Registered number: 09389265 Charity number: 1165742
SUSTAINABLE FIBRE ALLIANCE
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021
SUSTAINABLE FIBRE ALLIANCE
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 - 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 - 11 |
| Notes to the financial statements | 12 - 23 |
SUSTAINABLE FIBRE ALLIANCE
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2021
| Trustees | Una Jones, Chief Executive |
|---|---|
| Andreas Wilkes | |
| Charles Hubbard | |
| Simon Cotton | |
| Eleni Thrasyvoulou (appointed 28 October 2020) | |
| Paul Littlefair (appointed 2 March 2021) | |
| Louisa Holbrook (resigned 28 May 2020) | |
| Ruchira Joshi (resigned 28 January 2021) | |
| Company registered number 09389265 Charity registered number 1165742 Registered office 41 Bryn Awelon Mold Flintshire CH7 1LT Chief executive officer Una Jones Accountants WR Partners Chartered Accountants 1 Edison Court Ellice Way Wrexham Technology Park Wrexham LL13 7YT |
Page 1
SUSTAINABLE FIBRE ALLIANCE
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2021
The Trustees present their annual report together with the financial statements of the Charity for the year 1 February 2020 to 31 January 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The Sustainable Fibre Alliance is a global multi-stakeholder initiative with a mission to ensure the long-term viability of the cashmere sector. We promote the SFA Cashmere Standard to encourage the adoption of responsible production practices that minimise environmental impact, safeguard herder livelihoods and meet high animal welfare standards.
The objectives of the charity are:
To promote sustainable development for the benefit of the public by:
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the preservation, conservation and the protection of the environment and the prudent use of resources
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the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities
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the promotion of sustainable means of achieving economic growth and regeneration
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to advance the education of the public in subjects relating to sustainable development and the protection, enhancement and rehabilitation of the environment and to promote study and research in such subjects provided that the useful results of such study are disseminated to the public at large.
The vision of the Sustainable Fibre Alliance is that all cashmere is produced in an environmentally friendly way that safeguards the livelihoods of herding communities and protects the important, fragile environment in which they live.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
The Key Strategic aims that that shape our work are:
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Environmental resilience in cashmere producing regions.
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Improving animal welfare within cashmere production.
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Improved long-term prospects for herding communities and farmers that rely on cashmere.
Page 2
SUSTAINABLE FIBRE ALLIANCE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021
Objectives and activities (continued)
c. Activities undertaken to achieve objectives
The SFA works with the end to end cashmere supply chain, connecting herders to brands and retailers in the global fashion industry. We offer a globally-focused, locally-adapted solution for sustainable cashmere. We promote the SFA Cashmere Standard to encourage the adoption of responsible practices that benefit people, livestock and the environment. Our standard allows companies to demonstrate their commitment to transforming the cashmere sector and make credible claims about the sustainability of their cashmere products.
d. Main activities undertaken to further the Charity's purposes for the public benefit
The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
Achievements and performance
a. Main achievements of the Charity
This year was an important milestone that kickstarts a decade of action to promote the role of the private sector and multi stakeholder collaboration to drive fairer and more equal societies through the cashmere sector.
With the impact of the Covid 19 pandemic being felt around the world, the SFA has reviewed its planned activities and we remain deeply committed to our core mission. We will now continue to expand the coverage of the SFA program throughout Mongolia and into China, working in partnership with other stakeholders to pool resources and increase our impact.
b. Review of activities
Key activities and achievements in 2020:
• SFA’s governance and operational functionality has improved - We have a comprehensive Internal Management System and related process and policy documents inline with ISEAL codes of good practice.
• SFA membership has substantially increased (doubling in the past year) and now represents end to end supply chain actors from processing plants to brands and retailers.
• The Clean Fibre Processing Code of Practice was pilot successfully with strong demand from brands. Sitting within the SFA Cashmere Standard, this code of practice is targeted at first stage processors to ensure that cashmere fibre is processed without the use of harmful chemicals, specifically alkylphenol ethoxylates (APEOs). It also ensures efficient use of energy and water and a safe, fair working environment.
• SFA Chain of Custody, traceability system successfully introduced. The volume of certified fibre travelling through the supply chain is attracting the attention of cashmere companies, with 30 companies now signed up to our CoC pilot programme.
Page 3
SUSTAINABLE FIBRE ALLIANCE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021
Achievements and performance (continued)
• Supporting Young Herders - It has been another successful year for the Johnstons of Elgin Young Herders Training Programme (YHTP), which supports the next generation of responsible herders. The programme is being delivered from 2018 in Khentii province and it continues to be popular, providing training in sustainable land management and traditional herding practices. This programme was heavily impacted by covid and the closing of schools but has continued despite the disruption. The SFA team worked hard to adapt training materials so they could be delivered online https://kharaatsai.mn/ to support both teachers and students. Young herders are essential in championing effective grassland management and animal health and welfare, and this project enables young people to access skills and knowledge that will help combat the sustainability challenges facing the industry.
• SFA has expanded its work into China and successfully implementing Cashmere Goat Welfare Code of Practice in partnership with International Cooperation Committee of Animal Welfare (ICCAW). Our accreditation programme supports the continuous improvement of farm management through improved animal welfare, productivity and profitability and is great benefit to herders.
• Herder Access to Affordable Finance - Through partnership with the SFA, Khan Bank (Mongolia’s largest national bank, with branches in all provinces of Mongolia) has developed innovative, community based financial products for herding communities. Khan Bank have now agreed to a pioneering five year fund (2019 to 2023) that will provide economic incentives for herder involvement in the SFA programme and help support the resilience of herding communities.
The SFA’s grassroots development efforts and inspiring education programmes would not be possible without the dedication of our team in the UK and in Mongolia and the vital funds raised from our members. We are also extremely grateful to our board of trustees/directors, who bring world class skill and dedication to our cause, and to the many members and businesses who have donated their time and resources to our work programme.
Our supporters know that ensuring animal welfare, good land management and responsible production practices takes time, and their ongoing support is vital to our success in tackling the sustainability challenges that face the cashmere sector today.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Trustees have adopted a policy of having minimum total reserves of £50,000, in order to guarantee continuity of charitable activities. The Trustees will further review this policy as the activities of the charity continue to grow. The charity's reserves at 31st January 2021 amounted to £116,348 (2020: £105,480).
Free reserves at 31 January 2021 were £109,667 (2019: 106,421).
Page 4
SUSTAINABLE FIBRE ALLIANCE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021
Structure, governance and management
a. Constitution
The company is registered as a charitable company limited by guarantee incorporated in England and Wales. It was set up by Articles of Association, dated 14th January 2015 and then amended on 4th February 2016.
The company was granted charitable status on 24th February 2016 and is now registered charity number 1165742.
b. Methods of appointment or election of Trustees
The management of the company is the responsibility of the Trustees, who are elected by ordinary resolution by the existing Trustees in accordance with the company's articles of association.
c. Organisational structure and decision-making policies
The charity is managed by its Board, which consists of its Chair (also a Trustee), its CEO (also a Trustee), and four other Trustees. Management of day to day operations is delegated to the CEO, supported by teams in the UK and in Mongolia. The Charity Commission have granted permission for the CEO to draw remuneration for her services as CEO as well as being a Trustee.
d. Risk management
SFA have a Risk Register procedure in place for evaluating the strategic, operational, finance and compliance risks that the charity is exposed to. The Risk Register is used to support the identification and evaluation of risk, as well as the design and implement effective measures, not only to reduce risk and limit the impact if such risks materialise. The Trustees regularly assess the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, both in the UK and in Mongolia. The Trustees have assessed both the impact and likelihood of each source of risk and are satisfied that systems and procedures are in place to mitigate our exposure where ever possible.
Plans for future periods
Our mission is to ensure the long term viability of the cashmere sector by promoting the SFA Cashmere Standard and encouraging the adoption of responsible production practices.
As we move into 2021, we will launch our new global standard along with biodiversity and livelihood projects championing sustainable development globally. Key focus our activity is to continue to engaging our members and partners to help us further scale our work into Inner and Outer Mongolia and The aim is to have Codes of Practice through each step and, eventually, the entire supply chain from goat herders to retailers. We are building up our alliances with the ambition of working with new partners from the conservation, academia, business and fashion industries. This will ensure a coherent effort that supports sustainability in the cashmere industry that improves herders and their families' livelihoods while reducing environmental impact and raising animal welfare.
Page 5
SUSTAINABLE FIBRE ALLIANCE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021
Plans for future periods (continued)
The SFA has a clear mission and our strategy focuses on our efforts for the years ahead to 2030. While our mission remains unchanged, we will adapt our strategy to changing circumstances and employ innovative, impactful and inspiring ways in achieving our objectives. The strategy will ensure the SFA is focused on working well collectively to achieve appropriate, measurable impact in all we do. Inspiring passion, advocacy, and support for human nature coupled systems are fundamental to our work. 2021/2022 will see the launch of our scheduled events to engage the public, government, businesses and end to end supply chain in our mission to transform the sustainability of the global cashmere sector.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' 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 Trustees to prepare financial statements for each financial year. 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 Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Una Jones Chief Executive
Date: 27/10/2021
Page 6
SUSTAINABLE FIBRE ALLIANCE
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2021
Independent Examiner's Report to the Trustees of Sustainable Fibre Alliance ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 January 2021.
Responsibilities and Basis of Report
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Page 7
(A company limited by guarantee)
SUSTAINABLE FIBRE ALLIANCE
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2021
Independent Examiner's Statement
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute for Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated:
Tim Lunt
BA FCCA MIRPM
WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury SY2 6LG
Page 8
SUSTAINABLE FIBRE ALLIANCE
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JANUARY 2021
| Note Income from: Donations and legacies 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net income Transfers between funds 12 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2021 £ 16,528 16,528 12,483 12,483 4,045 2,891 6,936 (2,832) 6,936 4,104 |
Unrestricted funds 2021 £ 391,206 391,206 384,383 384,383 6,823 (2,891) 3,932 108,312 3,932 112,244 |
Total funds 2021 £ 407,734 407,734 396,866 396,866 10,868 - 10,868 105,480 10,868 116,348 |
Total funds 2020 £ 436,089 |
|---|---|---|---|---|
| 436,089 | ||||
| 391,400 | ||||
| 391,400 | ||||
| 44,689 - |
||||
| 44,689 | ||||
| 60,791 44,689 |
||||
| 105,480 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 23 form part of these financial statements.
Page 9
SUSTAINABLE FIBRE ALLIANCE
(A company limited by guarantee) REGISTERED NUMBER: 09389265
BALANCE SHEET AS AT 31 JANUARY 2021
| Note Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets |
2021 £ 37,411 99,316 136,727 (22,956) |
2021 £ 2,577 2,577 113,771 116,348 116,348 116,348 |
2020 £ 99,900 15,440 115,340 (11,751) |
2020 £ 1,891 |
|---|---|---|---|---|
| 1,891 103,589 |
||||
| 105,480 | ||||
| 105,480 | ||||
| 105,480 |
Page 10
SUSTAINABLE FIBRE ALLIANCE
(A company limited by guarantee) REGISTERED NUMBER: 09389265
BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2021
| 2021 Note £ Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
2021 2020 £ £ 4,104 112,244 116,348 |
2020 £ (2,832) 108,312 105,480 |
|---|---|---|
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Una Jones
Chief Executive
Date: 27/10/2021
The notes on pages 12 to 23 form part of these financial statements.
Page 11
(A company limited by guarantee)
SUSTAINABLE FIBRE ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021
1. General information
Sustainable Fibre Alliance is a charitable company, limited by guarantee and incorporated in England and Wales. The members of the charity are the trustees named on page 1 of these accounts. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Sustainable Fibre Alliance meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
After making enquires, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.
The Trustees have also assessed the potential impact on the future operations of the Charity with regard to the Covid-19 outbreak. The Charity is considered to be well positioned given the current environment with no impact on the going concern basis of the financial statements.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 12
(A company limited by guarantee)
SUSTAINABLE FIBRE ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of financial activities.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Office equipment - 33% straight-line
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 13
SUSTAINABLE FIBRE ALLIANCE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021
2. Accounting policies (continued)
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.10 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 14
(A company limited by guarantee)
SUSTAINABLE FIBRE ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021
3. Income from donations and legacies
| Donations Covid-19 grants Total 2021 Total 2020 |
Restricted funds 2021 Unrestricted funds 2021 £ £ 16,528 379,646 - 11,560 16,528 391,206 32,094 403,995 |
Total funds 2021 £ 396,174 11,560 407,734 436,089 |
Total funds 2020 £ 436,089 - |
|---|---|---|---|
| 436,089 | |||
4. Analysis of expenditure on charitable activities
Summary by fund type
| Direct costs Total 2021 Total 2020 |
Restricted funds 2021 Unrestricted funds 2021 £ £ 12,483 384,383 12,483 384,383 34,926 356,474 |
Total funds 2021 £ 396,866 396,866 391,400 |
Total funds 2020 £ 391,400 |
|---|---|---|---|
| 391,400 | |||
Page 15
SUSTAINABLE FIBRE ALLIANCE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021
5. Analysis of expenditure by activities
| Direct costs Total 2021 Total 2020 Analysis of direct costs |
Activities undertaken directly 2021 £ 219,148 219,148 244,310 |
Support costs 2021 £ 177,718 177,718 147,090 |
Total funds 2021 £ 396,866 396,866 391,400 |
Total funds 2020 £ 391,400 |
|---|---|---|---|---|
| 391,400 | ||||
| Staff costs Charitable project costs Conference costs Training and accreditation costs Research costs Mongolian labour charges Total 2021 Total 2020 |
Activities 2021 £ 78,117 37,896 548 47,782 9,905 44,900 219,148 244,310 |
Total funds 2021 £ 78,117 37,896 548 47,782 9,905 44,900 219,148 244,310 |
Total funds 2020 £ 53,724 29,393 21,657 93,779 27,075 18,682 |
|---|---|---|---|
| 244,310 | |||
Page 16
(A company limited by guarantee)
SUSTAINABLE FIBRE ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021
5. Analysis of expenditure by activities (continued)
Analysis of support costs
| Activities 2021 £ Staff costs 65,141 Depreciation 980 Travel costs 5,484 Office expenditure 12,539 Finance costs 15,541 Communications and internet 19,952 Rent and room hire 7,925 Insurance 1,790 Other expenditure 10,031 Mongolian labour charges 38,335 Total 2021 177,718 Total 2020 147,090 6. Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts |
Total funds 2021 £ 65,141 980 5,484 12,539 15,541 19,952 7,925 1,790 10,031 38,335 177,718 147,090 2021 £ 2,220 |
Total funds 2020 £ 50,079 723 20,602 21,715 7,949 10,355 8,008 1,839 2,070 23,750 |
|---|---|---|
| 147,090 | ||
| 2020 £ 2,112 |
Page 17
(A company limited by guarantee)
SUSTAINABLE FIBRE ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021
7. Staff costs
| Wages and salaries Contribution to defined contribution pension schemes |
2021 £ 139,051 4,207 143,258 |
2020 £ 97,796 6,007 |
|---|---|---|
| 103,803 |
The average number of persons employed in the UK by the Charity during the year was as follows:
| 2021 | 2020 | |
|---|---|---|
| No. | No. | |
| Employees | 4 | 3 |
No employee received remuneration amounting to more than £60,000 in either year.
The information provided throughout this note discloses details for the charitable company's workforce in the United Kingdom.
The charitable company also has a team of 12 employees in Mongolia for whom it completes regulatory filing in Mongolia, the cost of this team is presented in the accounts within both direct and support costs in Note 5.
There are also 3 members of contract staff used by the charitable company, the cost of these is presented in the accounts within both direct and support costs in Note 5.
8. Trustees' remuneration and expenses
During the year, the charity has paid a salary to the Chief Executive, Una Jones, who is also a Trustee. The charity has obtained permission from the Charities Commission for Una Jones to be paid remuneration for her role as Chief Executive. The value of Trustees' remuneration and other benefits was as follows:
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Remuneration (inc pension | |||
| Una Jones | contributions) | 46,820 | 49,900 |
During the year ended 31 January 2021, no Trustee expenses have been incurred (2020 - £4,282) .
Page 18
(A company limited by guarantee)
SUSTAINABLE FIBRE ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021
| 9. Tangible fixed assets Cost or valuation At 1 February 2020 Additions At 31 January 2021 Depreciation At 1 February 2020 Charge for the year At 31 January 2021 Net book value At 31 January 2021 At 31 January 2020 10. Debtors Due within one year Trade debtors Other debtors |
2021 £ 37,400 11 37,411 |
Office equipment £ 2,614 1,666 |
|---|---|---|
| 4,280 | ||
| 723 980 |
||
| 1,703 | ||
| 2,577 | ||
| 1,891 | ||
| 2020 £ 99,900 - 99,900 |
Page 19
(A company limited by guarantee)
SUSTAINABLE FIBRE ALLIANCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021
11. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2021 £ 11,158 6,603 2,975 2,220 22,956 |
2020 £ 1,966 4,241 3,432 2,112 |
|---|---|---|
| 11,751 |
12. Statement of funds
Statement of funds - current year
| Balance at 1 February 2020 £ Unrestricted funds General Funds - all funds 108,312 Restricted funds UNDP (2,891) EDRB Project 59 Export Development Project - (2,832) Total of funds 105,480 |
Income £ Expenditure £ 391,206 (384,383) - - 14,308 (10,813) 2,220 (1,670) 16,528 (12,483) 407,734 (396,866) |
Transfers in/out £ (2,891) 2,891 - - 2,891 - |
Balance at 31 January 2021 £ 112,244 |
|---|---|---|---|
| - 3,554 550 |
|||
| 4,104 | |||
| 116,348 |
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12. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds - all funds Restricted funds UNDP EDRB Project Total of funds |
Balance at 1 February 2019 £ 60,791 - - - 60,791 |
Income £ 403,995 14,119 17,975 32,094 436,089 |
Expenditure £ (356,474) (17,010) (17,916) (34,926) (391,400) |
Balance at 31 January 2020 £ 108,312 |
|---|---|---|---|---|
| (2,891) 59 |
||||
| (2,832) | ||||
| 105,480 |
13. Summary of funds Summary of funds - current year
| Balance at 1 February 2020 £ General funds 108,312 Restricted funds (2,832) 105,480 |
Income £ Expenditure £ 391,206 (384,383) 16,528 (12,483) 407,734 (396,866) |
Transfers in/out £ (2,891) 2,891 - |
Balance at 31 January 2021 £ 112,244 4,104 |
|---|---|---|---|
| 116,348 |
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13. Summary of funds (continued)
Summary of funds - prior year
| General funds Restricted funds |
Balance at 1 February 2019 £ 60,791 - 60,791 |
Income £ 403,995 32,094 436,089 |
Expenditure £ (356,474) (34,926) (391,400) |
Balance at 31 January 2020 £ 108,312 (2,832) 105,480 |
|---|---|---|---|---|
14. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2021 Unrestricted funds 2021 £ £ - 2,577 4,104 132,623 - (22,956) 4,104 112,244 |
Total funds 2021 £ 2,577 136,727 (22,956) 116,348 |
|---|---|---|
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2020 £ - - (2,832) (2,832) |
Unrestricted funds 2020 £ 1,891 115,340 (8,919) 108,312 |
Total funds 2020 £ 1,891 115,340 (11,751) 105,480 |
|---|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021
15. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions paid by the charity to the fund and amounted to £4,207 (2020: £6,007). Contributions of £2,975 (2020: £3,432) were payable to the fund at the balance sheet date and are included in creditors.
16. Related party transactions
Included within expenditure are operational costs totalling £2,450 (2020: £10,530) that have been paid to Charles Hubbard (Trustee) to enable him to perform his volunteer role as Head of Operations in Mongolia. Charles receives no additional remuneration to occupy this role.
Also included within expenditure are costs totalling £6,901 (2020: £1,355) to Alison Hubbard (daughter of Charles Hubbard) for services provided throughout the year.
Johnstons of Elgin, a company of which Simon Cotton (trustee) is a director has donated £10,000 to the charity in the year (2020: £Nil).
UJ
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