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← Isle Of Wight Foodbank

2023-10-31-accounts

07827255

CHARITY REGISTERED NUMBER:1144644

ISLE OF WIGHT FOODBANK

DIRECTORS' AND TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

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 Maurice Kane
Rev Stephen Bell
Mr Christopher Holgate
Mr Tony Murphy
Ms Caroline Murphy
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 2023

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 2023

The Companies Act, submit their annual report and the unaudited financial statements for the year ended 31 October 2023. 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 Cost of Living crisis, has shown no sign of easing, 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 97,396.55 kilos was collected from the public and businesses with 101,030.01 kilos given out to feed 7,112 people. The value of the food collected and distributed equates to £177.8k 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 recent years.

2018 2019 2020 2021 2022 2023
Jan 384 514 529 531 421 703
Feb 314 435 459 365 402 669
Mar 401 442 838 364 453 809
April 323 364 616 265 484 444
May 368 486 447 254 414 474
Jun 331 338 329 273 474 490
July 374 439 337 251 320 457
Aug 347 332 287 250 433 486
Sept 336 430 283 345 503 526
Oct 452 510 384 302 503 496
Nov 486 554 544 517 557
Dec 670 950 621 863 951
Total 4.786 5,794 5,337 4,580 5,935 5,554

Along with 7 paid members of the team Isle of Wight Foodbank is run by 119 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.

The reserves have increased to £26k, to leave us with reserves of £331k. This is a healthy position and allows to think and plan long term for the food bank.

This surplus for the year of £26k, due to the generous giving of businesses, charities and individuals mostly from the IOW. . 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.

With support from the Trussell Trust we were able to launch a new financial inclusion project. This uses the Citizen Advice Bureau resource to provide financial advice and help clients manage their debt. The project has proven to be highly successful. The project has an initial period of 3 years.

Page 1

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 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 31.10.2023 the value of the fund is £68k.

Page 1

ISLE OF WIGHT FOODBANK

DIRECTORS' AND TRUSTEES' REPORT (Continued)

FOR THE YEAR ENDED 31 OCTOBER 2023

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:

financial statements;

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 30 June 2024 and signed on its behalf.

==> picture [128 x 55] intentionally omitted <==

......................................................... R C Holgate Trustee.

Page 2

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF ISLE OF WIGHT FOODBANK

FOR THE YEAR ENDED 31 OCTOBER 2023

I report on the accounts which are set out on pages 5 to 14

Respective responsibilities of the

The trustees who are also directors of the company for the purpose of company law are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject under company law and is eligible for independent examination, it is my responsibility to:

Examine the accounts under section 145 of the 2011 Act; follow the procedures laid down in the general directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act); and state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.

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:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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.

J. Churchill

........................................ Dated:15 July 2024

Churchill Rose Chartered Accountants and Tax advisers 7 Bell Yard London WC2A 2JR

Page 4

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 2023
Note
2023
2022
£
£
£
£
6
563
1,644
7
67,555
68,553
–––––––
–––––––
68,118
70,197
8
16,525
15,590
250,789
229,020
–––––––
–––––––
267,314
244,610
9
3,700
8,978
–––––––
–––––––
263,614
235,632
–––––––
–––––––
331,732
305,829
–––––––
–––––––
£331,732
£305,829
–––––––
–––––––
331,732
305,829
–––––––
–––––––
£331,732
£305,829
–––––––
–––––––

For the year ended 31 October 2023 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 10.07.2024

==> picture [128 x 55] intentionally omitted <==

................................................... 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 2023

Total Total
Unrest'd Funds Funds
Funds 2023 2022
£ £ £
Incoming resources
Incoming Resources from
generated funds:
Voluntary income 298,311 298,311 290,510
Investment income 600 600 2,406
––––––– ––––––– –––––––
298,911 298,911 292,916
––––––– ––––––– –––––––
Total incoming resources 298,911 298,911 292,916
––––––– ––––––– –––––––
Resources expended
Costs of generating funds 22,568 22,568 25,977
Charitable activities 8,798 8,798 6,920
Governance costs 240,644 240,644 179,021
––––––– ––––––– –––––––
Total resources expended 272,010 272,010 211,918
Net incoming resources before
revaluations and investment
asset disposals 26,901 26,901 80,998
––––––– ––––––– –––––––
Gains and Losses on revaluations
of fixed assets for the charity's
own use (998) (998) (6,626)
––––––– ––––––– –––––––
Net movement in funds 25,903 25,903 74,372
Total funds brought forward £305,829 £305,829 231,457
––––––– ––––––– –––––––
Total funds carried forward £331,732 £331,732 £305,829
––––––– ––––––– –––––––

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 2023

2023 2022
£ £ £ £
Profit & Loss Account
Profit & Loss Account b/f 305,829 231,457
Surplus for the year 26,901 80,998
Gains/ (Loss) on revaluation (owned assets) (998) (6,626)
––––––– –––––––
331,732 305,829
––––––– –––––––
Total funds at 31 October 2023 £331,732 £305,829
––––––– –––––––

Page 7

ISLE OF WIGHT FOODBANK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

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 2023

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

Operating profit
2023
 2022
£ £
This is stated after charging:
Accountancy 4,005 3,865
Depreciation of owned assets 1,214 9,616
Pension costs (excluding directors) 2,839 3,677

4. Staff costs

The average number of persons employed by the company, including directors, during the year was as follows:

2023 2022
General staff 6 5
––––––– –––––––
The aggregate payroll costs of these persons were as follows:
2023 2022
£ £
Wages and salaries 142,526 143,503
Social security 6,126 0
Other pension costs 2,839 3,677
––––––– –––––––
£151,491 £147,180
––––––– –––––––
Other Interest Receivable And Similar
2023 2022
£ £
Other interest receivable & similar 600 0
Dividend from listed investments 0 2,406
––––– –––––

5. Other Interest Receivable And Similar

Page 9

ISLE OF WIGHT FOODBANK

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 OCTOBER 2023

6. Tangible fixed assets

Plant
Fixtures
and
and

Machinery
Fittings

£
£
Cost:
At 1 November 2022
5,554
2,123

Additions
133
0

––––––
––––––

At 31 October 2023
5,687
2,123

––––––
––––––

Depreciation:
At 1 November 2022
4,791
1,242

Charge for the year
789
425

––––––
––––––

At 31 October 2023
5,580
1,667

––––––
––––––

Net book value:
At 31 October 2023
£ 107
£ 456

––––––
––––––

At 31 October 2022
£ 763
£ 881

––––––
––––––

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
31,920
0
133
––––––
––––––
24,243
32,053
––––––
––––––
24,243
30,276
0
1,214
––––––
––––––
24,243
31,490
––––––
––––––
£ 0
£ 563
––––––
––––––
£ 0
£ 1,644
––––––
––––––
2023
2022
£
£
67,555
68,553
––––––
––––––
2023
2022
£
£
14,737 13,902
1,788 1,688
–––––– ––––––
£16,525 £15,590
–––––– ––––––

Page 11

ISLE OF WIGHT FOODBANK

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 OCTOBER 2023

9. Creditors

Amounts falling due within one year:-

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

 2023

£
1,793
0
472
1,435
–––––––
£ 3,700
–––––––
2023

£
(998)

––––––
2022
£
2,163
2,738
859
3,218
–––––––
£ 8,978
–––––––
2022
£
(6,626)
––––––


Page 12

ISLE OF WIGHT FOODBANK

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 OCTOBER 2023

11. Incoming resources
Rest'd
Unrest'd Income Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
£ £ £ £
Voluntary Income
Donated sales and textiles 6,204 0 6,204 619
Donations and Grants 278,115 0 278,115 284,563
Tesco top-up 7,840 0 7,840 5,098
Events and Fundraising 0 0 0 222
Dividends on investments 4,152 0 4,152 0
Misc income 2,000 0 2,000 8
––––––– ––––––– ––––––– –––––––
298,311 0 298,311 290,510
––––––– ––––––– ––––––– –––––––
Investment income
Other interest receivable & similar 600 0 600 0
Dividend from listed investments 0 0 0 2,406
––––––– ––––––– ––––––– –––––––
600 0 600 2,406
––––––– ––––––– ––––––– –––––––
12. Costs of generating funds
2023 2023 2022
£ £ £
Rent rates and service costs 1,200 1,200
Utilities costs 7,742 6,798
Premises Expenses 5,468 9,651
Other repairs and maintenance 1,022 784
Cleaning 2,318 2,675
Vehicle costs 4,818 4,869
––––––– –––––––
22,568 27,177
––––––– –––––––

Page 13

ISLE OF WIGHT FOODBANK

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 OCTOBER 2023

13.
Charitable activities
2023

£
Travel and subsistence
1,861
Training costs
490
Recruitment costs
0
Other staff costs
2,349
Advertising and Marketing
3,852
Client entertaining
0
Other entertaining
246
–––––––


14.
Governance costs
2023

£
Insurance
1,271
IT and computing costs
1,041
Telecommunications
1,225
Refreshments
641
Printing, stationery & postage
3,302
Health and safety
196
Subscriptions
745
Legal and professional
1,123
Bank charges
847
Sundry expenses
6,368
TH Discretionary Fund
346
Community Connector
3,750
Financial Inclusion
44,994
Wonde Ltd
8,010
Vouchers
10,070
Wages and salaries - Administration
142,526
Employers NIC - Administration
6,126
Pensions - Administration
2,839
Depreciation - Admin - owned assets
1,214
Charitable donations
0
Accountancy
4,005
Bank interest
5
–––––––

 2023

£








8,798

–––––––

2023

£























240,644

–––––––
2022
£
2,310
1,225
197
732
1,708
394
354
–––––––
6,920
–––––––
2022
£
1,255
1,188
3,299
915
6,027
0
698
0
622
2,347
259
1,250
0
0
0
143,503
0
3,677
9,616
500
3,865
0
–––––––
179,021
–––––––