2023-03-31-accounts

Company Registration Number.. 04837373 Charity Registration Number: 110CQ51 Scottish Charity Number: SC0526n Fareshare (Limited by Guarantee Annual report and accounts for the year ended 31 March 2023 111 ¥ACFE9DL4 0111112023 COMPANIES HOUSE A12

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FareSh￿ Anryjal Reptyt and 202Z123

Contents Report of the Trustees Objectives and Activities Messages from our Chair and Chief Executive How we work and the Impact we have i Fareshare in a Nutshell Fareshare's Year In Revlew Our impacts and achievements Fundraising review List of our dor￿r5 Financial review i Princi -￿al risks and uncertaintie5 overnance and managernent Structure. L_------ i Trustees. responsibilities i Reference and administrative details [.. Independent auditor's re Financial statements Notes to the financial statements | 10 21 i 23 25 29 33 35 36 37 140 143 Fareshare knTrJal Rewt and Accwnts 202Z123

Definition5 Fareshare refers to this charity, Fareshare (Charity registration No 110(M)51 and Scottish Charity SC052672). The Fareshare network refers to the warehouses managed by Fa￿share an<i its network partners. The Fareshare network now comprises 34 warehouses which redistribute surplu5 food to frontline charities and community groups across the whole of the UK. PAost of these warehouses are managed by independent charities, our network partners, in a partnership agreement with Fareshare on a Scale which makes u5 a leader in charity collaboration in the UK. At 31 March 2023 three regions: Merseyside, East Anglia and Southern Central were managed directly by FareShare. Fareshare is responsible for sourcing food and operating the supply chain and logistics to deliver that food to all the warehouses in the Fareshare network. Fareshare provides operational support to the warehouses and promotes the sharing of best practice across the network especially in the area5 Of health and safety and efficiency improvement. It is responsible for the fundraising, public relations and communications relating to the Fareshare brand and its own operation5. Fareshare Go is a service operated in partnership with a number of the leading food retailers in the UK. This service aims to reduce the food surpluses that arise at a store level and the food is collected by the local charities and community groups directly from the stores. As a consequence of the geographical spread of the participating stores Fareshare Go is available in virtually every local authority in the UK. The Trustees. report provides statlStlCs for the whole of the Fareshare network as these best describe the social, environmental and ecorK)mic impact of our collective work. We focus on the volume of food provided to the network and the equivalent number of meals provided by the charities and community groups from the food they receive from us. The financial statements refer to the charity Fareshare itself and do not reflect the incomes and costs of those regions in the network operated by our network partners. Fareshare AnThJal Rem and ACC￿n[S 2022123

Objectives and Activities Fareshare is a UK-wide charity that, in partnership WTth our network, redistributes surplus food to charities that turn it into meals. Our vlslon is of a UK vhlere 'No good fcKxl goes to waste,. Our mission is to use surplus, fit for consumption food to feed those who are vulnerable in the UK by supporting front line charitable organisations that tackle the cause and not just the symptoms of poverty. Our values run thr￿gh everything we do and set out a clear framework for u5 to approach our work: passion. ambltlon, respect. collaboration, and focus. Charltable Objects The charitable objectives of FareShare are set out in the Memorandum of Association: The prevention and relief of poverty arKI the preservation and promotion of good nutrition, good health and social improvement among people who are suffering from social, economic or emotional distress in such ways as the trustees may in their ab501ute discretion think fit but particularly through: the collection and redistribution of surplus food" the encouragement of members of the public to undertake voluntary work; The advancernent of public education in particular, but not exclu5ivelyi by providing training in the voluntary sector; and The furtherance, for the benefit of the public. of the conservation. protection and improvement of the physical and natural environment through the redirection of waste (Sn particular food waste) and its adverse environrrbental impacts. Public Benefit The Tru5tee5 confimi that they have referred to the Charity Commission's guidance on public benefit when revievring the charity's aims and objectives and in planning future activities. Fareshare's focus on tackling food poverty, working in partnership with local charities and community-based organisations, ha5 a direct and positive benefit for many of the most marginalised people in the UK, particularly individuals who are homeless, unemployed, poor and isolated. The cost of living crisis rneans that our partner charitie5 are increasingly providing 5UPPOrt to ordinary working families The charity engages volunteers in its work and is open to all members of the community. Fareshare's training and education work provides opportunities for volunteers and others to gain recognition, including accreditation, for the skills they have acquired while working with Fareshare to help them gain further employrnent. Fa￿share Annual Rewjrt and A(C￿ntS 2￿22123

Message from our Chair This year Fareshare made significant progress in our rnission to redistribute more of the surplus food in the food supply chain to support and strengthen the communities that rely on our food. This progre55 was achieved in the face of the many challenges the food industry faces on whose support we rely. The demand for our food was evident this year. driven not least by the significant increase in the cost of living felt by us all but which is particularly acute for the most vulnerable in our society. We redistributed food sufficient for 128 million meals across the C￿ntry. Without the support f rom volunteers, diStri￿tion partners, sponsors from across our society and especially our partners in the food supply chain. we would not have been able to achieve this. Thank you to all of them. This year we expanded our network and invested in our infrastructure to ensure we can increasingly say yes to all food offers. We increased frozen capacity in regional centres and invested in projects across the regions of the UK to improve the movement of more frozen food into our communities. We extended opening hours and streamlined warehouse processes. The maintenance of the highest standards of food security has remained our priority. Our volunteers are at the heart of our operation5, which could not continue without them. Although volunteering levels have generally declined across the UK this year. we have seen a welcome fncrease in our eff￿t$ to engage and empower volunteers. A significant contributor to this has been the expansion of our corporate volunteering programmes. Our fundraising work took a major step forward, raising £19. sm in donated income from trusts, businesses and increasingly from the general public. Thank you to all who have given so generously. We celebrated successful partnerships across the fwd industry. and I would like to recognlse Te5co, Waitrose. Asda, B{￿ker, Nando's and KFC in particular. Over the years, the benefit of providing nutritiOU5 fc4)d to the personal wellbeing of the most vulnerable in our society and to our society in general has become better understood. This year's research by the Univer51ty of Hertforitshire has shown that our work is cost-effective for society and generated a huge £225m In saving5 to the Government and to our charities and their beneficiaries., We continue to see an intensification of the food industry's challenges caused by high inflation and many supply chain problems. Surplus volumes for redistribution are reducing a5 a result. Meanwhile, the demand for our food 15 increasing, with the increases in the cost of living being felt acutely by those on low incomes. At Fareshare, we are redoubling our efforts to collaborate with everyone to make more surplus food available for redistribution. We have successfully pioneered a scheme to cover the incremental costs incurred in making surplus food available, which maTnly reimburses the costs associated with picking, packaging and transport. This scheme is called Surplus With Purpose, and we are calling on the Govemrnent to support us with £25m of funding, This would release a further 40,CKK) tonnes of food, enough for another 1 million meals per year. With the desperate need for our food, this must be the time to give this support. Far@tharè Amr•Jal Rem and AcccNJnts 20Z2123

Lindsay Boswell Stepped down in June after being Chief Executive for 13 years. The transfomatlon of Fareshare over those years owes everything to his passionate and tireless leadership. I know that I can speak on behalf of the entire Fareshare family and express our deepest gratitude to him for all he has achieved. Our work is not done, and I warmly welcome George Wright as our new Chief Executive. George bring5 to Fareshare s(xne 30 years of experience in the food industry, with expertise from commercial roles at the most senior levels in the retail sector. We look forward to working with him to deliver our ambition to deliver the significant growth needed for wr society. Lindsay Boswell CBE These are the 13th and last Report and Accounts during which Lindsay Boswell has been our Chief Executive. He stepped down in June this year. The Fareshare that Lindsay joined in 2010 was a very different organisation to the legacy that he leaves to his successor today. Under his leadership, the charity has undergone the most remarkable transformation in scale and national recognition of our work. Our mission is to ensure that no good fTrxl should go to waste. Using the simple measure of meal5 provided to the community groups who rely on us. we grew during Lindsay's tenure from redistributing food for 7 million meals in 2010 to proyiding food for 128 m71lion meals last year. The charity and community groups we support have increased from 600 then to some 8500 now. Lindsay developed a highly successful operating model of partrErship between local charities responsible for delivery and the nationwide procurement capability of the charity Fareshare. The network has grown such that warehouses now support community groups throughout the UK. Lindsay prioritised and fostered building partnerships With the food industry, which have been critical to our development. Initiatives included the Million MeaL Appeal with Sainsbury's, too many to mention with Tesco, but the launch in 2015 of Fareshare Go to tackle back-of-store surpluses was ground-breaking, as was the Fight Hunger Create Change programme with Asda. Grant5 were secured, which enabled us to invest in the operatTonal infrastructure and capabilities needed for our growth whilst fund5 from The National Community Lottery Fund allowed investrnent in Human Resources at Fareshare. The COVID-19 pandemic, especially the following lockdowns, created an even more acute food crisis for the vulnerable in <xJr society. Lindsay's determined leadership at that time was fundamental to ensuring that Fareshare continued to operate under the m05t challenging of environments and vastly increased the food available. DEFRA recognised our capability during 2020 and 2021 when it granted total funds of £27m to procure more food which we could quickly get to those most in need. Lindsay combines personal rnodesty with huge ambition and drive. He became a leading advocate in government, the food industry and the media for the urgency to tackle the desperate f(M)d needs of so many in our society. His dedication earned him the immense respect of our volunteers, staff. food partners, donors, charities and international associations of food banks. Our admiration and affection for him is testament to both his achievements and the man. Fa￿share Annual Rewt Accounts Z0221Z3

From the Board of Truslees and the Fareshare family we wish Lindsay and his family much health and happiness in the future. John a50n imian Message from our Chief Executive l am immensely proud to have been selected to succeed Llndsay Boswell. Lindsay took a small charity based on a great idea and turned it into the full-blown community sector of the food industry. With the backing of our Board of Trustees arKJ our Chair, fm determined to build on Lindsay's legacy and take the organisation to the next level. However, that's rK> easy task. At a time v4hen demand for our seNces has gone through the roof, the supply of surplus food is increasingly tight as high inflation, resource shortages and improved efficiency by our partners reduce the availability of vital food stocks. That said, our desire to grow the organ7sation to even higher levels of impart remains fully intact and so our focus will be on adapting at pace to the new landscape. Therefore, we will aim to source more surplus food through three main channels: 1. A major drive on efficiency in our existing supply chain so that we can receive and distribute even more food and increase the impact of every penny donated by our partners and benefactors. 2. Focus on generating more surplu5 from channels other than existing retail partners, with a particular focus on manufacturing, hospitality, and new national and local partners. 3. Unlock the full potential of Surplus with Purpose through a focussed campaign to influence government departments and further develop and scale up the programme with industry partners. To achieve these aims. we will also require an adaptation of the organisation in several critical areas: 1 . We are strengthening the senior leadership team through the internaL appointment to Chief Operating Officer of Kris Gibbon-walsh and the recruitment of a new Fundraising Director, Polly Bianchi, and an interim Transformation Director. Z. We are enhancing the strength of our brand across all channels through the executlon of impactful national campaigns. 3. Increased investment in our fundraising capability and resource to take full advantage of our headroom across all revenue generating channels. 4. An extensive investment and change program that overhauls our systems, processes, and operations across the network. 5. Continued investment in our teams, focusing on communication and engagement, personal development and progression. Far5h¥e Annual ReF#Xt and Accounts Z022123

And, of course, we will continue to work closely with our many valued partners, both in the food Industry and beyond, corporate and personal. We are fortunate to work with so many great people and never take their support for granted. Our commitment to them is to maximise the impact of every resource they trust us with. All of this makes for an exciting year ahead, a year of positive and progressive change. At a time when our frontline network and charity partners face increiiible challenges, when they need our Support the most, V￿ at Fareshare UK will be right behind them. George Wri ht, hief utTve Fareshare Anmal RepNt aftd Acc￿nts 2022123

HOW WE WORK AND THE IMPACT WE HAVE Fareshare Tile Problèm Eryy•ai. or Th• 0Sff•r•rt• W• Mk• m•￿¥￿4•.1r￿I￿￿AoI What For•Shar• Do•s ni Our Vi510 ¥4 of%LYth lovd btiier ShlFWt lThdwhJual% lo ¥￿tI￿rphy￿￿l YKLII •nd loDd t*tyJtlty Fare5hare's Th￿ry of thang•: How we stfengthen communities throuth food. of ￿p&pl lood Fareshare Anr4Jal Rem and Accounts 202Z123

FARESHARE IN A NUTSHELL 34 sltes across the UK 17 Fareshare network partners 8.471 charitie5 and community groups 14,000 volunteer5 supported Fareshare across our network 54,000 tonnes of food out to charities and community groups 128m meals prov5ded 1 m+ people receiving food thanks to Fareshare 4 meals a second Our impact 80%+ charitie5 and community groups provided increased quantity. variety and better nutritional value food to their beneficiaries 80%+ charlties and community groups say service users irnproved their mental health and feel less isolated 93% charitie5 and community groups say services users save money they can spend on e55entials Our environmental impact and carbon footprint By working with The Carbon Trust to evaluate our V+rJrk, Fareshare estimates preventing the waste of 95.118 lonnes of C02 emissions associated wilh producin9, Storing and tran5POrting the surplus food and drink that was redistributed in 2022123. The C02e embedded in the fcod which Fareshare redtstributes and prevents from going to waste 15 nine limes greater than the C02e emitted in the running of our operations. Our socio-economic impact In the recently published "Waste Britain" report, the University of Hertfordshire quantified that for every £1 invested in Fareshare we can deliver 4 meals and £5.72 in social value. They estimated that the total economic impact of Fareshare's activities 15 £225m per annum. 10 Far*Share Amr•Jal Rem and AcctsJnts 2022123

FARESHARE'S YEAR IN REVIEW Total Food Volumes Distributed to Vulnerable UK Communities Source of Food 21122 Tonnes 22123 Tonnes Year on Year Change SurpLus Food - Warehouse Model 33,748 34,798 +3% Fareshare Go - Store Model 15,413 15,422 Total Surplus Food 49.161 50,220 +2% Donated 2,179 2,390 +10% Total Food excluding Purchased 51,340 52,610 +2% Purchased 2,554 1,266 -50% Total Food Out 53,894 53,876 Charities and Meals 21-22 22-23 Year on year change -10% Charities served 9,462 8,471 Average meals per charity 13,561 15,143 +12% Waste 21-22Tonnes 22-23 Tonnes Year on year change -17% Recorded Waste (1,840) (1,530) FareShare knual and Accounts 2¢f22123

OUR IMPACT AND ACHIEVEMENTS MAINTAINING FOOD SUPPLIES OUT TO COMMUNITIES IN THE FACE OF INDUSTRY CHALLENGES In the 2022123 financial year Fareshare maintained its overall provision of food ¥olumes out to the Voluntary sector relative to the previous year. with a 2% increase on Surplus food overall. and less reliance on Purchased food. Donated food also grew by 10% thanks to shopper In-store donations as well as manufacturing add￿n$. The total volurne of food distributed out both from our network partners. warehouses and directly to charities through the FSGO programme rernair￿ static relative to the previous financial year. at nearly 54,000 tonne5, the equivalent of 128.3 million meals. Overall we Saw an increase of 2% in our surplus f¢￿1 volumes telng redistributed to charities nationwide, despite the UK fcod industry facing numerws supply challenges, leading to limited surplu5 f(KKI availability and increased fcK)d inflation. This different landscape meant that c￿r Fcrfjd Team needed to broaden its reach into the frJ)d industry across produce, protein. dairy and other food categories and deploy new ways to access food from growers, packer5, manufacturers, vtholesalers. retailers and foodservice to maximise the opportunities when surplus did occur. We have achleved Increases across certaln food categories such as prThJuce and similarly protein siKh as chicken, through new partners joining the Fareshare Go programrne. We are confident that these will increase further in the new financial year. Volumes through the Fareshare Go model overall were static year on year, as the retail sector itself was experiencing (k)ubie digit decrea5e5 and sought ways to manage its end of day Surplus more effectively. Donated food volumes have increased by 10% thanks not only to the generosity of shopper5 in stores, but also to our Food Partners who have provided additional product on top of the surplus they have been giving us. Fare5hare intentionally reduced its reliance on wrchased food by 5% during the last financial year to Prevent waste and fulfil its environmental mission. The food inflation which is affecting supplies into Fareshare has worsened food insecurity for many vulnerable individuals and so the demand for f(M)d from Fareshare's network partners and community organisations has never been higher. We have over 1,517) charities on waitTng lists to join our network partner5 and whilst the nffes5ary volumes for f￿d supply and demand will rarely match. Fare5hare 15 investing in new projects to acce55 more roLrte5 to f¢￿1 to c105er align these targets and tr£ results of these new programmes and activities will be highlighted in the coming year. 12 Fareshare knnual Repxt and Acctyjnts 2022123

Building retail partner relationships which go beyond the direct sourcing of food Fareshare's retail partners provided over 11.000 tonnes of food thls flnancial year. That's more than 26 rnlllion meals. Building brilliant relationships is vital to what Fareshare has ten doin£, such as the Winter Food Collection with Tesco. It delivered a record year wrth 1.5th) tonnes of food gener(xJsly donated by their customers. Tesco also diverts its surplus food from Distribution Centres and end of day store operations reaches those In need through our warehouse activities and Fareshare Go ff￿del. Sainsbury's continued their staunch wpport for u5 via their Groceries Online piatforni. where shopttrs donate to Fareshare, enabling us to purchase hard to access f¢xxJ items needed by our network of grass r￿t$ charities. New activities have been developed to open more supply r￿te$ with f(￿ distribution centres acr05S the UK, such as a Co-op Point in Biggleswade and direct supply from Asda and Tesco's distribution centres into r regional centres for greater efficiencies, lower costs and preserving longer life for fcod. All of thls helps us maintain our access to sury)Iu5 food in the UK and we thank all of our retail partners for helping us achieve both our social and envIr￿mental amb7tions in this way. Fareshare is focused on doing everything possible to accept more food, and significant progress has been made with weekend openings and beyond Best Before End ￿lICies. Fareshare's ability and flexibility to work with different food partners. their food ty￿5 and formats has never been greater. thanks to new projects and methods to accept fch)d, as well as opening our warehol￿e5 seven days a week. Building relationships across the food manufacturing industry Fareshares fI￿d industry team secured a commitment from manufacturing partner5 such as Greenc0￿, which has agreed on an exclusive partnership and will give all their surplus food to Fareshare by linking their sites with our regional centres. Some substantial meal milestones were passed, such a5 Albert Bartlett celebrating 10 million meals. Relationships were strengthened with partner5 such as Premier Foods, committed to having a Waste Walk every month for a year across all sites to identify where and why surplus food c(curs and what can be done with it. Fareshare also gained 146 new food partners during the past year. One great example is Kraft Heinz. which provides frozen meals and ambient Fareshare identified creative ways to align the brand with f￿1 partners such as Riverford. which found that they had a massive glut of produce last sumrner. They also worked with FareShare to fundraise £30,000 with their customers to get surplus food to Fareshare. On-pack and product activation campaigns with Caw5ton Press led to donations equalling £140,OCKI. Pink Lady Apple5 ran a campaign which saw one million apples donated to Fareshare. Ail of these campaigns create long-lasting and rewarding partnerships as well as irKreased visibility for our work. Fareshare has partnered with new restaurants to strengthen acce55 to surplus food further. For example, Fareshare is now connected to every KFC and Nando's restaurant in the country. In the first year of partnering with Nando's 'No Chuckin. Our Chicken. campaign, Fareshare helped them move more surplus food than ever, over 113.000 kilos of chicken, which is enough for over a quarter of a milli¢)n mea15. The KFC partnership also won an award for Fts success. 13 Fareshare mnual Rer*Xt ar￿ Ac£c￿tS 2022123

The future of food surplus Looking ahead, Fareshare is focused on building Meaningful relatI￿$hipS with partners, not just gaining acce5S to surplus food but delivering value back to the partner through staff engagement, volunteering, impact reporting and employability. This entails strengthening relationships WTth existing partners and developing new relationships while being mindful that these commercial organisations need to drive their bottom line. We vrill also look at the channels we are using to generate surplus. This includes going beyond our existing partnerships, focusing on the h05Pitality and rnanufacturing sectors where there is additional fwd to be redistributed for social good. "We've r￿tiCed o brg increose in numbers coming up. porticulorly people who work full-time but still can't afford bills. It doesn't matter where you come from: the 5trussles are real. We couldn't help oll these people wlthout Foreshore." Llsa. Gussies Kitchen. ClsterfieLd GErriNG OUR FOOD TO THE PEOPLE AND COMMUNITIES THAT NEED IT Over the past year, Fareshare ha5 focused on building the capabilTty and capacity to accept all foc¥J offers where possible, driven by cyjr support to meet the increased community demand. External factors have influenced the quantity and types of fc<J available. Fareshare has made significant investments in network capabilities and capacity to address these challenges. These investments include expanding frozen capacity by adding large freezers to more regional centre5 and investing in projects across six regions to increase the movement of frozen fl￿ into communities. The network has also expanded into rkny areas. with a presence now in 34 51te5 acr055 the UK, and rel￿atiOnS are underway iTh Ipswich, Edinburgh, Leed5, and Bristol to further expand in these regions. Fareshare has extended its opening hours, enabling the acceptance of fflore focrfj at the end of each week. Saturday openings have been trialled at three 51te5, Vlith two additional pilots undeThYay. The network now operates seven days a week, accepting shorter.life foc¥J from the indvstry. Efficierry improvements in warehouse processes have been implemented, ensuring faster food movement while rnaintaining safety standards. The National ComFliance Team has grown to ensure food safety and brand integrity. Fareshare has also worked with the fcKKI itKlustry on tray de-hiring. addressing an h?storical barrier preventing the return of trays and limiting surplus f(K)d offerings. Policies have been reviewed with the Primary Authority and external Technical Supp)rt to enable greater acceptance of surplus food. Fareshare's approach integrate5 environmental impact with Social g(x)d. Eligibility criteria have been revamped to prioritize groups with significant I￿aL siKial impact, aligning environmental and sc(ial objectives. This approach fosters community building, SUPFQrt rEtworks, and essential connections while addressing food insecurity and envirfmvnental issues. 14 Fareshare AnThJal Report and Acctyjnts 2022123

Getting more meals to the charities that need it Fareshare saw an increase in the number of meals per charity due to a rise in fcth voluffle and a reduction in the number of charities suprM)rted. This is mainly due to lower participation by some charities in the Fareshare Go prograrnme. Thi5 happened fcy a variety of reason5 and vthere we could help them remain on the collection schedules, did. For other5 however. the food collections dldn't meet their operational needs or abilities and so their schedules were released. As more fotsj was divided by fewer charities. it stands to reason that each charity wcrtjld receive more food than previcKJsly. Helping more people with good to eat surplus food Due to the cost-of-living crisis, fflost of Fareshare's charity Partners experienced unprecedented demand for thelr service5. Many were able to expand their existing wvices or open new ones because of the food they received from Fareshare as they were able to save costs elsewhere. This led to rnore people being supported. It also became apparent hi)wever that the charitie5 that were least likely to collect food from stores wlth regularity were the smaller ones. With many of these charitles choosSng to leave the Fareshare Go scheme, we now have a significant proFM)rtion of bigger charities that run more services and serve more people, than many small grass-r¢)ots community group5. Working smarter to maximise social impact Fareshare Go experienced a decli￿ in the number of supported charities to how we manage our programme participation compliance. The review pr(tess allowed for improved participation compliance rates, and some charities left the scheme. However, additional collection opportunitie5 were offered to those who could participate and collect ftx¥J more consistently and regularly. Within Fareshare Regional Centres IRCS), a less significant reduction 1125 account closures) was primarily related to pandemic charities. Some new pandemic resEKJnse groups decided to maintain their services, but others opted to leave our f￿d programme or vAyJnd down their services as the pandemic receded. The upcoming year focuses on understandTng the supported groups. their service5, and the pecple they as515t. Fareshare aims to capture these insights in its new Customer Management System ICMS) to articulate better the impact of redistributed surplus food on Comm￿ltieS Kross the UK. Charities either leaving or joining our f￿)d programme5 is constant, and Fareshare aim5 to ensure we tackle any envSronmental impact while maximising sc(ial value. When local demand is high, efforts will be made to maximise social value and. conversely. when demand does align with supply. such as seasonal produce gluts. the focus will be on preventing good quality food from being wasted. "Fare5hare has alway5 been a significant part of our work. We continually see the genuine difference we make through redistributing the good-to-eat surplus food we get via Fareshare. Lyn, Inspire South West FARESHARE GO - GErriNG END OF DAY STORE SURPLUS TO COMMUNITIES 15 Fareshare *mThJal Repcrt and kcoun15 2022123

Despite the challenging food v(rtumes. the past year had notable achievements. Fareshare played a Significant role in Tesco's achievement of redistributing 85% of its edible surplus fcod. New functionality with Te5co enabled efficient sharing of a￿b]ent and chilled donations, rnaximising fo)d redistribution. This partnership was recognized with the Corporate National Partnership with a Retailer award. Milestones were also reached with Waitrose and Asda Ix)th achieving 10 million rneal volumes each, arml Booker reaching 5 million meals in total. successful rolloul programs were conpleted with Nando's and KFC. providing rn￿h-needed protein to the charity network. Feedback from charities regarding t￿eSe partnerships has been overwhelmingly positive. Additionally, compliance figure5 for charity collections through Fareshare Go (FSGol have improved to pre- pandemic levels thanks to the efforts of the delivery team. I mproved data and engagement to support our work Efforts were made alorwide food partners to improve the accuracy of our donation system, resulting in more accurate reporting of the fcKxJ collected on each occasion, which helps track food volumes and traceability by charity. The delivery team prioritised compliance, removing our lowest compliant and disengaged charities from the food collection schedules if they con515tently missed or declined their slots, as these could have tEen taken up by other charities. Working with fewer but larger capacity groups allowed partner charities to benefit from more fcod from FSGO. This. along wlth Increased ccThmunity need due to the cost of living crisis, is reflected in higher average charity meals per week and tonnes per charity for 22123. Our annual charity survey also indicates that our charities served an average of 30% more beneficiaries than indicated in the previous yearfs survey, meaning that f(￿ from Fareshare is reaching more people. The future of Fareshare Go "Foreshare is a real lifeline and the food I￿5 been the foundation of our service." Sustalnable Merton We will be further developing the food redistribution piatfom and enhancing its current functionalities to improve the visibility of food offers and maximise their redistribution. as V￿[1 as Iwking at how we can expand safely the variety of food our charities are eligible to cdlect, in order for them to have access to more food. AN ARMY OF VOLUNTEERS GETTING THE FOOD WHERE IT IS NEEDED MOST "Using products in our community fridge from Fareshare helps reduce the stigmo attached to accessing support. Alember5 of our community are then freed up to tolk otwt persoThil circumstances enablins slsnposting to other orsonisotions lor Support". Westjjury Area Network Over the past year. Fareshare's volunteering work has shown adaptability, exceeding most performance goals and embracing new challenges. A total of over 14,000 people generously volunteered their time to Fareshare. This number includes, warehouse volunteers. corwrate volunteers and Tesco food collection Volunteers. We have seen growth in the number of volunteers supporting Fareshare. This is a positive 16 FareSh¥e hnnual Repcrl and kcc4Jnis 2022123

trend amidst declining UK volunteering levèls. ￿lch is evidenced in the community life survey. Our volunteers donated over an incredible 576.000 hours. WÉth volunteer replacement costs at an estimated at £7.8m. volunteers are crucial for geth'ng food to communities acr05S the UK. The volunteers and hours break down into the following groups of SUPF)Orters for Fareshare: 5.382 Regular warehouse volunteers that donated approximately 527,000 hours 7,000+ cortK)rate vdunteets that donated approximately 44.000 hours 1,633 Food Collection volunteers donating over 5,¢JOO hours In addition to the al)ove. Fareshare's corporate volunteering programme expanded sKJntficantly over the past year. introducing several new iniliatives. including. Warehouse volunte8ring at 34 sites across the UK New team volunteer experiences such as cooking meals and supporting lunch clubs In-office food collections Shop and Share- an online food collection experience Step up to the Plate: a team volunteer experience collecting food donations from Tesco customers Fareshare Live: A tri-annual online seminar showing partners the impacl of Fareshare work by hearing directly from charities We will continue with the roll out of a Corporate Volunteer Management System, Partner Pod. Expanding the corporate volunteering and engagement programme has been a critical highlight of the past year, ontributing significantly to helping the FC￿ and Fundraising teams secure more food and funding. Future volunteering priorities include: Roll out FLO, our Leamer Management System. to 800 volunteers across our network. Expand shift coverage at the Tesco FTr)d Collection from 27V/o to 40Vo. Deliver the corporale Volunteer Management System. Partner Pod. Maintain volunteer satisfaction at 96% . We are grateful for the dedication and hard wcyk of everyone who volunteers to support Fareshare. "The staff and volunteers are really committed to the project, and I find it really inspirins. They all work so hard and reolly want to do their best to moke a difference and help people. You feel you're part of a team quickly.- Fareshare volunteer "Volunteerins I￿$ introduced me to new learning and I have made new contacts and broadened my network5. It has kept me octive in my spare time. h105t irnportantly, I feel l am making a real difference to the lives of people in across Wale5. To me. this give5 an enormous sense of pride volunteerins for a clk7rity makins a real impact.- Fareshare volunteer 17 FarÈShare AfiTh￿l Rem aThJ Accounts 20Z2123

Plans for the Future In 2022123 we focused on the delivery of the organisation's Strategy that seeks to utili5e the significant influx of funds that arose during COVID-19 pandemic to increase the size of the core mission of Fareshare. This included ensuring that donated income funding streams grow to underpin long-terrn sustainability and to provide the capacity and infrastructure to secure the ability to increase the charity's 51XTal and environmental impact. The strategls key objective continues to be targeting growth in the volume of food re-distributed through the Fareshare netvffjrk in future periods that will have a dTrect beneficial environmental impact in avoiding fTh)d waste and a social impact as more communiries in need are reached. The continued pressures in supply chain5 and the lower levels of food waste in the industry have made this core aim more difficult, but we remain committed to growing f(x)d volumes in the future. We also intend to invest a slgnlficant proithion of our reserves Into critical programs that will rnaterially improve the Smpact and efficiency of our operations and activities. While this will increase the deflcit in the short term. it will lay the building tAocks for a Larger, more impactful Fareshare in future years. Speclfically, we aim to". Access More Food We will focus on generating more food from existing partners but recognising their reduced surplus will place a greater emphasis on working vlth the manufacturlng, famlng. hospitality and travel sectors. This will require adapting our operations to ingest new f￿d packaging fomiats and either streaming that to partners who can accept them or converting the food to other fomats for distribution. . We will ensure that investment made in increasing I￿al surplu5 fcM)d delivers both a return on the resource deployed and engages local tK)sinesses thr(KJgh their impact. Fareshare's national and local structure and the ambition of our rtwork partner5 make u5 very relevant in this space. • We will continue to focu5 on accessing more Surplu5 v￿th Purpose fc)d and make the case a5 to why the government should back this initiative with dernonstrable social. environmental and fIna￿la1 benefits and look for positive amendments to the scheme. • We will continue to invest in Fareshare Go, making it more comWTtive to bring on board rnore retailers and more hospitality outlets and make existing contracts rnore cost-effective for customers. . We will review our ways of working with key partners, ensuring they experience a co)rdinated and slmplified account-facing structure to ensure maximum engagement. Accept More Food We will continue to invest in creating flexibility ar1)￿d our regional logistics through supporting and ensuring efficiencies of our newly established transport fleet that supplements third party carriers. • We will continue to support our netvth by providing grants to irKrease their capacity and efficiency, supported by a Sound busine55 case. We will also benC￿ark their operatlons to ensure best practKes are shared and implemented across the network. 18 FareSh¥e Annual Rem and Accwnts 20221Z3

. We will continue to look at innovative ways to move more food. encourage the extension of opening hour5 in the network, and build on the current frozen capacity and supp)rt partnerships in the food industry that will allow food gluts to be transformed into products useable over some tiffÈ. Fundraising • The investment in a larger fundraising team and their expanded actiwties are vital to enable u5 to achieve long-term financial sustainability by building our donated income streams across all giving channels. . The importance of fundraising has been recognised by the appointment of our first specific director.level role In thls area. Polly Blanchl join5 US Tn August from VIWF, vh￿e She had a highly successful career and brlngs great experience to our rapidly developing team. • We will launch an annual program of national campa74ns that will generate aL￿e sector Rols, build a pipeline of income for the future, and raise the profile of Fareshare with all d￿or groups. We vrill also aim to develop new arKI innovative giving prThluctS that achieve increased cut through in a hlqhly competitive market. • We will continue to invest in building the systems needed to manage fundraising at a larger scale. Marketing . There is a significant opportunity to dial up our brand's awarer*ss and engagement, vthich will sUPPOrt our activities in both food generation and fundraising. We will update our brand principles and narrative to underpin all cOm￿niCatiOnS and maxlmlse our relevance for all channels and activities. We will execute a national PR and s￿lal media campaign and increase the use of high-profile ambassadors to engage government, industry aTrJ donors alike. • We contiThJe to ensure that our marketing Strategy cwimurricates the impact that surplus food makes on society. mobllises the f&)d industry to make diverting surplus the default positlon, and highlights the great V￿rk our partners undertake to supwt U5. Colleagues We are strengthening the sen7or team to reflect the organisation's transformation and have recently made an internal appointment of Kris Gibbon-waish to the position of COO. In a(Idition to Polly Bianchi's appointment as Fundraising Director, we are recruiting an interim Transformati(M) Director to lead the systems, process and organisational change that will adapt the organi5ation to the changing landscape and our rep051tioning within that. We will enhance our cdleague c0mrwnicati(￿ and engagement program to colleagues within Fareshare UK, network and charity partners, industry partners and major donors to engage them in our plan and their part and celebrate their successes. 19 FareSh¥e Annual Rep)rt and knounts 2022123

We will c¢)ntinue to develop our Learnlng and Development support for staff. introduce an effective process to allow staff to progress within their role and invest in an appropriate HR Informaticffi System. Personal development programs will emphasise how we lead our colleagues, and we will focus on retention strategies for both high performer5 and the wider colleague group. • We will hire an interim Equality, Diversity, Inclusion and Staff Engagement Manager to develop an EDI framework for impleM￿tation across c4Jr leadership tearn and colleagues. IT, digital technology and transformation . Having completed a COMpre￿n51ve review of tyJr Information Systems strategy with support from one of the leading consulting firms. we will commence the multi-year transfomiation proqramme that will update and overhaul our process, Systems and organisatTon so that we are well-placed f<Y future growth. This will include a multi-million-pound investment program in new systems across FundraisTng, Food collectionlstorageldistribution, HR and FIr￿nCe wtem5. We will also deploy significant resources to the program to ensure fast, agile implantation, full colleague and partner en£agement, and optimum delivery of benefits. We will continue to fLKus on ensuring the information security environment is an area of focus, tralning and Investment mitigating the ever-present risk In this aTea. Fareshare Anrnal ReF*Xt and Accojnts 2022123

Fundraising Review "I think that Fareshore are doing sreat work in helping communities and families who simply can't offord to eat. I'm glad to be able to support them.- Fareshare donor In 2022123 Fareshare raised £19.5m in donated income. compared to £17.4rn in the previous financial year. Ckjr prominent message this year related to the Cost-of-Living Crisis and the impact rj) charities and community groups In accessing food. We have been grateful to have been 5UPPOrted by partners and d(￿or5 who anticipated the impact of the Cost.of-Living Crisis on the vulrErable communities V￿ support across the UK and stepped in generously to help fund our work thr￿ghOut the year. Retailers such as Tesco. Sèinsbury's, Asda, the John Lewis Partnership. and One Stop Stores generated much-needed donations thrcNJgh a variety of Corporate, Commercial and Customer activities, both online and in-store, and we are grateful for their repeated and unstinting support to get meals to those in need. We are equally thankful for the generosity from the financlal sector and companies such as Investec, PIMCO and Blackstone during the year. We recognise that these much-appreciated multi-year relationships represent vital cornerstones in funding our anrAJal activities. We consider ourselves so fortunate to have received support from a variety of Trusts, Foundations and Grant givers in 2022-23 in order to deliver our mission. Enterprise Rent-A-Car Fwndation generously supported our work for a seventh successive year, whilst a new partnership with Julia and Hans Rausing Trust has launched an exciting multi-year initiative to extend the life of surplus fo)d. We also marked the tenth year of fantastic partnership with Esmeé Fairbain Fcwndation. We y￿lcomed valuable funding from AGCO Agriculture Foundation, Rothschild Foundation, NFU Mutual Charitable Trust, Marguerite Foundation and Blackrock. Additionally. we are as grateful as ever for the ongoing support provided by Cornic Relief, the Global Foodbanking Network, the Federation of European Food Bank5 and all of our Trust partners in helping us to provide food to over 8,5IKI comrwnity organisations Commerclal promotions, whether with Fcx)d To Go Partners such as McDonald's arKI Subway, frx)d manufacturer Premier Foods or electrical retailer Curry's. not only generated essential income during ttr year but also placed Fareshare front and centre with their customers, raising awarene55 of our work for which we are very grateful, as this helps ￿ communicate with new audiences be￿d ow reach. We thank the many member5 of the general public vthose one-off and monthly giving helps us to plan our operations and fcth redistributit)n provision. and we urKlertake to share the benefTt of their support back to them thr(wh their preferred methods of comffwjnication. In 2022123, Fareshare initiated two new fundraising activitles as part of our ambltions to become financially sustainable over the ccwning years. For the first time, we ran promoted public Christmas and SprTng Appeals acr055 new channels using th?rd. party agencies, such as Direct Response TV and Press adverts. These appeals were generously match funded by our supporters Mike and Helen Brown, V#tho we thank for galvanising new public supp)rt and higher average gifts across a number of activities. 21 Fare￿e Anrrtwl Rewt and Accwnts 2022123

Our second initiatlve focused on hlass Part1dpatI￿ campaigns, and we were thrllled that over 7,CMIO wonderful and energetic supwrters chose to walk. run, cycle, bake and organise their fundraising events in aid of Fareshare. We IrM)k forward to building up)n these successes arKI the enthusiasm of our supporters to deliver these and other challenges in 2023124. "My thoughts go out to all the amazing volunteers providing support to those affected by the cost of living crisis at the moment. Thank you for all you do. Fareshare donor Looking ahead at Fareshare's fundraising We are investing In growing our fundraising capability and the range of activities to enable us to achieve long-term financial sustainability. We continue diversifying our fundraising activities across corporntes. trusts and foundations, and statutory and indiwdual giving. We are investing in the ¢)perational systerns to manage fundraising at a larger scale ￿th supporter Stewardship at its heart. Our Fundraising Princfples Fareshare is registered with the Fundraising Regulator, resp￿sible for the UK code of fundraising practice. Our approach is to ensure that we cwiply with the standards set out in the C¢>Je across our fundraising activity. We comply with the Code's required behavicMJrs and will not exploit the trust or lack of knowledge or awareness of any donor in vulnerable circumstances. Our staff supervised our fundraising in 2022-23 as we scaled up our campaigns by working with fundraising and media-buying agencie5. We also worked with third-party payment platforms to receive and manage online donations. The platforms used provide the security processes to protect donors. the charity, and their fund5 and reduce administrative burden and costs for Fareshare's team of fundraisers. During the 2022123 year, received a very small number of complaints from 5UPFK)rters. These are rnainly related to the technical performance of payment platfr)rnis. Consequently, we are reviewing ttre platform ￿￿ use on our website to ensure we deliver an excellent supporter experience. We strive to address any dissatisfaction on the part of our sup￿rterS and to examine ways to improve our service levets. We have Gift Acceptance and Ethical Fundraising polides to aid transparency and openness of communications for our 5UPPOrters. We are also in the process of devdoping an organisation-wide complaints policy that will I￿lude fundraising. Fareshare Amnual Report and AccrAJnrs 2022123

List of our donors We would like to take this opportunity to recognise and thank some of our many corporate, trust and indivTdual supporters: Corporate funders Trusts and Foundations Alta Advisers Limited American International Group UK Ltd {AIGI AMT Fresh Limited Asda Aspect Capital Ltd Blackrock Group Lirnited 8loomber8 UK Limited Brown-Forman Corporation Burberry Limited Cargill PIC Cawston Press Limited Cheniere Energy Inc Coca Cola Services S.WN.V. Currfs Group Limited Dentsu International Limited Dr Oetker IUKI Ltd Good-Loop H&TGroup PIC Investec PIC Jazz Pharmaceuticals UK Limited John Lewis & Partners Kellogg's McDonald's UK & I￿land Newell Limited Oliver Bonas Limited One Stop Stores Limited OXO International Ltd Phoenix Group Holdings PIC Pladis Foods Limited Premier Foods Princes Foods Limited Quaker UK Rollover ￿"MIted Sainsbury's Subway PIC Tesco Stores Limited The Black5tone Group The PIMCO Foundation The Tudor Capital The Walt Disney Company Limited A(lint Charitable Trust AGCO Agriculture Foundation Albert Gubay Charitable Foundation Arpad and Alena Rosner Foundation Battcock Charitable Trust Bentley Family Trust Birrane Foundation Broome Family Charitable Trust fjty Bridge Trust Comic Relief David & Ruth Lewis Family Charitable Trust Enterprtse Rent-A<3r Foundation Esmeé Fairbairn Foundation FEBA (European F(￿d Bank) Fidelis Foundation Francis Winham Foundation General Mills Foundation Global Foodbanking Network John Horseman Trust John Laing Charitable Trust Julia and Han5 RausinE Trust Lord Leverhulme's Charitable Trust Mallinckrodt Foundation Mears Foundation MJB Charitable Trust NFU Mutual Charitable Trust Odin Charitable Trust Peter Sowerby Foundation Rothschild Foundation Society of the Holy Child Jesus S5P Foundation Sir Joseph Hotung Charitable Settlement Sodejto Stop Hunger Foundation Strand Parishes Trusl Thompson Family Charitable Trust Wasu Foundation Welland Charitsble Trust 23 Fareshare knnual ReFrtwt aTh1 Ac(c￿n[s 2022123

Statutory funders Mersey Care NHS Foundation Trurt Scottish Government- Fairer Food Fund UK Govemment.. Department for Work and Pension (Kickstart progrimmel Welsh Government East Hampshire Distrirt Council Hampshire County Council We would also lfike to thank those supporters not listed here who wish to remaSn anonymous, those who support us through regular glving and those who have fundralsed in sUPPOrt of our work. 24 Fartshare Report h£CO￿lts 2022123

Financial Review The post-pandemic phase of growing income levels in Comparis￿ with pre-pandemic levels continued into 2022123 alongside our strategy of utilisinq excess reserves to build a larger and sustainable organisation. The net movement in funds for the year was a deficit of £4.1m (2021122: surplus of £2.2m) as the utilisation of reserve5 in the year resulted in overall experKliture exceedlng income for the year. Our income in 2022123 increased by 14% on the 2021122 level as we continued to invest into individual giving and other fundraising initiatives to grow donated income that is the major income stream. Our expenditure in 2022123 increased by 50% on the 2021122 year in line with the strategy and lyjdget to invest into the expansion of our fundraising capacity. build the strength and robustness of our operational teams and support services and continue to SUPPOrt our netvffjrk partners. klentified expenditure on approved operational investments was É4.1 m in the year12021122: £0.5m).We ended the year with total reserves of £25.7m (2021122: £29.8m} and cash and cash deposits of £24.3m {2021122". £29.5m). The reserves were made of unrestricted reserves of £23.4m 12021122: £26m) and restricted reseryes of £2.4m (2021122: C3.9ml. Income Total income for the 2022123 year wa5 £23.1m 12021122: £20.3ml. a 14% increase on the 2021122 year. Unrestricted income was £13.9m (20211Z2: £12.2m) and restricted income was £9.1 m 12021122: £8.1 ml. Total donated incorne was C19.5m, Twhich is a 12% increase on the 2021122 year12021122: £17.4m). As v expand our fundraising capacity, the income frc¥n Individual Giving has continued to grow and totalled C5.4m in the 2022123 {2021122: £4.4ml. This income stream included donations from a number of fundraising initiatives encompassing cold acquisition, mass participation campaigns and legacie5. Over the last three years Fareshare has built a base of over 13,IXKI reguLir do￿rS which we plan to grow further in forthcoming years through continued investment. Corporate income levels increased to E8.7m in the year {2021122: £7.7ml as we continue to have a wide range of generous SUPF¥)rters from many c(Jnmercial sectors. Trust income leve15 also Increased to £4.1rn in the year {2021122." E3.9ml. Additionally. we received E1.3m of income from statutory dt)nors 12021122: £1.4ml. mainly from the Scottish and Welsh governments. Income over the last 4 years is presented below: Elm Donated income - unrestricted Donated incorne - restricted Major restricted grants and Government COVID-19 related Fareshare 1st - trading fncome FSGO Community Food members Bank Interest and other Total income 19120 20121 Z1122 10.9 22123 12.3 14.2 32.8 72.1 20.3 23.1 25 Fartha￿ Annual Rem 1 Accwnts 2022123

Expenditure Total expenditure in the year was £27.2m (2021122: £18.1 ml. The increase in costs was in line with our strategy to invest reserves into developing our net￿￿rk to be able to access and accept more food, expanding our fundraising capacity to increase long-temi income, strengthening our support services and supporting the growth in capacity and capabilitie5 of our netvK>rk partners. The expenditure in the year, inclusive of allocated sup Um 2019120 2020121 costs, is as follov*S: 2021122 2022123 Raisin Funds A4anagln8 De ots Fareshare Go loyabllity Network Support 12.7 18.7 Total Ex nditufe 14.3 50.2 18.1 27.2 The expenditure on raising funds was £2.8m. a 182% increase on 2021122 costs of £1 m in line with the objective of growing donated income in the future. The ratio of expenditure on raising funds to donated income increased to 14% {2021122: 5.6%). The irKrease was as ex￿cted as continued to invest to secure higher but sustained income levels for future yeats. Total staff costs increased by 31% to E8rn (2021122". £6. Im) as we increased the headcount from 179 staff as at the end of March 2022 to 232 at the end of March 2023 to support our expansion as well as increasing staff salaries to mitigate the effects of inflation. Staff turnover has fallen during the year and had stabilised at 20% as of March 2023. Total Fareshare Go costs V￿re £2.8m, a 33% increase on 2021122 levels due mainly to average staff levels being higher in 2022123 at 52 {2021122: 41), an expansion in direct operational 5UPPQrt costs due to the expansion in customer5 numbers and a rise in allocated SUPFM)rt costs. The costs in Fareshare managed depots V￿re £2.3m in 2022123, a 44% increase on the 2021122 year. As inflation in the UK rose significantly in the UK, the costs of running the warehouses a5 well as food distribution costs increased in all our regional 51tes. The costs of the Employability programme reduced to £0.6m in 2022123 {2021122: £0.7m) as the Kickstart prograrnme funded by the UK Government ceased mid-year. Network su ort costs increased by 48% to £18.7m compared to 2021122 costs of £1 Z.7m. 2019120 2020121 2021122 2022123 Staffing Costs Tran5POrt Surplus with Pur Food urchases Payments to network rtners Other including major grants redistribJtion Allocated Su rt Costs Total Network Support 29.1 12.7 18.7 26 FareSh¥e AnThJal Rep)rt and A(c￿nts 2022123

Transport costs rose due to a combination of the rise in f(￿ volLMnes, the rise in transport rate5 caused by driver shortages and the introduction of a small fleei funded by the charity to ensure that adequate delivery capacity was available. Surplus with Pur[￿ procurement costs rose due to the decision taken to support increased produce volumes through funding this scheme pending longer-terrn external support. Fareshare supported our network partners with grants totalling £4.4m and a number of strategic projects started dui ili¥ Llie yedl Lu ilTiwove the network iiili d5li ucture. ￿ iii¥iiw li1￿¥ elficiwiiiv• iiltu tlie 5upyly ¢1 Idlll illKI logi5tlC5 as well as i￿r￿Vative projects to increase the network capacity to accept more food. The total expenditure on SLPPOrt costs increased to £3.4m (2022121; £2.5ml due to investment into information security and technology projects and a necessary Pead office move. Cash flow Cash at bank and in hand was £24.3m at the end of 2022123 12021122: £29.5m). The operational cash oufflow of £3.8m was in line with the net deficTt recorded of £4.1rn. Overall creditor levels at the end of March 2023 were higher at £3.7m (2021122: É3.3ml but this was offset by a rise in debtors to £4.Om {2021122: £3.5ml year due to a rise in fundraising invoicing levels. Investments in tangible fixed assets totalled £0.3m <2021122: £0.3m) arKI £1 m was invested into charitable investment funds. Investments As interest rates available frcrfn cash deposits beqan to rise from low rates early in 2022, we started to invest cash in deposits with major UK clearing banks using the policy fcÉused on security. liquidity and, lastly, yield principles. Interest eamed in the year was 1248k 12021122: £1 k}. Additionally. the trustees agreed an inve5trnent policy that will invest a prop)rtion of long-term reserve5 in lower risk charitable funds managed by two independent investment managers. An initial £1rn was Invested in hkirch 2023. Reserves Fareshare ha5 a risk.based reserves FM)licy to protect the operational requirements of the charity from short term disruptTon to ensure that our partners can continue to operate. The Fareshare network supports 8,LK charities and community gr￿ps. If Fareshare was suddenly unable to operate. the repercussions on our partners would be severe and cause serious problem5 for the vulnerable and disadvantaged people whom they help. The re5erve5 policy is based on a specific risk analysis and the estimated related financial exposure that could arise from these risks crystallising. The risk5 provided against include not meeting the budEeted fundraising income for the next financial year, the costs that could arise if two average network partners were to have significant finanaal difficulties and an allowance for other key risks identified within the corpjrate risk register. In addition. there is a need to mainLiin an adequate level of véorking capital at all times within the organisation. Based on this approach. the reserves level needed to be maintained by the charity Is estlmated at £8m. The actual unrestricted and free re5erve5 held at 31st March 2023 ¥￿e £22.7m12021122: £25.4ml, whlch represent 283% of the estimated required level 12021122: 343%). Thi5 level is calculated as the general unrestricted reserves plus designated funds less the value of tar￿ible fixed assets. We continue to deliver the strategy to utilise the exce55 funds to increase fo)d volumes that the charity can source and redistribute, to increase the income generating capacity of the organisation to ensure that higher volumes can be maintained in the long-term and to strengthen the charity's netwwk. More detail on the plan5 to utilise the rese￿e5 is provided in Plans for the Future secti￿. All financial figures in table below are in £ milli(ms. Z7 Fareshare Al￿al Rem and Accounts 2022123

Reserves over the last 4 years- All figures in £m £29.9 É277 £30 £260 £25.7 £25 £21.9 f 23.3 E20 E15 £10 £5.7 £s E4.0 -1,1 .11 _Ii £3_9 É1.7 £0 19120 20121 21122 ZZ123 URestricted reserves DUnre5tricred reselves IIToral reserves Designated fund5 In 2021122, the trustees agreed to designate E1.4m to invest in capital projects in the charity's network to strengthen its capacity to receive and redistritxrte food. £1.1 m of the grants y￿re claimed by the network by 31st March 2023 wlth £0.3m carrled into 2023124. . Going Concern In continuing to adopt the going concern basis the Tr￿tee$ assessed the viability of the charity over a three-year period which includes the budget for the next financial year and our best estimates for the two years thereafter. On the basis of financial forecasts and the charity's available resources, the Trustees consider that the charity has sufficient reswrces to continue for the foreseeable future and therefore continue to adopt the going cMcem basis in preparing these financial statements. 28 Fa￿sha￿ InThJal Report aThJ Accounts 2022123

Principal risks and uncertainties Fareshare operates a structured approach to risk managefflent that includes ￿licIeS and procedures to mitigate those risks identified and maintains a risk register. The Trustees are responsible for risk managernent with the process managed by the Finance, Audit and Risk Cornmittee and oversight of all risk5 by the Board. From this process, the trustees have identTfied our key risks. Our main risk catewies are as follows: Food Safety Compliance Health and Safety Meeting Strategic Surplus F￿xI Volume Targets Generating Sufficient Donated Income Network Resilience Reputational Damage Due to HavTng a High Profile Over-Reliance on Key hlanagement arml Third Parties Staff Recruitment and Retention Inflation Becoming Endemic Information Systems (ISI Security Information Systems (ISI Strategy ALignM￿t Food Safety Compliance Compliance with Fc￿￿ Safety legislation has been a major reason for the organisation's success as it ha5 given food donors confidence that they will not become involved in indirert reputational issues Involving their products. Given the diversity of the product base handled and the number of network partners, there is an on-going risk that a lapse In complSance with standards causes an issue with authorTties in this area arKI reputational damage for both Fareshare and our donors leading to future donations being reviewed. Mitigation: We have built a CU5tomized system that allow5 US to track all food providing full traceability. Our policies and procedures enable us to maintain the highest standards and we constantly review our food safety Systems. Compliance is monitored through a programme of audits In this area and staffing in this area is being increased. Health and Safety We operate busy warehouses and therefore have the same risks as other logistics organisations, including working with potentially hazardou5 equipment such a5 forklift trucks and walk-in freezers. We have a high prcportion of volunteers V￿￿ change regularly and require close supervision and management to mitigate any aSs￿lated further risk. Mitl8ation: Fareshare wts health and safety as its highest priority and ha5 implemented a strong training, reporting and action culture for all managers viith executive management exercising oversight. Health and safety is given prominence on the agenda of all board and management meetings. We maintain an up-to- date health and safety manual and we ensure that it is consistently c(Ynmunicated through training and induction programmes. We have a dedicated volunteer management team and volunteer activities are only allowed where insurance cover is in place. The programme of independent audits at all of our operational sites ha5 concluded and the organisation has Started to grant support the identified areas that have been identified as needing irnprovement. 29 Faresharè *thnual Rem A(C￿ntS 2022123

Meeting Strategic Surplus Food Volume Targets The demand for food from our end users has continued to grow significantly and capacity of our network to handle large volumes has been significantly increased. However, there is a risk that the charity 15 unable to fully meet its strategic objective of doubling surplus food volumes by the end of 2024125 due to a significant reduction in retailer surplus volumes caused by high inf lation. shortages driven by global commodity challenges, and increased efficiency through the use of advanced forecasting systems and data science. This th)wnward pressure is being felt by all organTzations in the food surplus sector. Mitigation: We have continued to invest in strengthening our capabillties in accessing and accepting more food through the implementation of the F￿)￿ Strategy. We also continue to strengthen our F#JSition with the food industry as the primary social impact partner for their surplus food through ensuring that adequate senior resources maintain close relationships with all key partners. We will also Icrtjk to drive increased volumes in different market sector e.g. hospitality and through different supply chain models, m05t notably our Surplus with Purpose program. Generating Sufficient Donated Income The organisation requires a growing level of donated income in order to grow and sustain its mission due to the costs involved in accessing the range of food needed and the logistics and transport costs involved in distribution. There are a number of potential issues that may continue to make this hard to ach5eve In future years. including the need for funding to support normal operations within the network, general reductions in charitable giving during the cost of living crisis. a possible waning of interest in food waste or the Fareshare brand. Mitigation: The inyestrnent in building fundraising and marketing capacity has continued. including a decision to appoint a Director of FLXKlraising. Investment in staff and sUPWt to fundraising initiatives ensures that resources dedicated to donated income generation continue to be in line with levels experienced in established charities with high and sustained incorne levels and have been reviewed by independent fundraising consultants in 2022. Network resflfence The charity relies signlficantly on a network of regional partners to ensure that food reaches the end user charities. The network regional partners are either. f￿Used solely on Fareshare activitie5 or, are part of a larger charity, but they are independent of Fareshare itself. Consequently, there is a risk that the charity's 155ion delivery to end-u5er beneficiarie5 is impacted by the operational or financial failure of one of the independent network partners. The rlsk of financial failure is linked in many cases to the organlsation's ability to grow food voiurnes as planned, as income levels are linked to the fees charged and ensuring that no ¢)ne partner TS favoured in this distribution at the expense of others. Mitigation: The financial and Operati￿al $￿tainabIlItY of network partners Is monitored on a regular bas15 by Fareshare through network-focused staff being in regular dialogue with parthers. Additional mitigation is provided by ensuring that all network partners have business continuity plan5 in place arml that full network knowledge Sharing event5 are held regularly. The reserves required to be held by the charity include the estirnated costs should two regional partners cease providing the current service and Fareshare monitors whether an on-going emergency funding is needed. Reputational Darnage Due to Our Hfth Profile The organisation's profile has continL*d to be high and. due to the number of network partners involved, the charity faces an on-going risk that it5 reputation could be damaged by the actlcffls of the organisation, one of its high-profile supporters or one of our partners. The importance of maintaining the trust of the public, donors, food partners and governments continues to be paramount. Farrfjwe Annual RepNi and Accounts 2022123

Mitigation: The Board of Trustees and the senior leadership team are focused on ensuring that the appropriate policies and procedures are in place throughout the charity and network and are reviewed and refreshed. The organisation maintains a pro-active press office that monitors and respond5 to all media coverage. Over Rellance on Key Management and Third Parties Due to its recent rapid growth, there is a risk that the 0rganlsat1￿ is over rellant on key third parties including supplier5. technology platforms and high profile supporters and key management. the loss of any of which could significantly affect the ability to sustain and expand the mission. Mltlgation: In order to reduce the risk on the over.reliance on key management the executive director team is being further expanded to include a Director of Fundraising and the department heads team has been expanded to cover all areas of the organisation and now numbers eleven and a greater leadership team of seventeen. The creat70n of a formal succession plan remains an objective but trustees do not believe that there is now oVer-reliar￿e on any individual. The approach to training has al￿ been reviewed with all staff in appropriate role5 having access to management training. The renewed risk management process has highlighted the need to develop targeted plans to red￿e the dependency risk in each area. The reliance on key retail partners is being addressed by diversificati￿ into new sectors for food surplus and alternative sourcing mode15 such a5 Surplus with PurkL)se. The key area of having sufficient transF#Xt options has been addressed with a further major third party produce distributor contracted viith and the introduction of Fareshare's own small fleet of vehicles to provide extra capacity. The concentration of 5UPPOrters is beTng addressed by investing in the capacity and capabilTty of the fundraising department to allow a broad spread of donors to be fourKI. The risk on vendor technology dependency will be addressed with the implementation of the IS strategy report'5 recommendation of moving from bespoke yy5tems to a globally present platforrn. Staff and Volunteer Recrultrnent and Retention The level of Staff turr￿Ver in the last financial year has fallen steadily through the year tsjt in common with m05t or4anlsation5, challenges remain in attracting new staff. Additionally. due to high levels of staff turnover the organization is dependent on a core management group. Attracting adequate numbers of volunteers is LEcoming more difficult in line with the experience of the overall sector. Mitigation." The organisation now ha5 a recruitment team using a candidate management system to ease administration that have lowered the recruitment cycle. Staff terms and conditions have been reviewed and benchmarked to ensure that rewards are in line with peer group organisations. The system of how staff can progress in the charity will be reviewed. We will adopt specific retention strateg?es inclLkling enhanced career development plans and progression for identified high performers or those of high potential within the organisation. The central volunteering group is f￿Used on growing volunteer numbers and ensuring that volunteers are valued from their initial engagement. Sustained Hlqh Inflatlon Leve Inflation has risen and stayed at a historically high level thr(￿ghOut year and there continues to be a risk to the ability of the Organisati￿ to eXPar￿ its Missi￿ as the operational c05t base has risen significantly and don￿$ may be le55 willing to contribute income if they are financially challenged themselves. 31 FareSh￿ knnual Report and Accounts 2022123

Mitigation: the organisation undertakes regular operatic￿al and finarKial planning exercTses that indicate the level of external fund5 that will be available over the period reviewed with the latest view5 of inflation over future year5 factored in. To mitigate some of the effects of inflation. as deposit rates started to rise to meaningful levels in the first half of the financial year. cash reserves were placed on depx)sit and some long-term reserve5 have been invested externally. We will continue to manage closely our resource5 levels for affordability and make interventions where appropriate. Informatlon Systems Securlty The charity is increasingly managing data on a Large xale and is dependent on third parties to manage some aspects of data security. As the organisation continues to grow there is a risk that the overall information secur?ty enwronment adopted by the organisation is not kept adequately robust enough to meet the growng threats that all organisatifffis face in this area. Mltigation: With respect to cThnpliance with GDPR regulations. there is an on.going monitoring group in the organisation that seeks to ensure compllance with regulations at the departmental level. Following an extemal review of the security environment in 2021122 showed areas for improvement, a major enhancement project initiated durlng the current financial year and is nearlng completion. Thls project, combined ￿￿th more staff resources in this area. ha5 lifted preparedre55. All Staff are required to pass organi5ation specific training in this area shortly after Starting employment. Information Systems Strategy Alignment There is a risk that the lack of an agreed and validated IS and Technology strategy for the organisation leads to a reactive approach to Supporting the busine55 needs of the future and a growth in independent systems with relatively low levels of integration. Mitigation: In previous years, the development of IS was constrained by the financial kx)sition of the organisation and so investment decisions were often aligned to the availability of external funding. During the year an information systems strategic review wa5 undertaken led by a market-leading consultancy. The board has accepted the recommendations from this report and the next financial year will see the first year of implementation in the resulting major change programme. The board recognise5 the inherent risks involved in launch?ng a rnajor change programme and is focused on ensuring that appropriate governance, leadershlp and resources are made available to urmderpin a yJcce55ful programme. 32 Fa￿sh¥tr Annual Rep(*t a)d Acccthis 2022123

Structure, governance & management Fareshare is a charitable company limited by guarantee Ino. 48373731 and registered with the Charity Commission as a charity in England and Wales {￿. 11iX￿51). On 10 July 2023 the Scottish Charity Regulator (OSCRI accepted Fareshare as a charity registered in Scotland {no. SC052672). Fareshare was incorporated in 2￿13 and is governed by its Memorandum and Articles of Association adopted on 6 July 2022. The admlnistrative details of the charitable company are detsiled on page 34. Recrultment and appointment of Tntstee5 The Tr￿tee5, WFM) are also directors and members of the charitable company, are appointed for a three- year term and then retire from offlce but may stand for re-election for up to two further terms according to the procedures set out in the Articles of Associati￿. Trustees are recruited with a range of skills and experience that is needed to ensure sound govemance and Strong progress towards the charity's mission and aims. Newly appointed Trustees receive an induction that includes rnaking them aware of their legal resp￿s1b]litles as well a5 Fareshare's policies. decision-making processes, strategic pian and recent financial perfonnance. All Trustees glve their time voluntarily and receive no benefits from the charity. Any expenses recialmed from the charity are set out in note 9 to the acC￿nts. Or8anisation The Trustees together constitute the Board that is Fareshare's governing body. The board is responsible for agreeing strategy and annual budgets and oversight of policies. risk management and controls. The Board is 5UPPQrted in its governance of the organisation through the following three committees: The Finance, Audit arKi Risk Committee that provide5 more detailed oversight on all financial reporting matters Including audit arrangements, financlal r75k5. long-tenr* planning. treasury and investment. The committee also oversee5 the organisation's risk management process. The People and organisatic￿al Committee is resfMM5ible for overseeing, monitoring, reviewing and reporting rjn the developnEnt and implementation of our people and organisational development plans. The Nominations Committee which focuses on the specification. recruitment and selection of appointments to the Board and provides over57ght of Fareshare's governance arrangement5. Day to day operations are delegated to the Chief ExeC￿7ve vtho lead5 the Senior Leadership Team which 15 responsible for implementing the strategy and for progressing towards agreed key aims and objectives. Staff pay policy lincluding the Senlor Leadership Team) Our approach to Staff pay is designed to ensure we attract and retain people with the passion. commitment and skills we need to achieve our Missi￿ and deliver our strategic goals. In 2022123 we carried out an independent review of our pay stnjcture to berKhmark our salaries against other charitles of a similar slze and nature. The review confirmed our salaries are competitive in comparison with the median of the chosen peer group. The new pay structure ensures consistency and faimess and was introduced from 1 April 2023. All staff fflembers are paid at. or above, the Living Wage rate set by the Living Wage Foundation. 33 Fareshare AJ)nuaL Rewt and Acccvnt$ 20221Z3

Annual salary increases are normally awarded In April each year taking into account the rate of inflation and organisational affordability. Annual increases are subject to the approval by the Board of Trustee5. In 2022123, the Trustees agreed an additional pay rises in October 2022 due to the increasing costs of living. Fareshare's key management personnel cornprises of the Senior Leadership Team who are rewarded in Ilne with the ￿rne approach as all staff. Staff enwment The Trustees are committed to promoting the interests of the employee5 by enc￿raging the culture of learning and development. In 2022123 a Leaming and Development Manager was appointed to design and launch a training programme for our staff. During the year a range of training sessions took place including a leadership course for staff managers and coaching for leaders. Additionally. there are mandatory training courses that all new staff must complete to pass their probationary period that include health and safety, infomiation security and anti-fraud and bribery. CommunTcation WTth staff 15 regarded as an irnportant priority within the organisation. The organfisatlon has continued to ensure that regular staff briefings are held that cover all major imwrtant issues. We have appointed a dedicated staff member to manage the Internal C(Jmmunications. The organisation has continued to run several working groups that revitrm internal policies and advise management. The Culture and Values group has been re-launched and remains an important conduit for staff to feedback views on the organisati￿. The organisation intends to re-instate monitoring staff engagement through a survey during 2023124 following the reduction in staff turnover that has been experierKed during 2022123 and the completion of the salary benchmarking exercise. Safeguarding We recognise responsibility to prornote safe practice and to protect any ywng peopLe or vulnerable adult5 that we engage with from harm. Safeguarding training is part of staff mandatory training that all staff have completed and safeguarding forms part of volunteer induction. We are committed to identifying and minimising safeguarding risks across all our activities thrcmjgh appropriate trainSng. risk assessments, policies and proce55e5. We have a strong etlv)5 througtrb)ut the Charity to deliver gojd safeguarding practice5 and we take seriously any report of sU5pecte(I harm, abw or neglect and have a robust process to deal with an incident if it were to arise. We operate safe and transparent recruitment practice5. We have a Safeguarding Policy. which sets out our mandatory standards and provides clear details of our reporting process. The policy is reviewed by the Board periodically. Safeguar(h'ng wlicy for the Charity is led by the Chief Executive suppjrted by the Head of HR. Fa￿share Annual R*F#Xt and ￿CoUnt$ Z022123

Trustees, responsibi lities The Trustees IITSted on page 341 are also directors of Fareshare under company law. The Trustees are responsible for preparing financial statements for each fIna￿lal year. Under that law the twstee5 have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its in(￿ling resources and application of resources, including the net income or expenditure f￿ that period. In preparing these fTnancial statements, the trustees are required to". select suitable accounting FKAicies and then apply them consT5tently; observe the methods and principles of the Charities, SORP" make judgments and estimates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed, sthject to any matedal departures disclosed and explained in the Financial Statements: and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will contTnue in operation. The Trustees are responsible for keeping adequate accounting rec(Yds that are sufficient to show and explain the charity's transactions and disclose with rea50nabie accuracy at any time the financial p051tion of the charity and enable them to ensure that the financial statements comply with the Companies Act 2(X)6. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable Steps to prevent and detect fraud and other irregularities. Disclosure of information to auditors In accordance with company Law. each of the Tn￿tee$ confinns that to the best of his/her knowledge there is no inforrnation relevant to the audit of which the auditors are unaware. Each of the Trustees also confirm5 that helshe ha5 taken all necessary steps to ensure that helshe is aware of all relevant audit information and that this inforrnatic￿ has been communicated to the auditor5. Auditors Our auditor5, PKF Littlejohn LLP viere re-appointed thjring the year and have expressed their wlllingness to continue in that capacity. This report was approved by the Trustee5 on 10th August 2023 and signed on thefr behalf by: n Baso 35 FareSh¥e fvnnual Reprrt and Atcounts 2022123

Reference and administrative details Fareshare is a charitable company limited by guarantee and is 7ncorporated in England and Wales. The registered office is 19th Floor, Millbank Tower. 21_24 Millbank. London SW1 P 4AP. Board of Trustees John Bason Chair Simone Connolly" Vince Craig" Christèle Delbé'-{resigned 17 October 2022) Adam Eisenstadt." Alan Gosschalk. (appointed 8 July 2022. resigned 23 March 2023) John Hinton Andrew Hood". Richard King" Juergen Pinker Alicia Reyes Revuelta". Stephen Robinson (resigned 13 Dec 20221 Helen Sisson Tony Sykes" (resigned 8 June 2023) Angela YotoV"' Member of the Finance, Audit and Risk Committee Member of the People and Organisational Committee Member of the Nominations Committee Advisor and overslght of health and safety arKI compliance ** Company Secretary JerorYE Walls Senior leadership team Lindsay Boswell, Chief Executive (resigned 28 June 2023) George Wright, Chief Executive (appointed 30 May 2023) Alyson Walsh, Commercial Director Jerome Walls, Director of Finance and Resources Kris Gibbon-Wa15h, Director of Network and Operations Simon Millard, Director of Food Bankers Charities Aid Foundation 25 Kings Hill Avenue Kings Hill, West Malling Kent ME19 4TA Co-operative Bank pic 9 Prescot Street London E1 8BE Lloyds Bank plc 25 Gresham street London EC2V 7HN Bank deposits Barclays Bank 1 Churchill Place Leicester LE87 2BB Investment rnanagers Ruffer LLP 80 Victoria Street London SWI E 5JL Sarasin & Partners Juxon House 11M) St Paul's Churchyard London EC4M 88U External auditors PKF Littlejohn LLP 15 Westferry Circus London E14 4HD Solicitors Bate5 Wells 10 Queen Street Place London EC4R 1 BE Company Registration Number Charity Registration Number Scott15h Charity Number 4837373 1100051 SC052672 36 Fa￿haTe AnThJal Report and knounts 2021123

Independent Auditor's report to the Members and Trustees of Fareshare Opinion We have audited the financlal statements of Fareshare (the 'parent charitable company, l and its subsidiary {the 'group' I for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities, the Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reFX)rting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the group's aThJ the parent charitable company's affairs as at 31 March 2023, and of the group's incoming resource5 and application of re50urce5, including Tts income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requTrements of the Cornpanies Act 2￿6 Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUK) (ISAS {UK}l and applicable law. Our responsibilities urKler those standards are further described in the Auditor's re¥>onsibilities for the audit of the finarKial 5tatement5 section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, inclLKling the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the a￿￿1t 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 tntstees. 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 signTficant doubt cm the group's or parent charitable company s ability to continue as a going concern for a period of at least twelve months frc4n when the financial statements are authorised for issue. Our responsibilities and the reSF￿S1bi17tIes of the t￿￿tee5 with respect to going concern are described in the relevant sections of this re￿rt. Other infornlation The other inforrnation comprises the infomiation included in the rewt of the T￿￿tee5, other than the financial statements and auditor's reFQrt thereon. The Trustees are responsible for the other information contained within the re￿rt of the trustee5. C￿r Opini￿ on the financial statements does not cover the other information we do r)ot express any form of a55urance Co￿lUsion thereon. Our responsibility is to read the other infom)ation and, in doing so, consider whether the other information is materially incon51Stent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appear5 to be materially misstated. If we identify such material inconsi5tencie5 or apparent material misstaternents, we are required to determine vthether this gives rise to a material mi55tatement in the financial statement5 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. 37 Far•Share *nThJal ReFKrt an¢J k¢wnt$ 2022123

Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, rep￿. which incI￿￿e5 the strateglc rep)rt and the dTrectors' report prepared for the purp)se5 of company law, for the financial year for whlch the financial statements are prepared is conslstent with the financial statements; and the strategic report and the directors. rety)rt included within the trustees. rep)rt have been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon In the light of the knowledge and understanding of the gr￿p arKI 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 directors. report included vrithin the trustee5' annual rewrt. We have nothing to report in respect of the following matters in relation to which the Companies Act 2LK16 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charitable cornpany, or returns adequate for our audit have not been received from branche5 r￿l visited by u5: or the parent charitable cowany's flnancoal statements are not in agreement viith the accounting records and returns. or certain disclosures of twstees. remVwati￿ specified by Law are not made" or we have not received all the inforrnation arKI explanations we require for our audit. Responsibilttles of Trustees As explained more fully in the trustees, responsibility Statement. the Trustee5 (who are also the directors of the charitable company for the purposes of company lawl are responsible for preparation of the group and parent charitable company flnancial statements and for being satisfied that they give a true and fair view, and for such internal control a5 the trustees determine 15 necessary to enable the preparation of financial statements that are free from material misstatement. vthether due to fraud or error. In preparing the group and parent charitable cwipany financial statements. the trustee5 are responsible for assessing the group and parent charitable company's ability to continue as a going concern, disc105ing, as applicable, matters related to going concern and using the going concern basis of accounting unle55 the trustee5 either intend to liquidate the group or the parent charitable company or to cease operatlons. or have no realistic alternative tyjt to do 50. Audltor's responslbilities for the audit of the financial statements We have been appointed auditor under the Companies Act 2LI% and rem in accordance with this 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 mi5Statement, whether due to fraud or error. and to issue an auditor'5 report that includes our opinion. Reasonable assurance is a high level of assurance lyjt is rK)t a guarantee that an audit conducted in accordance with ISAS (UK) will alway5 detect a material misstatement when it exi5t5. 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 u*rs taken on the basis of these flnancial statements. Irregularities, including fraud, are instances of non-compliance with lavo and regulations. We design prccedures in line with our re5p)nsibilities, outlined above, to detect material mTSStatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an Understanding of the group and parent charitable company and the sector in which they operate to identify laws and regulations that cwld reasonably be expected to have a direct effect on the financial ststements. We obtained wr understanding in th?s regard through discussions wlth management, industry research, application of cumulative audit krM)wledge and experience of the sector. We determined the principal laws and regulations relevant to the group and parent charitable company in this regard to be those arising fr(Kn Companies Act 21J16. Charities Act 2011, employee and tax legislati￿. 38 Farrfthare Annual Repwt and knwnts 20ZZ123

We designed c￿r aLMJit procedures to ensure the aLMJit team considered whether there were any indications of non-compliance by the gr(yJp and parent charitable company with those laws and regulations. These procedures included. but v￿e not limited to, enwiries of management and review of minutes. We also identified the risks of material misstatement of the financial statements due to fraud. We considered. in addition to the non.rebuttable presumption of a risk of fraud arising from management override of controls, that judgetrent was required wrth regards to the recognltion of incoming resources and completeness of provisions. As in all our audits, we addressed the risk of fraud arising frr)m management override of controls by performing audit procedures which inclLMled but V￿re not limited to: the testing of jwmals: reviewing accounting estimates for evidence of bias. and evaluating the lyjsiness ratlonale of any significant transactions that are unusual or outside the r￿rMaL course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all Irregularities. including those leading to a material misstatement in financial statements or non-compliance with regulatlon. This risk increases the More that compliance with a law or regulation is removed from the events and tranSacti￿S reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is a150 greater regarding irregularitie5 (Kcurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the a￿lit of the financial statements 15 located on the Financial Reporting Council's website at: V•+y.frc.￿g.ukAaL￿litor5re5pjnSib71itleS. This description forms part of our auditor's report. Use of our report This report Is made solely to the charitable company's mernbers, a5 a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2Crf)6 Our audit th has been undertaken so that we mTght state to the charitable company's Members those matter5 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 responslbility to anyone, other than the charitable company and charitable companys members as a body for our audit work, for this rep)rt. or for the opinions we have formed. Alastair Ouke Iseni Statutory Auditor) For and on behalf of PKF Llttlejthn LLP Statutory Auditor 15 Westferry Circus Canary Wharf London E14 4HD 39 Fareare *mnual ReFty¥t and A(c￿nts 2022123

Consolidated statement of financial activities For the year ended 31 March 2023 lincorKK)ratin8 an ir￿orne and expenditure account) Trfal Fl￿d5 20 zozz 00 Income Inccme from generated fuThJs Donations 12.323 7,15) 19.473 10.891 6,535 17,426 21 Other trading activitie5 Commercial tradin4 inco Incorne from tnve5tments 14 14 21 11 355 355 422 422 12.940 7,IXI 20, 2,970 23.( 11.335 6,535 1.582 8.117 17,870 Income Irom charltable actiwties 1,975 9.125 2,426 20.296 Total Income 13,935 12.179 EXP￿dItUre Expenditure ralsing funds enditure on charitable activiti 2.766 2.766 24,4)2 981 13,824 10.578 9,917 9,917 17,126 Total Ex ndlture 16, 10,578 27.168 8.190 3,989 18,107 2,189 Net {Defi¢itlllncome Transfers between funds 12,6551 11.4531 (4.1081 1581 11.51111 14, 1081 13 (1,8￿) 19.20 Wet movement in fund5 Unrealised investment gains Nèt movement in funds after unrealised gains Balance at beginnfng of year BalarKe at end of 12,5971 13 4.069 11,8801 2,189 13 12,584) 25.951 23.367 {1.5111 {4,0951 3.888 29.839 2,371 21.882 25.951 5.768 27,650 29,839 ar 19.20 25.744 The Group has no gain5 or losses other than those ab)Ye. The Accounting Policies and N)tes fixm part of these finarKial statenwts and are sknm on paw 43 to 56. Fareshare Anrnwl RepNt aThJ Accounts 2022123

Balance sheet At 31 March 2023 Charty ZJ 20U 20Z2 Flxed A55ets Tangible fixed assets Investments 12 659 551 659 551 13 1.013 1.6n 1,013 1,6n 551 551 Current Assets Debtor5 14 3.967 24.332 3.542 29.498 33.040 4,022 3,594 28.984 32,578 13.2441 29.334 1467} Cash at bank and in hand 28.299 27,953 Credltors: Amounts falli due within (ffie ear 15 13,7381 13.2851 29.755 {467) 29,839 13,6971 24.256 1489) Net Current Assets 24,561 14891 Credltors: Arnounts fallTng due after one year Net As5et5 16 25.744 25.439 29.418 Reserves Unrestricted Funds Gewal 23.027 24.￿1 1.450 22.T22 340 24,080 1.450 3,888 29,418 Iksi8nated Restricted Funds 19 2,377 2.377 25,439 Net Assets 25,744 29,839 These flnancial statements v￿e approved and a￿horised for ISS￿ by the Board of Trustee5 on 10th August 2023 and signed on their khalf by- John Ba rd King t¢x Dir The Accounting Policies and rn)tes on pa8e5 43 to 56 form part of th ials ements. Registered company number: 04837373 41 Fareshare Rewt and FinarKial Statements 2022123

Consolidated cashflow statement For the year ended 31 March 2023 Statement of cashflow5 Tatsi fund5 Fthid5 2C*z3 Cash flows from operating activlties Net cash luiillsedllwovKled by operating activities {see reconciliati￿ below) 13,8231 458 Cash flows from inyertln4 actlvitie5 Purchase of property. plant ar¥J equipment Purchase of Imiestments {3431 ii.OTr)I 12911 Chan e in cash and cash equlvaients In the 15,1661 167 Cash and cash èqulvalents At be8innin8 of year 29.498 29,331 At end of year 24.332 Z9,498 Reconciliation of net income to net cashflow from operating attivlties ij zoii Net income for the rEprxtin8 periLKI la5 per the Statement of financial attywtiesl Adjustrnents for: Depreciation charges L¢)ss on 055P05al of fixe(l assets Unreali5ed gains on investments Increaselldecreasel in wovisions {Increaselldecrease in debtor5 Incrèaselldecreasel in creditor5 14,0951 Z.189 235 454 85 14251 425 813 3.0831 13,8231 458 The accounting policies and notes on pages 43 to 56 f¢)rm part of these flnancial staternents. 42 Fareshare Rewt and FinarKfjal Staternents 2022123

Accounting policies Year ended 31 March 2023 Basls of accounting and consolidation Fa￿share Is a charitable company limited by guarantee and is incorpjrated in the UnTted Kingdom. The regt5tere office address aftd principal place of business is 19th Flrm. Millbank Tower. 21-24 Millbank. London SW1 P 4QP. The financial statements have Wn prepared in accordarKe with AcccHJntiro and Reporting by Charities Statement of Recommended Practice applicatAe to charitie5 weparing their accounts ITr accordance with the Financial Reporting Standard applicable in the UK arKd Republic of Ireland IFRS 1021, a￿1 the Companies Act 2CQ6 anLI UK Generally Accepted Practice a5 It ap￿leS from 1st January 2019. Assets and liabilities are initially recognised at historfcal cost or transaction value unless otFrwise Stated in the relevant acccmjnling policy or rKIte. The financTal statements consolldate the results Of the d￿ri￿ble compary, Fareshare and ?t5 subsidiary trading company, Fareshare 151 Limited, on a line-by-line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated finarKial statements. The amounts due tolffom the Charity and its 5ub5it1iary are thsclosed in the note5 to the accounts INole5 14-151. A separate Statement of financial activities for the charitable cofflpany has rn)t been presented. taking advantage of the exeMpti￿S afforded by section 408 tsf the Companies Act 2CIJ6. The deficit for the charity in the year 2022123 was £3.9m12021122: Surplus of C2ml. The financlal statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £'CthI. The significant accounting px)licie5 appl￿ in the preparation of these fTnanci81 statemerTts are set oiit below. These wiTcies have been cortsistently applied to all ￿arS presented unless otherwise stated. Publlc beneflt The charity constitutes a putlic benefit entity as defined by FRS 102. Going concern The financial staterr￿ts have been prepared on the goin8 Co￿eM basi5. An organisation is considered a going concern ff it 15 expecte(I to continue it5 0￿rat7(￿ for next twelve months. The Trustees consider Fareshare to be a golng concem for the foreseeable fLtture as there are SLrfficient cash resources to meet liabilities for a period of at least twelve months from the date of approval of the financial Statements. 1•4e Oetail 15 provi(led in Financial Review. Income Donated income Is recognised in the ffnancial statements vthen the charity has entitlement to the funds. it is probable Income will be received and the amount can be measured reliably. Donated fjnc￿e received via thlrd party platf0M￿ is recognised at the net value after the deductlon of the agency fee5. When there are any performance conditions attached to the grnnt agreements, grant income is recognTsed when there is sufficient evidence that these condition5 have been met. Charitable trading income, arising Irom c￿traCts from servi￿, 15 recogn75ed when earned. income rKeived in advance of entitlement Is deferred to the balaKe Sheet and released to the Stateli￿t of financial activlties in the periods to which the income relates. Donated gifts and services are meawred at their mortetary value to the organTsation and are included under donations where it is possible to estsiblTsh a fair value without irKurring excessive (05t. An equal arrrf)unt is Included Lmder the relevant expenditure cate8(Yy. 50 the net is nil. The value of donated and surplLS food is excluded from the accoLbnts. a5 the costs of establTshfng the fair value would be excessive in comparison to the benefit to the users of the accounts. However, an e5timèted value of donated fty is incltjded as a note to the accounts (see Note 5). 43 Fa￿9￿e Rerx¥t and Financial Statements 202Z123

Accounting policies Year ende(131 March 2023 Expendlture Expendlture is accounced for on an atcwais basis when there is a legal or constnKtT¥e obligatTon to make a payment to a third party, it is probable that the settlement V￿11 be req￿re￿. and the amount of the obligatfjon can be measured rellably. The costs of raisiry funds relate to the cosrs incurred by the charitaNe Company In generating voluntary income and any other ¢osts related to the fundraising acti¥itie5. Charitable expenditure comprises the direct Costs of delivering the Fareshare charitable objects and their associated support Costs. SLVPOrt cost5 are apFLTrrtioned to Fareshare's actTvities in line w7th the staff time spent on each act?wty. The type of costs allocated Tn thi5 way I￿1￿Je finance aNJ governance. HR, Office and IT. Governance costs comprise the legal and professi(Mwl costs associated the r￿nIng and management of the charity, auditing fees. other accountancy costs an¢J trustee ewse5. Untaken staff holiday is calculated at staff average salary cost and is included In the Staff gross salaries costs. Renta15 under operating leases are charged to the Statement of FinarKial Activities as incurred. Grants 8lven Fareshare can only make graftts to ot￿r organisatit)ns W￿re these are in support of its charitable activities. Grants are given to our panners from designated funds as weil as grants given by funders to be allocated across the enlire network. The expenditure is recognised when the Crit￿la for a constructive ob17gation has been met, payment Is probable, it can be measured reliably and there are no CL￿ditIOnS attached which limit Tts recognition. Taxatlon As a re8iStered Charity, the Company is senerally exempt from Cor￿ratIon Tax lyjt not from Value Added Tax (VATI. The Company's subsidiary trading company 15 registered for VAT aThJ is IlabLe to cortKJration tsx on trading profit5 rKIt Iransferred under the Gilt Aid arrangements. Pension costs The charlty operaies a group perymal pension plan whith is a direct contril>ution scheme. The assets of the scheme re held separately from those of the Charity. Contribjtions are charged to the statement of financial activitie5 in the periods to whlch they relate. The charity has no liab?lity under the Sche1￿ other than for the payment of those contributions. Redundancy costs Where a dem¢)nstrable commiiment Is made to terrninate the employment of siaff before the end of the reporting benefit any terminat?on benefit is charged to the Staiement of Fina￿la1 Activities and a Ilability 15 recognised for the best estimation of the c05t at the rep)rting date. Funds Unrestricted funds comprise those monies that may be ￿ed towards meeting the charitable objects of the Charity at the discretion of the Trustee5. Restrirted funds arise donations are received for specific purpose5 or are subject to specific condition5 imposed by the donor. Restricted are to be used for particuiaf aspects of the objects of the Charity. Desl8nated fund5 Deslgnated funds have been establlshed by the Tnjstees ro fwd the c05t of strategic initialive5 which the trustees consider will contribute to the achievement of the Charity's objectlves. The funth are not restricte(1 and to the extent the funds are nol required will be avaTrlable to 5UPFQrt the thirity's day to day activities. Fareshart Report and Fin¥KTal Statements 2022123

Accounting policies Year ended 31 March 2023 Investments Investments are initially recognised at their transaction value sthe(NJently at thelr wbllshed market value as at the balance sheet date. Unrealised gains or losses a￿ included in the statement of financial activities and are calculated as the difference between the value of the investment ai the year.end and the carwng market value at the begTnning of the financial year. RealTsed gains and losses on iftvestment are calculated as the difference between disposal proceeds and either their purchase value or opening carwng value. dependent on the date of the disF)sal. The investment in the w￿lLY owrd subsidiary trading company 15 Shown at C05t. Flxed assets Fixed assets over the value of cl.￿￿} are capitalised and the deweciation is charged on a straight-line basis over the asset's estimated useful Ilfe: Leasehold improvements Warehouse equipment Vehicles Computer equipment arKI software Other asset5 I)￿ the life of the lease 5 year5 5 years 3 years 3-5years Assets held under finance leases Leased assets %•there the risks an¢J reward5 of ownership are 5Ut6tantially transferred to the tharity are cla￿lfIed a5 finance leases. The asset Is recognised at fair value or. if lower. the prvJent value of the fflinimum lease payment5. A creditor is established for the capitalised valL* of the assets and l&ise payments are split between the capital element and interest C05t. The asset is depreciated over the shorter of the term of the lease and the useful economic life of the asset. Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments, which are payments made ift advance, are valued at the nei amount prepaid. Cash at bank and In hand Cash at bank and cash in hand consists of cash and Gish (￿lts. Credftors and provisions Creditor5 and provisions are recognised W￿re the tharity has a present obligation resulting from a past event that will probably result Tn the transfer of funds to a third party and the amount thje to Settle the obligatim can be measured or estimated reliably. Creditors and provisions are nonnally recognised at their settlement amount after all¢)wing for any trade di5count5 due. The full estimated c05t of dilapidations 75 provided in respect of exfsting current lease obligatiorb5. Flnancial in5trument5 The charity only has flnancial assets arKI financial liabilities of a kirmj that qualify as basTrc financial instruments. Basic financial ?nstrurnents are initially recognised at transaction value an¢J 5ub5equently measured at their settlement value. Accounti￿ estimate5 and key judgements In the process of applying the charity's accounting policies (Jescribed in this note, Judg•ments estimates are made that have an effect on the reported amounts of assets. liabilities, revenue and expenses during the reporting period. Significant estimates made in the course of preparing the financial statements include the provision for debtors that may not be recovefable and the provision for diLapidations relating to our leased buildings. 45 Fareshare Report and FM)artial Statements 2022123

Notes to the financial statements Year ende¢J 31 I10rch 2023 1. Donations Totsi Toial FUTh 2021 Futyjs 102J Individua15 legacies Trusts and foundation5 5.371 5.3n 3.284 4.146 3.945 7,663 1,414 Corporate Ststutory 8,695 1,260 1.260 12,323 7,150 19.473 17,426 In 20221Z3 income from donated gifts and ser¥bces was recognised to the value of £82,C(Q12021122: £6,coJ). 2. Other tradlng artlvltles Totsi T¢t41 FuvJ5 ' 2QiJ Z012 Other tradin Énc(vne 14 14 21 3. Income from Inyestments Txal Tot41 Fwds 2012 Fur 2023 Bank inte￿t receivable 4. Income from charitable activities Total Fura5 1023 Tot•1 FuDd5 zozi Community f¢xbd members Other 1￿me 975 975 826 20 18 Fee5 receivable for Fa￿Share Go 10 1.975 1,975 1,582 2.426 995 1.975 2,970 Fareshare Rewwt and Financial Ststements Zl)221Z3

Notes to the financial statements Year enée($ 31 March 2023 5. tlonated Goods for Distribution In 2022123 Fareshare received and diStrib￿e¢j 53,876 tonnes of f(￿l2o21122.. 53.894 tonnesl thr¢JJgh our network and directly to end user chariries thr(wgh the FSGO buslness unlt. In line ￿th the accounting policy, it is not possible to obtain a fair value of the goods received. In 2022123 we used average retail values from January 2023 to calculare the value of food received during the flnancial year. Usin8 this new methcthlogy. the value of food recefved and distributed was C187 million12021122". £162 million, using an estimate(I value of £3,CW per tonne of fc*)d in line with previous years). 6. Expendlture T(tsi TLxal <05ts 2022 zozj 2023 2023 Expenditure on raislng funds Charltable actlwltfes 1,424 365 2.766 981 Managed depots Netrlork support Fareshare Go 79Z 935 599, 2,326 18,734 2,789 553 1,612 12,71Xl 2,091 723 3,338 9,617 4,445 1,334 1 10 1.499 137 Em 10 333 73 6.743 12.295 4.778 3,352 27.168 18,107 The managed depots costs include three regional centres that are owned by Fareshare: East ol England. Merseyslde and Southem Central. Network support represent5 70% of total of the expenditure and includes the cost of foo¢1 distribution and other associated costs. Grants given to the network represent Fareshare UK investment to facilitate the development and improvement to the infrastructure and supply chain and logistics acr055 the network. There were a150 Statutory grants given to Fareshare UK to be pa55ed on to our partners in Scotland totalling £0.5m. An employability programme was in the Mer5eyside regional centre and grants given in thi5 area represent the Kickstart payments for staff employed in the network. 2022: Total 2012 20 2022 2022 zozz Expenditure on ralsln8 funds Charltabie attivitles 598 185 l•anaged dep)ts Network 5UPPOrt FareShare Go 442 657 513 1.612 12,70) 8.534 1.026 1.284 124 129 678 2.091 n3, Empl abili 10.054 2.465 1 18.107 47 Fareshare Rewyt aid FinarKial Statements 2022123

Notes to the financial statements Year ended 31 March 2023 7. Analysts of sllPPOrt C05ts The make-up and allocation of sUp￿rt costs to 1x￿7r￿ areas Is: 2023: 2022: Totsl 2022 IQZ3 Expendlture on ralslng funds Charltable actlvltles 139 226 365 115 198 Managed depots Network support FartS￿re f 227 3n 216 296 513 828 1.334 433 593 1.026 372 981 392 678 Em 28 45 73 21 29 50 1.272 3.352 1,425 2,465 The spilt of suP￿rt costs Into functional expenditure areas is as follows". 2023: 2022: T*tal TIAal 2021 Finance 410 346 756 298 405 703 Governance c05ts 27 45 81 104 HR & OrganisatiC￿al tknlopment IT & Systems Office 395 326 n1 450 274 724 394 852 1.246 557 220 442 662 511 49 2Z3 2n 1.272 3.352 1,425 2,465 Govern4￿Ce costs zozj zoiz t.￿0 Staff costs 27 23 Auditors . aL￿1t fees 16 13 Legal and profes5icrfMI Indemnity in5warKe Other costs 24 18 15 29 Other payments to the authtors PKF were E46,1)Xl arKI related to indirect tax advice and are Incl￿ wlthin SvpFrt)rt costs. Fareshare Repxt and Fw)arKial Statements 2022123

Notes to the financial statements Year ended 31 March 2023 9. Staff and Trn￿tee expenses No Trustees received any remuneration frcffn Fareshare durfr8 the year12021122: n11). Trustee5' reimbursed exrenses totalllng £2,848 were incurred during the year12021122: £6281. These eX￿rbSeS were irKurred by three Trustees 2021122: two). being travel and 5ubsisterKe costs for atteTrding Board meekn.ngs or other charity business. Staff costs in the year were as follows: 2022 Salaries and wages kKial security costs Penslon contributions 6.84Z 678 5,206 479 251 195 Redundancies and settlements 18 13 Tem ra staff costs 226 235 8,015 6.128 Pension contributions Incl￿ É81.CKIO12021122: £74.C(KS} allocated to restncted granrs. as fundlng for total staff costs including pension contribution5 was within the terms of these grants. At the end of March 2023. there were 232 employees (2021122: 1791, this ewated to 223.5 full tirr* equivalent staff 12021122: 1691. The average number of employees during the year was as fol￿0. 202J 201Z Wo. Managed depots Network partner support Incl. F(￿d and SLwly Chaln Employabllity Fareshare Go 42 62 52 41 Rai5in4 fund5 J¥larketing & C¢xnm5 Suep)rt Functlons 21 12 13 14 24 21 Hlgher pald employ The number of staff paid over £60,0￿ during the year was: 1023 1022 £60,fyYJ . E70,CO) £70,0￿. £80.0)J £80,(MJO . £90,( £90,¢XKI . £1(Q.Q)O £lty).(￿- £110.ocK) 49 Fareshare Report and Fw)artial Statements 20221Z3

Notes to the financial statements Year ended 31 March 2023 Key Management personnel Key management personnel are the Senior Leadership Team, comprising in total 5 (2021122: 51. The team comprises of the Chief Executive Officer, Director of FinarKe and Resources. Commercial Dfjrector, Dfrector of Network and Operations and Dtrector of F¢)od. The total remuneration of the key management p¢Ys(mneL. including enyLoyer Fersion (￿tri1)utIOns. wa5 £537.000 12021122: £456.OCKI). 10. FareShar& Go This note represents the total income arKI costs related to the six major retail contracts we have12021122: 4 contracts) within this busines5 unit. T)tal 2023 Trtal 2022 Donated income 25 Involced. based on trMJdget In 22123 Income deferred In 22123 2,429 1.478 16251 729 17 17571 303 Released Irom deferred income Amount recoxni5ed in year Direct Costs incwred 1.582 {1,413} 169 (1,808) 1192 contrib￿lon to core costs Sur Iusl Deficit) 11. Subsidiary tradlng Income and expenditure Fareshare has a wholly owned subsidiary. Fareshare 1st Limited, which Is a company limlted by share5 Incorporated in Englan¢J and Wales. The principal activity of Fareshare 1st Limited is to undertake cornmercial activitie5 on behalf of the Charity. Fareshare I" Limited 15 registered company Th) 05412034 and its registered office 1$ 19th Floor. Millbank T¢)wer. 21-24 Millbank. London SW1P 4QP. Fareshare 1sl Limited financial results are cort501idated into the group financial statements. As of 315t March 2023, the net assets of Fareshare 1st Limited were £30s.(K￿l Q021122: £419.(K￿l. Its trading results extracted from tS aLMthted flnancfal statements for the year to 31 l•arch 2023 were: 2QZZ Tumover 355 422 Cost of sales 1411 Gross Profit 314 422 Admin cosl5 91 Sur lus for the 305 419 Fareshare Rem and Finwial Statements 2022123

Notes to the financial statements Year ended 31 March 2023 12. Tangfjble fixed assets - GrtyJp and Charity Tvtal Cost At beginning of year Additions Reclassification of assets Dls sals 627 29 738 2,042 343 69 205 {32 26 11051 617 IZ41 11121 14211 At end of 611 731 Deprecfatlon At beginning of year Charge for the year Reclassification of a55ets Released on disposals Al end of 29 616 437 1.491 135 39 12 1105) 401 (241 1121 180 14211 1,305 ear 542 357 Net book value 31 March 2022 218 32 301 S51 31 March 2023 216 69 374 659 13. Investments 201) Z022 Shares fn subsith.ary company Isee note 111 Invesiments 1.013,382 In 2022123 the Board began to invest a proportion of those reserves projected as rttded in the future into lower. risk charitable funds managed by independent investment (ornpanies. In htsrch 2023 the first tranche of £1m was transferred. Reconclllation of Investments: Z02J 2022 A131 ZOZJ Balance brwht f¢)rward Addltions 1.cl)),￿) 13.382 Unreallsed ains BalarKe carried forward 1,013.382 51 FarÈShare Rem and Financial 5talements 2022123

Notes to the financial statements Year ended 31 March 2023 14. Debtors Chxlty 20ZJ 23 Z021 c'0￿? Trade debt(Ks 1.613 612 .520 .573 622 46B Prepayments and accrued inccffle VAT reclaimabie 1.659 622 2.532 227 2.508 227 Amounts thje from subsldlary Other debtors 234 220 73 3,967 4,022 3.594 Tra¢Je debtors include FS Go invoicing in advance 1£870k). fundraising contracts 115X&I and Community F￿d Members fees1£188kl. ACcrl￿d income include Income related to 2022123 frcmn dMors via the external fundraising platform5 1£250kl, corporate income1£7(1)kl and Scottish GoVerr¥T￿t grants {E245kl. 15. Credltors: amounts falllng due within one year zozz 7013 1022 Trade credit¢)rs 716 1,096 1.945 38 716 AccDJals and deferred income 2,445 2,442 38 1.945 38 Obllgaik)rts under Ilnance leases Taxatlon and s￿la1 security VAT payable Other credltors 260 165 260 165 41 164 3.738 3.285 3.697 3.244 16. Creditors: amounts falling due after one year iou 20 2023 2021 Provislon for dliapidations Obli ations under ffnance lease5 359 409 359 80 108 467 467 The dilapidations provision Is the estimated cost of restoring leased lyjildings to the required conthts.on at the end of the lease. Obligations urhjer finance leases represent the vehicles purchased ￿ finance leases in 2020121 and 2021122, totalling £80.000 at the end of 202212312021122: £108.1XK)l. There were no finarKe lease5 entered into in 20Z2123. 52 FartSha￿ RekKrt and Fin•)cial Statements zo22123

Notes to the financial statements Year ended 31 March 2023 17. Deferred Income awrfry 2023 2022 2023 2012 t￿Lv At the beginnin8 of the year Released frorn deferred Sn¢ome 1.369 1.750 (1.7031 1.321 .369 11,1371 1.750 11.703} 1.321 1.368 Income deferred At en¢y of the year 1,238 1,238 Included ￿thin deferred income are amoLnfS received where expenditure has not occurred as at 31 March 2023 from participaling retailers for FS Go at £866.IXIO12021122: £671,iKJOI. CFM fee5 received in advaKe of C204.LXKI 12021122: £211,OC(11 and funds yet to be spent relating to a conditional grant from the Welsh Govemment vla Fareshare Cymnt totalling £115.OW12021122- £450.LKQI. 18. Future commltments .- Operati￿ and flnance leases The charitable company had the following amual commitment5 under ￿n￿r￿elIable lease5: Total At 31 Marth 2023 Pfwrty lease commitments Van lease cc4mmitments 147 87 234 185 167 352 Property lease commilmen15 Van lease ccwmmitments 253 233 38 116 154 291 349 640 Operating lease commitments relate to premises and include a new office lease for the headquarters entered Into in February 2022 that expire5 in September Z024. Finance lease commitments indude vehicles for our Merseyside and Southem Central operations ente￿d into during the 2020121 and 2021122 year. Total expenses paid under oFwating leases for the property lea￿. reflected in the Statement of Financial Activities. were £364,CQO12021122: £267,C(KII. 53 Fareshare Re￿rt and Finarfiai Statefflents 2022123

Notes to the financial statements Year endeé 31 March 2023 19. Restricted funds Tr4rof•rs ofi End al in year At 31 2023 Restrlcted funds al Fareshare depot5 bl Network 5UPPOrt cl FareSha￿ Go dlEm loyabilit 314 {481 (101 507 15561 {7,6161 (1,9751 217 3.573 6.213 1.975 2,160 io 430 9.125 14311 {10.578) 1581 2,377 •efvnth Iltsed hi ywr End ol oFfu lThy At 31 hlarch 202Z Restricted fund5 al Fareshare dep)ts bl Network support cl Fareshare Go Em lo abilit 295 16491 17,0401 {1.5811 314 5.473 5,219 1.581 3.573 10 5,768 {9,916 3,888 Re5trlcted re5eryes al Fareshare depots Thi5 reflects the food redistribution operations of FareShare'5 natiorwl depots in l+lerseyside, Southern Central and East Anglia. As at 31 March 2023, the Comic Relief East Arbglia donation has £99,CW to carried forward and the donation from the Albert Gubay F(MJndaiion for Mer5eJside has £66.fyY) unspent. Hampshire c￿jncil reserves staTrJ at £24,C(#J relating to Southern Central. bl tr4etwork support This reflect5 Staffing and other sUPPOrt acti￿ti￿ for FareShare'5 national network of delivery partners. Includlng the iransport cost5 01 food redistribution. Included wth the carried forward totsl as at 31 l•arch 2023 are a E1.Om grant from Enterprise Holdings Foundation of which £809.(XX) is taken into the rEw financial year and £685.C(Q from Sainsbury's that remain unspent. Other large and restricted reser¥es are £259,OthJ from the Julia and Hans Rau5ing Trust, £116.01)O from The Rothschild Foundation and £79.CiKI from the AGCO Agriculture F￿r￿at7￿. cl Faresharè Go Funds ￿latIng to the Fareshare Go actfvities are restricte<i and disc105ed in note 10. d) Employability This relaies to the various initiatives w6thin the Employability programme being run at Fare5hare and nerwo partners. Employability Programmes are run in our hlerseyside regional centre and other regional centre5 in the network. providing participants with warehousing work experience. trainlng. qualificatitrts and other 51WOrt to 5uc¢eed In securing work. Cornic Rellef: The restricted inc(ne includes £515,(#XJ donated by Comic Relief12021122: £277,0[￿). £5LK),000 of funding wa5 in support of our core operations to provide fcd where it is needed most. and £15.0[￿ was a top up payment in recognition of the cost of living crisis. Fund ¢raTrsfer: An amount of £58.(￿ Q021122". £8Q.(O)I has been transferred from restricted to unrestricted fund5. FareSh¥e Re￿rt and Fin￿da1 Stalemenl5 2022IZJ

Notes to the financial statements Year endeé 31 March 2023 20. Unrestrkted funds Tr•n51ers MEI rnbwe￿rt1fft l￿d5 •ffur¥ts At 31 I￿h 2023 Unrestricted fund5 General Fund - The charity General Fund - The subsidiary Desi nated funds 24.081 420 11,4171 22,n2 ' 305 1.4YJ 11,110 12,6421 340 25,951 23,367 IYesi8nated funds represent the Trustee5' commitment to Invest in the charity's network to strengthen the capacity of network partner5 to receive aF￿ redistribute surplus food. Ttartslt th•>Yar At J1 1022 Unrestricted funds General Fund - The charity General Fund - The subsldiary Designated fund5 21.617 {1.450) 3,914 24,081 420 265 155 1.450 1,450 25,951 21.882 4,069 55 Farèshare Rem and Fina￿131 Statements 2022123

Notes to the financial statements Year ended 31 Alarch 2023 21. Related parties John Hint¢)n. a Trustee of Fareshare, is the Executive Director of Moveon that runs the Glasgow-west of Scotland Fareshare Regional Centre. Fareshare UK provides Ik>ve(kn ¥￿th regular food, support. guidance oversight and at times, grant funding. During the year Fareshare paid £276,¢XK) {2020121: £146,1￿} to Moveon. being the funding received to support the network operations from The Scottlsh Government. Tesco. Department of Work & Pensio￿ for the Kickstart Kheme and Fareshare for operational grants. Simone Connelly, a Fareshare Trustee. is also the Chief Executive Officer of Fareshare Mldlands. a nettrtork partner running a rnjmber of regional centres. Fareshare paid a total of £1.089.CXX)12021122'. £406,(YXII to Fareshare Midlands which included £288,(MJ) to support the Fareshare East of England regional centre operations. which ended in March 2023, as our exi5tin8 operations remai￿1 partially closed. Payments totalling £348,OCKI were capital grants payments from donations originating from Sainstrxlry's and by Fareshère. Fa￿Share paid Fa￿share Midlands Cl 52.OCQ to fund the trucks based in the midlands focuse¢J on acceptfng more food for the network. Other investments based on network 5trengthenin8 made to Fareshare Midlands by Fareshare totalled £234.(KxI. The remaining funds paid consisted of grants received by Fareshare that needed to be passed on to Fareshare Midland5, including for the Klckstart programme. BP transport supp)rt and supp)rt from Tesco. Fareshare received £19.C(#) from Fareshare Midlands for joint funded roles within FSGO. Vincent Craig a Fareshare Trustee. is a senior indeperthnt dirfftor of the British Frozen Food Federation IBFFFI. Fareshare paid the BFFF a total of £14.(X)12021122: £6.OCKII in relati¢)n mainly to educati(mal seminars and training programme5 that are relevant to Fareshare and run by the Federation. as well as the annual membership fees in the 2022123 year. Juergen Pinker. a Fareshare Trustee. 15 a senior managing directfx at The BLackstone Gr(x4). In 2022123 Fareshare recelved donatlons worth £109,000 ￿th￿l any cornjitions. Lindsay Boswell. the ex-CEO of Fareshare, is a director of European Food Bank5 Federntion IFEBAI. Fareshare received grants totalling £107.OW in 2022123 out of which En.(￿ related to an employability grant. In 2021122 Fareshare granted £5CKI,(W to FEBA to swort their co-ordinated pan-European restyinse to the crisis in Ukraine. All transactions were con¢J￿ted on an arms.iength a￿1 C￿Mercial basis. None of the trustees COr￿erned were involved In approvi￿ these transactiors. 22. Legal status of the Charlty The charity is a company limited by guarantee and has m share capital. In the event of the charity being wound up. the liability in respect of the guarantee is limited to £1 per member of the charity. 23. Events after reporting period There were no material events after rei*xting perithj which require discioyfft in accordance with the Charities SORP IFRS 102} section 13. 5 Waste BritaSn. An evaluation of the economic & S￿la1 impact of FareShare'5 contribution to fightin8 huneer and tacklingfood waste, University of Hertlordshire ReporL 2023. UH Final Short Re e ViV4V. herts.ac.uk 56 Fareshare Re￿rt and FywKial Statements 2022123