THE ONE FEEDS TWO FOUNDATION Registered Charity number: 1153474
TRUSTEES' REPORT AND UNAUDITED ACCOUNTS 30 April 2024
THE ONE FEEDS TWO FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2024
LEGAL AND ADMINISTRATIVE INFORMATION
Registered Charity Number: 1153474
Trustees:
Mark Christophers Owen Burton James Peter Campbell
Principal Office:
14 Cawdor Street Nairn Inverness IV12 4QS
Accountants:
Knight Goodhead Limited 7 Bournemouth Road Chandler's Ford Eastleigh Hampshire SO53 3DA
Bankers:
Virgin Money 14 Cawdor Street Nairn IV12 4QS
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THE ONE FEEDS TWO FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 30 April 2024 (continued)
The trustees present their report and unaudited accounts for the year ended 30 April 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities' Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102, and the Charities Act 2011.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The One Feeds Two Foundation is governed by the constitution adopted on 20 August 2013. It was established as a Charitable Incorporated Organisation on 20 August 2013. The Charity's registration number is 1153474.
The trustees who served during the year were:
Mark Christophers Owen Burton James Peter Campbell
The trustees may appoint additional trustees as and when the need arises and any training needs are assessed when necessary.
OBJECTIVES
The objective of the charity is that of the prevention or relief of poverty by providing food and a means to an education (through contractors operating grassroots projects) for children suffering from extreme poverty as a way to enable such children to work their way out of poverty.
The charity will also serve this purpose by raising awareness of child hunger and extreme poverty and encouraging the provision of support to relieve this need.
The CIO has set up a wholly owned trading subsidiary, One Feeds Two Limited for the purpose of licensing the charity's brands to businesses in return for providing schools meals to the world’s poorest children.
RISK ASSESSMENT
The trustees have undertaken a review of the risks to which the charity is exposed, and established systems to manage these risks. See the reference below to the Operational Review conducted at the end of 2023.
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THE ONE FEEDS TWO FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 30 April 2024 (continued)
ACTIVITIES AND ACHIEVEMENTS
Meal Donations
One Feeds Two’s partners reported their 28,000,000th school meal in total towards the end of the period. Over this period they have reported 5,064,492 school meals, or the equivalent of providing a daily school meal for 25,322 children for the course of a school year.
Food Company Partnerships
We continued our fruitful partnerships with COOK, Mindful Chef, Epic Restaurants (trading as Rola Wala), Eventist Group, Rick Stein (trading as Stein Trading Ltd and Seafood Trading Ltd), Total Food Control Ltd (Trading as Lollipop), Ollys Snacks and The Good Market Company.
Two of our partners achieved significant milestones during the period (Mindful Chef - 18,000,000 and COOK - 4,000,000 school meals).
We launched a new partnership with Uproar, an exciting start-up concept.
We farewelled our partner, Nomad Chefs, who were acquired at the end of 2023.
International Expansion
Our USA presence, via One Feeds Two USA, continued with our cornerstone partners; Invicto Taqueria, Blackwood BBQ and Naansense.
We chose not to charge the USA entity a management fee to reflect the intention to leave as many funds as possible for developing the concept locally and the negligible increase in operating costs incurred by central operations from supporting the USA team.
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THE ONE FEEDS TWO FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 30 April 2024 (continued)
Distribution Partners
Through this period we focused our financial support on our primary distribution partner. This has assisted them in their efforts to scale their operations and to keep the cost of the school meals reasonably contained during a period, particularly when considering the level of global inflation.
Operational Costs
The Foundation has continued to operate with the Trustees volunteering their time on a pro bono basis. It is recognised that as the organisation grows we will need to keep this under review.
As a part of marking our ten years in operation and with an eye to preparing for the next ten years, The Foundation engaged the services of Emily Walker, a consultant with extensive expertise in the not-forprofit sector (and Corporate Partnering in particular) to conduct and end-to-end review of One Feeds Two and to make strategic and operational recommendations. Ms Walker conducted interviews with both UK and USA stakeholders, spanning food company partners and school feeding programmes.
Ms Walker was retained to support the implementation of her recommendations with the hope that One Feeds Two will continue to flourish.
Looking Forward
Our intention is to partner with more Food Companies throughout the UK and USA to increase the volume of school meals that our partnerships can fund.
FINANCIAL REVIEW
The charity made a surplus for the year of £16,917 (2023: £59,262) which was made up of a surplus of £28,500 (2023: surplus £48,555) related to unrestricted funds and a deficit of £11,583 (2023: surplus £10,707) from restricted funds. The year end restricted funds balance of £709 (2023: £12,292) represents unspent income in the meal donations fund. At the balance sheet date total funds were £229,553 (2023: £212,636).
RESERVES POLICY
It is the charity's policy to retain reserves sufficient to cover the equivalent of three months of overhead costs. At the balance sheet date the unrestricted funds were £228,844 which is in excess of the reserves policy.
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THE ONE FEEDS TWO FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 30 April 2024 (continued)
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees are responsible for preparing the Trustees Annual Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that year.
In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts, and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity SORP 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.
On behalf of the board of trustees
Owen Burton Trustee
Dated: 27 February 2025
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INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF THE ONE FEEDS TWO FOUNDATION
I report to the trustees on my examination of the financial statements of One Feeds Two Foundation for the year ended 30 April 2024.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1) accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2) the financial statements do not accord with those records; or
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3) the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
C J GOODHEAD FCA 7 Bournemouth Road Knight Goodhead Limited Chandler's Ford Eastleigh Dated: 27/02/2025 Hampshire, SO53 3DA
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THE ONE FEEDS TWO FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 April 2024
(Including Income and Expenditure Account)
| Notes INCOME Charitable activites 3 TOTAL INCOME EXPENDITURE Charitable activities 4 TOTAL EXPENDITURE NET INCOME FOR THE YEAR FUNDS BALANCE AT 30 APRIL 2023 FUND BALANCE AT 30 APRIL 2024 |
Restricted Unrestricted Total Total funds funds 2024 2023 £ £ £ £ 197,760 39,810 237,570 312,941 197,760 39,810 237,570 312,941 209,343 11,310 220,653 253,679 209,343 11,310 220,653 253,679 (11,583) 28,500 16,917 59,262 12,292 200,344 212,636 153,374 709 228,844 229,553 212,636 |
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The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.
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THE ONE FEEDS TWO FOUNDATION
BALANCE SHEET AT 30 April 2024
| Notes FIXED ASSETS Intangible assets 6 Tangible assets 7 Investments 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS: amounts falling due within one year 10 NET ASSETS FUNDS Restricted funds 11 Unrestricted funds 11 TOTAL FUNDS 12 |
£ 212,135 95,272 307,407 (77,855) |
2024 £ £ - - 1 1 149,177 157,544 306,721 (94,436) 229,552 229,553 709 228,844 229,553 |
2023 £ 350 - 1 351 212,285 212,636 12,292 200,344 212,636 |
|---|---|---|---|
Approved by the board of trustees on 27/02/2025 and signed on its behalf by
Owen Burton Trustee
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THE ONE FEEDS TWO FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 April 2023
1 ACCOUNTING POLICIES
a) Accounting convention
The accounts have been prepared under the historical cost convention, in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities' Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102, and the Charities Act 2011.
b) Income
All income is included in the Statement of Financial Activities when the charity is unconditionally entitled to the income and the amount can be quantified with reasonable accuracy.
Donations and grants receivable are recognised in the Statement Of Financial Activity in the year in which they are receivable.
c) Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is not netted off against relating income and is shown inclusive of VAT which cannot be reclaimed.
d) Fund accounting
Funds held by the charity are either:
Unrestricted general funds Funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Restricted funds
Funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for a particular restricted purpose.
e) Intangible assets
Trademarks are written off in equal annual instalments over their estimated useful economic life of ten years.
The investment in shares held in the trading subsidiary is stated at cost.
f) Tangible assets
Fixed assets are stated in the balance sheet at cost less depreciation. Assets are only capitalised when purchase cost is equal to or greater than £100.
Depreciation is provided so as to write off the cost of the fixed assets, less their residual value, over their estimated useful lives, at the following rates:
Website 50% straight line Computer equipment 20% - 50% straight line
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THE ONE FEEDS TWO FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 April 2024 (continued)
- 2 LEGAL STATUS
The charity is an charitable incorporated organisation and registered with the Charity Commission in England and Wales on 20 August 2013. The charity is a public benefit entity.
- 3 INCOME
| Donations Management fees 4 CHARITABLE ACTIVITIES Costs directly allocated to activities: Grants Support costs: Computer and website costs Subscriptions Bank charges and interest Consultancy fees Accountancy and independent examination Amortisation |
Restricted Unrestricted Total Total funds funds 2024 2023 £ £ £ £ 197,760 - 197,760 261,104 - 39,810 39,810 51,837 197,760 39,810 237,570 312,941 Restricted Unrestricted Total Total funds funds 2024 2023 £ £ £ £ 209,343 - 209,343 250,397 - 753 753 360 - 174 174 348 - 58 58 24 - 7,905 7,905 - - 2,070 2,070 1,950 - 350 350 600 209,343 11,310 220,653 253,679 |
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Included within accountancy and independent examination are amounts due to the independent examiners of £1,300 (2023: £1,300) for completing the independent examination.
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THE ONE FEEDS TWO FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 April 2024 (continued)
| 5 STAFF COSTS Wages and salaries Social security costs |
2024 2023 £ £ - - - - - - |
|---|---|
No employees received emoluments over £60,000 during the current or prior years. No key management personnel have received any remuneration in the current year (2023: £nil).
Neither the trustees, nor any persons connected with them, have received any remuneration or reimbursed expenses in the current or prior years.
The average number of employees during the year was 0 (2023: 0).
| 6 INTANGIBLE ASSETS COST At beginning and end of year DEPRECIATION At beginning of year Charge for year At end of year NET BOOK VALUE At end of year At beginning of year 7 TANGIBLE ASSETS COST At beginning and end of year DEPRECIATION At beginning and end of year NET BOOK VALUE At end of year At beginning of year |
Trademarks £ 6,000 5,650 350 6,000 - 350 Website Computer costs equipment Total £ £ £ 6,075 1,201 7,276 6,075 1,201 7,276 - - - - - - |
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THE ONE FEEDS TWO FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 April 2024 (continued)
| 8 INVESTMENTS Investment in subsidiary undertaking held at historic cost At beginning and at end of year 9 DEBTORS 2024 £ Amounts owed from subsidiary undertakings 100,134 Prepayments and accrued income 112,001 212,135 10 CREDITORS: amounts falling due within one year 2024 £ Accruals 77,855 77,855 11 FUNDS Balance at 1 May 2023 Income Expenditure £ £ £ RESTRICTED FUNDS Meal donations fund 12,292 197,760 (209,343) UNRESTRICTED FUNDS General fund 200,344 39,810 (11,310) TOTAL 212,636 237,570 (220,653) |
Total £ 1 2023 £ 56,272 92,905 149,177 2023 £ 94,436 94,436 Balance at 30 Apr 2024 £ 709 228,844 229,554 |
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Meal donations fund
The meal donations fund includes donations received from participating partners in relation to meals sold. The funds are used to issue grants to contractors operating grassroots projects in support of the charitable objectives.
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THE ONE FEEDS TWO FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 April 2024 (continued)
| 11 FUNDS (continued) PRIOR YEAR COMPARATIVE RESTRICTED FUNDS Meal donations fund UNRESTRICTED FUNDS General fund TOTAL 12 NET ASSETS BY FUND 2024 Intangible assets Tangible assets Investments Current assets Current liabilities TOTAL ASSETS NET ASSETS BY FUND 2023 Intangible assets Tangible assets Investments Current assets Current liabilities TOTAL ASSETS |
Balance Balance at 1 May at 30 Apr 2022 Income Expenditure 2023 £ £ £ £ 1,585 261,104 (250,397) 12,292 151,789 51,837 (3,282) 200,344 153,374 312,941 (253,679) 212,636 Restricted Unrestricted Total funds funds 2024 £ £ £ - - - - - - - 1 1 74,874 232,533 307,407 (74,165) (3,690) (77,855) 709 228,844 229,553 Restricted Unrestricted Total funds funds 2023 £ £ £ - 350 350 - - - - 1 1 103,638 203,083 306,721 (91,346) (3,090) (94,436) 12,292 200,344 212,636 |
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THE ONE FEEDS TWO FOUNDATION
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 April 2024 (continued)
13 RELATED PARTY TRANSACTIONS
One Feeds Two Limited is a wholly owned subsidiary of the One Feeds Two Foundation.
One Feeds Two Limited donates all its profits to the One Feeds Two Foundation for use towards its charitable objectives.
During the year One Feeds Two Limited made donations amounting to £197,392 (2023: £254,686) to the One Feeds Two Foundation, and also paid management charges of £39,810 (2023: £51,837), which is the portion of donations that are for covering overheads.
At the balance sheet date, the charity was owed £100,134, (2023: £56,272) from One Feeds Two Limited.
14 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
(Including Income and Expenditure Account)
| INCOME Charitable activites TOTAL INCOME EXPENDITURE Charitable activities TOTAL EXPENDITURE NET INCOME FOR THE YEAR FUND BALANCE AT 30 APRIL 2022 FUND BALANCE AT 30 APRIL 2023 |
Restricted Unrestricted Total funds funds 2023 £ £ £ 261,104 51,837 312,941 261,104 51,837 312,941 250,397 3,282 253,679 250,397 3,282 253,679 10,707 48,555 59,262 1,585 151,789 153,374 12,292 200,344 212,636 |
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