Companies House The A Team Foundation Limited Annual Report and Financial Statements S April 2024 Company Llmlled by Guarnntee Registration Number 03775136 {Engiand and Wales) Charity Regislratlon Number 1077094 *AOTER16R* 0210112025 COMPANIES HOUSE A6 #203 Contents Reports Reference and admlnlstrative Informatlon Directors, report Independent auditor's report Flnanclal statement• Statement of financial activlties 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 admlnlstratlve Informatlon Dlrectors Mr Benjamin Arbib Mrs Marina Arbib Mr Paul Reynolds Reglstered offlce 61 Grosvenor Street London W1K 3JE Company reg18tratlon numbgr 03775136 (England and Wales) Charlty reglstratlon number 1077094 Audltor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankern C Hoare & Co 37 Fleet Street London EC4P 4DQ Investmgnt managers Thesis Asset Management Ltd Exchange Building, St John's Street Chichester West Sussex P019 1UP The A Team Foundation Limited I Dirertors, report Year ended 5 April 2024 The directors present their slatulory report together with the financial statements of The A Team Foundation Limited for the year ended 5 April 2024. This report has been prepared in accordance with Part Vlll of the Charities Act 2011. The financial statements have been prepared in accordance wilh the accounting policies set out on pages 16 to 19 of the attached financial statements and comply with the Memorandum and Articles ofAssocialion of The A Team Foundation Limited, applicable laws and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charilie5 preparing their accounts in accordance with the Financial Reporting Slandard applicable in the United Kingdom and Republic of Ireland (FRS 102). GOVERNANCE, STRUCTURE AND MANAGEMENT Constitutlon The A Team Foundation Limited is a company limited by guarantee (Registration Number 03775136) and a registered charity (Registration Number 10770941. Dlrectors The names of the directors who served durlng the period are set out as part of the reference and admlnislratlve Information on page 101 these Annual Report and Financial Statements. The Articles of Association require a minimum of three directors and a maximum ol 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 Bénjamin Arblb. Dlrectors, responslbillties Statement The charitsble company's directors (who are also trustees of the Foundation for the purposes of charlty law) are responsible for preparing the annual report and financlal statements in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practice). Company law requires the directors to P￿pare financial statements for each financial year, which give a Irue and fair view of the state of affairs of The A Team Foundatlon Limited and of its income and expenditure for the financial year then ended. In preparing these financial statements, the directors are required to.. select suitsble accounting policies and then apply them consistently., • obseNe the methods and principles in Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applirable 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 Dlrertors, report Year ended 5 April 2024 GOVERNANCE, STRUCTURE AND MANAGEMENT (continued) DlrectQf5' respon8lbilitles statement (continued) • state whether applicable UK accounting standards have been followed, subject to any malerial departures disclosed and explained in the financial statements., + prepare the financial statements on the going concerrb basis unless it is Inapproprlate to presume that the Charity will conlinue in operation. The directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charltable company and which enable them to ensure that Ihe 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 director5 confirms that: so far as the director is aware, there is no relevant audil information of which the charitable company's auditor is unaware.. and • the director has taken all steps that helshe ought to have taken as a director in order to make himselflherself aware of any relevant audit information and to establish that Ihe charitable company's auditor is aware of that information. This confirmation is given end should be interpreted in accordance with the provisions of 8418 of the Companies Act 2006. Risk mana9em6nt The directors have Identified the major risks to whlch the charity is exposed and remaln 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 inve5tmenls held within the charity. The directors monitor the performance of the investments and regularly review their investment policy. meetlng on a quarterly basls to conslder the investment yields and capltal growth. Key management personn•l The directors are the key management and as such have not at any time received any remuneration for their seNlces. The A Team Foundation Limited 3 Dirertors, report Year ended 5 April 2024 OBJECTIVES, ACTIVITIES AND RELEVANT POLICIES In accordance with its Articles of Assoclation. the Foundation is to promole 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 and mission aligned businesses in areas identified as being of particular interest to them. Within these broad formal objects, the directors have consldered how best the charity can apply its resources lor public benefi't. In doing so, the directors have paid due regard lo 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 betrween the consumplion and production offoods and their effects or) human health, social wellbeing and the environment. Most recently, the directors have focused on funding within five broad programme areas.- In8pirlng nutrltlon: Encouraging authentic and enlightened food production and onsumption. Communlty cohesion: Engaging communities with food lo form meaningful connections to people and the land. Educatlon: Disseminating the true value and inlerconnectivity of food and farmlng. Envlronmontal stewardshlp: Endorsing responsible land management that works in harmony with nature. quallty.. Supporting the righls for people lo work and live In d￿nIty, providing asslstance for marginalised food growing communities. Granlmaklng The direclors lake a strategic approach to grant-making and do not respond to unsolicited applicatlon5. The foundation's directors and staff proactivety solicit proposals from organisations that evidence public benefit and alignment with the foundalion's slrale9y. The foundation primarily funds within the UK, with some grants being awarded to international organisations that evidence 8 unique or innovative approach lo the foundation's programme areas. Collaboration and pooled grantmaking The Directors recognise the value of working collaborativety with other funders to pool resources, share learning, and increase Impact. In 2019, the A Team Foundation and the Roddick Foundation colounded Farming the Future, a collaborative pooled fund that aims lo be in service to the agroecological food and farming movements by enabling funders and organisations to work together more effectively. Farmin9 Ihe Future staff are employed within the A Team Foundalion, facilitated by a grant from the National Lottery. As well as covering stafl and core costs, the National Lottery grant supports Famiing the Future's organisational development and the movement building workstream which works with key partnerships to deliver the work. During Ihe 2024 fiscal year, Farming the Future's grant maklng fiscal sponsorship transferred from Prism Ihe Gift Fund to Social Change Nest. As well as the grants to Prism for the pooled The A Team Foundation Limited 4 Dirertors, report Year ended 5 April 2024 fund, the A Team Foundation awarded two additional grants directly to Farming the Future supported projects. The Foundation makes an annual contribution to the Agroecology Fund, a multi-donor fund based In the US that amplifies agroecological practlces and policies throughout the world. In 2024 the foundation joined another funder collaboration, Earth Funding Lab; a platfomi for learning, strategy and collaborative action. The Foundation are working with Earth Lab on their Rights of Nature workstream. wwi.earthfundinglab,org Investments The investment strategy is set by the directors. who consider the charity's income requirements, the risk profile and the view ofeconomic and market conditions. The investment objectives are to obtain a balanced return from both capital groyrth 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 ha8 been transitioned to mission aligned investments. Each investment within the mission aligned portfolio is assessed against the Commonlands Four Returns Framework om14-ret rn51), 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 capluring carbon Financial capital.. Realising long-term sustainable profit Funder Commltment on Cllmate 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 ils 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 Commilmenl comprises the fr)Ilowing: 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. Commlt resources: We will commit resources to accelerate work that addresses the causes and impacts of climate ehange. {If our governing document or other factors make it difficult lo directly fund such work, we will find other ways to contribute, or consider how such barriers might be overcome). Inlegrate: Within all our exisling 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 climale 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 ils implementation, recognising Ihal our decisions can contribute to this transition being achieved. The A Team Foundation Limited 5 Directors, report Year ended 5 April 2024 Decarbonlse our operatlons: We will lake ambitious action to minimise the carbon footprint of our own operations. Report on progress: We will report annually on our progress agalnst the five goals listed above. We will continue to develop our practice, to learn from other5, and to Share our learning. The Commrtment 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 summarising the progress of all signatories. ACTIVITIES IN THE CURRENT YEAR Summa of three la est rant8 excludin rant to Prism tho Gift Fund for Farmln Gala Foundatlon Seed Sovereignty, Phase 3 The Seed Sovereignty UK and Ireland Programme is the result ofa 2015 Feasibility Study that assessed interest, need and viability for a connected, strategic response to our seed diversity decline. Gaia Foundation are building on their previous programme of work to deepen and strengthen the ne￿ork and movement of seed sovereignty in the UK and Ireland, to bring about a secure seed, and food future. The programme supports organically produced and open pollinated seeds, grown locally to reflect and adapt to our dlverse growing conditions. Phase 3 of the 5 year programme has 4 main strands; cultivating, connecting, catalysing and celebrating. Combined, these strands will help to engage new people in the seed sovereignty movement, cullivate more agroecologically produced seed, connect seed savers, growers, campaigners and seed activists and create campaigns for change to national policy. The programme supports Small-scale Commercial Growers. Community Groups and Home Gardeners & Allotmenteers with trainings, networks, resources and information to help protect and restore seed diversity across the UK & Ireland. Soll Heroes Foundatlon Catalysing the transition to regenerative agriculture.. comparing nutrient density in regenerative versus conventional crops and food É150,000, Phase 2 (3 years) Soil Heroes Foundation {SHF) work lo catalyse the transition to regenerative farming globally through innovating and triallin9 re9eneralive farming methods to share with the workl. The project is framed around two questions.. Does regenerative agriculture lead to a higher nutrient density and variety in food than conventional agricutture? And which regenerative practi￿$ have the most significant impact on the nutrient density of crops and food? Over three crop cycles, SHF will follow a standard crop rotation on th￿e Grop rows regenerative till, regenerative no till, and conventional. The results from these regenerative plots will be compared to the conventionally farmed strip which will be ploughed and receive synlhetic inputs. The Foundation will carry out a full soil anatysis and the leaves of the crops will be tested every two weeks. Final crops will be tested for a wide range of minerals, vitamins, essential amino acids and total carbohydrates and proteins. Data will be combined with The A Team Foundation Limited 6 Directors, report Year ended 5 April 2024 satellite and dlgital data as well as a detailed logbook on farm observations, and farm management. The data from the full three-year project will be brought together into a final report and shared as part of phase 3. Internatlonal Conservation Fund of Canada The Kayapo Pmiect $75, 000 USD {2 years) The Kayapo Project is an Indigenous led NGO alliance ensuring MebéngOkre-Kayapo (Kayapo} cultural, economic, political, and territorial autonomy over more than nine million hectares of federally demarcated Indigenous lands, located in the highly threatened southeastern Amazon. Kayapo lands conserve the last remaining large, intact block of native forest in the soulheaglern Amazon. and maintain the connectivity of Ihis ecoregion with the western Amazon. They confer incalcu5able benefits to protection of biodiversity. mili9ation of climate change and preservation of the Grucial role of Amazonian forests in producing rainfall over a much larger geographic scale. ICF partners with three Kayapo NGOS., the Protected Forest Association, Kabu Institute, and Raoni Institute representing communities of the northeast, northwest and southwest sectors of Kayapo territory, At the core of the Kayapo's territorial surveillance program are Ihe guard posts, seNing as the cornerstone for Ihe organisation's efforts lo monitor and protect their exlensive 2,200 km11, 375 miles) of borders. This proaclive stance discourages potential invaders from attempting unauthorized entry. The intrinsic Kayapo determination to safeguard their terrilory, culture, an¢Y livelihoods merges with access to equitable income, creating a robust social deterrent against the allure and bribery attempts by goldminers, loggers, and fishermen. PERFORMANCE Investment perfom)ance There were various acquisitions and disposals of investments during the year. The realised investment loss on disposals for the year ended S April 2024 was £9,122 (2023 losses of £49,661) while the unrealised gains on changes in Ihe market value of investment5 amounted £2,234,20912023- losses of £1,990,514). The Investment portfolio yielded dividends and interest amounting to £71,370 {2023 £121,088) in the year. The directors consider investment perfomance to be In line with markel conditions. In addition. interest was earned on cash held in short term deposit accounts and secured loans amounling to £18,783 {2023- £40,981). FINANCIAL REVIEW Rosuh8 for the perlod During the year ended 5 April 2024, the charity's total income was £356,164 12023 £458,425), mainly derived from investments and donations received. Donations of £266,011 were received and restricted for the specific purpose of being used on the Farming The Future project. The charity incurred expendilure on its unrestricted fund of£1,083,679 (2023- £1,362,472) of which 80.30/0 related to grants payable, which resulted in net charitable expenditure on unrestricted funds of £993,526. After foreign exchange losses of £16,660 {2023'. gains of The A Team Foundation Limited 7 Dlrertors, report Year ended 5 April 2024 £722). and transfers in of £322,915 (2023 - transferred in £2,395,900) from the expendable endowment fund and restricted funds, unrestricted funds were £932,758 (2023 - £1,620,029) as at 5 April 2024. The charity received donatlons totalling £266,011 (2023- £296,376) on its restricted fund. The charity incurred expenditure of £174,070 on its reslricted fund leaving a net balance of £361,649 to'carry forward to 2024125. After investment management fees of £8,947. net investment gains of £2,225.087 (2023- net investment losses of £2.040,1751 and the transfer out of £205,848 to the unrestricted fund the expendable endowment fund totalled £14,730,815 (2023- £12.720,521) at 5 April 2024. Reserves pollcy and flnanclal posltlon As at 5 April 2024 tolal funds of £16.025,222 were carried forward in accordance with the directors, poll¢y on reserves. Included are restricted funds of £361,649 relating to funding from the National Lottery which is carried forward in support of future costs of the Farming the Future project. The foundation's "free reserves. are £16,025.222 at S April 2024 {2023 £14,727,327). The policy is to expend the income generaled 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 dire¢tors are satisfied with their grant making policy and it is their intention to support wide and varied number of charities. Approved by the irectors and signed on Iheir behalf by.. Director Paul Reynolds Approved on.. 2311212024 The A Team Foundation Limited Registered Company Number 03775136 (England and Wales) The A Team Foundation Limited Independent audltorfs report Year ended 5 April 2024 Independont audltor's report to the memb•r8 of The A Team Foundatlon Limil¢d Opinlon We have audited the financial statements of The A Team Foundation Limited (the 'charilable company'l for the year ended 5 April 2024 which comprise the statement of financial activities, the balance sheet, Ihe statement of cash flows, the pnncipal 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 UKand Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our oplnion, Ihe financlal statements-. • give a true and fair view of the stale of the charitable company's affairs as at 5 April 2024 and of its income and expenditure for the year then ended; • have been properly prepared In accordance with Unlted Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act ZLB Ba$18 for opinlon We conducted our audrt In accordance wllh Internalional Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under Ihose standards are further described in the audilols responsibilities for the audit of the financial slalements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audil of the financial stalemenls in the UK, including the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe thal the audlt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢lu3ion8 relatlng to golng concern In auditing the financial statements, we have concluded thal the directors, use of the going concern basis of accounting in the preparation of Ihe financial statements is appropriate. Based on the work we have performed, we have not Identlfied any material uncertalnties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable parent company's ability lo continue as a going concern for a period of at least ￿e1ve monlhs 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 sectlons of this report. Other infomiatlon The directors are responsible for the other information. The olher informalion comprises the information included in the annual report, other than the financial statements and our audilorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otheThiise explicltly stated in our report, we do not express any form of assurance conclusion thereon. The A Team Foundation Limited 9 Independent auditorfs report Year ended 5 April 2024 Other inlormatlon (continued) In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so, consider whelher the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othe￿iSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to delemlne whether there is a materlal misstalemenl 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 Ihal fact. We have nothlng to report in this regard. Oplnlons on oth•r mattern prescilbed by Ihe Companle8 Act 2006 In our opinion, based on the work undertaken in the course of the audit., • the infomialion given in the directors, report for the flnancial year for whlch 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 requlred to report by exceptlon In the light of the knowledge and understanding of the charitable company and ils 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 nol 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 nol made., or • we have not received all the information and explanations we require for our audit,. or Responslbilltles of dlrectors 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 lo 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 relaled to 90ing 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 io Independent audltorfs report Year ended S April 2024 Auditorfs responsiblllties for the audit of Ihe financial statements Our objectives are to oblain 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 reportlhat includes ouropinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducled in accordance with ISAS (UK) will always delect a material misstatement when it exists. Misststements 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 wlth laws and regulations. We design procedures in line with our responsibilities, oullined 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 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 inquirles to management and those responsible for legal, compliance and governance procedures. We corroboraled our inquiries through our review of trustee meetings and papers provided to the truslees. We assessed the susceplibility of th8 charitable company's financial statements to malerial misstatements, including how fraud might ocLur. Audlt procedures performed by the engagement team included.. Identifying and assesslng the design and implementation of controls Ir) place to prevent and detect fraud., Challenging assumptions and judgments made by mana9ement and the trustees in ils signrficant accounting estimates., Identifying and lesling journal entries, in particular adjustments made at the year- end for financial statement preparalion., and Assessing the extent of compliance with relevant laws and regulations by reviewing orrespondence with regulators and legal advisors. A further description of our respon5ibililie5 for the audit of the financial statements is located on the Financial Reporting Council's websrte at www.frc.or9.ukJauditorsresponsibilrties. This deSCTlPtion forms part of our auditor's report. The A Team Foundation Limited li Independent auditorfs report Year ended 5 April 2024 Use of our rgport 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 lo state lo 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 Data,. 02 Sanuary 2025 The A Team Foundation Limited 12 Statsment of financial activities year to 5 April 2024 Unre¥trlctod funds Restricted Exp•nd¥ble lun¢Js endowmènt Totsl 2024 Total 2023 Not•s Incom• from.. Investment income Inlere$t recelvablg Donations received Tot41 Incom• 71,370 18,783 71,370 18,783 266,011 368,164 121,088 40,981 296,376 458,425 266.011 266.011 90,153 Exp•ndltur• on.. On char5table activities NII 103$•$1lgainsl Dn for•ign •xch•ng• Total •xpenditur• 1,083,679 f8,660 1,100,339 174,070 8,947 1,266,696 18,660 1,283,356 1,430,721 1772} 1.429.949 174,070 8.947 Not •xp•ndltur• bofor• loss•6 on Inv••tm•nt• 11,010,186 91,941 18,9471 1927,1921 1971.$241 N•1 9ainslllosseil on inv•¥lm•nl• Net Incom• beforn Irpnsl•r¥ 2,225,087 2.216,141 2,22S,087 1.297.895 12,040,175) 13.011,0991 11,010,186) 91.941 Transler behyeen funds 322,915 1117.089) 1205.8481 N•t mov•m•nt In lund¥ lor th• y•ar {887,2711 129.128) 2.010,295 1,297,896 {3.011.8991 Fund bal•nc•8 broughl lofwafd at 6 Aprll 2023 1,620,029 386,777 12.720.521 14,727,327 17,739,026 Fund balan¢o8 carrl•d lorw•rd •t 6 Aprll 2024 15 932,758 361,849 14.730,815 18.026,222 14,727,327 All recognised gains and losses are included in the statement of financial activities. All of the charity's activilies are derive'd from continuing operations. The A Team Foundation Limited 13 Balance sheet as at 5 April 2024 2024 2024 2023 2023 Notes Flx•d assets Inveslmenl$ Mixed Motive social investments 13.514.425 923,390 14.437.815 10.993,527 905,820 11.899,347 Current assets Debtors.. Amounts falling due within one year Amount8 lalling due after one year 168,637 124,363 293,000 1.739,842 2,032.842 7,988 281.013 289.001 2,844,188 3.133.189 Cash at bank 10 Current Ilabilltlo6 Credilors.. amounls falling due within ono year 1218.5241 (281,453) Net current a8•ets 1,814,318 2,851.738 Non-current liabllltles Credilors.. amounls falling due after 12 more than one year 1226,911) (23.756) Net 16.025,222 14,727,327 Th• lund• of th¢ ch•rlty Capit81 lunds Expendable endowment fund Incom8 lunds Reslricled funds Unre3lricled lundg- general fund Total charl fundg 14,730,815 12,720,521 14 361,649 932.758 16.025,222 386.777 1,620,029 14,727,327 15 Approved by the directors and signed on Iheir behatt by.. Director Paul Reynolds Approved on.. 2311212024 The A Team Foundalion Limited Company Registration Number 03775136 {England and Wales) The A Team Foundation Limited 14 Staternent of cash flows Year to 5 April 2024 2024 2023 Notes Ca$h flow• from oyratlng activiti￿.. Net cash used in operating activities A {864,4591 11.156,817) Cash flow8 from inve8ting acllvltle8: Investment income Interest received Proceeds from the disposal of Inveslments Purchase of inv851menls, less capital dislributionB Mixed motive social investmenls made in year N•t ¢••h u••d In Inv••tlng a¢tlvStl•8 71,370 121.088 18,78J 40.961 1,255,008 3,029.122 {1,550,8191 (508,690> 117,S691 (615.5921 1223,2271 2,066,889 Change in ¢a•h and ¢a8h •qulvalents Sn the year {1.087.6861 910,072 Cash and ¢a8h •qulvalents al 6 Aprll 2023 B 2,844,188 1,933,344 Changes in cash due lo ex¢hang9 rale movemonls on monetary assets 116,660) 772 Cash and ea8h equlvalents at S Aprll 2024 8 1,739,842 2,844.188 Note$ to the 8tstem•nt of cash flo￿ for th¢ year to 5 Aprll 2024. A R•con¢lll¥tion of net mov•rnent In fundo to not ¢••h u••d In op•ratlng activltl 2024 2023 Net movement In fund• la• por Ihe •tal•mgnt of financlal aclivltlesl 1,297,895 (3,011.6991 Adjustments for: Interest recelvable Investment income (GalnsllLosses on movements in market v81ue of Investments Losses on disposal of investments Nol10s6es (galns) on foreign exchange translation of mon8lary a$sel$ Increase In debtors increase in creditor Nèl cash used in operatln {18.7831 140.9611 <71,3701 (129.088} (2,234,209) 1.990,514 9,122 49,661 16,660 (772) 14,0001 (139,007} 140,226 116.529 1864,4591 (1,156,817} a¢￿vItIeS B Anatysls of cash and cash equivalvnts 2024 2023 Cash at bank and in hand Totsl cash and cash oqulvalents 1,739,842 1,739,842 2.844.188 2,844.188 The A Team Foundation Limited 15 Principal accounting policies 5 April 2024 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparatron of the financial statements are laid out below. Basis of preparation The financial statements have been prepared In accordance wlth Accounting and Reporting by Charitle5'. Slatement of Recommended Practice applicable to ¢harities preparin9 their accounls in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021 (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 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 constilules a publlc benefit entity as defined by FRS 102. All financlal information is presented in British Pounds Sterling (£), the charity's functional currency, and has been rounded lo the nearest pound {£}. Critlcal accountlng estlmate5 and Judgements The preparation of financial statements requires Ihe use of certain critlcal accounting estimates and judgements. It also requires the directors to exercise judgement in the process of applyin9 accounting policies. Estimates and judgements are contlnually evaluated and are based on historical experience and other factors, including an expeclation 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 aclions, actual resulls may differ from those estimates. The areas requiring the use of eslimates and critical judgements that may impact on the charity's financial activities and financial position include.. the direclors, 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 recoverabillty and consideration of impairment provlsions in relation to loans receivable. A88888ment of golng con¢eFn The director5 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 accountin8 policles 5 April 2024 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 Ihe charity has received notification that the dividend is due. Interest on Ihe charity's investmenl portfolio and fvnds 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 financin9 element where grant Commitments are offered by the charity over a period greater than one year from the balance sheet date. Income trom 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. Expendlture Expenditure is recognised once there Is a legal or constructive obligation to make a payment to a third party, il is probable that settlement will be required and the arnount 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 reco9ni8ed when approved and when the intended recipient has either received the funds or been infonned of the decision to make the donation and has satisfied all related conditions. Grants approved bul not paid at the end of the financial year are accrued for. Granls where the benellciary Yta$ 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 ol the charity but do not diTeclly undertake charitable aclivities. Support costs include administration. personnel and 90vernance costs. Governance costs include audit costs and legal costs relatin9 to the charity'$ compliance with regulation and good practice. Investment management fees incurred in managing the investments of the endowment are charged against Ihe endowment fund. Flxed 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 Ihey 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 Prlncipal accounting policies 5 April 2024 Fixed asset Investments (continued) Mixed motiv8 social inv8Stments Mixed motive social investments are made to provide funding to organisations in order to generate a financial retum 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. Flnanclal assets and Ilabllltles Financial assets and financial liabilities are recognised in the balance sheet when the charity becomes paty to the contractual provisions of the instrument. Dobtorn Other debtors and loans recewable 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 fi'nancial difficultles 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 monlhs from the date of acquisition. Credltors and provlslons Creditor5 and provisions are recognised when there is an obligalion 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 falr value, being the amount the charity anticipates it will pay to settle the debl, and subsequently at amortised Cost. Non