Launceston Foodbank Ltd
Charity No. 1146082
Company No. 07841161
Trustee's Report and Unaudited Accounts
31 October 2024
Launceston Foodbank Ltd Contents
| Pages | ||
|---|---|---|
| Trustee's Annual Report | 2 to 3 | |
| Independent Examiner's Report | 4 | |
| Statement of Financial Activities | 5 | |
| Summary Income and Expenditure Account | 6 | |
| Balance Sheet | 7 | |
| Notes to the Accounts | 8 to | 14 |
| Detailed Statement of Financial Activities | 15 to | 16 |
Page 1
Launceston Foodbank Ltd Trustees Annual Report
The trustee, who is also a director of the charity for the purposes of the Companies Act 2006, presents their report with the unaudited financial statements of the charity for the year ended 31 October 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 07841161
Charity No. 1146082
Registered Office
13D Newport Industrial Estat Launceston Cornwall PL15 8EX
Director and Trustee
The Director of the charitable company are its Trustee for the purposes of charity law. The following Director and Trustee served during the year:
| T. Bersey | H Davies |
|---|---|
| C Reynolds | P Lane |
| T Keat | S Baxter |
Accountants
Buttons Accounting Ltd Prospect House 11 Western Road Launceston Cornwall PL15 7AS
OBJECTIVES AND ACTIVITIES
The charity's object is to relieve poverty. The policies adopted in furtherance of this object are to supply non perishable food to people in need of emergency supplies in the Launceston and surrounding areas of Cornwall and there has been no change in these during the year
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
ACHIEVEMENTS AND PERFORMANCE
Significant activities and achievements against objectives
Full details of the activities and achievements during the year are contained in the separate annual report.
FINANCIAL REVIEW
Page 2
Launceston Foodbank Ltd
Trustees Annual Report
The trustees are grateful for financial support received from many sources, as summarised in the attached accounts. The financial position at the end of the year is satisfactory, with the fundraising shop providing adequate funds for the main activity at present.
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Major Risks The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is a company limited by guarantee.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Helen Davies Tian Bersey
Recruitment and appointment of trustees The trustees are appointed by a management committee comprised of volunteers from the local community.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Organisational structure The trustees delegate most day-to-day matters to part-time paid employees and volunteers, and meet bi-monthly with the wider management committee to agree policy matters and oversee the running of the charity
Relationship with related parties Launceston Foodbank is affiliated to the Trussell Trust but is independent in its own right.
The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustee is also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
T. Bersey Trustee
31 October 2024
Page 3
Launceston Foodbank Ltd Independent Examiners Report
Independent Examiner's Report to the trustee of Launceston Foodbank Ltd
I report to the charity trustee on my examination of the financial statements of Launceston Foodbank Ltd for the year ended 31 October 2024.
Responsibilities and basis of report
As the charity's trustee (and also a director for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the financial statements of the Charity 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 charity's financial statements 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 can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements 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 (FRS 102).
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 financial statements to be reached.
Emma Gilbert ACCA Buttons Accounting Ltd Prospect House 11 Western Road Launceston Cornwall PL15 7AS 31 October 2024
Page 4
Launceston Foodbank Ltd Statement of Financial Activities
for the year ended 31 October 2024
| Notes Income and endowments from: Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 7 Total Expenditure on: Charitable activities 8 Other 10 Total Net gains on investments Net expenditure 11 Transfers between funds Net expenditure before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2024 £ 37,311 288 98,464 569 |
Restricted funds 2024 £ 1,000 - - - |
Total funds 2024 £ 38,311 288 98,464 569 |
Total funds 2023 £ 41,766 60 83,887 311 |
|---|---|---|---|---|
| 136,632 6,118 134,639 |
1,000 1,000 - |
137,632 7,118 134,639 |
126,024 9,456 121,878 |
|
| 140,757 - |
1,000 - |
141,757 - |
131,334 - |
|
| (4,125) - |
- - |
(4,125) - |
(5,310) - |
|
| (4,125) | - | (4,125) | (5,310) | |
| (4,125) 65,718 |
- 281 |
(4,125) 65,999 |
(5,310) 71,309 |
|
| 61,593 | 281 | 61,874 | 65,999 |
Page 5
Launceston Foodbank Ltd Summary Income and Expenditure Account
for the year ended 31 October 2024
| Income Interest and investment income Gross income for the year Expenditure Depreciation and charges for impairment of fixed assets Total expenditure for the year Net expenditure before tax for the year Net expenditure for the year |
2024 £ 137,063 569 137,632 140,574 1,183 141,757 (4,125) (4,125) |
2023 £ 125,713 311 |
|---|---|---|
| 126,024 | ||
| 129,899 1,435 |
||
| 131,334 | ||
| (5,310) | ||
| (5,310) |
Page 6
Launceston Foodbank Ltd Balance Sheet
at 31 October 2024
| Company No. 07841161 Notes 2024 £ Fixed assets Tangible assets 13 3,938 3,938 Current assets Debtors 14 3,569 Cash at bank and in hand 57,844 61,413 Creditors:Amount falling due within one year 15 (3,477) Net current assets 57,936 Total assets less current liabilities 61,874 Net assets excluding pension asset or liability 61,874 Total net assets 61,874 The funds of the charity Restricted funds 16 Restricted income funds 281 281 Unrestricted funds 16 General funds 65,718 Designated funds (4,125) 61,593 Reserves 16 Total funds 61,874 |
2023 £ 5,121 |
|---|---|
| 5,121 4,301 58,909 |
|
| 63,210 (2,332) |
|
| 60,878 65,999 |
|
| 65,999 | |
| 65,999 | |
| 281 | |
| 281 65,718 - |
|
| 65,718 | |
| 65,999 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 31 October 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 31 October 2024
And signed on its behalf by:
T. Bersey Trustee
31 October 2024
Page 7
Launceston Foodbank Ltd Notes to the Accounts
for the year ended 31 October 2024
- 1 Accounting policies
Basis of preparation
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 (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
-
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 8
Launceston Foodbank Ltd Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 9
Launceston Foodbank Ltd Notes to the Accounts
Pension costs
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
3 Statement of Financial Activities - prior year
| Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2023 £ 40,756 60 83,887 311 125,014 3,293 121,878 125,171 (157) (157) (157) 65,875 65,718 |
Restricted funds 2023 £ 1,010 - - - 1,010 6,163 - 6,163 (5,153) (5,153) (5,153) 5,434 281 |
Total funds 2023 £ 41,766 60 83,887 311 |
|---|---|---|---|
| 126,024 9,456 121,878 |
|||
| 131,334 | |||
| (5,310) | |||
| (5,310) | |||
| (5,310) 71,309 |
|||
| 65,999 |
Page 10
Launceston Foodbank Ltd
Notes to the Accounts
4 Income from donations and legacies
| Donations and Gifts Grant Income 5 Income from charitable activities Sale of Goods 6 Income from other trading activities Charity Shop Sales 7 Income from investments Interest Receivable 8 Expenditure on charitable activities Expenditure on charitable activities Grants made Governance costs |
Unrestricted £ 34,241 3,070 37,311 Unrestricted £ 5,651 467 6,118 |
Restricted £ - 1,000 1,000 Unrestricted £ 288 288 Unrestricted £ 98,464 98,464 Unrestricted £ 569 569 Restricted £ 1,000 - 1,000 |
Total 2024 £ 34,241 4,070 38,311 Total 2024 £ 288 288 Total 2024 £ 98,464 98,464 Total 2024 £ 569 569 Total 2024 £ 6,651 467 7,118 |
Total 2023 £ 40,756 1,010 |
|---|---|---|---|---|
| 41,766 | ||||
| Total 2023 £ 60 |
||||
| 60 | ||||
| Total 2023 £ 83,887 |
||||
| 83,887 | ||||
| Total 2023 £ 311 |
||||
| 311 | ||||
| Total 2023 £ 8,625 831 |
||||
| 9,456 |
Page 11
Launceston Foodbank Ltd Notes to the Accounts
9 Analysis of grants
Grants to
| Activity or programme Activity or programme 10 Other expenditure Employee costs Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 11 Net expenditure before transfers This is stated after charging: Depreciation of owned fixed assets |
Institutions £ 467 467 Grant funding of activities £ 467 467 Unrestricted £ 210 89,624 1,806 31,400 1,183 4,998 5,418 134,639 2024 £ 1,183 |
Total 2024 £ 467 467 Total 2024 £ 467 467 Total 2024 £ 210 89,624 1,806 31,400 1,183 4,998 5,418 134,639 |
Total 2023 £ 831 |
|---|---|---|---|
| 831 | |||
| Total 2023 £ |
|||
| 831 | |||
| 831 | |||
| Total 2023 £ 325 77,102 2,620 30,687 1,435 4,419 5,290 |
|||
| 121,878 | |||
| 2023 £ 1,541 |
Page 12
Launceston Foodbank Ltd Notes to the Accounts
| 12 | Staff costs | |||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Salaries and wages | 87,121 | 75,453 | ||
| Social security costs | 1,532 | 976 | ||
| 88,653 | 76,429 | |||
| No employee received emoluments in excess of £60,000. | ||||
| The average monthly number of full time equivalent employees | during the year | was as follows: | ||
| 2024 | 2023 | |||
| Number | Number | |||
| Manager | 1 | 1 | ||
| Admin | 1 | 1 | ||
| Shop | 4 | 4 | ||
| 6 | 6 | |||
| 13 | Tangible fixed assets | |||
| £ | £ | £ | ||
| Cost or revaluation | ||||
| At 1 November 2023 | 5,263 | 17,384 | 22,647 | |
| At 31 October 2024 | 5,263 | 17,384 | 22,647 | |
| Depreciation and | ||||
| impairment | ||||
| At 1 November 2023 | 3,107 | 14,419 | 17,526 | |
| Depreciation charge for the | 431 | 752 | 1,183 | |
| year | ||||
| At 31 October 2024 | 3,538 | 15,171 | 18,709 | |
| Net book values | ||||
| At 31 October 2024 | 1,725 | 2,213 | 3,938 | |
| At 31 October 2023 | 2,156 | 2,965 | 5,121 | |
| 14 | Debtors | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Trade debtors | 2,329 | 3,180 | ||
| Prepayments and accrued income | 1,240 | 1,121 | ||
| 3,569 | 4,301 | |||
| 15 | Creditors: | |||
| amounts falling due within one year | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Other taxes and social security | 696 | 590 | ||
| Other creditors | 333 | 271 | ||
| Accruals | 2,448 | 1,471 | ||
| 3,477 | 2,332 |
Page 13
Launceston Foodbank Ltd Notes to the Accounts
16 Movement in funds
| Restricted funds: Restricted income funds: Total Unrestricted funds: General funds Designated funds: Total Total funds 17 Analysis of net assets between funds Fixed assets Net current assets 18 Reconciliation of net debt Cash and cash equivalents Net debt |
At 1 November 2023 281 281 65,718 - - 65,999 |
Incoming resources (including other gains/losses ) £ 1,000 1,000 - 136,632 136,632 137,632 At 1 November 2023 £ |
Resources expended £ (1,000) (1,000) - (140,757) (140,757) (141,757) Unrestricted funds £ 3,938 57,936 61,874 Cash flows £ |
At 31 October 2024 £ 281 |
|---|---|---|---|---|
| 281 | ||||
| 65,718 (4,125) |
||||
| (4,125) | ||||
| 61,874 | ||||
| Total £ 3,938 57,936 |
||||
| 61,874 | ||||
| At 31 October 2024 £ |
||||
| 58,909 | (1,065) | 57,844 | ||
| 58,909 58,909 |
(1,065) (1,065) |
57,844 | ||
| 57,844 | ||||
| 19 Related party disclosures Controlling party |
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 14
Launceston Foodbank Ltd Detailed Statement of Financial Activities
for the year ended 31 October 2024
| Income and endowments from: Donations and legacies Donations and Gifts Grant Income Charitable activities Sale of Goods Other trading activities Charity Shop Sales Investments Interest Receivable Total income and endowments Expenditure on: Charitable activities Grants made Total of expenditure on charitable activities Other expenditure Employee costs Salaries/wages Employer's NIC Staff welfare Motor and travel costs Vehicles - General costs Premises costs Rent Rates Light, heat and power Premises cleaning Premises insurances |
Unrestricte d funds 2024 £ 34,241 3,070 37,311 288 288 98,464 98,464 569 569 136,632 5,651 467 6,118 6,118 210 210 87,121 1,532 971 89,624 1,806 1,806 14,200 519 8,840 6,481 1,334 |
Restricted funds 2024 £ - 1,000 1,000 - - - - - - 1,000 1,000 - 1,000 1,000 - - - - - - - - - - - - - |
Total funds 2024 £ 34,241 4,070 38,311 288 288 98,464 98,464 569 569 137,632 6,651 467 7,118 7,118 210 210 87,121 1,532 971 89,624 1,806 1,806 14,200 519 8,840 6,481 1,334 |
Total funds 2023 £ 40,756 1,010 |
|---|---|---|---|---|
| 41,766 | ||||
| 60 | ||||
| 60 | ||||
| 83,887 | ||||
| 83,887 | ||||
| 311 | ||||
| 311 | ||||
| 126,024 8,625 831 |
||||
| 9,456 | ||||
| 9,456 325 |
||||
| 325 | ||||
| 75,453 976 673 |
||||
| 77,102 | ||||
| 2,620 | ||||
| 2,620 | ||||
| 14,161 655 5,914 5,998 720 |
Page 15
Launceston Foodbank Ltd
Detailed Statement of Financial Activities
| Premises repairs and maintenance General administrative costs, including depreciation and amortisation Depreciation of Loss on disposal of tangible fixed assets Bank charges Postage and couriers Software, IT support and related costs Stationery and printing Subscriptions Sundry expenses Telephone, fax and broadband Legal and professional costs Accountancy and bookkeeping Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net expenditure Net expenditure before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
26 31,400 1,183 - 1,037 129 277 1,038 1,009 253 1,255 6,181 2,261 3,157 5,418 134,639 140,757 - (4,125) (4,125) - (4,125) 65,718 61,593 |
- - - - - - - - - - - - - - - - 1,000 - - - - - 281 281 |
26 31,400 1,183 - 1,037 129 277 1,038 1,009 253 1,255 6,181 2,261 3,157 5,418 134,639 141,757 - (4,125) (4,125) - (4,125) 65,999 61,874 |
3,239 |
|---|---|---|---|---|
| 30,687 | ||||
| 1,541 (106) 529 198 503 612 678 491 1,408 |
||||
| 5,854 | ||||
| 2,339 2,951 |
||||
| 5,290 | ||||
| 121,878 | ||||
| 131,334 - |
||||
| (5,310) | ||||
| (5,310) - |
||||
| (5,310) | ||||
| 71,309 | ||||
| 65,999 |
Page 16
Launceston Foodbank Ltd
Charity No. 1146082
Company No. 07841161
Trustee's Report and Unaudited Accounts
31 October 2024
Launceston Foodbank Ltd Contents
| Pages | ||
|---|---|---|
| Trustee's Annual Report | 2 to 3 | |
| Independent Examiner's Report | 4 | |
| Statement of Financial Activities | 5 | |
| Summary Income and Expenditure Account | 6 | |
| Balance Sheet | 7 | |
| Notes to the Accounts | 8 to | 14 |
| Detailed Statement of Financial Activities | 15 to | 16 |
Page 1
Launceston Foodbank Ltd Trustees Annual Report
The trustee, who is also a director of the charity for the purposes of the Companies Act 2006, presents their report with the unaudited financial statements of the charity for the year ended 31 October 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 07841161
Charity No. 1146082
Registered Office
13D Newport Industrial Estat Launceston Cornwall PL15 8EX
Director and Trustee
The Director of the charitable company are its Trustee for the purposes of charity law. The following Director and Trustee served during the year:
| T. Bersey | H Davies |
|---|---|
| C Reynolds | P Lane |
| T Keat | S Baxter |
Accountants
Buttons Accounting Ltd Prospect House 11 Western Road Launceston Cornwall PL15 7AS
OBJECTIVES AND ACTIVITIES
The charity's object is to relieve poverty. The policies adopted in furtherance of this object are to supply non perishable food to people in need of emergency supplies in the Launceston and surrounding areas of Cornwall and there has been no change in these during the year
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
ACHIEVEMENTS AND PERFORMANCE
Significant activities and achievements against objectives
Full details of the activities and achievements during the year are contained in the separate annual report.
FINANCIAL REVIEW
Page 2
Launceston Foodbank Ltd
Trustees Annual Report
The trustees are grateful for financial support received from many sources, as summarised in the attached accounts. The financial position at the end of the year is satisfactory, with the fundraising shop providing adequate funds for the main activity at present.
Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Major Risks The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is a company limited by guarantee.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: Helen Davies Tian Bersey
Recruitment and appointment of trustees The trustees are appointed by a management committee comprised of volunteers from the local community.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Organisational structure The trustees delegate most day-to-day matters to part-time paid employees and volunteers, and meet bi-monthly with the wider management committee to agree policy matters and oversee the running of the charity
Relationship with related parties Launceston Foodbank is affiliated to the Trussell Trust but is independent in its own right.
The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustee is also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
T. Bersey Trustee
31 October 2024
Page 3
Launceston Foodbank Ltd Independent Examiners Report
Independent Examiner's Report to the trustee of Launceston Foodbank Ltd
I report to the charity trustee on my examination of the financial statements of Launceston Foodbank Ltd for the year ended 31 October 2024.
Responsibilities and basis of report
As the charity's trustee (and also a director for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the financial statements of the Charity 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 charity's financial statements 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 can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements 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 (FRS 102).
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 financial statements to be reached.
Emma Gilbert ACCA Buttons Accounting Ltd Prospect House 11 Western Road Launceston Cornwall PL15 7AS 31 October 2024
Page 4
Launceston Foodbank Ltd Statement of Financial Activities
for the year ended 31 October 2024
| Notes Income and endowments from: Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 7 Total Expenditure on: Charitable activities 8 Other 10 Total Net gains on investments Net expenditure 11 Transfers between funds Net expenditure before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2024 £ 37,311 288 98,464 569 |
Restricted funds 2024 £ 1,000 - - - |
Total funds 2024 £ 38,311 288 98,464 569 |
Total funds 2023 £ 41,766 60 83,887 311 |
|---|---|---|---|---|
| 136,632 6,118 134,639 |
1,000 1,000 - |
137,632 7,118 134,639 |
126,024 9,456 121,878 |
|
| 140,757 - |
1,000 - |
141,757 - |
131,334 - |
|
| (4,125) - |
- - |
(4,125) - |
(5,310) - |
|
| (4,125) | - | (4,125) | (5,310) | |
| (4,125) 65,718 |
- 281 |
(4,125) 65,999 |
(5,310) 71,309 |
|
| 61,593 | 281 | 61,874 | 65,999 |
Page 5
Launceston Foodbank Ltd Summary Income and Expenditure Account
for the year ended 31 October 2024
| Income Interest and investment income Gross income for the year Expenditure Depreciation and charges for impairment of fixed assets Total expenditure for the year Net expenditure before tax for the year Net expenditure for the year |
2024 £ 137,063 569 137,632 140,574 1,183 141,757 (4,125) (4,125) |
2023 £ 125,713 311 |
|---|---|---|
| 126,024 | ||
| 129,899 1,435 |
||
| 131,334 | ||
| (5,310) | ||
| (5,310) |
Page 6
Launceston Foodbank Ltd Balance Sheet
at 31 October 2024
| Company No. 07841161 Notes 2024 £ Fixed assets Tangible assets 13 3,938 3,938 Current assets Debtors 14 3,569 Cash at bank and in hand 57,844 61,413 Creditors:Amount falling due within one year 15 (3,477) Net current assets 57,936 Total assets less current liabilities 61,874 Net assets excluding pension asset or liability 61,874 Total net assets 61,874 The funds of the charity Restricted funds 16 Restricted income funds 281 281 Unrestricted funds 16 General funds 65,718 Designated funds (4,125) 61,593 Reserves 16 Total funds 61,874 |
2023 £ 5,121 |
|---|---|
| 5,121 4,301 58,909 |
|
| 63,210 (2,332) |
|
| 60,878 65,999 |
|
| 65,999 | |
| 65,999 | |
| 281 | |
| 281 65,718 - |
|
| 65,718 | |
| 65,999 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 31 October 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 31 October 2024
And signed on its behalf by:
T. Bersey Trustee
31 October 2024
Page 7
Launceston Foodbank Ltd Notes to the Accounts
for the year ended 31 October 2024
- 1 Accounting policies
Basis of preparation
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 (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA.
-
Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 8
Launceston Foodbank Ltd Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 9
Launceston Foodbank Ltd Notes to the Accounts
Pension costs
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
3 Statement of Financial Activities - prior year
| Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Total Expenditure on: Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2023 £ 40,756 60 83,887 311 125,014 3,293 121,878 125,171 (157) (157) (157) 65,875 65,718 |
Restricted funds 2023 £ 1,010 - - - 1,010 6,163 - 6,163 (5,153) (5,153) (5,153) 5,434 281 |
Total funds 2023 £ 41,766 60 83,887 311 |
|---|---|---|---|
| 126,024 9,456 121,878 |
|||
| 131,334 | |||
| (5,310) | |||
| (5,310) | |||
| (5,310) 71,309 |
|||
| 65,999 |
Page 10
Launceston Foodbank Ltd
Notes to the Accounts
4 Income from donations and legacies
| Donations and Gifts Grant Income 5 Income from charitable activities Sale of Goods 6 Income from other trading activities Charity Shop Sales 7 Income from investments Interest Receivable 8 Expenditure on charitable activities Expenditure on charitable activities Grants made Governance costs |
Unrestricted £ 34,241 3,070 37,311 Unrestricted £ 5,651 467 6,118 |
Restricted £ - 1,000 1,000 Unrestricted £ 288 288 Unrestricted £ 98,464 98,464 Unrestricted £ 569 569 Restricted £ 1,000 - 1,000 |
Total 2024 £ 34,241 4,070 38,311 Total 2024 £ 288 288 Total 2024 £ 98,464 98,464 Total 2024 £ 569 569 Total 2024 £ 6,651 467 7,118 |
Total 2023 £ 40,756 1,010 |
|---|---|---|---|---|
| 41,766 | ||||
| Total 2023 £ 60 |
||||
| 60 | ||||
| Total 2023 £ 83,887 |
||||
| 83,887 | ||||
| Total 2023 £ 311 |
||||
| 311 | ||||
| Total 2023 £ 8,625 831 |
||||
| 9,456 |
Page 11
Launceston Foodbank Ltd Notes to the Accounts
9 Analysis of grants
Grants to
| Activity or programme Activity or programme 10 Other expenditure Employee costs Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 11 Net expenditure before transfers This is stated after charging: Depreciation of owned fixed assets |
Institutions £ 467 467 Grant funding of activities £ 467 467 Unrestricted £ 210 89,624 1,806 31,400 1,183 4,998 5,418 134,639 2024 £ 1,183 |
Total 2024 £ 467 467 Total 2024 £ 467 467 Total 2024 £ 210 89,624 1,806 31,400 1,183 4,998 5,418 134,639 |
Total 2023 £ 831 |
|---|---|---|---|
| 831 | |||
| Total 2023 £ |
|||
| 831 | |||
| 831 | |||
| Total 2023 £ 325 77,102 2,620 30,687 1,435 4,419 5,290 |
|||
| 121,878 | |||
| 2023 £ 1,541 |
Page 12
Launceston Foodbank Ltd Notes to the Accounts
| 12 | Staff costs | |||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Salaries and wages | 87,121 | 75,453 | ||
| Social security costs | 1,532 | 976 | ||
| 88,653 | 76,429 | |||
| No employee received emoluments in excess of £60,000. | ||||
| The average monthly number of full time equivalent employees | during the year | was as follows: | ||
| 2024 | 2023 | |||
| Number | Number | |||
| Manager | 1 | 1 | ||
| Admin | 1 | 1 | ||
| Shop | 4 | 4 | ||
| 6 | 6 | |||
| 13 | Tangible fixed assets | |||
| £ | £ | £ | ||
| Cost or revaluation | ||||
| At 1 November 2023 | 5,263 | 17,384 | 22,647 | |
| At 31 October 2024 | 5,263 | 17,384 | 22,647 | |
| Depreciation and | ||||
| impairment | ||||
| At 1 November 2023 | 3,107 | 14,419 | 17,526 | |
| Depreciation charge for the | 431 | 752 | 1,183 | |
| year | ||||
| At 31 October 2024 | 3,538 | 15,171 | 18,709 | |
| Net book values | ||||
| At 31 October 2024 | 1,725 | 2,213 | 3,938 | |
| At 31 October 2023 | 2,156 | 2,965 | 5,121 | |
| 14 | Debtors | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Trade debtors | 2,329 | 3,180 | ||
| Prepayments and accrued income | 1,240 | 1,121 | ||
| 3,569 | 4,301 | |||
| 15 | Creditors: | |||
| amounts falling due within one year | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Other taxes and social security | 696 | 590 | ||
| Other creditors | 333 | 271 | ||
| Accruals | 2,448 | 1,471 | ||
| 3,477 | 2,332 |
Page 13
Launceston Foodbank Ltd Notes to the Accounts
16 Movement in funds
| Restricted funds: Restricted income funds: Total Unrestricted funds: General funds Designated funds: Total Total funds 17 Analysis of net assets between funds Fixed assets Net current assets 18 Reconciliation of net debt Cash and cash equivalents Net debt |
At 1 November 2023 281 281 65,718 - - 65,999 |
Incoming resources (including other gains/losses ) £ 1,000 1,000 - 136,632 136,632 137,632 At 1 November 2023 £ |
Resources expended £ (1,000) (1,000) - (140,757) (140,757) (141,757) Unrestricted funds £ 3,938 57,936 61,874 Cash flows £ |
At 31 October 2024 £ 281 |
|---|---|---|---|---|
| 281 | ||||
| 65,718 (4,125) |
||||
| (4,125) | ||||
| 61,874 | ||||
| Total £ 3,938 57,936 |
||||
| 61,874 | ||||
| At 31 October 2024 £ |
||||
| 58,909 | (1,065) | 57,844 | ||
| 58,909 58,909 |
(1,065) (1,065) |
57,844 | ||
| 57,844 | ||||
| 19 Related party disclosures Controlling party |
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 14
Launceston Foodbank Ltd Detailed Statement of Financial Activities
for the year ended 31 October 2024
| Income and endowments from: Donations and legacies Donations and Gifts Grant Income Charitable activities Sale of Goods Other trading activities Charity Shop Sales Investments Interest Receivable Total income and endowments Expenditure on: Charitable activities Grants made Total of expenditure on charitable activities Other expenditure Employee costs Salaries/wages Employer's NIC Staff welfare Motor and travel costs Vehicles - General costs Premises costs Rent Rates Light, heat and power Premises cleaning Premises insurances |
Unrestricte d funds 2024 £ 34,241 3,070 37,311 288 288 98,464 98,464 569 569 136,632 5,651 467 6,118 6,118 210 210 87,121 1,532 971 89,624 1,806 1,806 14,200 519 8,840 6,481 1,334 |
Restricted funds 2024 £ - 1,000 1,000 - - - - - - 1,000 1,000 - 1,000 1,000 - - - - - - - - - - - - - |
Total funds 2024 £ 34,241 4,070 38,311 288 288 98,464 98,464 569 569 137,632 6,651 467 7,118 7,118 210 210 87,121 1,532 971 89,624 1,806 1,806 14,200 519 8,840 6,481 1,334 |
Total funds 2023 £ 40,756 1,010 |
|---|---|---|---|---|
| 41,766 | ||||
| 60 | ||||
| 60 | ||||
| 83,887 | ||||
| 83,887 | ||||
| 311 | ||||
| 311 | ||||
| 126,024 8,625 831 |
||||
| 9,456 | ||||
| 9,456 325 |
||||
| 325 | ||||
| 75,453 976 673 |
||||
| 77,102 | ||||
| 2,620 | ||||
| 2,620 | ||||
| 14,161 655 5,914 5,998 720 |
Page 15
Launceston Foodbank Ltd
Detailed Statement of Financial Activities
| Premises repairs and maintenance General administrative costs, including depreciation and amortisation Depreciation of Loss on disposal of tangible fixed assets Bank charges Postage and couriers Software, IT support and related costs Stationery and printing Subscriptions Sundry expenses Telephone, fax and broadband Legal and professional costs Accountancy and bookkeeping Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net expenditure Net expenditure before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
26 31,400 1,183 - 1,037 129 277 1,038 1,009 253 1,255 6,181 2,261 3,157 5,418 134,639 140,757 - (4,125) (4,125) - (4,125) 65,718 61,593 |
- - - - - - - - - - - - - - - - 1,000 - - - - - 281 281 |
26 31,400 1,183 - 1,037 129 277 1,038 1,009 253 1,255 6,181 2,261 3,157 5,418 134,639 141,757 - (4,125) (4,125) - (4,125) 65,999 61,874 |
3,239 |
|---|---|---|---|---|
| 30,687 | ||||
| 1,541 (106) 529 198 503 612 678 491 1,408 |
||||
| 5,854 | ||||
| 2,339 2,951 |
||||
| 5,290 | ||||
| 121,878 | ||||
| 131,334 - |
||||
| (5,310) | ||||
| (5,310) - |
||||
| (5,310) | ||||
| 71,309 | ||||
| 65,999 |
Page 16
(HARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trustees1 members of Launceston Foodbank Ltd On accounts for the year ended 31 Octob8r 2024 Charlty no {if any) 1146082 Set out on pages I report to th8 Irustees on my examination of the accounts of the abov8 charity I'the Trust") for the year ended 3111012024. Responsibilities and basls of report As th8 charity's trustees, you are responslble lor the preparation of the accounts in accordance with the requirements of the Charilies Act 2011 ("Ihe Act"). I report in respect of my examination of the Trust's accounts carried out under sedion 145 of the 2011 Act and In carrying out my examinalion, I have followed all the applicable Direclions given by the Charlty Commission under section 145(5)(bl of the Act. Independent I havè completed my ex8mination. I confirm that no material matters have examlnerfs statement come to my attention in Gonnection wlth the examination (other than that disclosed below '} which gives me cause to believe that in, any mat8rial respect: the accountlng records were not kept in accordance wlth sectlon 130 of the Charitie5 Act., or the accounts did not accord with the accounting records,. or the accounts did not comply with the applicable requirements concerning the fomi and content of accounts sel out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement thal the accounts give a 'true and fair, view which is not a matter considered as part of an independenl examination. I hav8 no concems and have come across no other matters in connection with the examination to which altenllon should be drawn in Ihis report in order to enable a proper understanding of the accounts to be reached. Signed: Date: 2410312025 Namè: Emma Gilbert Relevant professlonal quaSification(sl or body {If any): ACCA Address: Prospect House, 11 Western Road, Laun$ton. PL15 7AS IER Oct 2018