07827255
CHARITY REGISTERED NUMBER:1144644
ISLE OF WIGHT FOODBANK
DIRECTORS' AND TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022
CHURCHILL ROSE
CHARTERED ACCOUNTANTS AND TAX ADVISERS 7 BELL YARD LONDON WC2A 2JR
ISLE OF WIGHT FOODBANK
LEGAL AND ADMINISTRATIVE INFORMATION
| Company Number: | 07827255 |
|---|---|
| Registered Charity Number: | 1144644 |
| Directors: | Mr Stephen Porter |
| Mr Maurice Kane | |
| Rev Stephen Bell | |
| Mr Christopher Holgate | |
| Mr Tony Murphy - resigned 27th April 2022 | |
| Ms Caroline Osborn | |
| Registered Office: | Love Lane |
| Cowes | |
| Isle of Wight | |
| PO31 7ET | |
| Accountants: | Churchill Rose |
| Chartered Accountants and Tax advisers | |
| 7 Bell Yard | |
| London | |
| WC2A 2JR |
ISLE OF WIGHT FOODBANK
FOR THE YEAR ENDED 31 OCTOBER 2022
CONTENTS
| Page | |
|---|---|
| Charity - Trustees Report | 1 |
| Independent Examiner’s Report | 3 |
| Balance sheet | 5 |
| Statement of financial activities | 6 |
| Schedule of funds | 7 |
| Notes | 8 |
ISLE OF WIGHT FOODBANK
DIRECTORS' AND TRUSTEES' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022
The Trustees submit their annual report and financial statements for the year ended 31 October 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) (Accounting and Reporting by Charities" issued in 2005 in preparing the annual report and financial statements of the charity.
Structure, Governance and Management
Governing document
The charity is governed by its Articles of Association of 28 October 2011
Objectives and activities
The Object of the company is the relief of financial hardship among people living or working on the Isle of Wight by providing such persons with goods or services which they could not otherwise afford through lack of means.
Achievements and performance
The year has continued to be challenging as we came out of the Covid pandemic into the Cost of Living crisis. This has resulted in continued high use of the foodbank resources and services.
The charity continues to support large numbers of people in the Isle of Wight. Food amounting to 83,912 kilos (2019-2020 71,535 kilos) was collected from the public and businesses with 97,743 kilos (2019/20 – 81,794 kilos) given out to feed 5,787 (19/20 -6,057) people. The value of the food collected and distributed equates to £166k and reflects the generosity of the people on the Isle of Wight. Below is a table that shows the number of food parcels we have handed out in 2021/22.
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Jan | 384 | 514 | 529 | 531 | 421 |
| Feb | 314 | 435 | 459 | 365 | 402 |
| Mar | 401 | 442 | 838 | 364 | 453 |
| Apr | 323 | 364 | 616 | 265 | 484 |
| May | 368 | 486 | 447 | 254 | 414 |
| Jun | 331 | 338 | 329 | 273 | 474 |
| July | 374 | 439 | 337 | 251 | 320 |
| Aug | 347 | 332 | 287 | 250 | 433 |
| Sept | 336 | 430 | 283 | 345 | 503 |
| Oct | 452 | 510 | 384 | 302 | 503 |
| Nov | 486 | 554 | 544 | 517 | |
| Dec | 670 | 950 | 621 | 863 | |
| Totals: | 4786 | 5794 | 5337 | 4580 |
In December, the charity ran the Christmas bag project and handed out an additional 400 Bags of festive foods/ for any foodbank client who attended a café with a referral in December 2022. This was given alongside their three-day allocation of food.
The textile sales began again in September 2022. The sales were stopped due to covid but continue to take place on the first Saturday of every month. The amount raised for September -October 2022 was £1,475.
Page 1
ISLE OF WIGHT FOODBANK
DIRECTORS' AND TRUSTEES' REPORT (Continued)
FOR THE YEAR ENDED 31 OCTOBER 2022
Along with 7 paid members of the team Isle of Wight Foodbank is run by 128 (2019 -2020- 75) volunteers operating out of 5 Distribution Centre’s, without such support the charity could not exist, and the trustees would like to thank all of those involved.
Our long-term Manager Hannah King moved on from the charity and we would like to thank her for all her hard work over the last 11 years. We have been able to recruit an excellent replacement in Kay Lewis and look forward to her input over the coming years.
The reserves have increased to £74k, to leave us with reserves of £305k. This is a healthy position and allows to think and plan long term for the food bank.
For 2022 we were able to generate a surplus for the year of £74k, (2021 surplus of £71k). The charity will look over the coming years to reduce our reserves so that the funds that have been given generously will be put to use within the IOW community.
Future Developments
We will continue to look at projects going forward that are in line with the charity’s goals and objectives. We are currently still dealing with the aftermath of the Covid pandemic and the growing cost of living crisis and will be looking at the part the IOW Foodbank can play in helping people with these current issues.
Financial review
The charity has seen a general increase in funding over the last few years which has enabled us to build our reserves up to a more healthy level.
We are grateful to God and the local community for helping the charity continue in its works.
Investment policy
In accordance with the trust deed, the trustees have the power to invest in such stocks, shares, investments and property in the UK as they see fit.
In 2015 the trustees invested £10,000 in M&G Charifund, this represents the reserves of the charity, and it was felt that a better return would be gained than having the money in a deposit account. At 31.10.2022 the value of the fund is £69k, we moved £46,000 into the account in May 2022.
Page 1
ISLE OF WIGHT FOODBANK
DIRECTORS' AND TRUSTEES' REPORT (Continued)
FOR THE YEAR ENDED 31 OCTOBER 2022
Trustees' responsibilities in relation to the financial statements
The trustees 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 the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the
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financial statements;
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the board of directors and trustees on … July 2023 and signed on its behalf.
......................................................... R C Holgate Trustee.
Page 2
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ISLE OF WIGHT FOODBANK
FOR THE YEAR ENDED 31 OCTOBER 2022
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 October 2022 which are set out on pages 5 to 13.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
........................................ Dated:
Churchill Rose Chartered Accountants and Tax advisers 7 Bell Yard London WC2A 2JR
Page 3
COMPANY NUMBER: 07827255
ISLE OF WIGHT FOODBANK
BALANCE SHEET
| Tangible fixed assets Tangible assets Investments Current assets Debtors Bank Accounts Creditors Amounts falling due within one year Net current assets Total assets less current liabilities Net assets Capital funds Unrestricted funds Total funds |
AT 31 OCTOBER 2022 Note 2022 2021 £ £ £ £ 6 1,644 11,180 7 68,553 29,179 ––––––– ––––––– 70,197 40,359 8 15,590 17,242 229,020 180,118 ––––––– ––––––– 244,610 197,360 9 8,978 6,262 ––––––– ––––––– 235,632 191,098 ––––––– ––––––– 305,829 231,457 ––––––– ––––––– £305,829 £231,457 ––––––– ––––––– 305,829 231,457 ––––––– ––––––– £305,829 £231,457 ––––––– ––––––– |
|---|---|
For the year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476:
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts;
These financial statements have been prepared in accordance with the special provisions relating to the small companies regime within part 15 of the Companies Act 2006.
Approved by the Board on ………………………
................................................... R C Holgate
The annexed notes form part of these financial statements.
Page 5
ISLE OF WIGHT FOODBANK
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2022
| Total | Total | ||
|---|---|---|---|
| Unrest'd | Funds | Funds | |
| Funds | 2022 | 2021 | |
| £ | £ | £ | |
| Incoming resources | |||
| Incoming Resources from | |||
| generated funds: | |||
| Voluntary income | 290,510 | 290,510 | 221,430 |
| Investment income | 2,406 | 2,406 | 104 |
| ––––––– | ––––––– | ––––––– | |
| 292,916 | 292,916 | 221,534 | |
| ––––––– | ––––––– | ––––––– | |
| Total incoming resources | 292,916 | 292,916 | 221,534 |
| ––––––– | ––––––– | ––––––– | |
| Resources expended | |||
| Costs of generating funds | 25,977 | 25,977 | 15,964 |
| Charitable activities | 6,920 | 6,920 | 5,165 |
| Governance costs | 179,021 | 179,021 | 135,819 |
| ––––––– | ––––––– | ––––––– | |
| Total resources expended | 211,918 | 211,918 | 156,948 |
| Net incoming resources before | |||
| revaluations and investment | |||
| asset disposals | 80,998 | 80,998 | 64,586 |
| ––––––– | ––––––– | ––––––– | |
| Gains and Losses on revaluations | |||
| of fixed assets for the charity's | |||
| own use | (6,626) | (6,626) | 7,124 |
| ––––––– | ––––––– | ––––––– | |
| Net movement in funds | 74,372 | 74,372 | 71,710 |
| Total funds brought forward | £231,457 | £231,457 | 159,747 |
| ––––––– | ––––––– | ––––––– | |
| Total funds carried forward | £305,829 | £305,829 | £231,457 |
| ––––––– | ––––––– | ––––––– |
Details of Incoming resources and resources used are given in the notes to the financial statements. Details of other gains and losses are given in the notes to the financial statements.
Page 6
ISLE OF WIGHT FOODBANK
STATEMENT OF FINANCIAL ACTIVITIES
DETAILED ANALYSIS OF MOVEMENTS IN FUNDS
FOR THE YEAR ENDED 31 OCTOBER 2022
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | |||
| Profit & Loss Account | ||||||
| Profit & Loss Account b/f | 231,457 | 159,747 | ||||
| Surplus for the year | 80,998 | 64,586 | ||||
| Gains/ (Loss) on revaluation (owned assets) | (6,626) | 7,124 | ||||
| ––––––– | ––––––– | |||||
| 305,829 | 231,457 | |||||
| ––––––– | ––––––– | |||||
| Total funds at 31 October 2022 | £305,829 | £231,457 | ||||
| ––––––– | ––––––– |
Page 7
ISLE OF WIGHT FOODBANK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
1. Accounting policies
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 (as updated through Bulletin 1 published on 2 February 2016 and Update Bulletin 2 published on 5 October 2018) the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Companies Act 2006 and UK Generally Accepted Practice.
The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
The financial statements are prepared on a going concern basis under the historical convention (modified to include certain items at fair value). The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years unless otherwise stated.
Cashflow statement
The Company has taken advantage of the exemption in Financial Reporting Standard No.1 from the requirement to produce a cashflow statement on the grounds that it is a small company.
Incoming resources
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and Machinery - 15% per annum of cost Fixtures and Fittings - 5 year straight line Motor Vehicles - 3 years straight line
Pension costs
The company operates a defined contribution pension scheme under the Auto Enrolment rules for its employees. The pension charge represents the amount payable by the company to the fund in respect of the year.
Page 8
ISLE OF WIGHT FOODBANK
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 OCTOBER 2022
2. Turnover
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
| 3. | Operating profit | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| This is stated after charging: | |||
| Accountancy | 3,865 | 1,000 | |
| Depreciation of owned assets | 9,616 | 9,600 | |
| Pension costs (excluding directors) | 3,677 | 2,384 | |
| ––––––– | ––––––– |
4. Staff costs
The average number of persons employed by the company, including directors, during the year was as follows:
| 2022 | 2021 | ||
|---|---|---|---|
| General staff | 6 | 5 | |
| ––––––– | ––––––– | ||
| The aggregate payroll costs of these persons were as follows: | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Wages and salaries | 143,503 | 108,176 | |
| Other pension costs | 3,677 | 2,384 | |
| ––––––– | ––––––– | ||
| £147,180 | £110,560 | ||
| ––––––– | ––––––– | ||
| 5. | Other Interest Receivable And Similar | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Dividend from listed investments | 2,406 | 104 | |
| ––––– | ––––– |
Page 10
ISLE OF WIGHT FOODBANK
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 OCTOBER 2022
6. Tangible fixed assets
| Plant Fixtures and and Machinery Fittings £ £ Cost: At 1 November 2021 5,554 2,043 Additions 0 80 –––––– –––––– At 31 October 2022 5,554 2,123 –––––– –––––– Depreciation: At 1 November 2021 3,680 817 Charge for the year 1,111 425 –––––– –––––– At 31 October 2022 4,791 1,242 –––––– –––––– Net book value: At 31 October 2022 £ 763 £ 881 –––––– –––––– At 31 October 2021 £ 1,874 £ 1,226 –––––– –––––– 7. Fixed asset investments Investments London Stock Exchange 8. Debtors and prepayments Amounts falling due within one year: Sales ledger balances Prepayments |
Motor Vehicles Total £ £ 24,243 31,840 0 80 –––––– –––––– 24,243 31,920 –––––– –––––– 16,162 20,659 8,081 9,617 –––––– –––––– 24,243 30,276 –––––– –––––– £ 0 £ 1,644 –––––– –––––– £ 8,081 £11,181 –––––– –––––– 2022 2021 £ £ 68,553 29,179 –––––– –––––– 2022 2021 £ £ 13,902 15,563 1,688 1,679 –––––– –––––– £15,590 £17,242 –––––– –––––– |
|---|---|
Page 11
ISLE OF WIGHT FOODBANK
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 OCTOBER 2022
9. Creditors
| Amounts falling due within one year:- Purchase ledger balances Other Taxes & PAYE Amount due to Pension Fund Accruals and Deferred Income 10. Other Recognised Gains and Losses Assets for the charity's own use Unrestricted funds Revaluation of Investment Fund |
2022 £ 2,163 2,738 859 3,218 ––––––– £ 8,978 ––––––– 2022 £ (6,626) –––––– |
2021 £ 1,787 2,430 505 1,540 ––––––– £ 6,262 ––––––– 2021 £ 7,124 –––––– |
|---|---|---|
Page 12
ISLE OF WIGHT FOODBANK
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 OCTOBER 2022
11. Incoming resources
| Unrest'd | Total | Total | ||
|---|---|---|---|---|
| Funds | Funds | Funds | ||
| 2022 | 2022 | 2021 | ||
| £ | £ | £ | ||
| Voluntary Income | ||||
| Donated sales and textiles | 619 | 619 | 80 | |
| Donations and Grants | 284,563 | 284,563 | 217,618 | |
| Tesco top-up | 5,098 | 5,098 | 2,096 | |
| Events and Fundraising | 222 | 222 | 0 | |
| Rag Bags | 0 | 0 | 79 | |
| Dividends on investments | 0 | 0 | 1,283 | |
| Misc income | 8 | 8 | 274 | |
| ––––––– | ––––––– | ––––––– | ||
| 290,510 | 290,510 | 221,430 | ||
| ––––––– | ––––––– | ––––––– | ||
| Investment income | ||||
| Dividend from listed investments | 2,406 | 2,406 | 104 | |
| ––––––– | ––––––– | ––––––– | ||
| 2,406 | 2,406 | 104 | ||
| ––––––– | ––––––– | ––––––– | ||
| 12. | Costs of generating funds | |||
| 2022 | 2022 | 2021 | ||
| £ | £ | £ | ||
| Rent rates and service costs | 1,200 | 2,400 | ||
| Utilities costs | 6,798 | 2,712 | ||
| Premises Expenses | 9,651 | 7,676 | ||
| Other repairs and maintenance | 784 | 0 | ||
| Cleaning | 2,675 | 3,176 | ||
| Vehicle costs | 4,869 | 0 | ||
| ––––––– | ––––––– | |||
| 25,977 | 17,164 | |||
| ––––––– | ––––––– |
Page 13
ISLE OF WIGHT FOODBANK
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED 31 OCTOBER 2022
| 13. Charitable activities 2022 £ Consultancy costs 0 Travel and subsistence 2,310 Training costs 1,225 Recruitment costs 197 Other staff costs 732 Advertising and Marketing 1,708 Client entertaining 394 Other entertaining 354 ––––––– 14. Governance costs 2022 £ Insurance 1,255 IT and computing costs 1,188 Telecommunications 3,299 Refreshments 915 Outsourced service costs 0 Printing, stationery & postage 6,027 Subscriptions 698 Legal and professional 0 Bank charges 622 Sundry expenses 2,347 TH Discretionary Fund 259 Community Connector 1,250 Wages and salaries - Administration 143,503 Pensions - Administration 3,677 Depreciation - Admin - owned assets 9,616 Charitable donations 500 Accountancy 3,865 ––––––– |
2022 £ 6,920 ––––––– 2022 £ 179,021 ––––––– |
2021 £ 4,427 566 0 0 0 0 0 172 ––––––– 5,165 ––––––– 2021 £ 1,134 1,074 1,571 811 167 5,321 1,216 2,094 0 1,271 0 0 108,176 2,384 9,600 0 1,000 ––––––– 135,819 ––––––– |
|---|---|---|