**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
1
**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.
2
**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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts, and
- 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
5
**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:
- 1) accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2) the financial statements do not accord with those records; or
- 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|
|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.
7
**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
8
**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
9
**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|
|---|---|
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
-
-
-
-
-
-|
|---|---|
11
## **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|
|---|---|
## _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.
12
## **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|
|---|---|
13
**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|
|---|---|
14