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2022-08-31-accounts

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2022

THE SCHOOL OF ARTISAN FOOD

Lower Motor Yard Welbeck Nottinghamshire

www.schoolofartisanfood.org

THE SCHOOL OF ARTISAN FOOD I N D E X

Year ended 31 August 2022

Page
General information 2
Report of theTrustees 3 - 9
Independent Auditor’s report 10 - 12
Income and expenditure account 13
Statement of financial activities 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17 - 27

1

THE SCHOOL OF ARTISAN FOOD G E N E R A L I N F O R M A T I O N

Year ended 31 August 2022

Trustees and Directors Alison Swan Parente
Daniel Jessel
Susan Amaku
Nicholas Hatton
Fran Warde
Trustee Joe Schneider
Secretary Sarah Andrew
Country of incorporation England and Wales
Registered office Lower Motor Yard
Welbeck
Worksop
Nottinghamshire
S80 3LR
Company number 06741463
Charitable status The School of Artisan Food is a company limited by guarantee which
was registered as a charity on 31 December 2010. Its charity number
is 1139632.
Auditors Dixon Wilson Audit Services LLP
22 Chancery Lane
London
WC2A 1LS
Bankers Handelsbanken
Nottingham Branch
Ground Floor
22a The Ropewalk
Nottingham
NG1 5DT

2

THE SCHOOL OF ARTISAN FOOD T R U S T E E S ’ R E P O R T

Year ended 31 August 2022

The Board of Trustees, all but one of whom are also directors for the purposes of company law, present their report for the year.

Reference and Administrative Information

The School of Artisan Food is a company limited by guarantee (registration number 06741463) with charitable status (registered charity number 1139632).

Reference and administrative information are set out on the previous page and form part of this report.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Who we are and what we do

The School of Artisan Food (SAF) was founded in 2009 as a not for profit company. It became a registered charity on 31 December 2010. SAF is a unique, open-minded organisation, dedicated to teaching artisan food production skills. Artisan is a term used to describe food produced by nonindustrialised methods, often handed down through generations but now in danger of being lost. Tastes and processes, such as fermentation, are allowed to develop slowly and naturally, rather than curtailed for mass-production.

Located on the Welbeck Estate in Nottinghamshire, SAF offers the opportunity for people of all skill levels, regardless of their socioeconomic circumstances, to expand their knowledge and improve their employability and social mobility through a wide range of courses including: Bread making and Patisserie, Business and Entrepreneurship, Butchery and Charcuterie, Cheese making, Chocolate making, Ice Cream making, Foraging as well as Food Preserving.

For those wishing to become professional bakers, SAF offers a unique full-time Advanced Diploma which equips students with the essential baking skills and business knowledge needed to launch a successful artisan bakery, to work in the baking industry or to manage a bakery enterprise.

In September 2019 SAF enrolled students to the UK’s first FdSc Artisan Food Production de gree, delivered in partnership with Nottingham Trent University.

As a charity, SAF works with voluntary organisations, schools, colleges and community groups to provide opportunities to inspire and teach artisan food production skills. SAF is committed to widening participation at every level and actively fundraises to provide bursaries to those who otherwise would be unable to access SAF’s courses.

SAF is a place where people come to learn, to share and to be inspired. SAF is proud to inspire individuals to use the skills they have learnt, to seek out and to support artisan producers and suppliers and to share their experience with others.

Our aims are to:

Achievement of these aims will further the legal purposes of the charity and the public benefit provided.

3

THE SCHOOL OF ARTISAN FOOD T R U S T E E S ’ R E P O R T ( c o n t i n u e d )

Year ended 31 August 2022

Our business-specific aims are to:

Achievement of these business-specific aims will ensure the ability of the charity to continue and to provide public benefit in the future, and will support the a chievement of the charity’s main aims.

Our values

At SAF, students are taught by highly skilled and experienced tutors and artisan food producers who are able to share their artisan skills, knowledge and expertise; they are committed to ensuring that the next generation can learn from their experience. In recent years, most skills-based education in the food sector has focussed upon industrial production techniques, standardisation, shelf-life and price control.

It is only recently that government advisors, health professionals and an increasing number of public bodies have begun to realise the true cost of this in terms of health, cultural diversity and social cohesion. There is also increasing evidence that an ability to produce in smaller units contributes towards a more varied, resilient and sustainable food system. Emphasis on a farm-to-fork philosophy and local sourcing of seasonal, raw materials along with natural, slow fermentation processes are central to SAF’s vision for the promotion of health and well-being. SAF recognises cultural, economic and psychological barriers to healthy eating and engages in dialogue and debate about these issues.

4

THE SCHOOL OF ARTISAN FOOD T R U S T E E S ’ R E P O R T ( c o n t i n u e d )

Year ended 31 August 2022

Review of the year

The core activities of The School of Artisan Food are the full-time six-month Advanced Diploma in Artisan Bakery qualification, the FdSc Artisan Food Production foundation degree which launched in 2019 and a wide range of short courses and professional level courses.

The FdSc Artisan Food Production foundation degree is a two-year programme delivered by SAF in partnership with Nottingham Trent University.

The School has continued its recovery from the impact of the COVID-19 pandemic, which has brought significant challenges. Despite this, the School raised significant funds to commence the Best Food Forward programme.

Charitable activities

Notable activities in the year included:

Advanced Diploma in Artisan Bakery

A full programme was delivered during the year to 17 students, who graduated in May 2022. We were able to host a full graduation ceremony for this cohort and the 2020 and 2021 cohorts (who missed out due to the COVID-19 pandemic) during November 2022.

Recruitment for the Advanced Diploma continues to be strong given the high quality of teaching and the employment opportunities available.

FdSc Artisan Food Production

The School of Artisan Food welcomed its third cohort of students to enrol on the FdSc Artisan Food Production qualification in September 2021. We enrolled 12 students in year one with 16 students progressing onto year two, of which 14 students successfully completed the course.

Short courses

The School was able to deliver a normal programme of short courses during the year, which included 190.6 days of planned short courses.

Bespoke and tailored training

SAF continues to develop its bespoke training and tailored venue hire services, including delivery of bespoke events for clients including: Worshipful Company of Bakers, Welbeck Estate, LaFarge, Storycatchers, Rhubarb Farm, Food and Drink Forum, Miele and others.

5

THE SCHOOL OF ARTISAN FOOD T R U S T E E S ’ R E P O R T ( c o n t i n u e d )

Year ended 31 August 2022

Fundraising

The School is grateful to charitable trusts including The Barbara Curtis Charitable Trust, LEADER, AB Charitable Trust, Rothschild Foundation and The Whittaker Trust who have contributed towards student bursaries and other charitable activities.

SAF would particularly like to recognise the ongoing support from The Welbeck Estates Company Limited and from Bolsover Properties Limited.

Staff

The School has a passionate and dedicated team who collectively deliver a first class experience to our students and charitable partners. Led by Ian Waterland, our Managing Director who was appointed during the year, each member of the team regularly goes above and beyond and the trustees wish to place on record their thanks and appreciation for all their efforts.

6

THE SCHOOL OF ARTISAN FOOD T R U S T E E S ’ R E P O R T ( c o n t i n u e d )

Year ended 31 August 2022

Report of the Trustees

The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity’s Memorandum and Articles of Association and UK Generall y Accepted Accounting Practice. This Trust ees’ report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Governance and management

SAF is governed by its Memorandum and Articles of Association. Its Trustees meet quarterly and more frequently if required. Day to day management is undertaken by a core team led by the Managing Director.

Alison Swan Parente, founder of SAF and previous Chair, serves in the role of Trustee and Principal Fundraiser.

Recruitment and appointment of Trustees

The directors of the company are also charity Trustees for the purposes of charity law, with one exception (see page 2). Under the requirements of the Memorandum and Articles of Association members of the Board are elected to serve for twelve months after which a minimum of one-third of the board must be re-elected at each Annual General Meeting.

Trustee induction and training

Potential Trustees meet with the Managing Director a nd Chair of Trustees for a discussion about SAF’s work and the interaction between the staff and Trustees. They are invited to join a full Board meeting and to meet with other Trustees. Once Trustees have been invited to join the Board, they are provided with a full information pack and monthly updates from the Managing Director comprising management accounts and details of the activity of the school. Trustees also receive monthly updates from the Chair on staffing, finance, courses and current issues. Regular meetings are held between the Chair of Trustees and Managing Director, and all Trustees are invited regularly to events and presentations.

Risk management

The Trustees have examined the major risks to which SAF is exposed and confirm that strategic planning and systems have been established to mitigate against these risks. Procedures are also in place to ensure compliance with health and safety regulations for staff, students and visitors to the school. These have all been revised in the light of COVID-19 and are being kept continually under review.

The risk register has been substantially overhauled and will continue to be periodically reviewed by Trustees. The risk register identifies that financial sustainability is the major risk to the charity. A key risk is that revenue targets are not met, which is heavily dependent on continued strong recruitment on to the Advanced Diploma and FdSc programmes.

Non-financial risks arising from health and safety, fire and food hygiene are managed by ensuring accreditations are up to date and that robust policies and procedures are in place. Regular awareness training for staff is scheduled throughout the year.

7

THE SCHOOL OF ARTISAN FOOD T R U S T E E S ’ R E P O R T ( c o n t i n u e d )

Year ended 31 August 2022

Public Benefit statement

The Trustees, having regard to the Public Benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purpose and activities of the company satisfy the requirements of the public benefit test set out in section 4 of the same Act. In particular, the School:

Financial review

Incoming resources of £1,389,858 (2021 - £1,466,469) were generated during the year and there was expenditure of £1,166,901 (2021 - £1,252,897) resulting in a surplus for the year of £222,957 (2021 - £213,572). Details appear in the subsequent financial statements.

– At the end of the reporting period, the charity reported a funds surplus of £488,253 (2021 £265,296), of – – which £232,820 (2021 £121,586) was restricted and £255,433 (2021 £143,710) was unrestricted.

The Trustees have assessed the charity’s ability to continue as a going concern for at least 12 months from the date these accounts were approved. They have concluded that the charity has the ability to continue and as such the accounts are prepared on a going concern basis. This conclusion is based on available resources and committed future donations. The Trustees have made plans to deal with the current situation as much as it is possible, as summarised in the Trustees Report, and believe the charity has sufficient cash resources to meet all its liabilities falling due within 12 months of the date these accounts were approved.

Reserves

Reserves are split between three funds:

8

THE SCHOOL OF ARTISAN FOOD T R U S T E E S ’ R E P O R T ( c o n t i n u e d )

Year ended 31 August 2022

Responsibilities of the Trustees

The Trustees (all but one of whom are also the directors of the company from a company law perspective) are responsible for preparing the Trustees’ R eport and financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare the financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each Trustee is aware, there is no relevant information that has not been disclosed to the Company’s auditors and each Trustee believes that all steps necessary have been taken that ought to have been taken to make them aware of any relevant audit information and to establish that the Company’s auditors have been made aware of that information.

Auditors

All of the current Trustees have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company’s auditors f or the purpose of their audit and to establish that the auditors are aware of that information. The Trustees are not aware of any relevant audit information of which the auditors are unaware.

Approved by the Board of Trustees on 2023 and signed on its behalf by: Nicholas Hatton Chair of Trustees

9

THE SCHOOL OF ARTISAN FOOD I N D E P E N D E N T A U D I T O R ’ S R E P O R T

Year ended 31 August 2022

INDEPENDENT AUDITOR ’S REPORT TO THE MEMBERS OF THE SCHOOL OF ARTISAN FOOD

Opinion

We have audited the financial statements of The School of Artisan Food (the ‘ch aritable company ’) for the year ended 31 August 2022 which comprise the income and expenditure account, the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and ap plicable 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.

Other information

The other information comprises the information included in the T rustees’ annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

10

THE SCHOOL OF ARTISAN FOOD I N D E P E N D E N T A U D I T O R ’ S R E P O R T ( c o n t i n u e d )

Year ended 31 August 2022

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within 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 T rustees’ responsibili ties statement set out on page 11, the Trustees (all but one of whom are also 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 T rustees 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.

A uditor’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 aud itor’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.

11

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THE SCHOOL OF ARTISAN FOOD I N C O M E A N D E X P E N D I T U R E A C C O U N T

Year ended 31 August 2022

Note
Surplus on short courses
Surplus/(deficit) on diploma courses
Surplus on foundation degree course
Deficit on catering
Surplus on courses and other
charitable activities
Miscellaneous income
(Loss)/profit on disposal of fixed assets
Bank interest
Regular income
General expenditure
Regular income less general expenditure
Deficit on operations
Donations and grants
4
Net incoming resource for the year(page 14)
General fund
Restricted fund
Total surplus for the year(page 14)		 £
230,782
47,638
116,087
(33,141)

10,207
617
295









 2022
£

361,366
11,119
(654,648)

(643,529)

(282,163)
505,120

222,957

111,723
111,234

222,957
 2021
£
£
139,713
46,158
143,258
(3,840)

325,289
5,781
(2,406)
96

3,471
(869,763)

(866,292)

(541,003)
754,575

213,572

141,084
72,488

213,572		 2021
£
£
139,713
46,158
143,258
(3,840)

325,289
5,781
(2,406)
96

3,471
(869,763)

(866,292)

(541,003)
754,575

213,572

141,084
72,488

213,572

13

THE SCHOOL OF ARTISAN FOOD

S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S

Year ended 31 August 2022

General fund
Note
(unrestricted)
£
Income:
Donations and legacies
4
Donations
250,688
Grants
34,036

284,036

Income from charitable activities
Short courses
416,327
Diploma courses
5
232,637
Foundation degree course
217,000
Catering
7,655

873,619

Other income
Miscellaneous income
10,207
(Loss)/profit on disposal of fixed asset
617
Bank interest
295

11,119

Total income
1,169,462

Expenditure:
Expenditure on charitable activities
6
(1,139,423)

Net income and net movement
in funds for the year
30,039
Transfer to general fund
81,684
Reconciliation of funds:
Total funds brought forward at 1 September
2021
143,710

Total funds carried forward at 31 August 2022
255,433
 Restricted
donations
Bursary fund
fund
(restricted)
£
£
180,705
39,691
-
-


180,705
39,691


-
-
-
-
-
-
-
-


-
-


-
-
-
-
-
-


-
-


180,705
39,691


(27,478)
-


153,227
39,691
(41,993)
(39,691)
121,586
-


232,820
-

 Total
Total
2022
2021
£
£
471,084
692,727
34,036
61,848


505,120
754,575


416,327
236,055
232,637
231,931
217,000
234,438
7,655
5,999


873,619
708,423


10,207
5,781
617
(2,406)
295
96


11,119
3,471


1,389,858
1,466,469

(1,166,901)
(1,252,897)

222,957
213,572
-
-
265,296
51,724


488,253
265,296

14

Company number: 06741463

THE SCHOOL OF ARTISAN FOOD B A L A N C E S H E E T

At 31 August 2022

Note
Fixed assets
Tangible assets
11
Intangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due
within one year
14
Net current liabilities
Creditors: amounts falling due
after one year
15
Net assets
Accumulated surplus(page 14)
Unrestricted funds
General fund
Restricted funds
Restricted fund
Total
19		 2022
2021
£
£
757,120
802,121
20,017
-
75,416
35,390
328,089
190,892


403,505
226,282
(328,237)
(364,919)


75,268
(138,637)
(364,152)
(398,188)


488,253
265,296

255,433
143,710
232,820
121,586


488,253
265,296
 2022
2021
£
£
757,120
802,121
20,017
-
75,416
35,390
328,089
190,892


403,505
226,282
(328,237)
(364,919)


75,268
(138,637)
(364,152)
(398,188)


488,253
265,296

255,433
143,710
232,820
121,586


488,253
265,296


These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime in Part 15 of the Companies Act 2006.

The accounts on pages 13 to 27 were approved by the board of Trustees on 2023 and were signed on its behalf by: Nicholas Hatton Chair of Trustees

15

THE SCHOOL OF ARTISAN FOOD S T A T E M E N T O F C A S H F L O W S

Year ended 31 August 2022

Note
Cash flows from operating activities:
Net cash from operating activities
16
Cash flows from investing activities:
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Purchase of intangible assets
Net cash used in investing activities
Cash flows from financing activities:
Bank interest payable
Bank interest receivable
Net cash from financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the reporting period		 2022
£
200,298
2,220
(40,572)
(24,446)

(62,798)
(598)
295

(303)
137,197
190,892

328,089
 2021
£
48,616
-
(73,670)
-

(73,670)
-
96

96
(24,958)
215,850

190,892

16

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 August 2022

1. General information

The School of Artisan Food is a company limited by guarantee with charitable status and incorporated in England and Wales.

The address of its registered office is:

Lower Motor Yard Welbeck Worksop Nottinghamshire S80 3LR

2. Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with the Charities Accounting Statement of Recommended Practice (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The charity constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties abo ut the charity’s ability to continue as a going concern.

The financial statements are presented in sterling which is the financial currency of the charity and rounded to the nearest pound.

Basic financial instruments

Basic financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets or financial liabilities. Financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Tangible fixed assets

Tangible fixed assets are stated at their purchase price, together with any incidental expenses of acquisition, less accumulated depreciation. Provision for depreciation is made so as to write off the cost of tangible fixed assets on a straight line basis over the expected useful economic life of the assets concerned. The principal annual rates used for this purpose are:

Leasehold property improvements - over 25 years
Plant and equipment - over 5 years
Office equipment - over 3 years
Fixtures and fittings - over 5 years
Motor vehicles - over 5 years

Impairments

Impairment reviews are carried out on tangible fixed assets where there are indications that the recoverable amount of the asset is below its net book value.

Government grants

Where government grants in respect of the purchase of tangible fixed assets have conditions attached outside the control of the charity, the grants have been recognised as deferred income when received. This is amortised at rates calculated to write off the deferred grant income evenly over the expected useful life of the assets purchased.

17

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2022

2. Accounting policies (continued)

Intangible assets

Intangible fixed assets are stated at their purchase price, less accumulated amortisation. Provision for amortisation is made so as to write off the cost of intangible fixed assets on a straight line basis over the expected useful economic life of the assets concerned. The principal annual rates used for this purpose are:

Website

- over 5 years

Income and expenditure

Income is credited and expenditure is recognised on an accruals basis, with the exception of donation and legacy income. Course fees are credited to income in the period in which the courses are provided. Diploma course income is recognised net of bursaries as these are given to diploma students in the form of a reduction in course fees. Foundation degree income is credited to income over the duration of the course provided. Donation income is recognised when there is entitlement to the funds and receipt is probable.

Gift Aid recovered on donations and bursaries is treated as part of that gift and as an addition to the same fund as the initial donation or bursary unless the donor has specified otherwise.

Donated goods are recognised as donation income when the charity has control over the donated goods and has satisfied any performance related conditions attached to the donation. Income associated with donated goods is measured as the fair value of the goods received.

Donated facilities and services are recognised as donation income once the charity has received the service and has satisfied any performance related conditions attached to the donation. Income associated with donated facilities and services is measured as the amount the charity would pay on the open market for an alternative item that would provide an equivalent benefit.

Allocation of expenses

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity.

Concessionary loans

Concessionary loans received by the charity and falling due for repayment after more than one year are initially recognised as the amounts received with the carrying amount adjusted in subsequent years to reflect repayments and accrued interest, where applicable. Waivers of concessionary loans are recognised as unrestricted donations when the donor releases the obligation on the charity to repay the loan.

Funds

Unrestricted funds represent sums held by the charity for charitable purposes that are not subject to any restrictions as to how the funds can be used.

Restricted funds represent sums given to the charity subject to restrictions as to how the funds can be used.

Going concern

The Trustees have assessed th e charity’s abi lity to continue as a going concern for at least 12 months from the date these accounts were approved. They have concluded that the charity has the ability to continue and as such the accounts are prepared on a going concern basis. This conclusion is based on available resources and committed future donations. The Trustees have made plans to deal with the current situation as much as it is possible, as summarised in the Trustees Report, and believe the charity has sufficient cash resources to meet all its liabilities falling due within 12 months of the date these accounts were approved.

18

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2022

3. Prior period financial activities by fund

General fund
Restricted
Bursary fund
(unrestricted)
donations
(restricted)
£
£
£
Income:
Donations and legacies
Donations
418,944
223,013
50,770
Grants
61,848
-
-
Income from charitable activities
Short courses
236,055
-
-
Diploma courses
231,931
-
-
Foundation degree course
234,438
-
-
Catering
5,999
-
-
Other income
Miscellaneous income
5,781
-
-
(Loss)/profit on disposal of fixed asset
(2,406)
-
-
Bank interest
96
-
-



Total income
1,192,686
223,013
50,770
Expenditure:
Expenditure on charitable activities
(1,219,736)
(33,161)
-



Net income and net movement
in funds for the year
(27,050)
189,852
50,770
Transfer to general fund
168,134
(117,364)
(50,770)
Reconciliation of funds:
Total funds brought forward
at 1 September 2020 (as restated)
2,626
49,098
-



Total funds carried forward
at 31 August 2021
143,710
121,586
-


 Total
2021
£
692,727
61,848
236,055
231,931
234,438
5,999
5,781
(2,406)
96

1,466,469
(1,252,897)

213,572
-
51,724

265,296

19

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2022

4.
Donations and grants
Unrestricted donations
Over £10,000
Under £10,000
Total unrestricted donations
Restricted donations
Barbara Curtis Legacy
Tarmac
BFF
ASP
Under £10,000
Total restricted donations
Grants
Release of fixed asset grant
Furlough claims
Total unrestricted donations
Total donations and grant		 Donated
goods and
Cash
facilities
donations
£
£
182,417
65,000
40
3,231


182,457
68,231


Restricted
Bursary
donations
fund
£
£
-
39,691
5,909
-
157,138
-
17,158
-
500
-


180,705
39,691

 Total
2022
£
247,417
3,271

250,688

Total
2022
£
39,691
5,909
157,138
17,158
500

220,396

2022
£
34,036
-

34,036

505,120
 Total
2021
£
417,378
1,566

418,944

Total
2021
£
257,891
10,692
-
-
5,200

273,783

2021
£
34,036
27,812

61,848

754,575

Bursaries are provided to subsidise the costs of the diploma courses for a select number of students each year. In 2022 the number of students benefitting from a bursary was 5 (2021 - 7). The bursaries provided to students in 2022 totalled £41,153 (2021 - £61,037). Of this, £39,691 can be seen in the accounts as a transfer from the restricted bursary fund to the general fund. The remaining £1,462 is provided by the general fund.

Donation income includes £40 (2021 - £1,562) in relation to donated goods in the form of plant and equipment. There are no unfulfilled conditions attached to the resources donated.

Donation income includes £182,417 (2021 - £142,378) in relation to donated facilities and services in the form of the use of offices and premises (see note 9). There are no unfulfilled conditions attached to the services donated.

5. Diploma courses

Diploma course income consists of:

Gross tuition fees
Student accommodation
Less: total bursaries		 2022
£
229,818
43,972
(41,153)

232,637
 2021
£
251,360
41,608
(61,037)

231,931

20

THE SCHOOL OF ARTISAN FOOD

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2022

6. Resources expended

Charitable
Charitable
Charitable
Basis of
activities
activities
activities
allocation
(unrestricted)
(restricted) (governance)
Costs directly allocated to activities
£
£
£
Diploma course consumables
Direct
124,353
388
-
Short course consumables
Direct
163,788
21,757
-
Foundation degree course consumables
Direct
100,913
-
-
Accommodation costs
Direct
60,236
22
-
Catering costs
Direct
40,796
-
-
Support costs allocated to activities
Accountancy fees
Direct
-
-
8,400
Audit fees
Direct
-
-
15,600
Staff costs
Staff time
188,075
-
-
Staff training
Staff time
420
-
-
Premises
Floor area
341,611
332
-
Marketing
Usage
3,485
-
-
Travel and subsistence
Usage
1,557
-
-
Legal and professional
Usage
14,671
4,655
-
Depreciation
Usage
85,129
-
-
Amortisation
Usage
4,429
-
-
Bank charges
Transactions
10,546
-
-
Bank interest
Transactions
598
-
-
Office costs
Staff time
24,669
324
-
Bad debt write off
Direct
282
-
-
Irrecoverable VAT
Direct
(50,135)
-
-



1,115,423
27,478
24,000


 2022
Total
£
124,741
185,545
100,913
60,258
40,796
8,400
15,600
188,075
420
341,943
3,485
1,557
19,326
85,129
4,429
10,546
598
24,993
282
(50,135)

1,166,901
 2021
Total
£
127,849
96,342
91,180
57,924
9,839
4,883
19,200
299,563
889
254,730
20,492
377
17,869
90,565
-
10,707
-
56,692
28,257
65,539

1,252,897

21

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2022

7.
Auditors’ remuneration
Statutory audit services
Tax advisory services
Other services
Total		 2022
£
13,000
1,880
7,000

21,880
 2021
£
13,000
3,840
7,069
23,069
8.
Staff costs and remuneration of key management personnel
Salaries and wages
Social security costs
Other pension costs
Total		 2022
£
289,235
25,114
6,696

321,045
 2021
£
333,918
24,702
8,210
366,830

The Trustees consider the key management personnel to comprise the Trustees and the Senior Leadership team. The total employment benefits including employer pension contributions of the Senior Leadership team were £55,679 (2021 - £127,755).

There were no employees whose total employee benefits for the reporting period exceeded £60,000.

The average number of employees during the year on the basis of full time equivalents was 13 (2021 - 10).

9. Trustee remuneration and related party transactions

During the year the following transactions took place with Trustees:-

Trustee Alison Swan Parente made donations to the charity totalling £22,198 (2021 - £5,200) during the year and the charity made sales of £78 (2021 - £nil) to her. At the balance sheet date, the total amount due from Alison Swan Parente was £nil (2021 - £120).

Trustee Daniel Jessel made donations to the charity totalling £15,000 (2021 - £nil) during the year.

– Trustees were reimbursed £114 (2021 trustees reimbursed £nil) during the year in respect of travel expenses incurred.

– No Trustees received any remuneration during the year (2021 no Trustees).

During the year the following transactions took place with entities related to Trustees:-

The Welbeck Estates Company Limited

(Trustee Alison Swan Parente is the wife of William Parente who is a director of the above-named company).

(continued)

22

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2022

9. Trustee remuneration and related party transactions (continued)

– The charity paid rent to the company of £24,000 during the year (2021 £17,898). The company provided IT, management and property repair services to the charity of £52,181 (2021 - £65,751). The company recharged staff costs to the charity of £675 (2021 - £nil). The charity made sales to this company of £658 (2021 - £78) in the year. During the year the deemed donation relating to the rent-free peri od on the charity’s premises totalled £ 182,417 (2021 - £142,378).

The company previously provided funding by way of a loan. The loan was unsecured, interest free and due to be repaid on 30 September 2021. On 23 February 2021, the Welbeck Estates Company Limited agreed to waive the remaining £250,000 owed by the charity. At the balance sheet date, the total amount due to The Welbeck Estates Company Limited was £10,551 (2021 - £15,547).

The Welbeck Bakehouse Limited

(Trustee Alison Swan Parente is a director and the controlling shareholder of The Welbeck Bakehouse Limited.)

– The charity purchased goods from this company of £216 (2021 £996). The charity made sales to this company of £2,320 (2021 - £1,553) in the year. The charity recharged IT, pension, utility and staff costs to this company of £27,694 (2021 - £24,812). At the balance sheet date, the total amount due from The Welbeck Bakehouse Limited was £2,369 (2021 - £5,784).

Bolsover Properties Limited

(Trustee Alison Swan Parente is the wife of William Parente who is a director of the company.)

Bolsover Properties Limited made donations of £50,000 in the year (2021 - £nil) to the charity.

Stichelton Dairy Limited

(Trustee Joe Schneider is a director of the company).

The charity recharged staff costs to this company of £1,204 (2021 - £nil). At the balance sheet date, the total amount due from Stichelton Dairy Limited was £100 (2021 - £nil).

Other entities based at Welbeck

The charity made sales of £nil (2021 - £nil) and purchases of £2,517 (2021 - £1,137) to/from entities based on the Welbeck Estate. The charity recharged staff costs to these entities of £299 (2021 - £nil). The amount due to these entities at the year-end was £ 172 (2021 - £70).

10. Taxation

The School of Artisan Food is exempt from tax on income and gains falling within section 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent these are applied to charitable objects. No tax charges have arisen in the charity.

23

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2022

11. Tangible fixed assets

Short
leasehold
Fixtures
property
Plant and
Office
and
improvements
equipment
equipment
fittings
£
£
£
£
Cost
Brought forward
1,582,757
403,907
59,376
99,980
Additions
24,957
13,015
3,760
-
Disposals
-
(1,850)
-
-




At 31 August 2022
1,607,714
415,072
63,136
99,980




Depreciation
Brought forward
840,190
349,251
55,535
98,923
Charge for the year
61,079
21,468
2,296
286
Eliminated on disposal
-
(246)
-
-




At 31 August 2022
901,269
370,473
57,831
99,209




Net book value
At 31 August 2022
706,445
44,599
5,305
771




At 31 August 2021
742,567
54,656
3,841
1,057



 Total
£
2,146,020
41,732
(1,850)

2,185,902

1,343,899
85,129
(246)

1,428,782

757,120

802,121

12. Intangible fixed assets

Website
£
Cost
Brought forward
-
Additions
24,446
Disposals
-

At 31 August 2022
24,446

Amortisation
Brought forward
-
Charge for the year
4,429
Eliminated on disposal
-

At 31 August 2022
4,429

Net book value
At 31 August 2022
20,017

At 31 August 2021
-
 Total
£
-
24,446
-

24,446

-
4,429
-

4,429

20,017

-

24

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2022

13.
Debtors: amounts falling due within one year
Other debtors
Prepayments		 2022
£
29,620
45,796

75,416
 2021
£
13,369
22,021

35,390
14.
Creditors: amounts falling due within one year
Trade creditors
Accruals and other creditors
Other taxes including Social Security
Deferred income		 2022
£
77,713
75,576
7,493
167,455

328,237
 2021
£
84,394
83,481
24,951
172,093

364,919
15.
Creditors: amounts falling due after one year
Deferred income		 2022
£
364,152

364,152
 2021
£
398,188

398,188

16. Reconciliation of net income to net cash flow from operating activities

Note
Net income for the reporting period
Adjustments for:
Amortisation
Depreciation
11
(Profit)/loss on sale of fixed assets
Non cash rent expense
Decrease in debtors
(Decrease) in creditors
Release of fixed asset grant
4
Donated goods and facilities
4
Loan waiver
Bank interest receivable
Bank interest payable
Other
Net cash from operating activities		 2022
£
222,957
38,465
85,129
(617)
182,417
(40,026)
(70,718)
(34,036)
(182,457)
-
(295)
598
(1,119)

200,298
 2021
£
213,572
34,036
90,565
2,406
142,378
104,440
(110,709)
(34,036)
(143,940)
(250,000)
(96)
-
-

48,616

25

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

THE SCHOOL OF ARTISAN FOOD

Year ended 31 August 2022

17.
Analysis of changes in net debt
At
1 September
2021
£
Cash and cash equivalents
Cash
190,892

190,892
Borrowings
Debt due within one year
(15,815)
Debt due after more than one year
-

(15,815)

Total net debt
175,077
 17.
Analysis of changes in net debt
At
1 September
2021
£
Cash and cash equivalents
Cash
190,892

190,892
Borrowings
Debt due within one year
(15,815)
Debt due after more than one year
-

(15,815)

Total net debt
175,077
 Cash
Non-cash
flows
changes
£
£
137,197
-


137,197
-
15,815
-
-
-


15,815
-


153,012
-

 At
31 August
2022
£
328,089

328,089
-
-

-

328,089

Total
£
777,137
403,505
(328,237)
(364,152)

488,253
18. Analysis of net assets between funds
Fixed assets
Current assets
Current liabilities
Long term liabilities
Net assets at 31 August 2022		 General Restricted
fund
funds
£
£
777,137
-
170,685
232,820
(328,237)
-
(364,152)
-


255,433
232,820

19. Movement of funds

1
Restricted funds
Donations
Bursary fund
Total restricted
Unrestricted funds
General fund
Total funds		 At
September
Incoming
Outgoing
2021
resources
resources
£
£
121,586
180,705
(27,478)
-
39,691
-



121,586
220,396
(27,478)
143,710
1,169,462
(1,139,423)



265,296
1,389,858
(1,166,901)


 Transfers
£
(41,993)
(39,691)

(81,684)
81,684

-
 At
31 August
2022
£
232,820
-

232,820
255,433

488,253

26

THE SCHOOL OF ARTISAN FOOD N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ( c o n t i n u e d )

Year ended 31 August 2022

20. Financial assets and liabilities

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

Financial assets
Trade debtors
Other debtors
Financial liabilities
Trade creditors
Other creditors
Accruals		 2022
£
-
29,620

29,620

2022
£
77,713
-
75,576

153,289
 2021
£
-
13,369

13,369
2021
£
84,394
-
83,481

167,875

27