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← The A Team Foundation Limited

2025-04-05-accounts

The A Team Foundation Limited

Annual Report and Financial Statements

5 April 2025

Company Limited by Guarantee Registration Number 03775136 (England and Wales) Charity Registration Number 1077094

Contents

Reports

Reports
Reference and administrative information 1
Directors’ report 2
Independent auditor’s report 9
Financial statements
Statement of financial activities 2025 13
Statement of financial activities 2024 14
Balance sheet 15
Statement of cash flows 16
Principal accounting policies 17
Notes to the financial statements 21

The A Team Foundation Limited

Reference and administrative information

Directors Mr Benjamin Arbib
Mrs Marina Arbib
Mr David Hewson (appointed: 13/03/2025)
Mr Paul Reynolds (resigned: 24/06/2025)
Company secretary Mr Nicholas Mumford (appointed 02/05/2024)

Registered office		 61 Grosvenor Street
London
W1K 3JE
Company registration number 03775136 (England and Wales)
Charity registration number 1077094
Auditor Bright Grahame Murray
Emperor’s Gate
3rdFloor, 114a Cromwell Road
Kensington, London
SW7 4AG
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 2025

The Trustees who are Directors for Company Law purposes, submit their annual report together with the financial statements of The A Team Foundation Limited for the year ended 5 April 2025.

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:

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.

The A Team Foundation Limited 2

Directors’ report Year ended 5 April 2025

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Directors’ responsibilities statement (continued)

Each of the directors confirms that:

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.

The A Team Foundation Limited 3

Directors’ report Year ended 5 April 2025

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 and mission aligned businesses 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:

Grantmaking

The directors 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 to the agroecological 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. A Team Foundation continue to support Farming the Future with an annual contribution via Social Change Nest.

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.

The A Team Foundation Limited 4

Directors’ report Year ended 5 April 2025

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:

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:

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 summarising the progress of all signatories. The A Team Foundation published its first annual progress report in November 2022.

The A Team Foundation Limited 5

Directors’ report Year ended 5 April 2025

ACTIVITIES IN THE CURRENT YEAR

Summary of three largest grants (excluding grant to Prism the Gift Fund for Farming the Future)

Real Farming Trust

Listening to the Land £90,000 (3 years)

Over the past five years, the Oxford Real Farming Conference witnessed an explosion of interest in sessions around land-based spirituality or wisdom. From farmers to practitioners to policy makers, there is a hunger to explore what a more intuitive or embodied relationship with the land means and how it can support the agroecological movement. As a result, the Real Farming Trust held a gathering of organisations and individuals working on rebuilding a connection to the land and nature. The aim was to explore how this more emotional or spiritual connection to the land can act as a mobilising force in the transition to an ecologically driven and more equitable food and farming system.

This 3 year project will continue to link up a network of people interested in accessing information and practices that can support reciprocal relationships with the land, introduce new audiences to this work so they can access this often-untapped resource and understanding, as farmers, land-workers, activists, organisers, decision makers, communicators and citizens and partner with organisations working globally in this area to raise the visibility of this work within the food and farming system.

Black Mountains College

Core Costs £69,000 (3 years)

As part of its focus in delivering land and nature based skills, Black Mountains College owns Troed yr Harn, a 48 hectare farm nestled in the Black Mountains of Bannau Brycheiniog National Park where it delivers NVQ qualifications in Regenerative Horticulture and Nature Recovery. Through talking with local farmers, partners such as the Land Worker’s Alliance, and with agriculture policy makers, the College identified very quickly that knowledge of agroecology is limited, and that there are many misconceptions, a situation not helped by the lack of agroecology vocational courses within Wales. By developing Troed yr Harn as an accessible demonstration and teaching site for agroecology methods and principles, the aim is for more widespread adoption of agroecology.

European La Via Campesina (ECVC)

Core Costs €60,000 (3 years)

European Coordination Via Campesina (ECVC) is a confederation of unions and organisations of peasant farmers, small- and medium-scale farmers, and agricultural workers across Europe (EU and non-EU). They are the European region of La Via Campesina, an autonomous international movement, which coordinates more than 200 million peasant organizations of small- and medium-sized producers, agricultural workers, rural women, and indigenous communities in 81 countries in the world. ECVC is composed of 30 national and regional peasant farmer organisations from 21 European countries. The main objective is the defence of farmers’ and field workers’ rights, promoting diverse and sustainable family and peasant farming.

ECVC have a democratic governance model based around the idea that social change is possible when right holders organise to reclaim and protect their rights. Their goal is to enable unified and coordinated actions by peasant farmer and agricultural worker organisations across Europe, to impact and reshape agricultural and food policies, to share local best practices and contribute as a constituency to solving the broader societal challenges faced by humanity in this historical moment, such as climate change, social injustices and human rights violations.

The A Team Foundation Limited 6

Directors’ report Year ended 5 April 2025

Social Investments

The charity maintains a socially responsible investment policy designed to ensure that its financial resources are managed in a way that is fully aligned with its charitable purposes. In applying this policy, the trustees consider both the expected financial return and the wider social impact of each investment, with programme-related and mixed-motive investments being used where they directly further the charity’s aims.

During the year, programme-related investments — principally in the form of concessionary loans and other targeted social investments — supported organisations whose activities contribute to the charity’s objectives, enabling them to expand services, strengthen sustainability, or deliver measurable community benefits. The trustees are satisfied that these investments have not only protected the long-term value of the charity’s assets but have also demonstrably advanced its charitable aims by generating positive social outcomes consistent with the charity’s mission.

PERFORMANCE

Investment performance

There were various acquisitions and disposals of investments during the year. The realised investment losses on disposals for the year ended 5 April 2025 was £303,598 (2024 – losses of £9,122) while the unrealised gains on changes in the market value of investments amounted £239,377 (2024 – gains of £2,234,210).

The Investment portfolio yielded dividends and interest amounting to £241,576 (2024 - £71,370) 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 £33,191 (2024 - £18,783).

FINANCIAL REVIEW

Results for the period

During the year ended 5 April 2025, the charity’s total income was £586,680 (2024 - £356,164), mainly derived from investments and donations received. Donations of £311,913 were received of which £289,617 was restricted for the specific purpose of being used on the Farming The Future project.

The charity incurred expenditure on its unrestricted fund of £1,213,531 (2024 - £1,083,679) of which 73.7% related to grants payable, which resulted in net charitable expenditure on unrestricted funds of £922,475. After foreign exchange losses of £6,007 (2024: losses of £16,660), and a transfer out of £4,493 (2024 – transferred in £322,915) to the expendable endowment fund and restricted fund, unrestricted funds were £5,790 (2024 - £932,758) as at 5 April 2025.

The charity received donations totalling £289,617 (2024 - £266,011) on its restricted fund. The charity incurred expenditure of £474,071 on its restricted fund leaving a net balance, after a transfer of £354 from the unrestricted fund, of £177,549 to carry forward to 2025/26.

After investment management fees of £7,227, net investment losses of £64,221 (2024 – net investment gains of £2,225,087) and the transfer in of £4,139 from the unrestricted fund, £354 to the restricted fund, the expendable endowment fund totalled £14,663,506 (2024 - £14,730,815) at 5 April 2025.

The A Team Foundation Limited 7

Directors’ report Year ended 5 April 2025

Reserves policy and financial position

As at 5 April 2025 total funds of £14,846,845 were carried forward in accordance with the directors’ policy on reserves. Included are restricted funds of £177,549 relating to funding from the National Lottery which is carried forward in support of future costs of the Farming the Future project.

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: Benjamin Guy Arbib

Director:

Approved on: 27/01/26

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 2025

Independent auditor’s report to the directors 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 2025 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:

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 other information comprises the information included in the annual report , including the directors’ report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

The A Team Foundation Limited 9

Independent auditor’s report Year ended 5 April 2025

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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:

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on pages 2 and 3, the directors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The A Team Foundation Limited 10

Independent auditor’s report Year ended 5 April 2025

Extent to which our procedures are capable of detecting irregularities, including fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and addressing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 2025

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Bright Grahame Murray

Paul Davis FCA Senior Statutory Auditor For and on behalf of Bright Grahame Murray Chartered Accountants Emperor’s Gate 3[rd] Floor, 114a Cromwell Road Kensington London SW7 4AG

Date: 30 January 2026

The A Team Foundation Limited 12

Statement of financial activities year to 5 April 2025

Notes
 Unrestricted
funds
£		 Restricted
funds
£		 Expendable
endowment
£		 Total
2025
£		 Total
2024
£
Income from:
Investment income
1
Interest receivable
2
Donations received
Total income
Expenditure on:
On charitable activities
3
Net losses on foreign exchange
Total expenditure
Net expenditure before losses on
investments
Net gains on investments
7
Net income before transfers
Transfer between funds
Net movement in funds for the year
Fund balances brought forward
at 6 April 2024
Fund balances carried forward
at 5 April 2025
15		 241,576
33,191
22,296
-

-

289,617
-

-

-		 241,576
33,191
311,913		 71,370
18,783
266,011
297,063
289,617
-		 586,680 356,164
1,213,531
6,007
474,071

-
7,227

-

1,694,829
6,007		 1,266,696
16,660
1,219,538
474,071
7,227		 1,700,836 1,283,356
(922,475)
-
(184,454)

-		 (7,227)

(64,221)

(1,114,156)

**(64,221) **		 (927,192)
2,225,087
(922,475)
(4,493)
(184,454)
354
(71,448)

4,139		 (1,178,377)

-		 1,297,895
-
(926,968)
932,758
(184,100)
361,649
(67,309)
14,730,815

(1,178,377)

16,025,222		 1,297,895
14,727,327
5,790
177,549
14,663,506
14,846,845		 16,025,222

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

Statement of financial activities year to 5 April 2024

Notes
 Unrestricted
funds
£		 Restricted
funds
£		 Expendable
endowment
£		 Total
2024
£
Income from:
Investment income
1
Interest receivable
2
Donations received
Total income
Expenditure on:
On charitable activities
3
Net losses/(gains) on foreign exchange
Total expenditure
Net expenditure before losses on
investments
Net gains/(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 2023
Fund balances carried forward
at 5 April 2024
15		 71,370
18,783
-
-

-

266,011
-

-

-		 71,370
18,783
266,011
90,153
266,011
-		 356,164
1,083,679
16,660
174,070

-
8,947

-

1,266,696
16,660
1,100,339
174,070
8,947		 1,283,356
(1,010,186)
-
91,941

-		 (8,947)

2,225,087

(927,192)

2,225,087
(1,010,186)
322,915
91,941

(117,069)
2,216,140
(205,846)		 1,297,895

-
(687,271)
1,620,029
(25,128)
386,777
2,010,295
12,720,521
1,297,895

14,727,327
932,758
361,649
14,730,815
16,025,222

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 14

Balance sheet as at 5 April 2025

2025 2025 2024 2024
Notes £ £ £ £
Fixed assets
Investments 7 13,447,404 13,514,425
Mixed Motive social investments 8 965,632 923,390
14,413,036 14,437,815
Current assets

Debtors: 9
Amounts falling due within one year 110,741 110,741
 168,637 168,637
Amounts falling due after one year 104,066 124,363 363
214,807 293,000 293,000
Cash at bank 10 1,038,841 1 1,739,842 842
1,253,648 2,032,842 2,032,842 2,032,842
Current liabilities
Creditors: amounts falling due
within one year 11 **(495,863) ** (218,524)
Net current assets
757,785		 1,814,318
Non-current liabilities
Creditors: amounts falling due after 12 (323,976) (226,911)
more than one year
Net assets 14,846,845 16,025,222
The funds of the charity
Capital funds
Expendable endowment fund 14,663,506 14,730,815
Income funds
Restricted funds 14 177,549 361,649
Unrestricted funds – general fund 5,790 932,758
Total charity funds
15		 15 14,846,845 16,025,222

Approved by the directors and signed on their behalf by: Benjamin Guy Arbib

Director

Approved on: 27/01/26 The A Team Foundation Limited Company Registration Number 03775136 (England and Wales)

The A Team Foundation Limited 15

Statement of cash flows Year to 5 April 2025

Notes
2025
£		 2024
£
Cash flows from operating activities:
Net cash used in operating activities
A
Cash flows from investing activities:
Dividends received
Interest received
Proceeds from the disposal of investments
Purchase of investments, less capital distributions

Mixed motive social investments: made in year
-
Loans made in the year
-
Loans repaid in the year
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 6 April 2024
B
Changes in cash due to exchange rate movements on monetary
assets
Cash and cash equivalents at 5 April 2025
B

**(930,322) **		 (864,459)


217,380
57,387
5,360,219
(5,357,418)

(65,854)
23,612		 71,370
18,783
1,255,008
(1,550,819)
(21,984)
4,415
235,326 (223,227)

(694,994)


1,739,842

(6,007)
 (1,087,686)
2,844,188
(16,660)

1,038,841		 1,739,842

Notes to the statement of cash flows for the year to 5 April 2025.

A Reconciliation of net movement in funds to net cash used in operating activities

2025
£		 2024
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Dividends received
Interest receivable
(Gains)/losses on movements in market value of investments
(Gains)/losses on disposal of investments
Net losses/(gains) on foreign exchange translation of monetary assets
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash used in operating activities		 (1,178,377)
(217,380)
(57,387)
(239,377)
303,598
6,007
78,193
374,401		 1,297,895
(71,370)
(18,783)
(2,234,209)
9,122
16,660
(4,000)
140,226
**(930,322) ** (864,459)
Analysis of cash and cash equivalents
 2025
£		 2024
£
Cash at bank and in hand
Total cash and cash equivalents		 1,038,841 1,739,842
1,038,841 1,739,842

The A Team Foundation Limited 16

Principal accounting policies 5 April 2025

The A Team Foundation Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 61 Grosvenor Street, London, W1K 3JE.

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 valuation of unlisted investments included in these financial statements is subject to estimation uncertainty. The directors have determined the fair value of some of these investments based on information provided by the respective fund managers, which typically includes investment reports, financial statements, and other relevant data.

Due to the inherent nature of unlisted investments, there is no active market to provide observable prices. Consequently, valuations rely on assumptions and methodologies applied by the fund managers, which may include discounted cash flow models, comparable company multiples, or other valuation techniques. These assumptions involve significant judgement and are sensitive to changes in market conditions, performance of underlying investments, and other economic factors.

The directors have reviewed the information provided and consider it to be the best available basis for determining fair value at the reporting date. However, actual realisation values may differ materially from these estimates.

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 17

Principal accounting policies 5 April 2025

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

Fixed asset investments comprise both listed and unlisted investments held to generate income and capital growth in furtherance of the charity’s objectives.

Listed investments are stated at fair value, measured by reference to the closing market bid price at the reporting date. Gains and losses arising from changes in fair value are recognised in the Statement of Financial Activities within “Gains/(losses) on investments”. Unlisted investments, which primarily comprise holdings in pooled funds or private equity vehicles, are valued as follows:

The A Team Foundation Limited 18

Principal accounting policies 5 April 2025

Financial assets and liabilities

The Charity only holds basic financial instruments as defined in FRS102. Financial assets and liabilities and their recognition and measurement bases are as follows:

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

At the end of each reporting period financial assets are assessed for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of financial activities. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and a best estimate of the recoverable amount.

A financial asset is derecognised only when the contractual rights to the cash flows from the financial asset expire or are settled in cash, or when substantially all the risk and rewards of ownership of the financial asset have been transferred to another party.

A financial liability is derecognised when the contract that gives rise to it is settled, sold cancelled or expired.

Mixed Motive Social Investments

Mixed motive social investments are investments made by the charity with the dual aim of furthering its charitable purposes while also generating a financial return. These investments typically comprise equity stakes, loan finance, or other funding arrangements that combine both programme-related and financial return characteristics.

The charity recognises mixed motive social investments as fixed asset investments when they are intended to be held for the long term. On initial recognition, such investments are measured at the amount invested, including any directly attributable transaction costs. Subsequent measurement is at fair value, where this can be measured reliably. Changes in fair value are recognised in the Statement of Financial Activities within the appropriate fund category.

Where fair value cannot be measured reliably, the investment is carried at cost less impairment. The charity assesses at each reporting date whether there is objective evidence that an investment is impaired. Indicators of impairment may include financial distress of the investee, evidence of poor performance, or cessation of operations. An impairment loss is recognised in the Statement of Financial Activities and reversed only where there has been a demonstrable recovery in value.

Returns arising from mixed motive investments — such as interest, dividends, or capital gains — are recognised in accordance with the charity’s income recognition policy and allocated to the relevant fund. The trustees review these investments periodically to ensure they remain aligned with the charity’s strategic objectives and risk appetite.

The A Team Foundation Limited 19

Principal accounting policies 5 April 2025

Concessionary Loans

Concessionary loans are loans made to further the charity’s charitable purposes, where the loan terms are below market rate and the primary purpose is programme advancement rather than financial return.

Concessionary loans are initially recognised at the amount advanced, inclusive of directly attributable transaction costs. Subsequent measurement is at the amount recoverable, being the outstanding balance adjusted for repayments and any impairment. As required by the Charities SORP, concessionary loans are not adjusted to fair value where the primary purpose is charitable rather than investment-driven.

The charity assesses concessionary loans for impairment at each reporting date. An impairment is recognised when there is objective evidence that the loan may not be recoverable in full, such as financial difficulties of the borrower, default on repayment terms, or indications that the funded activity has ceased or is no longer viable. Impairment losses are recognised in the Statement of Financial Activities. Should circumstances subsequently improve, reversals of impairment are recognised to the extent that they do not exceed the original carrying amount.

Interest income, where charged, is recognised on a receivable basis in accordance with the loan agreement; however, many concessionary loans may carry low or nil interest, with the social benefit being the primary return.

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.

The A Team Foundation Limited 20

Principal accounting policies 5 April 2025

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. Prepayments are not financial instruments.

Cash and cash equivalents – are classified as a basic financial instrument and is measured at face value.

Financial liabilities – accruals and grant commitments are basic financial instruments and are measured at amortised cost or present value. 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 21

Notes to the financial statements 5 April 2025

1
2		 Investment income 2025
£		 2024
£
Investments listed on a recognised stock exchange
Dividends – Overseas investments
Interest – UK unit trusts
Interest – Money Markets & Deposits		 217,380
-
24,196		 -
71,370
-
241,576 71,370
Interest receivable 2025
£		 2024
£
Interest on loans receivable 33,191 18,783
33,191 18,783

The A Team Foundation Limited 22

Notes to the financial statements 5 April 2025

3 Charitable expenditure

Charitable expenditure
2025
£		 2024
£
Grants payable to institutions:
Main Fund:
Alef Trust
Beyond GM
Bionutrient Food Association
Black Mountain College
Buckminster Fuller Institute
Criterion Institute
CSA Network
Earthed
Eat More Trees
Ecological Land Cooperative
European Co-ordination VIA Campesina
Fibershed
Food Ethics Council
Global Greengrants UK (Agroecology Fund)
GM Freeze
Gower Street
Granville Community Kitchen
Harvest Care
HisBE
Incredible Edible
International Conservation Fund of Canada - Kayapo
John Bradley Foundation
LION
Moms House for Children
Movements Trust - Farmers Footprint
Planton Farm
Possibility Labs T25
Real Farming Trust (2 projects)
School Food Matters
Shared Assets
Shropshire Good Food Partnership
Social Change Nest
Soil Association
Soil Hero Foundation
Springtails Production - 6 Inches of Soi)
The Cornucopia Institute – Organic Rising
The GAIA Foundation (Seed Programme)
The GAIA Foundation (We Feed the UK)
The Movements Trust
The Orchard Project
UK Organic Association
Warrior Citizen Science
World Jewish Relief
Total grants payable to institutions
25,150
36,000
-
69,500
-
-
73,000
-
-
22,000
50,617
-
10,000
40,000
-
20,000
-
8,467
-
5,000
-
-
-
-
20,000
4,950
2,016
114,000
-
-
10,000
320,000
20,000
-
-
-
-
-
20,000
-
15,000
-
12,500		 -
10,000
23,749
-
1,585
8,610
10,000
5,000
10,001
-
25,682
21,775
-
20,000
30,000
-
10,000
4,285
2,100
-
59,815
5,000
804
799
20,000
3,640
4,008
82,355
5,050
5,000
-
-
30,000
128,833
5,000
4,113
250,000
50,000
-
20,000
-
1,000
12,500
898,200 870,704

The A Team Foundation Limited 23

Notes to the financial statements 5 April 2025

3 Charitable expenditure (continued)

2025
£		 2024
£
Total grants payable to institutions (continued)
Future grants rescinded
Total grants payable for the year
Support and governance costs (note 4)
Total charitable expenditure		 898,200 870,704
898,200
-		 870,704
-
898,200
796,629		 870,704
395,992
1,694,829 1,266,696

A reconciliation of grants payable and grant commitments as shown above and notes 11 and 12 are as follows:


2025
£		 2024
£
Grant commitments at 6 April 2024
Grants made during the year, less lapsed commitments
Total grants payable
Grants paid during the year
Commitments at 5 April 2025		 425,662
898,200		 298,834
870,704
1,323,862
**(558,316) **		 1,169,538
(743,876)
765,546 425,662
The abovegrants commitments fall due as follows:
2025
£		 2024
£
Within one year
More than one year		 441,570
323,976		 198,751
226,911
765,546 425,662
Support and governance costs
2025
£		 2024
£
Consultancy costs & project related costs
Staff costs (note 5)
Investment management fees
Governance costs		 512,251
176,807
7,227
100,344		 190,961
140,039
8,947
56,045
796,629 395,992

4 Support and governance costs

Analysis of governance costs :

Analysis of governance costs:

2025
£		 2024
£
Auditor’s remuneration/Payroll Fees
Legal fees
Insurance fees
Bank charges
Other expenses
13,268
10,266
887
993
74,930		 7,999
3,606
832
1,096
42,512
100,344 56,045

The A Team Foundation Limited 24

Notes to the financial statements 5 April 2025

5 Staff costs, directors’ remuneration and key management personnel


2025
£
2024
£
Staff costs comprised:
Salaries and wages
Social security costs
Pension Costs
159,153
10,321
7,333		 96,735
32,561
10,743
176,807 140,039

The Foundation had five employees in the year (2024 – four). No remuneration was paid to any director in respect of their services during the year (2024 – None).

The directors and the CEO of the charity are considered to be the key management personnel.

Key management personnel compensation for the year consisted of wages and salaries of £40,174 (2024 - £nil) and defined pension contributions of £3,236 (2024 - £nil).

No employee received employee benefits in excess of £60,000.

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 2025
Listed
£
7,008,985
819,164
-
(2,816,117)
(940,720)
4,071,312
1
4,351,980		 2025
Unlisted
£

6,505,440

4,676,085

(137,831)

(2,847,700)
1,180,098

9,376,092

7,812,467		 2025
Total
£		 2024
Total
£

10,993,527

1,617,798

(66,979)

(1,264,130)

2,234,209

13,514,425

12,470,846
Market value at start of year
Additions at cost
Capital distributions
Disposals at book value
(proceeds £5,360,219; realised loss
£303,598)
Revaluation gains/(losses) in year
Market value at end of year
Historical cost
13,514,425

5,495,249

(137,831)
(5,663,817)

239,378

13,447,404

12,164,447

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:

2025
£
(303,598)
239,377
64,221		 2024
£
(9,122)
2,234,210
2,225,088
Gains/(losses) on disposal
Movements in market value

The A Team Foundation Limited 25

Notes to the financial statements 5 April 2025

7 Investments (continued)

Investments comprise:

Investments comprise:
Quoted
Investments
2025
£		 Unquoted
Investments
2025
£		 Total
2025
£		 Total
2024
£
Investment assets in the UK
-
UK Equities
-
UK Unit & Investment Trusts
-
UK Private Equity Funds
Investment assets outside the UK
-
Overseas Equities
-
Overseas Private Equity Funds
Total		 -
-
-
-

-

994,888

-

-

994,888		 -
781,560
1,912,953
-
994,888
994,888		 2,694,513
4,071,312
-
-

8,381,204

4,071,312

8,381,204		 6,227,425
4,592,487
4,071,312
8,381,204		 12,452,516 10,819,912
4,071,312
9,376,092		 13,447,404 13,514,425

The following individual holdings had a market value in excess of 5% of the entire investment portfolio at the year-end:

2025
£
3,011,287
2,327,910
1,437,983
757,205
750,000
691,333
. Amphibian BTC Alpha Offshore
. Westbeck Call A1 – Lead Series
. Amphibian USD Alpha Offshore
. LSG Craftory
. MVPQ
. Galaxy Digital Holding

8 Mixed motive social investments

2025
£		 2024
£

905,820

21,985
(4,415)

923,390
At 5 April 2024
Additions in year
Repaid in year
At 5 April 2025		 923,390
65,854
(23,612)
965,632

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. These loans have varying repayment terms and interest rates, and are to be settled by way of a mix of equity and cash. At the balance sheet date the value of loans committed to but not taken up was £215,708 (2024 - £236,392).

The A Team Foundation Limited 26

Notes to the financial statements 5 April 2025

9 Debtors

Debtors
2025
£		 2024
£
Due within one year:
Loan
Donations Restricted
Due after one year:		 100,684
10,057		 168,637
-
110,741 168,637
104,066 124,363
104,066 124,363

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 bi-annually. The loan is repayable from 2025 following an agreement to extend the repayment period.

10 Cash at bank and short term deposits

10 Cash at bank and short term deposits
11
12		 2025
£		 2024
£
C Hoare & Co
Citibank NA
Anchorage
Thesis Unit Trust Management
Cash at bank		 263,561
675,013
2,716
97,551		 1,646,374
-
-
93,468
1,038,841 1,739,842
Creditors: amounts falling due within one year 2025
£		 2024
£
Accruals
Grant commitments (note 3)
HMRC		 28,628
441,570		 19,773
198,751
25,662 -
495,860 218,524
Creditors: amounts falling due after one year 2025
£		 2024
£
Grant commitments (note 3) 323,976 226,911
323,976 226,911

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.

Mr B Arbib is a director of Super Fruit Partners Limited. At the year end the charity held 150,000 shares in Super Fruit Partners Limited at cost of £153,720, which has been written off in these accounts. On the 12 August 2025 a notice of voluntary strike-off was issued on Companies House.

The A Team Foundation Limited 27

Notes to the financial statements 5 April 2025

Mrs M Arbib was a director of Meat v Plant Ltd, which dissolved on 11 February 2025. This resulted in a realised loss of £664,998.

14 Restricted funds

The National Lottery Community Fund (‘NLCF’) agreed, in May 2021, to provide the foundation with up to £5m over 10 years with £1.5m payable in years 1-3 and £3.5m payable in years 4- 10, to fund the Foundation’s “Growing Great Ideas” project. The project’s aims are to develop a growing and ambitious ecosystem committed to creating a thriving, fair and just agroecological food and land movement for the UK. Sadly, during the prior year, the directors received notice from NLCF that they will be scaling back their original pledge from 10 years to 3 years. The Foundation received donations in the year totalling £289,617 (£1,069,606 from original pledge to date) from NLCF.

15 Analysis of net assets between funds

Expendable
endowment
Funds
2025
£
Unrestricted
Funds
2025
£
Restricted
Funds
2025
£
Total
2025
£

14,413,036
−
−14,413,036
250,470
5,790
177,549
433,809
14,663,506
5,790
177,54914,846,845
Expendable
endowment
Funds
2024
£
Unrestricted
Funds
2024
£
Restricted
Funds
2024
£
Total
2024
£

14,437,815
−
−14,437,815
293,000
932,758
361,6491,587,407
14,730,815
932,758
361,64916,025,222
At 5 April 2025
Fixed Assets
Current assets/(liabilities)
Total net assets
At 5 April 2024
Fixed Assets
Current assets/(liabilities)
Total net assets

16 Financial Commitments

Apart from those commitments relating to grants (notes: 3, 11 & 12) the charity has outstanding commitments of £471,165 (2024: £460,029) relating to fixed asset investments capital calls. The time frame of these commitments is approximately one to five years and will be funded via fixed asset investment distributions and from the sale of other investment assets.

The A Team Foundation Limited 28