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← National Grocers Benevolent Fund

2024-03-31-accounts

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

A Company Limited by Guarantee Registered Charity

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31[st] MARCH 2024

Registered Charity Number 1095897 (England & Wales) SC039255 (Scotland) Company Registered in England and Wales Number 04620683

Registered Office and Principal Address:

2 Lakeside Business Park,

Swan Lane, Sandhurst, Berkshire GU47 9DN

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31[st] MARCH 2024

CONTENTS
Page
Legal and Administrative Details 3
Chair’s Statement 4
Trustees’ Report 7
Strategic Report 12
Independent Auditor’s report 14
Consolidated Statement of Financial Activities (including Income and 19
Expenditure account)
Consolidated and Charity Balance Sheets 20
Group Cash Flow Statement 22
Notes to the Financial Statements 23

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

LEGAL AND ADMINISTRATIVE DETAILS

Directors and Trustees

The directors of the charitable company ("the Charity") are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustees. An explanation of the method of appointment of Trustees is provided in the Trustees’ Report.

The Trustees serving during the year and at the time the accounts were signed were:

R H Bartlett B W Dalla Mura L D Hendle M McKenzie H E Murray D Pervez M P Smith R A M Smith Chair L A Stigant H M Tatum H M Tucker J C Uttley D C Wheeler Treasurer M R Williamson (Resigned 26[th] February 2023, Re-appointed 6[th] September 2023)

Life Patrons Lord Price CVO; Mike Coupe; Paul Monk President Allan Leighton Chief Executive Steve Barnes (Resigned 17[th] March 2023), Mark Williamson (Appointed as interim CEO on 17[th] March 2023, resigned 1[st] September 2023) Kieran Hemsworth (Appointed 4[th] September 2023) Company Secretary Catherine Robinson-McCormick Registered Office 2 Lakeside Business Park, Swan Lane, Sandhurst, Berkshire GU47 9DN Website www.groceryaid.org.uk Email info@groceryaid.org.uk Independent Auditors Moore Kingston Smith LLP, 9 Appold Street, London, EC2A 2AP Bankers Lloyds Bank, 24 Broad Street, Reading, Berkshire, RG1 2BT Investment providers CCLA Investment Management Limited, London Newton Investment Management Limited, London Rathbone Brothers Plc, London

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

TRUSTEES’ REPORT FOR THE YEAR ENDED 31[ST] MARCH 2024

CHAIR’S STATEMENT

The demand for GroceryAid’s welfare services has risen dramatically in the year ending 31[st] March 2024, the total incidences of support has risen from 41,000 in the previous year to over 78,000 in the latest year, a staggering growth rate of 93%.

We have seen growth across all our welfare services, covering financial, emotional and practical support, however the support provided to help industry colleagues through the cost of living crisis has driven the growth in demand.

In our survey last December, 57% of grocery workers said that help with the cost of living would have a positive impact on their household, and this rose to 66% amongst workers paid under £20,000 a year.

To satisfy this growth in demand, GroceryAid spent over £6m on welfare support, which was £1m more than the previous year. GroceryAid, thanks to the generosity of its supporters, are always ready to support and care for grocery colleagues and their families through difficult times.

Supporting Industry Colleagues

In the year ending 31[st] March 2024, GroceryAid have experienced a dramatic increase in the demand for all its welfare services.

GroceryAid Grants Officers have dealt with a 57% increase in colleagues receiving a non-repayable financial grant. More than 22,000 colleagues have visited our cost-of-living web page and over 17,000 colleagues have used our MoneyHelper financial wellbeing hub.

Our School Essentials Grant, supported by the Leverhulme Trade Charities Trust, ran for the fourth year in June last year. Over 5,900 children have benefited from a £150 grant, helping families ensure their children started the new academic year with new school uniform and equipment.

Over last year there has also been a 22% increase in calls to our Helpline, which included a 11% increase of ‘in the moment’ counselling sessions with a qualified mental health counsellor and a 27% increase in calls to our Telephone Information Specialists, who provide practical advice.

GroceryAid is constantly reviewing its welfare offer to ensure we meet the changing needs of grocery colleagues. As part of our ‘listen and learn’ approach we work with senior industry colleagues as part of the Welfare Strategy Group and last year we conducted an in-depth study with grocery colleagues to remain close to the latest trends and will continue running this survey annually.

We expect the demand for our welfare services to continue to grow throughout 2024 and 2025, as industry colleagues continue to be impacted by economic pressures.

Raising Awareness

Raising awareness is a key priority for GroceryAid. In our recent survey of grocery colleagues only 18% said they have heard of the Charity; we therefore need to improve awareness and recognition to ensure that all grocery workers who find themselves requiring our help know that they can turn to us for free and confidential support. The Charity focusses on different activities, such as social media, digital communications and the use of channels owned by our supporters to raise awareness.

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

GroceryAid Day, held last year on the 10th of May, was the day the industry came together to raise awareness of the Charity’s welfare services, just under 300 companies took part, organising events, posting on social media and placing over 30,000 pieces of printed material.

In addition, the Charity also has a number of programmes with the objective of raising awareness and educating. The GroceryAid Network programme brings together future industry leaders to help raise awareness in their organisations. The programme continues to grow, last year the number of companies taking part has increased from 70 to 134. The GroceryAid Engage programme is a community of HR and Communications professionals, who join a webinar to discuss the latest welfare developments and marketing initiatives. Over the last year the number of companies taking part in this initiative has increased from 142 to 172.

We have a real challenge to raise awareness but, with our supporters, we continue to make a difference so that we can support more of our industry colleagues who need us.

Fundraising

Our fundraising income is important because, as we raise more, we can provide greater support to even more of our colleagues in need.

Our fundraising income continues to grow as we increase the number of events, increase the number of supporters, and offer more opportunities for companies to activate their brands. Over the last year, 15,700 industry colleagues have attended our events.

For the first time, four of our events raised over £1m in contribution; Barcode, Sporting Lunch, Asda’s Tickled Pink Gala Ball and Sainsbury’s Big Bash. We were delighted to have been chosen to continue to manage the Waitrose Garden Party for the next 3 years. We have also been appointed to manage three new events: Morrison’s Big Night Out, the Booker Dragon Boat Race and the Charity Leadership Dinner.

The only way we can satisfy the increase in demand for our welfare services is through the tremendous support we get from companies across the grocery industry. Last year we have worked with over 500 companies, and we are delighted that 440 companies have been recognised with a GroceryAid Award.

The Diversity & Inclusion in Grocery Programme (D&I), which is managed by GroceryAid, has a vision to accelerate a truly diverse and inclusive grocery industry. The programme helps connect partners to accelerate their D&I journeys through 12 month mentoring sessions, monthly learning labs and an interactive hub. Last year the programme has continued to show impressive growth with the number of partners increasing from 77 to 91, and over 1,300 industry colleagues attending our live event. The Programme has also launched a maturity model, which enables partners and the industry to measure their progress on their D&I journey.

Our People

After an organisational health check, the Charity placed greater emphasis on making GroceryAid an even better place to work for its employees. As part of this review, Alicia Oughton has been recruited as Head of HR and sits as part of the Senior Leadership Team. During last year the Charity continued to invest in strengthening the team, with additional recruitment to support the increase in events, and additional recruitment to support the growth in demand for our welfare services.

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

Trustee Board

During the year there were no changes to the Trustee Board. Over the next three years, however several Trustees will come to an end of their term, and we would welcome those with the skills and experience we require, to put themselves forward for those vacancies. I would like to thank the Trustees for their help and support over the last year, their diligence and commitment to the Charity is truly appreciated.

I am incredibly proud of the GroceryAid team, along with our wonderful group of volunteers, who relentlessly focus on improving the lives of grocery colleagues and their families. I am also continually humbled by the amazing feedback we receive from our beneficiaries.

As we increase the level of awareness and reach more families in the sector who are in need, we will need to raise the amount we spend on our welfare services. We are only able to satisfy this growth in demand due to the support of companies across the industry. I would like to, once again, thank all our supporters for their tremendous, continued generosity.

Ruston Smith Chair of GroceryAid Trustees

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

TRUSTEES’ REPORT FOR THE YEAR ENDED 31[st] MARCH 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

The National Grocers Benevolent Fund, trading as GroceryAid, is a registered charity in England and Wales (registration number 1095897) and Scotland (registration number SC039255) and is constituted as a company limited by guarantee (registration number 04620683). It’s governing document is its memorandum and articles of association.

The Charity is run by 14 serving Trustees who are also directors and members of the limited company. In that capacity the Trustees select new members of the Board of Trustees.

Trustees are responsible for compliance with our legal and statutory requirements and the safe and effective running of the charity. They meet every quarter to discuss and review both the day-to-day operations and the strategic direction of the charity. In addition, the Trustees also meet on an ad hoc basis when required.

The Trustees appoint the Chief Executive who manages the day-to-day operations of the Charity and reports to the quarterly Trustee meetings and contributes to the discussions in an advisory capacity. The senior direct reports are Mandi Leonard, Welfare Director, Jane Hill, Fundraising Director and Catherine Robinson-McCormick, Finance Director.

Remuneration for key management personnel is determined by a sub-committee of the Trustee Board - the Remuneration Committee. This committee has specific delegated responsibilities to:

The Remuneration Committee meets at least twice annually and is chaired by Hayley Tatum.

Various Trustees and industry colleagues sit on one or more of our six sub-committees covering welfare, welfare strategy, finance, fundraising, remuneration and recruitment. These committees consider each of their areas in depth and report to the Trustee Board on key developments, risks, plans and initiatives. These committees each have formal Terms of Reference and these are set out in the GroceryAid Policy Document, which is reviewed and updated annually. This document also contains various processes and procedures to ensure that we have appropriate controls in place for the effective and efficient operation of the charity.

From 2018, it was agreed that Trustees can serve for a three-year period and may be re-elected to serve for two further three-year periods i.e. a total of three terms. All GroceryAid Trustees have

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

signed an ‘Eligibility to Serve’ declaration form, and a Declaration of Interest and Connected Persons form. The possible existence of conflicts of interest is considered prior to the start of every meeting of the Board of Trustees. The Declaration of Interest and Connected Persons forms are completed annually and are held on file at the GroceryAid offices.

All nominations are approved by the Board of Trustees. All new Trustees have a formal induction that covers the role of the Charity and what is expected of them in their role as GroceryAid Trustees. Governance requirements of both Trustees and Senior Management are incorporated into the GroceryAid Policy Manual which forms part of ongoing training and updates at Trustee meetings.

No Trustees are paid by the Charity for their services.

Charity law requires organisations to demonstrate explicitly that their aims are for public benefit. The charitable activities of GroceryAid are available to people in need who are, or have been, engaged in the grocery or provisions trade, greengrocers and the off-licence trade, in any capacity and for their surviving spouses, civil partners and dependent children. The Trustee Board has discussed the issue of public benefit and are confident that the breadth and scope of the work of the Charity, as disclosed in this Report, clearly falls within the guidelines set in Section 17 of the 2011 Charities Act.

OBJECTIVES & ACTIVITIES

The objectives of the Charity are the provision of relief to persons in need, whether that be through ill health, disability, financial hardship or other disadvantage who:

Our vision is that everyone engaged in this trade can turn to us for help. Our long-term objectives are to work with the industry to identify and support those in need, to address social isolation through our Helpline and Carer’s initiative and to enhance our income streams to further support our industry colleagues.

The key activities of the Charity are providing emotional, practical and financial support to colleagues working in the grocery sector, who meet our eligibility criteria as agreed and regularly reviewed by the Trustees. This includes, but is not exclusive to:

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

Emotional and practical support services are delivered in partnership with expert, third party organisations, to provide bespoke services to colleagues.

FUNDRAISING

The vast majority of the Charity’s income comes from the industry we work to support. This can be in the form of donations and/or by supporting regional and national fundraising events. The remainder is derived from the charity’s investments.

GroceryAid fundraises through industry events organised by its branches and its central fundraising team, who on occasion use the services of event management companies to assist in organising events. It also received donations during the year from other organisations which organise events for the industry.

No monies are raised by public collections. As a result, the Charity can be sure there are no fundraising approaches made to vulnerable individuals. GroceryAid does not receive any support from either local or central government.

GroceryAid is registered with the Fundraising Regulator and follows the fundraising code. GroceryAid has not received any complaints about its fundraising activities.

RESERVES POLICY

The aim of our Reserves Policy is to ensure the sustainability of the Charity.

The Charity uses a risk-based approach to the setting of its minimum level of reserves.

The sustainability of the fund is paramount to our beneficiaries and the Trustees believe that having considered our key risks and their potential impact, a minimum level of £6M of reserves is sufficient to cover the current worst case scenario, identified as part of a stress testing exercise. As at 31[st] March 2024, GroceryAid’s free reserves were £11.4M – where the excess reserves will support both the investment in the extension of our support to meet colleagues’ new needs but to also meet the increase in the applications for financial support.

As described in the Strategic Report, we have developed a strategy to raise awareness of the Charity within the industry. We are therefore anticipating a significant increase in applications for financial support as a result of this work and that the level of reserves will be reduced over the next 12 months and beyond.

GOING CONCERN

During the year to 31st March 2024, the Charity has been able to run a full calendar of events and moreover increased the number of events we run. The FY25 calendar of events are already over 90% sold out and demand for tickets remains strong.

Careful cash management has ensured that the Charity has maintained a strong cash balance. Furthermore, over the last three years, the Charity has not needed to draw down on reserves.

The Trustees have assessed the principal risks and formulated a suitable reserves policy as stated above. A number of scenarios have been modelled based on different income and demand assumptions. Based on the results of these models and the level of reserves, the Trustees are

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

satisfied that GroceryAid, the charitable organisation, has adequate resources to continue as a going concern.

INVESTMENT POLICY AND PERFORMANCE

As of 31st March 2024, GroceryAid’s investment fund was valued at £10,402,854.

This is held by the Charity to underpin the value of Reserves retained to ensure the Charity’s sustainability. The Trustees’ objective is that the Reserves do not decrease in real value by aiming to achieve long-term capital growth ahead of inflation.

The Reserves are also key in the provision of income to help fund current expenditure. To meet these objectives the Trustee Board has set a target return of CPI +3% per year over a rolling five-year period. This is a target, and the Trustees acknowledge that due to fluctuations in markets this may not always be possible.

The GroceryAid Finance Committee is a sub-committee of the Trustee board and meets quarterly to review financial controls within the charity, oversee investment performance and recommend changes to the investments as necessary. Our Investment Policy allows us to manage the money we raise and the money we need to have in reserve for unforeseen eventualities.

At 31[st] March 2024, 99% of the reserves were invested in four Common Investment Funds. These are: Newton Growth and Income Fund for Charities, Newton Global Higher Income Fund, Rathbone’s Core Investment Fund for Charities and CCLA Charities Property Fund. The remaining 1% is held in cash deposits.

With regard to ethical investing, the Trustees continue to be satisfied that our investment managers invest responsibly, having regard to the Environment, Social and Governance consideration and our managers exercise our stewardship responsibilities in an appropriate way.

SUBSIDIARY COMPANY

The Charity has a wholly owned trading subsidiary which is incorporated in the U.K., GroceryAid Trading Limited, company registration No. 2952403. The company undertakes certain fundraising activities to raise money for its parent company, the National Grocers Benevolent Fund. The company utilises resources from the parent company, which it pays for on an arms-length basis as resources are required.

The company generated a profit for the year of £4.53M and had net assets of £4.66M at the Balance Sheet date.

The Charity will continue to use the Trading Company in future years and will continue to review whether certain fundraising activities are more appropriate for the Trading Company.

STATEMENT OF TRUSTEE’S RESPONSIBILITIES

The Trustees (who are also the directors of National Grocers Benevolent Fund for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the group and charitable company and of the incoming resources and application of resources, including the income and expenditure, of the group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees 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. In so far as the Trustees are aware:

AUDITORS

A resolution will be proposed at the Annual General Meeting with regard to audit arrangements for the forthcoming financial year.

BY ORDER OF THE TRUSTEES

Ruston Smith (Chair)

4th September 2024

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

STRATEGIC REPORT FOR THE YEAR ENDED 31[st] MARCH 2024

PERFORMANCE

During the year to 31[st] March 2024:

FINANCIAL REVIEW

PRINCIPAL RISKS & MITIGATIONS

Our Risk Management Policy seeks to identify any major risks to which the Charity may be exposed and that may affect the realisation of our goals.

Our short-term targets and long-term objectives are reviewed by the Trustee Board at our quarterly Trustee meetings. The Risk Assessment procedure is also regularly reviewed and we can confirm systems are in place to mitigate those risks. This assessment forms part of our Policy Document which is updated and issued annually.

The Trustees consider the key risks and mitigations facing GroceryAid are:

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

through regular staff training combined with external penetration and phishing exercises undertaken to determine any potential areas of weakness.

FUTURE PLANS

Strategy and Business Plan

During the year, GroceryAid worked with Accenture to develop a 2030 vision for the Charity, with a focus on driving awareness, adapting the welfare offer, and outlining new income driving initiatives, to support more grocery colleagues and their families in need.

Our priorities for the 2024/25 year, to further our charitable objects and deliver public benefit are as follows:

BY ORDER OF THE TRUSTEES

Ruston Smith (Chair)

4th September 2024

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF NATIONAL GROCERS BENEVOLENT FUND, TRADING AS GROCERYAID

Opinion

We have audited the financial statements of National Grocers Benevolent Fund (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2024 which comprise of the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including significant accounting policies. 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 trustees’ 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 group’s and parent charitable 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 trustees with respect to going concern are described in the relevant sections of this report.

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

Other information

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

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 group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 or the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

In preparing the financial statements, the trustees are responsible for assessing the group and parent 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 trustees either intend to liquidate the group or parent 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 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report to you in accordance with regulations made under those Acts.

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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters which we are required to state to them in an auditor's report addressed to them and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, and the charity’s trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Luke Holt (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

12 September 2024 9 Appold Street London EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] MARCH 2024

Note
Income from:
Donations and legacies
4
Central fundraising
5
Branch fundraising
6
Investment Income
7
Other Income – gross
gain on sale of property
Total Income
Expenditure on:
Cost of raising funds
Central fundraising
5
Branch fundraising
6
Charitable activities
Grants
8
Goods and services
8
Other Expenses
10
Total Expenditure
before investments
Net gains/(losses) on
investments
15
Net
income/(expenditure)
and net movement in
funds
Reconciliation of funds:
Total funds brought
forward from previous
year
Total funds carried
forward		 Unrestricted
Funds
Restricted
Funds
Total
2024
£
£
£
1,557,544
823,881
2,381,425
12,845,219
-
12,845,219
231,608
-
231,608
392,712
-
392,712
-
-
-
15,027,083
823,881
15,850,964
8,944,935
-
8,944,935
73,084
-
73,084
4,218,305
364,438
4,582,743
2,011,492
109,728
2,121,220
6,305
-
6,305
15,254,121
474,166
15,728,287
521,593
-
521,593
294,555
349,715
644,270
12,574,396
0
12,574,396
12,868,952
349,715
13,218,667		 Total
2023
£
2,246,561
11,857,851
227,009
275,053
-
14,606,474
8,748,848
95,353
3,551,534
2,009,846
-
14,405,580
(580,862)
(379,968)
12,954,366
12,574,396

The statement of financial activities includes all gains and losses recognised in the period. All of the above amounts relate to continuing activities.

The notes on pages 23-39 form part of these financial statements.

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NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

CONSOLIDATED BALANCE SHEET AT 31[ST] MARCH 2024

Notes
Fixed Assets
Tangible
assets
13
Intangible
assets
14
Investments
15
Total fixed
assets
Current
Assets
Debtors
16
Cash at
bank and in
hand
17
Total
current
assets
CREDITORS:
Amounts
falling due
within one
year
18
NET
CURRENT
ASSETS
NET ASSETS
FUNDS
Unrestricted
income
fund
20
Designated
fund
20		 Group
2024
2023
£
£
1,373,917
1,445,896
97,440
38,082
10,402,854
9,583,054
11,874,211
11,067,032
9,230,670
6,098,408
4,208,881
4,869,375
13,439,551
10,967,783
(12,095,094)
(9,460,419)
1,344,457
1,507,364
13,218,667
12,574,396
12,868,952
12,574,396
-
-		 Charity
2024
2023
£
£

1,373,917
1,445,896
97,440
38,082
10,412,854
9,593,054
11,884,211
11,077,032


1,597,192
1,029,344
2,292,878
2,179,762
3,890,070
3,209,106

(7,204,023)
(5,601,651)

(3,313,953)
(2,392,545)

8,570,258
8,684,487


8,220,543
8,684,487
-
-

Page 20

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

Restricted 20 349,715 - 349,715 -
income
fund
TOTAL 13,218,667 12,574,396 8,570,258 8,684,487
FUNDS

The financial statements were approved by the Board of Trustees and authorised for issue on the 4th September 2024 and signed on their behalf by:

Ruston Smith, Chair, GroceryAid Trustees David Wheeler, Treasurer GroceryAid

Charity Number 1095897 Company Number: 04620683

Page 21

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID

CASH FLOW STATEMENT FOR THE YEAR ENDED 31[ST] MARCH 2024

2024 2023
Note £ £ £ £
NET CASH (USED IN)/PROVIDED 23 (680,364) 1,115,062
BY OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING
ACTIVITIES
Dividends, Interest and Rents for 392,712 275,053
Investment
Purchase of property, plant and (1,422) (264,623)
equipment
Purchase of intangible assets (73,213) (6,199)
Proceeds from the sale of - -
investments
Purchase of investments (298,207) (260,923)
Net cash provided by investing (19,870) (256,692)
activities
Change in cash and cash (660,494) 858,370
equivalents in the reporting period
Cash and cash equivalents at the 4,869,375 4,011,005
beginning of the reporting period
Cash and cash equivalents at the 24 4,208,881 4,869,375
end of the reporting period

Page 22

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

1. Accounting policies

The principal accounting policies of the charity are as follows:

a) General information

The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 2 Lakeside Business Park, Swan Lane, Sandhurst, Berkshire, GU47 9DN.

b) Statement of compliance and basis of preparation

The financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), and the Companies Act 2006.

These financial statements have been prepared under the historical cost convention, except for investments which are included at fair value.

The charity constitutes a public benefit entity as defined by FRS 102 and has taken regard of the charity commissions guidance on public benefit, including ‘Public Benefit: running a charity (PB2).

The financial statements are prepared in sterling, which is the functional currency of the entity, and are rounded to the nearest £.

c) Going Concern

The financial statements are prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

The Trustees have considered possible events and conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. A number of scenarios have been modelled based on different income and demand assumptions. Based on the results of these models and the level of reserves, the Trustees are satisfied that GroceryAid, the charitable company, will be able to continue its operations and meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.

d) Method of consolidation

The financial statements consolidate the results and position of the subsidiary undertaking (see note 3) and all of the Charity's branches on a line-by-line basis in both the Statement of Financial Activities (including income and expenditure account) and the Balance Sheet.

e) Incoming resources

Income is recognised when the charity has entitlement, it is probable that the amount will be received, and it can be measured reliably as follows:

Voluntary income

Income from donations is accounted for on a receipt.

Grant income

Grants are recognised when any conditions for entitlement are met. Grants received before the conditions for entitlement have been met are deferred and included in creditors at the year end. Legacies

Income from legacies is accounted for on a receivable basis being included at the earliest of the date of receipt or at the point which notification is received, provided that there is sufficient evidence to provide the necessary probability that the legacy will be received.

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

Central and branch fundraising

Income from fundraising is accounted for on a receivable basis. Income associated with a particular event is reported only upon that event having taken place, with income received in advance of events being treated as deferred income.

Investment income

Income from investments is accounted for on a receivable basis.

Gifts in Kind and Donated Services

Items donated to the charity to assist with particular fundraising events are recognised in the financial statements at market value as income to and resources expended against the respective activities. The donation of services to the charity is similarly recognised within the financial statements by the inclusion of a charge to expenditure and a corresponding credit to income, based on the estimated market value.

f) Resources expended

Resources expended are accounted for on an accruals basis. The inclusion of costs within the various categories of expenditure was made on the following basis:

Costs of raising funds

This category is used to record any costs which are associated with the cost of raising funds from whatever source and will include costs incurred in attracting donations and sponsorship. Investment management fees

The cost of managing the Charity's investment funds is not charged separately by the investment managers but is instead effectively recovered by way of a deduction from the funds. Charitable activities

This category is used to record expenditure incurred in fulfilling the Charity's objectives: it includes the payment of monetary grants to beneficiaries, expenditure made in providing beneficiaries with goods and services, and the costs of distributing and administering such direct charitable provision. The cost of such provision, and that in respect of monetary grants in particular, is recognised when award of the grant has been communicated to the beneficiary. Grants are awarded on an annual basis and are subject to annual review.

Governance

This category comprises costs incurred in the general management of the Charity, as distinct from that concerned directly with the conduct of the Charity's operational activities, and includes those costs associated with ensuring that the Charity complies with applicable laws and regulations, to include the preparation of information required for public accountability.

Allocation and apportionment of costs

Expenditure is classified according to the above headings that aggregate all costs related to those categories, whether they be directly attributable or apportioned as such. The bases of the apportionment of costs are consistent with the use of the staff resources under each heading.

g) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

h ) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Page 24

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

The key assumptions involving estimation uncertainty at the balance sheet date that have a risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are as follows:

Useful life of Tangible and Intangible fixed assets

Both Tangible and Intangible fixed assets are depreciated over their useful lives. The actual lives of the asset and residual values are assessed annually and may vary depending on a number of factors. The useful life is set depending upon asset class. The Trustees believe this is an appropriate methodology for valuing these fixed assets.

i) Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the asset and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.

All assets costing over £1,000 are capitalised subject to considerations as to the likely useful life of each item. Tangible fixed assets are stated at cost. Depreciation is calculated to write off the cost of fixed assets over their estimated useful lives by equal annual instalments at the following rates:

Improvements to freehold 2% per annum Freehold buildings 1% per annum Office equipment 20% per annum Furniture fixtures and fittings 10% per annum

No depreciation is provided on freehold land.

j) Intangible assets

All assets costing over £1,000 are capitalised subject to considerations as to the likely useful life of each item. Intangible fixed assets are stated at cost. Depreciation is calculated to write off the cost of fixed assets over their estimated useful lives by equal annual instalments at the following rates:

Software 20% per annum

k) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are measured at the cash or consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

l) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the bid price. Gains and losses on the disposal and revaluation of investments are charged or credited to the Statement of Financial Activities. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised

Page 25

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

investment gains and losses are combined in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

m) Fund accounting

Funds held by the charity as unrestricted funds are free for the Trustees to use for any purpose in furtherance of the charitable objects as set out in the Charity's Reserves policy. Designated funds are those that have been set aside by Trustees for specific purposes. Restricted funds are subject to specific conditions imposed by the donors. At the year end, any restricted fund deficits can be eliminated by a transfer from unrestricted funds unless the Trustees are of the opinion that such deficits will be eliminated by future giving. There are no transfers out of restricted fund unless approval is given by the donors.

n) Pension costs

Pension contributions are charged in the financial statements as they become payable.

o) Publicity

Costs associated with the objective of raising awareness of the Charity and its profile, particularly within the grocery trade, are included under this sub-heading within Central Fundraising. This policy was adopted on the basis that increasing awareness of the Charity, particularly within the grocery industry, should enhance its relevance and influence and so, in turn, better enable it to raise funds through its various activities.

p) Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

q) Cash & Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

2. Results of the parent undertaking

The gross income and result of the parent charity excluding those of its subsidiary were as follows:

2024 2023
£ £
Gross income 9,419,249 6,029,799
Net movement in funds (1,172,968) (1,674,610)

3. Subsidiary undertaking

The charity has a wholly owned trading subsidiary, GroceryAid Trading Limited, by virtue of the ownership of that company's entire share capital of 10,000 ordinary £1 shares, to which all voting rights are attached. The subsidiary is incorporated in the U.K., company registration number 02952403. GroceryAid Trading Limited may be used to operate certain activities that might be regarded as trading. The Trading Company’s registered office is 2 Lakeside Business Park, Swan Lane, Sandhurst, GU47 9DN. The subsidiary donates its taxable profit to the National Grocers Benevolent Fund under the Gift Aid scheme. A summary of its trading results for the year to 31st March 2024 is shown below and accounts will be filed with the Registrar of Companies.

Page 26

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

Profit and Loss Account – Summary
Turnover
Net Profit/(Loss) and Retained Reserves
The subsidiary’s net assets were comprised as
follows:
Debtors
Cash at Bank
Creditors
Net Assets/(Liabilities)
4. Voluntary Income – Donations and Legacies
Donations – unrestricted
Voluntary Income – restricted:
Grant from Leverhulme Trade Charities Trust
Funds for retailer hardship fund
TOTAL		 2024
2023
£
£
11,404,809
10,988,891
4,529,493
3,770,993
13,141,958
8,811,858
1,916,002
2,689,614
(10,399,550)
(7,601,562)
4,658,410
3,899,910
2024
2023
£
£
1,557,544
1,655,561
466,666
466,000
357,215
125,000
2,381,425
2,246,561

In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.

5. Fundraising – all Unrestricted

Central fundraising
Central fundraising - unrestricted
Allocated support costs
PR Marketing
Total current central fundraising
Gifts in Kind
Total		 2024
Income
Expenses
Surplus
12,316,226
(6,037,883)
6,278,343
-
(2,240,427)
(2,240,427)
-
(137,632)
(137,632)
12,316,226
(8,416,012)
3,900,284
528,993
(528,993)
-
12,845,219
(8,944,935)
3,900,284

Page 27

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

Central fundraising
Central fundraising - unrestricted
Allocated support costs
PR Marketing
Total current central fundraising
Gifts in Kind
Total		 2023
Income
Expenses
Surplus
10,856,966
(5,754,362)
5,102,604
-
(1,895,834)
(1,895,834)
-
(97,767)
(97,767)
10,856,966
(7,747,963)
3,109,003
1,000,885
(1,000,885)
-
11,857,851
(8,748,848)
3,109,003

PR Marketing costs includes the estimated value of discounted advertisements placed in various trade publications of £16,300 (2023: £91,284) and related development work. This support is to help raise the awareness of the work of the charity and its fundraising efforts.

6. Branch fundraising

2024 2023
Income Expenses Surplus **Surplus **
£ £ £ **£ **
Total Branch Fundraising 231,608 (73,084) 158,524 131,656

Gifts in Kind are included in the individual branch fundraising income and expenses above amounting to £nil in total (2023: £nil)

7. Investment income

Dividend and other investment income
Bank deposit interest receivable
Other investment income
Total Investment Income		 2024
2023
Unrestricted
Funds
£
Total
Funds
£
Total
Funds
£
306,264
306,264
274,538
86,448
86,448
515
-
-
-
392,712
392,712
275,053

Page 28

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

8. Charitable expenditure

2024

Monetary Grants
Provision of goods and services
Allocated support costs
Total
2023
Monetary Grants
Provision of goods and services
Allocated support costs
Total		 Unrestricted
Funds
£
Restricted
Funds
£
Total
Funds
£
3,135,881
364,438
3,500,319
1,547,595
109,728
1,657,323
1,546,321
-
1,546,321
6,229,797
474,166
6,703,963
Unrestricted
Funds
£
Restricted
Funds
£
Total
Funds
£
2,143,796
421,404
2,565,200
1,452,036
135,096
1,587,132
1,409,048
-
1,409,048
5,004,880
556,500
5,561,380

The grants paid to individuals are to relieve financial hardship in accordance with the objects of the Charity. The provision of goods and services includes one-off crisis payments, provision of basic essentials, helpline facilities, respite and other goods and services in furtherance of the charity’s objects.

9. Governance costs


Audit – Current year
Audit – Relating to Prior year
Meetings
Legal advice
Other Services (including payroll, VAT & Tax)
Trustees’ expenses
Trustees’ indemnity insurance		 2024
2023
£
£
36,308
24,097
-
-
77
82
77,565
155,397
30
25
-
-
5,911
5,218
119,891
184,819

Page 29

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

10. Other Expenses


Legal advice
Release of other creditor
Prior year		 2024
2023
£
£
-
-
-
-
6,305
-
6,305
-

11. Support Costs

Central Charitable
2024 Fundraising Activities Governance Total
£ £ £ £
Staff related costs 1,855,808 883,886 272,747 3,012,441
Direct costs (note 9) - - 119,891 119,891
Overheads 488,021 227,779 42,018 757,818
Governance costs - 434,656 (434,656) -
Total allocation 2,343,829 1,546,321 - 3,890,150
Central Charitable
2023 Fundraising Activities Governance Total
£ £ £ £
Staff related costs 1,580,522 785,821 222,716 2,589,059
Direct costs (note 9) - - 184,819 184,819
Overheads 373,842 184,179 31,512 589,533
Governance costs - 439,047 (439,047) -
Total allocation 1,954,364 1,409,047 - 3,363,411

The costs shown above are not specific to any one activity and have been allocated on the basis of a judgement as to the proportion of time spent on each of the activities.

12. Staff costs


Salaries
Termination payments
Temp Staff
Employer's National Insurance
Pension contributions
Health insurance
 2024
£

2,256,834
-
40,395
248,913
276,357
29,220
2,851,719
 2023
£
1,892,259
27,350
55,168
210,664
212,603
22,282
2,420,326

Page 30

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

The average monthly head count was 53 staff (2023: 41 Staff) and the average monthly number of employees (including casual and part-time staff) during the year was as follows:



Charitable welfare
Fundraising
Governance
Average Headcount
 2024
2023
18.7
15.3
30.9
23.9
3.1
2.2
52.7
**41.4 **

8 out of the total of 53 employees at the year-end are part-time (2023: 7 out of 41 employees). There were 9 employees (2023: 6 employees) with emoluments above £60,000 per annum.

The number of senior post holders and other staff who receive emoluments, excluding pension contributions but including benefits in kind, in the following ranges were:

2024 **2023 **
£60,000 to £69,999 3 1
£70,000 to £79,999 3 1
£80,000 to £89,999 - -
£90,000 to £99,999 1 1
£100,000 to £109,999 1 1
£110,000 to £119,999 1 1
£120,000 to £129,999 - -
£130,000+ - 1

Page 31

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

13. Tangible assets

Cost:
Brought forward
Additions
Disposals
Carried forward
Depreciation
Brought forward
Charge for year
Disposals
Carried forward
Net book value carried
forward
Net book value brought
forward		 Freehold land
and buildings
Office Equipment
Furniture,
fixtures and
fittings
Total
£
£
£
£
1,555,018
109,535
32,913
1,697,466
-
1,422
-
1,422
-
(4,717)
-
(4,717)
1,555,018
106,240
32,913
1,694,171
194,492
48,162
8,916
251,570
49,430
20,313
3,146
72,889
-
(4,205)
-
(4,205)
243,922
64,270
12,062
320,254
1,311,096
41,970
20,851
1,373,917
1,360,526
61,373
23,997
1,445,896

All of the Charity group's fixed assets were held for functional charity use and all assets are used in the running and administration of the Charity.

14. Intangible assets

Cost:
Brought forward
Additions
Disposals
Carried forward

Depreciation
Brought forward
Charge for year
Disposals
Carried forward

Net book value carried forward
Net book value brought forward		 Website
Software
Total
£
£
£
45,376
145,062
190,438
-
73,213
73,213
-
(79,582)
(79,582)
45,376
138,693
184,069
21,786
130,570
152,356
9,075
4,780
13,855
-
(79,582)
(79,582)
30,861
55,768
86,629
14,515
82,925
97,440
23,590
14,492
38,082

Page 32

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

15. Investments

Analysis of Movement of Investments
Market value at beginning of year
Additions to investments at cost
Disposals at market value
Net gain/(loss) on revaluation
Market value at end of year
Investments held
Listed investments
Investments in subsidiary undertakings
Total investments held		 Group
Charity
2024
2023
2024
2023
9,593,054
9,912,993
9,593,054
9,912,993
298,207
260,923
298,207
260,923
-
-
-
-
521,593
(580,862)
521,593
(580,862)
10,412,854
9,593,054

10,412,854
**9,593,054 **
10,402,854
9,583,054
10,402,854
9,583,054
-
-
10,000
10,000
10,402,854
9,583,054

10,412,854
**9,593,054 **

Unrestricted fund investments consist of a portfolio of listed investments managed on the charity’s behalf by professional fund managers. The following investments make up more that 5% of the total investment portfolio:

% of total Market Value
BNY Mellon Global Income Fund Newton 17% £1,744,278
Inst Shares 1
Newton Growth and Income Fund for 31% £3,188,309
Charities Inc Class
Rathbones Core Investment Fund for 39% £4,102,582
Charities
CCLA COIF Charities Property Fund 13% £1,366,100

16. Debtors

Current:
Trade debtors
Amounts due from subsidiary undertaking
Other debtors
Prepayments
Accrued income
Loans receivable secured on property
 Group
Charity
2024
2023
2024
2023
6,336,642
4,032,275
1,289,196
797,859
-
-
2,587,532
1,836,148
1,500
1,500
172,428
134,652
172,428
134,652
134,068
87,222

134,068
87,222
9,230,670
6,090,297
1,597,192
1,021,233
-
8,111
-
8,111
9,230,670
6,098,408

1,597,192
1,029,344

Page 33

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

17. Cash at bank and in hand

Head office bank current account
Head office deposit accounts
Trading Co bank account
Branch bank accounts *
 Group
2024
2023
£
£
2,289,275
1,925,933
195
251,925
1,916,002
2,689,614
3,409
1,903
4,208,881
4,869,375		 Charity
2024
2023
£
£
2,289,275
1,925,934
195
251,925
-
-
3,408
1,903
2,292,878
2,179,762

*Deposit account in Northern Ireland only.

18. Creditors: amounts falling due within one year

Trade creditors
Other creditors
Accruals
Deferred income
Amounts due to subsidiary undertaking
 Group
2024
2023
£
£
(1,032,234)
(987,378)
(9,885,051)
(7,006,922)
(113,572)
(105,500)
(1,064,238)
(1,360,619)
-
-
(12,095,095)
(9,460,419)		 Charity
2024
2023
£
£
(228,265)
(124,545)
(699,628)
(791,983)
(84,011)
(60,929)
(683,640)
(881,400)
(5,508,479)
(3,742,794)
(7,204,023)
(5,601,651)

Movement on deferred income balances was as follows:

Balance brought forward
Released to statement of financial activities
Fund raising proceeds received
Balance carried forward		 (1,360,619)
(4,176,029)		 (881,400)
(375,799)
1,360,619
4,176,029
(1,064,238)
(1,360,619)
(1,064,238)
**(1,360,619) **		 881,400
375,799
(683,640)
(881,400)
(683,640)
(881,400)

19. Commitments under operating lease

Office equipment
Amounts to be paid
Within 1 year
Between 2 - 5 Years
Over 5 Years
 2024
£
7,072
8,402
-
15,474		 2023
£
3,577
5,864
-
9,441

Operating lease costs in the year ending 31st March 2024, were £4,451. (2023: £5,850)

Page 34

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

20. Funds

At the balance sheet date restricted funds were represented by current assets with the balance of the Charity's assets and liabilities were representing the unrestricted funds.

The Restricted Funds comprise:

GROUP Brought
forward		 Income Expenditure Gains/
(losses)		 Transfers Carried
forward
Year to 31 March
2024
General funds
Unrestricted fund 12,574,396 15,027,083 (15,254,120) 521,593 - 12,868,952
Total general funds 12,574,396 15,027,083 (15,254,120) 521,593 - 12,868,952
Restricted funds
Leverhulme Trade - 466,666 (466,666) - - -
Charities Trust
Breast Cancer Fund - 357,215 (7,500) - - 349,715
Total restricted - 823,881 (474,166) - - 349,715
funds
Total funds 12,574,396 15,850,964 (15,728,286) 521,593 - 13,218,667
Brought
forward		 Income Expenditure Gains/
(losses)		 Transfers Carried
forward
CHARITY
Year to 31 March
2024
General funds
Unrestricted fund 8,684,487 8,595,369 (9,580,906) 521,593 - 8,220,543
Total general funds 8,684,487 8,595,369 (9,580,906) 521,593 - 8,220,543
Restricted funds
Leverhulme Trade - 466,666 (466,666) - -
Charities Trust -
Breast Cancer Fund - 357,215 (7,500) - - 349,715
Total restricted
funds - 823,881 (474,166) - - 349,715
Total funds 8,684,487 9,419,250 (10,055,072) 521,593 - 8,570,258

Page 35

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

GROUP & CHARITY Brought
forward		 Income Expenditure Gains/
(losses)		 Transfers Carried
forward
Year to 31 March
2023
General funds
Unrestricted fund 12,558,620 14,015,475 (13,725,749) (580,862) 306,912 12,574,396
Designated funds –
Covid 19		 278,590 - (123,332) - (155,258) -
Designated funds –
office refurb		 96,904 - - - (96,904) -
Total general funds 12,934,114 14,015,475 (13,849,081) (580,862) 54,750 12,574,396
Restricted funds
Leverhulme Trade - 466,000 (466,000) - - -
Charities Trust
Retailer hardship 20,250 125,000 (90,500) - (54,750) -
fund
Total restricted 20,250 591,000 (556,500) - (54,750) -
funds
Total funds 12,954,366 14,606,475 (14,405,581) (580,862) - 12,574,396
21.
Net assets
2024 Consolidated Group
Tangible fixed assets
Intangible fixed assets
Investments
Current assets
Current liabilities
Total
2024 Charity
Tangible fixed assets
Intangible fixed assets
Investments
Current assets
Current liabilities
Total		 Unrestricted
Funds
Restricted Funds
Total
£
£
£
1,373,917
-
1,373,917
97,440
-
97,440
10,402,854
-
10,402,854
13,089,836
349,715
13,439,551
(12,095,095)
-
(12,095,095)
12,868,952
349,715
13,218,667
Unrestricted
Funds
Restricted Funds
Total
£
£
£
1,373,917
-
1,373,917
97,440
-
97,440
10,412,854
-
10,412,854
3,540,355
349,715
3,890,070
(7,204,023)
-
(7,204,023)
8,220,543
349,715
8,570,258

Page 36

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

2023 Consolidated Group
Tangible fixed assets
Intangible fixed assets
Investments
Current assets
Current liabilities
Total
2023 Charity
Tangible fixed assets
Intangible fixed assets
Investments
Current assets
Current liabilities
Total		 Unrestricted
Funds
Restricted Funds
Total
£
£
£
1,445,896
-
1,445,896
38,082
-
38,082
9,583,054
-
9,583,054
10,913,033
54,750
10,967,783
(9,460,419)
-
((9,460,419)
12,519,646
54,750
12,574,396
Unrestricted
Funds
Restricted Funds
Total
£
£
£
1,445,896
-
1,445,896
38,082
-
38,082
9,593,054
-
9,593,054
3,154,355
54,750
3,209,105
(5,601,650)
-
(5,601,650)
8,629,737
54,750
8,684,487

22. Legal status of the Charity

The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of a winding up is limited to £1.

23. Reconciliation of Net Incoming Resources to Net Cash (Outflow)/Inflow from Operating Activities

Net income/(expenditure) for the reporting period
Income from investments
Interest receivable
(Gains)/losses on investments
Depreciation & Amortisation
Loss (Profit) on sale of fixed assets
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Net cash (outflow)/inflow from operating
activities		 2024
2023
£
£
644,270
(379,968)
(306,264)
(274,538)
(86,448)
(515)
(521,593)
(580,862)
86,743
84,768
513
3,487
(3,132,263)
(2,227,924)
2,634,678
3,328,891
(680,364)
(1,115,062)

Page 37

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

24. Reconciliation of Net cash Flow Movement in Net Funds

Increase/(decrease) in cash in the period
Change in net funds
Net funds at 1 April
Net funds at 31 March		 2024
2023
£
£
(660,494)
858,370
(660,494)
858,370
4,869,375
4,011,005
4,208,881
4,869,375

25. Analysis of changes in Net Funds

1-Apr-2023 Cash flows 31-Mar-2024
£ £ £
Cash at bank 4,869,375 (660,494) 4,208,881

26. Related party transactions

During the year ending 31st March 2024, there were no related party transactions (2023: nil).

27. Parent company Statement of Financial Activity

Income from:
Donations and legacies
Central fundraising
Branch fundraising
Investment Income
Total Income
Expenditure on:
Cost of generating funds
Central fundraising
Branch fundraising
Charitable activities
Grants
Goods and services
Other Expenses
Total Expenditure		 Unrestricted
Funds
Restricted
Funds
Total
2024
£
£
£
5,328,537
823,881
6,152,418
2,642,511
-
2,642,511
231,608
-
231,608
392,712
-
392,712
8,595,368
823,881
9,419,249
3,271,722
-
3,271,722
73,084
-
73,084
4,218,305
364,438
4,582,743
2,011,492
109,728
2,121,220
6,303
-
6,303
9,580,906
474,166
10,055,072		 Total
2023
£
3,772,249
1,755,488
227,009
275,053
6,029,799
2,417,478
95,353
3,551,534
2,009,846
-
8,074,211

Page 38

NATIONAL GROCERS BENEVOLENT FUND, trading as GROCERYAID Notes to the Financial Statements for the year ended 31[st] March 2024

Net gains/(losses) on investments
Net income/(expenditure) and net
movement in funds
Reconciliation of funds:
Total funds brought forward from
previous year
Total funds carried forward		 521,593
-
521,593
(463,945)
349,715
(114,230)
8,684,487
-
8,684,487
8,220,542
349,715
8,570,257		 (580,862)
(2,625,274)
11,309,761
8,684,487

Page 39