes|**2022**
**£**|**2022**
**£**|2021
£|2021
£|
|---|---|---|---|---|
|**Fixed assets**
Investments
7
Mixed Motive social investments
8
**Current assets**
Debtors:
9
Amounts falling due within one year
Amounts falling due after one year
Cash at bank
10
**Current liabilities**
Creditors: amounts falling due
within one year
11
**Net current assets**
**Non-current liabilities**
Creditors: amounts falling due after
more than one year
12
**Net assets**
**The funds of the charity**
_Capital funds_
Expendable endowment fund
_Income funds_
Restricted funds
14
Unrestricted funds – general fund
**Total charity funds**
15|**150,000**
**-**|**15,555,134**
**290,228**|289,000
-|13,782,217
277,464|
|||**15,844,362**
**1,937,664**
**(43,000)**||14,059,681
3,494,954
-|
||**150,000**
**1,933,344**||289,000
3,210,754||
||**2,083,344**
**(145,680)**||3,499,754
(4,800)||
||||||
|||**17,739,026**||17,554,635|
|||**17,165,897**
**179,714**
**393,415**||14,367,682
-
3,186,953|
|||**17,739,026**||17,554,635|
Approved by the directors and signed on their behalf by:
## Director
Approved on: The A Team Foundation Limited Company Registration Number 03775136 (England and Wales)
The A Team Foundation Limited **14**
## **Statement of cash flows** Year to 5 April 2022
|Notes|**2022**
**£**|2021
£|
|---|---|---|
|**Cash flows from operating activities:**
Net cash used in operating activities
A
**Cash flows from investing activities:**
Investment income
Interest received
Proceeds from the disposal of investments
Purchase of investments, less capital distributions
Mixed motive social investments made in year
**Net cash used in investing activities**
**Change in cash and cash equivalents in the year**
**Cash and cash equivalents at 6 April 2021**
B
Changes in cash due to exchange rate movements on monetary
assets
**Cash and cash equivalents at 5 April 2022**
B|**(477,823)**|(271,176)|
||**150,559**
**6,219**
**8,668,022**
**(9,661,369)**
**(12,764)**|147,443
13,285
874,768
(2,937,622)
(130,492)|
||**(849,333)**|(2,032,618)|
||**(1,327,156)**
**3,210,754**
**49,746**|(2,303,794)
5,611,630
(97,082)|
||**1,933,344**|3,210,754|
## **Notes to the statement of cash flows for the year to 5 April 2022.**
- **A Reconciliation of net movement in funds to net cash used in operating activities**
**----- Start of picture text -----**
2022 2021
£ £
Net movement in funds (as per the statement of financial activities) 184,391 2,937,964
Adjustments for:
Interest receivable (6,219) (13,285)
Investment income (150,559) (147,443)
Gains on movements in market value of investments (746,228) (3,067,952)
Gains on disposal of investments (32,343) (205,371)
Net (gain)/losses on foreign exchange translation of monetary assets (49,746) 97,082
Decrease in debtors 139,000 160,672
(Increase)/Decrease in creditors 183,880 (32,843)
Net cash used in operating activities (477,823) (271,176)
Analysis of cash and cash equivalents
2022 2021
£ £
Cash at bank and in hand 1,933,344 3,210,754
Total cash and cash equivalents 1,933,344 3,210,754
**----- End of picture text -----**
## **B Analysis of cash and cash equivalents**
The A Team Foundation Limited **15**
**Principal accounting policies** 5 April 2022
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.
## **Basis of preparation**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared under the historical cost except for the modification to a fair value basis as specified in the accounting policies below.
The charity constitutes a public benefit entity as defined by FRS 102.
All financial information is presented in British Pounds Sterling (£), the charity’s functional currency, and has been rounded to the nearest pound (£).
## **Critical accounting estimates and judgements**
The preparation of financial statements requires the use of certain critical accounting estimates and judgements. It also requires the directors to exercise judgement in the process of applying accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including an expectation of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the directors’ best knowledge of the amount, event or actions, actual results may differ from those estimates.
The areas requiring the use of estimates and critical judgements that may impact on the charity’s financial activities and financial position include:
- the directors’ assessment of the market value for investments in UK and Overseas private limited companies or investment vehicles, where there may be limited market based evidence of their valuation; and
- the directors’ assessment of recoverability and consideration of impairment provisions in relation to loans receivable.
## **Assessment of going concern**
The directors have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The directors have made this assessment in respect to a period of one year from the date of approval of these financial statements.
The directors consider that the expected investment returns and investment performance of the charity’s investment portfolio will be sufficient to generate financial resources to allow the charity to continue its charitable activities for the foreseeable future and meet liabilities as they fall due.
The A Team Foundation Limited **16**
**Principal accounting policies** 5 April 2022
## **Income**
Investment income includes dividends and interest on the charity’s portfolio of listed investments. Dividends are recognised once the dividend has been declared and the charity has received notification that the dividend is due.
Interest on the charity’s investment portfolio and funds held on deposit is recognised when receipt is probable and the amount can be measured reliably using the effective interest method. Included as interest receivable is any financing element where grant commitments are offered by the charity over a period greater than one year from the balance sheet date.
Income from donations is recognised in the period in which the charity becomes entitled to the donation and where receipt is probable and its amount can be measured reliably.
## **Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. It includes VAT which cannot be recovered.
Expenditure on charitable activities comprises grants payable and related support and governance costs.
## _Grants payable_
Grants payable are recognised when approved and when the intended recipient has either received the funds or been informed of the decision to make the donation and has satisfied all related conditions. Grants approved but not paid at the end of the financial year are accrued for. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued for but are noted as financial commitments in the notes to the financial statements.
## _Support and governance costs_
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include administration, personnel and governance costs. Governance costs include audit costs and legal costs relating to the charity’s compliance with regulation and good practice.
Investment management fees incurred in managing the investments of the endowment are charged against the endowment fund.
## **Fixed asset investments**
The charity’s investment in quoted shares and similar investments are initially measured at cost and subsequently at market value. Investment gains and losses, whether realised or unrealised, are recognised in the statement of financial activities in the period in which they arise.
The charity’s investment in unquoted shares and similar investments are initially carried at cost and subsequently at market value unless the market value cannot be measured reliably in which case the investments are valued at cost less impairment. Investment gains and losses, whether realised or unrealised, together with impairment charges are recognised in the statement of financial activities in the period in which they arise.
The A Team Foundation Limited **17**
**Principal accounting policies** 5 April 2022
## **Fixed asset investments** (continued)
## _Mixed motive social investments_
Mixed motive social investments are made to provide funding to organisations in order to generate a financial return for the Foundation but also to contribute to the Foundation achieving its charitable objectives. The investments consist of concessionary loans which are initially recognised at the amount paid, with the carrying value being subsequently adjusted for repayments and any impairment.
## **Financial assets and liabilities**
Financial assets and financial liabilities are recognised in the balance sheet when the charity becomes party to the contractual provisions of the instrument.
## **Debtors**
Other debtors and loans receivable are initially recognised at their settlement amount and subsequently at amortised cost or their recoverable amount. Impairment provisions are recognised when there is objective evidence, such as significant financial difficulties on the part of the counterparty or default or a significant delay in payment, that the charity will be unable to collect all of the amounts due.
Prepayments are valued at the amount prepaid.
## **Cash at bank and in hand**
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
## **Creditors and provisions**
Creditors and provisions 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 measured or estimated reliably.
Creditors and provisions are initially recognised at fair value, being the amount the charity anticipates it will pay to settle the debt, and subsequently at amortised cost.
Non-current creditors are measured at their present value at the balance sheet date where the time value of money is material. On initial recognition, the financing element of non-current creditors is recognised as income as interest receivable and the subsequent unwinding of the discount is charged against income as an interest expense.
## **Financial instruments**
The company only holds basic financial instruments as defined in FRS102. The financial assets and financial labilities of the company and their measurement basis is as follows:
_Financial assets_ – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 9. Prepayments are not financial instruments.
_Cash and cash equivalents_ – are classified as a basic financial instrument and is measured at face value.
The A Team Foundation Limited **18**
**Principal accounting policies** 5 April 2022
## **Financial instruments** (continued)
_Financial liabilities –_ accruals and grant commitments are basic financial instruments and are measured at amortised cost or present value as detailed in note 10. Taxation and social security are not included in the financial instrument disclosure definition. Deferred income is not deemed to be a financial liability, as cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
## **Foreign currency transactions and balances**
Cash held in foreign currency accounts are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction.
## **Fund accounting**
The unrestricted funds represent funds available for the general charitable purposes of the charity at the discretion of the directors.
The expendable endowment fund represents monies retained as capital which is available for the general charitable purposes of the charity at the discretion of the directors.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors for particular purposes. The aim and use of the restricted fund is set out in the notes to the financial statements.
The A Team Foundation Limited **19**
## **Notes to the financial statements** 5 April 2022
## **1 Investment income**
**----- Start of picture text -----**
2022 2021
£ £
Investments listed on a recognised stock exchange
Dividends – UK investments 22,512 19,152
Dividends – Overseas investments 21,250 4,969
Interest – UK unit trusts 93,600 117,722
Interest – Overseas investments 13,197 5,600
150,559 147,443
Interest receivable
2022 2021
£ £
Interest on loans receivable 6,219 13,285
6,219 13,285
**----- End of picture text -----**
## **2 Interest receivable**
The A Team Foundation Limited **20**
## **Notes to the financial statements** 5 April 2022
## **3 Charitable expenditure**
**----- Start of picture text -----**
2022 2021
£ £
Grants payable to institutions:
Main Fund:
Prism the Gift Fund 179,157 -
Boston College 75,403 -
The Gaia Foundation 70,000 46,500
Global Greengrants UK (Agroecology Fund) 60,000 -
Ukraine Alive 50,000 -
Disasters Emergency Committee 50,000 -
International Conservation Fund of Canada 74,685 -
CSA Network 30,000 33,760
Beyond GM 30,000 35,750
Ibiza Preservation Trust 29,931 8,850
Sustainable Food Trust 20,000 20,757
Food Ethics Council 15,000 15,000
Bristol Textile Quarter 10,000 -
Real Farming Trust 9,000 -
Fairwild Foundation 5,013 -
Torth Y Tir 5,000 -
Soil Association 11,000 5,000
New Economics Foundation - 30,500
The Croatan Institute - 22,863
GM Freeze - 6,250
1% For the Planet Fund
Pur Project 31,575 -
Silvermill Foundation 4,694 -
Gorilla Organisation 4,160 -
Farming the Future Fund
Pesticide Action Network UK 20,843 40,486
The Landworkers’ Alliance - 97,000
Sustain - 68,553
Shared Assets - 66,014
OrganicLea CIC - 54,180
Farmerama Radio - 40,400
The Royal Society for the Protection of Birds (RSPB) - 30,908
Eating Better - 29,400
Growing Communities - 25,000
Lancashire and Region Dietary Education Resource (The Larder) - 25,000
Soil Association - 25,000
Ecological Land Cooperative - 22,541
Game and Wildlife Conservation Trust (GWCT) - 20,100
Farming and Wildlife Conversation Trust - 20,000
Pasture Fed Livestock Association (PFLA) - 15,000
LESS (Lancaster District) CIC - 8,575
FarmEd CIC - 5,000
The Kindling Trust - 4,500
Total grants payable to institutions 785,461 833,887
Grants refunded - -
Net grants pay able to institutions 785,461 833,887
Grants payable to individuals - 7,058
Total grants payable for the year 785,461 840,945
Support and governance costs (note 4) 278,689 167,110
Total charitable expenditure 1,064,150 1,008,055
**----- End of picture text -----**
The A Team Foundation Limited **21**
**Notes to the financial statements** 5 April 2022
## **3 Charitable expenditure (continued)**
A reconciliation of grants payable and grant commitments as shown above and notes 10 are as follows:
**----- Start of picture text -----**
2022 2021
£ £
Grant commitments at 6 April 2021 - 34,342
Grants made during the year, less lapsed commitments 785,461 840,945
Total grants payable 785,461 875,287
Grants paid during the year (606,381) (875,287)
-
Commitments at 5 April 2022 179,080
2022 2021
The above grants commitments fall due as follows: £ £
-
Within one year 136,080
-
More than one year 43,000
-
179,080
Support and governance costs
2022 2021
£ £
Consultancy costs 176,156 139,159
Staff costs 54,265 -
Investment management fees 14,067 14,932
Governance costs 34,201 13,019
278,689 167,110
**----- End of picture text -----**
## **4 Support and governance costs**
## _**Analysis of governance costs**_ :
**----- Start of picture text -----**
2022 2021
£ £
Auditor’s remuneration 4,800 4,800
Legal fees 4,771 912
Insurance fees 467 440
Bank charges 2,695 1,235
Other expenses 21,468 5,632
34,201 13,019
**----- End of picture text -----**
Of the above costs £68,252 were incurred on the Restricted Fund made up of £17,194 staff costs, £41,195 consultancy costs, £9,840 other expenses and £23 in bank charges.
## **5 Staff costs, directors’ remuneration and key management personnel**
||**2022**
**£**|2021
£|
|---|---|---|
|Staff costs comprised:
Salaries and wages
Social security costs
Pension Costs|**36,418**
**13,617**
**4,230**
**54,265**|-
-
-
-|
The Foundation had 2 employees in the year (2021 – none). No remuneration was paid to any director in respect of their services during the year (2021 – None).
The directors’ of the charity are considered to be the key management personnel.
The A Team Foundation Limited **22**
**Notes to the financial statements** 5 April 2022
## **6 Taxation**
The A Team Foundation Limited is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
## **7 Investments**
Fixed asset investments comprise both listed and unlisted investments as follows:
|**Investments**|2022
Listed
£
11,014,215
5,875,180
-
(8,635,679)
678,937
8,935,653|2022
Unlisted
£
2,768,002
3,875,311
(89,123)
-
67,291
6,621,480|**2022**
**Total**
**£**
**13,782,217**
**9,750,491**
**(89,123)**
**(8,635,679)**
**746,228**
**15,554,134**|2021
Total
£|
|---|---|---|---|---|
|Market value at start of year
Additions at cost
Capital distributions
Disposals at carrying value
(proceeds £8,668,022; realised gain
£32,343)
Revaluation gains/(losses) in year
Market value at end of year
Historical cost||||8,446,040
2,968,040
(30,418)
(669,397)
3,067,952|
|||||13,782,217|
||7,202,869|6,212,934|**13,415,803**|11,601,310|
Capital distributions have been accounted for as a reduction in the carrying value of the underlying investment.
The amounts recognised in the statement of financial activities arising from changes in investments are:
**----- Start of picture text -----**
2022 2021
£ £
Gains on disposal 32,342 205,371
Unrealised gains / (losses) from changes in market value 746,228 3,067,952
778,570 3,273,323
Investments comprise:
Quoted Unquoted
Investments Investments Total Total
2022 2022 2022 2021
£ £ £ £
Investment assets in the UK
- UK Equities - - - 650,630
- UK Unit & Investment Trusts 1,988,572 - 1,988,572 4,530,281
- UK Private Equity Funds - 1,434,676 1,434,676 532,241
1,988,572 1,434,676 3,423,248 5,713,152
Investment assets outside the UK
- Overseas Equities 6,944,081 - 6,944,081 5,833,304
- Overseas Private Equity Funds - 5,186,805 5,186,805 2,235,761
6,944,081 5,186,805 12,130,886 8,069,065
Total 8,935,653 6,613,261 15,554,134 13,782,217
**----- End of picture text -----**
The A Team Foundation Limited **23**
## **Notes to the financial statements** 5 April 2022
## **7 Investments (continued)**
The following individual holdings had a market value in excess of 5% of the entire investment portfolio at the year end:
**----- Start of picture text -----**
2022 2021
£ £
. Lansdowne Energy Dynamics N/R Voting Inst ACC - 2,579,146
**----- End of picture text -----**
|. Lansdowne Energy Dynamics N/R Voting Inst ACC|**-**|2,579,146|
|---|---|---|
|. Lansdowne Energy Dynamics N/R Voting B Inst ACC|**877,072**|845,485|
|. WisdomTree Bitcoin|**1,278,798**|1,576,321|
|. Honeycomb Investment Trust|**1,111,500**|1,105,650|
|. General Electric|**-**|987,169|
|. Galaxy Digital Holding Company|**1,124,279**|-|
## **8 Mixed motive social investments**
||**2022**
**£**|2021
£|
|---|---|---|
|At 5 April 2021
Additions in year
At 5 April 2022|**277,464**
**12,764**
**290,228**|146,972
130,492
277,464|
Mixed motive social investments consist of concessionary loans made to organisations that have similar charitable objectives as the Foundation. The loans support funding for agroecological food and farming enterprises and the support of environment projects for land conservation.
## **9 Debtors**
**----- Start of picture text -----**
2022 2021
£ £
Due within one year:
Loan 150,000 289,000
150,000 289,000
Due after one year: - -
- -
**----- End of picture text -----**
Loans have been made to organisations that have similar charitable objectives to the Foundation. These consist of secured loans to the Ecological Land Co-op which is interest bearing at 2% per annum, paid biannually. The loan is repayable from 2022.
## **10 Cash at bank and short term deposits**
|**Cash at bank and short term deposits**|||
|---|---|---|
||**2022**
**£**|2021
£|
|C Hoare & Co
Thesis Unit Trust Management
**Cash at bank**|**611,808**
**1,321,535**
**1,933,343**|2,903,072
307,682
3,210,754|
The A Team Foundation Limited **24**
## **Notes to the financial statements** 5 April 2022
## **11 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2022**
**£**|2021
£|
|Accruals
Grant commitments (note 3)|**9,600**
**136,080**
**145,680**|4,800
-
4,800|
## **12 Creditors: amounts falling due after one year**
|**Creditors: amounts falling due after one year**|||
|---|---|---|
||**2022**
**£**|2021
£|
|Grant commitments (note 3)|**43,000**
**43,000**|-
-|
## **13 Related party transactions**
Mr B Arbib and Mr P Reynolds are directors of Thamesis Limited. The charity holds 10 ordinary 5 pence shares in Thamesis Limited which represents 6.25% of its issued share capital. The charity holds the shares at their nominal value.
The charity received a donation of £12,481 from Nurture Brands Ltd, of which Mr B Arbib is a director and shareholder (2021 - £nil).
## **14 Restricted funds**
The National Lottery Community Fund (‘NLCF’) agreed, in May 2021 to provide the foundation with £1.5m over 4 years (ending 31[st] July 2025) to fund the Foundation’s “Growing Great Ideas” project and to be used to develop a growing and ambitious ecosystem committed to creating a thriving, fair and just agroecological food and land movement for the UK. The funding is conditional on project specific conditions being met over the duration of the funding agreement. The Foundation received donations in the year totalling £247,966 from NLCF.
## **15 Analysis of net assets between funds**
|**Analysis of net assets between funds**|||||
|---|---|---|---|---|
||Expendable
endowment
£|Unrestricted
funds
£|Restricted
funds
£|**Total**
**2022**
**£**|
|Fund balances at 5 April 2022 are represented by:
Investments
Mixed motive social investments
Debtors
Cash at bank and short term deposits
Creditors: amounts falling due within one year
Creditors: amounts falling due after one year
**Net assets**|15,554,134
290,228
150,000
1,171,535
-
-
17,165,897|-
-
-
582,095
(145,680)
(43,000)
393,415|-
-
-
179,714
-
-
179,714|**15,554,134**
**290,228**
**150,000**
**1,933,344**
**(107,600)**
**(43,000)**
**17,739,026**|
The A Team Foundation Limited **25**