Reglstered Charlty Number., 1110266 Company Number: 05410855 Sodexo Stop Hunger Foundation (A Company Limited by Guarantee) Trustees. Report and Financial Statements for the year ended 31 August 2024
Sodexo Stop Hunger Foundation Contents Page Reference and admlnlstrative detalls Report of the Trustees..,............ Trustees, Responslbilltle5 Statement........ Independent Auditor's Report....................... io statement of Hnanclal Activitie5 13 Balance Sheet . 14 Statement of Cash Hows........ 15 Notes to the Financlal Statement5........ 16
Sodexo Stop Hunger Foundation Reference and administrative details of the charitable companyi its Trustees and advisers for the year ended 31 August 2024 The dlrectors and trustees of the charltable company (the "Charity") who served durlng the year and up to the date of slgnlng the flnancial statements were as follows: Trustees Laura Ellen Brlmacombe Patrick Forbes Samantha Louise Scott Davld Forbes Paul Marcin Anstey Duncan Graham Palmer Sharon Elizabeth O'Brien Gareth Luke Sefton John Slmon Keith Mccluskey Davld Willlam Anthony Mulcahy Sean Mlchael Haley (Chair) (From 29 November 2024) (Appointed 17 October 2023) (Chair) (Resigned 29 November 2024) (Resigned 15 September 2023) (Resigned 31 December 2024) (Reslgned 31 December 2024) Company number 05410855 Registered charlty number 1110266 Registered office One Southampton Row London WCIB SHA Company secretary Sodexo Corporate Servlces (No 2) Limited Independent Auditor Azets Audit Services Llmlted 12 King Street Leeds LSI 2HL Bankers HSBC PLC 8 Canada Square London E14 5XL Allled Irlsh Banks PLC 1-4 Baggot street Dublin 2 D02 X342
Sodexo Stop Hunger Foundation Report of the Trustees for the year ended 31 August 2024 Sodexo Stop Hunger FoundatSon (the foundation) is a charitable companyi company number 05410855, charity number 1110266. The Tru5tee5, who are also dlrectors of the Charlty for the purposes of the Corhpanles Act 2006, present thelr annual report together with the financlal statements of the Charlty for the year ended 31 August 2024. The annual report serves the purposes for both a Trustees, Report and a Directors, Report under company law. The Trustees have adopted the provlslons of Accountlng and Reportlng by CharltSes: Statement of Recommended Practice appllcable to charltles preparing their accounts In accordance with the Financial Reporting Standard applicable In the UK and republlc of Ireland (FRS 102) (effective l January 2019). The Reference and admlnlstratlve details on page l of these financial statements form part of the Report of the Trustees. StructureH governance and management The Foundation was Incorporated on 1st April 2005 as a company Ilmited by gLtarantee whlch Is governed by Its Artlcles of Association. During FY24 eleven Trustees served on the Board. The Chalr of the Trustees seeks to recrult trustees from different sectors of Sodexo's management teams to provide a diverse range of knowledge, skllls and experience. The Trustees do not recelve any emoluments for thelr servlces, nor were they reimbursed for any expenses during the period. Trustees are appointed by resolution of the Foundation's member, Sodexo Holdings Limited, and are provided wlth tailored inductlon materlals and training in their dutles and responslbllitles. The Board of Trustees meets quarterly to recelve reports on the Foundation's actSvitles and performance and consider grant appllcatlons. The Board is also responsible for setting the strategy of the Foundatlon In alSgnment with the global Stop Hunger objectlves. A commlttee of the Board meets on an ad hoc basis to revlew grant applScatSons and submlt recommendations to the Board for consideration when a higher-than-average number of grant application5 are received. Representatlves from charity partners are invlted to attend Board meetlngs perlodically to provide an update on sector trends and support requirements. The Board regularly revlews Its Internal processes and controls to determlne thelr effectlveness. Objectives and Activities Stop Hunger was founded in the US In 1996 when a group of Sodexo colleagues saw children going hungry during the school holidays. With Sodexo's support, these colleagues started a breakfast club and Stop Hunger was born. Today, Stop Hunger is a global nonproflt network actlng for a hunger-free world and present In 58 countries across the globe. Its Strategy aligns wlth the Sustainable Development Goals designed by the United Nations to make the world falrer and more equal place. In the UK and Ireland, the Sodexo Stop Hunger Foundation is an independent reglstered charlty. To malntaln close alignment between our actlvltles and local needs, we partner wlth a network of charities and Community Interest Companies. Our key national partners include Fareshare, Trussell Trust, SSAFA and Enactus and our support takes the form of grants, volunteering and the sharlng of expertSse. Our work also extends beyond food ald and funds projects that empower women, which is one of the most effective ways to tackle food insecurity. The Foundation Is also a key enabler of Sodexo's Social Impact strategy, the company's ethlcal manlfesto for ImprovSng quality of life. The objectlves of the Foundation are to: advance the educatlon of the general public in relation to health, nutritlon and wellbelng; provide relief from financlal hardshipi and the improvement of the quality of life in soclally and/or economically disadvantaged commu nities through the provlslon of
Sodexo Stop Hunger Foundation Report of the Trustees for the year ended 31 August 2024 grants, goods andlor services in relation to health, nutrition and wellbelng,. and promote all other purposes recognised as charitable under the law of England and Wales from time to time to the benefit of the general publlc as the Trustees shall from tlme to tlme determine. Thls year, the Foundation supported Fareshare, SSAFA, CoFarm, Made In Hackneyt Trussell, Enactus, 3 Plllars, The Bread and Butter Thing* Chapter One, Oasis, The Switch, Everton in the Communityi Abernecessltles and the Alexandra Rose Charlty. These grants have helped to redlstrlbute surplus food, support veterans at risk of or experiencing homelessness, provide f ree vegan meals, enable farms to donate local produce, empower disadvantaged communities to cook, empower women to build confldence, provide food vouchers to families with young children and rnuch more, As well as meeting immediate needs, we also target the root causes of food insecurity and povertyi for example by seeking to share skllls, Improve literacy skills, and support women to build the confidence they need to get back into employment. The organlsatlons and projects we have supported Include: Trussell's Help through Hardship. helpline, a free servlce that advises people In flnanclal stress about available sUPPOrt and benefits, Oasls, Soclal Supermarkets/Community Food stores dellver consistent access to Staples for families facing hardshlp, and wrap-around services such as job trainingi flnanclal advlce and cooking skills. The Enactus UK Incubator Competition, whlch saw unlversity teams compete to win funding for projects that tackle food insecurity and empower women. The Bread and Butter Thingi which bullds women's confidence to support them back into employment, and break the cycle of poverty. Chapter One, whlch works to help young children read to expected standards. The Swltch, providing financial literacy education to vulnerable children In London. SSAFA'S Sodexo Homelessness Fund provides urgent welfare provisions to those experiencing homelessness amongst the Armed Forces communlty. Made In Hackney's community kitchen provides free meals across Hackney to the local communlty, Fareshare, which works natlonwlde to redistribute food to people In need. CoFarm works with vulnerable communlties to co-create their own agroecological farms. 3Plllars supporting the Outside Links project working with female ex-offenders and the wider homeless community of Peterborough. Everton in the Communlty operates a pantry whlch helps to tackle food insecurlty and poverty In and around a region of Llverpool. AberNecessltles, whlch dellvers food, clothlng and essentlals to families faclng poverty in Aberdeen and Aberdeenshire. A full list of all the charltles we have sUPPOrted in FY24 can be found on page 21. All fundralsing is conducted by the Foundatlon without utilising the servlces of professional fundraising partners or commerclal partlcipators. Funds are raSsed through the Sodexo staff lottery, annual events and ad hoc fundralslng by Sodexo staff. Sodexo addltlonally supports the Foundatlon by donating the cost of time of its employees spent on the accountlng, governance and admlnlstratlve servlces for the Foundation along wlth an annual donation from each segment, and allowing its employees to volunteer tlme during working hours to support the Foundation's charlty partners. Buildlng upon the refreshed strategy and mlsslon establlshed in FY22, whlch centered on Sustainable food securSty and allgning with Sodexo's Social Impact pledge, the Foundatlon contlnued to prioritise volunteering and women's empowerment initlatives. Thls strategy also involved a balanced approach, supporting both immedSate food aid solutlons and longer-term, root-cause projects to address food Insecurlty. To align wlth a long-term strategic vislon, the
Sodexo Stop Hunger Foundation Report of the Trustees for the year ended 31 August 2024 Trustees have undertaken several Inltiatives in FY24 including revlewlng and reflnlng the Foundatlon's goals to maxlm15e Impact over the next five year5, focu51ng on locallsed Impact. To further enhance local Impact, Trustees have approved a pilot employee advocacy fund for FY25, empowerlng employees to nomlnate smaller, local charities for fu ndlng. Addltlonally, the Board has conducted a comprehensive review of its governance structure to ensure optimal performance and accountabllity with the support of a thlrd-party provlder, Cranfield Trust. In order to monitor the Foundatlon's performance agalnst the Strategy, Trustees agreed a set of key performance Indlcators. By 2025, the Foundatlon aims to., Divide Its flnanclal support between natlonal and local charltles, 700/0 to national charity partners, 20010 to smaller charlty partners and 10% to innovation projects. Continue its work in local communities, and by 2030 have supported more than 15 mllllon beneficiaries in the UK & Ireland. Maximise indirect beneficiarles. Focus 50Wo of its grant giving on addressing the root causes of food Insecurity (beyond food aid activities) whllst remalnlng mindful of the current economic clSmate and the i ncreasing need to alleviate hu nger. Support two women empowerment projects. Good progres5 towards the Foundation's strategy was achieved in FY24 as detailed below: Grants giving In FY24 financial support was dlvlded between national charity partners (clrca 65% of fundlng), smaller charity partners (clrca 19Yo of funding) and innovatSon projects (circa 160/0 of funding). The Foundation supported circa 1.3 milllon direct beneficiaries and circa 1.4 milllon Indlrect beneflclarles. Allgnlng wlth the needs of our beneficiaries, 440/0 of donated funds went to supportlng projects that provided immedlate assSstance to allevlate the continued impact of the cost-of-living crisis. The remaining 56010 of funds were used to empower local communities tackling the root causes of food Insecurlty, £464,108 was donated centrally to charities and Communlty Interest Companles (CICS) for sizable projects addressing the needs of local communities. Aligning with the Foundatlon's commltment to making a longer-term and sustainable impact, an Increased number of donations were multiyear grants. Charities benefit greatly from multlyear funding as it offers additional scope to pursue thelr long-term vision. Volunteerlng The Stop Hunger Foundation was born as an employee-led initlative. In fact, Employers Supported Volunteering stems from a desire to improve the quallty of Ilfe of those less fortunate in the communltles that we work in. All Sodexo employees are given 3-paid days a year to volunteer In thelr communities. Thls year, we delivered a record 11,379 hours of volunteerlng, mlxlng hands-on work with the sharlng of expertise. Volunteering will remain a key focus for the Foundatlon In 2025. Fundraising This year, between Sodexo's contributlons and the work of Stop Hunger volunteers, £778,213 was ralsed dlrectly through the foundatlon through a variety of activities. These actlvltles ranged from our annual dinner to well-being walks. Empowering women Global research has shown that supporting women is one of the most effectlve ways to tackle food insecurity. In the UK and Ireland, the Foundatlon co-develops programmes with charity partners to help women tend to thelr immedlate and longer-term needs. In FY24, the Foundatlon supported 6 projects that almed to bulld confidence, support refugee resSdents, tackle homelessness and fund educatlon for women.
Sodexo Stop Hunger Foundation Report of the Trustees for the year ended 31 August 2024 Partnership Sodexo has over 35,000 employees across the UK and Ireland, encompasslng a wlde and varied pool of expertlse spannlng across the hospitality and facS11ty management industries. As Stop Hunger'5 founding partner, Sodexo is passionate about serving our charlty partners beyond mere funds, and we are therefore committed to giving our charlty partners access to the conslderable expertise at our disposal. The Foundatlon Is commltted to developing meaningful partnershlps, which includes taklng advSce from our charity partners on where support Is needed and sharing our skllls and expertise in return. Thls year, we have formed new partnerships and deepened others, includlng celebratlng the £SOO,000 donatlon mSlestone to SSAFA, the armed force5 charity, durlng our annual Servathon. The Servathon Is Sodexo's week-long global volunteering event designed to celebrate success, engage employees and raise much-needed funds. This year's UK beneficlary was SSAFA, a partner we've been working with Since 2008 to tackle food Insecurity among service personnel, veterans and their families. Teams of Servathon volunteers helped to improve facllltles at key SSAFA sites in multlple countrles. I,OOQ hours of volunteering from Sodexo employees, clients and supply partners SUPPOrting veterans and their famllies. Grant Giving Policy The Foundatlon funds a wide range of activities related to preventlng and tackling food insecurlty In the UK and Ireland through different types of grants. Charities can apply for: single-year grant multi-year grant restricted costs (allocated to a partlcular project) unrestricted/ core costs Grant Giving Principles The Foundatlon supports approximately 10 charities annually, who allgn with its strategic focus areas and the guiding selectSon prlnclples below: IOD/o of the overall money granted to be awarded to natlonal charity partners (meaning charltles that are working across several counties at least), 20% to smaller charltles ("Stop Hunger Local") and IOOA to innovation projects. Opportunlty for Sodexo staff and cllent representatives to volunteerlpartlclpate. How well the cause15 funded by other sources, Alignment of the appllcatlon to the Foundatlon's objectivesllnltlatlves cllentslmarket sectors and charlty law. Level of due dS1Sgence conducted (web. financial. site visit. presentatlon/Q&A) and the need for periodic verification on the application of funds ("return on investment"). Use and vlslblllty of Sodexo's brand as part of the funding arrangements. Level of charity compliance and associated risk(reglstered charity, H&S standardsltralnlng, CR8/Enhanced checks, etc.). The geographic spread of funding across UK&I and the diversity of beneflclarles supported, targetlng locatlons where Sodexo has a high presence to maxlmlse Impact. Balancing regular giving agalnst any contingency fund to meet emergency needs falllng withln remlt. The above are non-exhaustive guiding principles and the Trustees will assess each appllcatlon on its merits.
Sodexo Stop Hunger Foundation Report of the Trustees for the year ended 31 August 2024 Followlng feedback from our charity partners, the Foundation delivered meanlngful, tallored support, both nationally and locally, leveraging the Foundatlon's four crltlcal plllars volunteeringi fundralslng, grants glvlng and meaningful partnerships. Public Benefit The Foundation's charltable actlvities, as described above, focus on elther advancing the educatlon of the general public in relation to health, nutrltion and wellbeing or providing relief from financial hardship and the improvement of the quality of Ilfe in soclally and/or eco nomlcally disadvantaged communitles. They are undertaken speclflcally to provlde public benef it through Improvin9 the 1Sves of those we help, their families and the greater community. The Board of Trustees ensure that they contlnue to carry out the Charity's aims for the publlc beneflt and confirm they have complled with the duty In section 4 of the Charlties Act 2011 to have due regard to public benefit g uidance as published by the Charity Commlsslon. Achievements and Performance Wlthln the past 10 years, food insecurlty levels have slgnificantly fluctuated. However, the overall trend shows a worrying increase In food insecurity, particularly in the last few years. Accordlng to Tru55ell, food bank usage has increased slgnlflcantly, with millions of people turning to charitable support to meet their basic needs. The charity sector saw a rise in demand from organlsatlons working with the most vulnerable. The Foundation has responded strongly by dellvering slgnificant support to those Sn need, and more than 2.8 million people benefitted from Stop Hunger's multifaceted support to tackle food insecurity and its root causes. Over the year, the Foundatlon placed conslderable focus on: Ensuring a tailored and proportionate response to the cost-of-living crlsls. Relylng on the expertise of our charlty partners, we adapted our support to dellver greater efficiency. Examples include switching to unrestricted fundingi making additlonal donatlons, and increasing volunteerlng. Further developlng our beyond food ald agenda, whlch means amplifying our work and investment in charities that address, for example. literacy and job skllls that help create longer term solutlons. Adopting a needs-based approach by focussing on skill-based volunteerlng. Thls support Ilowed our charlty partners to plug knowledge andlor resource gaps. As our volunteering fulfils a dlrect need identified by our charity partners, Sodexo employees were able to add value where it was most necessaryi whilst also minimising the admlni5tratlve burden. The latest stop Hunger Report can viewed on the followlTrg Ilnk: e.sitecorecloud.lo sodex rancel-sodexocor sites- rod-e74c medla Pro ect Sodexo- Cor Euro UK Media df social-lm act- laces sto -hun er-2024-re ort. df and Includes a serles of case Studies detaillng some of the great work the Foundation has dellvered In Sts support of local and natlonal charity partner5. These case studies shine a light on how the Foundation'5 holistic approach to volunteering, fundraislngi grants giving, and partnershlp bulldlng has led Impact across the last twelve months. Detalls of the grants the Foundatlon has paid are Included in Note 7. Financial review At 31 August 2024, the Foundatlon's flnances are robust, with total income of É1,031,238 (2023.. £911,189). The cost of the staff lottery is the principal cost wlthln the expendlture on ralslng funds whSch amounted to £264,098 (2023: £260,593). Expenditure on charitable actlvltles was £644,060 (2023: £573,771). The Foundation achieved a net Income of £123,909 in 2024 (2023: £77,113). At 31 August 2024 the reserves held by the Foundation were £451,357 (2023: £327,448) all of which were free reserves.
Sodexo Stop Hunger Foundation Report of the Trustees for the year ended 31 August 2024 At 31 August 2024 total funds of £240,000 are expected to be paid on multi-year grants where performance condltlons are met in future years. The principal fundlng Sources of the Foundatlon are funds raised from annual events and the Sodexo staff lottery In the UK. A corporate donatlon is provided by Sodexo Llmlted which the Foundation uses to meet its day-to-day running costs. As detailed In the Future Plans sectlon, a prlncipal rlsk faclng the Foundatlon in FY25 contlnues to be challenges arislng from the ongoing cost-of-livlng crisis. Fundralsing is Ilkely to be Impacted by a reduction In dlsposable income combined with the Foundation's charity partners forecastlng an Increase in demand for their services in FY25 and beyond. Future plans At 31st August 2024, the Foundatlon had unrestricted reserve5 Of £451,357 (2023.. £327,448) whlch are intended to be used to make donatlons to charities and other organlsatlons worklng in line wlth the Foundation's objectives. Successful partners from prlor years are Invlted to apply for further grants. The principal rlsks and uncertalnties faclng the Foundation are the ongoing challenges ralsing funds and individuals provlding their time and support for volunteering purposes, to fulfll the Foundation's charltable objectlves, combined with an Increased demand for fundlng from charity partners. To mitigate potentlal risks and uncertalntles, the Foundation invested In robust data tracklng and analysis. A dedicated dashboard was created to monitor ongoing impact. Additlonallyi Stop Hunger collaborated with Sodexo to review and relaunch the volunteering pollcy, further Integratl ng volunteerlng Into Sodexo's culture. Actions included Increased collaboration with Sodexo's Dlverslty, Equityi and Incluslon employee networks. Focus areas for FY25 Include refreshlng Stop Hunger's fundraising strategy, increasing employee engagement In the Foundatlon's decision making, and dellverlng a bespoke communicatlon plan for the Foundation's 20-year anniversary. The alm Is to continue drivlng greater volunteeringi ensurlng maxlmum impact to our local communities. Reserves policy and going concern Whllst there is no formal reserves policyi the Trustees intend to hold fund5 in reserve so as to ensure the Foundatlon can contlnue to meet its long-term objectives. The flnancial statements have been prepared on a going concern basls which the Trustees conslder to be approprlate for the following reasons: The business model of the Foundation Is such that it5 charltable activitles are Ilmited to those whlch It has sufficient funds to support from the excess of Income received over the costs of administerlng the Foundation. The Trustees have reviewed the cash flow forecasts for a period of 12 months from the date of approval of these flnanclal statements which indicate that the Foundatlon wlll have sufficlent funds to meet its liabilities as they fall due for that period. There have been no materlal post balance sheet events that would affect this assessment. Consequently, the Trustees are confident that the Foundation wlll have sufficient funds to continue to meet Its Ilabllltles as they fall due for at least 12 months from the date of approval of the statements. Trustees. indemnities The FoundatSon has made qualifylng thlrd-party indemnlty provisions for the benefit of the Trustees which were made during the perSod and remaln In force at the date of this report. Auditor
Sodexo Stop Hunger Foundation Report of the Trustees for the year ended 31 August 2024 The audltor, Azets Audlt Services Limlted, Is deemed to be reappointed under section 487(2) of the Companies Act 2006. Dlsclosure of information to the auditor Each of the persons who are trustees at the time when thls Trustees, report is approved has confirmed that: so far as that trustee 15 aware, there is no relevant audlt Information of whlch the charltable company's auditor 15 unaware, and that each trustee has taken all the steps that ought to have been taken as a trustee In order to be aware of any relevant audit informatlon and to establish that the Charitable company's auditor is aware of that informatlon. The Trustees, Report has been prepared In accordance with the 5peclal provlslons of Part 15 of the Companles Act 2006 relatSng to small companies. ncial statements have been approved on ..¢S.:.ofi. ....2Q.LS. and slgned on its behalf by: The fln Pat,knA Patrlck Forbes Chair and Trustee
Sodexo Stop Hunger Foundation Trustees, Responsibilities Statement for the year ended 31 August 2024 The trustee5 are responsSble for preparlng the Trustees, Annual Report and the flnancial statements in accordance wlth applicable law and regulatlons. Company law requires the trustees to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance with UK Accounting standards and applicable law (UK Generally Accepted Accounting Practice), Includlng FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the trustees must not approve the financial statements unless they are sat15fied that they give a true and fair view of the state of affairs of the Charltable company and of the excess of Income over expendlture for that period. In preparing these financial statements, the trustees are required to: select sultable accounting policies and then apply them conslstentlyi make judgements and estimates that are reasonable and prudent. state whether appllcable UK Accounting Stsndards have been followed, subject to any materlal departures disclosed and explalned in the financlal statements. prepare the financial statements on the going concern basis unless it Is Inappropriate to presume that the charitable company wlll continue in buslness, The trustees are responslble for keeplng adequate accounting records that are sufFiclent to show and explaln the Charitable company's transactions and dlsclose with reasonable accuracy at any tlme the financial posStlon of the Charitable company and enable them to ensure that the flnanclal statements comply with the Companles Act 2006. They are responsible for such Internal control as they determlne Is necessary to enable the preparatlon of financial statements that are free from materlal mi55tatement, whether due to fraud or error, and have general responsibility for taklng such steps as are reasonably open to them to safeguard the assets of the Charitable company and to prevent and detect fraud and other irregularities.
Sodexo Stop Hunger Foundation Independent Auditor's Report to the Members of Sodexo Stop Hunger Foundation for the year ended 31 August 2024 Opinion We have audited the financial statements of Sodexo Stop Hunger Foundation {"The Charltable company") for the year ended 31 August 2024 which comprise the Statement of Financlal Actlvitles, the Balance Sheet, the Statement of Cash Flows and the notes to the financlal statements, including a summary of signlficant accountlng policie5. The financial reportlng framework that has been applied In their preparatlon is appllcable law and Unlted Klngdom Accounting Standards, Including Financial Reportlng Standard 102,. The Financial Reporting Standard appllcable In the UK and Republlc of Ireland (United Klngdom Generally Accepted Accounting Practlce). In our oplnion, the flnancial statements: glve a true and falr view of the state of the Charitable company's affairs as at 31 August 2024 and of Its income and expenditure for the year then ended. have been properly prepared in accordance wlth Unlted Kingdom Generally Accepted Accountlng Practice. have been prepared in accordance with the requlrements of the Companles Act 2006. Basis for opinion We conducted our audlt In accordance wlth Internatlonal Standards on Audltlng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fvrther described in the Audltor's respon5ibillties for the audit of the financial statements section of our report. We are independent of the Charltable company In accordance with the ethical requirements that are relevant to our audlt of the financial Statements in the UK, including the FRC'S Ethlcal Standard and we have fulfilled our other ethlcal responsibilitles in accordance wlth these requirements. We belleve that the audlt evidence we have obtained is sufficlent and appropriate to provide a basis for our oplnlon. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the golng concern basis of accountlng in the preparation of the flnancial statements 15 approprlate, Based on the work we have performed, we have not identifled any materlal uncertalntles relatlng to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve month5 from when the financlal statements are authorised for issue. Our responslbilities and the responsibilltles of the trustees wlth respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other Infomatlon. The other Informatlon comprises the Information included in the annual report other than the financial statements and our audltor's report thereon. Our oplnion on the flnancial statements does not cover the other Information and, except to the extent otherwlse explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connectlon with our audlt of the flnanclal statements, our responsibillty is to read the other information and, In doing so, consider whether the other information is materlally inconsistent with the financlal statements or our knowledge obtained in the audit or otherwise appears to be materlally misstated, If we Identify such material inconsistencies or apparent material mlsstatements, we are required to determine whether there is a material misstatement In the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there 15 a materlal misstatement of this other informatlon, we are required to report that fact. We have nothing to report in this regard. io
Sodexo Stop Hunger Foundation Independent Auditor's Report to the Members of Sodexo Stop Hunger Foundation for the year ended 31 August 2024 Opinions on other matters prescribed by the Companies Act 2006 In our oplnion, based on the work undertaken in the course of the audit., the informatlon given in the Trustee5' Report (Incorporating the strategic report and the directors. report) for the flnancial year for whlch the financlal statements are prepared is consistent wlth the financial statements; and the Trustees, Report (Incorporatlng the strateglc report and the dlrectors, report) has been prepared In accordance with appllcable legal requirements. Matters on which we are required to report by exception In the Ilght of the knowledge and understandlng of the Charltable company and Its environment obtained in the course of the audlt, we have not identlfied material misstatements In the Tru5tees' Annual Report. We have nothing to report in respect of the following matters In relation to whlch the Companles Act 2006 requlres us to report to you if, in our oplnlon: adequate accountlng records have not been kept or retums adequate for our audit have not been recelved from branches not vlslted by us; the flnanclal statements are not in agreement with the accountlng records and retums. certaln dlsclosures of trustees. remuneratlon specified by law are not made. or we have not obtalned all the informatlon and explanations necessary for the purposes of our audit. ResponsibllSties of the Trustees for the financial statements As explained more fully in the Trustees. Responsibilities Statement, the trustees are responslble for the preparation of the financial statements and for being sat15fied that they glve a true and fair view, and for such Internal control as they determine Is necessary to enable the preparatlon of financlal statements that are free from materlal mlsstatement, whether due to fraud or error. In preparlng the financlal staternents, the trustees are responslble for assesslng the Charltable company's ability to continue as a going concern, disclosing, as applicable, matters related to goSng concern and using the golng concern basis of accounting unless the trustees elther Intend to liquidate the Charitable company or to cease operatlons, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements Our objective5 are to obtaln reasonable assurance about whetherthe financlal statements as a whole are free from material mlsstatement, whether due to fraud or error, and to issue an auditor's report that includes our oplnlon. Reasonable assurance is a high level of assurance, but is not a g uarantee that an audlt conducted In accordance with ISAS (UK) will always detect a materlal mls5tatement when it exists. Mlsstatements can arlse from fraud or error and are considered materlal if, indlvldually or in the aggregate, they could reasonably be expected to Influence the economlc declsion5 Of users taken on the basls of these financial statements, A further description of our responsibilities for the audlt of the financlal statements Is located on the Flnanclal Reporting Council's website at www.frc.org.uk/audltorsresponslbllitles. This descrlptlon forms part of our auditor's report. li
Sodexo Stop Hunger Foundation Independent Auditor's Report to the Members of Sodexo Stop Hunger Foundation for the year ended 31 August 2024 Extent to which the audit was considered capable of detecting irregularities, includlng fraud Irregularities, Includlng fraud, are Instance5 of non-compllance with laws and regulatlons. We design procedures In Ilne with our responsibilities, outlined above and on the Flnanclal Reporting Councll's website, to detect material misstatements in respect of Irregularities, includlng fraud. We obtaln and update our understandlng of the groupi its actlvlties, Its control envlronment, and Ilkely future developments, including in relation lo the legal and regulatory framework applicable and how the group is complylng with that framework. Based on this understandlngt we identlfy and assess the ri5k5 of materlal misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risk5, and obtaln audit evidence that Is sufficient and appropriate to provide a basls for our opinion. This includes consideration of the rlsk of acts by the entlty that were contrary to applicable laws and regulatlons, includlng fraud. In response to the risk of Irregularities and non-compliance wlth laws and regulatlons, IncludSng fraud, we deslgned procedures which included: Enqulry of management and those charged wlth governance around actual and potential litigatlon and claims as well as actual, suspected and alleged fraud. Reviewing minutes of meetings of those charged wlth governance; Assesslng the extent of compliance wlth the laws and regulation5 consldered to have a dlrect material effect on the financial statements or the operatlons of the company through enquiry and InspectS0n' Revlewing financlal statement disclosures and testing to supportlng documentatlon to assess compllance with applicable laws and regulations. Performlng audit work over the risk of management bias and overrlde of controls, includlng testing of journal entries and other adjustments for approprlateness, evaluatlng the buslness rationale of slgnificant transactions outside the normal course of buslness and reviewing accounting estimates for indicators of potential bias. Performlng audit work over the timing and recognition of revenue and whether it has been recorded in the correct accountlng period. Because of the Snherent limitations of an audit, there Is a rlsk that we will not detect all Irregularities, Includlng those leading to a material mlsstatement in the financlal statements or non-compllance wlth regulation. ThSs rlsk increases the more that compllance with a law or regulatlon 15 removed from the events and transactlons reflected In the financial statements, as we will be less Ilkely to become aware of Instances of non-compliance. The risk of not detectlng a material mlsstatement resultlng from fraud is hlgher than for one resulting from error, as fraud may involve colluslon, forgery, 5ntentional omisslons, misrepresentations, or the overrlde of Intemal control. Use of our report This report Is made solely to the Charitable company's members, as a bodyi in accordance wlth Chapter 3 of Part 16 of the Companles Act 2006. Our audlt work has been undertaken so that we might state to the Charitable company's members those matters we are requlred to state to them In an audltor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable company's members as a bodyi for our audlt work, for thi5 report, or for the opinions we have formed. Jessica Lawkehce 2010512025 Jessica Lawrence (Senior Statutory Auditor) for and on behalf of Azets Audit Services Limited Chartered Accountants Statutory Auditor 12 Klng Street Leeds LSI 2HL 12
Sodexo Stop Hunger Foundation statement of Financial Activities for the year ended 31 August 2024 (Including Income and Expenditure Account) Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Notes Income from: Donatlons Fundralslng actlvitles Investments 250,480 250,480 778,213 305,006 604,977 778,213 Total income 780 758 250 480 1 031 238 911 189 Expenditure on: Raising funds 180,513 83,585 264,098 260,593 Charltable activities 477 165 166 895 644 060 573 771 Total ex enditure 657 678 250 480 908 158 834 364 Net alns on Investments io 829 829 288 Net movement in funds 123 909 123 909 Reconciliation of funds: Total fund5 brou ht forward 327 448 250 335 Total funds carried forward 451 357 451 357 327 448 The Statement of flnanclal activities includes all gains and losses recognlsed in the year. The statement of financial activities also complies with the requirements for an income and expendlture account under the Companies Act 2006. All Income and expendlture derives from continulng activities. A fLslly detailed Statement of Financial Actlvltles for the year ended 31 August 2023 Is shown at note 17 to the flnanclal statements, The notes on pages 16 to 25 form part of these financlal statements. 13
Sodexo Stop Hunger Foundation Balance Sheet as at 31 August 2024 Notes 2024 2023 Fixed assets Investments io 4,957 4,128 Current assets Debtors li 87,457 8,278 Cash In bank and In hand 672 031 472 236 759,488 480,514 Creditors: Amounts falling due within one ear 12 313 088 157 194 Net current assets 446 400 323 320 Net assets 451 357 327 448 Charity funds Unrestricted funds Total funds 451 357 327 448 451 357 327 448 The company's financlal statements have been prepared in accordance wlth the provisions applScable to companles subject to the small companies regime. The flnancial statements were approved and authorised for 155ue by the trustees on and signed on their behalf by: Patrlc Forbes Chair and Trustee The notes on page5 16 to 25 form part of these financlal statements. Company Registratlon Number: 05410855 14
Sodexo Stop Hunger Foundation Cash Flow Statement for the year ended 31 August 2024 Notes 2024 2023 Cash flows from operating activlties Net cash rovlded b eratln activities 15 197 250 197,250 164 797 164,797 Cash flows from investing activities Investment income 2,545 1,206 Change In cash and cash equivalents in the year Cash and cash e ulvalents brou ht forward 199,795 472 236 166,003 306 233 Cash and cash e uivalents carried forward 672 031 472 236 15
Sodexo Stop Hunger Foundation Notes to the Financial Statements for the year ended 31 August 2024 Accounting Policies The prlnclpal accountlng pollcles adoptedi judgements and key sources of estlmatlon UnrtaIntY In the preparation of the financial statements are as follows: Charity information The Charitable company Is a company Ilmited by guarantee and a charlty registered at the Charity Commisslon In England and Wales, The members of the Charltable company are the trustees named on page l. In the event of the Charitable company being wound up, the Ilabillty in respect of the guarantee Is Ilmlted to £nil per member of the Charitable company. The registered office Is One Southampton Row, London, WCIB SHA. The nature of the charity's operatlons and prlnclpal activities Is glven in the charity Infonnation and Trustees, Report. Basls of Preparation of flnancial statements The financial statements have been prepared on a going concern basis in accordance wlth Accountlng and Reporting by Charitles: Statement of Recommended Practice applicable to charlties preparing their accounts in accordance with the Flnancial Reporting Standard appllcable in the UK and Republlc of Ereland QFRS102) (effectlve l January 2019) ("Charltles SORP (FRS102)"), the Financlal Reportlng standard applicable in the UK and Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011. Sodexo Stop Hunger Foundation meets the definition of a publlc benefit entlty under FRS 102. Assets and liabllltles are initially recognlsed at historlcal cost or transaction value unless otherwlse stated In the relevant accountlng policy. The financial statements are presented In sterling whlch is the functional currency of the charlty. Monetary amounts on these Financlal Statements are rounded to the nearest £1. Going concern The trustees have considered the future income of the Charltable company and Its ablllty to contlnue as a going concern. The trustees maintaln a policy whereby grant commltments are only made if there 15 Sufficient cash and unrestricted reseeS available to fulfll any grant giving commitments for at least 12 months, Furthermore, grants are only awarded out of foundation income, rather than the foundation being In a net deficit posltlon between income and grants awarded. Based on these pollcles, the foundation would be expected to remain as a golng concern for at least 12 months from the date of these accounts. The running costs of the foundation are met by a donatlon from Sodexo Lirnited and are reflected in the restricted funds. Consequently the financial statements have been prepared on a going concern basis. Fund accounting Unrestricted funds are expendable at the dlscretion of the trustee5 In furtherance of the objects of the charlty. Unrestricted funds earmarked for partlcular purposes by the trustees are deslgnated as separate funds. The designation has an administrative purpose only, and does not legally restritt the trustees, d15cretlon to apply the fund. Restricted funds are funds which are to be used in accordance wlth speclflc restrictions imposed by donors or whlch have been ralsed by the Charitable company for particular purposes. The costs of ralslng and administerlng such funds are charged against the specific fund. The alm and use of each restricted fund Is set out in the notes to the financial statements. Income All Income Is recognised once the Charitable company has entitlement to the Income, It Ss probable that the income wlll be received and the amount of income recelvable can be measured reliably, Employee time donated by Sodexo Llmited is recognised as being the estlmated cost to Sodexo Llmlted, and Is included wlthln both income and expendlture In these financial statements. 16
Sodexo Stop Hunger Foundation Notes to the Financial Statements for the year ended 31 August 2024 Accountlng Policies Expenditure Expendlture is charged on an accruals basis, Indusive of Irrecoverable VAT, Charltable activltles comprlse those costs directly Incurred in pursuance of the Charitable company's charltable activities, These costs are malnly donations and grants made by the Charitable company. Where costs cannot be dlrectly attributable to partlcular headings they have been allocated on a basss consistent with the use of resources. Fundralsing costs are those Incurred in seeklng voluntary contrlbutions and do not Include the costs of dlssemlnatlng Information In support of the charitable activities, Governance costs are those Incurred in connettlon with administratlon of the Charltable company and compliance with constitutlonal and statutory requlrements. All grants are recognised in full when committed to. The trustees are responsible for approvin9 the charity grants, Grants made by the Charitable company are recorded when the commitment Is made on a pald basls or where an irrevocable commitment to make such payment has been made. Taxatlon The Charitable company is considered to pass the tests set out in Paragraph I Schedule 6 of the Flnance Act 2010 and therefore it meets the deflnitlon of a Charltable company for UK corporatlon tax purposes. Accordinglyi the Charltable company Is potentially exempt from taxatlon In respect of Income or capital gains received within categorles covered by Chapter 3 Part I l of the Corporatlon Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such Income or gains are applled exclusively to charitable purposes. Flnancial instruments The Charitable company has elected to apply the provlsions of Sectlon 11 'Basic Flnanclal Instruments, and Sectlon 12 '0ther Financlal Instruments Issues, of FRS 102 to all of its flnanclal instruments. Cash at bank and in hand Cash at bank and In hand includes cash and short term highly liquid Investments wlth a short maturlty of three months or less from the date of acquisition or opening of the deposlt or slmllar account. Debtors Trade and other debtor5 are recognlsed at the settlement amount due after any trade dlscount offered. Prepayments are valued at the amount prepaid. Flnanclal assets, other than those held at falr value through proflt and loss, are assessed for indlcators of Impairment at each reporting end date. Flnanclal assets are impaSred where there Is objectlve evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The Impairment loss is recognised in the Income and expendlture account, Creditors, loans and provisions Creditors, loans and provlslons are recognised where the charity has a present obllgatlon resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligatlon can be measured or estimated reliably. Creditors, loans and provisions are normally recognlsed at their settlement amount after allowing for any trade discounts due. Financial Ilabilltles are only derecognlsed when, and only when, the charity's obligatlons are dlscharged, cancelled, or they expire. Amounts recognlsed as provisions are best estimates of the consideration requlred to settle the present obllgation at the reportlng end date, taklng into account the risks and uncertainties surroundlng the obligatlon. 17
Sodexo Stop Hunger Foundation Notes to the Financial Statements for the year ended 31 August 2024 Critlcal accounting estlmates and judgements In the appllcatlon of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrylng amount of asset5 and IlabS1itles that are not readlly apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant, Actual results may differ from these estimates. The estimates and underlying assumptions are revlewed on an ongoing basls. Revlsions to accountlng estlmates are recognlsed in the perlod In which the estimate Is revlsed, if the revislon affects only that perlod, or in the period of the revision and future periods if the revision affects both current and future periods. The estlmates and assumptlons which have a significant risk of causlng a material adjustment to the carrylng amount of assets and liabilities are outlined below: Income from, and cost of time donated by Sodexo UK employees Donated employee time as seen in note 2 has been calculated based on the salary per day of each employee who donated tlme from Sodexo UK, multiplied by the number of days spent worklng for the charity. As seen in notes 5 and 6, the cost of thls time is recogni5ed according to whether the employee has been uslng the time for fundralslng or towards the charltable activities. As all tlme Is expended upon 'donation', income and cost of time donated have a nil effect on the net movement In funds. As Sodexo UK donate this time to fulfil the charity's needs, It has been reco9nlsed In restrlcted fLbnds. Trustees conslder that there are no other crltical estimates and assumptions whlch have a slgnificant risk of causlng a material adjustment to the carrying amount of assets and Ilabilities within the financlal statements. 18
Sodexo Stop Hunger Foundation Notes to the Financial Statements for the year ended 31 August 2024 Income from donations Unrestrlcted funds 2024 Restricted funds 2024 Total 2024 Income from Sodexo Umlted Donated emplo ee time 250 480 250 480 250,480 250,480 Unrestricted funds 2023 Restricted funds 2023 Total 2023 Foundation Dinner donations Income from Sodexo Limited Donated em ee tlme 108,429 108,429 196 577 196 577 196,577 305,006 108 429 Income from fundraising activities Total 2024 Total 2023 Income raised by Sodexo employees: Foundatlon Dlnner Sodexo UK employee lottery other 247,795 151,867 378 551 778 213 170,307 132,751 301 919 604 977 All income fundraising actlvlties are unrestrlcted in both the current and previous financlal year. Investment income Total 2024 Total 2023 Bank interest received All investment Income in both years is unrestrlcted. Costs of raising funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 Golf day Dinner costs Sodexo UK employee lottery Cost of time donated by Sodexo UK of employees for fundralslng actlvities Other 46,109 108,110 46,109 108,110 83,585 83,585 180 513 264 098 19
Sodexo Stop Hunger Foundation Notes to the Financial Statements for the year ended 31 August 2024 Costs of raising funds (continued) Unrestricted funds 2023 Restricted funds 2023 Total 2023 Golf day Dinner costs Sodexo UK employee lottery C05t of tlme donated by Sodexo UK of employees for fundraising activities Other 1,253 54,487 104,558 1,253 54,487 104,558 81,947 81,947 178,646 260 593 Charitable actlvlties Unrestricted funds 2024 Restricted funds 2024 Total 2024 Note Dlrect costs Grants Cost of tlme donated by Sodexo UK of em lo ees for volunteerin oses 464,108 464,108 166 895 166,895 166 895 631,003 464,108 Support costs Bank charges Bad debt provlslon Professlonal fees 2,071 (7,800) 2,071 (7,800) 477,165 166,895 644 060 Unrestricted funds 2023 Restricted funds 2023 Total 2023 Note Direct costs Grants Cost of time donated by Sodexo UK of em lo ees for volunteerin ur oses 443,733 443,733 114 630 114,630 114 630 558,363 443,733 Support costs Bank charges Bad debt provision Professional fees 78 (1,800) 78 (1,800) 459,141 114,630 573 771 20
Sodexo Stop Hunger Foundation Notes to the Financial Statements for the year ended 31 August 2024 Analysis of grants 2024 2023 Grants to Institutions Fareshare 120,000 120,000 Chapter One Trussell Trust 80,380 50,000 50,000 40,000 35,000 25,000 16,950 15,000 10,000 10,000 9,860 1,424 494 55,000 25,000 53,500 Oasis UK SSAFA Forces Help 3 Pillars Enactus 25,000 9,832 22,000 10,000 Swltch Made In Hackney The Bread and Butter Thlng Everton Grant Abernecessetles World food program Lust for Llfe 25,715 36,000 11,000 11,000 11,000 10,000 10,000 CoFarm Alexander Rose Charlty The Porch Volces In Exlle Edinburgh Food Sotlal Black Heart Foundatlon Focus Ireland 7,686 NewBlgln Trust 1,000 464,108 443,733 The grants pald to the institutions Ilsted above, have all been made wlth the purpose of deliverlng the charitable objectlves of Sodexo Stop Hunger Foundatlon. 21
Sodexo Stop Hunger Foundation Notes to the Financial Statements for the year ended 31 August 2024 Auditor's remuneration The analysis of auditor's remuneration Is as follows (excluding VAT): Total 2024 Total 2023 Audit of flnancial statements All other non-audit services 13,850 12,845 Staff number and costs The trustees recelved no emoluments for their servlces, nor were they reimbursed for any expenses in the period. The total number of staff working on Sodexo Stop Hunger Foundation was 26 (2023 - 26). staff are not pald by Sodexo Stop Hunger Foundation and an estimate of the value of this time is included as a donation from Sodexo Services Limlted in note 2 and wlthln fundraising costs in note 5. In addltlon 3,658 (2023 - 1,879) Sodexo staff volunteered at charities such as Fareshare and Trussell Trust durlng the year. Thelr contribution has been recognised as a donatlon from Sodexo within note 6. 10. Fixed asset investments UK listed securities Market Value At I September 2023 Galns on revaluatlon At31Au ust 2024 4,128 829 Shares held In: 2024 2023 ITV PIC Com ass Grou 159 142 PLC The hlstorlcal c05t of the Investments Ss £681 (2023 - £681). ii. Debtors 2024 2023 Trade debtors 49,600 3,556 Prepayments and accrued income 22
Sodexo Stop Hunger Foundation Notes to the Financial Statements for the year ended 31 August 2024 12. Creditors: amounts falling due wlthin one year 2023 Restated 2024 Accruals for grants payable Accruals (excludlng grants payable) 266,860 80,715 313 088 157 194 The spllt between accruals for grants and other accruals for 2023 has been restated to better reflect the nature of the balance. Total creditors remalns unchanged. 13. Statement of funds For the year ended 31 August 2024 Balance at I September 2023 Balance at 31 August 2024 Income Expendlture Gains Unrestricted funds Restrirted funds.. Donated employee tlme admlnistration and trustees Donated employee tlme charlty partner volunteers Total restricted funds Total funds 327 448 780 758 657 678 829 451 357 83,585 (83,585) 166 895 250 480 1 031 238 166 895 250 480 908 158 327 448 829 451 357 For the year ended 31 August 2023 Balance at I September 2022 Balance at 31 August 2023 Income Expenditure Gains Unrestricted funds Restricted funds.. Donated employee tlrne admlnistration and trustees Donated employee tlme charlty partner volunteers Total restricted funds Total funds 250 335 714 612 637 787 288 327 448 81,947 (81,947) 114 630 196,577 911 189 114 630 196 577 834 364 250 335 288 327 448 23
Sodexo Stop Hunger Foundation Notes to the Financial Statements for the year ended 31 August 2024 13. Statement of funds (continued) Purpose of restrlcted funds Donation from Sodexo Limited for administration The cost of time of Sodexo UK employees is the cost of the tlme spent on the accountlng and administration Services and preparation of accounts for Sodexo Stop Hunger Foundation as well as the tlme of the Sodexo Stop Hunger Foundation trustees who are also employees of Sodexo UK, Cost of time of Sodexo UK employees ~ Volunteers In addltlon to raising funds to support Its operations, Sodexo UK employees have volunteered their tlme durlng working hours to work at Fareshare's depots, providing much needed additional resources, and to support large ad hoc Fareshare events. 14. Analysis of net assets between funds Unrestricted funds Restricted funds Total funds Asat31Au ust 2024 Fixed asset investments Current assets Creditors due withirtr one 4,957 759,488 313 088 451,357 4,957 759,488 313 088 451,357 ear Unrestricted funds Restrlcted funds Total funds Asat31Au ust 2023 Fixed asset Investments Current assets Creditors due wlthln one 4,128 480,514 157 194 327,448 4,128 480,514 157 194 327,448 ear 15. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net Income for the year 123,909 77,113 Adjustment for: Gains on investments Income from Investments (Increase)/decrease In debtors Increase in credltors (829) (2,545) (79,179) 155,894 (288) (1,206) 62,365 26,813 Net cash rovided b eratin activities 197 250 164 797 The charlty had no debt during the year current or previous financlal year. 16. Related party transactions Durlng the year £250,480 (2023 - £196,577) was donated to restricted funds relating to the running costs of the Foundatlon. Sodexo Limited is the trading company which holds the employees who raise funds for the Sodexo Stop Hunger Foundatlon. The amount donated from Sodexo Llmlted for employee tlme also includes £16,959 (2023 - £16,626) in relation to trLJStee time specifically. At the year end the debt owed by Sodexo Llmlted was £nil (2023 - £nil). 24
Sodexo Stop Hunger Foundation Notes to the Financial Statements for the year ended 31 August 2024 17. Comparative Statement of Financial Activities (Including Income and Expenditure Account) for the year ended 31 August 2023 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Income from: Donatlons Fundralslng activities Investments 108,429 604,977 196,577 305,006 604,977 Total income 714 612 196 577 911 189 Expenditure on: Ralslng funds 178,646 81,947 260,593 Charitable actlvltles 459 141 114 630 573 771 Total ex enditure 637 787 196 577 834 364 Net alns on investments 288 288 Net movement in funds Reconciliation of funds: Total funds brou ht forward 250 335 250 335 Total funds carried fonvard 327 448 327 44B 25