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2021-10-31-accounts

HUBBUB FOUNDATION UK

CONSOLIDATED REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2021

Registered Company in England and Wales No. 09038107 Registered Charity in England and Wales No. 1158700

YEAR ENDED 31 OCTOBER 2021 Page 2

Reference and Administrative Details

Name: Hubbub Foundation UK Hubbub Foundation UK Hubbub Foundation UK
Company number: 09038107
Registered Charity in England & Wales: 1158700
Directors and Board of Trustees: The directors of the charitable company (the Charity) are its
trustees for the purposes of charity law and throughout this
report are collectively referred to as the Trustees.
The Trustees serving during the period and since the period end were as follows:
Victoria Cooke Chair (resigned 20/10/2021)
Catherine Brown Chair
Ines Cavaco (app. 07/04/20; resigned 24/11/21)
Ben Johnson
Jonathan Katz
Ryan Kohn
Stephanie Lambert
Deborah Luffman
James Murray
Sheetal Shinh (app. 31/01/2021)
Anna Turrell (app. 31/01/2021)
Trustee changes since the year end:
Ines Cavaco (resigned 24/11/2021)
Daniel Smith (app. 16/02/2022)
Principal Address and Registered Office: Somerset House
Strand
London
WC2R 1LA
Bankers:
 The Co-operative Bank Charities Aid Foundation
62-64 Southampton Row 25 Kings Hill Ave
London Kings Hill
WC1B 4ND West Malling, ME19 4JQ
Lloyds Bank Flagstone
Villiers House 1stFloor Clareville House
48-49 Strand 26-27 Oxendon Street
London London
WC2N 5LL SW1Y 4EL
Solicitors:
 Bird & Bird LLP
15 Fetter Lane
London EC4A 1JP
Auditor: Prime Accountants
Corner Oak
1 Homer Road
Solihull
West Midlands B91 3QG

The Board of Trustees delegate the day to day running of the organisation to a Management Team comprising:

Trewin Restorick Saskia Restorick Gavin Ellis Alexander Robinson Heather Poore Aoife Allen

YEAR ENDED 31 OCTOBER 2021 Page 3

Structure, Governance and Management

Hubbub Foundation UK (Hubbub) is a company limited by guarantee, incorporated on 13 May 2014. Its governing document is its Memorandum and Articles of Association. The company is established to promote for the benefit of the public the conservation protection and improvement of the physical environment by increasing public knowledge and understanding of human behaviour which is not harmful to man and other living species and to planetary ecology. It is registered as a charity in both England & Wales.

The governance of the Charity is overseen by a Board of Trustees (the Board). The Trustees are recruited to fill specific skill-sets identified by the Board as being required to ensure the effective management of the organisation. The current skill-sets are:

Potential Trustees are invited to attend one meeting where they can get to know the other Trustees and to see how meetings operate. Once appointed to the Board, Trustees are invited to attend an induction day which is run once a year and they receive a trustee’s induction pack. The Board meets six times each year.

There are annual business plans that move the organisation towards its vision. These annual business plans are created using the following process:

Where appropriate, Hubbub creates strategic partnerships with other charities and organisations to meet its objectives. These partnerships are usually to deliver specific projects, and the parameters for the partnership are always set out within a Letter of Agreement or Memorandum of Understanding, if the partnership is significant.

Risk Management

The Board is responsible for ensuring that there is an appropriate procedure in place for the management of risks faced by Hubbub UK. A risk management plan is created using the latest recommendations from the Charity Commission and other bodies. Each risk is assessed for its likelihood and the impact it could have on the organisation. A mitigation and contingency plan is created for each major risk and a risk manager is identified.

Hubbub currently has the following major risks:

YEAR ENDED 31 OCTOBER 2021 Page 4

The Board has created a separate group to take a more detailed look at risks and this group reports back to the regular full Board meetings.

The Trustees have given consideration to the major risks to which Hubbub are exposed and are satisfied that systems or procedures are established in order to manage those risks.

Objectives and Activities

Vision

Hubbub is a values-driven charity that creates environmental campaigns with a difference. We design positive, playful campaigns that inspire people to make healthier, greener lifestyle choices which help save money and bring people together.

We concentrate on things that people are passionate about and are relevant on a day-to-day basis, like fashion, food, homes and neighbourhoods.

We keep things simple offering realistic solutions that help people to cut waste, make clothes last longer, save money and create cleaner spaces to work and live.

Why is Hubbub needed?

The UK faces profound environmental risks that will affect our economy, quality of life and the well-being of future generations. There is no shortage of environmental initiatives to address these risks; what is missing is the translation into action at the speed and scale that scientists tell us is required.

Hubbub tries not to be another competitive organisation that adds to the plethora of existing voices that are often disparate and lacking in coherence. Instead we use our extensive network of connections in government, corporate and charity sectors to act as a convenor, bringing organisations and people together in ‘hubs’ of activity that benefit our environment.

Why is Hubbub different?

Hubbub is a values-led organisation. Our desire to act in the role of ‘conductor’ is represented in a set of strong and consistent values which are at our core and inform all our decision-making and activities. These values are:

What does Hubbub do?

Hubbub implements an innovative five-step change model that builds on academic evidence and over 20 years of practical experience. The model:

YEAR ENDED 31 OCTOBER 2021 Page 5

Public Benefit

In setting our objectives and planning our activities the Trustees have given careful consideration to the Charity Commission’s updated guidance on public benefit. The Trustees always ensure that the programmes we undertake are in line with our charitable objects and aims, to protect and improve the natural environment. We measure the environmental impact that each of our programmes achieve, which are set out below. In addition, many of the programmes deliver added social benefits. As a result of our work:

Achievements and Performance

2021 was another uncertain year in which the need to support communities, tackle the climate crisis and find ways to stay positive was greater than ever. After the delays and frustrations of three lockdowns, we were able to get back out into the communities we work with, to bring people together and create lasting positive change.

We put into practice our commitment to engage with under-represented communities and were able to deliver a raft of projects that were delayed due to lockdown, as well as develop and deliver a number of new campaigns. We’ve also found positive, accessible ways to encourage people to address the climate crisis both with on the ground local responses, and digital communications.

In our last financial year:

Through these activities we have:

YEAR ENDED 31 OCTOBER 2021 Page 6

- Engaging under represented communities

5,500 second-hand phones have been passed on to digitally-excluded people, across 7 cities, helping them connect with loved ones, access online learning and seek out job opportunities, through ‘Community Calling’ with O2. The phones are physically and digitally cleaned before being gifted to people with a year of free data. Hubbub is partnering with local charities to distribute the phones to those most in need.

In a project aimed at improving local air quality and promoting active travel, we partnered with Cycle Sisters to get more Muslim women in Tower Hamlets cycling. With Sustrans and housing association Poplar Harca we created our first ‘cycle hub’, with bike loaning and fixing, and other activities which engaged just under 1500 people in its first four months. We ran our first successful crowdfunding campaign to keep the Cycle Hub open for the first half of 2022.

We supported a community in Newham to transform their local green spaces, aiming to create safe places to play, support biodiversity, and reduce air pollution.

We supported residents in Doncaster and Leeds to transform 6 fly-tipped alleyways into safe attractive community spaces, leading to a reported marked reduction in fly-tipping and anti-social behaviour in those alleyways.

Cutting food waste and supporting more sustainable diets

A partnership with Co-op has helped us grow the Community Fridge Network. We redistributed an estimated 3108 tonnes of surplus food through our 236-strong (and counting) network of Community Fridges, visited by over 167,082. That’s equivalent to over 7.4m meals worth of food saved from waste. The Community Fridge teams have reported seeing increasing numbers of visitors who are facing financial hardship, in the wake of COVID-19.

In Milton Keynes, ‘Food Connect’ uses electric vans and cargo bikes to create a reliable service taking surplus food directly to organisations who can redistribute it to the local community. Since 2020, Food Connect has diverted 240 tonnes of surplus food, equivalent to 570,000 meals, to community groups saving 600 tonnes of CO2 from food waste and 8 tonnes CO2 from travel.

We collaborated with Marks & Spencer on an innovative sustainable diets pilot with just under 100 of their customer and colleague households, providing a range of expert but accessible advice and support. Three months after the pilot, 90% of participants were wasting less food, 90% were eating less meat, 75% were eating more food in season and 73% were cooking from scratch more. We are now supporting M&S to scale the challenge to customers to waste less and eat more sustainably.

Cleaning up our act

We helped protect waterways with ‘Treasure Your River’: our crew of volunteers collected 1,217 bags of litter (6.3 tonnes) at 82 river clean-up events around the UK.

We used Ellipsis Earth’s cutting-edge drone technology to map litter hotspots in Bournemouth, Christchurch and Poole. The data enabled us to develop and measure the impact of highly targeted, playful anti-litter interventions including a disco bin, ultimately reducing littering in the targeted areas by an average of 75%.

We sold 731 Ballot Bins, each one helping to cut cigarette butt littering by an average 46%.

Making recycling easy

We rolled out our city centre recycling-on-the-go campaign to Wimbledon, collecting an estimated 88,000 bottles and cans for recycling in the initial four months of the campaign, which included the increased footfall from the tennis Championships. Following the successful pilot, Merton council have taken over, and now nearly 9 in 10 plastic bottles and cans disposed of on Wimbledon high street are collected for recycling, compared to 1 in 2 pre-campaign.

We transformed Royal Borough of Kensington & Chelsea's recycling communications to residents using innocent’s fun & friendly brand. The campaign improved residents’ knowledge about what to recycle, helped reduce contamination and made it easier for them to recycle correctly. The council continues to use these communications across the borough.

We supported a coalition of businesses to launch the Flexible Plastic Fund, a £1 million fund which aims to increase flexible plastic recycling by providing an incentive for collecting high quality plastics for recycling and tracking the process to ensure transparency.

YEAR ENDED 31 OCTOBER 2021 Page 7

Connecting climate and community

With BT, we brought 55 customers and staff together as an online community, using technology to help them cut energy, food waste and water bills and transform home habits, saving a potential 1.7 tonnes CO2e and £938 per year per home.

We supported residents of Manchester to tackle the climate crisis, including an innovative community grant scheme giving more than £50,000 to 7 local groups, and a series of community projects helping create a healthier, greener and more connected city. Groups supported include youth ex-offenders, a Pakistani women’s group, a Kurdish community group, and a group working with autistic people and people with learning disabilities.

Through our employee engagement programmes, we inspired 9,226 employees at KPMG, Investec, Pets at Home, TLT, Clarasys, and Virgin Media O2 to change their habits at home to save 384 tonnes of CO2, 9.8 million litres of water, and 41,321 single use items.

- Sparking debate with engaging, jargon busting communications

The third series of the ‘Down To Earth’ podcast passed the mic to grassroots activists, communities and people working hard to make big changes for their community and the environment, and received 2,000 downloads.

We ran two online communications campaigns, featuring tips, videos, quizzes and Q&As to inspire and support action. ‘Spring into Action’ responded to people coming out of lockdown and rethinking ways to spend their time and engage with their community. And ‘Make Our Move’, launched around COP26, responded to UK-wide research revealing a third of people don’t know what actions they can take to tackle climate change, and many are confused by the language used.

Awards

Hubbub was shortlisted for 8 independent awards and won 5 including:

Financial Review and Results

Over the 12 month period generated income of £4,670,490 and spent £4,274,279 resulting in a year end funds position of £3,062,405.

The increase in income in this year was partly due to the return of the 5p paper cup charge by Starbucks in summer 2021, as well as major partnerships with O2 and Co-op. Project expenses were one-third of income which is in line with expectations and previous years, while wage costs increased as we strengthened the team to deliver the major partnerships listed above.

Key projects include:

YEAR ENDED 31 OCTOBER 2021 Page 8

Charity Reserves Policy

The ambition of the charity is to secure sufficient free reserves to cover operating costs for a period of six to nine months. Currently this would require a free reserve of at least £1,047,000. The free reserves at 31[st] October 2021 were £1,343,840. This is higher than requirements due to delayed campaigns, considerable uncertainty during Covid-19, lower external expenditure for digital-first projects and the constraints of delivery capacity.

Included in reserves is £1,642,913 of designated funds, which has been designated to the Starbucks fund. Of this £162,656 remains to be issued to organisations for coffee cup recycling schemes. The timing of remaining payments is subject to lockdown restrictions being lifted but likely to be towards the end of the forthcoming financial year and into 2022-23. The remaining £1,480,257 is designated for campaigns promoting reusable food & drink packaging, increasing cup recycling and cutting plastic pollution.

Future Plans: 2021/22

We enter 2022 with the continuing uncertainty of COVID hanging over the UK. The pandemic will hit public finances exacerbating social division stoked by ongoing ‘culture wars’. Businesses will struggle to operate due to the combined pressures of COVID19 and Brexit limiting their scope to take on additional activities. Diversity and inclusion will continue to remain high on the agenda as will the need to operate more sustainably. The ability to respond to these various challenges will vary significantly with many struggling whilst others flourish.

Against this background, Hubbub seeks to remain at the cutting-edge of positive environmental change building on the knowledge and experience developed over the past seven years.

For 2022, Hubbub has the following ambitions:

  1. Lead the sustainability debate by building our profile and reach, being innovative, pushing boundaries, openly sharing experiences and winning awards.

  2. To deliver significant environmental impact by promoting the sustainable use of resources and cutting emissions.

  3. Support healthier lives and stronger communities throughout society by helping underserved groups save money and take local action for healthier homes and neighbourhoods, showcasing how sustainability can contribute to these outcomes.

  4. Find new solutions to difficult, high-profile environmental challenges by testing innovative approaches to helping households reduce emissions, promoting sustainable fashion, and creating a more circular economy.

  5. Build a financially sustainable organisation by diversifying funding and enhancing financial oversight.

  6. Reflect our values throughout the organisation by tackling critical issues with curiosity, inventiveness and humility, from individual to organisational to board levels.

1. Leading the debate

YEAR ENDED 31 OCTOBER 2021 Page 9

3. Healthier Lives and Stronger Communities

4. Pushing boundaries seeking innovative solutions

5. Financially sustainable organisation

6. An organisation that reflects our values

YEAR ENDED 31 OCTOBER 2021 Page 10

Statement of trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its net incoming/outgoing resources for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company’s transactions and 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as each of the trustees of the charitable company at the date of approval of this report is aware, there is no relevant audit information (information needed by the charitable company’s auditor in connection with preparing the audit report) of which the charitable company’s auditor is unaware. Each trustee has taken all of the steps that he/she should have taken as a trustee in order to make himself/herself aware of any relevant audit information and to establish that the company’s auditor is aware of that information.

Auditor

Prime Chartered Accountants have indicated their willingness to be reappointed as Auditor.

This report has been prepared taking advantage of the exemptions available under the provisions of the Companies Act 2006 applicable to small companies.

Approved by the Board of Trustees on 19 June 2022 and signed on its behalf by

................................................. ...................................................... Catherine Brown Jonathan Katz Chair, Board of Trustees Trustee

New Wing Somerset House Strand London WC2R 1LA

YEAR ENDED 31 OCTOBER 2021 Page 11

Independent Auditor’s Report to the trustees of Hubbub Foundation UK

Opinion

We have audited the financial statements of Hubbub Foundation UK (the ‘parent charity’) and its subsidiary Hubbub Foundation Enterprise Limited (the ‘group’) for the year ended 31 October 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, and the notes to the financial statements, including a summary of significant accounting policies, set out on pages 13 to 29. 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).

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters we are required to state to 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 charitable company and the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on 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 group and parent charitable company 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ 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.

YEAR ENDED 31 OCTOBER 2021 Page 12

Independent Auditor’s Report to the trustees of Hubbub Foundation UK (continued)

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 that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent 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 where the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 the trustees 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 group’s and parent charitable company’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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

YEAR ENDED 31 OCTOBER 2021 Page 13

Independent Auditor’s Report to the trustees of Hubbub Foundation UK (continued)

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

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 assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed:

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.

YEAR ENDED 31 OCTOBER 2021 Page 14

Independent Auditor’s Report to the trustees of Hubbub Foundation UK (continued)

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/auditorsresponsibilities. This description forms part of our auditor’s report.

Jeremy Kitson BA FCA (Senior Statutory Auditor) for and on behalf of Prime Chartered Accountants and Statutory Auditors Corner Oak

1 Homer Road Solihull West Midlands B91 3QG

Date: 26 July 2022

YEAR ENDED 31 OCTOBER 2021 Page 15

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2021

Unrestricted Designated Restricted Total funds
Funds Funds Funds 2021 2020
Notes £ £ £ £ £
Income from:
Donations and legacies 2 1,128,490 500,000 470,065 2,098,555 1,447,949
Investments 12,856 - - 12,856 5,339
In Kind donations 3 - - - - 5,500
Charitable activities 4 2,131,122 - 423,878 2,555,000 1,445,020
Other income 5 4,079 - - 4,079 96,734
------------------------ ------------------------ ------------------------ --------------------- ---------------------
Total income 3,276,547 500,000 893,943 4,670,490 3,000,542
------------------------ ------------------------ ------------------------ --------------------- ---------------------
Expenditure on:
Raising funds 6 5,826 - - 5,826 5,654
Charitable activities 7 3,091,964 50,029 1,126,460 4,268,453 3,297,814
------------------------ ------------------------ ------------------------ -------------------- ---------------------
Total expenditure 3,097,790 50,029 1,126,460 4,274,279 3,303,468
------------------------ ------------------------ ------------------------ --------------------- ---------------------
Net income/(expenditure) 178,757 (449,971) (232,517) 396,211 (302,926)
Transfers between funds (286,540) - 286,540 - -
------------------------ ------------------------ ------------------------ --------------------- ---------------------
Net movement in funds (107,783) 449,971 54,023 396,211 (302,926)
------------------------ ------------------------ ------------------------ --------------------- --------------------
Funds brought forward at 1 November 1,451,623 1,192,942 21,629 2,666,194 2,969,120
------------------------ ------------------------ ------------------------ --------------------- ---------------------
Funds carried forward at 31 October 1,343,840 1,642,913 75,652 3,062,405 2,666,194
=========== =========== =========== ========= =========

All activities are of a continuing nature. There are no recognised gains or losses other than as shown above.

The notes on pages 19 to 32 form part of these accounts.

The comparative Consolidated Statements of Financial Activities is shown in note 24.

YEAR ENDED 31 OCTOBER 2021 Page 16

CONSOLIDATED BALANCE SHEET

AS AT 31 OCTOBER 2021

As at 31 October As at 31 October
2021 2020
Note £ £ £ £
FIXED ASSETS
Tangible fixed assets 12 18,922 12,228
----------------------- -----------------------
18,922 12,228
CURRENT ASSETS
Stock 81,772 36,251
Debtors 14 1,356,629 387,106
Cash at bank 2,530,419 3,398,655
------------------------------ -----------------------------
3,968,820 3,822,012
CREDITORS: amounts falling due within
one year		 15 (675,337) (834,182)
------------------------------ -------------------------------
Net current assets 3,293,483 2,987,830
----------------------------- ------------------------------
Total assets less current liabilities 3,312,405 3,000,058
Creditors: amounts falling due after more
than one year		 15 (250,000) (333,864)
------------------------------ ------------------------------
NET ASSETS 3,062,405 2,666,194
========== ==========
RESERVES
Unrestricted funds: 1,343,840 1,451,623
Designated funds 1,642,913 1,192,942
Restricted fund 75,652 21,629
------------------------------ -------------------------------
TOTAL FUNDS 17/18 3,062,405 2,666,194
============ ============

These financial statements were approved and authorised for issue by the Board of Trustees on 19 June 2022 and are signed on their behalf by

.................................................

..................................................... Jonathan Katz, Trustee

Catherine Brown, Chair, Board of Trustees

New Wing, Somerset House, Strand, London, WC2R 1LA

The notes on pages 19 to 32 form part of these accounts. Company Registration Number 09038107

YEAR ENDED 31 OCTOBER 2021 Page 17

CHARITY BALANCE SHEET

AS AT 31 OCTOBER 2021

As at 31 October As at 31 October
2021 2020
Note £ £ £ £
FIXED ASSETS
Tangible fixed assets 12 17,668 10,060
Investments 13 50,000 50,000
------------------- ------------------
67,668 60,060
CURRENT ASSETS
Stock - -
Debtors 14 1,305,632 373,259
Cash at bank 2,523,143 3,257,735
------------------------ ------------------------
3,828,775 3,630,994
CREDITORS: amounts falling due
within one year		 15 (641,456) (809,270)
------------------------- ------------------------
Net current assets 3,187,319 2,821,724
----------------------- -----------------------
Total assets less current liabilities 3,254,987 2,881,784
Creditors: amounts falling due after
more than one year		 15 (250,000) (333,864)
------------------------- -----------------------
NET ASSETS 3,004,987 2,547,920
============ ============
RESERVES
Unrestricted funds: 1,286,422 1,333,349
Designated funds 1,642,913 1,192,942
Restricted fund 75,652 21,629
----------------------- -----------------------
TOTAL FUNDS 3,004,987 2,547,920
============ ============

The net movement in funds for the year relating to the parent charity alone amounted to £457,067.

These financial statements were approved and authorised for issue by the Board of Trustees on 19 June 2022 and are signed on their behalf by

................................................. ..................................................... Catherine Brown, Chair, Board of Trustees Jonathan Katz, Trustee

New Wing, Somerset House, Strand, London, WC2R 1LA

The notes on pages 19 to 32 form part of these accounts. Company Registration Number 09038107

YEAR ENDED 31 OCTOBER 2021 Page 18

CONSOLIDATED STATEMENT OF CASH FLOW

YEAR ENDED 31 OCTOBER 2021

2021 2021 2020 2020
£ £ £ £
Net Cash from operating activities a. (724,570) (219,497)
Investing activities
Purchase of tangible fixed assets (16,522) (2,173)
Interest received 12,856 5,339
------------------ (3,666) ------------------- 3,166
------------------ -------------------
Financing activities
Repayments of borrowing (140,000) (145,000)
Cash inflows from new borrowing - 390,000
--------------------- (140,000) ------------------- 245,000
--------------------- ---------------------
Net movement in cash and cash equivalents (868,236) 28,669
Cash and cash equivalents at 1 November 3,398,655 3,369,986
--------------------- ----------------------
Cash and cash equivalents at 31 October 2,530,419 3,398,655
========== ==========
Notes to Statement of Cash Flows
2021 2020
£ £ £ £
a. Reconciliation of Net expenditure to Net Cash outflow from Operating Activities
Net income / (expenditure) for the year 396,211 (302,926)
Depreciation 9,828 8,650
Interest receivable (12,856) (5,339)
Decrease/(increase) in debtors (969,523) 291,921
Increase/(decrease) in creditors (102,709) (219,153)
Decrease/(increase) in stock (45,521) 7,350
--------------------- --------------------
(724,570) (219,497)
=========== ===========

YEAR ENDED 31 OCTOBER 2021 Page 19

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

(a) Basis of Accounting

Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS102)), the financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Companies Act 2006.

The Hubbub Foundation meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

(b) Going Concern

The Board of Trustees is of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties regarding the charity's ability to do so.

(c) Group Financial Statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary Hubbub Foundation Enterprise Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

(d) Donations and grants receivable

Donations and grants receivable, including capital grants, are brought into the accounts on receipt or when receivable, where the receipt is probable. Income is deferred only when:

(e) Charitable Activities

Charitable activities are brought into the accounts on receipt or when receivable, where the receipt is probable. Charitable activities consists of:

(f) Donated services

Donated services comprise donated services and facilities and are included in income where such donations are financially quantifiable, at an estimate of the value of the benefit to the Charity.

(g) Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the Charity will comply with conditions attaching to them and the grants will be received using the accrual model.

(h) Expenditure

Expenditure is recognised on an accruals basis in the period in which they are incurred.

Expenditure is allocated to the particular activity where the cost relates directly to that activity. Certain costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of an estimate of the proportion of time spent by personnel on those activities or, if not appropriate, in proportion to the income attributable to those activities.

YEAR ENDED 31 OCTOBER 2021 Page 20

1. ACCOUNTING POLICIES (continued)

(i) Costs of generating funds

Costs of generating funds incorporate the salaries, direct expenditure and overhead costs of the staff involved in raising voluntary income for the Charity’s use.

(j) Direct Charitable Costs

Direct charitable costs comprise those costs incurred in pursuing the charitable aims of the Charity. In particular they include the costs of delivering Hubbub Foundation UK’s programmes to participators.

(k) Support costs

Support costs are those costs incurred by the Charity in development and support of its main activities and projects. These are absorbed within direct project costs as shown in Note 9. Support costs are allocated to the various charitable activities on the basis of the proportion of direct staff costs incurred by each activity.

(l) Governance Costs

Governance costs are those costs incurred in the management of the Charity's assets, organisation and compliance functions.

(m) Fund accounting

Funds held by the Charity can be:

Transfers between funds are made to cover deficits on individual restricted funds and to recognise fixed assets acquired with restricted income, but with no further restriction on use, within unrestricted funds.

(n) Operating Lease Agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits in equal annual amounts over the period of the lease.

(o) Fixed Assets

Fixed assets are stated at cost less accumulated depreciation and impairment losses. Only assets over the value of £1,000 are capitalised.

Depreciation is calculated to write off the costs of the fixed asset by equal instalments as follows, all straight line:

Office equipment

33% / 25% SL

Where fixed assets are located within an unrestricted fund and are utilised on a temporary basis within a restricted fund the depreciation charge is apportioned between funds on a rational basis.

Impairment reviews are carried out annually on the net book value of fixed assets.

Fixed Assets under construction are stated at cost until the construction is complete and depreciated thereafter.

YEAR ENDED 31 OCTOBER 2021 Page 21

1. ACCOUNTING POLICIES (continued)

(p) Stock

Stocks are valued at the lower of cost and net realisable value.

(q) Cash and cash equivalents

Cash and cash equivalents includes cash in hand and deposits held at banks.

(r) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(s) Estimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Trustees’ best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any material estimates and judgements.

(t) Financial instruments

Hubbub Foundation UK only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at face value.

Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instruments.

Loans - Liabilities for borrowings which are subject to a market rate of interest are measured at the value of the amount advanced, less capital repayments

(u) Funds held on trust

The Foundation held funds on trust for Waitrose from which small grants were made to charities, local authorities and community organisations in respect of the Plan Plastic campaign. The funds held on trust were recorded solely on the balance sheet, and had been fully distributed by the year ended 31 October 2021.

(v) Investments

Investments are recognised at market value.

(w) Gift Aid

Gift Aid payments payable from a wholly owned subsidiary to its parent charity are treated as a distribution and are recognised only when the physical payment is made.

Corporation tax relief arising on actual Gift Aid payments in the year and on those payments made by a wholly owned subsidiary of the charity that distributes undistributed reserves of the subsidiary within 9 months of the year end is recognised in the accounts in the year in which the underlying distributable profits arise.

YEAR ENDED 31 OCTOBER 2021 Page 22

2. DONATIONS AND LEGACIES
2. DONATIONS AND LEGACIES 2021 2020
Total Total
£ £
Aviva 50,000 -
Bunzl 35,000 25,000
EQ Foundation 23,624 15,000
Fittleworth - 15,306
Leeds University Rag - 12,650
Marsh and McLennan 30,000 -
Other donations and grants 71,857 9,579
Pret A Manger 10,748 -
Shell International Limited 75,000 -
Starbucks 1,419,770 1,370,414
The Co-operative Group 337,556 -
The Whiskey Exchange 45,000 -
------------------------ ------------------------
2,098,555 1,447,949
============ ============
In addition to grants and donations, the Charity has relied on the support of volunteers.
3. IN KIND DONATIONS 2021 2020
Total Total
£ £
In Kind donations - 5,500
=========== ===========
4. INCOME AND CHARITABLE ACTIVITIES 2021 2020
Total Total
£ £
Grants* 493,411 566,550
Charitable trading 1,660,674 556,061
Ballot bin sales 146,673 173,866
Trading contracts 254,242 148,543
---------------------- ----------------------
2,555,000 1,445,020
=========== ===========

*Grant income includes £13,125 (2020: £17,500) received from the Joseph Rowntree Charitable Trust

5. OTHER INCOME 2021 2020
Total Total
£ £
Job Retention Scheme (furlough) 4,079 96,734
=========== ===========
6. RAISING FUNDS 2021 2020
Total Total
£ £
Staff costs 5,826 5,654
=========== ===========

YEAR ENDED 31 OCTOBER 2021 Page 23

7. CHARITABLE ACTIVITIES
CHARITABLE ACTIVITIES 2021 2020
Total Total
£ £
Staff costs 1,717,566 1,461,822
Other direct costs 2,072,057 1,338,394
Governance costs (note 8) 17,921 26,743
Staff support costs (note 9) 102,132 40,743
Direct support costs (note 9) 358,777 430,112
---------------------- ----------------------
4,268,453 3,297,814
============= =============

Staff support costs and other support costs have been allocated to charitable activities in proportion to direct staff costs of those activities.

8. GOVERNANCE COSTS 2021 2020
Total Total
£ £
Audit fee 10,250 7,600
Other accountancy services 7,671 19,143
------------------- -------------------
17,921 26,743
========== ==========
9. SUPPORT COSTS 2021 2020
Total Total
£ £
Staff costs 102,132 40,743
Other support costs 358,777 430,112
--------------------- --------------------
460,909 470,855
=========== ==========

Other support costs includes PR & Press expenditure (£nil, 2020: £110,000), Content and design expenditure (£57,507, 2020: £41,496), Marketing costs (£1,980, 2020: £1,489), and other administration expenses.

10. TAXATION

The company is a registered charity and it is considered that its activities and relationships are such that no corporation taxation liability will arise.

The subsidiary, Hubbub Foundation Enterprise Limited, has elected to make a gift aid payment to the parent within 9 months of the year end of these financial statements, Hubbub Foundation UK, which amounts to its profits of £55,612. As such the company has no taxable profits and therefore has £Nil corporation tax due for the year ended 31 October 2021.

11. EMPLOYEE AND STAFF COSTS (GROUP & CHARITY) 2021 2020
Total Total
£ £
Wages and Salaries 1,522,718 1,295,498
Employer’s NIC 149,639 130,563
Employer’s pension 73,824 64,296
--------------------- -------------------
1,746,181 1,490,357
=========== ==========

YEAR ENDED 31 OCTOBER 2021 Page 24

11. EMPLOYEE AND STAFF COSTS (GROUP & CHARITY) cont.

The number of employees whose emoluments 2021 2020
for the year fell within the following bands were: Number Number
£60,001 - £70,000 0 3
£70,001 - £80,000 2 0
£80,001 - £90,000 1 1

The aggregate remuneration of key management personal of the Group and Charity was £386,992 (2020: £364,051).

The average number of staff employed by the Charity during the period was as follows:

Charitable activities - Direct project staff 44 37
========= =========

In addition to the above costs the Charity used consultants and agency staff to support the delivery of individual projects and for the provision of finance services. Consultancy & contract staff costs totalled £13,983 (2020: £49,339) during the period.

12. TANGIBLE FIXED ASSETS
Fishing Office
boats Equipment Total
£ £ £
GROUP TANGIBLE FIXED ASSETS
Cost
At 1 November 2020 12,000 42,548 54,548
Additions - 16,522 16,522
----------------- ----------------- -----------------
Balance at 31 October 2021 12,000 59,070 71,070
----------------- ----------------- -----------------
Accumulated depreciation
At 1 November 2020 12,000 30,320 42,320
Charge for the year - 9,828 9,828
----------------- ----------------- -----------------
Balance at 31 October 2021 12,000 40,148 52,148
----------------- ----------------- -----------------
Net Book Value
Balance at 31 October 2021 - 18,922 18,922
======== ======== =========
Balance at 31 October 2020 - 12,228 12,228
======== ======== =========

YEAR ENDED 31 OCTOBER 2021 Page 25

12. TANGIBLE FIXED ASSETS cont.

12. TANGIBLE FIXED ASSETS cont.
Fishing Office
boats
Equipment		 Total
£ £ £
CHARITY TANGIBLE FIXED ASSETS
Cost
At 1 November 2020 12,000 37,016 49,016
Additions - 16,462 16,462
----------------- ----------------- -----------------
Balance at 31 October 2021 12,000 53,478 65,478
Accumulated depreciation
At 1 November 2020 12,000 26,956 38,956
Charge for the year - 8,854 8,854
----------------- ----------------- -----------------
Balance at 31 October 2021 12,000 35,810 47,810
----------------- ----------------- -----------------
Net Book Value
Carried forward at 31 October 2021 - 17,668 17,668
======== ======== =========
Brought forward at 1 November 2020 - 10,060 10,060
======== ======== =========
13. INVESTMENTS
£
CHARITY INVESTMENTS
Cost
At 1 November 2020 50,000
Movement -
-----------------
Balance at 31 October 2021 50,000
========
**14. ** DEBTORS Group Charity
2021 2020 2021 2020
Total Total Total Total
£ £ £ £
Trade debtors 954,083 298,860 832,113 252,182
Prepayments and accrued income 344,650 32,000 387,148 31,218
VAT - - - -
Other debtors 57,896 56,246 57,896 56,246
Group company - - 28,475 33,613
------------------
------------------		 ------------------ ------------------
1,356,629 387,106 1,305,632 373,259
==========
==========		 ========= ==========

YEAR ENDED 31 OCTOBER 2021 Page 26

15. CREDITORS Group Group Charity Charity
2021 2020 2021 2020
Total Total Total Total
£ £ £ £
Amounts falling due within one year:-
Loans - 56,136 - 56,136
Trade creditors 88,964 60,877 82,697 43,299
Taxation and social security 87,909 66,359 88,511 69,216
Accruals and deferred income 432,201 494,585 403,985 484,394
Other creditors 66,263 156,225 66,263 156,225
--------------------- ------------------ --------------------- ----------------------
675,337 834,182 641,456 809,270
========== ========== ========== ===========
Amounts falling due after one year:-
Loans 250,000 333,864 250,000 333,864
========= ========== ========= ==========
Deferred income included in accruals and deferred income:-
Group Charity
2021 2020 2021 2020
£ £ £ £
Brought forward 494,585) 544,447) 484,394) 525,973)
Amount deferred in the year 401,047) 277,562) 373,847) 284,645)
Released to the Statement of Financial Activities (463,431) (327,424) (454,256) (326,224)
------------------ ------------------ ------------------
------------------
Carried forward 432,201) 494,585) 403,985) 484,394)
========== ========== ==========
==========
16. CAPITAL
The company has no share capital, being limited by guarantee. There are 9 members of the company,
each of whom has undertaken to contribute £1 in the event of the company being wound up.
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Designated		 Restricted Total
Funds
Funds		 Funds Funds
£ £ £ £
Fixed assets 18,922 - - 18,922
Cash 600,343
1,642,913		 287,163 2,530,419
Other current assets 1,399,431 - 38,970 1,438,401
Current liabilities (424,856) - (250,481) (675,337)
Non-current liabilities (250,000) - - (250,000)
------------------------
-----------------------		 -------------------- ------------------------
Total net assets 1,343,840
1,642,913		 75,652 3,062,405
===========
===========		 ========= ===========

YEAR ENDED 31 OCTOBER 2021 Page 27

18. MOVEMENT IN FUNDS

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Balance|Balance| |at|at| |1 Nov|Income|Expenditure|Transfers|31 Oct| |2020|2021| |£|£|£|£|£| |Aviva Foundation: Community|50,000|(71,024)|21,024| |Calling|-|-| |Bunzl: COP26|-|20,000|(35,730)|15,730|-| |Bunzl: EPPIC Plastic|-|62,510|(57,893)|-|4,617| |City of London: Plastic Fishing|2,289|-|(3,379)|1,090|-| |Coca-Cola: Circle City|-|-|(14,839)|14,839|-| |Coca-Cola: Treasure Your Rivers|-|156,384|(177,244)|20,860|-| |GLA: Greener Together|-|18,000|(17,796)|-|204| |London Borough of Newham:|-|10,000|(5,963)|-|4,037| |Greener Together| |Joseph Rowntree Charitable Trust:| |-|16,043|(35,055)|19,012|-| |Love Where You Live| |Kusuma Trust: Lancaster West|-|23,500|(17,690)|-|5,810| |Lucozade Ribena: Love Forest|-|35,000|(34,747)|-|253| |Wates Family Foundation|11,364|43,636|(170,959)|115,959|-| |Norfolk & Suffolk Councils: Food| |-|8,049|(28,287)|20,238|-| |Savvy| |Food Connect|-|5,000|(62,788)|57,788|-| |Community Fridges:| |Big Lottery|-|93,600|(55,025)|-|38,575| |Rothschild Foundation|7,976|14,667|(8,038)|-|14,604| |The Co-operative Group|-|337,556|(330,003)|-|7,552| |--------------------|----------------------|-------------------------|---------------------|---------------------| |Total Restricted funds|21,629|893,943|(1,126,460)|286,540|75,652| |Unrestricted funds|1,451,623|3,276,547|(3,097,790)|(286,540)|1,343,840| |-| |Designated funds|1,192,942|500,000|(50,029)|1,642,913| |---------------------|----------------------|-------------------------|--------------------- ----------------------| |Total funds|2,666,194|4,670,490|(4,274,279)|-|3,062,405| |==========|==========|============ ========== ==========|

----- End of picture text -----

A comparative movement in funds note has been provided in note 26.

Purposes of Restricted Funds:

Aviva – Community Calling

Funds our ambition to collect, refurbish and distribute 10,000 smartphones to digitally isolated citizens in six UK cities, along with support, training and information.

Bunzl: COP26

This fund was to boost reuse in Glasgow in the lead up to COP26.

Bunzl: EPPIC Plastic

This fund supported Hubbub to create the communications campaign for an initiative promoting flexible plastics recycling.

– City of London Plastic fishing

This 3 year grant has been given to fund Plastic Fishing trips with London schools. The project includes constructing boats for taking fishing trips onto the Thames Docklands Basin with the aim to gather the plastic in the river, and raise awareness for the environmental issues surrounding plastic waste.

Coca-Cola – Treasure Your Rivers

This fund, financed by the Coca-Cola Foundation, has enabled Hubbub to set up the Treasure Your River campaign which is a collaborative project to remove litter from 5 of the UK’s main rivers.

YEAR ENDED 31 OCTOBER 2021 Page 28

GLA and London Borough of Newham: Greener Together

A one-year partnership with the Greater London Authority and other partners to trial a community led project aimed at tacking environmental and social inequality. The activity took place in a diverse, underserved London community, which is disproportionately affected by the climate crisis. It developed a public play area and community allotment, helping residents connect with nature and enjoy a safe community space.

Joseph Rowntree Charitable Trust – Love Where You Live

This is a 3 year project that aims to test different ways of creating more sustainable local communities through sharing resources and building social capital. This includes creating spaces and opportunities for social interaction and exchange.

Kusuma Trust: Lancaster West

LancWest Grows Best is a one-year, hyperlocal community growing project on the site of the Grenfell Tower fire. The project is delivering a communal garden in consultation with residents and supporting growing skills and connection with nature.

Lucozade Ribena: Love Forest

This grant was to fund a litter and recycling campaign in the Forest of Dean.

Wates Family Foundation

Funds the research, development and implementation of community-based urban greening projects in Manchester.

Norfolk Council and Suffolk Council: Food Savvy

Food Savvy in a seven-year strategic partnership to reduce domestic food waste amongst local residents through a range of communications campaigns and on-the-ground activities.

Food Connect

The fund, financed by a loan from CAF Venturesome and support from Bosch and Big Lottery, has enabled Hubbub to pilot a zero-carbon surplus food redistribution pilot in Milton Keynes.

Big Lottery and Rothschild Foundation

Funds the set-up, maintenance and running of community fridges for up to a year. These fridges are designed to help families feed themselves and become more aware of food waste issues.

The Co-operative Group

This grant funded set up costs of £4,000 for 100 community fridges, where any member of the public can share and/or take home surplus food. The grant also provided project management support for the Community Fridge Network, which is managed by Hubbub.

Purposes of Designated Funds:

Starbucks designated

During the year, the Trustees opted to designate a further £500,000 of the income received from the Starbucks 5p donations. This was part of the agreement with Starbucks, to designate a £1 million fund over the next year to fund UK reusable food and drink packaging trials in order to fast-track innovation and seed-fund the adoption of reuse schemes in the wider economy. These designated funds also support the wider ambitions of the partnership: Which are to accelerate the use of reusables, increase recycling and reduce litter and plastic pollution.

During the year, £50,000 had been awarded as grants to organisations that are investing and researching in the process to recycling disposable cups. At the year end, there was £162,656 remaining to be issued to organisations for recycling schemes.

YEAR ENDED 31 OCTOBER 2021 Page 29

19. COMMITMENTS UNDER OPERATING LEASES

At 31 October the company had total commitments under non-cancellable operating leases as set out below.

set out below.
Land and Buildings
2021 2020
£ £
Payable:
Within one year 94,243 46,578
Within two to five years - -
------------------- -------------------
94,243 46,578
========= =========

20. TRADING SUBSIDIARY

Hubbub Foundation UK owns 100% of the share capital of Hubbub Foundation Enterprise Limited.

During the year Hubbub Foundation UK received income from Hubbub Foundation Enterprise Limited relating to recharged salary and pension costs of £238,852 (2020: £297,395) and recharged rental costs of £11,928 (2020: £11,928).

During the year Hubbub Foundation UK paid Hubbub Enterprise Limited direct project costs of £153,226 (2020: £282,444).

At 31[st] October 2021 the Hubbub Foundation UK balance sheet included the following balances relating to Hubbub Foundation Enterprise Limited:

elating to Hubbub Foundation Enterprise Limited:
2021 2020
£ £
Intercompany (creditor) / debtor 28,475) 33,613)
Deferred income (45,000) (80,556)

YEAR ENDED 31 OCTOBER 2021 Page 30

21. NET RESULTS OF TRADING SUBSIDIARY

The charity has a wholly owned trading subsidiary, Hubbub Foundation Enterprise Limited which is a private company, limited by shares, registered in England and Wales, registration number 08910364. The registered office is the same as that of the charity.

Hubbub Foundation Enterprise Limited sells environmental services and products to business and Government, including communications and campaign services. A summary of the results of Hubbub Foundation Enterprise Limited is shown below.

2021 2020
Profit & Loss £ £
Turnover 554,141) 604,853)
Cost of sales (228,913) (275,262)
---------------------- ---------------------
Gross profit 325,228) 329,591)
Administrative expenses (269,616) (318,479)
Other income -) 25,344)
--------------------- --------------------
Operating profit/(loss) 55,612) 36,456)
Interest payable and similar expenses -) (1,883)
--------------------- ---------------------
Profit/(loss) for the year 55,612) 34,573)
========== ==========
Balance Sheet
Fixed Assets 1,254) 2,168)
Current Assets 214,122) 227,488)
Current Liabilities (107,958) (141,939)
------------------- -------------------
107,418) 87,717)
========= =========
Called up share capital 50,000) 50,000)
Profit & loss account 57,418) 37,717)
------------------- -------------------
Net Assets 107,418) 87,717)
========= =========

22. TRUSTEES’ REMUNERATION AND EXPENSES

None of the trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity for the year ended 31 October 2021 nor 31 October 2020.

No trustee expenses have been reimbursed for the year ended 31 October 2021 nor 31 October 2020.

23. RELATED PARTY TRANSACTIONS

During the year, the Charity paid £40,172 (2020: £25,506) to Grant Taylor for film-making services. Grant Taylor is the husband of Heather Poore, a director of Hubbub Foundation UK.

During the year the Charity received £nil (2020: paid £5,500 plus VAT) from Britain Thinks, an organisation owned by Victoria Cooke, in respect of research services paid in the prior year for work that could not be completed.

YEAR ENDED 31 OCTOBER 2021 Page 31

24. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES THE YEAR ENDED 31 OCTOBER 2020

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Unrestricted|Designated|Restricted|Total funds| |Funds|Funds|Funds|2020|2019| |£|£|£|£|£| |Income from:| |Donations and legacies|492,643|940,000|15,306|1,447,949|3,630,773| |Investments|5,339|-|-|5,339|4,430| |Donated Services|5,500|-|-|5,500|73,392| |Charitable activities|1,253,896|-|191,124|1,445,020|1,676,226| |Other income|96,734|-|-|96,734|47| |------------------------|------------------------|------------------------|---------------------|---------------------| |Total income|1,854,112|940,000|206,430|3,000,542|5,384,868| |------------------------|------------------------|------------------------|---------------------|---------------------| |Expenditure on:| |-|-| |Raising funds|5,654|5,654|5,276| |Charitable activities|2,520,491|491,543|285,780|3,297,814|3,195,035| |------------------------|------------------------|------------------------|--------------------|---------------------| |Total expenditure|2,526,145|491,543|285,780|3,303,468|3,200,311| |------------------------|------------------------|------------------------|---------------------|---------------------| |Net income/(expenditure)|(672,033)|448,457|(79,350)|(302,926)|2,184,557| |Transfers between funds|(61,292)|-|61,292|-|-| |------------------------|------------------------|------------------------|---------------------|---------------------| |Net movement in funds|(733,325)|448,457|(18,058)|(302,926)|2,184,557| |------------------------|------------------------|------------------------|---------------------|--------------------| |Funds at 1 November|2,184,948|744,485|39,687|2,969,120|784,563| |------------------------|------------------------|------------------------|---------------------|---------------------| |Funds at 31 October|1,451,623|1,192,942|21,629|2,666,194|2,969,120| |==========|========|======== ==========|==========|

----- End of picture text -----

25. COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS FOR YEAR ENDED 31 OCTOBER 2020

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Designated|Restricted|Total| |Funds|Funds|Funds|Funds| |£|£|£|£| |Fixed assets|12,228|-|-|12,228| |Cash|1,819,326|1,339,124|240,205|3,398,655| |Other current assets|423,357|-|-|423,357| |Current liabilities|(469,424)|(146,182)|(218,576)|(834,182)| |Non-current liabilities|(333,864)|-|-|(333,864)| |----------------------|----------------------|----------------------|----------------------| |Total net assets|1,451,623|1,192,942|21,629|2,666,194| |==========|==========|==========|==========|

----- End of picture text -----

YEAR ENDED 31 OCTOBER 2021 Page 32

26. COMPARATIVE MOVEMENT IN FUNDS FOR YEAR ENDED 31 OCTOBER 2020

Balance at Balance at
1 Nov Income Expenditure Transfers 31 Oct
2019 2020
£ £ £ £ £
City of London: Plastic Fishing - 20,000 (17,711) - 2,289
Coca-Cola: Treasure Your Rivers - 15,306 (47,290) 31,984 -
Wates Family Foundation - 11,364 - - 11,364
Joseph Rowntree Charitable
Trust: Love Where You Live		 - 17,506 (17,658) 152 -
North London Waste Authority 1,512 - (1,512) - -
TK Maxx: Pioneering Plastics 20,000 50,000 (70,220) 220 -
City Bridge Trust - 10,000 (29,771) 19,771 -
Telefonica - 10,000 (10,000) - -
Food Connect - 28,000 (28,214) 214 -
-
Community Fridges:
Big Lottery 18,175 18,175 (36,359) 9 -
Morrison’s Foundation - - (8,942) 8,942 -
Rothschild Foundation - 26,079 (18,103) - 7,976
-------------------- -------------------- ------------------------- --------------------- ---------------------
Total Restricted funds 39,687 206,430 (285,780) 61,292 21,629
Unrestricted funds 2,184,948 1,854,112 (2,526,145) (61,292) 1,451,623
Designated funds 744,485 940,000 (491,543) - 1,192,942
========= ========= =========== ========= =========