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**| Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 ## 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: - Anonymous Donors - including via Charitable Giving Payroll and Charities Trust - B&J Lloyd Family Charitable Trust - CHK Foundation - College of Medicine - Corton Hill Trust - Defra - EQ Foundation - Esmée Fairbairn Foundation - John Ellerman Foundation - Ludlow Trust - National Westminster Bank - People’s Postcode Lottery - Roger Pauli (R&D Glass) - Ruskin Mill Land Trust - Sustainable Food Alliance, Inc. - The landworkers Alliance - The Prudence Trust - The Rothschild Foundation 1 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 ## LEGAL AND ADMINISTRATIVE INFORMATION - The Serve All Trust - Treebeard Trust - WWF/Tesco ## 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. 2 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 ## 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: - a) The preservation, conservation and protection of the environment and the prudent use of natural resources, including by the promotion of sustainable food production methods; - b) The advancement of health, including the relief of disease and human suffering by: - a. Encouraging the cultivation of foods and the uptake of diets (tailored to local circumstances in different countries and regions) to bring health benefits to individuals and populations in terms of better nutrition and lower incidence of diet related diseases. - b. The identification of food production methods that improve the nutritional value of foods and the dissemination of this information; and - c. The relief of malnutrition. - c) To advance the education of the public in food production methods and their impact on the environment and public health. 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: - **Leadership and Collaboration:** Influencing individuals and organisations in leadership positions. - **Research and Policy:** Using sound evidence to advocate better policy and practice. - **Communications:** Encouraging and empowering individual and collective action. ## **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. 3 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 ## 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:** - **Financing the agricultural transition** - We have organised various meetings and events to further discussions on how to effectively finance the transition to regenerative agriculture throughout the past year. In July 2023, through the Sustainable Markets Initiative (SMI), we brought together CEOs from the finance, insurance and food business sectors. In September 2023, we hosted a one-day, on-farm gathering at Shimpling Park Farm in Suffolk, and in March 2024 we hosted a roundtable in partnership with the Ballymalloe cookery school. Both events brought together farmers, growers and policy makers. - **Advocating for re-localised food systems** 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. - **Supporting the role of grazing livestock in regenerative systems** 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. - **Attending global events** 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:** - **Publication of our report on grazing livestock** The launch of the report is planned for autumn 2024. We plan to build a thorough communications campaign and outreach plan. 4 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 ## TRUSTEES’ REPORT - **Sustainable Markets Initiative financing framework pilots** - UK pilots on farms in East Anglia of a financing framework based on the GFM are scheduled to begin in late 2024. - **Feeding Britain Follow up research** 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:** - **Global Farm Metric (GFM) framework development** - In July 2023 we published our most recent report on the GFM framework. This encompassed the latest updates to the framework, following extensive research and engagement with the academic community in 2022, and acknowledges the importance of the different types of data to measure sustainability on farm as well as beyond the farm gate. - **Public sector trials with Defra** 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. - **2024 private sector trials program** 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. - **Regen10 framework for international trials** 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. - **Farm trials in Kentucky, USA** 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 5 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 ## 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. - **Strengthening our Australian coalition** - The coalition of partners supporting the GFM in Australia continues to grow and includes more than 30 organisations. The coalition is discussing the active development of the GFM Assessment for Australia, working with Charles Stuart University, who want to run trials on their university farm holdings. - **Concluding trials in Malawi** Cornell University’s report on Adapting the Global Farm Metric for Malawi was published after their conference in July 2023. The report was well received and as a result a session has been accepted for the 5th Global Food Security Conference in Belgium next April 2024, as well as being drawn on extensively in the development of the GFM assessment for Regen10. - **Big Food Redesign Challenge** 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:** - **Building a closer working relationship with assessment platforms** Building on existing relationships, work with sustainability assessment tool providers to embed the GFM framework into their applications. This will allow the SFT team to focus on framework development and building consensus whilst scaling use of the framework on the ground through third parties. - **Development of educational materials** - The launch of our BASIS CPD course marked a first step in our plans to develop educational materials for a range of audiences that enhance understanding of the GFM and the importance of valuing and measuring sustainability. - **UK and international 2024 Trials** 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. - **GFM application within financial blueprints** - Further to the meeting organised with CEOs in July 2023, the SFT is helping to drive the SMI’s vital work on shifting the balance of financial advantage away from intensive farming and towards regenerative systems. We will be working with business leaders to develop a funding framework, underpinned by the GFM, that monitors the delivery of genuinely regenerative outcomes, ready for UK farm pilots later this year. The work will explore how common measurement should underpin and inform future financing of agriculture. ## **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. 6 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 ## TRUSTEES’ REPORT ## **Achievements during the year included:** - **Beacon Farms** - We’re continuing to build a network of inspirational farms to showcase sustainable and regenerative systems and provide influential ‘seeing is believing’ education opportunities for farmers, leaders and young people. In partnership with The Harmony Project, we plan to co-develop and share resources to support farmers in the delivery of educational visits, including guidance on how to effectively communicate their farming systems in an engaging way. - **Events** 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. - **The Green Social Prescribing project** - Given the success of the first phase of this project in collaboration with The College of Medicine and the University of Bristol, we have continued to deliver the first on-farm green social prescribing pilot of its kind in the UK, working with farms near Bristol and are looking for funding to enable the project to continue beyond 2024. - **Outreach/communications** - The latest series of the podcast was launched at the end of 2023 and continues to be an important tool for reaching and informing the wider public. Audience numbers for our Daily News Digest are growing rapidly, reaching almost 1000 and we have had good media coverage throughout the year, including a feature interview with our CEO in the Telegraph in March 2024. In early 2024 we also began working closely with Freud Communications to raise the profile of the organisation as a go-to voice for farming and help our key messages to reach new audiences. - **Developing partnerships** 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:** - **Global advocacy** 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. - **Regenerative farming documentary** - Work with Big Picture Ranch on their third regenerative agriculture documentary, Groundswell, has slowed down over the past year due to the release of the second film in their series but we continue to work with the producers to help influence the content and enable connections with useful contacts from the food and farming world. - **Ambassadors project** 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. 7 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 ## TRUSTEES’ REPORT - **Beacon Farms event** 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: 8 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 ## 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. 9 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 ## 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 10 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 ## 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: 11 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 ## TRUSTEES’ REPORT - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 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 12 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 ## 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: - give a true and fair view of the state of the Charity’s affairs as at 31 March 2024 and of its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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. 13 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 ## 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: - the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the directors’ report has been prepared in accordance with applicable law requirements. ## **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: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; - the financial statements are not in agreement with the accounting records and returns; - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not obtained all the information and explanations necessary for the purposes of our audit; or - the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. 14 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 ## INDEPENDENT AUDITOR’S REPORT ## **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: - we identified the laws and regulations applicable to the charity through discussions with those charged with governance and other management, and from our knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements of the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, pensions, environmental and health and safety legislation; and - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, inspecting legal correspondence and remaining alert during the audit for any indications of non-compliance. Our audit procedures in relation to fraud included but were not limited to: - making enquiries of those charged with governance and other management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; - • discussing amongst the engagement team the risks of fraud; - gaining an understanding of the internal controls in place to mitigate risks of fraud and noncompliance with laws and regulations; - testing journal entries to identify unusual transactions; - assessing whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and - investigating the rationale behind significant or unusual transactions. 15 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 ## 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: ………………….. 16 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 **SUSTAINABLE FOOD TRUST** ## **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** 17 Docusign Envelope ID: 97A37914-8CA6-4F2C-9F74-467DCE74BB96 **SUSTAINABLE FOOD TRUST** **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** - **5 Support costs (** _**continued**_ **)** |**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| 34