arrfesr, LONDON years of City Harvest ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS COMPANY LIMITED BY GUARANTEE YEAR ENDED 31 MARCH 2025 COMPANY REGISTRATION NUMBER 08986929 CHARITY REGISTRATION NUMBER 1163055
arrfe%r, LONDON pro TABLE OF CONTENTS Pages City Harvest Values & Impact A letter from our Chair of Trustees Trustees, Annual Report Independent Auditor's Report Statement of Financial Activities Balance Sheet Statement of Cash Flows Notes to the Financial Statements 24 28 29 30 31
City Harvest Company Limited by Guarantee Year ended 31 March 2025 c&y , lariesr, LONDON CITY HARVEST VALUES & IMPACT IIThat ii:e do Est. 2014, Clty HaNest Londonfood charity rescues nutritious surplus food from farms, manufacturers. wholesalers, and retailers, and delivers it. for free. to over 130,¢JXI people a week via organisations feeding those facing food povertv. City Harvest rescues food. people. and the planet by divertinB food waste. providing life-changing support to communities across London through food. and reducing greenhouse ga5 emissions. Rescuing Food Ctty Harvest ensures no 8ood food Is wzsied. Our team redlstrlbutes free food for over 1.1 mllllon meals a month to people most In need. Rescuing People Clty HaNth belleves ln the human rl8ht to food & that people should thrfve. not Just survlve. We ensure the ght food gets to the rlght people at the rlght tlme. Rescuing Planet Clty Hakvest helps food partners reach UN 9 Sustalnable Development Goals & dellver thelr ESG strategles, reduclng waste & maklng huge soclal Smpact. Oiir V?liie8 Our values sit at the heart of what we do,. they inform our ways of working, the decislons we make, the behaviours we champion and how the organisation should feel. We are proud that they have been shaped collectively by our community- our staff, our volunteers, our trustees and our communlty partners. To bring our values to life, we move beyond words and into action.. Compassionate Community focused Aspiring Collaborative Trustworthy City Harvest Annual Report
City Harvest Company Limited by Guarantee Year ended 31 March 2025 c&y , lariesr, LONDON Oiir Strate(ry- Our 2025 to 2028 strategy centres on how we can deliver the right food to the right people at the right time.. Rlght Food.. The range of categories and volumes of food that is requested is delivered whenever possible. Right People.- Those in the greatest need and cared for by impactful organisations are onboarded by our community team. Right Time.. Ensure that we have great and reliable customer service. IOII 11 14.5M £0.36 C05T TO DELIVER I MEAL 6,110 TONNES REDISTRIBUTED FOOD 29 LONDON BOROUGHS IvitALJ DELIVERED ti ¥ 133,000 RECIPIENTS PER WEEK 31,830 HOURS VOLUNTEERED 13,158 TONNES GREENHOUSE GASES PREVENTED £11.90 SOCIAL RETURN ON INVESTMENT City Harvest Annual Report
City Harvest Company Limited by Guarantee Year ended 31 March 2025 ,larieSr: LONDON A LETTER FROM OUR CHAIR OF TRUSTEES It is both a privilege and an honour to introduce this Annual Report, marking my first full year as Chair of the B03rd of Trustees of City Harvest. Following the celebration of our 10th anniversary, this has been a year of meaningful pro@ress and transition for the charity, as we continue to build upon a decade of extraordinary achievement. Following the celebration of our 10th anniversary, we continue to build upon a decade of extraordinary achievement. City Harvesvs impact remains truly exceptional. With a Social Return on Investment of £11., every pound donated generates significant social. environmental, and food industry benefit. Our funders recognise that by supporting City Harvest, they are in turn 5upportin8 more than frontline charities tackling hunger, homelessness, Isolation, and h3rd5hip acr055 London. Quite simply, for every £1 donad, * provlde 3 nutrftfious meals. Over the pasi year, our ieam has delivered food for 14.5 mllllon meals, rescuing 6.110 tonnes of surplusfood that would otherwise have gone to wasie. Our Ihriving volunieering programme awarded the 'InNstin8 In Volunteerg accredltstlon - saw an ouisianding 31,830 volunteer hours contributed, helpin8 us io feed people and prevent Ihe release ol an estimated 13.158 tonnes of greenhouse gases. The success of City Harvest Stands as a testament to the vision and dedication of otjr founders. together with the tireless commitment of our stalf. volunteer5. donors. and funder5. Alongside my fellow Trustees, I remain committed to safeguarding and strengthening this legacy. ensuring that City Harvest continues to deliver its vital mission.. rexuln8 surplus fothy to alleviate hun8er and reduce food waste auoss Lonth)n. The demand for our servi$ has remained intense. Rising inflation, coniinued economic uncertainty, and reductions In public services have placed growing pressure on the communities we support. At the same time, the escalating climate emer8ency highlights the urgent need for sustainable solutions to food waste a challenge that Citv Harvest is proud to address every day. The demand for our services has remained intense, a challenge that City Harvest is proud to address every day. This year also marked an important leadership transition. OLJr impassioned CEO. Sarah Calcutt. has decided to step away from City Harvest. Sarah has been a highly visible leader of our charity for three demanding years. during which we sourced and delivered food for 39 million meals. In particular. under her leadership we've grown fresh produce as a percentage of our food deliverie5 from 42% to 56% through more acce55 to farms and have becorne a meaningful contributor to public policy dialogue5 surrounding waste and hunger. We thank sarah for her contribution5 to City Harvest'5 mi55ion and wish her success in her next venture. City Harvest Annual Report
City Harvest Company Limited by Guarantee Year ended 31 March 2025 ,larieSr: LONDON We are equally pleased to welcome Richard Gammage as our new Chlef Executlve Offker_ Richard brings extensive operational and financial expertise, together with a deep alignment to the values and purpose of City Harvest. Under his leadership, we are confident that the charity will continue to grov4 Its impact and deliver our mission with excellence. efficiency. and compassion. Thank You On behalf of the Board of Trustees. I would like to extend my hearrfelt thanks to= With strong leadership, a dedicated team, and the continued support of our partners and stakeholders, we are well positioned to meet the challenges ahead. The Oty Harvest team, whose professionalism and dedication underpin all that we achieve.. Our volunteers. whose contribution and spirit make our mission possible.. Our funders and dor, whose generosity sustains and expands our work.. Our food donors, whose commitment reduces both hunger and wasie.. and My fellow Trustees. for their guidance. insight, and unwavering support. As we look to the future. City Harvest remains steadfast in its mission,. to rescue surplus food, feed those In need, and protect the envlronment. With stron8 leadership, a dedicated team, and the continued 5UPPOrt of our partners and stakeholders, we are well positioned to meet the challenges ahead and to build upon the remarkable achievements of our first decade. Paul Freeston Chair of Trustees November 2025 City Harvest Annual Report
City Harvest Company Limited by Guarantee Year ended 31 March 2025 . lariesr: LONDON TRUSTEES, ANNUAL REPORT The trustees. who are also directors for the purposes of company law, have pleasure in presentine their report and the audited financièl statements of the charitable company for the year ended 31st March 2025. Objectives and activities The objectives ol Cify Harvest Include the prevention and relief of poverty, the advancement of environmental protection and supporting the effecrive use of resources for charitable purposes by other charities by facilitating the distribution of surplus food. In furtherance of these objectives. City Harvest collect5 edible surplus food otherwise destined for landfill or anaerobic digestion frorn retailers, wholesalers, restaurants. manufacturers and others. and distributes it to tommunity pro8rams that Serve meals to vulnerable people. 14.5m meals This year City Harvest delivered 14.5m nutritious meals. Achlevements and performance The Impa¢t of Clty HJrvest's work Dijring the past year. Cily Harvest redistribured 6,110 tonnes of donaied nutrilious food that would otherwise have gone to waste. This equated to 14.5 million highly nurrilious meals. We Increased ihe number of recipients io which we deliver nutritious surplus food Tn the past 12 months, and now deliver to 133,000 recipients each week via over 3C() community partners in Greater London. 133,000 City Harvest delivered to 133,000 recipients each week via over 300 community partners in greater London. The recipients of this nutritious food delivered weekly included community foodbanks. soup kitchens. school foodbank5 and children's clubs. rèfuges for women fleeing domÈstic violence. day centres for the elderly and those facing mental illness. Envlronmental benefits City Harvesr's Impac( ro society includes the provision of a 501LJtion for one of the leading global environmental i55ues of our time.. food waste. When healthy edible food 15 sent to landfill, It decomp05e5 and releases methane with a global warffling potential more than 80 time5 Ereèter than thèt of co2. The Quantity of food City Harvest delivered this year resulted in 13.158 tonnes ol greenhouse gases being diverted from landfill. All the resources that were ufilised to produce the 6,110 tcinnes of food City Harvest rescued - energy, land, water would have been wasted otherwise. City Harvest Annual Report
City Harvest Company Limited by Guarantee Year ended 31 March 2025 , lariesr, LONDON TRUSTEES, ANNUAL REPORT Ots. pro years of Lily HrvLyt ¢ONTENT .. AWARDS The large and growlng need for our servlces The last round of the Food Insecurity Survey performed by the Food Foundation has confirmed what our dedicated and passionate team witnesses each day.. there is a massive need for healthy food amongst a 8rowin8 number of people fa¢in8 adversity. 7.3 million adults113.9% 01 households) experienced food insecLJrity in lanuJry 2025 and 57% of food insecure households reported cutting back on Fruits, 42% on ve8etables and 48% on dairy and e88S. PEW CHILDREN TEEIIS FAMILIES LOW INCOME HOMELESS City Harvest Annual Report
City Harvest Company Limited by Guarantee Year ended 31 March 2025 , lariesr, LONDON TRUSTEES, ANNUAL REPORT Ots. pro ServSng London's most vulnerable Our work supports many vulnerable sections of London's population with significant impact on nourishing the homeless, children and families, those on low income, and young people. Our coverage We are active in most of all London boroughs. of which Ealing, Hammersmith and Fulham, Newham, Kensington and Chelsea, Lambeth. Camden, Brent and Westminster are the most significant lor us. Communlty Impact The dernand for food aid in the capital has continued at a pace this year. For people on low income, zcce55 to free or low c05t food has become part of a -normal" way of life- an estimated 2 million Londorier5 seek food aid each month. City Harvest Annual Report of*Sr.
City Harvest Company Limited by Guarantee Year ended 31 March 2025 , lariesr, LONDON TRUSTEES, ANNUAL REPORT Ots. pro* For City Haroest, this means that new enquiries to the Community Impart Team for our support continue to rise and more and more orgènisations join our wait list. At the same time, the number of people turning up to our existing community partners has risen such that we have experienced increases in demand for our supplies from those we currently we work with. In 2024125, City Harvest has broughi onboard 19 new community partner5 providin8 access to low or no cost for in their community. The new community panners mean thai City Harvest has stretched its impact iri area5 It has not previously re3ched- geographically and dernographically. For the first tirne. we are now delivering in one of London'5 oldest riverside cornmunities, Rotherhithe. through an excellent riew partnership with Rotherhithe Commvnlty Kltchen. Similarly, 3 new partnership with cr1(al Support means thai our food is reaching some 12,CQO people In Mitcham and Morden we haven't previously reached. tknrlS% increase in people we reach. 19 new communltypartners5erve over 1S.OOOpeople. Exi5tinq communltypartner5 h(we ported Intreoses In thelr clltnt numbers too. Consequentty. we hove ts 15% to 20% Increose thls yeor In the total number olunlque tllents Oty Harvest sfood rettthes. In Nov23, the totol wtt$ 116,482. At the endof March2025. It tracks ot between 130.140,000 tllents. A new partnership with the Camden Chinese Centre means that we are now serving over SCQ people of largely Chinese ethnicity in central London. A small but wonderful project in Kensal Rise- the Dementla Café- allows us to provide delicious hot meals to elderly people sufferin8 from dementia. Finally, the Refu8ee Communlty Kftchen in Gospel Oak is using our fresh produee to ensure that healthy meals are made and distributed to some of the kK)orest people living on the streets or in refuges. Meanwhile, the Team continues to assimilate an impressive list of potential new community partners ready to be onboarded as soon as food supplies and logistics allow. Currenrly, rhere are over 80 partners ready to loln the Clty Harvest fam1. An irnportant aim thi5 year has been to continue targetin8 our supplie5 toward5 some of the boroughs facing the highest levels of depriv3tion and need for food aid. We have made particular progre55 in Southwark this ye3r and are about to cement new partnerships in the Borough of Lewisham. . ¢0mrnuthcbl• L (omrnuth M•al io% Food Hub& D City Harvest Annual Report
City Harvest Company Limited by Guarantee Year ended 31 March 2025 , lariesr, LONDON TRUSTEES, ANNUAL REPORT Ots. pro* However big the numbers become. a central ethos at City Hèrvest is to maintain strong working relationships with its community partners. This year. the Community Impact Team has personally visited over 300 community partners. This may be a quick hello, or in a number of Instan$. a full darfs volunteering to really'get under the skin- of frontline food aid service. Whilst of course, getting surplus food out to where it is realty needed is our main focus. we a150 do all we can to support our community partners more generally. At a time when all those working in the voluntary and community sector are struggling for re50urce5, any information on source5 of funding or in-kind support are 5hafed with our network. We also do our best to spread good practice between or8anisations. This year, we have facilitated visit5 betweèn organi$3tions who might benefit from each othef'5 knowledge. Finally. we o¢¢a5ion3lly get access to non-food items which can be very valuable lor our partners. This year, we distributed an estimared nearly £50,0 ol non-lood irems to our community partners Including ten large chillers donated by one ol our major food donors. The big challenge going forward will be how best io meet the growing demand for our service given the finite resources we have. A bi8 part of the solution is the evolving network of hub and spoke type operations- Df8anisations that are able to take large quantities of food, store it and then distribute equitably amongst smaller local projects. These Hub5 have great knowledge of their patch and provide vital efficiencies in the food aid netWDrk, especially those that have large freezer capacity. This year. we began delivering to Crltlcal SupporL Based in Mitcham, they provide an onward service to around 15 smaller projects in the nei8hbourin8 boroughs. Similarly, next year will see a new partnership with KOn8Ston Surplus Hub In New Malden where the Hub will provide an onward servite to around 401o¢al organisations. Tuckllng Isolotlon A key slde effect olour work In London's most deprlved nelghbourhoods Is to tockle soclol Isolutlon. Around 30% olourprolects brlng people togetherspeclllculty to shure o meal. ryplcully. projects Ilke Foodcycle (where we supply oround 75% OA the 20 Foodcycles In London) host around 20-SO people each week who share a meal cookedfrom surplusfood by volunteersAmm the locol commvnlty on o -ready. steody. cook basls". In uddltlon. the prollferotlon of communlty wnfoodbonks over the lost three yeur5 hus hod mosslvely p051tlve Impact ogoinst Isolatlon. Communltle5 h¢7¥e come together to look ofter eoch other in these dillicult time5 gnd moke sure people livinq on their own are looked out for. Our investment programme We have maintained our commitfflent to investing in infrastructure and human resource5 to ensure operation31 excellence 35 we serve the community. These initiatives include expandin@ our food sttsrage capacity, investing in workforce development. procuring additional vans. and acquiring a 26-ttsnne truck, which enables US to independently collect13r@er quantities of food. City Harvest Annual Report io
City Harvest Company Limited by Guarantee Year ended 31 March 2025 . lariesr: LONDON TRUSTEES, ANNUAL REPORT Soclal return on Investment Our communily partners received City Harvest fo(>d donations with a retail value of £29 million during the year to 31st March 202512024.. £18.6 million) and were able to redirect their food budget savings towards other vital services provided to vulnerable people in the community. These services include coun5elling, educ3tion, nutrition and cookery programmes. employment guidance, sports, and fitness a5 well as health and wellne55 services. £11.90 City Harvest's social return on investment {SROII is £11.90for every £1 of expenditure. Cily Harvest's k*ial Return on Investment ISROII L4 £11.9) for every £1 of expenditure. Managemeni consulianis 8ain & Cornpany provided pro-bono support io monitor the impact on society of our food redistribution activities. The largest component of our social return is essentially the value we created out of unused but perfectly edible fresh, frozen, and ambient food donated by bvsine55es. FOOD EXPENDITURE £6.4 Redvced food Èxpenditure Reduced a8encv resources for fcM)d purchases ENVIRONMENT £1.8 Reduced landfill costs Reduced compost costs Reduced landfill 8reenhou5e gases emission5 EMPLOYMENT £u.y Provision of employment support to recipients Direct employment by City Harvest £11.90 benefit for every £1 spent HEALTH 0.9 Improved mental health Reduced malnutrition Improved child health frorn early intervention CRIME fo.9 Reduced crime rates of recipients EDUCATION f 1.0 Improved educational outcomes City Harvest Annual Report li
City Harvest Company Limited by Guarantee Year ended 31 March 2025 . lariesr: LONDON TRUSTEES, ANNUAL REPORT Food donors This year has been a year of growth for the Food Team at City Harvest. We sourced enough food to deliver 14.5 million meals. up from 12.4 million last year, thank5 to the gener051ty of our donors, the dedication of our team and the strength of the relationships we've built across the foLid industry. 14.5m rne.als We sourced enough food to deliver 14.5 million meals, up from 12.4 million last year, thanks to the strength of the relationships we've built across the food industry. We've grown our team from four to seven. giving us the c3p3city to rnanage ex15ting aicount5 In a more meaningful way as well a5 welcoming new ones. 8uilding relationships and ensuring we provide an excellent service to our donors are now firmly at the centre of how we operate and It's made a re31 difference. We onboarded more donor5 than we10st this vear and si8nificantty dwersified our base. Increasing the number of key donor5 8ivin8 over 35 tonnes a year from 21 to 29. This year, we were proud ro achieve a Guinness World Record for the laf8est ever lo¢)d redistribution awareness campaign. It was made possible by the support of long-standing partner Thomas Franks Ltd, and the 8enerosity of our wider donor network. We also couldn't have done it without the operational support ol If CO. whose reusab crates helped us move food safely and efficiently at scale. Fresh produce continues to be a vital part of what we do and we remain committed io ensurin8 that ai leasr SO% of the food we redistribute is fresh and nutritious. We've invested in dedicated resource at New Covent Garden Market, fixusin8 on buildin8 Strong relationships with market traders and ensurin8 surplus is rescued quickly and efficiently. We're 80in8 to look to do the same at our New Spitalfields Market site in 2025, given the success we've seen so far of havin8 rargeted resource for outreach. We're also grateful for the supw)rt of our Food Council. It's a 8roup of 30 industry professionals who Kt as arnbassadors for City Harvest. Their Introduciion5 and Insight5 have helped u5 unlock new food source5 and strengthen our pSenCe acros5 the sector. We're Incredib grateful to all our partners, including Amazon, Sysco, Dirett Produce Supplies, Ethical Food Company and G's, whose commitment to reducing food waste and supporting communities has been instrumental in everything we've achieved thi5 year. City Harvest Annual Report 12
City Harvest Company Limited by Guarantee Year ended 31 March 2025 . lariesr: LONDON TRUSTEES, ANNUAL REPORT 50% fresh food We remain committed to ensuring that at least 50% of the food we redistribute is fresh and nutritlOUS. Our Volunteers By 8Nin8 their tirne to City Harvest. our volunteers make a direct and powerful impact on the lives of thousands of vulnerable people acr055 London. Thanks to their support. rnany Londoners facin8 food in5ecuritv 8ain acces5 to nutritious meals. Voluntsers are at the heart our mtssbn - keeping ihe vans rolling and ensuring food Is ready io go oul to feed rhe city. From the frontline of our operation, our volunteer community helps to unload deliveries, organise generous fixjd donations, prepa trays for our recipients. and carry out vital warehouse tasks that keep City Harvest movin8. For every hour volunteered. City Harvesi is able io deliver 460 meals to those in need. 31,830 Hours In the year ending 31st March 2025. WÈ welcomed 2.002 volunteers. This included 757 regular communityvolunteers. each giving an average of 31 hours across the year. and 1.245 corporate volunteers who Joined u5 for engagement dtys through our valued partners. In total during the year, we benefitted from 31,830 hours of volunteer time, which is equivalent to 18 full-time staff. Together. they contributed an incredible 31,830 hour5 of support - 23.C49 hOufroM cornmunity¥olunteer5 and 8.781 from corporate volunteers- the equwalent of 18 full-time employees. Recruitment for a Corporate Volunteerin8 Manager within o(Jr team will ensure that nurnbers of corwrate volunteers will increase a5 our progr3mme 15 developed. With thi5 Increase in resources and dedicated support, our volunreerinE programme will continue to go from strength to strength. City Harvest Annual Report 13
City Harvest Company Limited by Guarantee Year ended 31 March 2025 . lariesr: LONDON TRUSTEES, ANNUAL REPORT We celebrate the impact of our volunteers throughout the year, coming together for Volunteer Week in June ènd our annual end-of-year festivites. We host workshops with our community partners for our volunteers to understand the impact of iheir contrit)ution to our cause. Our biannual town halls and forums are key to facilitating two-way communication with our volunteers and enable our volunteers to share feedback, ensuring they are continually a part of our growth and development. Volunteers continue to strive towards achievement of their 'Harvest Hurbdred. a milestone for those who contribute over IW hour5 and are honoured with our pink vest. We 3re proud to have 174 volunteers who have reached this milestone so far. Thank You For every hour volunteered, City Harvest is able to deliver 460 meals to those in need. In recognition ol the strengih and Impact ol our programme, City Harvest has now achieved the IrNesting in Volunteers accreditstion - Ihe UK'S quality standard for volunteer management. This award reflects our ongoin8 commitment to gooj practice and continuous improvement, ensuring that our volunteers feel supported. valued. and part of something meaningful. Investing In Volunteers In recognition of the strength and impact of our programme, City Harvest has now achieved the Investing in Volunteers accreditation. redited! Other partners We are a150 grateful to organi5ations that have contributed pro-bono services. City Harvest Annual Report 14
City Harvest Company Limited by Guarantee Year ended 31 March 2025 . lariesr: LONDON TRUSTEES, ANNUAL REPORT Our workforce Our workforce comprises a mix of full and part-rime ernployees, contract staff and volunteers. Our paid workforce at year-end is made of 68 full-time equivalent employees_ All efflployee5 are paid at least the London Living Wage, and almost all are enrolled In the pension scheme. FundralsSnB In a year when e¢onofflic conditions and the effects of rising inflation have continued to challenge all of us. we are ever 8rateful for the generosity of ouf valued supporters- many of whom have been dedicated donors for manv vears. In 202415. City Harvest raised E4.3 million to support our mission of rescuing food. people. and rhe planer. We thank our donors, especially major donors, trusts & foundation5, ancl corporate 511PPOrter5 listed below. for their significant financial contributions. £4.3M City Harvest raised £4.3m by rescuing food and redistributing it to people in need. AKO Foundotion The Findloy Cht7ritable Trust The Gaudio Family Foundotion The Jongen Choritoble Trust The Julio Rousing Trust The Livery Food Initiotive The Peters Fomily FoundotlGn The Vintners, Cornpany Artemis Chorittible Foundotion Cloyton Dubilier& Rice Foundofton ICG IGY Foundorion Morguerite Foundution Permiro Posettes Foundotion Uber Etsts Robobctnk Wimbledon Foundotion The Coerlow Trust Fundraising highllghts In September, our 10th Anniversary Fundraising Dinner, Dining in the Depot. was held with 120 special guests in attendance, raising £ i(X).(. The Livery Food Initiative remained a key strategic supporter of City Harvest foi the third year. Over 51Xty London Livery cotnpanie5 raised funds, promoted awareness. hosted events, and volunteered. City Harvest Annual Report 15
City Harvest Company Limited by Guarantee Year ended 31 March 2025 . lariesr: LONDON TRUSTEES, ANNUAL REPORT This year. the first Teèm City Harvest challenge event series launched. Thank you to the Individuals who participated by walking, runnini cyclin& and climbing to raise funds. 26% A massive thank you to every donor and partner- your support enabled us to provide 14.5 million meals to vulnerable London communities this year. 14X Fundralslng Statement At City Harvest we are committed to fundraising responsibly and ethically. We believe in transparency and horiesty and have respect for all donor5 and beneficiaries. We use Funds responsibly, with clear practices and ensure the well-bein8 ol those impacted by our fundrai5in8 efforts. We are a member of the Fundraising Regulator and follow their code of practice. City Harvest is an independent charity funded entirely by charitable donations. Each £1 donated allows us to deliver 3 meals and each £1 donaied generaies a social return on investment of £11.90, as calculated by Bain & Co. City Harvest's fundraising team personally conducts all fundraising activities, and we do not work with third-party fundraising suppliers. We do not do door-to-door or telephone fundraising. This approach ensures that all donations go directly to support OUT mi55ion and protects supporters from potential scams. City Hatvest complies Wlth data protection laws. ensures secure handling of personal information, and safeeuards vulnerable Individuals from donation requests as much as possible. Our Head of Fundraising oversees our complaints procedure, and we resolve issues efficiently. No fundraising complaints were received in 2024125. City Harvest Annual Report 16
City Harvest Company Limited by Guarantee Year ended 31 March 2025 ariesr: LONDON TRUSTEES, ANNUAL REPORT . pEo•¥ Financial review The charity funds are controlled by the board of trustees, which acts to carefully and strategicallv allocate resources to properly grow the organisation. The attached financial statements Show the current State of finances, which the trustees consider to be sound. The financial statements conform to statutory requirement5 and comply with the charity's governirh8 documents. IromÈ & ExpÈndlturÈ5 2019-1025 14m £2fy El.5m I&y Our Income increased In the year by 3.8% to £4.3m12024 - £4. Im). as well as the tonnage of food distributed which Increased by 17.3% 10 6.110 tonnes12024 - 5.211 ionnesl. Restricted Income was £0.8m in ihe year12024 £0.9ml which represented 19.5% of our total income12024 - 22.9%). Our expenses increased by 30.0% to £5.2m12024 - £4.Oml reflectin8 the implementation of our investment strategy in teams and depots to service the increased output and impact for the coming year 2025-2028. We also made capital investments of £423k12024 £ 182kl reflecting investment in our new 26t Truck, new CRM and improvement of the equipment in our three depots. The expenditure on rè15in8 funds was £384k12024 £257kl which as a per¢enta8e of income 8mounted to 8.9%12024- 6.2%). Overall. we experienced a planned deficit for the year of £933k12024- surplus of E116kl with net assets decreasing to £3.9m at the end of the year12024 - £4.9ml. Restricted funds amounted to £0.8m12024- £0.9ml representing 20.0% of total net assets12024 - 19.5%). The trustees monitor the ratio of available funds to future expenditures and donation incorne, in order to avoid over-cornmitting the charity's resources. Cost per meal City Harvest carefully monitors all expenditures. with a focus on the cost to redistribute one meal. For the year ended 31 March 2025 our cosi to deliver one meal increased to EO.36p12024 £0.32pl reflecting high inflationary pressures and our long term investment strategy. City Harvest Annual Report 17
City Harvest Company Limited by Guarantee Year ended 31 March 2025 ariesr: LONDON TRUSTEES, ANNUAL REPORT . pEo•¥ Reserves policy In accordance with Charity Commission guidance. our Trustees have determined a policy for reserves. City Harvest holds three types of fundslreserves.. l. Restritted Funds which rnust be used for the purpose for which they were intended under the direction of the donor. At 31 March 2025, the value of Restricted Funds was £0.8m 12024.. £0.9ml. 2. Oesl8nated Funds which include.. The Capital Reserve. or funds represented by assets being the net book value of unrestricted fixed assets owned by the charity, amounted to £0.5m12024'. £0.5ml. An Impact and Investment Reserve of nil12024 £0.4ml being set aside to cover the planned cost required in City Harvest's strategic plan over the corning years. Thi5 fund has been used to invest in projects which will Strengthen Its operations and infr35tructure, expand food 5upplie5. volumes and beneficiaries. and in 8eneral invest in ways of increa5in8 the charity'5 overall impact. A Liquidity Reserves in place io protect City Harvesi from fluctuarions in income and expenditure. and ensure sufficient funds are available to deliver high quality services. Our Trustees have reviewed the charity s requiremeni for coniingency reserves by considering the potential financial impact of.. o Fluctuations in incorne 8eneration. By considering historic trends and projection5, and looking at the risks associated with variations in different income streams,. o Reviewing the operational requirement lor cash io meet expenditure obli8ations and considerin8 the minimum level of cover required to ensure that operations are not interrLJpied.. o Reviewing current risks,. and o Considerin8 the impact of a sudden crisis which might require the charity to close. As a result of this review and based on the above 4 areas. Trustees determined that for ongoing operational security the charity should aim to set aside 6 months planned expenditure for the forthcoming year. as a liquidity reserve. As a result, at 31 March 2025, the liquidity reserve was set at £2.Sm12024.. £2.4ml. 3. General Funds comprising Free Reserves amounted to £O.Im12024.. £0.6ml. This is sufficient to cover workin8 capital requirements. Going concern The trustees have prepared an income and expenditure budget and cash flow forecast and have concluded that the charity continues to be a eoing concern for the foreseeable future. On that basis they have continued to adopt the going cOnrn basis when preparing the financial statements. City Harvest Annual Report 18
City Harvest Company Limited by Guarantee Year ended 31 March 2025 ariesr: LONDON TRUSTEES, ANNUAL REPORT . pEo•¥ Reference and administrative detsils Registered Charity Name Charity Registration Number Company Registration Number Registered Office City Harvest 1163055 08986929 Unit 8. Arton Park Estate The Vale. London W3 7QE www.cii horvest.or Website .uk Trustees I lie trustees who served during the year and up to the date of the signature of the financial statements were.. Frank Bandura Ire518ned Feb 20251 Todd Benjamiri Shaun 8rowne Michelle Butler Duncan Everett Paul Free5ton IChair- appointed Jun 20241 Emma Gerald Bernadette Gilbert (appointed lul 20251 Victoria Heffer (resigned Apr 20251 David Hir5chmann Rajesh Makwana (resigned Sep 20251 Chris Ralph (appointed Apr 20241 Grace Reid lappointed lun 20241 Kathy Street (resigned Apr 20241 Patrick Street Stephen Winningham Key management personnel Sarah Calcutt Romaric Cabot Donna BÈÈtham Mary Parsons Fion3 Hollis Marco Torquati CEO (resigned Oct 20251 Head of Finance Head of Fundraising Head ol Food Head of Communications Head of Community Impact Audltors Bankers CAF Bank Ltd 25 King5 Hill Avenue West Malling Kent ME19 4JQ Sollcltors Keystone Law Ltd 48 Chancery Lane London WC2A LJF 24 Old Bond Street London WIS4AP City Harvest Annual Report 19
City Harvest Company Limited by Guarantee Year ended 31 March 2025 ariesr: LONDON TRUSTEES, ANNUAL REPORT . pEo•¥ Structureth governance and management City Harvest is limited by guarantee and its governing document is its Memorandum and Articles of Association dated 4th August 2015. The members of the trustee board hold no shares in the charitable company. but each member is a guarantor to an amount not exceeding £1, in the event of the winding up of the charitable company. Trustee recrultment and appolntment Under the Articles of Association of the company, all trusteesldirectors hold their appointment until the third AnnLJal Retirement Meetin8 following the commencement of his or her term of office. The Annual Retirement Meeting is the meelin8 of the Trustees at which the account5 of the Charity are adopted. If the retirement of a trustee cavses the number of trustees to fall below 3, then the retiring trustee shall remain in office until a new appointment Is made. Recruitment of a new trLJsree/director can be made on ihe Instructions of current members of the board, and trustees are elected by existin8 members of the board. Trustee Inductlon and tralnln8 The trustees are familiar with the practical work and objectives ol the charitable company and bring their own relevant and unique ski115. Trustees are actively encoura8ed to attend board meetings to ensure that they are always up to date with the latest activities ol the charitable company. Flnanclal governance The Finance and Audit Committee supports the City H8rvest Trustee Board in discharging it5 responsibility lor the financial oversight of the Charity. It comprises five trustee5 who meet at least quarterly with the CEO and Head of Finance. Trustee overslght Tlie board ol triistees administers the charity. and normally meet5 every 2 months. In addition, steering groups and cornmittees comprisin8 selected trustees and members of the management team meet to focus on the charity's operation. These steering groups translate agreed strategies into actionable plans. oversee programme delivery and mentor executive team members. Delegatlon of authorltv A Chief Executive is appointed by the trustees to manage the day-to-day operations of the charitv and ha5 delegated authority from the Board of Trustee5 for operational matter5 including finance, employment, and operational activitv. City Harvest Annual Report 20
City Harvest Company Limited by Guarantee Year ended 31 March 2025 ariesr: LONDON TRUSTEES, ANNUAL REPORT . pEo•¥ Pay pollcy for senlor staff The trustees review the pay of the senior management team on an annual basis. taking into account earnings in comparable charities. Rlsk revlew The board of trustees has examined the major strategic. business. and operational risks which the charitable company faces and confirms thai sysrems have been established to enable regular reports to be produced so that rhe necessary steps can be taken to lessen these risks. The key risks identified are as follows.. SustaSnablllty of Income generatlon: A significant reduction in income including a failure to secure IonE-term partnerships Could reduce our ability to deliver our charitable objectives and also mean the charity is unable to pay its liabilities and operational expenditure. Redurtlon In food ¥olume5: Our model and the community partners we are servin8 are dependent on the food we collect. A reduction in food volumes donated would impact adversely our ability to fulfil our mission and meet the needs of community organisations, Health and safety: Health and safety procedures are at the centre of our operations, as we are dealing with food and people. 8reach ol our health and safety procedures could lead to illness, loss of life, injury or criminal investigation. 8rand and reputatlon: Reputational damage and brand misv5e by internal or external parties could result in a loss ol confidence and reduced Support from donors and other key partner5. Employees and volunteers: Human Resource issues could lead to organisational and cultural issue5, hi8h employee turnover and even legal action by employees. Investment powers and pollcy 5 he trusiees, havir)8 re8ariJ lor rhe present and fulure liquidity requirements of operating the charity, have diversified a portion of available funds in a range of interest-bearing bank dep051t accounts with a term typically of between l and 12 months, to generate a return on fLJnds while benefitting from the FSCS deposit protection Scheme of £85.000 per bank. The selection of banks and the man3gement of the deposits 15 overseen by the Finance and Audit Cotllrnittee. City Harvest Annual Report 21
City Harvest Company Limited by Guarantee Year ended 31 March 2025 ariesr: LONDON TRUSTEES, ANNUAL REPORT . pEo•¥ Trustees. responsibilities in relation to the financial statements The charity's trustees (who are also the directors for the purposes of company lawl are responsible for preparing a trustees, annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (united Kingdom Generally Accepted Accounting Practice). Company law requires the tru5tee5 to prepare financial statements for each financial year which give z true and fair view of the situation of the charitable company and incoming resources and application of those resources. Including the income and expenditure of the charitable company for that period. In preparing the financial statements. the trustees are required to= select suitable accounting policies and then apply them consistentlv,. observe the method5 and principle5 in the Charitie5 Statement of Recommended Practice ISORP 20191., make jLJdgements and estimates that are reasonable and prudent. state whether applicable UK accounting siandards have been followed, subject to any mater131 departures (Jisclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are re5pon5ible for keepin8 adeouate accounting records that are suff icient 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 thern to ensure that the financial statements comply with the Companies Aet 2(K)6. They are also responsible lor safeguardirig the 355ets of the charitable company and hente for takin8 reasonable steps for the preveritiori and detection of frau(J and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information inclLJded on the charily's websiie. Legislation in the United Kingdom governing the preparation and dissemination of financial siatements may differ from legislation in other jurisdictions. Statement as to dlsclosure to our auditor In so far as the trustees are aware at ihe time of approving our trustees, annual report.. there Is no relevant information. being information needed by the auditor in connection with preparing their Teport, of which the auditor is unaware." and the trustees having made enquiries of fellow directors and the charity's auditor that they Ought to have Individually made, have each taken all steps that he/she is obliged to take as a director to make themselves aware of any relevant information and to establish that the auditor is aware of that Information. City Harvest Annual Report 22
City Harvest Company Limited by Guarantee Year ended 31 March 2025 ariesr: LONDON TRUSTEES, ANNUAL REPORT . pEo•¥ Auditors Price Bailey were appointed as our auditors during the year. Small Company Exemptions This report has been prepared takin8 advantage of the small companies. exemption of section 41SA of the Companies Act 2006. By order of the board of iru51ee5 Paul Freeston Chair of Trustees 171h November 2025 City Harvest Annual Report 23
City Harvest Company Limited by Guarantee Year ended 31 March 2025 , lariesr, LONDON INDEPENDENT AUDITOR'S REPORT Ots. pro* Independent Auditor's Report to the Members of City Harvest Opinion We have audited the financial statements of City Harvest Ithe'charitable companVI for the year ended 31 March 2025 which comprise the Slatement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial staternents. including significant accounting policies. The financial reporting framework that ha5 been applied in iheir preparation 15 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financi(31 Reptsrting Standord oppli¢(Jble in the UKond Republi¢ of Ireltsrjd Iunited Kingdom Generalty Accepted A¢¢ounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable companws affairs as at 31 March 2025. and of the charity's incoming resources and application of resources. includin8 Its income and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirement5 of the Companies Act 2006 Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibililies undef those siandards are further described in the Auditor's responsibilities for ihe audit ol the financial staiements section ol our report. We are independent of the charitable company in accordance with the ethical requirements that afe relevant to our audit of the financial statements in the UK. ineluding 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. Concluslons relatln8 to 8oln8 concem In auditing the financial statements, we have conduded that the trustees, use of the 80in8 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, indiwdvally or collectively, may cast Sl8nificant doubt on the charitable company'5 ability to continue as a going concern for J period of at least twelve months frorn when the financial statements are authorised foi issue. Our responsibilities and the re5pon5ibilities of the trustees with respert to goin8 concern are described in the relevant se¢tions of this report. Other information The other information comprises the informatron included in the trustees. annual rewrt other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. City Harvest Annual Report 24
City Harvest Company Limited by Guarantee Year ended 31 March 2025 , lariesr, LONDON INDEPENDENT AUDITOR'S REPORT Ots. pro* 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 knowledee obtained in the course of the audit or otherwise appears to be malerially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this 8ives rise to a material mi55tatement in the financial statements themselves. 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 ngthing to report in this regard. Opinions on other matters prexribed by the Companies Art 2(M)6 In our opinlon, based on the work undertaken in the Course of the audlt: the information given in the trustees, report (which includes the directors. report for the purpose of company lawl for the financial year for which the financial statements are prepared is consistent with the financial statements.. and the directors. report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exception In the light of the knowled8e and understandin8 of the charitable company and its environment obtained n the course of the audit, we have not identified material misstatements in the directors, report. We have nothin8 to report in respect of the followin8 matters in ielation to which the Compènies Act 2006 require us to report to you if, in our opinion: adequate and proper ac¢ountin8 records have noi been kepi by the ¢haritable company, or returns adequate for our audit have not been received from branthes not visited by us.. or the charitable company's financial statements are not in agreement with the accounting records or returns.. or certain disclosures of trustees, remuneration specified bylaw are not made; or we have not received all the information and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage ol the small companies. exemptions in preparing the directors. report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statemenl. the trustees (who are also the directors of the charitable company for the purpose5 of company lawl are responsible for the preparation of the financial staternents and for being satisfied that they give a true and fair view, and for Such internal control a5 the trustees determine 15 necessary to enable the preparation of financial statements that are free from material mi55tatement. whethei due to fiaud 01 error. In preparing the financial statements, the trustees are iesponsible for assessing the charitable company's bility to continue as a going contern, di5t105in& 35 applieable. matter5 related tts going concern and using the Eoing concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. City Harvest Annual Report 25
City Harvest Company Limited by Guarantee Year ended 31 March 2025 , lariesr, LONDON INDEPENDENT AUDITOR'S REPORT Ots. pro* Audltor responslbillties for the audlt of the flnancial statements We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under 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 155ue an auditorfs report that includes our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IVKI will always detect a material misstatement when it eKlSt5. 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 decision5 of users taken on the basis of these financial statements. Irregularltles, Including fraud. are Instances of non-compliance with13WS and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misst3tements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We gained an understanding ol the legal and regulatory Iramework applicable to the Charitable companv and how it operates and considered the risk of the Charitable company not complyin8 Wlth the applicable laws and regulations including fraud in particular those that could have a material impact on the financial staternents, This included those re8ulations directly related to the financial slaternents, including financial reporting and tax legislation. In relation to the operations of the Charrtable cornpany thi5 ncluded compliance with the Componies Acl 2CI)6, Charities Acl 2011, and SORP 2019. The risks were discussed with the audit ieam and we remainder alert to any indications of non- compliance throu8houl the audil. We carried out specific piocedures to address the risks identified. These in¢luded ihe followin8= Reviewing minutes of Board meetin8s. reviewing any correspondence with the Charitv Commission, agreeing the financial siatement disclosures to underlying supporting documentation. and enquiries of management and officers of the Charitable company. We have also reviewed the procedures in place for the reporting of any incidents to the Trustee Board including serious incident reporting of these matters as necessary with the Charity Commission. Management override.. To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness. We reviewed systems and procedures to identify potential areas of management override risk. We also assessed mana8emeni bias in relation to the accountin8 policies adopted and in determining significant accounting estimates. Because of the inherent limitations of an audit, there 15 a risk that we will not detect all irregularities, including those leadingto a material mi55tatement in the financial statements or ngn-cornpliance with regulètion. This risk intreases the more that compliance with a law or regulation is removed from the èvents and transactions reflectèd in thè finantial statements, as we will bè less likely to become aware of instances of non-compliance. The risk is also 8reater reB3rding irre@ularities occurring due to fraud rather than error. as fraud involves intentional concealment. foiÈery. collusion. omission or misrepresentation. City Harvest Annual Report 26
City Harvest Company Limited by Guarantee Year ended 31 March 2025 , lariesr, LONDON INDEPENDENT AUDITOR'S REPORT Ots. pro* A further description of our responsibilities is available on the FRC'S webslte at.. htt www.lrc.or auditors audil-assurance auditor-s-res onsibili(ies-for-the-audit-of-the- descri tion-of-the-auditor%E2y%995-res onsibilities-for. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable comparfs member5, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable companW5 trustees, as a body. Our audit work has been undertaken 50 that we might slate to the charitable companV5 members and trustees those matters we are required to State to them in an auditorfs report and for no other purpose. To the fullest exient permitted by law. we do not accept or assume responsibility to anyone other than the charitable company, the chari13ble companws members a$ 3 body and the charitable company's trustees as a body, for our audit work. for this report. or for the opinions we have formed. Mlchael Cooper-Da¥ls FCCA ACA (Senlor Statutory Audltorl For and on behalf of.. Prlce Balley LLP Chartered Accountanis Statuiory Audiiors 24 Old 8ond sireel London W154AP 17th November 2025 City Harvest Annual Report 27
City Harvest Company Limited by Guarantee Year ended 31 March 2025 arie%r: LONDON STATEMENT OF FINANCIAL ACTIVITIES Notes Unrestrlcted funds Restrlrted Total funds funds 2025 Total funds 2024 Income: Donations and legacies 1,983,921 1,987,921 1,975,798 Charitable a1vitieS 1,321,613 830,253 2,151,866 2,orx),596 Investment Income 132.940 132.940 153,422 Other troding OrtIVAties Food waste disposal service income 15.930 15,930 1,249 4.131.065 Total Income 3A54.404 834.253 4.288.657 Expendlture: Roi5ingfunds.' Fees and other fundraisin8 expenses 1383,5261 1383,5261 1256,9181 Choritoble Jctivilies Food rescue delivery Total expendSture 13,845.5791 14.229.105) 1992,3281 14,837,907) 13,758,443) 1992.3281 15,221A331 14,015,3611 Net Income and movement Sn fund5 for the year 1774.7011 1158.0751 1932.7761 115,704 Reconclllatlon of funds: Total fund5 brought forward 3,907,204 944,399 4,851,603 4,735,899 Total funds carrled forward 3.132.503 786.324 3.918.827 4.851,603 The Statement of Financial Activities includes all Bains and losses in the year. All income and expenditures derive from continuing activities. The notes on pages 31 to 43 form part of these financial statements. City Harvest Annual Report 28
City Harvest Company Limited by Guarantee Year ended 31 March 2025 ariesr: LONDON BALANCE SHEET tr. pco•¥ Notes 2025 2024 Fixed assets.. Tangible assets Total fixed assets io 839.811 703.733 839.811 703,733 Current assets Debtors li 160,477 2,448,176 758,739 261,635 3,422,371 670.470 Investment in short term deposits Cash at bank and in harhd 12 Total currènt assets 3,367,392 4,354,476 Llabllltles: Creditors falling due within one year Provislons for Ilabllities 13 1252.8041 135.5721 3.079.016 1206,6061 Net current a55ets 4.147,870 Total assets les5 currer)t IlabllStles 3,918,827 4,851,603 Net a55ets 3.918.827 4ASI,603 The funds of the charfty Unrestricted income funds General funds 14 114,081 3,018,422 786,324 3,918,827 607,204 3,3CKJ,000 944,399 451,603 Oesi8nated fund Restricted income funds 14 15 Total Charity funds The trustees acknowled8e their responsibililies for complying with the requirements of the Companies Act 2006 with respect to accounling records and the preparation of accounts. These financial statements have been prepared in accordance with the special provision5 relating to cornpanies subject to the small companies, re8irne within Part 15 of the Companies Aci 2006. The notes on pages 31 to 43 form part of these financial statements. These financial statements were approved by the trustees on 17 November 2025 and are signed on their behalf bv: Paul Freeston Chair of Trustees Ifh November 2025 City Harvest Annual Report 29
City Harvest Company Limited by Guarantee Year ended 31 March 2025 ariesr: LONDON STATEMENT OF CASH FLOWS tr. pco•¥ 2025 2024 Cash provided by operating activities Cash flows Irom investing activities IAdditionsl/withdrawals to/from short term deposits Purchase of tangible fixed assets Proceed5 from disposal of fixed assets Cash used in Imie5tin8 artlvltles 19 {462.6081 384,811 974.191 1616.2841 io 1423.3141 1181,7321 11,306 1786,7101 {550,8771 IDecreasel/increase In cash and cash èqulvalénts In thè year Cash and cash equivalents at the beginning of the year Total cash and cash equlvalents at the end of the year 88,269 1401A991 670.470 1.072,369 758.739 670A70 Analy515 of cash and cash equlvalents 2025 2024 Cash and cash equivalents at start of year Chan8e in cash and cash eouivalenis Cash and cash equivalents ai end of year 670,470 88,269 758,739 1,072,369 1401,8991 670,470 Analysls of changes In net debt 2025 2024 Cash and cash equivalents at start of year Change in cash and cash equivalents Cash and cash equivalents ai end of year 670,470 88,269 758,739 1,072,369 1401,8991 670,470 The notes on pages 32 to 44 form part of these financial statements. City Harvest Annual Report 30
City Harvest Company Limited by Guarantee Year ended 31 March 2025 ,larieSr: LONDON NOTES TO THE FINANCIAL STATEMENTS l. Accountlng pollcles al Basis of preparation The financial statemÈnts have been prepared in accordance with A¢¢ountinB and Reporting by Charities.. Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and the Republit of Ireland IFRS102 - effective October 20191- Icharities SORP FRS 1021 and the Companies Act 2006. City Harvest meets the definition of a public benefit entity under FRS 102. Assets and liabililies are initially recoBnised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. All amounts are shown in pound5 Sterling. bl Preparatlon of the accounts on a golng tontern basls The trustees have prepared budgets and a forecast which gives them adequate comfort that the charitable company is a going concern. Therefore, the trustees are of the view that the charitable cornpany has sufficient resources for at least the next 12 months (from the date of approvin8 the financial statements) and that there are no material uncertainties re8arding going concern, As a result, the charitable company's financial statements have been prepared on a going concern basis. ¢1 Income Income is reco8nised where there is entitlement, sufficient probability of receipt and the amount can be measured with sufficient reliabilitv. If a donation is subject to conditions that require a level of perforrnance before the charity is entitled to the funds, the income is deferred and not reco8nised until either those Conditions are fully met, or ihe fulfilmeni of those conditions is wholly within the control of the Charity and it Is probable that those conditions wlll be fulfilled in the reporting perlod. dl Investment Income Interest on fund5 held on deposlt is included when receivable and the amount can be measured reliably by the charity. This is normally upon notification of the interest paid and payable by the bank. el Donated goods and ser¥lces Donated goods and services, including vehicles, are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of Èconomic benefit from the use by thè charity is probablè and the economic benefit of tan be measured reliably. The value of donaied food and surplus food is excluded from the statement of financial activities, when the costs of establishing the fair value would be excessive in comparison to the benefit to the users of the accounts. This is since most of the food would otherwise @o to waste which means City Harvest Annual Report 31
City Harvest Company Limited by Guarantee Year ended 31 March 2025 ,larieSr: LONDON NOTES TO THE FINANCIAL STATEMENTS there is no active market for this food. However. where donated new food does have a clear value, this is included at cost. In accordance with the Charities SORP IFRS 1021. the time of volunteers is noi recognised in the accounts, but the trustees. annual feport provides information about their contribution. On receipt, donated professional services and donated assets are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or assets of equivalent economic benefit in the open market., a corresponding amount is then Tecognised in expenditure in the period of receipt. fl Fund accountlnl Restricted funds are maintained in accordance with the restfi¢tions placed by the donor upon funds donated. Unrestricted funds are the free funds of the charity to use at the discretion of the trustee5 in the furtherance of the charity'5 objectives. Unrestricted funds may include designated funds where the tru5tee5, at their discretion, have created a fund for a specific purpose. gl Expendlture and Irrecoverable VAT Liabilities are recognised as expenditure as soon as there is a legal or constructive obli8ation committin8 the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure 15 accounted for on an accruals basis. All expenses, including support cost5 and governance costs, are allocated or apportioned to the appli¢8ble expenditure headings in the statement of financial activities. h) Allocatlon of support and 8overnance costs Support costs are incurred by fvnctions that a5S1St the work of the charity but do not directly undertake charitable activilies. General Support cost5 include office administration, finance, IT ènd payroll activities. Governance costs comprise expenses involving ihe public accountability of the charity and its compliance with regulation and Bood piactice and comprise the cost of the independent audit. The basis on which support costs have been allo¢aied are set out in Note 7 Analysis of Support Costs. 11 Operatln8 Leases The charity classifies its warehouse rÈnt31 agrèèmènt as an operating lèase, and rent is accruèd on a straight line over the term of the lease. With regard to the delivery vans made available to the charity free of charge, the cost of rentin8 equivalent vehicle5 is used a5 the basis for assignin8 the donation intome and rental expense. City Harvest Annual Report 32
City Harvest Company Limited by Guarantee Year ended 31 March 2025 ,larieSr: LONDON NOTES TO THE FINANCIAL STATEMENTS 11 Taxatlon The tharity is exempt from tax on income and gains falling within section 505 of the Taxes Aci 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the ÈxtÈnt that the5È are applied to its charitable objects. The charity is registered for VAT on its trading aciivities. which consist of fees charged to certain donors for sorting and disposing of out-of-date food on their behalf. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. kl Flxed assets The threshold for capitalisation ol fixed assets is £5. Purchased fixed assets are capitalised at cost. Donated fixed assets are capitalised on the basis of the value of the Eift to the charity. which is the amount the charity would have been willing to pay to obtain services of assets of equivalent economic benefit in the open market. The carryin8 values of tangible fixed assets are reviewed for impairmeni in periods if events or changes in circumstances indicate the Carrying value may noi be recoverable. Depreciation is calculated to write off the cost of an asset over the useful economic life of that asset as follows: Plant, machinery & vehicles Office furniture & IT equipment 20% strai8hi line 20% straight line 11 Oebtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade or charity discounts due. ml Cash at bank and In hand Cash at bank and in hand represents funds which are readily available on demand at less than 24 hours, notice. n) Investments In short term deposits Investments in short term deposits are interest-bearing bank deposits with notice lerms of between l and 12 months. ol Credltor5 and provlslons 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 normallv recognised at their settlement amount after allowing for any discounts allowed. City Harvest Annual Report 33
City Harvest Company Limited by Guarantee Year ended 31 March 2025 ,larieSr: LONDON NOTES TO THE FINANCIAL STATEMENTS pl Flnanclal Instruments The tharity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrufflents are initially recogni5ed at transaction value and subsequently measured at their settlement value. ql Penslons All employees of the Charity are automatically enrolled into a defined contribution pension scheme unle55 they exercise their right to opt out of scheme membership. rl Key ludgements and estlmates po15£v No significant judgments lapart from those involving estimatesl have been made in the process of applying the above accounting policie5. The Trustees make estimates and assumptions ¢onceinin8 the fuluie based on iheir knowledge of the company and the environment in which it operates. The resulting accounting estimates and assumptions will. by definition. seldom equal ihe relaied a¢iual results. 2. Le8al status ol company The company is limiied by guarantee and it$ 8overning document is its Memoiandum ènd Articles of Assoclation. Each member is a guarantor of the company. to an amount not exceedlng £1. in the event of the windlng up of the company. City Harvest Annual Report 34
City Harvest Cornp3ny Limited by Guarantee Year ended 31 March 2025 ,larieSr: LONI>ON 3. Donatlons and grants Unre5trirted funds Restrirted funds Total funds 2025 Total funds 2024 Donations and gifts Donation5 of 8ood5 & Services 1,723,783 260.138 1,727,783 260,138 1,975,798 1,983,921 1,987,921 1,975,798 In the year ended 31 March 2024. restricted income funds from donations and grants amounted to £49,317. In the year, City Harvest distributed 6,110 tonnes of food12024- 5.211 tonnesl to its communitv partners which equates to 14.Sm meals12024- 12.4m meals). In line with the accountin8 policy, it 15 not possible to obtain a fair value of the food received and thus have not been included in the Statement of Financial Activities. If we were to use an estimation for ihe value ol the food, it would be estimated at £21.8m12024- £18.6ml based on an average value of £1.50 per meal. However, as noted previously there 15 no consi5teni basis for meal valuation or portion sizes across family 8roups and therefore this number would not constilute an accurate fair value. In the year ended 31 March 2025, income from donated gifis and services was reco8nised to the value of £260.138. 4. Income from ¢harltable artlvliles Unrestrlrted funds 1,321,613 Reslrlrted funds 830,253 Total funds 2025 2,151,866 Total funds 2024 2,000,596 Grants 1.321,613 830,253 2.151,866 2.000,596 In the year ended 31 March 2024, restricled income funds from charitable activities amounted to £896,087. 5. In¥estment income 2025 2024 Interest received from bank accounts InterÈ5t received on investment income Other interest received 12.280 120,081 579 13,504 139,434 132,940 153,422 Most of the charity's investment income arises from deposits held on an investment platform managed by Flagstone Investments Ltd, which provide5 online access to fixed term deposits offered by a wide range of banks. City Harvest Annual Report 35
City Harvest Cornp3ny Limited by Guarantee Year ended 31 March 2025 ,larieSr: LONI>ON 6. Analysls of expendlture on charltable actlvltles Current UnrÈ5trictèd funds RÈ5tricted Total funds funds 2025 Charitable artivities Drivers and logistics personnel Operational expenditures Total charitable activities 1.597.212 1.322,298 2.919,510 926,069 3.845.579 541.183 442.031 983,214 9,114 992.328 2,138.395 1,764,329 3.902.724 935,183 4,837,907 Support costs (Note 71 Prlor year IlnrestrScted funds Restrlcted Total funds funds 2024 CharStable actlvltles Drivers and logistics personnel Operational expenditures Total charitable activlties Support costs (Note 71 1.151,733 773,472 1.925.205 791,409 2,716,614 672,168 341,941 1.014.109 27.720 1.041.829 1.823.901 1,115,413 2.939,314 819,129 3,758,443 7. Analysls of support costs Current year Support costs Go¥emance Total 2025 Support staff costs Legal and other professional fees Administrative overheads 256.302 84,484 565.540 256,302 84,484 565.540 8,457 20,400 935,183 Accountancy services Audit fee 8,457 20,400 28.857 906.326 The charity allocatÈ5 Costs directly to charitable activities 35 far a5 PO5siblÈ. and then apportions the remaining costs between general support and the governance function based on the nature of the expense. City Harvest Annual Report 36
City Harvest Cornp3ny Limited by Guarantee Year ended 31 March 2025 ,larieSr: LONI>ON Prfor yèar Support tosts G<)vèrnantè Total 2024 Support staff costs Legal and other professional fees Administrative overheads 218,032 71.531 501.808 218,032 71.531 501,808 8,648 19,110 819,129 Accountancy services Audit fee 19.110 27,758 791,371 8, Net Income and expendlture for the year 2025 2024 This is Stated after chargin8: Operating leases Depreciation Audit lee 168.133 279,605 143.881 254,205 20,400 8.457 19,110 8,648 Accountancv 476,595 425,844 City Harvest Annual Report 37
City Harvest Cornp3ny Limited by Guarantee Year ended 31 March 2025 ,larieSr: LONI>ON 9. Staff costs and emoluments 2025 2024 Wages Social security costs Contractors 2,476,266 244,521 192,113 82,816 2,128,367 208,584 94,209 56,825 Pension costs 2.995.716 2,487,985 The average number of employees during the year was 6912024.. 651. None of the employees or contractors is a trustee. No trustee expenses were incurfed during the year 12024.. £Nill. All employees are paid at least the London Living Wage, and the majority are enrolled in the Government-backed auto-enrolment pension scheme. Redundancy and termination costs during the year totaled £O12024- £01. The number of employees who received total emoluments of more than £60.oc lexcluding pension contributions) during the year was as follows.. Salary band £IIO,001-E120,000 £IOO,001-EllO,OC(I £90,001-£100,000 £80,001-£90,OCKI £70,001-£80,000 £60,001-£70,orKI 2025 2024 Penslon contributions of £2.20112024: £1.8351 were paid to a defined contribution scheme In respect of the highest paid employee. The total emoluments of the Key Management Personnel were £654.25012024.' £595,642). There have been 757 regular volunteers during the year12024= 6731 helping to sort food in the warehouse and assisting our drivers. In addition. 1,24512024 1.4501 ynique corporaie volunteers were released to Spend a day volunteering at City Harvest. City Harvest Annual Report 38
City Harvest Cornp3ny Limited by Guarantee Year ended 31 March 2025 ,larieSr: LONI>ON 10. Flxed assets Plan( mathinèry Officè furnlturè & & vèhldés èquipmènt Total COST At l April 2024 Additions 1.308.46S 284.152 135.1561 1.557.461 73.870 139.162 13,8641 209,168 1.382,335 423,314 139.0201 1.766,629 Disposals At 31 March 2025 DEPRECIATION At l April 2024 Charge for the year Disposals At 31 March 2025 646,570 263,322 127.5251 882,367 32,032 16,283 13.8641 44,451 678,602 279,605 131,3891 926,818 NET800KVALUE At 31 March 202S 675,094 661895 164.717 41.838 839,811 703,733 At 31 March 2024 11. Debtors 2025 2024 Trade debtors Payroll funding Other debtors 4,613 12.474 9.701 111.455 9,257 19,277 12.492 154.863 4,640 61,106 261,635 Prepayments Accrued income Interest receivable 22,234 160,477 Prepayments are principally in respect of rent and insurance. Payroll funding represents cash held by the outsourced payroll Service provider in respect of employee wages. City Harvest Annual Report 39
City Harvest Cornp3ny Limited by Guarantee Year ended 31 March 2025 ,larieSr: LONI>ON 12. Investments in short term deposits Investments in short term deposits totaling £2.448.17612024= £3.422.3711 are interest-bearing bank deposits with notice terms of between one and twelve months. 13. Crèdltors- Amounts fallln8 due wlthSn one year 2025 2024 Trade creditors 123.172 75,013 114.019 65.159 Taxation, social security and pensions Accruals 54.619 27,428 252,804 206,606 Analysls of Pro¥lslons for Ilab115tles 2025 2024 Provision at l April Total Provision utilised in year Provision for contract in dlspule Provision for legal claim 30,572 Provislon at 31 March 3S,572 The provlsions comprlses the remalnlng amount due In respect of a two years contract In dispute with one supplier for £30.57212024: nil) and an estimate of the probable future cost of a legal claim for £5,00012024'. nill. The provision is expected to be utilised in the year ending 31st March 2026. 14. Analysis of unrestri¢ted charitable funds The general funds are the'freÈ reserves. after allowingfor all designated funds. Current year l April 2024 Incomi1¥ Transfers re50urces between funds OutBoin8 resources 31 March 2025 General funds Design3ted reserve fund 607.204 3.454.404 281.578 14.229.105) 114,081 3.3LK).O 3.7.204 1281.5781 3.018.422 3,132,503 3.454.404 14,229,105) City Harvest Annual Report 40
City Harvest Cornp3ny Limited by Guarantee Year ended 31 March 2025 ,larieSr: LONI>ON Prior year l April 2023 Incoming rèsources Transfers bÈtweèn funds Outgoing rèsourtès 31 March 2024 General funds Designated rèserve fund 445.075 3.185.661 150.LKhJl 12.973.532) 607,204 3.250.000 3.695.07S 50.rm 3.300,0(X) 3,907,204 3.18S.661 12.973,5321 Analysls of deslgnated funds The trustees have designaled the following reserye fund5 to ensure the charitvs continued expansion: 2025 2024 Liquidity reserve Fixed assets Isee note 161 Impa¢¢ & Investment Reserve 2,SCQ,IX(J 518,422 2,4CM),000 465,281 434.719 3,3CX),000 3.018,422 To ensure sufflclenl funds are available. the trustees have determined thal 6 months of budgeted expenditure should be held at any given time. A fund is maintained that represents the net book value of unrestricted fixed assets. The charity also desi8nates funds for inve5trnent in key elements of its work under an Impact and Investment Reserve. This fund has been used in the year ended 31 March 2025 to support the investment and 8rowth in the charity. 15. Analy515 of restrlcted charltable funds Purposes of re5tri¢ted funds.. Current year l April 2024 Incoming resources Outgoing 31 M3rth 2025 resources Operations fund Depot capital fund Vehicle purthase fund 717.352 119.282 107.765 944,399 721.460 112.793 1858.2981 177,7301 156,3fM)I 1992,3281 580,514 154.345 51,465 786,324 834,253 City Harvest Annual Report 41
City Harvest Cornp3ny Limited by Guarantee Year ended 31 March 2025 ,larieSr: LONI>ON Operations fund.. fundin8 provided lo support the operating costs of deliverin8 food, including costs incurred in relation to warehouse. vehicles. food sourcing and community impact. Depot capital fund.. funding provided to support the capital investment cost5 at the depot5. In the prior year, thi5 Was shown Separately between two depot5. Vehicle purchase funds-. funding provided to purchase vehicles thai deliver food. Prior year l Apr11 2023 Incoming resour$ Out80in8 resources 31 March 2024 Operations fund Depot capital fund Vehicle purchase fund 776.544 74,382 189.898 1,040,824 872.046 73.358 1931,2381 128,4581 182,1331 11.041,8291 717,352 119,282 107,765 944,399 945.404 16. Analysls of net assets between funds Current year rjeneral fvnds OeslBnated funds Restrlcted fuThls Total Tangible fixed assets Net current assets At 31 March 2025 518,422 2,SCQ,O 3.018.422 321,389 464,935 786,324 839,811 3,079,016 3,918,827 114,081 114.081 Prlor year General funds De518nated fvnds Re5trlrted funds Total Tangible fixed assets Net current a55ets At 31 March 2024 465,281 2,834,719 3.3.0[) 238,452 705,947 944.399 703,733 4,147,870 4.851,603 607.204 607.204 17. Commitments Total future minimum lease payments under non-cancellable operating leases are as follow5: 2025 2024 Within l year Between l and 5 years At 31 March 87.860 9,272 97,132 107.953 76,307 184,260 City Harvest Annual Report 42
City Harvest Cornp3ny Limited by Guarantee Year ended 31 March 2025 ,larieSr: LONI>ON The charity has a five-year lease agreement for its distribution nter in Acton which expires in December 2025. The charity has two other commitments for material handling equipment of two year5 and three vear5 respectivelv. The trustees have confirmed that there were no capital commiiments at 31 March 2025. 18. Related party transactlons There were transactions with a Close connection of key management amounting to £3,64312024- £4,267). No amounts were outstanding at thè yeai end. There were no other related party transactions. 19. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvltle5 Notes 2025 2024 Net movement in funds Add back depreclatlon charge Subtract profit on disposal of fixed assets Increase in debiors 1932,7761 279.605 7.631 101,158 81.774 1462,6081 115,704 254,204 17,9051 146,6851 69,493 384,811 io li Increase in creditors Cash provided by operatin8 activities 13 City Harvest Annual Report 43