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2023-03-31-accounts

Charity registration number 1141781

Company registration number 07198367 (England and Wales)

FOOD REDISTRIBUTION WALES LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOOD REDISTRIBUTION WALES LIMITED

CONTENTS

Page
Trustees' report 1 - 9
Statement of trustees' responsibilities 10
Independent auditor's report 11 - 14
Statement of financial activities 15
Balance sheet 16
Statement of cash flows 17
Notes to the financial statements 18 - 32

FOOD REDISTRIBUTION WALES LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's governing document, the Companies Act 2006 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)".

Trustees Statement

As our 2022/23 annual report states, the year has been one of continued change and development. We would suggest this is for two main reasons. Firstly, the cost-of-living crisis which led to both unprecedented demand for our services and yet at the same time, presented a very real challenge to our food supplies requiring a pro-active response from our team. Secondly, we have needed to adapt processes, structures and strategy to give us a strong platform that will stand us in good stead in the medium to long term. The trustees, in this early part of 2023/24, will begin to draft a new strategy that reflects the changing environment and market in which we operate.

During 2022/23 the work of Fareshare Cymru became increasingly important and needed in communities across Wales. The importance of climate change and therefore our environmental objective of reducing food waste, became an even more urgent issue for the country to tackle. On this objective, we can be very proud of what we aim to achieve and, as the report outlines, what we actually achieved and delivered. The cost-of-living crisis became increasingly prevalent during the year and access to good quality, affordable food for families and individuals became even more important – a key social objective of ours. Again, Fareshare Cymru rose to the challenge and delivered – literally in our case, nearly 1,500 tonnes of food equating to 3.5 million meals for vulnerable people.

As trustees, we are both very proud and very thankful to all of the staff and volunteers who make this happen – they source, receive, store and distribute the food as well as managing teams, fine tuning processes, ensuring quality and safety of systems and carefully managing the finances. Although a relatively small organisation, we do not underestimate the time and effort that goes in to ensure Fareshare Cymru is successful in delivering its goals.

The annual accounts prepared by Azets present an unqualified audit which is welcomed and reflects the good work of the finance and management team. Finances of the organisation remain stable, as ever relying on the income from our community food members of which we appreciate and funds sourced from grants, with a particular thanks to the Welsh Government for their continued support.

Trustees will continue to play our vital role in helping set strategy, provide effective scrutiny of delivery, operations and financial management. We are also here to provide helpful support and advice where needed.

It remains a privilege to be part of the FareShare family, that of course includes Fareshare UK and the network throughout the UK and we are proud to see that we continue to deliver on our environmental and social objectives and we look forward to continued involvement and contribution during 2023/24.

FOOD REDISTRIBUTION WALES LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities

Our Role

Fare Share Cymru believes that no good food should go to waste.

We redistribute surplus good food to charities and community groups who turn it into meals.

Our aim is to support the local organisations that feed those in need, whilst also providing an ethically, environmentally, and economically sound solution to the food industry.

Our operational objectives for 2022/23 were to:

We are indebted to the Welsh Government, Moondance Foundation, the Waterloo Foundation and the Landfill Tax Disposals Community Scheme for their financial support, and to the businesses and many individuals for their donations, without which none of this would have been possible.

Public benefit

The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities. FareShare Cymru’s focus on tackling food poverty, working in partnership with local charities and community-based organisations, has a direct and positive benefit for many of the most marginalised people in Wales (individuals who are homeless, unemployed, poor, isolated). The charity engages individuals as volunteers in its work and this is open to all members of the community, including the most marginalised. This also provides opportunities for volunteers and others to gain recognition, including accreditation, for the skills they have acquired while working with FareShare Cymru. In addition through the use of surplus food we are reducing waste and reducing carbon emissions.

Achievements and performance

2022/23 has been a year of continued change and development, with the cost-of-living crisis affecting many people across Wales resulting in an increase in demand for our services. 93% of our the community groups and charities we serve in Wales say that demand for their services has significantly increased (FareShare Annual Impact Survey).

It's also been a difficult year for the food industry with a combination of global and national issues outside our control affecting supply of surplus food. These included the war in Ukraine; global supply chain issues such as a lack of labour and the cost of fuel; the food industry facing crippling costs and supply chain challenges, exacerbated by the fallout from Brexit; retailers reducing the number of lines and pushing more product to stores more quickly to try to maintain on-shelf availability; the cost of living crisis causing increased energy costs for food businesses; and extreme weather.

As a result we have spent time this year looking at solutions to help us access additional surplus food. Those solutions will see us investing in our ability to take more difficult foods and expanding our capacity in other areas. In 2022-23 we secured funding to support our investment and identified a suitable warehouse.

Food Redistributed

Despite the challenges in 2022/23 FareShare in Wales redistributed 1,482 tonnes of food, of which 858 was surplus. The amount of food delivered equates to more than 3.5 million meals provided to vulnerable people in South Wales.

FOOD REDISTRIBUTION WALES LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

Organisations We Support

During 2022-23, we supported 201 organisations in Cardiff, Newport, Bridgend, Merthyr Tydfil, Caerphilly, Rhondda Cynon Taf, Blaenau Gwent, Torfaen, Vale of Glamorgan, Swansea, Neath Port Talbot, Monmouthshire, and Carmarthenshire. We also started our first delivery to Carmarthen, supporting organisations in west and north Carmarthenshire. In North Wales, our partners FareShare Merseyside, supported 33 organisations across Anglesey, Conwy, Denbighshire, Flintshire, Gwynedd and Wrexham.

We work with a wide range of organisations, that use food to support their communities in many different ways. This includes community pantries, homeless hostels and residential settings, and housing associations, along with food co-ops, community cafes, luncheon clubs and cooking programmes, support services run by churches, mosques, schools and community centres and more. All organisations provide vital support and services specific to the needs of their communities.

The variety of services provided by our members across Wales is incredible.

Some of our members include:

ACE Pantry, Al-Ikhlas Centre, Arts Factory, Barc Community Outreach Centre, Blaen-y-Maes Drop-In Centre, Bryncethin Community Centre, Cadfield Van, Cafe Tyfu - Barod, Centre for African Entrepreneurship, Cornelly and District Luncheon Club, Cwtch Angels Abergavenny, Duffryn Community Link, @Duffryn Community Centre, Fabric Foundation, FAN Community Alliance, Fir Tree Community Association, FoodCycle - Newport, Foothold Cymru, Garnsychan Partnership, Gilfach Goch Community Association, Grangetown Nursery, Hope Church Merthyr, Include Hub, Lampeter Food Project, Llannon Community Council, Maindee Primary School, Merthyr Tydfil Institute for the Blind (MTIB), Myrtle House, Noddfa Baptist Church, Oakdale Christian Centre, Ogmore Vale Primary School, Pentrebane Zone, River Church Wales, Rumney Forum, Sharon Full Gospel Church, St. Gwladys' Church Hall, St Johns Day Service, Swansea Community Farm, Tavs Centre Cardiff, Teen Challenge Hope House, The Bridge Mentoring Plus Scheme, The Youth Centre Cefn Hengoed, Threshold DAS Limited, Trinant Primary School, UK Islamic Mission (I care Newport) Food Project, Van Community Centre, Victory Grocery Store, Whiterose Information & Resource Centre, Ysgol Gynradd Llandeilo Primary School.

Partnerships & Collaboration

This year, our partnerships have helped us make an even bigger impact across Wales. We have continued to work alongside FareShare Merseyside to deliver FareShare in North Wales, increasing the number of organisations that are supported there. In addition, we set up a partnership with Carmarthen-based restaurant the Warren and University of Wales Trinity St. David Carmarthen campus, to begin the first phase of our West Wales expansion. This partnership enabled food to be redistributed to groups in Llanelli and Carmarthen. As part of our expansion into West Wales, we held meet-and-greet events for potential CFM's in Cardigan and Pembrokeshire.

We worked with Cranfield School of Management, Henley Business School, and Cardiff University students to research and write reports for us on Operational Efficiency/Employability (Cranfield), fundraising (Henley) and business development (Cardiff).

The Wild Water Group kindly provided us with 24 pallet spaces free of charge, which we could use to store our frozen food products. This meant that we could accept more frozen food without worrying about storage space, which enabled us to meet the needs of those we support. We also partnered with Museums Wales to encourage surplus from the St Fagans Food Festival stallholders to be donated.

Photographer Tony Charles showcased the work of FareShare Cymru alongside three of our CFMs at an exhibition at Cardiff Metropolitan University which ran for two weeks in February 2023. We also collaborated with Cardiff University Business School on a mapping project of South Wales, looking at where food projects are, nature of the project and beneficiaries.

Excitingly, we also started work on the feasibility of a Redistribution Wales Kitchen in partnership with Cardiff and Vale College funded by SBRI. Other collaborators on this project include Cardiff University, Cardiff and Vale Dietetics and Zero 2 Five.

FOOD REDISTRIBUTION WALES LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

Events and representation

We are active members of groups including Wales Anti-Poverty Coalition, Cross Party Group on Poverty, Climate Cymru, Food Cardiff, Food Vale, Cardiff Food Poverty Working Group, Cardiff Community Food Retail Network, Torfaen Sustainable Food Places Steering Group, Vale Sustainable Food Places Steering Group and RCT Sustainable Food Places Steering Group Merthyr Food Prosperity Network, Bridgend Food Network, RCT Food, Carmarthenshire Food Network, Swansea Food Network, Caerphilly Food Network, adamantoid Major Food Access project.

This year we participated in lots of opportunities to spread the word about what we do at FareShare Cymru and to help find solutions to food poverty and food waste. We spoke at the Food and Drink Sustainability Cluster and BITC's Cost of Living Roundtable, and attended the Wales Sustainable Food Places conference, Future Trends for the Baking Industry conference, and the Royal Welsh Show, as well as giving evidence to the Senedd's Equality & Social Justice Committee’s inquiry into debt and the cost of living crisis.

We submitted consultation responses including one on the Draft Food (Wales) Bill and held a fringe event as part of Wales Climate Week.

Local food sourcing

In the past year, we’ve been able to foster some excellent new relationships with a range of food businesses, allowing us to provide an ethical solution to the challenges presented by surplus food for a number of Welsh businesses.

We’ve been delighted to work with new food partners like Peter’s Food Service, Memory Lane Cakes, Tillery Valley Foods, and Lewis Pie and Pasty Co. Their donations of high-quality surplus food have proven a lifeline for so many of our charity and community group members. In addition to local relationships, we’ve also begun to provide more localised relationship management for national FareShare partners like Booker and Tesco to unlock more surplus food, and to do more good.

Surplus with Purpose Cymru

In August 2022, the Welsh Government confirmed that the Surplus with Purpose Cymru funding would be continued until 2025, to enable us to access more surplus food from suppliers that can support the charities and community groups we work with across Wales to provide healthy, nutritious meals to their service users. The fund allows FareShare Cymru to work with food manufacturers, producers and farmers to unlock ‘hard to reach’ surplus food. In addition to more marketing for the fund in food-specific outlets and media, we’ve been able to work with established brands like Puffin Produce, and also small independent growers to encourage a large volume of fresh produce into the FareShare Cymru network.

Fareshare Go

FareShare Go connects not-for-profit organisations with their local supermarkets to collect unsold surplus food at the end of the day, via the Foodiverse app. It is a free project that works with four major retailers across the UK; Tesco, Asda, Waitrose, and Booker, and two restaurant chains; KFC, and Nando's. During 2022/23 876.16 tonnes of food was redistributed across Wales.

Volunteering and Employability

In the last year, 130 people volunteered with us, giving over 14.5 thousand hours of their time. Most were regularly volunteering in the depot, including delivery drivers, warehouse assistants and administrative assistants. Several more volunteers supported us remotely with translation, marketing and research along with our marketing and communications placement student.

A huge shout out is due to our volunteers for their amazing positivity in some tricky times with the remains of Covid and fluctuating food levels. They have been hugely supportive and flexible, quite literally going that extra mile to get good food out to those in need. We continued our employability journey with the completion of our second round of Kickstart placements. We need to thank South Wales & South West FLT training and Careers Change Wales for their support in providing training. We are looking towards continuing to help our volunteers with training and support towards employment if they require it. In the last year at least 7 of our volunteers moved on to gain employment.

FOOD REDISTRIBUTION WALES LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

We have been able to refresh and relaunch our corporate volunteering provision, offering team days on two days a week with some great uptake. We hosted 15 corporate volunteer days with 66 employees having a volunteering experience with us.

Impact and Value

We contributed to the relief of poverty, the advancement of public education and to the conservation, protection and improvement of the physical and natural environment by:

Financial review

The charity made a surplus of £423,303 consisting of an unrestricted surplus of £338,410 and a restricted surplus of £84,893.

According to the financial report for the 2022-23 fiscal year, we experienced a decrease in income of approximately 14% compared to the previous year. This drop in income was primarily due to the absence of an exceptional grant received in the 2021-22 fiscal year from the Welsh government fund to tackle food poverty.

However, the organization was able to receive grants from other major sources, including the Moondance Foundation, the Waterloo Foundation, and the Landfill Disposals Community Scheme, which helped to supplement its income. The organisation was also able to reduce its expenditure by 33%, mainly due to the significant spend on initiatives relating to the exceptional grant in the previous fiscal year. Overall, while the decrease in income was a challenge, it was able to adapt and continue its operations with the support of other funding sources.

Our membership fees continued to increase by around 10%.

Risk management

FareShare has a risk management strategy that centres on maintaining a risk register. The initial identification and assessment of risks is done by the Management and the Board of Trustees. The trustees review the risk register on a regular basis: they consider how the risks interact and where to prioritise mitigating actions.

The main categories of risk identified can be segmented into the following main areas:

Food safety - Food redistribution is the essence of what we do. Food safety, its traceability and overall handling are at the core of both our mission and our reputation. Mitigation: Our policies and procedures enable us to maintain the highest standards as any lapses would ultimately compromise our position of trust and expert authority within the food industry.

Loss of key staff - FareShare Cymru has a small staff team and the loss of any key individual would be significant.

Mitigation: We ensure that all staff are able to cover a variety of tasks. Putting a succession plan in place.

Securing surplus food - We rely primarily on FareShare UK for our supply of food. Those supplies of food are potentially vulnerable to commercial competition as well as alternative uses such as anaerobic digestion and animal feed. Mitigation: We have recruited a Food Sourcing Co-ordinator and work closely with FareShare UK to reduce barriers to accepting food.

FOOD REDISTRIBUTION WALES LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

Income generation - A large proportion of our income is from grants, much of which is short-term. The trustees regularly review forecasts to ensure we are able to adjust our expenditure to deal with changes in projected revenue. Mitigation: We aim to increase our proportion of earned income over time as can be seen with the increase in membership fees. This is also addressed by our target reserves policy of aiming to cover six to twelve months of ordinary ongoing expenditure.

Operations - FareShare Cymru operates a busy warehouse with potentially hazardous equipment such as forklift trucks and walk-in fridges and a freezer. We have both office-based employees as well as external volunteers coming to work at our sites. Mitigation: We maintain an up-to-date health and safety manual and ensure consistent communication through training and induction programmes.

In addition to this, we have carried out display screen equipment audits for all employees and conducted a risk assessment for lone workers in the depot, working from home and travelling on works business. Existing risk assessments have been reviewed and updated. A fire risk assessment has been carried out with quotes being sought for remedial action.

Our Finances

Total Income for the year was £1,242,135 and total expenditure was £818,832.

Future plans

Next year our aim is to support local organisations that feed those in need, whilst also providing an ethically, environmentally, and economically sound solution to the food industry.

Our operational objectives for 2023/24 are to:

In response to the increasing demand and our need to be able to handle a greater variety of products we are also planning to take on an additional warehouse to increase our capacity.

Structure, governance and management

Governing document and constitution

FareShare Cymru is the trading name of Food Redistribution Wales Ltd. It is a charitable company limited by guarantee (no. 07198367) and registered with the Charity Commission as a charity in England and Wales (no.1141781). FareShare Cymru was incorporated in 2010 and is governed by its Memorandum and Articles of Association adopted on 22nd March 2010. We began operations in July 2011.

Objects

FareShare Cymru's charity’s objects (“Objects”) are specifically restricted to the following:

a. the relief of poverty and the preservation and promotion of good nutrition, good health and social improvement among people who are suffering from social, economic or emotional distress in such ways as the Directors may in their absolute discretion think fit but particularly through:

FOOD REDISTRIBUTION WALES LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

c. the furtherance, for the benefit of the public, of the conservation, protection and improvement of the physical and natural environment through the reduction of waste (in particular food waste) and its adverse environmental impacts.

Recruitment and appointment of trustees

The Trustees, who are also directors and members of the charitable company, are listed on page 8. Each year, onethird of the trustees retire from office but may stand for re-election according to the procedures set out in the Memorandum and Articles of Association at the next Annual General Meeting. Trustees are recruited with a range of skills and experience that is needed best to ensure sound governance and strong progress towards the charity’s mission and aims. Newly appointed trustees receive an induction that includes making them aware of their legal responsibilities as well as FareShare Cymru’s policies, decision making processes, strategic plan and recent financial performance.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 10 to the accounts.

Organisation

The Trustees together constitute the Board that is FareShare Cymru’s governing body. They met four times in 2021/22. The Trustees approve the strategic plan and annual budgets of the charity as well as oversee policy. They also provide oversight on matters of finance and audit, risk and long-term sustainability.

The staff team, led by the CEO, is responsible for implementing the strategy and for progressing towards agreed key aims and objectives.

Staff pay policy

Our approach to staff pay is designed to ensure that we can attract and retain recruiting high-calibre people to represent its interests. We also believe in rewarding staff fairly for the jobs that they do and fostering a positive working environment, and we believe our salaries and our terms and conditions reflect this.

People are employed at FareShare Cymru on the basis of the specific skills that they bring to their particular role. For FareShare Cymru to run successfully, a range of skills and disciplines are required, and we need to pay appropriately to ensure that we can recruit people with the right skills.

We also need to retain them in a competitive market where their skills are readily transferable to other organisations both in the voluntary sector and in other sectors. FareShare Cymru firmly believes in trying to retain staff for the long-term, developing them and benefiting from their growing knowledge.

The lowest rate of pay is always at least the living wage set by the Living Wage Foundation and takes into account the rate of inflation and organisation affordability. Annual increases are subject to approval by the Board of Trustees.

Fareshare UK

FareShare Cymru is part of the FareShare UK network. This means that we have adopted the FareShare UK food safety manual and its HACCP policy and procedures. We use the FareShare UK Gladys Online Management System to record incoming and outgoing food as well as their online system for Volunteer Management and Community Food Member Management. In addition we agree to follow their branding guidelines.

Fundraising approach

This year our income came from membership fees, government, trusts and foundations, corporate partners and individuals. We are grateful to every supporter and for every gift we receive. All our fundraising is managed by staff and volunteers. The amount of money that we raise from individuals is small (less than 1%).

Due to the closure of Virgin Money Giving, our online donation method is now through JustGiving. We also have a Crowdfunder page that encourages people to donate their Nectar points. Research was done on which platforms were best to use and JustGiving was decided on due to its credibility.

We do not employ any professional fundraising organisations and received no complaints about our fundraising practices or activities in 2022-23.

FOOD REDISTRIBUTION WALES LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

Reference and administrative details

Company number

Company number 07198367 Charity number 1141781 Registered office Unit S5 Capital Buisiness Park Parkway Cardiff CF3 2PU Trustees C Bray S Harris J Hunt S Milburn H Vadgama E Waldron - resigned 22 April 2022 J Belcher - Appointed 9 May 2022 Staff S Germain - CEO G Molan- Head of Operations P Pinder - Volunteering & Employability Co-ordinator E Roberts - Assistant Operations Manager D Richards - Assistant Operations Manager (until April 2022) S Harvey - Assistant Operations Manager (from May 2022) D King - Assistant Operations Manager M Lee - Assistant Operations Manager K Padfield - Head of Development H Thomas - Project Officer S Williams - Finance Manager G Sullivan - Marketing & Communications Co-ordinator (until April 2022) M Jones (September 2022 – March 2023) S Stranks - Food Sourcing Co-ordinator T Mogford - Community Food Members Co-ordinator (until March 2023) D Warburton - Assistant Operations Manager Auditors Azets Audit Services Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB

FOOD REDISTRIBUTION WALES LIMITED

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

FOR THE YEAR ENDED 31 MARCH 2023

Bankers

The Co-operative Bank, 16-17 High Street, Cardiff, CF10 1AX Triodos,Deanery Road, Bristol, BS1 5AS The Charity Bank Limited, Fosse House, 182 High Street

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

S Harris- Trustee

Dated: 15 September 2023

FOOD REDISTRIBUTION WALES LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2023

The trustees, who are also the directors of Food Redistribution Wales Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

FOOD REDISTRIBUTION WALES LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF FOOD REDISTRIBUTION WALES LIMITED

Opinion

We have audited the financial statements of Food Redistribution Wales Limited (the ‘charity’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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 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 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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

FOOD REDISTRIBUTION WALES LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FOOD REDISTRIBUTION WALES LIMITED

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

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material 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 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.

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.

FOOD REDISTRIBUTION WALES LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FOOD REDISTRIBUTION WALES LIMITED

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

FOOD REDISTRIBUTION WALES LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FOOD REDISTRIBUTION WALES LIMITED

Azets Audit Services

......................... Chartered Accountants Statutory Auditor Ty Derw, Lime Tree Court Cardiff Gate Business Park Cardiff United Kingdom CF23 8AB Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

FOOD REDISTRIBUTION WALES LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and
legacies
3
554,186
-
Charitable activities
4
60,675
626,673
Investments
5
601
-
Total income
615,462
626,673
Expenditure on:
Charitable activities
6
277,052
541,780
Other
9
-
-
Total expenditure
277,052
541,780
Gross transfers
between funds
-
-
Net income for the year/
Net movement in funds
338,410
84,893
Fund balances at 1 April
2022
1,443,256
157,164
Fund balances at 31
March 2023
1,781,666
242,057		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
554,186
503,606
-
687,348
39,549
896,381
601
362
-
1,242,135
543,517
896,381
818,832
279,655
944,941
-
1,336
-
818,832
280,991
944,941
-
88,366
(88,366)
423,303
350,892
(136,926)
1,600,420
1,092,364
294,090
2,023,723
1,443,256
157,164		 Total
2022
£
503,606
935,930
362
1,439,898
1,224,596
1,336
1,225,932
-
213,966
1,386,454
1,600,420

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

FOOD REDISTRIBUTION WALES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
18
Unrestricted funds
Designated funds
19
General unrestricted funds		 2023
£
£
262,232
253,757
1,588,770
1,842,527
(81,036)
1,761,491
2,023,723
242,057
814,575
967,091
1,781,666
2,023,723		 2022
£
£
364,012
16,483
1,288,670
1,305,153
(68,745)
1,236,408
1,600,420
157,164
709,012
734,244
1,443,256
1,600,420		 2022
£
£
364,012
16,483
1,288,670
1,305,153
(68,745)
1,236,408
1,600,420
157,164
709,012
734,244
1,443,256
1,600,420
1,600,420
157,164
1,443,256
1,600,420

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023, although an audit has been carried out under section 144 of the Charities Act 2011.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 15 September 2023

S Harris - Trustee

Company Registration No. 07198367

FOOD REDISTRIBUTION WALES LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash generated from operations
23
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
306,155
(6,656)
-
601
(6,055)
-
300,100
1,288,670
1,588,770		 2022
£
£
224,825
(96,364)
704
362
(95,298)
-
129,527
1,159,143
1,288,670

FOOD REDISTRIBUTION WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

Food Redistribution Wales Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit S5, Capital Business Park, Parkway, Cardiff, CF3 2PU, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 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)". 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 accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

The charity relies heavily on Welsh Government funding which has been confirmed until March 2024. The charity is currently awaiting a decision from Welsh Government regarding confirmation of future funding past this date.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.

Membership income is recognised in the period to which it relates.

FOOD REDISTRIBUTION WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Grants receivable are treated in different ways dependent upon their purposes and the terms of the grant.

Grants receivable for the specific purpose of purchasing fixed assets for the continued use of the charity are treated as restricted funds. The restricted fund is then reduced by amounts equivalent to the depreciation charges on the assets concerned and will continue to do so over the expected useful lives of the assets concerned.

Grants receivable for specific purposes are also treated as restricted funds so that any unused funds can be separately identified.

Grants receivable to facilitate the general running of the charity for example where the trustees can choose how the funds are expended, are treated as unrestricted funds.

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

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Expenditure includes VAT as the charity is not VAT registered; therefore VAT is reported as part of the expenditure to which it relates.

"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.

"Support costs" are those costs that, whilst necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity. This includes governance costs which are those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees and costs linked to the strategic management of the charity as well as a proportion of salaries based on an approximation of time spent in this area.

1.6 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:

Freehold land and buildings 4% on cost Fixtures and equipment 20% on cost Motor vehicles 25% on cost

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.

FOOD REDISTRIBUTION WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible 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).

1.8 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.

1.9 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans 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.

FOOD REDISTRIBUTION WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.10 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.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Taxation

The charity is exempt from corporation tax on its charitable activities.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 146,701 133,651
Membership fees 407,485 369,955
554,186 503,606

FOOD REDISTRIBUTION WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

4 Charitable activities

Grants
Miscellaneous income
Analysis by fund
Unrestricted funds
Restricted funds
Grants
Welsh Government - Funding Allocation
National Lottery Community Fund
Asda
Fareshare UK
Waterloo Foundation
WCVA
WG Capital Grant		 2023
£
687,348
-
687,348
60,675
626,673
687,348
450,616
-
-
60,675
50,000
22,672
103,385
687,348		 2022
£
932,896
3,034
935,930
39,549
896,381
935,930
786,536
28,179
8,328
28,187
41,667
39,999
-
932,896

5 Investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Interest receivable 601 362

FOOD REDISTRIBUTION WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

6 Charitable activities

Staff costs
Depreciation and impairment
Hire of plant and machinery
Rent and service charges
Rates
Light and heat
Insurance
Advertising and promotion
Partnership fee
Motor vehicle expenses
Travel and subsistence
Postage and stationery
Telephone and IT costs
Staff and volunteer training
Volunteer expenses
Repairs & Renewals
Storage and Transport
Waste disposal costs
Food purchases
Surplus with Purpose
Grant funding of activities (see note 7)
Share of support costs (see note 8)
Share of governance costs (see note 8)
Analysis by fund
Unrestricted funds
Restricted funds		 2023
£
339,075
101,646
-
1,895
2,435
11,654
14,957
4,289
100
47,475
3,298
785
7,652
2,539
3,895
26,921
8,864
2,028
79,541
36,992
687,177
73,000
48,117
10,538
818,832
277,052
541,780
818,832		 2022
£
295,301
103,272
1,447
2,812
2,426
13,084
19,228
11,314
-
36,568
912
2,802
6,073
9,543
4,976
51,109
8,269
4,825
450,000
12,127
1,036,088
148,053
29,412
11,043
1,224,596
279,655
944,941
1,224,596

FOOD REDISTRIBUTION WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

7 Grants payable

Grants to institutions:
Fareshare North Wales
West Wales Partnership		 2023
£
70,000
3,000
73,000		 2022
£
148,053
-
148,053

In the current year, a total of £70,000 (2022: £148,053) was awarded to Fareshare North Wales to support the cost of membership fees for new members in North Wales.

8 Support costs

Staff costs
Depreciation
Other costs
Audit fees
Legal and professional
Accountancy and
bookkeeping
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
29,639
-
6,790
-
11,688
-
-
5,760
-
2,918
-
1,860
48,117
10,538
48,117
10,538		 2023
£
29,639
6,790
11,688
5,760
2,918
1,860
58,655
58,655		 Support
costs
Governance
costs
£
£
10,153
-
8,256
-
11,003
-
-
5,400
-
-
-
5,643
29,412
11,043
29,412
11,043		 2022
£
10,153
8,256
11,003
5,400
-
5,643
40,455
40,455

9 Other

Net loss on disposal of tangible fixed assets Total
Unrestricted
funds
£
2023
2022
-
1,336
-
1,336		 Total
Unrestricted
funds
£
2023
2022
-
1,336
-
1,336
1,336

FOOD REDISTRIBUTION WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Employees

Number of employees

The average monthly number of employees during the year was:

Management
Administration and project support
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
4
10
14
2023
£
336,915
23,644
8,155
368,714		 2022
Number
4
9
13
2022
£
279,815
18,193
7,446
305,454

Key management personnel

The key management personnel of the charity received benefits totalling £142.258 (2022: £120,951).

Employees earning over £60,000

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

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 Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

FOOD REDISTRIBUTION WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

13
Tangible fixed assets
Freehold land
and buildings
Fixtures and
equipment
Motor vehicles
£
£
£
Cost
At 1 April 2022
225,000
269,147
290,498
Additions
-
6,656
-
At 31 March 2023
225,000
275,803
290,498
Depreciation and impairment
At 1 April 2022
90,000
160,109
170,523
Depreciation charged in the year
9,000
42,529
56,908
At 31 March 2023
99,000
202,638
227,431
Carrying amount
At 31 March 2023
126,000
73,165
63,067
At 31 March 2022
135,000
109,037
119,975
14
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
21,782
Other debtors
228,288
Prepayments and accrued income
3,687
253,757
15
Creditors: amounts falling due within one year
2023
Notes
£
Deferred income
16
49,515
Trade creditors
24,354
Other creditors
1,307
Accruals and deferred income
5,860
81,036		 Total
£
784,645
6,656
791,301
420,632
108,437
529,069
262,232
364,012
2022
£
11,119
-
5,364
16,483
2022
£
58,873
2,230
1,251
6,391
68,745

FOOD REDISTRIBUTION WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

16 Deferred income

Arising from membership income 2023
£
49,515
Deferred income is included in the financial statements as follows:
Balance brought forward
Income received
Income released
Balance carried forward

17 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £9,286 (2022: £7,446). Amounts outstanding at the year end totalled £1,306 (2022: £1,251).

Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Transfers
Balance at
Incoming
Resources
Balance at		 1 April 2021
resources
expended
1 April 2022
resources
expended
31 March 2023		 £
£
£
£
£
£
£
£		 Capital development fund
144,000
-
(9,000)
-
135,000
-
(9,000)
126,000		 Welsh Government Funding Allocation
-
786,536
(786,536)
-
-
450,616
(450,616)
-		 Welsh Government Circular Economy Fund
132,550
-
(44,184)
(88,366)
-
-
-
-		 Asda Capital Fund
7,658
-
(7,658)
-
-
-
-
-		 Asda Revenue Fund
1,549
-
(1,549)
-
-
-
-
-		 National Lottery Communities Fund
-
28,179
(28,179)
-
-
-
-
-		 Waterloo Foundation
8,333
41,667
(50,000)
-
-
50,000
(50,000)
-		 WCVA (LDTCS05)
-
39,999
(17,835)
-
22,164
10,000
(32,164)
-		 WCVA (LDTCS08)
-
-
-
-
-
12,672
-
12,672		 WG Grant
-
-
-
-
-
103,385
-
103,385		 294,090
896,381
(944,941)
(88,366)
157,164
626,673
(541,780)
242,057
18

FOOD REDISTRIBUTION WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

19 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Fixed asset fund
Capital reserve
Business development reserve
Enivornmental improvements reserve
Repairs reserve
IT Equipment and Phones
Unit M1 Capex and Runnning Costs		 Transfers
Balance at
1 April 2022
Resources
expended
£
£
£
229,012
229,012
(99,437)
120,000
120,000
-
150,000
150,000
-
110,000
110,000
-
100,000
100,000
-
-
-
-
-
-
-
709,012
709,012
(99,437)		 Transfers
Balance at
31 March 2023
£
£
-
129,575
-
120,000
-
150,000
-
110,000
-
100,000
55,000
55,000
150,000
150,000
205,000
814,575		 Transfers
Balance at
31 March 2023
£
£
-
129,575
-
120,000
-
150,000
-
110,000
-
100,000
55,000
55,000
150,000
150,000
205,000
814,575
814,575

Fixed asset fund

Relates to the transfer of the charity's unrestricted net book value of its fixed assets.

Capital reserve

To maintain and/or increase the asset position of Fareshare Cymru to help maximise opportunities to generate income and/or invest in future projects.

Business development reserve

To fund investment in new projects and developments that lead to the improved sustainability and reach of the Fareshare Cymru. This may include developing a new operational activity or developing into a new area.

Environmental improvements reserve

To fund investment in infrastructure or capital that improves the environmental performance of FareShare Cymru.

Repairs reserve

To fund unexpected repairs that are needed to the building

IT Equipment and Phones

To fund upgrades to IT systems.

Unit M1 Capex and Running Costs

To Fund unfunded capital costs and improve the premises and the end of the lease.

Total 2022 £ 364,012 1,236,408 1,600,420
Restricted funds 2022 £ 135,000 22,164 157,164
Designated funds 2022 £ 229,012 480,000 709,012
Unrestricted funds 2022 £ - 734,244 734,244
Total 2023 £ 262,232 1,761,491 2,023,723
Restricted funds 2023 £ 132,657 109,400 242,057
Designated funds 2023 £ 129,575 685,000 814,575
Unrestricted funds 2023 £ - 967,091 967,091
Analysis of net assets between funds Fund balances at 31 March 2023 are represented by: Tangible assets Current assets/(liabilities)
20

FOOD REDISTRIBUTION WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

21 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2023
£
204
-
204		 2022
£
1,037
259
1,296

22 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

23 Cash generated from operations 2023 2022
£ £
Surplus for the year 423,303 213,966
Adjustments for:
Investment income recognised in statement of financial activities (601) (362)
(Gain)/loss on disposal of tangible fixed assets - 1,336
Depreciation and impairment of tangible fixed assets 108,436 111,528
Movements in working capital:
(Increase)/decrease in debtors (237,274) 149,370
Increase/(decrease) in creditors 21,649 (130,854)
(Decrease) in deferred income (9,358) (120,159)
Cash generated from operations 306,155 224,825
24 Analysis of changes in net funds

The charity had no debt during the year.