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2024-03-31-accounts

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96

TRUSTEES REPORT AND FINANCIAL STATEMENTS

Year Ended 31 March 2024

Company Number: 07577102 Charity Number: 1148645

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96

CONTENTS
Legal and Administrative Information 1 - 2
Trustees Report 3 - 12
Charitable Purposes 3
Achievements and Future plans 4- 7
Delivering Public Benefit 8
Governance and Management 8 - 10
Fundraising 10
Financial Review 10 - 11
Statement of Trustees Responsibilities 11 - 12
Independent Auditor’s Report 13 - 16
Financial Statements 17 - 31
The Following pages do not form part of the statutory financial statements
Management Information 32 - 33

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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: Peter Segger (UK)
George Kailis (Australia)
Christina Lee Brown (USA)
Lady (Jane) Parker (UK) – Chair
Evi Steyer (UK)
Arlo Brady (UK)
Company Secretary: Claire Peeters
Chief Executive: Patrick Holden, CBE
Senior Management Team: Chief Executive, Executive Director, Policy Director,
Global Farm Metric Director, Director of Operations.
Auditor: Burton Sweet Limited, The Clock Tower, Farleigh Court,
Old Weston Road, Flax Bourton, Bristol, BS48 1UR
Bankers: Triodos Bank,DeaneryRoad,Bristol,BS1 5AS

Funders:

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

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LEGAL AND ADMINISTRATIVE INFORMATION

The Sustainable Food Alliance (SFA)

The SFA is a US tax-exempt 501(c)(3) non-profit organisation which works in partnership with the Sustainable Food Trust and raises funds to support sustainable food programmes.

Donors whose generous support of the SFA benefitted the SFT during the year included:

360 Communications; The Frances and Benjamin Benenson Foundation; Owsley Brown III Philanthropic Foundation; Bryan and Tara Meehan; John and Jessica Moussouris; Christina Lee Brown; The Meridian Institute.

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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.

To achieve this, we work in three ways:

Summary

There is growing international consensus amongst the climate science community, governments, public and private finance, food companies, retailers and NGOs on the urgent need for an agriculture and food systems transition.

This is underpinned by an awareness that although our current farming and food systems are major contributors to climate change, the destruction of natural ecosystems and damage to public health, the potential exists for regenerative models to reverse these declines and become part of the solution.

Although consensus may not yet have been reached on the exact nature of the farming systems that are needed to replace the ones we have at present, it is agreed by all that the transition is not taking place anywhere near fast enough, and that a key barrier is the absence of an enabling financial environment, particularly for farmers.

Our mission is to accelerate the transition to sustainable food and farming systems. Our vision is for all farming and land management to operate in harmony with nature, producing sustainable and nutritious food which nourishes both people and planet.

To achieve our aims, we work catalytically and collaboratively, through a combination of high-level lobbying, coalition building, public campaigning, education and media networking. This is based on three key pillars of work – farming policy and practice, measuring and valuing sustainability, and public awareness-raising. This report outlines our progress during 2023/2024 and our future plans for these core work areas.

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TRUSTEES’ REPORT

ACHIEVEMENTS AND FUTURE PLANS

1. Farming, Finance, Policy and Practice

Barrier to change: the lack of consensus on the nature of future sustainable agriculture, coupled with the absence of an enabling financial environment for farmers wishing to transition, continues to represent the most significant barrier currently preventing the transition that we need to see.

Aim: to build a common vision for the future of farming and, through public and private sector engagement, develop a strong business case for this transition.

Achievements during the year included:

In December 2023, Defra launched its new £4m abattoir fund, following a long campaign by the Abattoir Sector Group, of which the SFT is a member, to secure support for the sector. Our focus since the launch has been on ensuring that there is a good uptake of the funding.

As part of our work alongside the Landworkers’ Alliance, Sustain and Pasture for Life on the Rothschildfunded Local Food Plan, we have been contributing to a ‘situational review’, interviewing a range of people involved in food and farming, supply chains and retail. A report of the findings will be released later in 2024.

Over the past year the SFT research team has been focused on researching, writing and editing our upcoming report on grazing livestock, which will explore the role of grazing livestock in regenerative farming systems. Our work on the report so far was the focus of a well-attended session at ORFC in January 2024.

In the summer of 2023, the SFT research team reviewed an academic evidence synthesis of the impacts of grazing management on soil carbon storage, which was published in January 2024 in the journal Proceedings of the Royal Society . We continue to engage with the Nitrogen Collaboration group. And members of our research team were interviewed by the Oxford University food systems research platform, Table, for a podcast series which explored what role livestock should play in the future.

The SFT senior team have been raising awareness of our work and building consensus on the transition by speaking at and chairing various global events over the past year. In September 2023, our Policy Director chaired the Regenerative Agriculture Summit Europe in Amsterdam. Meanwhile, our CEO and Executive Director attended both COP28 and New York Climate Week, participating in and organizing panels in relation to our work on financing the transition and utilising the excellent opportunities to build new contacts.

Future plans include:

The launch of the report is planned for autumn 2024. We plan to build a thorough communications campaign and outreach plan.

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TRUSTEES’ REPORT

The next stage of this work will be to better understand the cost of a transition to truly sustainable agriculture. This will involve undertaking a true cost analysis of the new farming models which will then be compared with the intensive systems studied in our 2017 Hidden Cost of UK Food Report. This will be used to make the case for government support for regenerative farming as well as for public education.

2. Measuring and Valuing sustainability

Barrier to change: the lack of common framework for measuring farm level sustainability makes it difficult for farmers to assess their impact and impossible for government, financial institutions, and food companies to set meaningful targets and incentivise change. The vast array of labelling and audit schemes also means consumers have no common yardstick to link their purchasing power to supporting sustainable, healthy food production.

Aim: to develop an internationally common framework for measuring whole farm sustainability. Use this framework to value the positive and negative impacts of agriculture and advocate for the introduction of financial measures to help all farmers transition to more sustainable food production systems.

Achievements during the year included:

We have been running two trials with Defra over the past year, both designed to embed the need to collect data through the GFM framework into future government farm support – the first (Elms50) completed in December 2023 and has proved a powerful model for future GFM trials. The second (Elms40) began in July 2023 and is ongoing in partnership with LEAF and Soil Association Exchange. Part of its scope is to look at how these two organisations can deploy the GFM and reduce bureaucracy for farmers.

As part of the Elms40 trial, in February 2024, an online BASIS training module on the GFM was released, introducing farm advisors to a holistic definition of farm sustainability, highlighting the current challenges around assessments and the work being done by SFT and others to overcome them.

The GFM Trials team has lined up an extensive trials program for 2024, with testing of the GFM framework taking place on approximately 300 farms across the UK and beyond, working with farm clusters, supply chain partners, financial institutions and food producers.

The Regen 10 Framework Hub team has used the GFM framework as the basis for the ‘Regen10 Zero Draft Outcomes Framework for Regenerative Agriculture’, which was launched at COP28. We are now working on the trials phase of this project, working with local partners in 11 countries to plan farm and landscape trials to be held later in 2024.

The Organic Association of Kentucky’s Climate Smart Commodities project began with trials of the GFM on 20-25 farms in late 2023 and will scale up to 100 farms per year for the next 5 years. The GFM team will continue to provide technical support to the trials and our Executive Director is planning a visit to Kentucky

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TRUSTEES’ REPORT

in May 2024 to take part in a workshop with the farmers and explore how we might be able to expand the GFM coalition across the US.

Together with the Ellen MacArthur Foundation, the SFT is running a challenge to inspire the food industry to build a better food system. Producers, retailers, start-ups and suppliers are all designing new food products based on regenerative/circular principles and an adapted version of the GFM framework is being used to assess the sustainability of these products.

Future plans include:

Completing the 2024 trials program in the UK and internationally through Regen10. Once the trials are completed there will be an important phase of analysing the results, producing recommendations and further developing the GFM framework.

3. Informing and inspiring the public about the future of food and farming

Barrier to change: Widespread uncertainty around the impact of our current food systems, the type of farming systems we need to be moving towards to address the health, nature and climate crises, and what individuals can do to be part of the solution.

Aim: To provide clarity, nuance and a practical perspective on the future of food and farming and share these messages with the general public, both through our own communication channels and by working with others.

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TRUSTEES’ REPORT

Achievements during the year included:

The SFT team has taken part in, spoken at and organised sessions at many key events, engaging with a variety of audiences, from farmers to policy makers and corporations. Events at which we have participated include the Oxford Real Farming Conference, the Welsh Real Farming Conference, Groundswell, New York Climate Week, the Regenerative Agriculture Summit Europe and COP28.

Our partnership with Coldplay has been extended for another year and we have received another tranche of funding from them. We are working with Freud Communications to look at ways in which we can engage the Coldplay audience with a specific call to action.

Future plans include:

Attending events such as New York Climate Week to share messages on the future of food and farming. A focus for this work will be the question of how we can build the business case for a transition to regenerative food production.

We have been drawing up plans to launch an SFT Ambassadors project with a group of influential individuals who can speak on our behalf and raise awareness of key issues. The ambassadors we are planning to approach include farmers, chefs, actors and content creators – all of which have a strong social media following already.

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We are planning to hold an event to showcase our Beacon Farms Network at Holden Farm Dairy in the summer of 2025. The event will be an opportunity for aspirant members of the network, plus educators and policy makers to come together and share ideas, consider opportunities and make plans to enable more farms to share the story behind their produce.

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 at the start of this report. 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 of 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 24th 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 and Executive Director, who manage a team of staff, consultants and interns. The structure of the SFT on 31 March 2024, is shown in fig.1 below:

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TRUSTEES’ REPORT

----- Start of picture text -----
CEO
Executive Executive
Assistant to Assistant to
Exec Director CEO
Executive
Director
GFM Policy
Director Director
GFM Trials Head of Head of Head of Head of Head of
Programme Policy &
Lead Research Campaigns Projects Operations Fundraising
GFM Trials Snr Research Comms HR & Finance
Managers Officer Manager Operations Manager
(x 3) Manager
Regen 10 & GFM Research & Comms SFA
Int Delivery Policy Officer Assistant Administrator
Officer
CEO
Director
of
Head
Manager
Officer & Assistant
----- End of picture text -----

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 seven 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 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.

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TRUSTEES’ REPORT

USTEES’ REPORT
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 are set to ensure internal equity and external parity.
•
Staff are kept up to date with organisational developments and impact and are
activelyengaged in organisationalplanningand strategic development.
Poor relationships
with funders or
unsatisfactory
returns on
fundraising		 •
Fundraising plan developed and regularly updated.
•
System in place to monitor and record outcomes of funded activities.
•
Income streams diversified where possible, although this is weighed up against
time and resources available to cultivate new potential funders.
•
Major funders briefed on progress regularly.
•
Head of Strategic Partnerships role created with a focus on donor care.
•
Funder terms and conditions reviewed carefully and complied with, including
dates for reportingback.
Government policy
has negative impact		 •
Legal and Regulatory changes monitored and action taken accordingly.

Fundraising

All fundraising carried out by the Sustainable Food Trust is done under the direct guidance of the Chief Executive and Executive Director. They keep in regular contact with major donors and have close involvement in the preparation of grant applications. Other staff involved in fundraising include the Policy Director, Operations Director, Head of Strategic Partnerships and Head of Projects. 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.

FINANCIAL REVIEW

Funding Sources

The SFT seeks to secure funds from diverse sources, including trusts, foundations and individual donors. During the year, 58% of funds were secured from trusts and foundations, 4% from individual donors, and 38% from consultancy and other fees.

Results and Financial Position

The SFT has a stable financial position, with our unrestricted reserves growing consistently.

Total income for 2023/24 was £1,367,279 and expenditure £1,651,947 giving a deficit of £284,668. The majority of the deficit in the year was represented by restricted funds meaning our unrestricted funds decreased by £49,912. 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

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TRUSTEES’ REPORT

20% of the SFT’s funding in 2023/24 being derived from trusts, foundations and donors in the US. 38% was from trusts, foundations and donors in the UK. In 2022/23, these figures stood at 17% from the US, and 47% from the UK, so the balance shifted more towards the US during the year, along with greater contract income receive in year.

At the start of the new financial year (2024/25), we had 34% of funds required for the year secured – which is 26% lower than the same time the previous year. Our situation requires an ongoing and diligent approach to fundraising and budget management, and at the start of the new financial year this required an increased focus on fundraising. By July 2024, the percentage of funds secure had increased to 60%, which was closer to our target (of 65%) for that time in the year.

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 2024 was £650,582 (equivalent to 4 months’ worth) with free reserves (following a deduction of the value of fixed assets) being £642,403.

In respect of the 2024/25 financial year, at March 2024 the intention was to achieve a surplus with a view to growing unrestricted reserves by approximately £26k. 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.

The reserves policy was most recently revisited during the 2021/22 financial year and deemed to be at the appropriate level. The trustees actively monitor the financial performance of the SFT and consider at every board meeting the extent to which activities and expenditure might need to be curtailed should circumstances arise that would require this. If there is any uncertainty during a scheduled board meeting, an additional process is triggered in which the board receive an interim financial report with recommendations.

Disclosure of Trustee Donations

The aggregate Trustee donations to the charity was £Nil (2023: £20,000).

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:

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TRUSTEES’ REPORT

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 7[th] November 2024 and signed on its behalf by:

Lady (Jane) Parker, Chair

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INDEPENDENT AUDITOR’S REPORT

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SUSTAINABLE FOOD TRUST

Opinion

We have audited the financial statements of Sustainable Food Trust (the “Charity”) for the year ended 31 March 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, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted out audit in accordance with international Standards in Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity 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 directors’ 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 charity'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 directors with respect to going concern are described in the relevant sections of this report.

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INDEPENDENT AUDITOR’S 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 auditor’s report 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 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the 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 our 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 directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees 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 they 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 Charity’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 Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 an auditor’s report 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Our audit procedures in relation to fraud included but were not limited to:

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INDEPENDENT AUDITOR’S REPORT

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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/auditors/audit-assurance-ethics/auditorsresponsibilities-for-the-audit. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’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 Charity’s members those matters we are required to state in them in an auditor’s 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 Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Joshua Kingston ACA (Senior Statutory Auditor)

For and on behalf of Burton Sweet Limited Statutory Auditor The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR Date: …………………..

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STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2024

Notes
Income and endowments from:
Donations and grants
2
Charitable activities
3
Other trading activities
Investments
Total income
Expenditure on:
Charitable activities
4
Total expenditure
Net income/(expenditure)
6
Transfers between funds
14
Net movement in funds
Reconciliation of funds:
Total Funds brought Forward (as previously stated)
Prior year restatements
19
Total funds brought forward
14
Total funds carried forward
14		 Unrestricted
Restricted Total funds
Total funds
Funds
Funds
2024
2023
Restated
£
£
£
£
321,383
426,611
747,994
1,528,910
595,595
-
595,595
598,610
20,000
-
20,000
20,000
3,690
-
3,690
1,345
940,668
426,611
1,367,279
2,148,865
1,017,633
634,314
1,651,947
1,826,279
1,017,633
634,314
1,651,947
1,826,279
(76,965)
(207,703)
(284,668)
322,586
27,053
(27,053)
-
-
(49,912)
(234,756)
(284,668)
322,586
615,386
435,745
1,051,131
723,653
85,108
110,000
195,108
200,000
700,494
545,745
1,246,239
923,653
650,582
310,989
961,571
1,246,239

The comparative Statement of Financial Activity is detailed in note 8.

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 20 to 31 form part of these financial statements

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BALANCE SHEET AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
9
Current assets
Debtors
10
Cash at bank
Creditors: Amounts falling due within one year
11
Net current assets
Total net assets
The funds of the charity:
Restricted funds
15
Unrestricted funds
15		 2024
£
8,179
369,223
931,542
1,300,765
(347,373)
953,392
961,571
310,989
650,582
961,571		 2023
Restated
£
7,170
960,372
733,918
1,694,290
(455,221)
1,239,069
1,246,239
545,745
700,494
1,246,239

These financial statements were approved and signed by the directors and authorised for issued on 7th November 2024.

Lady (Jane) Parker - Trustee

Company registration number 07577102

The notes on pages 20 to 31 form part of these financial statements

18

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 SUSTAINABLE FOOD TRUST CASH FLOW STATEMENT YEAR ENDED 31 MARCH 2024

Notes
12
Non-operational cash flows:
Investing activities
Purchase of fixed assets
Investment income
13
Net cash inflow/(outflow) from
operating activities
Net cash inflow/(outflow) for the
year		 2024
£
199,100
(5,166)
3,690
197,624		 2023
Restated
£
109,405
(1,665)
1,345
109,085

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 20 to 31 form part of these financial statements

19

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 SUSTAINABLE FOOD TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

1 Accounting Policies

a) Basis of preparation

The financial statements have been prepared in accordance with the historical cost convention (except where otherwise stated in the accounting policy note) and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Companies Act 2006.

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

The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. Whilst the Trustees expect there to be a significant impact on the charity’s operations in the coming months and years due to the current economic climate, the charity has sufficient reserves and support 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 cost related to the category. 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 exchange differences are taken to the SOFA.

20

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 SUSTAINABLE FOOD TRUST NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

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 funds are shown in note 14.

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.

21

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96

SUSTAINABLE FOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

2 Donations and grants

Donations
Gift aid
Prior year comparative
Donations
Gift aid
3
Income from charitable activities
True cost accounting &
sustainability metrics
Leadership & collaboration
Harmony project
Others		 Unrestricted
Restricted
Total
Total
Funds
Funds
2024
2023
Restated
£
£
£
£
319,271
426,611
745,882
1,521,410
2,112
-
2,112
7,500
321,383
426,611
747,994
1,528,910
Unrestricted
Restricted
Total
Funds
Funds
2023
Restated
£
£
£
595,234
926,176
1,521,410
-
7,500
7,500
595,234
933,676
1,528,910
Unrestricted
Restricted
Total
Total
Funds
Funds
2024
2023
Restated
£
£
£
£
584,349
-
584,349
499,313
6,071
-
6,071
44,206
-
-
-
54,850
5,175
-
5,175
241
595,595
-
595,595
598,610

The income from charitable activities in the prior year was comprised of only unrestricted funds.

22

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 SUSTAINABLE FOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

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
Abattoirs Project
Communications
Sustainable diets and farming
Harmony project
5
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
2024
2023
£
£
£
£
£
626,953
354,989
165,786
1,147,728
1,043,948
125,419
51,472
28,686
205,577
138,841
93,604
14,368
17,467
125,439
132,658
4,208
9,144
2,178
15,530
11,767
86,210
48,621
22,842
157,673
204,642
-
-
-
-
42,392
-
-
-
-
252,031
936,394
478,594
236,959
1,651,947
1,826,279
Staff
Direct
Support
Total
Costs
Costs
Costs
2023
£
£
£
£
540,094
366,280
137,574
1,043,948
93,288
33,831
11,722
138,841
89,340
21,712
21,606
132,658
3,661
6,553
1,553
11,767
66,852
108,326
29,464
204,642
18,314
18,547
5,531
42,392
125,009
93,768
33,254
252,031
936,558
649,017
240,704
1,826,279
Staff
Premises
Office
Total
Total
Costs
Costs
Costs
2024
2023
£
£
£
£
£
71,302
19,162
75,322
165,786
137,574
12,337
3,316
13,033
28,686
11,722
7,512
2,019
7,936
17,467
21,606
937
252
989
2,178
1,553
9,824
2,640
10,378
22,842
29,464
-
-
-
-
5,531
-
-
-
-
33,254
101,912
27,389
107,658
236,959
240,704

23

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 SUSTAINABLE FOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

Prior year comparative
Support costs
True cost accounting &
sustainability metrics
Leadership & collaboration
Research
Abattoirs Project
Communications
Sustainable diets and farming
Harmony project		 Staff
Premises
Office
Total
Costs
Costs
Costs
2023
£
£
£
£
60,868
15,045
61,661
137,574
5,186
1,282
5,254
11,722
9,559
2,363
9,684
21,606
687
170
696
1,553
13,036
3,222
13,206
29,464
2,447
605
2,479
5,531
14,713
3,637
14,904
33,254
106,496
26,324
107,884
240,704

6 Net income/(expenditure) for the year

Net income/(expenditure) for the year
Total Total
Stated after charging: 2024 2023
£ £
Depreciation 4,158 5,582
Auditor's fees:
Audit 8,400 7,100
Accounts preparation - 1,700
7
Staff costs and numbers
The aggregate payroll costs were:
Wages and salaries
Social security costs
Pension costs
Redundancy costs		 Total
Total
2024
2023
£
£
910,532
932,671
100,517
62,752
27,257
17,631
-
30,000
1,038,306
1,043,054

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:

Total Total
2024 2023
£80,000 - £89,999 - 3
£90,000 - £99,999 1 -
£110,000 - £119,999 - 2
£140,000 - £149,999 2 -

24

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 SUSTAINABLE FOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

7 Staff costs and numbers ( continued )

The total employment benefits received by key management personnel in the year were £518,380 (2023: £455,754).

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

2024 2023
No. No.
Employees 20 22

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

8 Comparative Statement of Financial Activity

Income and endowments from:
Donations and grants
Charitable Activities
Other trading activities
Investments
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted Endowment
Total funds
Funds
Funds
Funds
2023
Restated
Restated
Restated
£
£
£
£
595,234
933,676
-
1,528,910
558,896
39,714
-
598,610
20,000
-
-
20,000
1,345
-
-
1,345
1,175,475
973,390
-
2,148,865
1,152,484
673,795
-
1,826,279
1,152,484
673,795
-
1,826,279
22,991
299,595
-
322,586
137,063
(77,063)
(60,000)
-
160,054
222,532
(60,000)
322,586
540,440
323,213
60,000
923,653
700,494
545,745
-
1,246,239

25

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 SUSTAINABLE FOOD TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

9 Tangible fixed assets

Cost
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
Disposals
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
10 Debtors
Trade debtors
Prepayments and accrued income
Other debtors
11 Creditors: amounts falling due within one year
Other creditors
Accruals
Deferred income
Taxation and social security costs		 Fixtures
fittings &
equipment
Total
£
£
27,479
27,479
5,166
5,166
(3,997)
(3,997)
28,648
28,648
20,309
20,309
4,157
4,157
(3,997)
(3,997)
20,469
20,469
8,179
8,179
7,170
7,170
2024
2023
Restated
£
£
42,300
253,899
320,567
695,461
6,356
11,012
369,223
960,372
2024
2023
£
£
52,798
74,996
47,968
48,445
224,511
308,251
22,096
23,529
347,373
455,221

26

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96

SUSTAINABLE FOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

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

2024 2023
£ £
Statement of Financial Activities: Net movement in funds (284,668) 322,586
Depreciation 4,157 5,582
Investment income (3,690) (1,345)
Increase in creditors (107,848) 87,873
Decrease/(increase) in debtors 591,149 (305,291)
Net cash inflow from operating activities 199,100 109,405
**13 ** Analysis of changes in cash during the year
2024 2023 Change
£ £ £
Cash at bank and in hand 931,542 733,918 197,624
2023 2022 Change
£ £ £
Cash at bank and in hand 733,918 624,833 109,085
**14 ** Movement in funds
At At
1 Apr 2023 **Income ** Expenditure Transfers 31 Mar 2024
£ £ £ £ £
Restricted funds
True cost accounting & sustainability
metrics		 445,030 208,500 (527,540) (5,860) 120,130
Research 244 7,290 (3,060) (4,230) 244
Leadership & Collaboration 100,000 210,000 (102,893) (16,963) 190,144
Sustainable diets and farming 471 - - - 471
Donations - 821 (821) - -
545,745 426,611 (634,314) (27,053) 310,989
Unrestricted funds 700,494 940,668 (1,017,633) 27,053 650,582
Total funds 1,246,239 1,367,279 (1,651,947) - 961,571

The transfer of £48,972 from unrestricted funds into True cost accounting is in reliation to expendiure previously identified here incorrectly. The remaining transfers all represent the reallocation of Overhead costs incurred across each restricted fund.

27

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 SUSTAINABLE FOOD TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

14 Movement in funds (continued)

Prior year comparative
Expendable Endowment fund
Restricted funds
True cost accounting &
sustainability metrics
Research
Leadership & Collaboration
Harmony project
Unrestricted funds
Total funds
Sustainable diets and farming		 At
1 Apr 2022
Income Expenditure
Transfers
At
31 Mar 2023
Restated
Restated
£
£
£
£
£
60,000
-
-
(60,000)
-
246,276
719,000
(447,659)
(72,587)
445,030
-
9,486
(9,242)
-
244
-
150,000
(50,000)
-
100,000
18,048
17,690
(33,767)
(1,500)
471
58,889
77,214
(133,127)
(2,976)
-
323,213
973,390
(673,795)
(77,063)
545,745
540,440
1,175,475
(1,152,484)
137,063
700,494
923,653
2,148,865
(1,826,279)
-
1,246,239

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 2022 the trustees decided to the final £60,000 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. This brought the value of the fund to £Nil at the year end.

Restricted funds

Leadership & Collaboration - Income represents grants given towards the SFT's work on developing the leadership and communication facets of the organisation, with a particular focus on recruitment and retention of key staff.

True cost accounting & sustainability metrics - Income represents grants given towards the SFT’s strategic work on True Cost Accounting and the Global Farm Metric project. The transfer out in the year relates to applicable costs paid out from general funds.

Research - Income represents grants given towards the SFT's work on a Grazing Livestock report.

Sustainable diets and farming - Income represents grants towards our work on aligning healthy diets with the productive capacity of sustainable agriculture. The transfer out relates to applicable costs paid out from general funds.

28

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 SUSTAINABLE FOOD TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2024

15 Analysis of net assets between funds

At 31 March 2024
Restricted funds
Leadership & Collaboration
Research
Unrestricted funds
At 31 March 2023
Restricted funds
Leadership & Collaboration
Research
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
£
£
£
-
120,130
120,130
-
190,144
190,144
-
244
244
-
471
471
-
310,989
310,989
8,179
642,403
650,582
8,179
953,392
961,571
Tangible
Other
Fixed assets
Net assets
Total
£
£
£
-
445,030
445,030
-
100,000
100,000
-
244
244
-
471
471
-
545,745
545,745
7,170
693,324
700,494
7,170
1,239,069
1,246,239

16 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.

17 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 income of £165,808 in the year (2023: £210,181) from The Sustainable Food Alliance Inc. USA.

Patrick Holden owns the rental property in which the charity operates. A rent of £17,163 was paid by the charity in the year (2023: £14,500). At the year-end £nil was outstanding (2023 - £Nil).

Arlo Brady, Trusee of the Chairty, is the Chief Executive officer of the Freuds Communications limited in the year and has disclosed his interest in Sustainable Food Trust. The charity has incurred expenditrure of £10,000 in the year (2023:£ Nil) for Consultancy services in year as permitted by governing document. At the year end £15,000 was outstanding (20323 - £nil)

The aggregate trustee donations to the charity was £nil (2023: £20,000).

29

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 SUSTAINABLE FOOD TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

18 Commitments

At the year end the charity had the following commitments as part of ongoing contracts

University of Reading
Freuds		 2024
2023
£
£
36,171
108,510
54,000
-
90,171
108,510

19 Prior year restatement

The following restatements are required due to errors in recognising the income of three grants and one service contract in the prior year.

The impact of the above changes are shown below:

Analysis by net assets
Tangible assets
Debtors
Cash at bank and in had
Creditors < 1 year
Total net assets
Accrued income is the debtor affected.
Fund totals at year-end
Restricted funds
Unrestricted funds
Income and Expenditure
Income from donations and grants - restricted
Income from donations and grants - unrestricted
Income from charitable activities - restricted
Income from charitable activities - unrestricted		 2023
2023
As previously
Restated
stated
Adjustment
amounts
£
£
£
7,170
-
7,170
765,264
195,108
960,372
733,918
-
733,918
(455,221)
-
(455,221)
1,051,131
195,108
1,246,239
2023
2023
As previously
2022
2023
Restated
stated
Adjustment Adjustment
amounts
£
£
£
£
435,745
200,000
(90,000)
545,745
615,386
-
85,108
700,494		 2023
2023
As previously
Restated
stated
Adjustment
amounts
£
£
£
7,170
-
7,170
765,264
195,108
960,372
733,918
-
733,918
(455,221)
-
(455,221)
1,051,131
195,108
1,246,239
1,051,131 200,000
(4,892)
1,246,239
2023
2023
As previously
2023
Restated
stated
Adjustment
amounts
£
£
£
(1,023,676)
90,000
(933,676)
(557,734)
(37,500)
(595,234)
(39,714)
39,714
-
(511,288)
(87,322)
(598,610)

30

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 SUSTAINABLE FOOD TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

19 Prior year restatement (continued)

2022 all items 2022 2022
As previously Restated
stated Adjustment amounts
£ £ £
Income from donations and grants - restricted (342,718) (200,000) (542,718)
Debtors (accrued income) 407,170 200,000 607,170
Resulting in:
Restricted funds held at 31 March 2022 123,213 200,000 323,213

31

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96

SUSTAINABLE FOOD TRUST MANAGEMENT INFORMATION YEAR ENDED 31 MARCH 2024

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

32

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96

SUSTAINABLE FOOD TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024

Unrestricted Restricted Total Total
Funds Funds 2024 2023
Restated
£ £ £ £
Income from:
Donations and grants
Donations 43,463 10,821 54,284 161,465
Sustainable Food Alliance 147,299 - 147,299 179,716
Esmée Fairbairn - - - 550,000
General grants 128,509 7,290 135,799 155,189
Prudence Trust - 200,000 200,000 100,000
Prince of Wales - - - 50,000
Postcode Lottery - 109,000 109,000 104,000
TIDES Foundation - - - 6,040
Sainsburys Family Trusts - - - 55,000
Rothschild Foundation - - - 10,000
CHK - - - 150,000
WWF/Tesco - 99,500 99,500 -
Gift aid 2,112 - 2,112 7,500
Charitable activities
Ticket sales & event fees - - - 114,738
Consultancy 267,289 - 267,289 47,608
NatWest 320,435 - 320,435 421,055
Speaking events 7,871 - 7,871 15,209
Other trading activities
Management fees 20,000 - 20,000 20,000
Investments 3,690 - 3,690 1,345
Total income 940,668 426,611 1,367,279 2,148,865

33

Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96

SUSTAINABLE FOOD TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024

Unrestricted Restricted Total Total
Funds Funds 2024 2023
£ £ £ £
Expenditure on:
Charitable activities
Wages and salaries 568,899 469,408 1,038,307 1,043,056
Consultancy fees 300,089 134,399 434,488 463,840
Travel and subsistence 35,113 19,561 54,674 68,970
Rent and rates 27,389 - 27,389 26,324
Office expenses and equipment 5,917 - 5,917 6,597
Training - - - 118
Volunteer costs - - - 60
Events 16,773 8,733 25,506 69,638
Grants paid out 6,114 - 6,114 -
Software 6,981 - 6,981 15,298
Telephone 507 - 507 829
Website Design 15,890 2,213 18,103 61,998
HR Costs 3,346 - 3,346 24,371
Depreciation 4,158 - 4,158 5,582
Legal and professional fees 3,427 - 3,427 18,261
Exchange gains/losses 4,853 - 4,853 626
Bad debt (74) - (74) 3,940
Sundry expenses 9,851 - 9,851 7,971
Governance costs
Auditor's fees:
Audit 8,400 - 8,400 7,100
Accounts preparation - - - 1,700
Total expenditure 1,017,633 634,314 1,651,947 1,826,279
Net income/(expenditure) (76,965) (207,703) (284,668) 322,586

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