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← FareShare Midlands

2024-06-30-accounts

FareShare Midlands Annual Report and Statements 2024

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01

Annual Report and Financial Statements Year ending 30 June 2024

FareShare Midlands, company number: 07575440

02 FareShare Midlands Annual Report and Statements 2024

FareShare Midlands Annual Report and Statements 2024 03

CONTENTS

Contents

FareShare Midlands Annual Report and Financial Statements for the year ended 30 June 2024

Trustees’ Report...................................................... 04
Independent Auditor’s Report............................. 42
Statement of Financial Activities....................... 48
Balance Sheet.......................................................... 52
Cash Flow Statement............................................. 56
Notes to the Financial Statements..................... 60

FareShare Midlands (a company limited by guarantee) Charity number: 1146847 / Company number: 07575440

04 FareShare Midlands Annual Report and Statements 2024

Trustees’ Report

MESSAGE FROM CHAIR, VINCE CRAIG

Our staff and volunteers worked tirelessly in our fight against hunger, while tackling food waste and creating opportunities for those marginalised by society.

Alongside the redistribution of surplus food FareShare Midlands’ dual purpose is to support education and training; we feel strongly that we are about more than food. Central to FareShare Midlands’ mission is encouraging people to grasp opportunities for training and personal development that can be provided alongside the redistribution of food. Training for employment sits squarely in that area.

The Charity continues to adapt and find new and innovative ways to

meet the needs of our members and those they serve and to remain viable and to support our members with their increasing costs of delivering their services to their communities – particularly at a time when local authorities are in financial dire straits and reducing or even removing financial support and services.

The Board continues to be impressed by the commitment and dedication of our staff who work hard to ensure the service FareShare Midlands offers is the best it can be. Also by our vast number of volunteers, without whose help and dedication our operation would not be able to work as well as it does, through them, our impact on the communities we serve is significantly increased.

We continue to be proud that our Board of Trustees is diverse and representative of our communities and members and those who we work to serve. I would like to acknowledge the contributions of my fellow Board members and thank them for their support.

24/25 is shaping up to be an interesting year for FSM and I’m delighted to be in the role of Chair where I can support Simone and the Senior Management Team in their efforts to ensure that FSM can be as successful as it can be in a time of economic challenge and a time where need for our services is in great demand.

Here are some words from our previous Chair, Andrew Wilson, who retired from his role in February 2024

I was invited to apply to become chair of trustees of FareShare East Midlands (FSEM) in 2017. I little thought that by the time I retired as chair in 2024, that small charity would have morphed into something ten times its size, serving the whole of the Midlands from the Welsh border to the Lincolnshire coast. My first introduction to FSEM’s work was a conversation with Simone, who I quickly recognised as the dynamo at the heart of this extraordinary charity. I was soon able to meet other members of staff who were equally committed and energised by its mission. When the offer to take over FareShare West Midlands came from FareShare UK, we thought it was an opportunity too good to be missed. It took a lot of work from staff, trustees and consultant project managers.

The danger was that the process would divert us from our primary objective, but that never happened.

The date for the merger’s completion was April 2020. Then Covid struck, and what now was FareShare Midlands found itself in a situation where the demand for food in its communities exploded, matched, fortunately, by the availability of good surplus food. FSM rapidly had to adapt to new ways of working and finding ways to cope with the increased demand. In financial terms, the charity grew to three times its size in the space of three months - a truly astonishing achievement.

Since that time, FSM has continued to grow under Simone’s leadership. They say that the relationship between Chair and CEO sets the

tone for the whole organisation. I think FSM embodies that. We have learned together and supported one another while Simone’s skills as a leader have developed in so many ways. I have thoroughly enjoyed my time with FSM, not least because of Simone’s exceptional abilities and willingness to learn and adapt. Simone and the FSM team will continue to make FSM better and more effective, and I know that she and Vince will continue where she and I left off.

The challenge of change won’t go away for FSM, but I know it’s in the best possible hands. I wish FSM its staff, volunteers, trustees and members every success for its future.

FareShare Midlands Annual Report and Statements 2024 05

CONTENTS

Tonnes of CO2 saved in 23/24

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06 FareShare Midlands Annual Report and Statements 2024
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MESSAGE FROM OUR CEO, SIMONE CONOLLY

This year FareShare Midlands continued to make a significant difference to our communities, our planet, and to hundreds of individuals seeking support and development to help them move closer to securing employment through our dedicated Employability Programmes.

develop and improve. The individuals that we support are often vulnerable and disadvantaged through lack of education and poverty throughout their life. Moving into work for some is a massive mountain to climb, so the rewards are enormous for both the individual and FSM when we’ve helped someone secure employment.

We rescued enough food to help make almost 12 million meals by our network of over 650 members across the vast Midlands region which spans from the Welsh Borders to the East Coast. Over 85% of our members are based in some of the most deprived communities in the country and in some areas over 50% of children are growing up in households where income levels are below the required amount to afford essential items such as food. These children start life off disadvantaged leading to poor attainment and academic success and in many cases low paid work and even unemployment which means that they remain disadvantaged throughout their lives. Whilst FSM isn’t able to fix this problem we can provide relief to families and children struggling to afford to eat good food by ensuring we save as much good food as we possibly can.

As is the case every year, our volunteers remain at the heart of our operations. During the year we were supported by over 1,500 volunteers who volunteered a combined time of almost 60,000 hours. Additionally, more than 800 volunteers from local businesses joined us, assisting in sorting and distributing food to our network of members. Our volunteers tell us that they like FSM as it helps them to keep busy and active and to make new friends, while helping an organisation tackle two of the most serious issues we face today - food insecurity and food waste.

Like many charities, FareShare Midlands, has found raising funds to support the delivery of our work increasingly more challenging. Local authorities across the Midlands have entered into receivership meaning less local government funding and other trusts and foundations finding themselves overwhelmed with applications for support. Despite the challenges, donated income from trusts, businesses and from the general public made our work possible with over £556,000 being raised. Enormous thanks to all who have given so generously.

Through our bespoke employability programmes and our aims to create opportunities for learning and development, we have supported over 700 people to either find employment for the first time or after a long period of unemployment, or move closer to being work ready as their skills, confidence and self-esteem

Can I just say as well that I’m over the moon to have partnered with yourselves! I live for receiving the impact reports, as it’s so nice to see the difference that us and our customers are helping to make!

From Lineage Birmingham

The surplus food landscape and our work with the food industry

Due to the cost of living crisis, energy challenges, extreme weather in Europe and the UK, and global political disruptions affecting supply chains, many food companies have consolidated, improved efficiencies and reduced product ranges. This has led to reduced surplus food, making it harder to secure the same volume. However, with the support of FareShare UK, our strategies have helped us access different types of food and build sustainable partnerships during this challenging time.

Local food sourcing accounted for over 36.3% of our total food saved in 23/24. As last year, we would like to recognise Geary’s Bakery who have donated around 240 tons since they started working with us as well as National Food partners in our region such as Amazon, who are locally managed, and local links with the likes of Odd Box, Manor Fresh, Vibrant Foods, Bakkavor & Lineage who have consistently contributed towards our food supply. Food secured from Samworth Brothers, the largest manufacturer of ready meals in the Midlands, increased from 110 Tons (FY 22/23) to 126 Tons (FY 23/24)

Despite these efforts, some suppliers have reduced their surplus, such as Gousto, Greencore and the retail sector, though we continue to maintain strong partnerships with them to ensure any available surplus comes to us first.

FareShare Midlands Annual Report and Statements 2024 07

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We will continue to work closely with businesses, other charities, statutory organisations, and local governments to address environmental issues caused by the unnecessary impact of disposing of good-to-eat food

This year, as we did in 22/23, we helped some of our members to take more surplus food by providing them with fridges and freezers, with funding secured by FareShare UK. Surplus frozen food volumes accounted for almost 4% of our total food saved in 23/24 which was an increase from 22/23 (3%) - demonstrating that there is more frozen food available for us to access and re-distribute to our members.

More of our members can also now take larger packaged foods (catering packs) from the wholesale and catering industries which in most cases are then used to provide hot meals on site helping to support a much more inclusive and social eating experience.

As always food safety and compliance has remained a key focus for us and we continue to achieve the highest food safety audit standards across all of our sites.

Definitions

FareShare Midlands refers to this charity (charity registration No 1146847).

The FareShare Midlands network comprises of eight warehouses that redistribute surplus food to frontline charities and community groups – our Community Food Members (members) across the Midlands region.

FareShare Midlands is a collaborative partner of FareShare UK and bound by a Network Agreement that outlines operational policies and procedures, and parameters within which FareShare Midlands can operate including but not limited to; the use of the FareShare brand and trademark, permitted fundraised activity and the geographical location of operation for both the growth of membership and sourcing of surplus food. The Charity is controlled by its

governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

FareShare Midlands relies on FareShare UK to source food from National Food Suppliers and operate the national supply chain and logistics to deliver that food to all the warehouses in the FareShare network. FareShare provides operational support to FareShare Midlands and promotes the sharing of best practice across the network especially in the areas of health and safety and efficiency improvement.

FareShare Midlands is responsible for their own fundraising, public relations and communications relating to FareShare Midlands and its own operations.

The Trustees’ report provides statistics for FareShare Midlands and these best describe the social, environmental and economic impact of our work. We focus on the volume of food provided to our network of members and the equivalent number of meals provided by the members from the food they receive from us. The financial statements refer to FareShare Midlands exclusively.

Transitioning to a more efficient and consolidated operational base

In 2022/23 we reduced our cost base and looked to improve efficiencies by closing the warehouses in Lincoln and Holmewood and the meal production facility in Nottingham.

2023/24 continued to be a challenging year, with the cost of living increases faced by individuals and organisations across the country affecting FareShare Midlands’ financial performance, in addition to the increased competition for fundraising income. In the first part of 2024, like many charities and organisations we had to consolidate

further which resulted in a staffing reduction.

The staffing restructure meant we had to increase our efforts on operational efficiency to support a much leaner organisation so that we could continue the excellent service provided to our members.

We remain committed to exploring and investing in new solutions that reduce food waste and help us to turn surplus food into useable food for our members and their service users, and equally will do what we can to help our members to do the same.

We need to get back to our original mission and environmental aims. We would like to see an increase in communities coming together through social eating, cooking and food sharing but we accept that this will take time.

To support our consolidation and improvements to efficiency and to provide the charity with much needed working capital we were successful in being awarded with our first ever Social Investment Fund through The Social Investment Bank (SIB). We received the highest possible amount of £250,000 which was split into £83,000 as a grant (and not repayable) and £167,000 as a Social Investment Loan repayable over 4 years.

The loan also supported our efforts in increasing our improving and increasing our fundraising and the acquisition of delivery vehicles so that we are able to reduce our leasing costs.

The role of FareShare Midlands in helping to support our members and their service users, and also new members looking for additional support, will be needed more than ever before and this, worryingly, comes at a time of significant supply chain improvements as the food industry double down their efforts to reduce food waste.

08 FareShare Midlands Annual Report and Statements 2024

Case study

Supporting those who slip through the net: Rhubarb Farm and Langwith Community Pantry

Nestled in the border of Nottinghamshire and Derbyshire, sits the Rhubarb Farm social enterprise utilising therapeutic horticulture to improve the health and wellbeing of vulnerable members of their community.

Rhubarb Farm supports people out of employment, those recovering from drug and alcohol misuse, ex-offenders, children out of education and people with mental or physical illnesses and disabilities to developing their confidence and work-readiness skills.

The Pantry

Alongside this, the team also run the Langwith Community Pantry - a space which anyone can attend, pay £5, and fill a bag with fresh fruit and vegetables, cupboard staples, chilled proteins and frozen goods.

Unlike some other food services, such as food banks, the Langwith Community Pantry is passionate about ensuring their food is accessible to all who need it, rather than acting as an emergency resource. Mel, Food Champion for Rhubarb Farm, shared that the Pantry primarily

sees older people and families with young children seeking their support.

Much of the food used within the Pantry is surplus stock, provided by FareShare Midlands. Through their membership, the Pantry can receive a wide range of fresh fruit and vegetables, which Mel explained goes down very well with their service users. The regular access to fruits and vegetables provides a variety of benefits to the Pantry’s service users.

But it’s about more than just the food. As with the services at Rhubarb Farm, the Pantry’s users are able to benefit from interaction with one another, which can help boost mental wellbeing and reduce social isolation.

From speaking to the parents and Pantry Volunteers, it’s clear that parents are using the foods collected from the Pantry as inspiration, helping them to learn new cooking skills, try new things and teach their children new recipes.

Through supporting families and children, Langwith Community Pantry is a lifeline for parents over the school holidays.

Maria, mother and frequent Pantry user says that through the Pantry:

We get to try different vegetables as well, my daughter tried asparagus and loves that!

Natalie, mother to three boys, attends the Pantry to ensure they have good food to eat:

Feeding my children - and myself, honestly, I don’t know what we’d do... If we didn’t have this, we literally would have nothing apart from food banks that only give you a short supply of stuff.

Using the Pantry, I know that if I can afford to spend that little bit extra on an extra packet of nappies because I don’t have to pay quite as much for food, because I’ve always got this place here that I can top up the food supply if I need to get essentials.

FareShare Midlands Annual Report and Statements 2024 09

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Anastasia, volunteer at Rhubarb Farm and the Pantry says:

It’s hopefully encouraging people to cook from scratch, if they can come here and get pasta, some fresh fruit and vegetables, and maybe a bit of chicken.

Over summer, families often struggle to access the activities provided by organisations due to a lack of driving, or means to travel. The Pantry makes sure to keep their regular services running, so people can come here and make a family thing of deciding what they’re going to be eating for the next few days. And then extend that into having a little picnic out while we’ve got nice weather. It’s not just the food side of it that’s making them healthy, it’s the wider impact of having something that they can take out and make us of a day of it.

Mel, Food Champion at Rhubarb Farm told us about the Pantry and its users:

We get a delivery from FareShare round about 11 o’clock on a Thursday morning. At 1 o’clock the doors open and people come in, they take a bag, fill it with whatever they need... and the pantry closes at 6:30pm. Everyone says they’re really grateful because they can’t get any help anywhere else.

We have quite a large number of customers whose kids go straight for the fruit and veg. All the kids are always allowed to just take an orange or some tomatoes or an apple. We have 1 little girl that took a parsnip the other week and proceeded to eat it all the way home, raw.

Tanya, a parent who attends the Pantry, says:

I look forward to just popping up and having a chat.

I see it as a bit like ready, steady, cook. That bag will feed our family for 3 days, leftovers will go in the freezer... it keeps us going. So it’s more like a life. I actually enjoy it.

Julia, who collects food for herself and her grandchildren from the Pantry explains:

Mostly what we come for is the fruit and veg, so it’s the nutrition, it’s the healthy, balanced meals. Even my little 5-year-old grandson, he asks me to tell him what vitamins are in broccoli. He’s really interested in cooking, even though he’s only 5.

School holidays impact on my granddaughter, a young mother, because her little ‘un gets free school meals, so clearly that’s extra lunches that she has to find. If she didn’t have access to this food she would probably have to go into debt to eat.

10 FareShare Midlands Annual Report and Statements 2024

Case study

Woodford Halse Rural Community Larder provides a lifeline to locals

Karen Pollard, the Larder Coordinator, set up a Larder during COVID19 at her house in the village of Byfield with the help of the Good Neighbour Scheme.

The scheme could draw on around 80 Good Neighbours volunteers who could do various jobs from picking up prescriptions, DIY and helping with hospital trips, mostly for the elderly or infirm.

With lockdown, the need to co-ordinate shopping support grew exponentially, and so Karen organised the sourcing, collation and delivery of around 30 food parcels every day. She worked with three local schools to support families with children who were on free school meals, by providing weekly breakfast boxes to ensure that their nutrition was not suffering due to the impact of the pandemic.

By running the larder for two years from her lounge, Karen was able to ensure that the families and elderly were always supported - providing breakfast boxes, Christmas meals, Christmas parcels, Easter and summer parcels. The parcels were essential in rounding out the support for those in need, and provided more than just food, such as toiletries and cleaning products.

In the Summer of 2022, funding and a premises became available, so the Rural Community Larder was launched officially in Woodford Halse. Woodford

Halse and the villages nearby are in a rural location, with very limited public transportation and minimal local affordable shopping opportunities. With the help of Miranda Wixon, another two larders were soon opened – in Daventry and Brixworth. The Larder has over 60 volunteers, 45 of whom are required every week to help collect, deliver, set up and run the Larder. 316 volunteer manhours are given up to help feed over 1,700 people a month. As a recognition of this hard work and dedication, the Woodford Halse Larder volunteers were awarded the Rose of Northamptonshire for their outstanding contribution to their community.

Each household becomes a

member for the year for £10 membership, and then can attend each week and purchase a fixed fee £5 or a £10 grocery shop. For this, they receive points to spend on a selection of ambient, chilled and frozen foods, as well as additional free fruit, vegetables and bread. To prolong the life of food, the Larder has a triple door freezer, three big industrial chest freezers, a couple of small freezers and fridges and a chiller unit.

The Larder is always looking for cost-effective ways to help households stretch their budgets further. For example, the Larder provides sanitary products and incontinence products free of charge every week, and outside agencies come in to give free advice including a debt collector, community law

advisor, an Outreach Programme, and Household Support Funds from West Northamptonshire Council. Karen also has a team of volunteers that befriend people and help them if they need medical support or companionship. They also receive referrals from doctors, schools and other agencies when people are in crisis, who are provided with free, tailored supplies of food, cleaning and toiletry products.

The Larder volunteers provide free cookery classes to the members and wider public. These have included batch-cooking, cooking for one, international cuisine recipes and handy food-waste hacks.

Last winter, the Larder started running a ‘warm space’ as part of the council-supported programme. Every Thursday, elderly members of the local community spend time in a warm, friendly environment to save on their own heating bills. Thanks to FareShare Midlands supplies and the batch cooking classes, the Larder has freezers full of casseroles, sausage rolls and quiches. The elderly members enjoy a delicious hot lunch, play games and then get to take four meals home with them.

Receiving food from FareShare Midlands allows members of the Larder to broaden their horizons and try a huge range of new foods, that they never would buy themselves for fear of wasting money. By removing this risk, there is now a much larger supply of varied, nutritional foods in the community.

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FareShare Midlands Annual Report and Statements 2024 11
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Karen says:

The schools that we work with have seen a massive improvement in the children’s lunch boxes from the families who are using the larder. We used to provide breakfast supplies to the schools, but we no longer need to do this, because everything is affordable for the members through the Larder. One father said it’s changed what they can give the children so much. It’s healthy and there’s more to put in the lunch boxes.

It’s not just food. The Larder is a community and we have so many people that come early before we open to socialise, as they don’t see anybody from one week to another”.

When we started the Larders, the membership was made up of pensioners and people that were on benefits or out of work. Our members were people that had very little and didn’t have any disposable income. But recently we’ve found that we have a lot more couples joining that are both working.

They come in saying that they don’t really want to do it, because they feel that they are taking food from other people. But in reality, they are also struggling due to the cost of living crisis. A lot of the families are in rented or local authority accommodation, and they can’t afford to not pay their rent or fuel costs to get to work. We’ve had to open an evening session very early on just to help those that are working. I’m amazed at the amount of people that are in professional jobs.

I had one family that said after they paid for their childcare and all the bills, they had seven pounds left at the end of the month.

All the volunteers say they get something out of it. One lady said she’d lost her faith in humanity. She’d gone through some bad things and just didn’t think there were nice people out there. But doing this, it has come back - her faith has returned that there are good people out there.

The beauty of FareShare is often in the unexpected! We do get some weird and wonderful things, but I have a fantastic volunteer who immediately seeks out recipes that the members can take home with them.

We collect produce from many places, but FareShare Midlands is our main supplier and without them we wouldn’t have a larder with the variety of choice or volume of produce available to our members. FareShare Midlands are vital to the Larder operating.

I don’t know what the members did before we were here. It’s a lifeline for a lot of them - they rely on it. It means they can buy new school uniform and new shoes rather than rely on ill-fitting hand-me-downs. One woman was able to help her daughter and granddaughter with the money she was saving by shopping at the larder. Having that little bit of money left over, it gives peace of mind in case anything goes wrong in the house.

12 FareShare Midlands Annual Report and Statements 2024

An environmental charity

FareShare Midlands is an environmental charity, preventing food from being wasted and putting surplus food into the mouths of people who most need it. In the UK, over a quarter of all the food grown is never eaten. This wasted harvest accounts for 6-7% of our country’s total greenhouse gas emissions. Buying food and giving it away has its advantages, but helping the environment is not one of them. There is a pressing environmental argument to divert surplus food to local communities, beyond the more obvious social benefit that can be achieved.

Food production is a major contributor to climate change. One-third of all emissions arise from food production yet we waste approximately a third of all food grown.

WRAP (Waste and Resources Action Programme) estimates that if all of the available edible surplus food in the UK was redistributed instead of being wasted, the volume of carbon emissions avoided from that alone would enable the UK to achieve its goal of becoming Net Zero by 2030.

By accessing the surplus food which exists in the Midlands and getting it to people rather than it be disposed of lower down the waste hierarchy FareShare Midlands is playing a significant role in the UK’s climate ambitions.

Equality, diversity and inclusion (EDI)

We are passionate about EDI and remain committed to building an inclusive organisational culture. We set high standards regarding working with, listening to, and supporting people from all communities. We recognise that to achieve this we need to acknowledge where we are not doing enough and invest in understanding the issues and how we can improve.

Our EDI Policy sets out our commitment to promoting equality for all and guarding against discrimination because of ethnicity or any other protected characteristic, and this commitment informs our approach to recruitment, selection, training, development, promotion, and retention. Senior team members have broadened their learning through relevant training and continue to work on our EDI action plan - a key theme of our three-year People and Culture Strategy. We also support and encourage other staff members to attend diversity and inclusion training.

We remain members of Mindful Employer Plus, a UK-wide wellbeing support initiative that provides managers with easy access to information, advice, and training to support staff experiencing stress, anxiety, depression, and other mental health conditions. The scheme is also available to all employees and offers a confidential staff helpline available 24 hours a day, 7 days a week.

Health and well-being of staff

Due to economic pressures, we had to reduce our staffing by 15% in 23/24 when, unfortunately, some people who had worked for FareShare Midlands for a while were required to take redundancy. The redundancy process was stressful and emotional for everyone, including senior managers. During this difficult process, we took every opportunity to listen to and talk with staff and managers about their feelings and well-being.

We remain committed to ensuring that our staff don’t work excessive hours and, if appropriate we support staff to adopt a more flexible working routine, for example by working from home where possible to avoid unnecessary travel to and from the workplace, and to manage caring responsibilities.

Financial viability

A key responsibility of our Board of Trustees is to ensure the ongoing financial viability of the Charity, including the ability to meet its ongoing financial commitments. As part of our financial governance, we have agreed the target of having reserves to cover three months of our operating expenses. Our current reserves of £741,517 comprise £338,996 of restricted reserves and £405,521 of unrestricted reserves equating to 2 months of unrestricted expenditure. Any reserves held at year end in excess of three months of our operating costs will be invested in further advancement of our charitable objects, especially projects relating to our ability to take in more surplus food on behalf of our members. For more details of our planned investments, please refer to our aims and strategic plan on page 26.

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We will continue to do all we can to 7 understand the regional need and how we respond to it

14 FareShare Midlands Annual Report and Statements 2024

FUNDRAISING

Last year, FareShare Midlands faced significant challenges due to the ongoing cost of living crisis, which increased the demand for food while simultaneously raising operational costs.

Our fundraising efforts resulted in us raising £556,563 in donated income for the 23/24 financial year made up of £150,057 of donations, and £406,506 of grants within charitable activities income. Whilst we didn’t raise enough funds to meet our target we are hugely grateful for the generosity of supporters, including trusts, foundations, corporate partners, and individuals, alongside innovative fundraising and challenge events.

So, while the fundraising landscape continues to adapt to various economic and social challenges, building on the changes initiated by the COVID-19 pandemic, overall, 2024 was a year of resilience and adaptation for FareShare Midlands (and the fundraising sector as a whole). All our activities in the year, including restructuring of the fundraising team and a re-evaluation of our revenue stream priorities, enabled us to find creative ways to navigate economic pressures and changes to donor behaviours – in many senses to use the year as a building opportunity for 24/25.

FareShare Midlands participated in The Big Give Christmas campaign for the third consecutive year, creating an amazing and emotive campaign film (thanks to our talented Marketing and Communications Team) setting an ambitious goal of raising £50,000 in just one week. The campaign which highlighted the impact of the cost of living crisis, encouraged donations by offering match funding. The initiative was successful, exceeding the target by raising over £54,000 (the same as last year but with considerably more

donors) which allowed us to provide an additional 216,000 meals during Christmas.

Corporate and charitable donations remained a critical component of FareShare Midlands’ income. While we received substantial support from businesses and their employees, most of our corporate supporters refocused their corporate social responsibility (CSR) towards donating their time and resources rather than their cash. This remains a challenge but their volunteering is so important to our operations that the increase in their volunteering numbers helped us to achieve our end aims; to handle incoming food surpluses and distribute that food to those that need it the most.

Our key relationships this last year continue to be with Central Co-op whose support enabled the delivery of 200,000 additional hot meals during the winter. Other sponsors included Cargill Lincolnshire, which donated £8,000 from its year-end surplus, Alutrade, which provided ongoing support through the Big Give and regular donations, Enterprise who donated and volunteered throughout the year and HSBC, which maintained a strong partnership with the Nechells depot. We received a donation of three chiller vans from Tesco and continue to develop our relationship with them outside of their surplus food donations. A great new partnership with Unite Students also brought many university students to our depots and a new generation of supporters to understand what food insecurity is really about.

FareShare Midlands also benefited from individual fundraising efforts, such as events organised by the Everyone Can Sing Choir in Nottingham and a 100k trek through the Wadi Rum dunes by Sati Bahia, an HSBC employee (see page 16). Additionally, the Ahmadiyya Muslim Youth Association (AMYA)

hosted a family fun day in aid of FareShare Midlands and Walsall Food Bank. These efforts, together with the successful recruitment of new fundraising staff, and the implementation of a new database management system helped improve the charity’s capabilities in reaching its goals.

Overall, FareShare Midlands demonstrated resilience and adaptability in a challenging economic environment, leveraging community support and strategic partnerships to continue our mission of redistributing surplus food and supporting vulnerable communities across the Midlands. It would of course not have been possible without our donors - and we say thank you to them for their continued and unwavering support.

Our fundraising principles

FareShare Midlands is registered with the Fundraising Regulator which is responsible for the UK code of fundraising practice. Our approach is to ensure we comply with the

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Listed below are our corporate FareShare Midlands Annual Report and Statements 2024 15 donors and the Trusts and

Foundations that made grants and gifts to us last year. We also want to take this opportunity to thank all the individuals who gave us gifts throughout the year – we have not listed everyone but we thank you deeply for your generosity:

standards as set out in the Code across all our fundraising activities. We comply with the behaviours required by the code and will not exploit the trust or lack of knowledge or awareness of any donor in vulnerable circumstances.

Through our fundraising, we aim to ensure the financial stability of FareShare Midlands and our dedicated supporters are vital to what we do. Our fundraising approach is based on relationship fundraising, putting our donors at the heart of what we do to ensure they get the most out of their support to us.

16 FareShare Midlands Annual Report and Statements 2024

Case study

Sati Bahia funds 8,000 meals by trekking 100km through the desert to Petra!

Over 5 days, Sati Bahia trekked 100 kilometres through the desert to Petra, Jordan, in order to raise an incredible £2,000 for FareShare Midlands. This amazing fundraising feat will provide 8,000 meals for those in need.

Sati knew she wanted to fundraise for FareShare Midlands as she heard growing stories in the news about the rise of the use food banks, particularly by families.

Working for HSBC, Sati became aware of FareShare Midlands as her colleagues volunteered there through the company’s partnership with the charity. Combined with her increasing awareness of food poverty in the UK, Sati was inspired to fundraise for FareShare Midlands.

Petra is one of the New Seven Wonders of the World and had been on Sati’s bucket list of places she wanted to visit since she was a child. Although she was unsure whether she would be successful

in her application, Sati put herself forward to take on the challenge - and sure enough was successful in being chosen alongside 120 other people from across the globe to take part! Individuals from Hong Kong, India, China, UK, America and other places around the world were all brought together to take on this mammoth fundraising event.

The trip was physically and mentally demanding, with long hikes, shared tents, and no bathrooms.

Through sponsorships from friends and family, Sati raised an amazing £2,000 for FareShare Midlands for her Petra Dune Challenge. With every £1 allowing us to redistribute 4 meals, this incredible donation will provide the equivalent of 8,000 meals to those in need across the Midlands.

Everyone at FareShare Midlands extends their deepest thanks to Sati for her generosity, and our congratulations for her incredible achievement!

FareShare Midlands Annual Report and StatemFareShare Midlands Annual Report and Statements 2024nts 2024 17 17

CONTENTS

Sati says:

I am a mother of 2 children, so when I see that there is a much bigger uptake in people using food banks, I obviously find it really upsetting. The thought of children going to school without food doesn’t sit right with me, so I wanted to do something that could help that. I know that services like this rely heavily on volunteers, and donations really help too.

I work for HSBC and we are very fortunate that we have the opportunity to take part in massive fundraisers like this one. I saw it advertised at work - “Do you want to see a wonder of the world? This is what we have available!”

It was a 100km trek and thought it would be an amazing opportunity to get involved with something where I could push myself, while raising money for a good cause. We were all raising money for the Jordan River Foundation, but we also had the choice to raise money for a local charity - which is why I chose FareShare Midlands.

I loved the experience. We had to share a tent, and camp out there for 5 days. You are camping in the desert with people you don’t know, sharing a tent with someone you don’t know. There

are no bathroom facilities, and the food is cooked out there for you. It was really challenging - but it was incredible. We were split into groups of 30 and I have made friends for life. The stars were incredible.

We should be ashamed that there is such a high rate of poverty in this country. It’s a shame - we are one of the richest nations, yet so many people are struggling. It’s pitiful.

I would definitely recommend fundraising for FareShare Midlands. FareShare is a very big organisation but knowing that FareShare Midlands is helping people so close to home really means a lot. I talk about it to my children, and I try to explain to what I did and what it was for. Seeing donation boxes at the grocery store really hits home. So many people benefit from this and it’s not just the people you would expect, like people without income, it’s also those with jobs who are struggling financially because of the cost of living crisis.

Helping those in need is really important to me. I would love to carry on helping, so if the opportunity comes up again, I would love to carry on fundraising for FareShare.

18 FareShare Midlands Annual Report and Statements 2024

During the year 1,542 volunteers supported us by giving 59,808 hours of their time helping to redistribute close to 5,000 tonnes of food which created over 11 million meals across the Midlands and their time equates £630k to over (based on the national living wage)

FareShare Midlands Annual Report and Statements 2024 19

CONTENTS

EMPLOYABILITY PROGRAMMES

Our employability programmes continue to grow and attract additional funding, enabling us to support people of all ages and backgrounds moving them closer to employment to find new jobs, or relevant training, through practical experience

Our employability programmes help reduce poverty levels by providing a reliable source of income, which can lift individuals and families above the poverty line. We know employment has far-reaching impacts beyond just the immediate benefit of income. Addressing barriers to employment and creating supportive pathways for individuals to enter and sustain employment can lead to widespread positive outcomes for both individuals and the broader economy.

The significant change during the year has been a change in focus for our employability offer with funders requiring us to target the economically inactive. This has provided some challenges for us with participants needing additional support on the journey towards employment. People like Tony.

SkillsShare

We have been developing SkillsShare, our suite of personal development programmes designed to support individuals on their journey towards success. This will be formally launched in Autumn 2024. Within SkillsShare we have a number of funded employability-based programmes including our I-CAN Programme, funded by the UK Government through the UK Share Prosperity Fund which has been extended into 2025. West Midlands Combined Authority are funding us to provide sessions that increase numeracy and improve career prospects through the Multiply offer which has also been extended to the end of 2024. Working in partnership with Fareshare UK, Yorkshire Building Society funds us to provide workshops across the Midlands that supplement our current provision.

Case study

Tony’s confidence and self-esteem grow through work experience sessions leading to traineeship role

We first met Tony in 2022, Tony absolutely loves working at when he was referred to us for FareShare, he has been gaining a work experience opportunity confidence and working with in the warehouse. Tony was the team to build his skill base nervous and very shy but once for future warehouse work he had settled in, we were opportunities. He wants to able to learn a bit more about continue improving his literacy and his goals and aspirations. He numeracy skills, so that he can disclosed that he had never complete an accredited Health and been able to get a job because Safety course as soon as possible. he struggled with literacy and numeracy and that he felt embarrassed and too scared to do anything about it.

During his work experience sessions, the team gave him extra support with his reading. He also completed some basic maths sessions. Tony’s confidence and self-esteem grew because of this and when the opportunity came for FareShare Midlands to offer a traineeship role through one of our funders, it was a perfect time for Tony to apply. The team supported him with CV development and interview practice and Tony was interviewed and appointed.

We have also developed a collaborative partnership with Challenge-trg Skills Ltd a provider of training programmes to the logistics sector. This has brought in some additional income to the organisation and enables us to offer forklift truck training from our site in Birmingham.

20 FareShare Midlands Annual Report and Statements 2024

The volunteering experience is summarised well by Celia, one of our Nottingham volunteers

VOLUNTEERING AT FARESHARE MIDLANDS

The scale of our achievements would not be possible without volunteers. Last year 1,542 people stepped up to support us and get much-needed food to those in need, giving us 59,808 hours of their time, and helping to redistribute approximately 5,000 tonnes of food which created over 11m meals. Based on the national living wage, this time equates to over £630k. These figures show that, without our dedicated volunteer colleagues, we would have needed around an additional 30 full-time members of staff to meet the growing demand for our services.

Recent volunteering trends in the UK show a complex landscape shaped by increased demand, new expectations from volunteers, and the impact of economic conditions. Despite these challenges, the number of volunteers

we interact with continues to increase every year, but unfortunately not at a rate that meets demand. We particularly struggle with recruiting volunteer drivers, which has forced us to make changes to our model with an increased focus on collections.

We have seen a significant increase in corporate volunteering with staff from HSBC, Amazon, Santander, Mitie, Sodexo and Nottingham Building Society joining us during the year. This has the added advantage of establishing partnerships from which the whole organisation can benefit.

We will continue to keep

volunteering central to everything we do, adapting to meet changing demands ensuring we all – staff and volunteers – work side by side to realise our vision of a Midlands region where no one goes hungry when food is being wasted.

After I retired from a busy job, I missed being part of a team. Some of the groups I had worked with had benefitted from Fareshare, so I applied to volunteer with them.

From Day 1, I was made to feel welcome both by the staff and the volunteers and everyone helped me to learn what needed to be done and encouraged me when I made mistakes (frequently!). It is a physically demanding role (you don’t need to pay to go the gym!) but everyone works together and helps each other out because they believe in the principle of helping people to eat well by preventing food from going to waste.

I feel that volunteers are listened to and views respected and encouraged by the Warehouse Team and the Volunteer Manager.

I would recommend Fareshare Nottingham (FareShare Midlands) as a good place to volunteer and feel part of a team making a difference.

FareShare Midlands Annual Report and Statements 2024

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Our volunteers tell us that they like FareShare Midlands as it helps them to keep busy and active and to make new friends, while helping tackle two of the most serious issues we face today – poverty and food waste

22 FareShare Midlands Annual Report and Statements 2024

Our staff and volunteers continued to work tirelessly in our fight against hunger

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MARKETING AND COMMUNICATIONS

Our primary focus this year was developing a new, clean, engaging, fully SEOoptimised, and agile website. In collaboration with OneLine Designs, the project spanned 10 months, and we have already seen significant increases in both total users and page views. Moreover, we launched our first Google Ad campaigns via our Google for Nonprofits account and established a MarComms Dashboard to track and report key statistics, helping us better measure our return on investment.

This year, we also implemented a refreshed social media strategy to raise brand awareness and boost engagement. We ran our first PPC campaign for Employability and our first Meta social ad for Volunteering. With volunteer numbers - particularly for drivers - remaining low, we partnered with WYS Communications to maximise the impact of our paid advertising. Their advice and training proved invaluable, resulting in a significant rise in volunteer applications through the Meta ads.

In October, we collaborated with journalist Jeremy Ball, who filmed at one of our fresh fruit suppliers, the Tasker Partnership, our Nottingham depot, and the Now Church

community café, one of our member charities. The feature, titled From the Farm to the Plate, highlighted the journey of our food, encouraged farmers to donate surplus crops, and was broadcast on BBC East Midlands Today.

We once again supported the Fundraising Team’s successful “Big Give” campaign, helping to raise £50,000 in just 7 days. The campaign spanned the website, social media, emails, internal communications, and featured a broad range of content, including impact reports. Our PR efforts generated strong media coverage across the Midlands, with an interview on Notts TV and several radio interviews on stations like Heart, Capital, and Smooth Radio. Additionally, we coordinated a threeday film shoot with an external video producer at two member locations, featuring two service users. The resulting emotive fundraising video was viewed almost 8,000 times.

We continued to provide robust support to FareShare UK, particularly during their key online stakeholder event, FareShare Live. Our small team collaborated closely with FareShare and an external production company to ensure smooth execution. Filmed at the Nottingham depot, the event featured dynamic live interviews

with staff and volunteers in multiple locations. Watched by over 70 key funding and food partners, FareShare Live was a tremendous success, and FareShare UK expressed great satisfaction with our contribution.

Despite a smaller team following the restructure and a renewed focus on website and digital marketing, we doubled the number of press and media opportunities this year. In addition to media coverage and social ads, we provided the Volunteering Team with online and print ad designs and contributed articles to local magazines. We also assisted the Employability Team with developing the SkillsShare brand, including graphics and icons, in collaboration with external designer Debbie Willetts. We continue to create quarterly email newsletters, working hard to keep the content interesting and engaging.

Alongside managing numerous media visits to the depots, we hosted a range of important visitors, including prospective Parliamentary candidates ahead of the July 2024 elections, and the West Midlands Mayor and Councillor Lee Marsham, promoting our expanding SkillsShare employability programmes and vital food redistribution service.

24 FareShare Midlands Annual Report and Statements 2024

Case study

The Social Unity Foundation of Innovation (SUFI) promotes lifelong learning and social well-being

A Birmingham charity is working to support vulnerable people through the cost of living crisis. The Social Unity Foundation of Innovation (SUFI) helps develop projects and activities that will encourage self-help, advance education and promote lifelong learning and social well-being.

SUFI provides a number of different services including a food bank, income advice and residential weekends.

SUFI is truly at the heart of the Birmingham community and works with several voluntary groups, organisations and

individuals, all who share one common goal - improving the quality of life for people in the community.

Makhdoom also spoke about how SUFI works at cross cultural level to build a tolerant society and to enhance opportunities for all.

SUFI has worked in partnership with FareShare since 2015 and receives a wide range of food and drink, that it uses to stock its own food bank but also to distribute to people directly in the community.

Makhdoom spoke about how important food was to SUFI and how far it goes in supporting the organisation to help people.

FareShare Midlands Annual Report and Statements 2024 25

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Chairman of SUFI, Makhdoom Chishti, says:

Mainly we work with young people, families, victims of domestic abuse - those who are vulnerable.

Our volunteers go directly into the community to support people. For example, we host residential weekends for young people, together with their families. People who otherwise wouldn’t be able to go on holiday.

We have people who come directly to us for food, but we also work with a number of charities and organisations where food is supplied, such as care homes and women’s shelters.

We are an organic organisation that moves around to support people’s needs.

We build up relationships with people from all communities, we host festivals and events where people from different communities can share their culture, share their food, their experiences and learn from each other.

We collect food from Tesco, Asda and the FareShare depot, said Makhdoom

We get a combination of drinks and food such as rice, curry, fresh fruit and veg, children’s meals, crisp and fish products. We also distribute food directly in the community to older people who may struggle to get out.

Food is a need. Before 2010, there wasn’t many food banks but day by day the need has grown.

Covid and the current economic disaster means people are struggling to afford food to feed their families, this is why we need to help.

26 FareShare Midlands Annual Report and Statements 2024

PLANS FOR 24/25

We will continue to support FareShare UK in their efforts to access and accept more food from across the Food Supply Chain including increasing efforts to access more produce from the farming sector.

We will continue to work closely with businesses, other charities, statutory organisations, and local governments to provide collaborative solutions that address food insecurity while addressing environmental issues caused by the unnecessary impact of disposing of good-to-eat food.

We will continue our efforts to ensure that we make a positive impact on communities across the Midlands while being prudent in the management of our resources. We will continue with our employability programmes and help people into work or further education/training. We will grow our volunteering opportunities and work with more corporate organisations who want to support our work.

and rethink parts of our strategic aims. We will need to be dynamic and continue to invest in innovative solutions such as food processing and solutions where we have more control over the types of food we source to continue to deliver our strategic aims and environmental impact.

We will continue to do all we can to understand the regional need and how we respond to it. We will continue to work collaboratively with other organisations whose aims are to help reduce food insecurity and poverty, ensuring that we work together to provide the best solutions for our communities.

Notwithstanding the likely increase in demand, we also have to ensure that our own people - both staff and volunteers - are at the heart of our decisions and plans. Our People and Culture Strategy describes our aims for how FareShare Midlands will be a great place to work.

We will continue to work collaboratively with other organisations whose aims are to help reduce food insecurity and poverty

We reviewed our strategic plan in February 2024 and concluded that we would continue with our strategic aims and ambitions to:

The supply chain landscape and huge pressures facing all industries - but especially the food industry - continue to force us to change how we work

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By accessing the surplus food which exists in the Midlands and getting it to people rather than it be disposed of lower down the waste hierarchy FareShare Midlands is playing a significant role in the UK’s climate ambitions

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Volunteering plans

Fundraising plans

We will target recruitment with a particular focus on drivers. To achieve this we will work closely with our Marketing and Communications Team to increase understanding of what activities work for us and investing in those. We will continue to seek feedback from our volunteers to ensure we remain a great place for our volunteers to give up their time for their community and to ensure they have opportunities available to learn and grow.

Our mission has never been more relevant than it is now, as the cost of living crisis continues to put pressure on families, with 4.3 million children living in poverty and food insecurity in the UK, and 1 in 4 teachers bringing food in to support hungry children.

As noted in last year’s report the fundraising landscape remains challenging, and to meet the rising need we are experiencing, we will continue to invest in our Fundraising Team to allow their plans to be implemented. The Team will continue to build our pipeline of trusts and foundations, maximise opportunities with corporate partners and attract individual donors to engage in and support our work.

Employability plans

We will develop SkillsShare across the region, ensuring we continue with the programmes in Birmingham and attracting more funding for Nottingham. [We have taken over the lease of an additional unit at our Nechells site and hope to expand our collaboration with Challenge-trg Skills Ltd into that unit]. As food growth stagnates, or even shrinks, we will grow employability further providing much-needed additional income and volunteers for the organisation.

Marketing and Communications plans

We will continue to enhance the website, fine-tune our social media and digital advertising strategies, and increase our proactive media outreach to expand press and media coverage. We will work hard to boost brand awareness while supporting our colleagues to raise funds, recruit volunteers and increase the reach of our SkillsShare employability programmes.

30 FareShare Midlands Annual Report and Statements 2024

The food industry is improving its systems and getting leaner, effectively reducing the availability of the types of food that our members prefer

FINANCIAL REVIEW

In 23/24, like the previous year, there has been a challenging financial performance following the challenges the organisation faced, but more actions were taken in the year to help FareShare Midlands prepare for future years.

Of note:

FareShare UK continued with financial contributions for capital expenditure and operational funding throughout the year.

There was a significant increase in membership income with the continued demand for our services across the region. Fundraising still supported our continuing expansion of food delivery, increasing from the prior year. We do not use fundraising agencies but we endeavour to follow best practice. We are confident that our fundraising activity is appropriate and that we do not seek to target vulnerable people for financial support.

As mentioned elsewhere in the report, 23/24 continued to be a challenging year financially with the cost of living increases faced by individuals and organisations across the country affecting FareShare Midlands’ financial performance, alongside the increased competition for fundraising income. As a result we recorded a deficit of

£227,811 which further reduced our reserves having suffered losses for the previous two accounting periods. To try and strengthen our future financial position in the first part of 2024 we had a restructure which resulted in a reduction in headcount but allowed for an increased focus on efficiency to allow the leaner organisation to improve service to our members.

As an organisation, attempts had been made across recent years to absorb as many of the cost increases as possible to help our members’ finances, however, we reached a level where we could not absorb any further costs. Therefore, our membership fee was increased significantly for the 24/25 membership which unfortunately resulted in a loss of members but was necessary for the longer-term sustainability of FareShare Midlands.

Despite aiming to grow our food volumes, sadly future financial plans are centred around zero food growth which exacerbates an already challenging environment. Recognition and support from FareShare UK and other key partners are crucial for us to achieve continued success and ultimately benefit our members, allowing them to help vulnerable and disadvantaged people. We ensure that we review how we operate and ensure we continue to follow best practice in all areas of our work.

FareShare Midlands Annual Report and Statements 2024 31

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Reference and administrative details

Charity name: FareShare Midlands

Trading name: FareShare Midlands

Reserves policy

At 30 June 2024 the total reserves were £741,517 (2023: £969,328), made up of £402,521 unrestricted reserves and £338,996 restricted reserves.

Directors and Trustees

Charity number: 1146847

Company number: 07575440

Registered office: 10 Wilson Road Leicester LE18 4TP

Bankers: Co-operative Bank PO Box 250 Delf House, Southway Skelmersdale WN8 6WT

Lloyds Bank 3rd Floor Citymark, 150 Fountainbridge Edinburgh EH3 9PE

Independent auditor:

Duncan & Toplis Audit Limited 3 Princes Court, Royal Way Loughborough Leicestershire LE11 5XR

C. Swann

J. Mark

B. K. Yemtsa

T. Taruvinga (Resigned 26/7/23)

R. Josen (Resigned 25/10/23)

M. Court (Appointed 25/10/23)

S. Ffrench (Appointed 25/10/23)

B. Lunnon (Appointed 25/10/23) W. Ali (Appointed 25/10/23, Resigned 26/10/24)

A. Wilson (Resigned 26/10/24)

K. Chatrik (Appointed 26/10/24)

H. Hughes (Appointed 26/10/24)

H. Sisson (Appointed 26/10/24)

V. Craig (Appointed 17/2/24)

CEO

S. Connolly

Company Secretary

J. Pearson

Our Finance Committee who meet quarterly review financial risk and budget performance. The Risk Committee and full Board also consider and review financial risk.

Signed on behalf of the board V. Craig - Trustee and Chairman “

Date: 29 January 2025

32 FareShare Midlands Annual Report and Statements 2024

FareShare Midlands’ continue to feel strongly that we are about more than food

More of our members can now take larger packaged foods from the wholesale and catering industries

Our volunteers remain at the heart of our operations

Through our vast number of volunteers, our impact on the communities we serve is significantly increased

We set high standards regarding working with, listening to, and supporting people from all communities

Corporate and charitable donations remained a critical component of our income

We will target recruitment with a particular focus on drivers

FareShare Midlands Annual Report and Statements 2024 33

CONTENTS

GOVERNING DOCUMENT AND CONSTITUTION

FareShare Midlands is a Midlandsbased charity that redistributes surplus food to charities and community organisations tackling hunger and poverty. Through dedicated employability programmes FareShare Midlands provides opportunities for individuals to develop skills and experience to help them secure employment.

Our purpose is to fight hunger, tackle food waste and create opportunities.

Our mission is to maximise the social value of surplus food.

Our vision is a Midlands region where no-one goes hungry when there is food being wasted, no child goes to school on an empty stomach, and where vulnerable people are supported to join or re-join the workforce.

Our values run through everything we do and provide a clear framework for how we approach our work: passion, ambition, respect, collaboration and accountability.

Charitable objects

The charitable objects of FareShare Midlands are set out in the Articles of Association:

  1. The relief of poverty and the promotion of good health and nutrition in England by redistributing surplus produce (in particular food) to organisations working to meet the needs of individuals in social, economic, health-related or emotional distress, and the needs of children.

  2. The conservation, protection and improvement of the physical environment through the reduction of waste (in particular food waste).

  3. The encouragement of members of the public to undertake voluntary work and support.

  4. The advancement of education and the relief of unemployment in particular by providing training in the voluntary sector.

FareShare Midlands Annual Report and Statements 2024

34

Our Purpose

Our Mission

Our Vision

Our Values

is to fght hunger, tackle food waste and create opportunities

is to maximise the social value of surplus food

is where no-one goes hungry when there is food being wasted, no child goes to school on an empty stomach, and where vulnerable people are supported to join or re-join the workforce

run through everything we do and provide a clear framework for how we approach our work: passion, ambition, respect, collaboration and accountability

FareShare Midlands Annual Report and Statements 2024 35

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PUBLIC BENEFIT

We are pleased to be able to demonstrate our public benefit as follows:

  1. The supply of food to those at risk of food insecurity as shown in the figures on page 18.

  2. Volunteering opportunities - we would like to thank all who give their time voluntarily and have contributed 59,808 hours during the year.

  3. Employability - we have supported 730 people across our schemes in Nottingham and Birmingham since they began.

  4. 5,715 tonnes of surplus food received for redistribution helping to save 14,288 tonnes of Co2 and a commitment to reducing unnecessary food waste and commitment of zero food to landfill.

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 Midlands focuses on tackling food insecurity, working in partnership with local charities and community-based organisations, and has a direct and positive benefit for many of the most marginalised and vulnerable people in the Midlands, particularly individuals who are homeless, unemployed, financially insecure, and isolated. The Charity engages volunteers in its work and is open to all members of the community. FareShare Midlands training and education work provides opportunities for volunteers and others to gain recognition, including accreditation, for the skills they have acquired while working with FareShare Midlands to help them gain further training and employment.

Recruitment and appointment of Trustees

The Trustees, who are also Directors and members of the charitable company, are listed on page 31. Each year, one-third of the Trustees retire from office, but may stand for reelection 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 experiences to ensure sound governance and strong progress towards the Charity’s mission and aims. Newly appointed Trustees receive induction training that includes informing them of their legal responsibilities, FareShare Midlands’ policies, decision-making processes, strategic plan and recent financial performance.

Appointment of key personnel and their associated remuneration packages are approved at Board level, before being enacted. Salary levels are benchmarked against local market conditions. All Trustees give their time voluntarily and receive no benefits from the Charity. Any expenses reclaimed from the Charity are set out in note 12 on page 68.

Like many charities, we have found raising funds to support the delivery of our work increasingly more challenging

36 FareShare Midlands Annual Report and Statements 2024

MANAGEMENT AND RISK

The Trustees, together with the Company Secretary, constitute the Board that is FareShare Midlands’ governing body. They met five times during 23/24. The Trustees approve the strategic plan and annual budgets of the Charity, as well as overseeing policy and performance. There is a framework that clearly sets out what decisions and controls are reserved exclusively to the Board of Trustees and which of these are then delegated to the CEO to manage. This framework is entitled ‘the Scheme of Delegation’ and is reviewed annually.

The Head of Finance, Chair of Trustees and Chief Executive are members of the Finance Committee. They met five times during 23/24 where they reviewed financial performance, budgets and pricing, banking arrangements, investments and financial risk.

The HR and Remuneration Committee consists of three Trustees, the Chief Executive and the Charity’s HR Consultant. They have met frequently during the year and review all aspects of HR for the Charity including staff pay, staff well-being, and people policies

Risk management

The Risk Sub-Committee’s (RSC) main role is to support the Board of Trustees in its responsibilities to ensure adequacy of risk management including business continuity planning. The RSC’s members include two trustees, the Chief Executive and the full Senior Management team. The Committee has delegated authority from the Board to:

The RSC met four times throughout the year when they reviewed the Risk Register to focus on Red/High risks impacting the Charity and associated mitigations and carried out a comprehensive drill down into an agreed category each time they met. The risk register of the Charity follows the recommended framework as set out by the Charity Commission under the guidelines of CC26. Each meeting is recorded and minutes are presented to the Trustee Board along with a verbal report from the Chair of the RSC.

The Senior Management Team meet weekly, where their discussions are focussed around a standing agenda including; HR and well-being, financial performance and budgets, operational performance, health and food safety (including safeguarding), fundraising, communications, community development, employability, volunteering and a review of strategic projects.

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Safeguarding

We recognise our responsibility to promote safe practice and to protect any young people or vulnerable adults that we engage with from harm. All staff and volunteers receive safeguarding training during their induction, followed by regular refresher training.

We are committed to identifying and minimising safeguarding risks across all of our activities through appropriate training, risk assessments, policies and processes. We have a strong ethos throughout the Charity to deliver good safeguarding practices, we take seriously any report of suspected harm, abuse or neglect and we have a robust process to deal with an incident if it were to arise. We operate safe and transparent recruitment practices.

We have a Safeguarding Policy, which sets out our mandatory standards and provides clear details of our reporting process. Safeguarding for the Charity is led by our Designated Safeguarding Lead who is supported by the Safeguarding Committee, responsible for, amongst other responsibilities: regularly reviewing and enhancing the Safeguarding Policy and associated practices in line with legal and organisational developments; effective management of safeguarding incidents; providing advice and guidance; training; and reporting safeguarding incidents to the Chief Executive, the HR and Remuneration Committee and the Board of Trustees.

The Safeguarding Committee includes two Trustees, the Chief Executive, Head of Volunteering and Employability, Designated Safeguarding Lead and a Regional Operations Manager so there is balanced representation from across the Charity.

Going concern

FareShare Midlands’ business activities, together with the factors likely to affect its future development, performance and position, are set out in this Report of the Trustees on pages 4 to 41

The Financial Review of FareShare Midlands is set out on page 30. The Directors have a reasonable expectation that FareShare Midlands has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 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.

Due to the cost of living crisis, energy challenges, extreme weather in Europe and the UK, and global political disruptions affecting supply chains, many food companies have consolidated, improved efficiencies and reduced product ranges

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38 FareShare Midlands Annual Report and Statements 2024
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Surplus frozen food volumes increased this year, demonstrating that there is far more frozen food available for us to save from going to unnecessary waste

FareShare Midlands Annual Report and Statements 2024 39

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CONTENTS
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STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also the directors of FareShare Midlands for the purposes of company law) are responsible for preparing the Report of the Trustees 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 that give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.

In so far as the trustees are aware:

Signed on behalf of the board

V. Craig - Trustee and Chairman

Date: 29 January 2025

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40 FareShare Midlands Annual Report and Statements 2024
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FareShare Midlands Annual Report and Statements 2024 41

CONTENTS

We remain committed to exploring and investing in new solutions that reduce food waste and help us and our members to turn surplus food into useable food

42 FareShare Midlands Annual Report and Statements 2024

Independent Auditor’s Report

Opinion

We have audited the financial statements of Fareshare Midlands (the ‘charitable company’) for the year ended 30 June 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and 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 (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 Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company’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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially

FareShare Midlands Annual Report and Statements 2024 43

CONTENTS

inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees (who are also the directors of the charitable company for the purposes 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 charitable company’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.

44 FareShare Midlands Annual Report and Statements 2024

OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Trustees and other key management obtained as part of the work required by auditing standards. We have also discussed with the Trustees and other key management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of noncompliance throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly, the charity is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and

we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in judgemental areas of the financial statements such as income recognition, as well as the risk of inappropriate journal entries to manipulate the reported surplus.

Audit procedures performed by the engagement team included testing the appropriateness of journal entries and other adjustments, and assessing whether judgements made in making accounting estimates, particularly in relation to depreciation and bad debts, are indicative of any potential bias. We reviewed financial statement disclosures and tested these to supporting documentation to assess compliance with laws and regulations, performed analytical procedures to identify any unusual or unexpected relationships, reviewed for any unusual profits or losses on disposal of fixed assets and discussed with management any aged debtors that may indicate risks of material misstatement due to fraud.

Secondly, the charity is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety and Food Hygiene Legislation, compliance with the charitable objectives, public benefit, fundraising regulations, data protection, employment law and safeguarding. The company is subject to regular internal and external audits to ensure compliance with these areas.

Auditing standards limit the required audit procedures to identify noncompliance with these laws and regulations to enquiry of the Trustees and other key management and inspection. This inspection included a review of the external audits conducted within the year for any evidence of non-compliance, reading minutes of meetings of those charged with governance, reviewing any reports made to regulators, in addition to an assessment of the charity’s formal risk assessment. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org. uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

FareShare Midlands Annual Report and Statements 2024 45

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Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

N A Kingsley, FCA (Senior Statutory Auditor)

Signed for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

3 Princes Court, Royal Way Loughborough Leicestershire LE11 5XR duncantoplis.co.uk

Date: 12 February 2025

46 FareShare Midlands Annual Report and Statements 2024

Food safety : _ — — and compliance arcu i | | has remained a | wh QUAKER E - 4: ‘oat err ; / > mut AKER } key focus and we continue ee A to achieve the 7 >... i a, = 2 el — a a highest food } ¢, 4 7 i safety audit standards across tere r F Fs all of our sites } _ r a * i i. ‘

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CONTENTS FareShare Midlands Annual Report and Statements 2024 47
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48 FareShare Midlands Annual Report and Statements 2024

Statement of Financial Activities

Incorporating an Income and Expenditure Account for the year ended 30 June 2024

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Note Unrestricted Designated Restricted Total funds Total funds
funds £ funds £ funds £ 2024 £ 2023 £
Income and endowments from:
Donations and legacies 5 121,176 - 28,881 150,057 179,543
Charitable activities 7
- -
Membership fees 1,963,175 1,963,175 1,840,690
- - -
Sponsorships 8,500 8,500
Other services 285,738 - 867,293 1,153,031 1,565,622
Investment income 6 29,748 - - 29,748 16,750
Other income - - 899 899 -
Total 2,408,337 - 897,073 3,305,410 3,602,605
Expenditure on:
- -
Raising funds 352,947 352,947 313,566
Charitable activities 8
Warehouse and distribution 1,472,560 11,984 909,525 2,394,069 2,872,356
Customer services 105,903 - - 105,903 109,160
-
Depreciation 18,071 97,404 115,475 128,157
Governance 54,071 - - 54,071 55,734
-
Support costs 508,565 2,191 510,756 509,644
Total 2,512,117 11,984 1,009,120 3,533,221 3,988,617
Net income/(Expenditure) (103,780) (11,984) (112,047) (227,811) (386,012)
Transfers between funds (2,191) - 2,191 - -
Net movement in funds 20 (105,971) (11,984) (109,856) (227,811) (386,012)
Reconciliation of funds:
Total funds brought forward 508,492 11,984 448,852 969,328 1,355,340
Total funds carried forward 402,521 - 338,996 741,517 969,328
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The notes starting on page 60 form part of these accounts

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e257 50 FareShare Midlands Annual Report and Statements 2024

FareShare Midlands Annual Report and Statements 2024 51

CONTENTS CONTENTS

Our mission has never been more relevant than it is now, as the cost of living crisis continues to put pressure on families

52
FareShare Midlands Annual Report and Statements 2024
Balance Sheet
ae
Note
Unrestricted
funds £
Designated
funds £
Restricted
funds £
Total funds
2024 £
Total funds
2023 £
Fixed assets:
Tangible assets
15
34,710
-
196,631
231,341
341,788
Current assets:
Debtors
16
1,121,487
-
69,111
1,190,598
1,407,198
Cash at bank and in hand
935,448
-
324,498
1,259,946
945,582
Total
2,056,935
-
393,609
2,450,544
2,352,780
Creditors:
Amounts falling due within 1 year
17
(1,689,124)
-
(87,762)
(1,776,886)
(1,725,240)
Net current assets
367,811
-
305,847
673,658
627,540
Total assets less current liabilities
402,521
-
502,478
904,999
969,328
Creditors:
~~== =====~~
~~Lin~~
Amounts falling due after more
than 1 year
18
-
-
(163,482)
(163,482)
-
Net assets/(Liabilities)
402,521
-
338,996
741,517
969,328
Funds:
~~a~~
Unrestricted funds
20
-
-
-
402,521
520,476
Restricted funds
20
-
-
-
338,996
448,852
Total funds
741,517
969,328
~~SE~~
These financial statements have been prepared in accordance with the provisions
applicable to charitable companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the Board of
Signed on behalf of the board
Trustees.
V. Craig- Trustee and Chairman

V. Craig - Trustee and Chairman

Date: 29 January 2025

The notes starting on page 60 form part of these accounts.

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54 FareShare Midlands Annual Report and Statements 2024

Our strategies have helped us access different types of food and build sustainable partnerships + during recent li G bane 5 Sor" . challenging times a a. -

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CONTENTS FareShare Midlands Annual Report and Statements 2024 55
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56 FareShare Midlands Annual Report and Statements 2024

Cash Flow Statement

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Note 2024 £ 2023 £
Cash flows from operating activities:
Cash generated from operations 1 116,733 (286,501)
Net cash provided by /(used in) operating activities 116,733 (286,501)
Cash flows from investing activities:
Purchase of tangible fixed assets (12,737) (98,692)
Sale of tangible fixed assets 8,610 3,390
Interest received 29,748 16,750
Net cash provided by /(used in) investing activities 25,621 (78,552)
Cash flows from financing activities:
-
New loans in year 172,010
-
Net cash provided by financing activities 172,010
Change in cash and cash equivalents in the reporting period 314,364 (365,053)
Cash and cash equivalents at the beginning of the reporting period 945,582 1,310,635
Cash and cash equivalents at the end of the reporting period 1,259,946 945,582
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The notes starting on page 60 form part of these accounts.

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CONTENTS FareShare Midlands Annual Report and Statements 2024 57
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We would like to see an increase in communities coming together through social eating, cooking and food sharing but we accept that this will take time

60 FareShare Midlands Annual Report and Statements 2024

Notes to the Financial Statements

RECONCILIATION OF NET EXPENDITURE TO 1. NET CASH FLOW FROM OPERATING ACTIVITIES

GENERAL 3. INFORMATION

Net expenditure for the reporting period
(as per the Statement of Financial Activities)
Adjustments for:
Depreciation charges		 2024 £
(227,811)
115,473		 2023 £
(386,012)
125,938
(Profit)/loss on disposal of fixed assets (899) 2,219
Interest received (29,748) (16,750)
Decrease in stocks
Decrease/(increase) in debtors
Increase in creditors		 -
216,600
43,118		 4,013
(365,640)
349,731
Net cash provided by /(used in) operations 116,733 (286,501)

2.

ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand		 At 1/7/23 £
945,582
945,582		 Cash flow £
314,364
314,364		 At 30/6/24 £
1,259,946
1,259,946
Debt
Debts falling due within 1 year - (8,528) (8,528)
Debts falling due after 1 year - (163,482) (163,482)
- (172,010) (172,010)
Total 945,582 142,354 1,087,936

FareShare Midlands is a Private Charitable Company Limited by Guarantee, registered in England and Wales. The charity’s registered number is 1146847 and the Company registration number is 07575440.

The registered office and principal place of business is 10 Wilson Road, South Wigston, Leicestershire, LE18 4TP.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

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 presented unless otherwise stated.

FareShare Midlands Annual Report and Statements 2024 61

CONTENTS

62 FareShare Midlands Annual Report and Statements 2024

ACCOUNTING 4. POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

A. Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

B. Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

The charity receives grants in respect of the charitable activities it carries out as detailed in the trustees’ report. Income from grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Income from other services includes membership fees paid by Community Food Members (CFMs) who utilise the services of the charity. This income is received in exchange for supplying services and is recognised when entitlement has occurred.

FareShare Midlands Annual Report and Statements 2024 63

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C. Interest receivable

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.

D. Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable, and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the time of our volunteers is not recognised. Please refer to the trustees’ annual report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

E. Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

F. Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity’s programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The basis on which support costs have been allocated are set out in note 10.

64 FareShare Midlands Annual Report and Statements 2024

G. Property, plant and equipment

Property, plant and equipment is stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Plant and machinery 3 to 7 years on cost Fixtures and fittings 33% on cost Computer equipment 33% on cost Vehicles 20% on cost Leasehold improvements 3 years (to lease break clause)

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement.

I. Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity.

Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

Designated funds are set up at the discretion of the Trustees.

J. Debtors due within 1 year

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.

H. Corporation taxation

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

FareShare Midlands Annual Report and Statements 2024 65

CONTENTS

K. Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

L. Creditors and provisions

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.

N. Pension costs and other postretirement benefits

Charity staff are eligible to be members of the Church of England Pension Builder 2014 (PB2014) scheme. Details of this scheme are disclosed in ~~ee~~ note 23.

O. Significant accounting judgements and estimation uncertainty

In the application of the charitable company’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

M.Termination payments

Termination payment liabilities are recognised upon communication of intention to pay and when quantifiable. Such payments are accounted for as staff costs.

66 FareShare Midlands Annual Report and Statements 2024

5. DONATIONS AND LEGACIES

2024 £ 2023 £ Donations 150,057 179,543

The charity benefits greatly from the involvement and support of its volunteers, details of which are given in the annual report. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of volunteers is not recognised in the accounts.

Included within donations is £7,500 (2023: £NIL ) in respect of donated facilities and services.

INVESTMENT 6. INCOME

7. INCOME FROM CHARITABLE ACTIVITIES

2024 £ 2023 £ Deposit account interest 29,748 16,750

7. INCOME FROM CHARITABLE ACTIVITIES INCOME FROM CHARITABLE ACTIVITIES INCOME FROM CHARITABLE ACTIVITIES INCOME FROM CHARITABLE ACTIVITIES INCOME FROM CHARITABLE ACTIVITIES
Membership Sponsorships Membership Sponsorships Other 2024 Total 2023 Total
Membership fees 1,963,175 fees £
Membership fees 1,963,175		 £
-		 Services £
-		 activities £
1,963,175		 activities £
1,840,690
Sponsorship - 8,500 - 8,500 -
Other services - - 1,153,031 - 1,153,031 1,153,031 1,565,622
1,963,175 8,500 1,153,031 8,500 1,153,031 3,124,706 3,406,312

Included within charitable activities income above are a number of grants received towards the costs of carrying out the charitable activities, including the following, which are government grants as defined by the SORP:

FareShare Midlands Annual Report and Statements 2024 67

CONTENTS

8. CHARITABLE ACTIVITIES COSTS

8. CHARITABLE ACTIVITIES COSTS CHARITABLE ACTIVITIES COSTS CHARITABLE ACTIVITIES COSTS
Direct costs £ Support costs £ Totals £
(see note 9) **(seenote 10) **
Warehouse and distribution 2,394,069 - 2,394,069 - 2,394,069
Customer services 105,903 - 105,903
Depreciation 115,475 - 115,475
Governance - 54,071 54,071
Support costs - 510,756 510,756
2,615,447 564,827 3,180,274 564,827 3,180,274

Governance and support costs are calculated on the basis of directly attributable staff costs. Of the total staff costs, the percentages are 3% (2023: 3%) for governance costs and 25% (2023: 25%) for support costs.

The total costs for the year include auditors’ remuneration, split as follows:

2024 £ 2023 £
Fees in respect of the audit of the financial statements 16,050 10,640
Fees in respect of the preparation of the financial statements 3,750 3,660
Fees in respect of tax advisory work - 240
Other financial services 1,320 1,900
21,120 16,440

COSTS OF CHARITABLE 9. ACTIVITIES

2024 £ 2023 £

Staff costs 1,292,473 1,359,371 Running costs 1,207,499 1,622,145 Depreciation 115,475 125,938 2,615,447 3,107,454

68 FareShare Midlands Annual Report and Statements 2024

10. SUPPORT COSTS

10. SUPPORT COSTS SUPPORT COSTS
Other Governance Other Governance Totals
£ costs £ £
Governance - 54,071 54,071
Support costs 510,756 - 510,756
510,756 54,071 564,824

Support costs, included in the above, are as follows:

Governance
£		 Support
Costs £		 2024 total
activities £ activities £		 2023 total
activities £ activities £
Loss on sale of tangible
fixed assets		 - - - 2,219
Wages - 359,502 - 359,502 359,502 366,370
Social security - 37,059 37,059 38,279
Pensions - 14,774 14,774 16,361
Running costs - 99,421 99,421 88,634
Wages 41,034 - 41,034 41,818
Social security
Pensions		 4,230
1,686		 -
-		 4,230
1,686		 4,369
1,868
Running costs 7,121
54,071 510,756		 -
54,071 510,756		 7,121
564,827		 7,679
567,597

TRUSTEES’ REMUNERATION 12. AND BENEFITS

There were no trustees’ remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023.

Trustees’ expenses

During the year £1,366 (2023: £713) of expenses were paid to 3 (2023: 2) trustees, in respect of travel expenses.

NET INCOME / (EXPENDITURE) 11.

Net income/(expenditure) is stated after charging/(crediting):

2024 £ 2023 £
Depreciation - owned assets 115,473 125,938
Surplus/(deficit) on disposal of fixed assets 899 -
Auditors remuneration 21,120 16,440
Operating lease rentals 182,164 225,447

FareShare Midlands Annual Report and Statements 2024 69

CONTENTS

STAFF 13. COSTS

On a monthly basis there were 71 (2023: 78) staff spending most of their time on charitable activities.

Figures on a full-time equivalent basis was 64 (2023: 70).

At the end of the year there were 8 Trustees (2023: 6).

FareShare Midlands’ key management personnel are the Senior Management Team. We use external salary surveys and other tools to enable us to benchmark our salaries against other charities when setting the rates of pay for the Senior Management Team.

14.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted Unrestricted Designated Restricted Total
funds £ funds £ funds £ funds £
Income and
endowments from:
Donations and legacies
Charitable activities
Membership fees		 142,043
1,840,690		 -
-		 37,500
-		 179,543
1,840,690
Other services 635,663 - 929,959 1,565,622
Investment income 16,750 - - 16,750
Total 2,635,146 - 967,459 3,602,605
Expenditure on:
Raising funds 313,566 - - 313,566
Charitable activities
Warehouse and distribution
Customer services		 1,966,783
109,160		 -
-		 905,573
-		 2,872,356
109,160
Depreciation 23,167 - 104,990 128,157
Governance
Support costs
Total		 55,734
509,644
2,978,054		 -
-
- 1,010,563		 -
-
- 1,010,563		 55,734
509,644
3,988,617
Net income (342,908) - (43,104) (386,012)
Reconciliation of funds:
Total funds brought forward
Prior year adjustment
As restated
Total funds carried forward		 1,041,150
(189,752)
851,398
Total funds carried forward
508,490		 11,984
-
11,984
11,984		 302,206
189,752
491,958
448,854		 1,355,340
-
1,355,340
969,328

These rates are approved by the Board of Trustees. Annual increases are normally awarded in July each year, taking into account the rate of inflation and organisational affordability. Annual increases are subject to approval by the Board of Trustees.

70 FareShare Midlands Annual Report and Statements 2024

15. TANGIBLE FIXED ASSETS

15. TANGIBLE FIXED ASSETS TANGIBLE FIXED ASSETS
Improvements
to property £		 Plants and
machinery £		 Fixtures and
fittings £
Cost
At 1 July 2023 98,735 299,385 128,743
Additions - - -
Disposals - (8,400) -
At 30 June 2024 98,735 290,985 128,743
Depreciation
At 1 July 2023 73,090 115,968 96,505
Charge for year 19,651 28,706 31,821
Eliminated on disposal
At 30 June 2024		 -
92,741		 (689)
143,985		 -
128,326
Net book value
At 30 June 2024		 25,645 183,417 32,238
At 30 June 2023 55,149 191,639 70,103
Motor Computer Totals £
Cost vehicles £ equipment £
At 1 July 2023 97,996 61,754 686,613
Additions
Disposals		 11,500
(6,101)		 1,237
(10,756)		 12,737
(25,257)
At 30 June 2024 103,395 52,235 674,093
Depreciation
At 1 July 2023		 21,089 38,173 344,825
Charge for year 22,939 12,356 115,473
Eliminated on disposal (6,101) (10,756) (17,546)
At 30 June 2024 37,927 39,773 442,752
Net book value
At 30 June 2024		 65,468 12,462 231,341
At 30 June 2023 76,907 23,581 341,788

DEBTORS: AMOUNTS 16. FALLING DUE WITHIN 1 YEAR 2024 £ 2023 £ Trade debtors 952,168 1,060,791 Other debtors 69,111 95,251 VAT debtor 29,222 45,815 Prepayments and accrued income 140,097 205,341 1,190,958 1,407,198

FareShare Midlands Annual Report and Statements 2024 71

CONTENTS

CREDITORS: AMOUNTS FALLING DUE
WITHIN 1 YEAR
17.		 CREDITORS: AMOUNTS FALLING DUE
WITHIN 1 YEAR
17.		 CREDITORS: AMOUNTS FALLING DUE
2024 £ 2023 £
Other loans (see note 19) 8,528 -
Trade creditors 90,452 164,208
Social security and other taxes 32,930 39,104
Other creditors 7,897 39,014
Deferred income 1,540,870 1,354,604
Accrued expenses 96,209 128,310
1,776,886 1,725,240
Deferred income:
Deferred income is included within:
Creditors due within 1 year 1,540,870
1,540,870		 1,354,604
1,354,604
Community Food Membership income:
Total deferred income at 1 July 2023 1,354,604 1,183,403
Amounts received in the year 2,070,207 2,008,290
Amounts credited to statement of financial activities (1,963,175) (1,837,089) (1,963,175) (1,837,089)
Community Food Membership -
deferred income at 30 June 2024 1,461,636 1,354,604
FareShare UK fuel grant:
Total deferred income at 1 July 2023
Amounts received in the year		 -
116,468		 -
-
Amounts credited to statement of financial activities
FareShare UK - Fuel Grant -		 (58,234) -
deferred income at 30 June 2024 58,234 -
YBS - Employability grant:
Total deferred income at 1 July 2023 - -
Amounts received in the year 42,000 -
Amounts credited to statement of financial activities (21,000) -
YBS - Employability Grant -
deferred income at 30 June 2024 21,000 -

Income has been deferred where it has been received in advance and the service it has been received for has not yet been fulfilled.

72 FareShare Midlands Annual Report and Statements 2024

CREDITORS: AMOUNTS 18. FALLING DUE AFTER MORE THAN 1 YEAR

2024 £ 2023 £ Other loans 163,482 - (see note 19)

19. LOANS

An analysis of the maturity of loans is given below:

19. LOANS
An analysis of the maturity of loans is given below:
2024 £ 2023 £
Amounts falling due within 1 year on demand:
Other loans 8,528 -
Amounts falling between 1 and 2 years:
Other loans - 1-2 years 53,584 -
Amounts falling due between 2 and 5 years:
Other loans - 2-5 years 109,898 -

During the year, the charity entered a funding agreement with Social Investment Business (SIB). As part of this funding agreement, SIB advanced the charity a loan of £172,010.

This loan is unsecured and is repayable over 48 months.

Interest is charged on this loan at 7.9%.

FareShare Midlands Annual Report and Statements 2024 73

CONTENTS

20. MOVEMENT IN FUNDS

20. MOVEMENT IN FUNDS MOVEMENT IN FUNDS MOVEMENT IN FUNDS
At 1/7/23 £ Net Transfers At 30/6/24
movement between £
in funds £ funds £
Unrestricted funds
General fund 508,492 (103,780) (2,191) 402,521
Designated fund - Input
VAT reclaim to be used for
Community Food Members 11,984 (11,984) - -
520,476 (115,764) (2,191) 402,521
Restricted funds
Leicester City Council 2,464 - - 2,464
Central England Co-op 1,098 (1,098) - -
Asda funding (via FSUK) 36,035 (16,716) - 19,319
FareShare UK 275,493 (82,113) - 193,380
Fixed assets 28,857 (2,309) - 26,548
Wrap 41,493 (4,228) - 37,265
EUROFINS 1,004 (1,004) - -
Card Factory Foundation 841 (825) - 16
Birmingham Voluntary
Service Council 14,465 (14,465) - -
Nottingham City Council -
Transport Strategy 13,081 (5,078) - 8,003
NCC Household Support Funding 34,021 (34,021) - -
Denise Coates Foundation - 52,000 - 52,000
The Social Investment Bank - (2,191) 2,191 -
448,852 (112,048) 2,191 338,996
Total funds 969,328 (227,811) - 741,517

74 FareShare Midlands Annual Report and Statements 2024

MOVEMENT IN FUNDS CONTINUED

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund		 Incoming
resources £
2,408,337		 Resources
expended £
(2,512,117)		 Movement
in funds £
(103,779)
Designated Fund - Input VAT reclaim to
be used for Community Food Members
-
2,408,337
Restricted funds		 (11,984)
(2,524,101)		 (11,984)
(115,763)
Central England Co-op
Asda funding (via FSUK)		 142,592
-		 (143,690)
(16,716)		 (1,098)
(16,716)
FareShare UK 80,420 (162,533) (82,113)
Restricted to geographical region 84,800 (84,800) -
Fixed assets - (2,309) (2,309)
Wrap
Birmingham City Council
EUROFINS
Muslim Hands		 -
137,897
-
40,000		 (4,228)
(137,897)
(1,004)
(40,000)		 (4,228)
-
(1,004)
-
Card Factory Foundation - (825) (825)
Nottingham City Council 40,789 (40,789) -
Birmingham City University
Birmingham Voluntary Service Council		 23,534
Birmingham Voluntary Service Council
40,147		 (23,534)
(54,612)		 -
(14,465)
Maximus UK 2,000 (2,000) -
Nottingham City Council - Transport Strategy
-
Big Give Christmas Appeal
44,947
NCC Household Support Funding
-		 (5,078)
(44,947)
(34,021)		 (5,078)
-
(34,021)
YBS Employability 21,000 (21,000) -
WMCA 20,692 (20,692) -
Denise Coates Foundation 52,000 - 52,000
The Social Investment Bank 83,000 (85,191) (2,191)
National Lottery Community Organisation 75,000 (75,000) -
University of Nottingham
Ambergate
Lincolnshire Co-Op		 254
3,000
5,000		 (254)
(3,000)
(5,000)		 -
-
-
897,072 (1,009,120) (112,048)
Total funds 3,305,410 (3,514,846) (227,811)

FareShare Midlands Annual Report and Statements 2024 75

CONTENTS

MOVEMENT IN FUNDS CONTINUED

Comparatives for movement in funds:

Unrestricted funds At 1/7/22
£		 Prior year
adjustment
£		 Net
movement
in funds £		 At 30/06/23
£
General fund 1,041,150 (189,752) (342,906) 508,492
Designated Fund -
Input VAT reclaim to
be used for
Community Food Members		 11,984 - - 11,984
1,053,134 (189,752) (342,906) 520,476
Restricted funds
Leicester City Council 2,464 - - 2,464
Central England Co-op 1,408 - (310) 1,098
Asda funding (via FSUK) 55,609 - (19,574) 36,035
FareShare UK 159,370 189,752 (73,629) 275,493
Fixed assets 31,285 - (2,428) 28,857
Wrap 45,720 - (4,227) 41,493
EUROFINS 2,184 - (1,180) 1,004
Coventry University 2,500 - (2,500) -
Card Factory Foundation 1,666 - (825) 841
Birmingham Voluntary
Service Council - - 14,465 14,465
Nottingham City Council -
Transport Strategy		 - - 13,081 13,081
NCC Household Support Funding
-		 - 34,021 34,021
302,206 189,752 (43,106) 448,852
Total funds 1,355,340 - (386,012) 969,328

76 FareShare Midlands Annual Report and Statements 2024

MOVEMENT IN FUNDS CONTINUED

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds Incoming
resources £		 Resources
expended £		 Movement
in funds £
General fund 2,635,147 (2,978,053) (342,906)
Restricted funds
Central England Co-op 4,499 (4,809) (310)
Asda funding (via FSUK)
FareShare UK
Restricted to geographical region
Holiday Hunger programme		 -
337,635
190,785
25,035		 (19,574)
(411,264)
(190,785)
(25,035)		 (19,574)
(73,629)
-
-
Fixed assets - (2,428) (2,428)
Wrap - (4,227) (4,227)
Birmingham City Council 78,297 (78,297) -
EUROFINS - (1,180) (1,180)
Coventry University - (2,500) (2,500)
Muslim Hands 60,000 (60,000) -
Card Factory Foundation - (825) (825)
Nottingham City Council 38,668 (38,668) -
Birmingham City University 11,475 (11,475) -
Birmingham Voluntary Service Council Birmingham Voluntary Service Council
66,246		 (51,781) 14,465
Maximus UK 8,600 (8,600) -
Nottingham City Council -
Transport Strategy 14,697 (1,616) 13,081
Big Give Christmas Appeal 37,500 (37,500) -
NCC Household Support Funding 34,021 - 34,021
Nottingham City Council -
Funding for food purchases 60,000 (60,000) -
967,458 (1,010,564) (43,106)
Total funds 3,602,605 (3,988,617) (386,012)

FareShare Midlands Annual Report and Statements 2024 77

CONTENTS

MOVEMENT IN FUNDS CONTINUED

The restricted funds are held for these purposes:

Leicester City Council

Monies received towards cycle to work facilities.

Central England Co-Op

Re-distribution of store level surplus food.

Asda funding (via FSUK

Growth of membership focused on the Fight Hunger Create Change Programme. Working in partnership with the Trussell Trust.

Restricted to geographical region Restricted to tackling hunger in specific areas.

Big Lottery (via FSUK) Growth and Development/Sustainability.

Holiday Hunger programme Tackling Holiday Hunger.

Fixed Asset Fund

This represents all capital items purchased pre-June 2020 in line with restrictions imposed on the respective incomes used to fund them.

WRAP

Industrial Chillers and Freezers at Nottingham and Birmingham sites.

EUROFINS

Developing our reach into new area in the West Midlands.

Coventry University

Research and development in relation to understanding the Social Eating Landscape post pandemic.

Muslim Hands

Contribution towards annual rental costs and supporting the development of our employability programme in Nottingham.

FareShare UK

Monies received for the purposes of Food Distribution.

Birmingham Voluntary Service Council

Monies used to pay for Employability in respect of the Elevate Scheme.

Maximus UK

Monies used to pay for Employability in Nottingham.

Nottingham City Council - Transport Strategy Funds used to pay for the Cycle to work facilities.

Big Give Christmas Appeal

Monies received towards distributing food at Christmas time.

YBS Employability

Outreach employability scheme - funded by Yorkshire Building Society

WMCA

Employability scheme - West Midlands Combined Authority

Nottingham City Council Employability scheme

Birmingham City Council Employability scheme

Denise Coates Foundation Restricted grant for purchase of vehicles

The Social Investment Bank Social Investment Funding - Grant and Loan

National Lottery Community Organisation National Lottery - Community Organisations Cost of Living Fund

University of Nottingham Funded Student Placements

Ambergate

Grant for utility, vehicle and warehouse costs

Lincolnshire Co-Op Van sponsorship

Birmingham City University

Monies used to compensate for Placements for Trainee Nursing Staff.

78 FareShare Midlands Annual Report and Statements 2024

OTHER FINANCIAL 21. COMMITMENTS

The charitable company has the following commitments due as follows:

2024 £ 2023 £

2024 £ 2023 £
Leasehold
property
In 1 year
2 - 5 years		 129,550
241,808		 78,917
99,292
371,358 178,209 371,358 178,209

22. RELATED PARTY DISCLOSURES

FareShare Midlands is in a Network Agreement with FareShare UK which outlines policies and procedures, in addition to access to national fundraising and publicity. Simone Connolly, the CEO of FareShare Midlands, is also a trustee of FareShare UK.

There were payments to FareShare UK for the following:

• Towards staff and running costs £NIL (2023: £11,741).

There was income from FareShare UK as follows:

There was income from FareShare UK as follows:
2024 £ 2023 £
PCP income 9,796 -
Grants for Community Food Members 11,000 -
YBS Employability funding 21,000 -
Narborough costs - Produce grading project 15,894 -
Fuel grant 58,234 117,924
Health and safety funding 5,595 25,993
Other funding 265,446 233,109
Funding towards capital expenditure - 97,935
Collection of stock from FareShare UK - 14,875
Provision of support to FareShare East Anglia - 192,938
Meal production project - 65,304

There was a net balance owed by FareShare UK at 30 June 2024 of £127,344 (2023 - £74,842).

Included within deferred income as at 30 June 2024 is a further £58,234 (2023: £NIL) in respect of the Fuel grant, and £21,000 (2023: £NIL) in respect of YBS Employability funding.

There was a net balance owed by FareShare Yorkshire at 30 June 2024 of £120 (2023 - £NIL).

FareShare Midlands made a payment of £NIL (2023: £2,500) to South Oxfordshire Food and Education Alliance from the Central England Co-op donations received to support their operations.

Furthermore, FareShare Midlands made a payment of £NIL (2023: £NIL) to FareShare Yorkshire to support their operations.

A further payment of £NIL (2023: £2,500) was made to FareShare Yorkshire and South Midlands in respect of their share of the Central England Co-op Christmas Partnership funds.

The total employment benefits of the key management personnel of the charity were £60,565 (2023 £62,738).

There were payments totalling £NIL (2023: £3,121) made to Leigh Chapman, a related party, for repairs and maintenance work. Leigh Chapman is the partner of Simone Connolly who as noted is CEO of the charity.

FareShare Midlands Annual Report and Statements 2024 79

CONTENTS

23.

PENSION COMMITMENT

FareShare Midlands participates in the Pension Builder 2014 Scheme (PB 2014) section of the Church Workers Pension Fund (CWPF). The Scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Employer and the other participating employers.

The CWPF is divided into three sections which are classed as defined benefit schemes. It has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.

Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable from members’ Normal Pension Age.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and therefore contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable of £58,662 (2023: £64,964).

A full valuation of the scheme is carried out once every three years. The most recent scheme valuation completed was carried out as at 31 December 2022. This revealed, on the ongoing assumptions used, a surplus of £9m.

LIMITED BY 24. GUARANTEE

The charitable company is a private limited company limited by guarantee and consequently does not have share capital. Each member is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

There is no requirement for deficit payments at the current time.

Pension Builder 2014 will be valued in relation to the lump sum payable to members at normal pension age.

There are no annual pension benefits. Pension Builder 2014 commenced in February 2014, and as noted above the latest full valuation of that section was carried out at the last CWPF valuation date, 31 December 2022. The next full valuation will be carried out at the next CWPF valuation date, 31 December 2025.

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www.faresharemidlands.org.uk info@faresharemidlands.org.uk Registered address: FareShare Midlands, 10 Wilson Road, Leicester LE18 4TP Charity number: 1146847 / Company number: 07575440

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