Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55-.37 GMT (UTC +0) D 111 P 1120 Charity number.. 1148849 BELAZU FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55".37 GMT (UTC +0) D 111 P W20 BELAZU FOUNDATION CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Independent examiner's report Statement of financlal actlvltles Balance sheet 10 statement of cash flows Notes to the financial statements 12-18
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55".37 GMT (UTC +0) D 111 P 3120 BELAZU FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2023 Trustees William Jackson Food Group Adam Wells The Fresh Olive Company Charity rggistgred number 1148849 Principal office The Fresh Olive Co Ltd 74 Long Drive Greenford Middlesex UB6 8LZ Accountants James Cowper Kreslon Audit Chartered Accountants Reading Bridge House George Street Reading Berkshire RG1 8LS Page 1
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55".37 GMT (UTC +0) D 111 P 4120 BELAZU FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 30 APRIL 2023 The Trustees present their annual report together with the financial statements of Belazu Foundation (the Charity) for the 12 month period ended 30 April 2023. The Trustees confirm that the Annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's goveming document and the provisions of the Statement of Recommended Practice ISORPI, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151. Objectives The Belazu Foundation is focused on supporting food and educational projects for children and families in the UK and around the Mediterranean to promote education and healthy eating lo inspire futLJre generations. Main activities The Trustees believe that the activities detailed below further the charills purpose on public benefit. The Trustees have had due regard to the Charity Commission guidance on public benefit. Achievements and performance Review of activities Zakoura Foundation The Zakoura Foundation provides quality education in Morocco, targeting vulnerable populations in rural areas. The Zakoura Foundation was the first charitable partner of the Belazu Foundation. We have been working together since 2003 to provide education facilities and education for over 1000 women and children. Not only do they learn French and Arabic on lop of their mother tongue Berber, but they are also offered different projects about hygiene, parenting, healthy food and sewing. The past year the Belazu Foundation has helped with supporting two schools in two villages in the Atlas Mountains around Marrakesh, Aourir and Tidli. In total the project received a funding of £38,400, split over two years. An additional £2,440 was donated to fund a second teacher. The programme runs for 60 preschool children aged 4-6 years old. During the pandemic, education was interrupted, and the schools were closed from 16th March 2020 lill the beginning of September 2020 This meant there was remaining funds of 69,399MAD deducted from the total of 235,021 MAD, of which a further 85,711 MAD1£7,0161 was transferred in January 2022. The remaining 79,911 MAD {£6,3501 is due in 2023. The project was developed in collaboration with UNICEF and is based on community involvement. The preschool project is part of an integrated vision targeting children, parents and the community. It includes education with awareness and inclusivity. Main objectives.. The social development of the child Basic learning School dropout prevention An improvement in the acquisition of preschool skills and overall level of the children was seen, exceeding the objective of 75,/0 lo achieve 880/0. Environmental awareness sessions were integrated in the preschool programme with a focus on general understanding of the elements that make up the environment through the use of drawing, song and game activities. School Food Matters School Food Matters campaigns for fresh, sustainable school meals and delivers food education programmes to gel children cooking, growing and out onto a farm. Fun and Food Club The Fun and Food Club project provides children with regular access lo a healthy hot meal and safe play during the Summer and Easter holiday. The summer Fun and Food club took place at Willow Tree Primary School in August 2022. We have been Page 2
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55".37 GMT (UTC +0) D 111 P 5120 BELAZU FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 30 APRIL 2023 working with Willow Tree Sin the beginning of the Fun and Food Club. In total we donated £11,673.00 and this resulted in 59 children allending the Fun and Food club for 10 days. In the middle of August 18-19th August 20221, Belazu teamed up with School Food Matters ISFMI lo host another successful Summer Holiday Food and Fun IHFAFI programme al Willow Tree Primary School in Northolt. Each day was action packed with a range of play-themed activities on offer, as well as food education sessions led by SFM. A hol, nutritious lunch was provided for the children each day with a strong emphasis on improving the children's confidence around food. The programme, which look place from 10am to 2pm each day, supported families in the Willow Tree community by offering both financial and emotional respite in response lo the ongoing cost of living crisis. However, it also ensured that children could have fun in a safe and supportive environment. 93°/o of children had fun and said that they had enjoyed the programme and 81 /0 said that they had made new friends. 100 % of parents surveyed said that they were 'salisfied' with the programme. The programme supported families financially by providing access lo a hol, nutritious meal each day for free. 87 /0 of parents with children eligible for free school meals said that the programme had a positive influence on household food costs. Over the course of the ten days, 507 meals were served lo children. Children were very positive about the quality of food with 55/0 describing it as 'fantaslic' or 'really good,. Volunteers and leaching staff were crucial to set a positive example to the children during lunchtimes by promoting fruit and vegetable uptake. The food education part of the programme proved particularly effective in improving children's relationship with food. By preparing veg themselves., the children were able lo gel familiar with new foods and explore the different lexlures and smells associated with herbs and vegetables. The Easter Fun and Food club The summer Fun and Food club look place at Willow Tree Primary School in April 2023. We have been working with Willow Tree Sin the beginning of the Fun and Food Club. In total we donated £4,715.00 and this resulted in 59 children allending the Fun and Food club for 10 days. In the first few days of the Easter holidays {3-51h April 20231, Belazu teamed up with School Food Matters ISFMI lo host another Holiday Food and Fun IHFAFI programme al Willow Tree Primary School in Northoll. The format differed lo the summer programme, as il catered exclusively for Year 6 children who will be taking their SAT examinations in June. Therefore, each day was slruclured by revision in the morning and sport or SFM-led food education sessions in the afternoon. However, the programme, which took place from 10am lo 2pm each day, still maintained its overarching goal of alleviating food insecurity for the Willow Tree community by providing a hol, nulrilious lunch for the children each day. 11 also ensured that children could have fun in a safe and supportive environment. The scheme supported children's leaming, and specifically targeted those who had been impacted by Covid-19. The DHT for Inclusion staled that the motivation for the scheme was based on.. "Acknowledging the link between good food and nutrition, as well as pupil allainment and emotional wellbeing. We hope that by combining the 0, pupils with leave the club with greater confidence in their abilities. Over the course of the three days, 119 meals were seNed lo children and a further 23 meals were seNed lo staff and volunteers. 11 is important lo note that this year, the holiday programme took place al the same lime as Ramadan which meant that each day 9-12 children were fasting. Children were very positive about the quality of food with 70 /0 describing it as 'fanlaslic' or'really good,. Children were able to allend gardening workshops with the offer of learning more about seeds and soil, making paper pols lo plant up different vegetsble seeds and going on a mini beast huntl The food education part of the programme proved particularly effective in improving children's awareness about where food comes from. Over the course of the gardening sessions, children recognised the wider conlexlual importance of 'growing your own, with one child stsling. Il's important for us lo learn how to grow vegetables as food is so expensive so if we can grow our own then we can save money.. Fresh Enter rise "Students found it a great experience. They fell proud lo present in front of the judges and enjoyed working with other schools." Teacher, Oakwood School Page 3
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55".37 GMT (UTC +0) D 111 P 6120 BELAZU FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 30 APRIL 2023 The Fresh Enterprise programme runs each year between January - April lo give school children an insight and inspire them towards a career in the food industry. In the past year, -50°/o of students who took part experience a disadvantage (difficulties in engagement or allendance, special educational needs or from a lower income background). Ealing Borough has a lower employment rale compared lo the nats'onal average and the programme aims to address this through developing the future talent of tomorrow. School participation.. Oak Wood School Hillingdon.. Full programme Belvue Schoo- Ealing.. Full programme Greenford High School - Ealing.. Full programme Fealherslone High School - Ealing.. Full programme Villiers High School - Ealing.. Mini programme Whilefield School Barnel.. Mini programme Ellhorne Park School - Ealing.. Mini programme Alec Reed Academy- Ealing.. Mini programme The programme consisted of the following elements.. A tour of Belazu's specialist premises in Greenford for four of the schools, where they mel the people behind the products, from production line lo packing, all the way lo distribution and marketing. 57 students and 3 teachers attended in person during the full programme. 23 students participated in a virtual lour during the mini programme. A visit from our food teacher, Sharon Conrad, for a creative cooking maslerclass, where students could focus on lasle and flavours and were challenged with creating a brand new Belazu product. 105 students and 13 teachers attended. A marketing workshop where students learned about creative ways lo design an eye-calching label for their product and talked about essential presentation skills. 97 students and 10 teachers attended. A lasting panel, where the students who created the favourile products at the cooking session presented their pastes lo a panel that included Belazu's MD, product development expert and Procurement Director. 6 schools attended. lffley Academy lffley Academy is an academy for children with complex special educational needs in Oxfordshire. Once a year the Belazu Foundation organises a fun day for the children of the lffley Academy in Oxford. The fun day is a day where the children can play in a safe environment. But also, where the families can meet each other. A lol of families have never met the parents of their children's friends as the children come from all over Oxford and are mostly picked up by the school bus. This day gives the children the possibility lo play wth their friends and the parents can exchange shared experiences. Activities organsied for the event included an inflatable obstscle course, crazy golf, garden games, fa painting. smoothie bikes and cupcake decorating. Belazu volunteers cooked pizzas for school children and their families, who were able lo select ingredients including fresh vegetables and Belazu ingredients. The event cost £4,739.72 lo run. Chefs in Schools Chefs in Schools, mission is to encourage and enable schools across the UK lo serve great, creative school food that doesn't just fill young people up, bul feeds their imagination loo. They believe that teaching the next generation how lo cook and enjoy real food is crucial for their long-temi physical and mental health. The past year Chefs in Schools was the Foundation's main partner. Page 4
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55".37 GMT (UTC +0) D 111 P 7120 BELAZU FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 30 APRIL 2023 Three more schools benefilled from our match funding {£26,000 donaledl and started the food transformation programme this year, reaching 1,900 school children. Seven Mills Primary School, Tower Hamlets Broomfield Secondary School, Enfield Christ's College Secondary School, Finchley Case study.. Seven Mills previously worked with a council caterer and wanted support from us to train up their team and develop exciting menus with everything cooked from scratch. Chefs in Schools Chef Trainer Adam delivered an intensive training programme lo skill up the team on fish, portioning, hidden veg, cooking whole vegetsbles, salads and bread. He sel the school up with our recommended suppliers, supporting the team with budgeting lo create seasonal, diverse menus. The kitchen is now a positive hub al the heart of the school., the food has dramatically improved, the spirits of the staff have been lifted and children are more engaged with what they are eating. The Belazu Foundation donated £25,000 lo establish the first ever Kitchen Equipment Fund, distributing grants 10 22 schools, reaching over 8,000 pupils, lo help them improve their food education and culture. The lotsl funding for this programme tolaled £37,000 as an additional £12,000 of funds were reassigned from the 2020-21 Covid Emergency hamper programme. Across the 22 schools, an average of 41 /0 of pupils were eligible for free school meals. Schools used their funding in a variety of ways including.. Equipment for cookery lessons Redecoralingl updating the dining hall to enhance the dining experience and create a positive food environment Growing programmes.. vegetsble palchl greenhouse - using the produce in the school kitchen Equipment to enable outdoor cooking and dining. Food Parcels With 42°/o of Willow Tree Primary School's pupils enlilled lo free-school meals, we continued to support the pupils and families throughout the year. Al Christmas we made & delivered food par1$ for over 70 families with household cupboard staples including lins, rice and pasta as well as some Christmas Ireatsl £1,000 was donated for this project. Flnancial review Since 2012 the Belazu Foundation has allocated over £590,000 lo educational projects in UK and around the Mediterranean. In 2022-2023 the Belazu Foundation raised £61,430 through 3QA profil donation by Belazu Ingredient Company, fundraising events and donations. Staff from the Belazu Ingredient Company helped lo raise funds through cake sales, jar sale, a raffle and other internal aclivilies. Belazu staff gave their lime lo volunteer with the programme run by the Belazu Foundation. In lots1, £51,929 was donated by Belazu Ingredients Company and £8,275 was raised through internal fundraising. Through selling Belazu products that have passed their best before dale or with wonky labels on Too Good To Go, £1,227 was fundraised from customer facing fundraising. Reserve Policy The policy on resetves will be monitored by the Trustees al regular meetings and reviewed on a regular basis. The Trustees are of the opinion that the charity maintsins adequate reserves to cover future expenditure. Constltutlon The Trust is constituted by trust deed dated 31 August 2012. The Charills registered charity number is 1148849. Method of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Page 5
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55".37 GMT (UTC +0) D 111 P W20 BELAZU FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 30 APRIL 2023 Rlsk Management The Trustees have assessed the major risks lo which the Charity is exposed, in particular those related lo the operations and finan$ of the Charity, and are satisfied that systems and procedures are in place to miligale our exposure lo the major risks. Future plans In 2023-2024 the Belazu Foundation will continue lo support food and educational projects for children and families in UK and around the Mediterranean and promote education and healthy eating lo inspire future generations. The Belazu Foundation will keep supporting School Food Matters. The Food and Fun club will be organised in both the Easter and summer holidays. We will involved one of our customers with a volunteering opportunity. Fresh Enterprise will see the involvement of one of our retail customers to join the Tasting Panel. The partnership with our longest charitable partner, the Zakoura Foundation, will continue and together with the villages we have been supporting the past years, we will investigate other possibilities lo support them and increase their accessibility lo education. We will organise lffley Fun Day, bringing a team of volunteers lo put on activities, including pizza making, for the school children and families. We will continue our partnership with Chefs in Schools lo support the delivery of the School-by-school programme and a contribution to their core costs to help them with expanding their reach. The Fresh Olive Company will continue lo contribute 39/0 of their profits, alongside fundraising from internal events and customer fundraising. Additional fundraising, with a tsrget of £20,000 will be raised in the first in- person Belazu Banquet event. Trustees. responsibilities statement The Trustees are responsible for preparing the Trustees, report and the financial stslements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to.. 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., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that are sufficient lo show and explain the Charills transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. DdBnr2Fryl25Sfi&TwTcOI David Balmer Trustee - Fresh Olive Company Dale.. 28 February 2024 Page 6
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55".37 GMT (UTC +0) D 111 P 9120 BELAZU FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 APRIL 2023 Independent Examinevs Report to the Trustees of Belazu Foundation {'the Charity'l I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 April 2023. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'Ihe 2011 Act'l. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examiner's Statement Your attention is drawn lo the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts lo provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection wth the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements conceming the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page 7
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55-.37 GMT (UTC +0) D 111 P 10120 BELAZU FOUNDATION INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023 This report is made solely to the Charity's Trustees. as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required lo stale to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed= Alexander Peal Bsc (Honsl FCA 28 February 2024 James Cowper Kreston Audit Chartered Accountants Reading Bridge House George Street Reading Bert¢shire RG1 8LS Page 8
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55-.37 GMT (UTC +0) D 111 P 11120 BELAZU FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Other trading activities 51,928 9,502 51,928 9,502 87,804 8,380 Total income 61.430 61.430 96,184 Expendlture on: Charitable activities 95.635 95,635 68,491 Total expenditure 95.635 95.635 68,491 Net movement in funds 10 (34,205) 134,205) 27,693 Reconciliation of funds.. Total funds brought forward Nel movement in funds 42,667 (34.2051 42,667 (34.2051 14,974 27,693 Total funds carried forward 10 8,462 8,462 42,667 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 12 to 18 fomi part of these financial statements. Page 9
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55".37 GMT (UTC +0) D 111 P 12eO BELAZU FOUNDATION BALANCE SHEET AS AT 30 APRIL 2023 2023 2022 Note Current assgts Debtors Cash at bank and in hand 27,082 5,997 28,375 40,962 33,079 69,337 Creditors.. amounts falling due within one year 124,6171 126,670) Net current assets 8,462 42,667 Total assgts less ¢urrgnt liabilities 8.462 42,667 Total net assets 8.462 42,667 Charity funds Reslricled funds Unreslricled funds 10 10 8.462 42,667 Total funds 8,462 42,667 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by= D&¥10EBlmw2QFab2W 1?30rirC*) David Balmer Dale.. 28 February 2024 The notes on pages 12 to 18 fomi part of these financial statements. Page 10
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55".37 GMT (UTC +0) D 111 P 13120 BELAZU FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2023 2023 2022 Note Cash flows from opgrating activities Nel cash used in operating activities 12 134,9651 24,318 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 134,9651 40.962 24,318 16,644 Cash and cash equlvalents at the end of the year 13 5,997 40,962 The notes on pages 12 to 18 fomi part of these financial statements Page11
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55-.37 GMT (UTC +0) D 111 P 14120 BELAZU FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 Accounting policies 1.1 Basls of preparatlon of flnanclal statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure has involved following the Charities SORP IFRS 102) published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Belazu Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy. 1.2 Golng concern The accounts have been prepared on the going concern basis. The Trustees are satisfied that sufficient funds will be available lo support the activities of the Charity for at least 12 months from the date of approval of the Trustees report. 1.3 Income All income is recognised once the Charity has entillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. 1.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that aclivily. Shared costs which contribute to more than one activity and support costs which are not allributsble lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff Costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions allaching are fulfilled. Grants offered subject lo conditions which have not been met al the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 1.5 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Page 12
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55".37 GMT (UTC +0) D 111 P 15120 BELAZU FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 Accounting policies Icontinuedl 1.6 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investrnenls with a short maturity of three months or less from the date of acquisition or opening of the deFlOSit or similar account. 1.7 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay lo settle the debt or the amount il has received as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability- The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 1.8 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Income from donations and legacies Unrestricted funds 2023 Total funds 2023 Total funds 2022 Donations 51,928 51,928 87,804 Total 2022 87,804 87,804 Page 13
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55".37 GMT (UTC +0) D 111 P 16120 BELAZU FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 Income from other trading activities Income from fundraising events Unrestricted funds 2023 Total funds 2023 Total funds 2022 Other fundraising events 9,502 9,502 8,380 Total 2022 8,380 8,380 Analysls of grants Grants to Institutions 2023 Total funds 2023 Total funds 2022 Grants 63,951 63,951 48,577 Total 2022 48,577 48,577 The Charity has made the following material grants to institutions during the year= 2023 2022 Chefs in Schools School Food Matters Zakoura sponsorship 26.000 28,674 9,277 25,000 16,561 7,016 63,951 48,577 Page 14
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55-.37 GMT (UTC +0) D 111 P 17120 BELAZU FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 Analysis of expenditure by activities Activities undertaken directly 2023 Grant funding of activities Support costs Total funds 2023 Total funds 2022 2023 2023 Expenditure 5,358 63,951 26,326 95,635 68,491 Total 2022 1,400 48,577 18,514 68,491 Analysls of dlrect costs Total funds 2023 Total funds 2022 Actlvltles 2023 lffley fun day 5,358 5,358 1,400 Total 2022 1,400 1,400 Analysis of support costs Total funds 2023 Total funds 2022 Activities 2023 staff costs 22,977 1,389 1,960 22,977 1,389 1,960 16,000 888 Miscellaneous costs Governance costs 1,626 26,326 26,326 18,514 Total 2022 18,514 18,514 Page 15
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55".37 GMT (UTC +0) D 111 P 18120 BELAZU FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 Independent examiner's remuneration 2023 2022 Fees payable lo the Charills independent examiner for the independent examination of the Charitvs annual accounts 1.960 1,626 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits12022 - £NILI. During the year ended 30 April 2023, no Trustee expenses have been incurred12022 - £NILI. Debtors 2023 2022 Due wlthln one year Other debtors 27,082 28,375 Crgditors: Amounts falling dug Within ong year 2023 2022 Other creditors 22,697 1,920 25,000 1,670 Accruals and deferred income 24,617 26,670 Page 16
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55-.37 GMT (UTC +0) D 111 P 19120 BELAZU FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 10. Statement offunds Statement of funds - current year Balance at 30 April 2023 Balance at 1 May 2022 Income Expenditure Unrestrlcted funds General Funds - all funds 42,667 61,430 195,6351 8,462 Statement of funds - prlor year Balance al 1 May 2020 Balance at Income Expenditure 30 April 2021 Unrestricted funds General Funds - all funds 14,974 96,184 168,491) 42,667 11. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Current assets 33,079 124,6171 33,079 (24.6171 Creditors due within one year Total 8,462 8.462 Analysis of ngt as$gt$ betwggn funds - prior ygar Unrestricted funds 2022 Total funds 2022 Current assets 69,337 126,6701 69,337 126,6701 Creditors due within one year Total 42,667 42,667 Page 17
Virtualsignalure Transaction Rel. 9JNH.6P92-35RX 28 Feb 2024 12.55".37 GMT (UTC +0) D 111 P 20120 BELAZU FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 12. Reconciliation of net movement in funds to net cash flow from operating activities 2023 2022 Nel in¢omelexpenditure for the year las per Statement of Financial Acliviliesl 134,2051 27,693 Adjustments for: Decreasellincreasel in debtors Increaselldecreasel in Creditors 1,293 (2,0531 128,3751 25,000 Net cash provlded byl{used Inl operatlng actlvltles 134.9651 24,318 13. Analysis of Cash and cash equivalents 2023 2022 Cash in hand 5,997 40,962 Total cash and cash equlvalents 5,997 40,962 14. Analysis of changes in net debt At1May 2022 Cash flows At 30 April 2023 Cash at bank and in hand 40.962 134,9651 5.997 40.962 134,9651 5.997 15. Related party transactlons During the period ending 30 April 2023, Belazu Foundation received donations of £51,929 12022.. £56,854) from The Fresh Olive Company Limited Iva Belazu Ingredient Company), a company in which the Trustees are Directors. During the period ending 30 April 2023, Belazu Foundation received donations of £nil (year ending 30 April 2022.. £25,000) from Trustees of the Foundation. Page 18