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2024-12-31-accounts

FoodCycle

FOODCYCLE ANNUAL REPORT AND ACCOUNTS

For the year ended 31[st] Charity Number: Company Number: December 2024. 1134423 England and Wales 07101349

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TABLE OF CONTENTS

Reference and Administrative Information ____ 3 A word from the Chair & CEO ______ 4 Trustee’s Annual Report ________ 5 FoodCycle’s Vision, Mission and Aims __________ 6 Key Achievements in 2024 ___________ 7 Structure, Governance and Management _________ 11 Related Parties and relationships with other organisations ______ 12 Remuneration Policy __________ 12 Equality, Diversity and Inclusion (ED&I) ________ 12 Financial Review ____________ 12 Principal Risks and Uncertainties _________ 13 Reserves Policy and Going Concern _________ 14 Plans for the Future ____________ 15 Statement of Responsibilities of Trustees ________ 16 Auditor ____________ 17 Independent Auditor’s Report ________ 18 Statement of Financial Activities ______ 21 Balance Sheet _______ 22 Statement of Cash flows _______ 23 Notes to Financial Statements ___________ 24

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REFERENCE AND ADMINISTRATIVE INFORMATION

Charity
Number 1134423 England and Wales
& Country of
Registration
Company
Number
Country of		 07101349 United Kingdom
incorporation
Registered
Office and
operational		 2.16 The Food Exchange, New Covent Garden Market London, SW8 5EL
address
Board of
Trustees		 Trustees, who are also directors under company law, who served during the year
and up to the date of this report were as follows:
Chair and Ms. Mary Jennings MBE –Chair Mr. David West –Treasurer
Treasurer (appointed 04/01/2024)
Trustees Ms. Kalyani Gupta Ms. Frances Le Grys
Mr. Mathew Bushby Ms. Samantha O’Connell
Dr. Olivia Barata Cavalcanti Mr. Nick Johnson
(appointed 23/01/2023, resigned 29/01/2024)
Senior Sophie Tebbetts Chief Executive Officer Marylyn McQuaide Head of Finance
Management Victoria Meier Head of Fundraising Carly Shutes Head of Marketing
Team Pete McCabe Head of Programmes
Professional Bankers Insurance Independent
Advisers Brokers Auditors
NatWest Bank Artemis Sayer Vincent
216 Bishops Gate Insurance Brokers LLP
Liverpool Street Provident House 110 Golden Lane
London 13 Russell Hill Road London
EC2M 4QB CR8 2LE EC1Y 0TG

Reference and administrative information set out on page 3 forms part of this report.

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A WORD FROM THE CHAIR & CEO

I am honoured to welcome you to FoodCycle’s Annual Report and Accounts 2024. As the Chair of FoodCycle, I am delighted to share with you the journey we have embarked upon over the past year. This report serves as a demonstration of the dedication, commitment, and unwavering support of our staff, supporters, volunteers and community partners who have joined us in our vision to make food poverty, loneliness and food waste a thing of the past for every community.

In these pages, you will find an overview of our achievements, our learnings, and the impact we’ve had on the lives of communities across the country. I would like to take this opportunity to acknowledge and thank my colleagues on the board, staff and volunteers. Navigating a year of rising costs thanks to the impact of cost of living and amazing growth was never going to be straightforward, but in our 15[th] year of operating we were able to achieve our 3-year strategy of reaching over 100 projects, meaning more people than ever are being supported.

Mary Jennings MBE, Chair of Trustees

As I reflect on our 15[th] birthday year, I am filled with immense pride and gratitude for what we have accomplished. This has been a remarkable period of growth, innovation and recognition which underscores the power of community dining and FoodCycle’s unwavering commitment to tackling food poverty, loneliness and food waste.

In 2024, we took the total number of community meals to 102 – a significant milestone for the charity. Three of these were in partnership with schools, a vital new initiative that is bringing the joy of community dining to even more families and children.

FoodCycle’s community meals foster an environment of togetherness and nourishment, helping to create positive experiences for people while addressing the pressing issues of food insecurity and social isolation. This year has also not been without its challenges, as increasing costs and the cost of living crisis have impacted not only our guests but the charity as well. We saw a 30% increase in guests coming to our meals.

Looking ahead, we are embracing an ambitious new strategy that places us as firm leaders in the promotion and delivery of community dining. At its core, this strategy prioritises people-centred growth and will include a renewed focus on our volunteer strategy as well as the introduction of a guest steering group. In addition, we are strengthening the sustainability of our organisation to ensure we can continue to create meaningful impact for years to come.

Sophie Tebbetts , CEO

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TRUSTEE’S ANNUAL REPORT

The trustees present their report and financial statements for the year ended 31 December 2024.

Reference and administrative information set out on page 3 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum and Articles of Association dated 2 December 2009. The trustees review the aims, objectives and activities of the charity each year.

This report looks at what the charity has achieved and the outcomes of its work in the reporting year. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help.

The review also helps the trustees ensure the charity's aims, objectives and activities remain focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

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FoodCycle’s Vision, Mission and Aims

The objects of the charity as set out in our governing document are:

Vision

To make food poverty, loneliness and food waste a thing of the past for every community.

Mission

Week in, week out we nourish the hungry and lonely in our communities with delicious meals and great conversation, using food which would otherwise go to waste

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Key Achievements in 2024

** *A community meal is a two or threecourse meal cooked and served by FoodCycle volunteers and eaten by our community of guests and volunteers.

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Supporting Volunteers

FoodCycle relies on a tiered volunteer system: Project Leaders manage community dining sessions, while regular volunteers support roles like food collection, cooking, and hosting, all coordinated via the Volunteer Management Portal. Each Project is led by up to eight Project Leaders who rotate responsibilities, guided by FoodCycle staff, including Regional Managers and Project Support Officers.

Project Leaders ensure smooth operations, supported by trained volunteers who prepare surplus food for large groups. Training includes essential skills like first aid, food safety, conflict management, and safeguarding, with a growing focus on peer-to-peer learning through regular Project Leader meetings. Which in turns means are guest are well supported.

Volunteers join for varied reasons - community spirit, combating loneliness, skill-building, or enhancing their CVs. Over half seek connection, while others face challenges mirrored by guests. FoodCycle celebrates exceptional volunteers through internal certifications and external awards like the Marsh Awards, recognising those who go above and beyond.

‘’I think it makes a great deal of difference to the people who come. We have a lot of the same people who come nearly all the time, so we get to know them and their families. Sometimes it maybe the best meal they have in the week. I’m 82 now and volunteering helps keep my mind active, I get a great deal of satisfaction doing it and it’s keeping me young.”

Joan Marsh Award Winner - 400 volunteer hours given

Safeguarding and keeping the organisation safe

As a values-led organisation, we are committed to keeping our staff, volunteers, and guests (beneficiaries) protected from harm, and we provide training and briefings at each project to ensure that volunteers know what to do in the event of an incident. We have comprehensive insurance in place to cover all our activities and conduct risk assessments on all our activities to ensure our guests, volunteers or stakeholders do not come to harm. During the year we continued to train our Trustees, staff and volunteers in safeguarding policies and procedures. We also conduct safeguarding audits during the year to ensure policies and procedures are being adhered too. All new staff members and Project Leaders are DBS-checked, ensuring they are legally able to act in their positions. Safeguarding is everyone's business at FoodCycle, and we have a culture of transparency and openness. Every year we have an annual review or policies, procedures and training to ensure all volunteers and staff are appropriately trained and guests are well supported.

Food Safety

We continued to have all the kitchens we use (either hired or with partnership organisations) registered with the local authorities environmental Health team and have Environmental Health Officer inspections. Project Leaders are trained to use our Kitchen Handbook to ensure food is safely prepared and that guests are aware of any allergens that may have been used in food preparation. We conduct kitchen audits during the year as a way of assessing if we are following all our policies and procedures around kitchen safety and allergens. This year, we started the Primary Authority relationship with Peterborough Local Authority. This is a legal partnership with the local authority (known as the primary authority). Your primary authority can then provide FoodCycle with assured, consistent regulatory advice that makes it simpler and easier to comply with environmental health, trading standards and fire safety legislation.

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Reducing Food Waste and Sustainability

Our volunteers continued to reclaim surplus food throughout the year - either through collection on foot, by bike or by car. During 2024, our volunteers rescued 320 tonnes of surplus food for FoodCycle community meals, enough to provide 762,351 meals*. By diverting this food from landfill, we prevented 200,719 kg of CO2 emissions—an impressive 34% increase in carbon savings compared to the previous year. Utilising food surplus is not the only way that we promote sustainability at FoodCycle; by serving vegetarian meals, we are highlighting to our guests and volunteers the importance of sustainable diets, which feeds into the Climate Change Committee (CCC) suggested target for a 35% reduction in meat per person by 2050 to help reach net zero targets. This year we started our staff Sustainability Working Group which is playing an active role in building our new sustainability policy to road map how we can fulfil our ambition to continually work towards improving sustainability in every action that we take as an organisation. This year we also became signatories of the Food and Drink Pact and we also sit on WRAP and Xcess Group networks to better support our sustainability goals.

Expansion into schools – new programme

2024 saw the launch of FoodCycle community meals in partnership with schools, providing evening meals for pupils and their families. Working in partnership with Ark Academies, these projects are now operational in three locations across London - Ark John Archer Primary Academy in Clapham, Ark Globe Academy in Elephant and Castle and Ark White City Primary Academy. Following the success of this programme, and with funding from Sainsbury’s Nourish the Nation programme, in partnership with Comic Relief, we will be opening in more schools across the country in 2025. Glenn Prior, Principal at Ark John Archer Primary Academy said: “The FoodCycle community meals help address needs in an inclusive way and have created a sense of belonging. We’ve seen children grow in confidence and families strengthen their ties to the school and to one another. It’s great for us to know at the end everyone has eaten a nutritious meal and helped save food waste too.”

This year at our 3 school projects:

2024 Your Place at the Table Report

We believe that community dining can create behavioural change, so we commissioned the British Nutrition Foundation to investigate the potential longer-term impact that our meals are having on both people and planet. They conducted a rapid literature review as well as a survey amongst guests and volunteers to form the basis of the report. Key issues in the UK underscore the critical need for effective interventions to promote healthier eating habits and address the impact of diet on public health. The findings suggest that community dining provides a stable, dependable, inclusive and dignified service that supports both physical and financial access to food, helping to meet dietary needs and empowering communities to play an active role in their wellbeing.

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Key Findings from the report

Following the Eatwell Guide or other healthier plant-rich dietary patterns can significantly reduce environmental impact

Positive social interactions around food can lead to healthier, more sustainable food choices and improved overall wellbeing.

71% of FoodCycle guests have said they have tried or bought fruit or vegetables that they wouldn’t normally eat as well as increasing the variety of these choices.

70% of FoodCycle guests reported positively changing their eating habits since attending the community meals.

Over 50% of FoodCycle guests reported eating more plant sources of protein, including pulses like kidney beans, chickpeas and lentils.

49% of FoodCycle guests report eating less sweets/ sugary foods.

Full report and all its findings can be accessed here.

15 years, 100 projects

2024 saw us celebrate 15 years of FoodCycle and reaching our 3-year strategic goal of opening 100 community dining projects across England and Wales. This is something we are extremely proud of, especially in light of the challenges our guests told us they faced this year.

To celebrate the impact our projects have made over the last 15 years, many projects marked the occasion with special activities, including birthday themed meals, quizzes and raffles. ProCook’s food expert and Great British Bake Off star Steven Carter-Bailey helped by baking a showstopper cake that was shared with 70 guests and volunteers at FoodCycle Luton.

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Structure, Governance and Management

The organisation is a charitable company limited by guarantee, incorporated on 2[nd] December 2009 and registered as a charity on 2nd December 2009. The company was established under a memorandum of association, which established the objects and powers of the charitable company and is governed by its articles of association

Board Effectiveness

The governance of the charity is overseen by a Board of Trustees (Board). The Trustees are recruited to fill specific skill sets identified by the Board as being required to ensure the effective management of the organisation. The current skill sets are organisational strategy, financial management, legal, risk management, operations, research, diversity and charity.

The Board met five times during the year, had four quarterly meetings, and then have a strategic planning and board effectiveness meeting which took place in January 2025. There are annual business plans that move the organisation towards its vision. These yearly business plans are created using the following process: the Board sets out the parameters within which it wishes the organisation to create the annual business plan. The Senior Management Team (SMT) examines the activities in more depth. SMT developed the annual business plan and associated budget, which are presented to the Board for discussion and approval in October.

The day-to-day management of the charity is delegated to Sophie Tebbetts, the Chief Executive Officer, who was appointed in January 2024.

Trustees are required to disclose all relevant interests and register them with the charity and, in accordance with the charity's policy, withdraw from decisions where a conflict of interest arises.

All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 6 to the accounts.

Appointment of Trustees

If and when there is a requirement for new Trustees, these will be identified and appointed by the remaining Board. New Trustees are interviewed through two panels the first made up of Trustees and then second stage Trustees will be interviewed by a member of the Governance Committee, the Chair and Chief Executive Officer. After interviews, the Chair will hold a follow up meeting with all the remaining Trustees to agree on the outcome. Potential Trustees are then invited to the next Board meeting to observe before the final appointment.

Trustee induction and training

The Chair is responsible for the induction of any new Trustees, which involves awareness of a Trustee's responsibilities, administrative procedures, the history and strategic approach of the charity and the role we expect the new Trustees to take on. New Trustees are required to volunteer at one of our projects as part of their induction and meet the staff team. Each Trustee has a specific area of expertise on which they are expected to give guidance.

Committees

This year saw the launch of our new Trustee committees with specific areas of focus. Terms of references for each committee were drawn out and agreed at board level. Each committee has an area of specialism and focus. Committees aim to meet four times in between Board meetings. The following committees are now in action: Governance Committee, Audit and Risk Committee, and Fundraising and Trading Committee.

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Related Parties and relationships with other organisations

We work in collaboration with a number of organisations that provide kitchen space and outreach to guests or signpost them to their services, including Barton Hill Settlement in Bristol, Creative Living Centre in Prestwich, Langworthy Cornerstone in Salford, as well as church halls and council-run community halls. We also have partnerships with organisations that run FoodCycle services as a franchise. These partners are St Paul’s Church, Lisson Grove, London; Rushey Green Time Bank, Lewisham, London.

Mary Jennings became a member of The Fishmongers’ Company in January 2024, but this poses no conflict as she does not sit on the Philanthropy and Grants Committee.

Remuneration Policy

The Board consider the Chief Executive Officer, the Head of Programmes, the Head of Fundraising, the Head of Finance and the Head of Marketing as the key management personnel. This Senior Management Team (SMT) of the charity is in charge of directing, controlling, and operating the charity on a day to day basis.

Details of Trustee expenses and related party transactions are disclosed in notes 6 & 8 to the accounts.

The pay of the charity's Chief Executive Officer and SMT is reviewed annually and normally increased in accordance with average earnings, assessed against the charities financial position and economic landscape. The remuneration is also benchmarked with charities of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.

Under the Pensions Act 2008, all staff are auto-enrolled on a pension scheme following three months of service.

Equality, Diversity and Inclusion (ED&I)

We have a responsibility to ensure that our work is intentionally designed with and for minoritised communities if we genuinely want to connect communities and ensure that ‘everyone feels welcome’. Therefore, equality, diversity, and inclusion are at the heart of our work to ensure we are truly reflective of the diverse communities in which we operate. This year, we have launched our ED&I staff working group which has a focus on how we embed ED&I in everything that we do. Internally, we improved our recruitment processes to ensure that we have a more diverse workforce, provided staff training on how to be LGBTQ+ inclusive, and updated our family leave policy to reflect more inclusive language. Finally, we are proud to have been recognised as a Disability Confident Employer and to have received Pioneer status from the Recruitment Industry Disability Initiative (RIDI).

Financial Review

Income received for the year totalled £2,003,147 of which £1,800,378 was received as grants and donations, including Gift-in-Kind. Trading activities generated £36,729, primarily made up of Fundraising Gala income of £22,335. Corporate Food Invention Challenges generated £111,018.

No grants have been deferred to the financial year 2025. Forward commitments from a range of funders totalled £563,503 for 2025.

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Principal Risks and Uncertainties

The Trustees have ultimate responsibility for risk management and FoodCycle’s internal control systems. They are satisfied that appropriate systems and processes are in place to identify key risks and mitigate against them. The Senior Management Team (SMT) reviews organisational risks and ensures that adequate internal controls are in place and operating effectively. The SMT regularly considers new and emerging risks, reviews internal controls, and assesses progress against mitigating actions. The SMT ensures that risk management processes are embedded across the organisation through the effective implementation of relevant policies and procedures. The Trustees review the strategic risks and the internal control measures put in place by the SMT to mitigate the risks. Furthermore, we have a Complaints and Whistleblowing policy in place with a dedicated mailbox for raising concerns.

The Trustees are responsible for ensuring that an effective system of internal financial control is maintained and operated by the charity by overseeing the following:

Our Principal Risks are:

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Reserves Policy and Going Concern

The total funds the charity held at December 31st 2024, was £1,013,118 which included restricted funds of £358,515.

In 2020, the Board of Trustees agreed to designate £450,000 over three years towards FoodCycle’s expansion across the country. This expansion fund was charged with £155,683 in 2024 to support the growth of new community meal projects across the country. The expansion fund was fully utilised by December 31st 2024.

The amount of general unrestricted reserves at the end of the 2024 reporting year, after making allowances for any restricted funds and designations and excluding Fixed Assets, is £639,230.

Our reserves policy is set to ensure that our work is protected from the risk of disruption at short notice due to a lack of funds whilst at the same time ensuring that we do not retain income for longer than required. The Trustees have determined that the charity needs free reserves for the following purposes:

FoodCycle expresses its reserves policy in terms of cash. The cash position at December 31st 2024 in the accounts is £1,035,403, which is equivalent to four and a half months of cover of the forecast expenditure.

Per the Cash Reserves and Reserves Cover policy the Trustees have determined that FoodCycle should target holding the equivalent of 6 months cash equivalent to cover forecast operating costs at budgeted activity levels. To bring the current cover of four and half months to the targeted 6 months cover, FoodCycle has a strategic plan in place, which includes diversifying FoodCycle’s income streams to increase corporate unrestricted donations together with plans to optimise the operating models adopted at each of our community meal projects.

Accordingly, FoodCycle trustees deem there to be no material financial uncertainty for 2025.

Fundraising

During 2024, we saw generous support from corporates, trusts, and individuals, recognising FoodCycle’s contribution to tackling the cost-of-living crisis and enabling us to raise £2,003,147. Principle grant funding was provided by The Julia and Hans Rausing Trust, City Bridge Trust, Dulverton Trust, Garfield Weston Foundation and Moondance Foundation.

It proved another strong year for corporate support. Our partnership with Danone went from strength to strength. As well as providing a financial donation, they also supported special projects such as funding the second ‘Your Place at the Table’ report, holding a ‘Data for Good Day’ and treating FoodCycle volunteers to a day out at Wimbledon. Employees enthusiastically supported the partnership by volunteering and participating in fundraising events like the London Landmarks Half Marathon and festive challenges.

We are grateful to our long-standing partner Just Eat for their continued support , fundraising and volunteering. This included a team completing a 137-mile cycle challenge between their London and Bristol offices. Just Eat couriers also stepped in to collect surplus food from local suppliers and deliver these to FoodCycle Projects in the North East during December.

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It was another busy year for our partnership with Quorn. Alongside their financial support, they donated Quorn products and vouchers to be used at FoodCycle community meals. Bel UK, Calastone, Compass Group Foundation , Fortem Capital and Zurich Community Trust all continued their support whilst ProCook nominated FoodCycle as their charity of the year, alongside several other companies. Thanks to nomination by one of our volunteers, FoodCycle also won the top prize in Janus Henderson Investors’ Charity Challenge.

Food Invention Challenges

2024 saw growth in our Food Invention Challenges, with 31 companies taking part in London and Birmingham. These team-building sessions bring teams together to create three-course meals using surplus food, which are then donated to local organisations supporting communities in South London and Birmingham. Over the course of the year, over 470 participants produced over 1,100 three-course meals and rescued 1.5 tonnes of surplus food.

World Food Day Dinner

We held a dinner at the exclusive Italian Embassy to mark World Food Day in October, with an exquisite menu created by FoodCycle patron, Danilo Cortellini and his team. With a silent auction hosted by food broadcaster, Nigel Barden, the evening was attended by supporters and corporate partners, raising over £24,000.

Community Fundraising & Challenge Events

This year we enhanced our fundraising team, taking on a new Community Fundraising Manager. They supported Projects to fundraise which included the FoodCycle Finsbury Park Project who teamed up with renowned chef Dina Macki to host a Middle Eastern Feast fundraising dinner. Volunteers collected donations at railway stations during Christmas, while FoodCycle Bath held a stall at the Bath Christmas Market. Challenge events like the London Landmarks Half Marathon, Ride London, Hackney Half, and Manchester Marathon also grew in popularity among volunteers, supporters, and corporate partners.

We do not use professional fundraisers, but we do use commercial participator agreements. We are a member of the Fundraising Regulator and comply with its codes. We have also signed up to the Fundraising Preference Service and have received no complaints. Helping people is at the heart of FoodCycle’s values as an organisation, and consequently, we endeavour to never ask a vulnerable person for financial support. We believe this approach protects vulnerable people.

Plans for the Future

As we enter 2025, we are embarking on the roll out of our next three-year strategy. After a period of rapid growth we now shift our focus to ensure that we are deepening our impact, doing more to meet our guests’ needs and creating a sustainable future. Over the next three years:

Be recognised as leaders in community dining We’ll do this by delivering our meals to the highest standards, sharing stories from our guests and volunteers as well as reporting on and highlighting how community dining creates a positive impact on both people and planet.

Strengthen our sustainability Reduce our environmental impact through the promotion of sustainable diets and improved operational practices, as well as building diverse funding streams to support all our services.

Focus on people-centred growth Setting up steering groups and listening sessions to understand our guests’ and volunteers’ needs so that we can deepen support and impact, and expand services into new areas.

Support more families and children Expanding the school programme into new regions and continuing to support children and families at our existing community meals.

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Statement of Responsibilities of Trustees

The Trustees (who are also directors of FoodCycle for the purposes of company law) are responsible for preparing the Trustees’ annual report, and the financial statements, in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

The Trustees are responsible for keeping adequate accounting records that disclose, with reasonable accuracy at any time, the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and, hence, for taking reasonable steps to prevent and detect fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees on 31 December was 7 (2023: 8). The Trustees are members of the charity, but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

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Auditor

Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed willingness to continue in that capacity.

The Trustees’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

The Trustees’ annual report has been approved by the Trustees on 28[th] April 2025 and signed on their behalf by

David West Treasurer

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INDEPENDENT AUDITOR’S REPORT

Opinion

We have audited the financial statements of Foodcycle (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Foodcycle's ability to continue as a going concern for a year of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements

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themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

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

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect

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

Capability of the audit in detecting irregularities

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

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 the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman (Senior statutory auditor)

13 May 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

20

Annual Report and Accounts 2024

FoodCycle

STATEMENT OF FINANCIAL ACTIVITIES

Incorporating an Income and Expenditure Account

For the year ended 31 December 2024 For the year ended 31 December 2024 For the year ended 31 December 2024 Company n o. 07101349
Note
Income from:
Donations
2
Charitable activities
Food Invention
Challenges
Franchise fees for
community meals
Recharge to partner
organisations
Other trading
activities
3
Investments
Other income
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
4a
Net (expenditure)
/ income for the
year
5
Net (expenditure)
/ income before
other recognised
gains and losses
Reconciliation of
funds:
Total funds brought
forward
Total funds carried
forward		 Unrestricted
£
925,221
111,018
5,000
-
34,108
46,571
3,451
1,125,369
357,003
1,331,506
1,688,509
(563,140)
(563,140)
1,217,743
654,603		 Restricted
£
875,157
-
-
-
2,621
-
-
877,778
918,585
918,585
(40,807)
(40,807)
399,322
358,515		 2024
Total
£
1,800,378
-
111,018
5,000
-
36,729
46,571
3,451
2,003,147
357,003
2,250,091
2,607,094
(603,947)
(603,947)
1,617,065
1,013,118		 Unrestricted
£
1,689,876
84,463
3,715
600
64,002
36,863
3,040
1,882,559
318,030
1,189,587
1,507,617
374,942
374,942
842,801
1,217,743		 Restricted
£
876,901
-
-
-
820
-
-		 2023
Total
£
2,566,777
84,463
3,715
600
64,822
36,863
3,040
877,721 2,760,280
-
824,027		 318,030
2,013,614
824,027
53,694
53,694
345,628
399,322		 2,331,644
428,636
428,636
1,188,429
1,617,065

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15a to the financial statements.

21

Annual Report and Accounts 2024

FoodCycle

BALANCE SHEET

BALANCE SHEET BALANCE SHEET
As at 31 December 2024 Company no. 07101349
Note
Fixed assets:
Tangible assets
10
Investments
11
Current assets:
Debtors
12
Short term deposits
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due within one year
13
Net current assets
Total net assets
The funds of the charity:
15a
Restricted income funds
Unrestricted income funds:
General funds
Designated funds
Total unrestricted funds
Total charity funds		 £
89,403
393,782
641,621
1,124,806
(127,062)		 2024
£
15,373
1
15,374
997,744
1,013,118
358,515
654,603
1,013,118		 £
128,642
894,620
705,108
1,728,370
(133,120)
1,062,060
155,683		 2023
£
21,814
1
21,815
1,595,250
15a 654,603
-
654,603
1,617,065
399,322
1,217,743
-
1,617,065

Approved by the trustees on 28[th] April 2025 and signed on their behalf by

David West Treasurer

22

Annual Report and Accounts 2024

FoodCycle

STATEMENT OF CASH FLOWS

STATEMENT OF CASH FLOWS
For the year ended 31 December 2024 Company no. 07101349
Reconciliation of net (expenditure) / income to net cash flow from operating activities
Net (expenditure) / income for the reporting year
(as per the statement of financial activities)
Depreciation charges
Dividends, interest and rent from investments
Loss on the disposal of fixed assets
Decrease in debtors
(Decrease) / Increase in creditors
Net cash (used in) / provided by operating activities
2024
£
£
Cash flows from operating activities
Net cash (used in) / provided by operating
activities
(606,113)
Cash flows from investing activities:
Dividends, interest and rents from investments
46,571
Purchase of fixed assets
(4,783)
Sale / (Purchase) of short term deposits
500,838
Net cash provided by / (used in) investing
activities
542,626
Change in cash and cash equivalents in the year
(63,487)
Cash and cash equivalents at the beginning of the
year
705,108
Cash and cash equivalents at the end of the year
641,621
2024
2023
£
£
(603,947)
428,636
11,224
9,685
(46,571)
(36,863)
-
1,501
39,239
50,433
(6,058)
6,002
(606,113)
459,394
2023
£
£
459,394
36,863
(14,888)
(432,995)
(411,020)
48,374
656,734
705,108		 2023
£
428,636
9,685
(36,863)
1,501
50,433
6,002
459,394
48,374
656,734
705,108

23

Annual Report and Accounts 2024

FoodCycle

NOTES TO FINANCIAL STATEMENTS

Accounting policies

For the year ended 31 December 2024

a) Statutory information

Foodcycle is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office address is Unit 2.16 The Food Exchange, New Covent Garden Market, London, SW8 5EL.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Foodcycle has a trading subsidiary, Foodcycle Trading Limited but this company is dormant. These accounts are presented for Foodcycle as a charitable company. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charitable company’s ability to continue as a going concern.

There are key judgements that the charitable company will secure the forecast donation income, especially from corporates.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting year.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the year of receipt.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

h) Fund Accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

24

Annual Report and Accounts 2024

FoodCycle

i) Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred

j) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration, comprising the salary and overhead costs of the central function, is apportioned based on an estimate of staff time attributable to each activity.

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

l) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £100. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

m) Investments in subsidiaries

Investments in subsidiaries are at cost.

n) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

o) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

p) Creditors and provisions

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

q) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

r) Pensions

FoodCycle contributes to a defined contributions scheme. Payments in respect of the current service contributions are charged in the accounts as they fall due.

25

Annual Report and Accounts 2024

FoodCycle

For the year ended 31 December 2024

2 Income from donations

Gifts
Grants and
donations from
trusts and
foundations
Gifts in Kind		 Gifts
Grants and
donations from
trusts and
foundations
Gifts in Kind		 2024
2023
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
£
£
£
£
£
£
727,552
165,240
892,792
1,396,758
102,845
1,499,603
125,220
709,917
835,137
209,688
774,056
983,744
72,449
-
72,449
83,430
-
83,430
925,221
875,157
1,800,378
1,689,876
876,901
2,566,777

Gifts in kind received in the year largely comprise use of venues for some projects and use of a training platform for staff and volunteers.

3 Income from other trading activities

Sales of
merchandise
Project
fundraising and
events
Fees for use of
the charity logo
Fundraising
gala		 Unrestricted
£
4,321
1,580
5,872
22,335
34,108		 Restricted
£
-
2,621
-
-
2,621		 2024
Total
Unrestricted
£
4,321
(1,465)
4,201
3,636
5,872
7,130
22,335
54,701
36,729
64,002		 Restricted
-
820
-
-
820		 2023
Total
£
(1,465)
4,456
7,130
54,701
34,108 64,822

26

Annual Report and Accounts 2024

FoodCycle

For the year ended 31 December 2024

4a Analysis of expenditure (current year)

Staff costs (Note 6)
Project running costs
Administrative and office costs
Consultancy and legal fees
Travel (including food pick-ups)
Fundraising and central marketing
Volunteer costs
IT costs
Staff recruitment and training
Project marketing and advertising - support
Monitoring and evaluation
Trustee recruitment, training and expenses
Audit fees
Other
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Raising funds
£
271,109
-
-
-
1,572
68,385
5,569
-
6,221
-
-
-
-
4,147
357,003
-
-
357,003
318,030		 Community meals
and other food
provision
£
930,337
465,256
9,738
37,819
71,327
100
38,584
-
2,184
-
22,815
-
-
-
1,578,160
657,240
14,691
2,250,091
2,013,614		 Governance
costs
£
-
-
-
970
-
-
-
-
-
-
-
41
13,680
-
14,691
-
(14,691)
-
-		 Support
costs
£
433,177
5,353
76,893
2,638
7,083
-
-
63,445
18,535
45,442
-
-
-
4,674
657,240
(657,240)
-
-
-		 2024
£
1,634,623
470,609
86,631
41,427
79,982
68,485
44,153
63,445
26,940
45,442
22,815
41
13,680
8,821
2,607,094
-
-
2,607,094
-		 2023
£
1,368,906
412,167
70,254
52,924
77,007
82,649
72,981
85,707
40,126
16,332
23,067
5,944
13,020
10,560
2,331,644
-
-
-
2,331,644

Annual Accounts 2024

27

FoodCycle

For the year ended 31 December 2024

4b Analysis of expenditure (prior year)

Staff costs (Note 6)
Project running costs
Administrative and office costs
Consultancy and legal fees
Travel (including food pick-ups)
Fundraising and central marketing
Volunteer costs
IT costs
Staff recruitment and training
Project marketing and advertising - support
Monitoring and evaluation
Trustee recruitment, training and expenses
Audit fees
Other
Support costs
Governance costs
Total expenditure 2023		 Raising funds
£
226,756
-
-
-
3,051
82,149
5,970
-
104
-
-
-
-
-
318,030
-
-
318,030		 Community meals
and other food
provision
£
842,971
404,244
6,714
46,461
61,956
500
67,011
-
12,885
-
23,067
-
-
-
1,465,809
524,071
23,734
2,013,614		 Governance
costs
£
-
-
-
4,770
-
-
-
-
-
-
-
5,944
13,020
-
23,734
-
(23,734)
-		 Support costs
£
299,179
7,923
63,540
1,693
12,000
-
-
85,707
27,137
16,332
-
-
-
10,560
524,071
(524,071)
-
-		 2023
£
1,368,906
412,167
70,254
52,924
77,007
82,649
72,981
85,707
40,126
16,332
23,067
5,944
13,020
10,560
2,331,644
-
-
2,331,644

28 2

Annual Report and Accounts 2024

FoodCycle

For the year ended 31 December 2024

5 Net income / (expenditure) for the reporting year

This is stated after charging / (crediting):

Net income / (expenditure) for the reporting year
This is stated after charging / (crediting):
2024 2023
£ £
Depreciation 11,223 9,685
Loss or profit on disposal of fixed assets - 1,501
Operating lease rentals:
Property 22,050 21,788
Other 703 716
Independent auditor's remuneration (excluding VAT):
Audit 11,400 10,850
Other services 1,195 1,800

6 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Redundancy costs
Other forms of employee benefits		 2024
£
1,437,586
142,159
37,266
8,687
8,925
1,634,623		 2023
£
1,219,822
113,419
30,770
-
4,895
1,368,906

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2024 2023
No. No.
£60,000 - £69,999 2 1
£70,000 - £79,999 1 1

Redundancy costs were paid in full in the financial year.

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £354,582 (2023: £313,958).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). None of the current charity trustees were paid for professional services supplied to the charity in the year (2023: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £41 (2023: £300). The charity paid £nil for trustee training (2023: £844) and £nil for trustee recruitment (2023: £4,800).

29

Annual Accounts 2024

FoodCycle

For the year ended 31 December 2024

7 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 45.67 (2023: 39.08).

8 Related party transactions

There have been no related party transactions to report within the 2024 financial year and no restricted donations were received from related parties.

Unrestricted donations received from FoodCycle trustees within 2024 amounted to £950 (2023: £50) from two trustees.

9 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

10 Tangible fixed assets

Tangible fixed assets
Cost
At the start of the year
Additions in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year		 Fixtures and
fittings
£
3,996
-
3,996
3,803
118
3,921
75
193		 Office
equipment
£
61,324
4,783
66,107
39,703
11,106
50,809
15,298
21,621		 Total
£
65,320
4,783
70,103
43,506
11,224
54,730
15,373
21,814

All of the above assets are used for charitable purposes.

11 Investments

FoodCycle holds a £1 investment (2023: £1) in its wholly owned subsidiary, FoodCycle Trading Limited. Within the year the trading subsidiary was dormant.

12 Debtors

Trade debtors
Prepayments
Accrued income		 2024
£
44,402
26,778
18,223
89,403		 2023
£
10,637
37,737
80,268
128,642

2 30

Annual Report and Accounts 2024

FoodCycle

For the year ended 31 December 2024

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2024
£
Trade creditors
37,519
Taxation and social security
40,663
Other creditors
11,685
Accruals
37,195		 2023
£
32,069
49,432
9,064
42,555
127,062 133,120

14a Analysis of net assets between funds (current year)

General
unrestricted		 Designated
unrestricted		 Restricted Total
funds
£ £ £ £
Tangible fixed assets 15,373 - - 15,373
Investments 1 - - 1
Net current assets 639,229 - 358,515 997,744
Net assets at 31 December 2024 654,603 - 358,515 1,013,118

14b Analysis of net assets between funds (prior year)

Tangible fixed assets
Investments
Net current assets
Net assets at 31 December 2023		 General
unrestricted
Designated
unrestricted
Restricted
Total
funds
£
£
£
£
21,814
-
-
21,814
1
-
-
1
1,040,245
155,683
399,322
1,595,250
1,062,060
155,683
399,322
1,617,065

3 31

Annual Report and Accounts 2024

FoodCycle

For the year ended 31 December 2024

15a Movements in funds (current reporting year)
At 1
January
2024
Income &
gains
£
£
Restricted funds:
Community meals and
general project activity
394,093
835,837
Check in and chat
5,229
-
Community dining Research
-
25,000
The National Lottery
Community Fund
-
16,941
Total restricted funds
399,322
877,778
General funds
1,062,060
1,125,369
Designated funds
155,683
-		 Movements in funds (current reporting year)
At 1
January
2024
Income &
gains
£
£
Restricted funds:
Community meals and
general project activity
394,093
835,837
Check in and chat
5,229
-
Community dining Research
-
25,000
The National Lottery
Community Fund
-
16,941
Total restricted funds
399,322
877,778
General funds
1,062,060
1,125,369
Designated funds
155,683
-		 Movements in funds (current reporting year)
At 1
January
2024
Income &
gains
£
£
Restricted funds:
Community meals and
general project activity
394,093
835,837
Check in and chat
5,229
-
Community dining Research
-
25,000
The National Lottery
Community Fund
-
16,941
Total restricted funds
399,322
877,778
General funds
1,062,060
1,125,369
Designated funds
155,683
-		 Movements in funds (current reporting year)
At 1
January
2024
Income &
gains
£
£
Restricted funds:
Community meals and
general project activity
394,093
835,837
Check in and chat
5,229
-
Community dining Research
-
25,000
The National Lottery
Community Fund
-
16,941
Total restricted funds
399,322
877,778
General funds
1,062,060
1,125,369
Designated funds
155,683
-		 Movements in funds (current reporting year)
At 1
January
2024
Income &
gains
£
£
Restricted funds:
Community meals and
general project activity
394,093
835,837
Check in and chat
5,229
-
Community dining Research
-
25,000
The National Lottery
Community Fund
-
16,941
Total restricted funds
399,322
877,778
General funds
1,062,060
1,125,369
Designated funds
155,683
-		 Movements in funds (current reporting year)
At 1
January
2024
Income &
gains
£
£
Restricted funds:
Community meals and
general project activity
394,093
835,837
Check in and chat
5,229
-
Community dining Research
-
25,000
The National Lottery
Community Fund
-
16,941
Total restricted funds
399,322
877,778
General funds
1,062,060
1,125,369
Designated funds
155,683
-		 Expenditure &
losses
£
(880,559)
(5,229)
(15,856)
(16,941)
(918,585)
(1,532,826)
(155,683)		 Transfers
£
-
-
-		 At 31
December
2024
£
349,371
-
9,144
-
877,778 (918,585) -
-
-
-
-		 358,515
1,125,369
-
654,603
-
Total unrestricted funds
1,217,743		 1,125,369 (1,688,509) - 654,603
Total funds
1,617,065		 2,003,147 (2,607,094) - 1,013,118

The narrative to explain the purpose of each fund is given at the foot of the note below.

15b Movements in funds (prior year)

At 1
January
2023
£
Restricted funds:
Community meals and
general project activity
326,776
Check in and chat
2,643
Community dining Research
16,209		 At 1
January
2023
£
Restricted funds:
Community meals and
general project activity
326,776
Check in and chat
2,643
Community dining Research
16,209		 At 1
January
2023
£
Restricted funds:
Community meals and
general project activity
326,776
Check in and chat
2,643
Community dining Research
16,209		 At 1
January
2023
£
Restricted funds:
Community meals and
general project activity
326,776
Check in and chat
2,643
Community dining Research
16,209		 Income &
gains
£
864,223
13,498
-		 Expenditure &
losses
£
(796,906)
(10,912)
(16,209)		 Transfers
£
-
-
-
-
-
-		 At 31
December
2023
£
394,093
5,229
-
Total restricted funds 345,628 877,721 (824,027) - 399,322
General funds
Designated funds		 547,168
295,633		 1,882,559
-
1,882,559		 (1,367,667)
(139,950)
1,062,060
155,683
Total unrestricted funds
842,801
Total funds
1,188,429		 (1,507,617) - 1,217,743
2,760,280 (2,331,644) - 1,617,065

32 4

Annual Report and Accounts 2024

FoodCycle

For the year ended 31 December 2024

Purposes of restricted funds

Community meals and general project activity – Every year FoodCycle benefits from a number of grants and donations that fund our core activity of providing community meals. The majority of these are restricted to specific projects or geographical regions and each grant is tracked separately to ensure these requirements are met.

Check-in and Chat – Our check in and chat service involved a team of volunteers making regular telephone conversations to guests who have signed up to receive them, in order to combat loneliness and provide additional support. Originally a service created during COVID the 'Check-in and Chat' service was closed in April 2024. This was a strategic decision to ensure operation to focus was on our core delivery model – community dining. All funds allocated to this service were fully spent by the end of the year.

Community dining research - FoodCycle has received new funding from a corporate partner to commission British Nutrition Foundation to produce a research report demonstrating the benefits of community dining on people’s health and the health of the planet . A total of £15,856 has been spent in the year, which has resulted in the creation of a report that is publicly available and launched using media outlets and networks.

The National Lottery Community Fund: FoodCycle received funding from the National Lottery as part of "Community Organisations Cost of Living Fund" to provide community meals for specific projects. The fund has been fully spent in this financial year.

Purposes of designated funds

Expansion Fund -In 2020 the Board of Trustees agreed to designate £450,000 from unrestricted funds, to be spent on costs relating to FoodCycle’s expansion across the country. The designated £450,000 from unrestricted funds for expanding FoodCycle's projects across the country has been fully spent. This investment has supported the opening of new projects and expansion into new areas, which has increased the operational footprint of FoodCycle significantly and achieved our strategic goal of operating 100 projects.

16 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods

Less than one year
One to five years		 Property
Equipment
2024
2023
2024
2023
£
£
£
£
5,513
5,513
574
492
-
-
2,574
140
5,513
5,513
3,148
632		 Property
Equipment
2024
2023
2024
2023
£
£
£
£
5,513
5,513
574
492
-
-
2,574
140
5,513
5,513
3,148
632		 Property
Equipment
2024
2023
2024
2023
£
£
£
£
5,513
5,513
574
492
-
-
2,574
140
5,513
5,513
3,148
632		 Property
Equipment
2024
2023
2024
2023
£
£
£
£
5,513
5,513
574
492
-
-
2,574
140
5,513
5,513
3,148
632
- 2,574
140
5,513 3,148
632

17 Legal status of the charity

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

33 5

Annual Report and Accounts 2024