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2021-03-31-accounts

Trustees Report and Financial Statements for the Year Ended 31 March 2021

Company Number: 07577102 Charity Number: 1148645

CONTENTS

Legal and Administrative Information 3
Trustees Report 4
Charitable Purposes 5
Achievements and Future Plans 6 - 8
Delivering Public Benefit 9
Governance and Management 9- 10
Fundraising 10
Financial Review 11
Statement of Trustees Responsibilities 12
Independent Examiner’s Report 13
Financial Statements 14 – 27
The following pages do not form part of the statutory financial statements
Detailed statement of financial activities 29 - 30

Sustainable Food Trust – Annual Report 2020-2021

2

LEGAL AND ADMINISTRATIVE INFORMATION

Organisation Name: Sustainable Food Trust Company Registration Number: 07577102 Charity Registration Number: 1148645 Registered office and operational address: 38 Richmond Street, Totterdown, Bristol, BS3 4TQ Trustees/Company Directors: Anthony Rodale (USA) – Chair, Thomas Harttung (Denmark) – retired 14 February 2021 Peter Segger (UK) George Kailis (Australia) Christina Lee Brown (USA) Lady (Jane) Parker (UK) – appointed 7 July 2020 Company Secretary: Claire Peeters Chief Executive: Patrick Holden, CBE Senior Management Team: Chief Executive, Policy Director, Head of Operations, Head of External Relations, Head of Programmes. Independent Examiner: Joshua Kingston BSc ACA, Burton Sweet Limited, The Clock Tower, Farleigh Court, Old Weston Road, Flax Bourton, Bristol, BS48 1UR Bankers: Triodos Bank, Deanery Road, Bristol, BS1 5AS

Sustainable Food Trust – Annual Report 2020-2021

3

Funders:

The SFT would like to extend our thanks to the following funders for supporting our work during the year:

Sustainable Food Trust – Annual Report 2020-2021

4

TRUSTEES’ REPORT

CHARITABLE PURPOSES

The charitable purposes of the Sustainable Food Trust (SFT), as set out in the objects contained in the company’s Articles of Association, are:

In service of these objectives, the SFT’s mission is to accelerate the transition towards more sustainable food systems.

As we write (near the end of 2021) and in the wake of COP26, it feels like we’re at a pivotal moment for food and farming. Growing public concerns about the impact of industrial agriculture on climate change, biodiversity loss and damage to public health and wellbeing have in combination presented a moment of unprecedented opportunity to accelerate the transition to a more sustainable food and farming future.

However, the SFT sees three main barriers currently preventing this change:

It is therefore clear that there is an unprecedented need for the Sustainable Food Trust to influence and inspire this change and create an enabling policy and economic and cultural environment for sustainable, regenerative methods of food production. Our work is built on our theory of change that such a transition can only be achieved if we catalyse the development of enabling policy, informed by high-quality research and measurement, all underpinned by the power of informed public opinion.

As such, we continue to work in 3 key areas:

This report describes our progress in each of these areas and future plans.

Sustainable Food Trust – Annual Report 2020-2021

5

ACHIEVEMENTS AND FUTURE PLANS

1. Measuring and Valuing Sustainability

We have combined two formerly separate areas, True Cost Accounting and Measuring and Valuing Sustainability and renamed them Measuring and Valuing.

Our aim with this work is to:

Create a globally agreed framework of metrics for assessing and measuring food and farming sustainability. We believe such a framework could be a game changer in speeding up the much-needed transition to more sustainable food and farming systems, giving power to farmers, consumers, governments and businesses to make the right choices.

Achievements during the year included:

Future work will include:

Sustainable Food Trust – Annual Report 2020-2021

6

2. Building a body of informed public opinion to support and drive the change to sustainable food and farming and its connections to health, nature and climate change

Our aim is for the SFT to become a lead influencer in relation to public understanding about sustainable farming issues, including what you should eat in order to be healthy and sustainable. We believe it is vital that we achieve this through authentic messaging based on practical experience, which can inspire the individuals concerned to become part of the solution through their food buying power.

In undertaking this work, we remain ever mindful that it is opinion-forming citizens that represent an advance guard in the tide of public opinion and have the potential to push public perception over a tipping point. There is no doubt that harnessing this power holds the key to success in transforming the food systems of the future, so our work in this area will remain a critically important part of our strategic plan.

We aim to do this by taking an integrated approach - launching our ideas through the publication highly respected reports, linking them to live debates and speeches at conferences and events, then achieving further amplification through print, broadcast and social media channels. Of course that doesn’t happen overnight, it takes time to build a reputation as a source of authentic and relevant ideas and polices on food and farming issues. However, recent media interest indicates that as an organisation we are now reaching that tipping point.

Our aims with this work are to:

Achievements during the year included:

Future work will include:

Sustainable Food Trust – Annual Report 2020-2021

7

3. The Harmony Project

The Harmony Project envisions an education system that is based on a deep understanding of – and connection with – the natural world, one that empowers us to live meaningful, purposeful and sustainable lives. Over the past year, we have continued to deliver our key educational aims and objectives.

Our aims with this work are to:

Achievements during the year included:

Future work will include :

Sustainable Food Trust – Annual Report 2020-2021

8

DELIVERING PUBLIC BENEFIT

The trustees have referred to the information contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning its future activities.

All of the SFT’s work is directed towards meeting one or more of the Charity’s purposes, as described on page five. It is our belief that these purposes will be best served by a return to more integrated and holistic food and farming systems. Research has shown that such systems deliver greater protection of the environment, more prudent use of natural resources and greater health benefits than their intensive and industrialised counterparts.

However, further research is needed to clarify and confirm certain aspects of this. Advancing the case for this research is an ongoing concern for the SFT, with priorities for further research being the role of regenerative agriculture practice as part of the climate solution; sustainability metrics and valuation frameworks for measuring food systems impacts; connecting sustainability and health-implications for dietary advice; and measurement of soil carbon and fertility.

As described in section 3, there remains a significant need to improve public understanding on the benefits of sustainable food and farming and the nature of the transition that must urgently take place. For this reason, communication and awareness raising to empower citizens, governments and businesses to take action will remain a core pillar of our work.

GOVERNANCE AND MANAGEMENT

The SFT is a company limited by guarantee and was incorporated on 24[th] March 2011. It became a registered charity with the Charity Commission for England and Wales in August 2012. The company was established under a set of Articles of Association, which set out the objects and powers of the organisation. In the event that the company is wound up, members are required to contribute an amount not exceeding £1.

The directors of the company are also the trustees of the charity. Trustees have control of the organisation, its funds and assets, and are responsible for overall strategic and operational management. They are not subject to retirement by rotation and there are not fixed periods of service. All trustees give their time voluntarily and receive no benefits. They are inducted and trained by other trustees and in consultation with the Chief Executive.

Day to day management of the organisation is delegated to the Chief Executive, who manages a team of staff, consultants and interns. The structure of the SFT on 31 March 2021, is shown in fig.1 below:

----- Start of picture text -----
Chief
Executive
PA to CEO
Assistant PA
to CEO
Policy Director Head of Operations Programmes Head of Head of External Relations Head of Harmony Project
Communications Manager Policy Assistant Finance and Operations Manager Harmony Proect Manager
Communications Assistants SFA Administrator
Editor
----- End of picture text -----

Fig 1: SFT Organogram at 31 March 21

Sustainable Food Trust – Annual Report 2020-2021

9

The SFT’s remuneration procedure stipulates that the pay of all senior staff, including the Chief Executive, is reviewed and set by the Board of Trustees at their regular Board meetings and, as for all staff, should be guided by the principles of internal equity and external parity. Except in instances of staff roles changing, salaries are reviewed yearly and any changes based on both internal and external factors, including staff performance.

We support the involvement of volunteers / interns from time to time, and this year have worked with ten volunteers.

Board meetings take place every 4 months. Prior to meetings, the Chief Executive’s report is circulated along with management accounts and any other relevant documents. In between meetings, the Board is kept up to date with regular emails from the Chief Executive and senior staff.

Managing Risks

The trustees have assessed the major risks to which the organisation is exposed and are satisfied that systems are in place to mitigate exposure. Policies and procedures have been drawn up to ensure compliance with relevant legislation and which enable appropriate authorisation of transactions and activities. The Board has identified the top three risks posed to the organisation, which are outlined in the table below, along with the controls that have been put in place to mitigate those risks. Our top three risks are those which we deem to have the highest number of influencing factors which are external and thus not directly or easily managed by SFT.

----- Start of picture text -----
Risks Controls Implemented
Loss of key staff  Plans and projects are documented to enable effective handovers.
 Staff reviews carried out at least annually, with opportunities to raise issues in between.
 Remuneration levels bear the importance of staff retention in mind, and procedures set to ensure
internal equity and external parity.
 Staff are kept up to date with organisational developments and impact, and are actively
engaged in organisational planning and strategic development.
Poor
 Fundraising plan developed and regularly updated.
relationships with
funders or  System in place to monitor and record outcomes of funded activities.
unsatisfactory  Income streams diversified where possible, although this is weighed up against time and resources
returns on
available to cultivate new potential funders.
fundraising
 Major funders briefed on progress regularly.
 Head of External Relations role created with a focus on donor care.
 Funder terms and conditions reviewed carefully and complied with, including dates for reporting back.
Government  Legal and regulatory changes monitored and action taken accordingly.
policy has
negative impact
----- End of picture text -----

FUNDRAISING

All fundraising carried out by the Sustainable Food Trust is done under the direct guidance of the Chief Executive. He keeps in regular contact with major donors and has close involvement in the preparation of grant applications. Other staff involved in fundraising include the Policy Director, Head of Operations, Head of Programmes and Head of External Relations. The SFT does not use external professional fundraisers, and neither the organisation nor any of its staff subscribe to any fundraising standards scheme. We do not employ heavy-handed or unreasonably persistent approaches to fundraising, and whilst we invite donations through our website, we do not actively pursue our supporters with direct requests. During the year, the Charity did not receive any complaints about its fundraising activities.

Sustainable Food Trust – Annual Report 2020-2021

10

FINANCIAL REVIEW

Funding Sources

The SFT seeks to secure funds from diverse sources, including trusts, foundations and individual donors. During the year, 57% of funds were secured from trusts and foundations, 24% from individual donors, and 19% from consultancy and other fees.

Results and Financial Position

The SFT has a stable financial position, with our unrestricted reserves growing year-on-year.

Total income for 2020/21 was £951,977 and expenditure £916,130 giving a surplus of £35,847. With a transfer of £40,000 from our endowment fund our unrestricted funds grew by £11,118. The majority of funds came from the UK and US.

We work in partnership with the Sustainable Food Alliance, a US 501(c)(3) organisation which shares our mission and aims. The SFA acts as a fiscal partner for our fundraising endeavours in North America, with 16% of the SFT’s funding in 2020/21 being derived from trusts, foundations and donors in the US. 65% was from trusts, foundations and donors in the UK. In 2019/20, these figures stood at 32% from the US, and 54% from the UK, so the balance has shifted towards the UK; it worth noting several of our regular donors gave in both years.

At the start of the new financial year (2021/22), we had 44% of funds required for the year secured – which is 19% lower than the same time the previous year. However, we also had a healthy amount of restricted funding brought forward from the previous year. Our situation requires an ongoing and diligent approach to fundraising and budget management, and this is especially true in light of the global crisis brought about by Covid – as a result of which we increased the frequency of financial reviews as we moved into the new financial year (2021/22).

Reserves Policy

The Board of Trustees has examined the organisation’s requirements for reserves in light of the main risks to which it may be exposed. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the organisation should ideally be between four and six months’ worth of expenditure. We met the requirements of this policy, as the total unrestricted reserves at 31 March 2021 was £351,035 (equivalent to 4.5 months’ worth) with free reserves (following a deduction of the value of fixed assets) being £342,423.

In respect of the 2021/22 financial year, at March 21 the intention was to achieve a surplus with a view to growing unrestricted reserves by approximately £150,000. The reason for this level of additional reserves being required was on account of the forecast income and expenditure for 2021/22 being significantly higher than for the previous year. Our reserves are expected to enable the organisation to retain some stability in terms of staff and work capacity over the next 2-3 years, without putting the organisation at undue financial risk.

Reserves are needed to safeguard the work of the SFT and the board of trustees are confident that at this level they would be able to continue the main core services in the event of a significant drop in funding. However, we are mindful that the impact of COVID could affect our financial position for several years to come. In light of this, during the year the trustees reviewed our reserves policy to consider whether a greater level of reserves should be held. They decided to keep the policy as it is, but keep the situation under continual review. In the short term the trustees have considered the extent to which existing activities and expenditure could be curtailed, should circumstances arise that would require this.

Sustainable Food Trust – Annual Report 2020-2021

11

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also directors of Sustainable Food Trust for the purposes of company law) are responsible for preparing the Trustees’ Report (incorporating the strategic report and directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website.

Small Company Provisions

This report and the financial statements have been prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities” and in accordance with the special provisions of the Companies Act 2006 (s419(2)) relating to small entities.

Approved by the Board of Trustees on 16th December 2021 and signed on its behalf by:

Anthony Rodale, Chair

Sustainable Food Trust – Annual Report 2020-2021

12

Independent examiner’s report to the Trustees of Sustainable Food Trust (‘the Company’)

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.

.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

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

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

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Joshua Kingston BSc ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road, Flax Bourton Bristol BS48 1UR

Date: 16th December 2021

Sustainable Food Trust – Annual Report 2020-2021

13

SUSTAINABLE FOOD TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2021

Notes
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Other trading activities
Other Income
Investments
Total income
Expenditure on:
Charitable activities
4
Total expenditure
Net income/(expenditure)
5
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
13
Total funds carried forward
13		 Unrestricted
Restricted
Endowment Total funds
Total funds
Funds
Funds
Funds
2021
2020
£
£
£
£
£
358,592
411,976
-
770,568
805,071
83,868
-
-
83,868
91,894
20,000
-
-
20,000
20,000
43,548
33,676
-
77,224
1,976
317
-
-
317
256
506,325
445,652
-
951,977
919,197
535,207
380,923
-
916,130
818,981
535,207
380,923
-
916,130
818,981
(28,882)
64,729
-
35,847
100,216
40,000
-
(40,000)
-
-
11,118
64,729
(40,000)
35,847
100,216
339,917
151,311
140,000
631,228
531,012
351,035
216,040
100,000
667,075
631,228

The comparative Statement of Financial Activity is detailed in note 7.

The company has no recognised gains or losses other than the results for the year as set out above.

All of the activities of the company are classed as continuing.

The notes on pages 18 to 27 form part of these financial statements

14

SUSTAINABLE FOOD TRUST SUMMARY INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 MARCH 2021

Total Income
Total Expenditure
Net Income/(Expenditure) for the year
Transfers from Expendable Endowment Fund
Net Income/(Expenditure) after transfers		 2021
£
951,977
916,130
35,847
40,000
75,847		 2020
£
919,197
818,981
100,216
-
100,216

The notes on pages 18 to 27 form part of these financial statements

15

SUSTAINABLE FOOD TRUST BALANCE SHEET AT 31 MARCH 2021

Notes
Fixed assets
Tangible assets
8
Current assets
Debtors
9
Cash at bank
Creditors: Amounts falling due within one year
10
Net current assets
Total net assets
The funds of the charity:
Endowment funds
14
Restricted funds
14
Unrestricted funds
14		 2021
£
8,612
92,811
636,360
729,171
(70,708)
658,463
667,075
100,000
216,040
351,035
667,075		 2020
£
8,014
41,184
837,802
878,986
(255,771)
623,215
631,229
140,000
151,311
339,917
631,228

For the year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts in question in accordance with section 476.

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006 and with the Financial Reporting Standard 102.

These financial statements were approved and signed by the directors and authorised for issue on 16th December 2021

...................................

Anthony Rodale - Trustee

Company registration number 07577102

The notes on pages 18 to 27 form part of these financial statements

16

SUSTAINABLE FOOD TRUST CASH FLOW STATEMENT YEAR ENDED 31 MARCH 2021

Notes
11
Non-operational cash flows:
Investing activities
Purchase of fixed asset
Investment income
Net cash inflow for the year
12
Net cash inflow from operating
activities		 2021
£
(196,865)
(4,894)
317
(201,442)		 2020
£
354,155
(8,410)
256
346,001

Cash flow restrictions

Charity law forbids the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own Objects, except on special authority. In practice this restriction has not had any effect on cash flows for the year.

The notes on pages 18 to 27 form part of these financial statements

17

SUSTAINABLE FOOD TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

1 Accounting Policies

a) Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Companies Act 2006, Charities Act 2011, Financial Reporting Standard 102 and the Charities Statement of Recommended Practice based thereon (SORP FRS102).

The charity is a public benefit entity as defined under FRS102.

These financial statements have been prepared on the going concern basis. There are no material uncertainties about the charity’s ability to continue as a going concern, despite the significant uncertainty being caused by the worldwide COVID-19 crisis. Whilst the Trustees expect there to be a significant impact on the charity’s operations and reserves in the coming months and years, the charity has sufficient reserves to be able to meet these challenges.

b) Income

Income is accounted for as receivable once there is a reasonable certainty of the probable economic benefit from the resource and the amount can be reliably measured. Income from donations is included when these are receivable, except as follows:

I. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods;

II. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met.

Grants, including grants for the purchase of fixed assets, are recognised in the income and expenditure account as they become receivable. Grants received in the accounting period in respect of future accounting periods are deferred until those periods.

Gift aid relief on eligible donations is recognised on an accruals basis at the same point as the original donation.

Gifts in kind are valued at estimated open market value at the date of the gift, in the case of assets for retention or consumption, or at the value to the organisation in the case of donated services or facilities.

c) Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that activity exclusive of VAT. Support costs and where costs cannot be directly attributed they have been allocated to activities on a basis consistent with the use of the resource.

Governance costs are the costs associated with meeting constitutional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the charity. Governance costs are included within support costs.

d) Transactions in foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the SOFA.

18

SUSTAINABLE FOOD TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

1 Accounting Policies (continued)

e) Fund accounting

Unrestricted funds contain accumulated surplus and deficits on general funds and can be used in accordance with the company objects at the discretion of the Board of Directors.

Restricted funds represent monies received for specific purposes. All income and expenditure relating to the restricted funds' movements is included in the income and expenditure account. Further details of restricted

Expendable Endowments are funds to be retained for the benefit of the Charity as capital although there is discretion to convert endowed capital into income.

f) Fixed assets

Fixed assets are held at cost less accumulated depreciation. Assets costing less than £500 are not capitalised.

Depreciation is calculated so as to write-off the cost of an asset, less its estimated residual value, over the useful economic life of the asset as follows:

Fixtures, fittings and equipment

25% straight line

g) Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

h) Cash and cash equivalents

Cash and cash equivalents comprise cash in hand on-call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

i) Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

j) Pensions

The charity has arranged a defined contribution scheme for its staff. Pension costs charged in the SOFA represent the contributions payable by the charity in the period.

19

SUSTAINABLE FOOD TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

2 Donations and legacies

Donations
Donated goods & services
Gift aid
Prior year comparative
Donations
Donated goods & services
Gift aid		 Unrestricted
Restricted
Endowment
Total
Total
Funds
Funds
Funds
2021
2020
£
£
£
£
£
357,192
411,976
-
769,168
793,310
-
-
-
-
10,450
1,400
-
-
1,400
1,311
358,592
411,976
-
770,568
805,071
Unrestricted
Restricted
Endowment
Total
Funds
Funds
Funds
2020
£
£
£
£
559,246
234,064
-
793,310
10,450
-
-
10,450
1,311
-
-
1,311
571,007
234,064
-
805,071

The donated goods and services in the year relate provision of a venue and catering for the SFT Christmas party at £nil (2020: £1,450) and tours of the organic farm and gardens of Highgrove at £nil (2020: £9,000). The trustees have valued these services at the value to the charity.

3 Income from: Charitable activities

True cost accounting &
sustainability metrics
Leadership & collaboration
Harmony project
Communications
Others
Prior year comparative
True cost accounting &
sustainability metrics
Leadership & collaboration
Harmony project
Communications		 Unrestricted
Restricted
Endowment
Total
Total
Funds
Funds
Funds
2021
2020
£
£
£
£
£
64,464
-
-
64,464
36,000
115
-
-
115
52,089
8,228
-
-
8,228
2,352
-
-
-
-
1,453
11,061
-
-
11,061
-
83,868
-
-
83,868
91,894
Unrestricted
Restricted
Endowment
Total
Funds
Funds
Funds
2020
£
£
£
£
36,000
-
-
36,000
52,089
-
-
52,089
2,352
-
-
2,352
1,453
-
-
1,453
91,894
-
-
91,894

20

SUSTAINABLE FOOD TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

4 Expenditure on: Charitable activities

True cost accounting &
sustainability metrics
Leadership & collaboration
Research
Abattoirs Project
Communications
Sustainable diets and farming
Harmony project
Prior year comparative
True cost accounting &
sustainability metrics
Leadership & collaboration
Research
Communications
Sustainable diets and farming
Harmony project
Support costs
True cost accounting &
sustainability metrics
Leadership & collaboration
Research
Abattoirs Project
Communications
Sustainable diets and farming
Harmony project		 Staff
Direct
Support
Total
Total
Costs
Costs
Costs
2021
2020
£
£
£
£
£
85,929
78,024
48,131
212,084
171,450
97,749
2,118
29,370
129,237
193,774
90,716
2,149
27,309
120,174
130,508
19,371
2,000
6,281
27,652
-
74,909
31,809
31,387
138,105
123,449
25,683
1,301
7,946
34,930
33,288
111,477
84,895
57,576
253,948
166,512
505,834
202,296
208,000
916,130
818,981
Staff
Direct
Support
Total
Costs
Costs
Costs
2020
£
£
£
£
108,419
23,410
39,621
171,450
93,295
77,158
23,321
193,774
99,185
11,498
19,825
130,508
60,759
40,535
22,155
123,449
18,194
-
15,094
33,288
63,151
84,647
18,714
166,512
443,003
237,248
138,730
818,981
Staff
Premises
Office
Total
Total
Costs
Costs
Costs
2021
2020
£
£
£
£
£
20,936
4,935
22,260
48,131
39,621
12,775
3,012
13,583
29,370
23,321
11,879
2,800
12,630
27,309
19,825
2,732
644
2,905
6,281
-
13,653
3,218
14,516
31,387
22,155
3,456
815
3,675
7,946
15,094
25,045
5,904
26,627
57,576
18,714
90,476
21,328
96,195
208,000
138,730

21

SUSTAINABLE FOOD TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

4 Expenditure on: Charitable activities ( continued )

Prior year comparative

----- Start of picture text -----
|||||| |---|---|---|---|---| |Support costs|Staff|Premises|Office|Total| |Costs|Costs|Costs|2020| |£|£|£|£| |True cost accounting &| |12,771|7,560|19,290|39,621| |sustainability metrics| |Leadership & collaboration|7,517|4,450|11,354|23,321| |Research|6,390|3,783|9,652|19,825| |Communications|7,141|4,228|10,786|22,155| |Sustainable diets and farming|4,865|2,880|7,349|15,094| |Harmony project|6,032|3,571|9,111|18,714| |44,716|26,472|67,542|138,730|

----- End of picture text -----

5 Net income/(expenditure) for the year

----- Start of picture text -----
|||| |---|---|---| |Total|Total| |Stated after charging:|2021|2020| |£|£| |Depreciation|4,295|3,072| |Independent Examiner's fees:| |Independent examination|1,528|1,455| |Other fees|1,250|2,129|

----- End of picture text -----

----- Start of picture text -----
|||| |---|---|---| |The aggregate payroll costs were:|Total|Total| |2021|2020| |£|£| |Wages and salaries|528,597|431,412| |Social security costs|52,461|43,361| |Pension costs|15,252|12,946| |596,310|487,719|

----- End of picture text -----

The number of employees whose total employments benefits (excluding employer pension costs) for the reporting period were in excess of £60,000 fall within the bands as follows:

----- Start of picture text -----
|||| |---|---|---| |Total|Total| |2021|2020| |£80,000 - £89,999|-|-| |£90,000 - £99,999|2|1| |£100,000-£109,999|-|-| |£120,000 - £129,999|1|1|

----- End of picture text -----

22

SUSTAINABLE FOOD TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

6 Staff costs and numbers ( continued )

The total employment benefits received by key management personnel in the year were £230,466 (2020: £223,865).

The average number (headcount) of employees in the year was as follows:

----- Start of picture text -----
|||| |---|---|---| |Total|Total| |2021|2020| |Employees|13.5|11.0|

----- End of picture text -----

No trustees received remuneration or were reimbursed expenses in the current or prior year.

7 Comparative Statement of Financial Activity

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Restricted|Endowment|Total funds| |Funds|Funds|Funds|2020| |£|£|£|£| |Income and endowments from:| |-| |Donations and legacies|571,007|234,064|805,071| |Charitable Activities|91,894|-|-|91,894| |-|-| |Other trading activities|20,000|20,000| |Other Income|1,976|-|-|1,976| |Investments|256|-|-|256| |Total income|685,133|234,064|-|919,197| |Expenditure on:| |Charitable activities|640,476|178,505|-|818,981| |-| |Total expenditure|640,476|178,505|818,981| |-| |Net income/(expenditure)|44,657|55,559|100,216| |Transfers between funds|-|-|-|-| |Net movement in funds|44,657|55,559|-|100,216| |Reconciliation of funds:| |Total funds brought forward|295,260|95,752|140,000|531,012| |Total funds carried forward|339,917|151,311|140,000|631,228|

----- End of picture text -----

23

SUSTAINABLE FOOD TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

8 Tangible fixed assets

Cost
At 1 April 2020
Additions
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
9
Debtors
Trade debtors
Prepayments and accrued income
Gift Aid receivable
Other debtors
10 Creditors: amounts falling due within one year
Other creditors
Accruals
Deferred income
Taxation and social security costs		 Fixtures
fittings &
equipment
Total
£
£
32,129
32,129
4,894
4,894
37,023
37,023
24,115
24,115
4,296
4,296
28,411
28,411
8,612
8,612
8,014
8,014
2021
2020
£
£
49,225
23,437
42,186
11,436
1,400
6,311
-
-
92,811
41,184
2021
2020
£
£
51,760
35,272
2,778
2,646
995
201,050
15,175
16,803
70,708
255,771

24

SUSTAINABLE FOOD TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

11 Reconciliation of net movement in funds to net cash inflow from operating activities

Statement of Financial Activities: Net movement in funds
Depreciation
Investment income
(Decrease)/increase in creditors
(Increase)/decrease in debtors		 2021
£
35,847
4,295
(317)
(185,063)
(51,627)		 2020
£
100,216
3,072
(256)
207,643
43,480
Net cash inflow from operating activities (196,865) 354,155
12 Analysis of changes in cash during the year
Cash at bank and in hand		 2021
£
636,360		 2020
£
837,802		 Change
£
(201,442)
Cash at bank and in hand 2020
£
837,802		 2019
£
491,801		 Change
£
346,001
13 Movement in funds
At
1-Apr-2020
Income
£
£
Expendable Endowment fund
140,000
-
Restricted funds
70,529
87,193
13,806
52,298
Harmony project
66,976
306,161
Sustainable diets and farming
True cost accounting & sustainability
metrics		 Expenditure
£
-
(124,146)
(31,138)
(225,639)		 Transfers
£
(40,000)
-
-
-		 At
31-Mar-2021
£
100,000
33,576
34,966
147,498
151,311
445,652
Unrestricted funds
339,917
506,325		 (380,923)
(535,207)		 -
40,000		 216,040
351,035
Total funds
631,228
951,977		 (916,130) - 667,075

25

SUSTAINABLE FOOD TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

13 Movement in funds (continued)

Prior year comparative

Expendable Endowment fund
Restricted funds
True cost accounting &
sustainability metrics
Harmony project
Unrestricted funds
Total funds
Sustainable diets and farming		 At
1-Apr-2019
Income
Expenditure
Transfers
At
31-Mar-2020
£
£
£
£
£
140,000
-
-
-
140,000
45,516
115,000
(89,987)
-
70,529
-
35,000
(21,194)
-
13,806
50,236
84,064
(67,324)
-
66,976
95,752
234,064
(178,505)
-
151,311
295,260
685,133
(640,476)
-
339,917
531,012
919,197
(818,981)
-
631,228

Expendable endowment - This fund was set up by the Trustees following receipt of a major donation from the RH Southern Trust. The intention of the RH Southern Trustees was to support the longevity of the SFT by making a donation that would last several years, but that could be given in one go. It was therefore decided to set up and expendable endowment that would serve this purpose. In the year ended 31 March 2021 the trustees decided to utilise £40,000 (2020: £nil) of the expendable endowment to further the purposes of the Charity in the year; as such a transfer was made from the expendable endowment fund to general funds.

Restricted funds

True cost accounting & sustainability metrics - Income represents grants given towards the SFT’s strategic work on True Cost Accounting and Sustainability Metrics.

Sustainable diets and farming - Income represents grants towards our work on aligning healthy diets with the productive capacity of sustainable agriculture.

Harmony project - Income represents grants given towards the SFT’s work on Harmony - a collaborative project which focuses in three main areas of work: Harmony in Food, Farming and Health; Harmony in Education; and Living in Harmony.

26

SUSTAINABLE FOOD TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

14 Analysis of net assets between funds

At 31 March 2021
Expendable Endowment funds
Restricted funds
Harmony project
Unrestricted funds
At 31 March 2020
Expendable Endowment funds
Restricted funds
Harmony project
Unrestricted funds
Sustainable diets and farming
Sustainable diets and farming
True cost accounting & sustainability metrics
True cost accounting & sustainability metrics		 Tangible
Other
Fixed assets
Net assets
Total
£
£
£
-
100,000
100,000
-
33,576
33,576
-
34,966
34,966
-
147,498
147,498
-
216,040
216,040
8,612
342,423
351,035
8,612
658,463
667,075
Tangible
Other
Fixed assets
Net assets
Total
£
£
£
-
140,000
140,000
-
70,529
70,529
13,806
13,806
-
66,976
66,976
-
151,311
151,311
8,014
331,903
339,917
8,014
623,214
631,228

15 Company limited by guarantee

The Company is limited by guarantee and as such has no issued share capital. In the event of the company being wound up the liability of the members is limited £1 each.

16 Related party transactions

Patrick Holden, Chief Executive of the charity, is the Executive Director of The Sustainable Food Alliance Inc. USA in the year and has disclosed his interest in Sustainable Food Trust. The charity received £48,820 in the year (2020: £308,652) from The Sustainable Food Alliance Inc. USA.

Patrick Holden owns the rental property in which the charity operates. A rent of £9,000 was paid by the charity in the year (2020: £10,800). At the year end £nil was outstanding (2020 - £nil).

27

SUSTAINABLE FOOD TRUST MANAGEMENT INFORMATION YEAR ENDED 31 MARCH 2021

The following pages do not form part of the statutory financial statements

28

SUSTAINABLE FOOD TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2021

----- Start of picture text -----
Unrestricted Restricted Endowment Total Total
Funds Funds Funds 2021 2020
£ £ £ £ £
Income from:
Donations and legacies
Donations 148,372 3,300 - 151,672 170,984
Sustainable Food Alliance 28,820 - - 28,820 162,601
Esme 100,000 - - 100,000 100,000
- -
General grants 120,483 120,483 141,051
Prince of Wales 50,000 25,000 - 75,000 75,000
Pureland Foundation - 75,000 - 75,000 -
TIDES Foundation - 83,193 83,193 -
- - - -
Sainsburys Family Trusts 30,000
Rothschild Foundation 30,000 30,000 - 60,000 30,000
Garfield Weston - 75,000 - 75,000 75,000
Venture Fund - - - - 8,674
- - - -
SFT Christmas Party donated service 1,450
- - - -
Highgrove farms donated service 9,000
Gift aid 1,400 - - 1,400 1,311
Charitable activities
Ticket sales & event fees 83,192 - - 83,192 48,772
Speaking events 676 - - 676 43,122
Other trading activities
- -
Management fees 20,000 20,000 20,000
Other Income 43,548 33,676 - 77,224 1,976
Investments 317 - - 317 256
Total income 506,325 445,652 - 951,977 919,197
----- End of picture text -----

29

SUSTAINABLE FOOD TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2021

----- Start of picture text -----
Unrestricted Restricted Endowment Total Total
Funds Funds Funds 2021 2020
£ £ £ £ £
Expenditure on:
Charitable activities
-
Wages and salaries 334,501 261,811 596,312 487,717
-
Consultancy fees 138,904 83,823 222,727 131,345
Travel and subsistence 5,204 2,134 - 7,338 46,121
Rent and rates 14,468 - - 14,468 19,672
Insurance 6,860 - - 6,860 6,800
- -
Office expenses and equipment 4,038 4,038 10,983
Training 300 - - 300 -
Volunteer costs 195 - - 195 351
Events 1,216 66 - 1,282 57,197
Software 5,580 - - 5,580 4,683
- -
Telephone 2,284 2,284 2,748
-
Website Design 13,281 33,089 46,370 38,637
Bank charges 2 - - 2 1,128
HR Costs 320 - - 320 107
Payroll services 624 - - 624 420
- -
Depreciation 4,295 4,295 3,072
Legal and professional fees 358 - - 358 5,952
- - - -
Exchange gains/losses (1,536)
Governance costs
Independent examiner remuneration:
- -
Independent examination 1,528 1,528 1,455
- -
Other accountancy fees 1,250 1,250 2,129
-
Total expenditure 535,208 380,923 916,131 818,981
-
Net income/(expenditure) (28,883) 64,729 35,846 100,216
----- End of picture text -----

30