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← The School Of Artisan Food

2024-08-31-accounts

Charity registration number 1139632 (England and Wales)

Company registration number 06741463

THE SCHOOL OF ARTISAN FOOD

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

THE SCHOOL OF ARTISAN FOOD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees and Directors Alison Swan Parente
Daniel Jessel
Susan Amaku
Nicholas Hatton
Fran Warde
Martin Anderson
Hilary Hamer (Appointed 11 December 2023)
Susan Jones (Appointed 3 February 2025)
Trustee Joe Schneider
Secretary Sarah Andrew
Charity number 1139632
Company number 06741463
Registered office Lower Motor Yard
Welbeck
Worksop
Nottinghamshire
S80 3LR
Auditor PK Audit LLP
1 Parkshot
Richmond
Surrey
TW9 2RD
Bankers NatWest
Worksop Branch
69 Bridge Street
Worksop
S80 1DJ

THE SCHOOL OF ARTISAN FOOD

CONTENTS

Page
Trustees' report 1 - 6
Independent auditor's report 7 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 25

THE SCHOOL OF ARTISAN FOOD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2024

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 above 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).

Objectives and activities

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 and bringing the health and wellbeing benefits of artisan food to as broad and diverse a range of people as possible. Artisan is a term used to describe food produced by non-industrialised 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 massproduction.

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 degree, delivered in partnership with Nottingham Trent University. Students are enrolled each academic year for the two year programme. In September 2024, the School enrolled its first students, including four Tier 4 international students, on a its inaugural three-year BSc degree in Artisan Food Production. This is an important development for the School and will hopefully contribute to the world class reputation the School has.

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. As a part of this work SAF launched the Best Food Forward Programme in 2022, a three year project to deliver food education to Schools and Healthcare professionals.

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.

THE SCHOOL OF ARTISAN FOOD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Our aims are to:

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

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 achievement 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.

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, the BSc Artisan Food Production degree and a wide range of short courses and professional level courses.

The FdSc and BSc degrees are, respectively, two-year and three-year programmes delivered by SAF in partnership with Nottingham Trent University.

Notable activities in the year included:

THE SCHOOL OF ARTISAN FOOD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Advanced Diploma in Artisan Bakery

A full programme was delivered during the year to 14 students who graduated in May 2024. The cohort included six international students from Iran, USA and Gambia. One student went on to open their own business with others entering employment as artisan bakers. The external examiner, FDQ, once again completed their inspection and confirmed the Diploma meets the standard for a Level 4/5 qualification. 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 fifth cohort of students to enrol on the FdSc Artisan Food Production qualification in September 2023.. We enrolled nine students in year one with 10 students progressing onto year two, all of whom successfully completed the course. Four students then enrolled onto a BSc Food Science programme at NTU whilst others secured employment in roles such as bakers, pastry chefs and new product development.

Short courses

The School continued to deliver a programme of short courses during the year, which included over 170 days of planned short courses, delivered to over 1,000 participants.

Best Food Forward 2023-24 Activities Summary

During the 2023-24 reporting period, Best Food Forward significantly expanded its team and project delivery, impacting thousands of beneficiaries across secondary schools and healthcare settings. The project continued to enhance food literacy and health-promoting behaviours among students and healthcare professionals. Key activities included:

THE SCHOOL OF ARTISAN FOOD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

Fundraising

The School is grateful to charitable trusts including The Barbara Curtis Charitable Trust, LEADER, AB Charitable Trust, Rothschild Foundation, Les Dames d’Escoffier, the Welbeck Bakeshouse, Torne Valley 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 during the year under review by Ian Waterland, Managing Director, 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. Jenny Paxman joined the School as CEO in September 2024 following Ian’s retirement.

Report of the Trustees

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s Memorandum and Articles of Association and UK Generally Accepted Accounting Practice. This Trustees’ 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 CEO.

Recruitment and appointment of Trustees

The directors of the company are also charity Trustees for the purposes of charity law, with one exception (see legal and administrative information). 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 CEO and 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. Regular meetings are held between the Chair of Trustees and CEO, 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.

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:

THE SCHOOL OF ARTISAN FOOD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Financial review

Incoming resources of £1,586,556 (2023 - £1,490,487) were generated during the year and there was expenditure of £1,696,581 (2023 - £1,408,915 ) resulting in a net expenditure for the year of £110,025 (2023 - net income of £81,572).

At the end of the reporting period, the charity reported a total fund of £604,261 (2023 - £714,286), of which £441,282 (2023 – £445,408) was restricted and £162,979 (2023 – £268,878) 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:

THE SCHOOL OF ARTISAN FOOD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Structure, governance and management

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’ Report 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.

Auditor

In accordance with the company's articles, a resolution proposing that PK Audit LLP be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

N Hatton Chair of Trustees

27 May 2025

THE SCHOOL OF ARTISAN FOOD

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 ‘charity’) for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

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 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 our audit:

THE SCHOOL OF ARTISAN FOOD

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE SCHOOL OF ARTISAN FOOD

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' 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, the trustees, who are also the directors of the charity for the purpose 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 charity’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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

THE SCHOOL OF ARTISAN FOOD

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE SCHOOL OF ARTISAN FOOD

Based on our understanding of the company and industry, and through discussion with the directors and other management, we identified that the principal risks were in relation to:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities, including fraud and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

Annie Lee (Senior Statutory Auditor)
for and on behalf of PK Audit LLP 28 May 2025
Statutory Auditor
1 Parkshot
Richmond
Surrey
TW9 2RD

THE SCHOOL OF ARTISAN FOOD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
2
294,007
259,111
Charitable activities
3
1,017,376
-
Investments
4
7,554
-
Other income
5
8,508
-
Total income
1,327,445
259,111
Expenditure on:
Charitable activities
6
1,494,374
202,207
Other expenditure
11
-
-
Total expenditure
1,494,374
202,207
Net income/(expenditure)
(166,929)
56,904
Transfers between funds
61,030
(61,030)
Net movement in funds
8
(105,899)
(4,126)
Reconciliation of funds:
Fund balances at 1 September
2023
268,878
445,408
Fund balances at 31 August 2024
162,979
441,282		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
553,118
296,575
320,697
1,017,376
861,005
-
7,554
3,301
-
8,508
8,909
-
1,586,556
1,169,790
320,697
1,696,581
1,323,277
73,195
-
12,443
-
1,696,581
1,335,720
73,195
(110,025)
(165,930)
247,502
-
34,914
(34,914)
(110,025)
(131,016)
212,588
714,286
399,894
232,820
604,261
268,878
445,408		 Total
2023
£
617,272
861,005
3,301
8,909
1,490,487
1,396,472
12,443
1,408,915
81,572
-
81,572
632,714
714,286

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE SCHOOL OF ARTISAN FOOD

BALANCE SHEET

AS AT 31 AUGUST 2024

Notes
Fixed assets
Intangible assets
13
Tangible assets
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
17
Net assets
The funds of the charity
Restricted income funds
19
Unrestricted funds
20		 2024
£
245,754
324,277
570,031
(293,739)		 £
12,635
624,661
637,296
276,292
913,588
(309,327)
604,261
441,282
162,979
604,261		 2023
£
48,592
570,486
619,078
(280,194)		 £
25,310
680,374
705,684
338,884
1,044,568
(330,282)
714,286
445,408
268,878
714,286

The financial statements were approved by the trustees on 27 May 2025

N Hatton

Chair of Trustees

Company registration number 06741463 (England and Wales)

THE SCHOOL OF ARTISAN FOOD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from operations
22
Investing activities
Purchase of intangible assets
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed assets
Investment income received
Net cash used in investing activities
Net cash generated from financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
(214,471)
(6,804)
(32,488)
-
7,554
(31,738)
-
(246,209)
570,486
324,277		 2023
£
(3,024)
(30,141)
6,800
3,301		 £
140,461
(23,064)
-
117,397
453,089
570,486

THE SCHOOL OF ARTISAN FOOD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

Charity information

The School of Artisan Food is a private company limited by guarantee incorporated in England and Wales. The registered office is Lower Motor Yard, Welbeck, Worksop, Nottinghamshire, S80 3LR.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

1.2 Going concern

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.

1.3 Charitable 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.

1.4 Income

Income is credited 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.

THE SCHOOL OF ARTISAN FOOD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Intangible fixed assets other than goodwill

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website Over 3 years

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Short leasehold land and buildings Over 25 years
Plant and equipment Over 5 years
Fixtures and fittings Over 5 years
Office equipment Over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE SCHOOL OF ARTISAN FOOD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 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.

THE SCHOOL OF ARTISAN FOOD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

2 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
256,952
198,081
Grants
37,055
61,030
294,007
259,111		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
455,033
262,539
263,353
98,085
34,036
57,344
553,118
296,575
320,697		 Total
2023
£
525,892
91,380
617,272

Bursaries are provided to subsidise the costs of the diploma courses for a select number of students each year. In 2024 the number of students benefitting from a bursary was 5 (2023: 3). The bursaries provided to students in 2024 totalled £61,030 (2023: £34,914) which can be seen in the accounts as a transfer from the restricted bursary fund to the general fund.

Donation income includes £Nil (2023: £6,991) 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 £185,855 (2023: £191,878) in relation to donated facilities and services in the form of the use of offices and premises. There are no unfulfilled conditions attached to the services donated.

Donation income includes £Nil (2023: £5,327) in relation to donated consumables. There are no unfulfilled conditions attached.

3 Charitable income

Education
BFF Project
2024
2024
£
£
Sale of courses
845,347
172,029
Other income
-
-
845,347
172,029		 Total
2024
Education
BFF Project
2023
2023
£
£
£
1,017,376
855,614
2,050
-
-
3,341
1,017,376
855,614
5,391		 Total
2023
£
857,664
3,341
861,005

4 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Interest receivable 7,554 3,301

THE SCHOOL OF ARTISAN FOOD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

5 Other income

Miscellaneous income
Charitable expenditure
Education
BFF Project
2024
2024
£
£
Charitable expenditure
442,552
166,992
Share of support costs (see
note 7)
942,904
120,151
Share of governance costs
(see note 7)
22,870
1,112
1,408,326
288,255
Analysis by fund
Unrestricted funds
1,402,626
91,748
Restricted funds
5,700
196,507
1,408,326
288,255		 Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
8,508
8,909
Total
2024
Education
BFF Project
Total
2023
2023
2023
£
£
£
£
609,544
415,227
72,695
487,922
1,063,055
815,278
74,275
889,553
23,982
16,907
2,090
18,997
1,696,581
1,247,412
149,060
1,396,472
1,494,374
1,246,912
76,365
1,323,277
202,207
500
72,695
73,195
1,696,581
1,247,412
149,060
1,396,472		 Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
8,508
8,909
Total
2024
Education
BFF Project
Total
2023
2023
2023
£
£
£
£
609,544
415,227
72,695
487,922
1,063,055
815,278
74,275
889,553
23,982
16,907
2,090
18,997
1,696,581
1,247,412
149,060
1,396,472
1,494,374
1,246,912
76,365
1,323,277
202,207
500
72,695
73,195
1,696,581
1,247,412
149,060
1,396,472
Total
2023
£
487,922
889,553
18,997
1,396,472
1,323,277
73,195
1,396,472

THE SCHOOL OF ARTISAN FOOD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

7
Support costs
Support costs Governance
costs
2024
2024
£
£
Staff costs
464,880
-
Depreciation
107,680
-
Premises
387,331
-
Marketing
18,148
-
Travel and subsistence
532
-
Legal and professional
29,908
-
Bank charges
8,843
-
Office costs
45,733
-
Bad debt write off
-
-
Audit fees
-
18,553
Accountancy fees
-
5,429
1,063,055
23,982
Analysed between
Charitable activities
1,063,055
23,982		 Total Support costs
Governance
costs
2024
2023
2023
£
£
£
464,880
277,255
-
107,680
104,836
-
387,331
434,520
-
18,148
4,595
-
532
1,084
-
29,908
14,167
-
8,843
8,570
-
45,733
43,491
-
-
1,035
-
18,553
-
15,000
5,429
-
3,997
1,087,037
889,553
18,997
1,087,037
889,553
18,997		 Total
Basis of allocation
2023
£
277,255
Staff time
104,836
Usage
434,520
Floor area
4,595
Usage
1,084
Usage
14,167
Usage
8,570
Transactions
43,491
Staff time
1,035
Direct
15,000
Direct
3,997
Direct
908,550
908,550

Governance costs include payments to the auditors of £13,920 (2023: £15,000) for audit fees.

THE SCHOOL OF ARTISAN FOOD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

8 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements 18,553 15,000
Depreciation of owned tangible fixed assets 88,201 87,644
Loss on disposal of tangible fixed assets - 12,443
Amortisation of intangible assets 19,479 17,192

9 Trustees

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

Trustee Alison Swan Parente made donations to the charity totalling £6,955 (2023 - £16,100) and the charity made sales of £511 (2023 - £179) to her.

Trustee Nicholas Hatton made no donations to the charity (2023 - £200).

No Trustees were reimbursed (2023 – £64) in respect of travel expenses incurred.

No Trustees received any remuneration (2023 – 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).

The charity paid rent to the company of £22,925 (2023 – £25,200). The company provided IT, management and property repair services to the charity of £79,330 (2023 - £135,023). The company recharged staff costs to the charity of £6,669 (2023 - £2,035). The charity made sales to this company of £1,739 (2023 - £nil) in the year. The deemed donation relating to the rent-free period on the charity’s premises totalled £215,589 (2023 - £191,878). At the balance sheet date, the total amount due to The Welbeck Estates Company Limited was £3,123 (2023 - £3,037).

The Welbeck Bakehouse Limited

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

The charity received donations from this company of £16,000 (2023 - £nil) The charity purchased goods from this company of £170 (2023 – £578). The charity made sales to this company of £2,113 (2023 - £528). The charity recharged IT, pension, utility and staff costs to this company of £40,400 (2023 - £31,522). At the balance sheet date, the total amount due from The Welbeck Bakehouse Limited was £7,126 (2023 - £5,753).

Stichelton Dairy Limited

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

The charity recharged staff costs to this company of £934 (2023 - £1,070). The charity made sales of £848 (2023 - £nil) to this company. At the balance sheet date, the total amount due to Stichelton Dairy Limited was £112 (2023 - £101).

Other entities based at Welbeck

The charity made no sales (2023 - £15) and purchases of £1,806 (2023 - £2,426) to/from entities based on the Welbeck Estate. The charity recharged staff costs to these entities of £628 (2023 - £815). The amount due to these entities at the year end was £264 (2023 - £31).

THE SCHOOL OF ARTISAN FOOD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

10 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
23 19
Employment costs 2024 2023
£ £
Wages and salaries 535,229 437,958
Social security costs 46,045 38,092
Other pension costs 13,761 10,520
595,035 486,570

The Trustees consider the key management personnel to comprise the Trustees and the Senior Leadership team. The total employment benefits including employer pension contributions and employer national insurance contributions of the Senior Leadership team were £82,055 (2023 - £79,337).

There were no employees whose annual remuneration was more than £60,000.

11 Other

Net loss on disposal of tangible fixed assets Total
Unrestricted
funds
2024
2023
£
£
-
12,443
-
12,443		 Total
Unrestricted
funds
2024
2023
£
£
-
12,443
-
12,443
12,443

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE SCHOOL OF ARTISAN FOOD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

13 Intangible fixed assets

Cost
At 1 September 2023
Additions - separately acquired
At 31 August 2024
Amortisation and impairment
At 1 September 2023
Amortisation charged for the year
At 31 August 2024
Carrying amount
At 31 August 2024
At 31 August 2023		 Website
£
52,420
6,804
59,224
27,110
19,479
46,589
12,635
25,310

14 Tangible fixed assets

Short
leasehold land
and buildings
Plant and
equipment
Fixtures and
fittings
Office
equipment
£
£
£
£
Cost
At 1 September 2023
1,591,658
313,397
85,198
40,469
Additions
-
-
19,143
13,346
At 31 August 2024
1,591,658
313,397
104,341
53,815
Depreciation and impairment
At 1 September 2023
963,493
274,093
82,374
30,389
Depreciation charged in the year
63,667
14,762
2,238
7,534
At 31 August 2024
1,027,160
288,855
84,612
37,923
Carrying amount
At 31 August 2024
564,498
24,542
19,729
15,892
At 31 August 2023
628,167
39,304
2,824
10,079		 Total
£
2,030,722
32,489
2,063,211
1,350,349
88,201
1,438,550
624,661
680,374

THE SCHOOL OF ARTISAN FOOD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
16
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
18
Trade creditors
Other creditors
17
Creditors: amounts falling due after more than one year
Notes
Deferred income
18
18
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Non-current liabilities		 2024
£
7,350
4,199
234,205
245,754
2024
£
10,207
197,408
36,986
49,138
293,739
2024
£
309,327
2024
£
506,735
2024
£
197,408
309,327
506,735		 2023
£
7,154
9,284
32,154
48,592
2023
£
10,714
205,454
30,665
33,361
280,194
2023
£
330,282
2023
£
535,736
2023
£
205,454
330,282
535,736

THE SCHOOL OF ARTISAN FOOD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

18 Deferred income (Continued)
Movements in the year:
Deferred income at 1 September 2023 535,736 531,607
Released from previous periods (205,454) (167,455)
Resources deferred in the year 176,453 171,584
Deferred income at 31 August 2024 506,735 535,736

Grant income of £330,282, which was used to purchase certain fixed assets in accordance with accounting policy note 1.13, has been deferred to match the expected life of the fixed assets. The remaining deferred income of £176,453 relates to short courses to take place after the financial year end.

THE SCHOOL OF ARTISAN FOOD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

19 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Transfers Balance at Incoming Resources Transfers Balance at
1 September resources expended (Note: 1 September resources expended (Note: 31 August
2022 Donations, 2023 Donations, 2024
grants and grants and
legacies) legacies)
£ £ £ £ £ £ £ £ £
Restricted Donations fund 232,820 285,783 (73,195) - 445,408 198,081 (202,207) - 441,282
Bursary fund - 34,914 - (34,914) - 61,030 - (61,030) -
232,820 320,697 (73,195) (34,914) 445,408 259,111 (202,207) (61,030) 441,282

THE SCHOOL OF ARTISAN FOOD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

20 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 September
2023
Incoming
resources
Resources
expended
£
£
£
268,878
1,327,445
(1,494,374)
Previous year:
At 1 September
2022
Incoming
resources
Resources
expended
£
£
£
General funds
399,894
1,169,790
(1,335,720)
21
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
Total
Unrestricted
funds
2024
2024
2024
2023
£
£
£
£
Fund balances at 31
August 2024 are
represented by:
Intangible fixed assets
12,635
-
12,635
25,310
Tangible assets
624,661
-
624,661
680,374
Current assets/(liabilities)
(164,990)
441,282
276,292
(106,524)
Long term liabilities
(309,327)
-
(309,327)
(330,282)
162,979
441,282
604,261
268,878
22
Cash generated from operations
(Deficit)/surpus for the year
Adjustments for:
Investment income recognised in statement of financial activities
(Gain)/loss on disposal of tangible fixed assets
Amortisation and impairment of intangible assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in debtors
Increase/(decrease) in creditors
(Decrease)/increase in deferred income
Cash (absorbed by)/generated from operations		 Transfers
At 31 August
2024
£
£
61,030
162,979
Transfers
At 31 August
2023
£
£
34,914
268,878
Restricted
funds
Total
2023
2023
£
£
-
25,310
-
680,374
445,408
338,884
-
(330,282)
445,408
714,286
2024
2023
£
£
(110,025)
81,572
(7,554)
(3,301)
-
12,443
19,479
17,192
88,201
87,644
(197,162)
26,824
21,591
(86,042)
(29,001)
4,129
(214,471)
140,461