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← The Felix Project

2023-12-31-accounts

Charity Registration No. 1168183 Company Registration No. 10068253 (England and Wales)

THE FELIX PROJECT

(A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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THE FELIX PROJECT

CONTENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Page
Trustees' report (including Strategic Report and Directors
Report)		 3
Statement of Trustees' responsibilities 21
Independent auditor's report 22
Consolidated Statement of financial activities 26
Balance sheets 27
Consolidated Statement of cashflows 28
Notes to the financial statements 29
Appendix A: Partner acknowledgement 44

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THE FELIX PROJECT

TRUSTEES' REPORT (INCLUDING STRATEGIC REPORT AND DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and ‘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’.

Our Charitable Objects

To preserve and protect the environment and to relieve those in need by reason of youth, age, ill-health, disability, financial hardship or other social or economic disadvantage by the redistribution of surplus food to relieve the above needs.

The External Context

It is estimated that 10.7 million tonnes of food were wasted in the UK in 2021, 40% of which originates from within the food supply chain. This makes little sense from a resource perspective and is a travesty for our planet - when food goes to landfill the potent greenhouses that are newly created are fuelling climate change. According to The Waste and Resources Action Programme (WRAP), the redistribution of food to people is one of the most preferable solutions in the prevention of food wastage.

2023 has been a year of continuing economic uncertainty, with the cost-of-living crisis impacting heavily on the communities The Felix Project serves, compounded by food inflation being at its highest for 45 years. Research we conducted this year tells us that 1 in 4 working London parents struggle to afford to feed their families. In addition, 25% of working parents said they had skipped a meal or not bought food for themselves to ensure their children could eat. 14% of working families in London say they have turned to a food support service for the first time in the last year. Incredibly 11% of working families in London from our survey have less than £3 a day to spend on food.

What We Do - Our Vision and Mission

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FOR THE YEAR ENDED 31 DECEMBER 2023

The Felix Project is a London-based UK charity set up in 2016 by entrepreneur Justin Byam Shaw and others to tackle both issues.

Our vision is ‘A London where no one is hungry and good food is never wasted’

Our mission is ‘To get good quality, nutritious food to people in need by making use of the surplus food in the UK’s food supply, saving it from becoming waste and harming the planet.’

The Felix Project rescues food from farms, the hospitality and food sector, the manufacturing sector, and the retail industry to minimise the amount of food that is wasted and the detrimental effect it has on the environment. The food we rescue is food that cannot, or is not, going to be eaten but is perfectly fit for human consumption. We redistribute all types of food including fresh fruit and vegetables, dairy, meat and fish, ambient products that do not require refrigeration, chilled and frozen. We deliver it, free of charge, to a network of over 1,000 organisations throughout London. These are organisations such as hostels, community centres and schools that are embedded in their local communities and support individuals in a variety of ways.

Many of the individuals supported by these organisations are those at risk of hunger and malnutrition or social isolation. This includes those from the homeless and rough sleeper community, families from socioeconomically disadvantaged communities and households (including those without recourse to public funds or support), and people who are supported because of physical and/or mental health challenges. It also includes refugees, asylum seekers, children, women who are escaping domestic violence and/or are victims of trafficking, people being supported as they are experiencing addiction or other similar challenges; and older people who are isolated and/or experiencing loneliness.

The Felix Project has four depots in West, North, East and South-east London. In addition to this, our Green Scheme operates in Central London and Canary Wharf. While representing a small part of our output, this low carbon footprint operation (food is collected and delivered in electric vehicles, on foot or on bicycle) circumvents the need for expensive warehousing.

At Felix’s Kitchen, next to our depot in East London, a team of creative professional chefs turns surplus food into healthy and delicious meals that can be microwaved or heated on a hob. These meals provide a valuable addition to the food we rescue.

Alongside our staff team sits an inspiring and incredibly dedicated team of volunteers who underpin our ability to achieve what we do daily. Our volunteers help with processing the incoming and outgoing food at our depots, collect food from suppliers and deliver it to community organisations, help prepare the meals made in the kitchen, support with administration tasks, at events, and more.

Our Strategic Objectives

Our current strategy runs to the end of 2024. Our strategic objectives are:

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FOR THE YEAR ENDED 31 DECEMBER 2023

Food supply

In 2023 The Felix Project rescued 13,400 tonnes of food that may otherwise not have been eaten. That is the equivalent of 32 million meals and is the largest amount of food we have redistributed per year to date. We have maintained these high levels of supply using existing and new channels, constantly evolving, and innovating both through new partnerships and with existing ones.

Significant new supply streams were identified and established during the year, including at Western International Market in Southall, and an orchard in Kent where we have taken over the harvesting of all of their apples, plums, and pears for 5 years. At the market in Southall, we worked with traders to rescue 170 tonnes of fresh fruit and vegetables. Embedding ourselves on the market, in the office and across all the units has resulted in relationships that will continue for many years across multiple organisations.

At the orchard we were supported by more than 800 volunteers from 50 organisations who committed 2,406 hours of picking time to rescue apples, pears, and plums throughout August, September, and October. With the support of Amazon, who provided all the logistics, we rescued 106 tonnes of pears, apples and plums which were delivered to our network of community partners in London. In addition, as some of the apples were not viable for eating, we worked with local partners to turn them in to 33 tonnes of juice – giving life to fresh, raw ingredients and diversifying the range of products for our community partners.

We have worked hard to ensure our supply volumes come from a range of partners, to increase our resilience and decrease risk to our business. We significantly increased surplus donations with two key strategic partners – Amazon & Ocado Retail Limited. This resulted in an increase of surplus of 17% and 43% respectively. The number of key strategic partners providing significant volume has increased, whilst the number of suppliers from across the whole food industry underpinning that base.

Due to investment in frozen infrastructure at our depots and our community partners thanks to the support of His Majesty the King, we increased frozen redistribution by 240 tonnes vs 2022. Notable partners for this newly unlocked supply are Pret, Quorn, Whitby Sea Food & Staple Food Group.

Food volumes from our close partner FareShare have increased volumes from 6,029 tonnes (2022) to 6,465 in 2023. Our organisations continue to work closely alongside each other and go from strength to strength, working effectively in the same space but to each other's strengths to ensure food is rescued from many and varied sources from across the food industry.

Community

2023 has been another busy year during which the impact of the cost of living was felt heavily across London and drove demand for our services higher than ever. We worked with 1,119 community organisations and schools during the year (vs 1,059 in 2023). All were asking for more food and our waitlist remained consistently over 600 (including 270 schools), peaking at over 700 in the latter part of the year.

As well as redistributing an increased amount of food to our network of community partners, we have continued to:

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FOR THE YEAR ENDED 31 DECEMBER 2023

At the beginning of the year, we worked with partners to supply 800 fridges and freezers to community organisations across the UK, thanks to the support of His Majesty King Charles III and other key funders. Providing these units increased the chilled and frozen capacity of our networks significantly, enabling an increase in the amount of food redistributed.

Working with Mayor’s Fund for London, we secured funding from the Greater London Authority (GLA) to support families and children in the school holidays. This model requires extensive coordination across all Felix operations to create the right mix of food for families. This year we piloted a surplus recipe kit model - Create & Make - with partners Mayor’s Fund for London and StreetBox. This provided families with surplus food, store cupboard staples and suggested recipes to inspire families to cook and create meals. We are on target to have exceeded the funded delivery of 7 million meals over the school holidays in collaboration with Mayor’s Fund for London and 3 million meals over the weekends, both programmes supported by the Mayor.

We also evaluated our Felix Food Fight programme. Although we were disappointed there was not a greater uptake of the educational materials by the schools, the evaluation revealed the significance of the need for families that are struggling, and the extent to which the weekly market stalls have enhanced the relationship between families and schools. Schools were better able to establish relationships with those they had not been able to engage before and reported seeing a change in circumstances of families. Special credit goes to the staff and volunteers involved in the market stalls who are making a difference in their communities and helping to keep families struggling the most to keep their children in school and the families fed.

A further focus this year has been developing our relationships with housing associations and the G15, the group of the largest housing associations in the UK. We became founder members of the London Food Insecurity Network working with HACT (Housing Associations Charitable Trust) which has seen us secure our first funding stream from housing associations to support our existing work to support their residents.

Felix’s Kitchen

Our kitchen, situated next to our depot in East London, was established in 2021 and is an integral part of our work. Every day, food Felix has rescued from potentially being wasted is used as ingredients for delicious, healthy, and nutritious individually packed meals.

2023 was a year of incredible growth for Felix’s Kitchen. Our priority was to try and increase output in response to the growing demand for our meals as people struggled to afford the energy bills to cook from scratch using raw ingredients. This resulted in us producing over one million meals (total number of 1,114, 234) - a 15% increase on 2022. This is the equivalent of over 2 nutritious & delicious Felix Meals being eaten every minute of every day of the year.

With the continued support of Morgan Stanley, the kitchen team exceeded its targets and records time and time again, breaking monthly records on four separate occasions, with the strongest month being October during which 107,620 meals were produced.

Our daily meal production average for the year was 3,971 meals and since May 23 it has not dropped below a 4,000 average. This has resulted in more meals being produced for individuals throughout London alongside a decreased cost per meal of £1.19 (vs £1.26 in 2022).

The investment in the kitchen’s infrastructure has created a more efficient and safer working environment and the investment in people and structure means we are set for another fantastic year in 2024.

Distribution

At Felix we strive to find the most effective ways to distribute more food to more communities and we continue to deliver food in a variety of ways:

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  1. Delivery of food directly to community organisations – this is how most of our food is delivered to community partners. Food is delivered via our four warehouse locations and on some occasions directly via our haulage partners to larger charities

  2. Collection of food from our warehouses – for those community partners that have the resources to collect food from our sites, this enables us to support more organisations with our own fleet and team of staff and volunteer drivers

  3. Community distribution - large volumes of food are delivered (usually the equivalent of approximately 2,000 meals) and distributed to families who are ready to receive the food and take it straight home

  4. Green Scheme – our operation in Central London and Canary Wharf has electric vans, walking routes and cycling routes that collect smaller amounts of food and deliver then hyper-locally

In 2023 our Park Royal operation moved to be hosted by one of our major food suppliers. Ocado Retail Limited have been incredible supporters of the charity with surplus food, volunteer time, PR support, funding and now this very generous support through warehouse space in West London. A huge thanks to them for this incredible partnership.

Special thanks go to our partner Amazon who continues to support our operations with vans and drivers when demand for our services peaks as well as throughout the year for business as usual.

Health and Safety

Health & Safety continues to be a primary focus across all activities at The Felix Project. We have continued to roll out staff training across the depots and have continued to develop more robust reporting tools and practices.

Technology

We have continued our technical consolidation of external applications into our Microsoft Dynamics environment. One of the largest projects we undertook was to implement the Volunteer Management and Engagement module to support the team managing the volunteers. This went live in Q4. We also implemented a proof-of-concept module in Dynamics to support ad hoc food offers in the Green Scheme. This uses technology to connect the supplier with the charitable organisation and bypass the need for warehouse space, drivers, volunteers etc and uses technology to automate the process. We will expand the use of this during 2024.

As part of our continued improvements in the business intelligence space, we worked on a number of critical business dashboards to help analyse areas of the business and provide qualitative data to support business decisions.

With the ever-continuing risk from external threats from bad actors, we created a Security Council where we implemented a number of areas to ensure a proactive approach to security and compliance, including document classification and policies to support data retention. We also conducted and passed a penetration test on our web site.

Volunteering

Our volunteers contribute so much to the work of the charity, and we are forever grateful for this. Last year volunteers dedicated 181,250 hours (vs 144,603 in 2022) across our operations. Applications have remained stable despite the external changes and a general decline reported in volunteering across the UK. During the year we saw a massive increase in the number of group volunteering requests focussing on our Kitchen and Poplar site.

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We introduced a group charging model to increase the security of group volunteering bookings, as our experience of non-attendance was having a negative effect on our ability to deliver our agreed targets and operations.

The team’s focus has been collaborating with local communities and organisations to profile the work of the charity and generate interest in volunteering.

This year for the first time we worked in partnership with a farmer in Kent. With the support of our volunteers, we rescued 170 tonnes of fruit directly from the trees.

The implementation of the new Volunteer management platform brought about several challenges and frustrations for our staff and volunteer team. We continue to work through these and learn the lessons for future technical programmes.

Staff

Our establishment saw a steady increase during 2023 enabling the charity to invest in resources to support the delivery of our operations and organisational objectives. At the end of the year, we had a total of 179 staff (vs 158 in 2022) on permanent, fixed term and casual contracts.

The health and well-being of our staff teams is central to our ability to operate effectively and provide a service to our community organisations. We have invested in an employee assistance programme, giving our staff access to a platform offering a wealth of information and advice on well -being issues. Within this, staff can access counselling and advice from registered doctors.

We have ambitious plans to support us to be ‘London’s best loved charity’, listening and responding to the voices of our staff teams. We saw an overall increase in the completion rate of our staff engagement survey up from 68% in 2022 to 86% in 2023. Staff provided us with direct feedback and suggestions about the things that matter most to them. We are committed to using their feedback as we build our action plan for 2024 and beyond. Some of the results of the survey were:

We celebrated our achievement as a recognised accredited London Living Wage (LLW) employer, in line with our equity, diversity, inclusion & belonging (EDIB) objectives. We will ensure that our hourly pay is in line with or greater than the nationally agreed LLW.

Despite some of the challenges we faced with our Learning Management System we have, through our new Learning and Development Advisor, signed up to a new platform, giving our staff access to mandatory and other learning modules to enhance their learning and development. This will very much provide the foundations, alongside investment within the training budget, for our new Performance Management framework.

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The new Employability Manager joined our team and will take forward our strategy to embed employability across the charity, utilising funding from key external partners.

We are committed to ensuring that our policies and procedures are in line with best practice and employment legislation. In line with this we have introduced new policies and supported and developed our managers to effectively understand and use these on the ground.

Our Fundraising

In 2023 we raised £12,880,736 - an exceptional achievement in a highly challenging market where so many charities are in desperate need of money. We are eternally grateful to our partners and donors who have stood side by side with us, funding £12,844,593 of operational expenditure.

Our strategy focused on elevating our brand awareness, investing in talented new staff to build understanding of our purpose and mission, and establishing motivating need to give food, volunteering time, and funds. It is with thanks to The Evening Standard, Wharf Life, Landsec, JC Decaux, Pearl and Dean, The Maverick Group and Premier Comms that we have been able to increase our prompted brand awareness from 14.1% to 18.5% and consideration to give from 51.4% to 62.9%.

We have been privileged to secure support from the King Charles III Charitable Fund, with His Majesty kindly visiting our Poplar depot and kitchen in February 2023. Subsequently, we have been named a beneficiary partner of the Coronation Food Project, inspired by His Majesty.

In May, The Felix Project in partnership with the Mayor’s Fund for London was awarded £2M by the Greater London Authority as part of a wider investment of £3.1M to help deliver around 7 million meals to children from low-income families, helping parents and carers feed their children during the school holidays.

The charity has received outstanding grant support from the Julia and Hans Rausing Trust, BBC Children in Need, Comic Relief, the Garfield Weston Foundation, the Betty Messenger Charitable Trust, the Chellaram Foundation, the Pears Foundation, The Linbury Trust, the City Bridge Foundation, The Tresanton Trust and many more.

With support from Mission 44, we have worked with young people to co-design a volunteering programme which we hope will encourage their peers from underserved communities to join Felix’s community.

Thanks to the support from the National Lottery Community Fund, we were able to commission research on our social impact and work with a consultant to define our impact measurement and evaluation strategy.

Volunteering and funding go hand in hand at Felix, for which we are enormously grateful. Our operation is powered, in part, by our corporate partners and donors. We extend our sincerest gratitude to Morgan Stanley for their partnership support. Over 4,500 of their staff gave their time at our Poplar depot and Felix’s Kitchen to help fund and run our operation. Thanks also to Ocado Retail Limited for funding and the gift of premises; to Sainsbury’s for their donation through the ‘Evening Standard Winter Survival Appeal’. Thanks also to Jera Global, Bloomberg, and The Clarkson Foundation for significant funding that has allowed us to deliver 2.9 meals for every £1 gifted.

We were overwhelmed by the kindness of the general public, our major donors, trustees, and other partners who, as part of our Winter Emergency Empty Plate Appeal, raised over £500,000 in the last quarter of 2023. A substantial part of this funding was generated through our participation in the Big Give Christmas Challenge, with significant support from The Childhood Trust. We have achieved all of this with a spirit of togetherness, all with a shared commitment and passion to fight hunger in London.

The Income Generation and Marketing team has increased in size to drive this income growth. Our focus has been to establish strategic partnerships; helping businesses, funders, and individuals to meet their

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organisational and personal goals for social fairness and to contribute to saving our planet from climate change.

It is important for the charity to grow long term sustainable income streams. We are seeking to build our individual giving and legacy programmes. Alongside this, we’re striving to offer an increased portfolio of challenge and mass participation events, which included the launch of our first Santa Stair Climb hosted in One Canada Square, the third-tallest building in the UK which is owned and managed by the Canary Wharf Group, a pivotal partner of the charity.

With growth in staff resources and campaigns, we have ensured thorough due diligence in contracts and compliance with the fundraising codes of practice. We are registered with the Fundraising Regulator. We have refreshed our gift acceptance and refusal policy. During 2023 we received a handful of complaints, typically related to challenge event queries. In 2024 we are aiming to streamline our income processes, automating uploads into our CRM.

We say it day in day out: it is only with the support of our partners, donors, and statutory funders that The Felix Project can serve London’s community experiencing food insecurity.

Our Impact Journey in 2023

In 2023, we continued our ongoing focus on measuring, understanding, and improving the difference we are making in our fight to tackle the environmental problem of food waste and the social problem of food insecurity. Building on the work that was carried out in 2022, we have moved through the following additional stages:

STAGE ONE: Refining Theory of Change & Impact Measurement Framework (January-April)

STAGE TWO: Creating specific Impact Policies (April-June)

STAGE THREE: Gathering richer data (June-November)

STAGE FOUR: Telling the story of our Impact (December)

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The next phase of our impact work will be to use the knowledge we have gained from the data we have gathered to make decisions that will maximise the difference we are able to make in the years ahead. To do this, we will continue to monitor and evaluate our work and will repeat the following evaluations in 2024:

There are also several new projects being launched in 2024, which we will evaluate:

By the end of 2024, we will have been able to use this huge range of data to embed an evidence-based approach to decision making, focused on efficacy and impact against our key indicators, as outlined in our Theory of Change and Impact Measurement Framework. We will also be developing the ‘Education and wider influence’ section of our Theory of Change. We have appointed a new Impact, Reporting and Evaluation Manager who will help us to achieve this.

We continue to aspire to:

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Equity, Diversity, Inclusion & Belonging

The Felix Project received a donation from One Trust to support the organisation to invest in equity, diversity, inclusion & belonging (EDIB) initiatives. In 2023, this funding was used to enlist the support of Social Justice Collective (SJC) – an expert EDIB consultancy – to conduct an analysis of Felix’s policies and processes. SJC set up focus groups and interviews with staff to gain insight into their experiences, alongside using staff and volunteer survey data.

Throughout the year, EDIB principles were embedded in Felix’s wider strategy to foster a culture where staff and volunteers feel valued and feel a sense of belonging. Our EDIB Working Group, sponsored by Charlotte Hill, Felix’s CEO, is an established forum and attended by senior management, staff, and volunteers. In 2023 the following have been achieved:

time. We recognise this is not a level requirement for us due to size (under 250 staff) however gender equality and removing gender pay gaps are important components on our EDIB journey.

in 2023 full - time employees hourly pay for women was 7.7.% less than their male counterparts, and across the charity the sector even higher at 10.3%. A significant factor for The Felix project is the diversity of our Senior Leadership team, with several positions held by women.

The year 2023 not only strengthened Felix’s pre-existing EDIB foundations, but paved the way for an EDIB strategy that aims to invest in and foster diverse and happy teams. Using this roadmap, we aim to make Felix a place where all staff and volunteers feel a sense of inclusion and belonging in our mission to fight food waste and hunger in London.

Environmental Sustainability

We continue to measure our carbon footprint and last year we worked with partners to start to understand in more detail the work we can do across the organisation to decarbonise, where practical and possible. We are excited that this work is coming to fruition, and we look forward to reporting on progress in next year’s report.

2024 and beyond

It feels like each year when we reflect on the year we are leaving, there has been some sort of crisis that has impacted on vulnerable Londoner’s ability to put food on the table – and 2023 was no different with the real impact of the cost-of-living crisis being felt by so many. This year we have seen an increase in those in-work Londoners who are experiencing food insecurity for the first time, as the cost of so many other elements of their life increases, and food is the only elastic part of their outgoings. So, as we look to 2024 and beyond, we have to remain hopeful that things might get easier for both the community organisations we support with

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food, who are seeing a real pinch in terms of increased costs alongside increased demand, as well as the communities they support.

Both National and London elections will take place in 2024. These provide an opportunity for us to raise both regionally and nationally the various levers that can be pulled to ensure we move towards our vision of a London where no one goes hungry and good food is never wasted. At the age of 8 years old, the Felix Project is building a body of evidence and a voice that we believe we can start to use to drive impact in ways beyond the redistribution of surplus food alone.

In 2024, we know that we will be moving depots in South London, and with the support of His Majesty the King, will be opening our South London Coronation Food Hub with both a new depot and also a processing unit to allow us to accept more surplus gluts from the farmgate and turn them into things such as soups and sauces with longer life. We will also be refreshing our strategy this year and looking at the impact we want to have as an organisation from 2025, alongside refreshing our organisational values. Environmental sustainability and our commitment to equity, diversity, inclusion and belonging will remain core foundations of our work. We continue to look at innovative solutions to rescue more surplus and deliver to community organisations, support individuals - especially the vulnerable, and those that are having to choose between heating or eating. Our determination and resolve to redistribute as much surplus food as possible to community organisations across London remains, as does our vision of a London where no one goes hungry and good food is never wasted.

Financial Review

Income in 2023 was £12.9m (2022: £7.6m). Expenditure was £12.8m (2022: £9.8m), resulting in a surplus of £36k (2022: deficit £2.2m) and a net asset value of £10.9m (2022: £10.9m). Our operating surplus incorporates our ambitious investment plans to deliver on our strategy and support implementation of the ‘brilliant basics’ as well as the impact of rising prices during 2023.

Summary of Income and Expenditure

Expenditure grew in 2023 from £9.8m to £12.8m. This represents the growth which started in 2021, notably the Poplar (East London) depot and Felix’s Kitchen, as well as key investments to ensure we can sustain ambitious future plans. Key expenditure items in 2023 included:

We strive to keep our costs low whilst delivering a high-quality service, maximising the funds donated and, where possible and appropriate, using volunteer and donated services.

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Reserves

There has been much change at The Felix Project following a period of exceptional growth during the pandemic which saw us move to an operation that now spans four depots, the Felix Kitchen, and the Green Scheme, delivering 32 million meals to community organisations supporting Londoners most in need. This growth led to a Strategic refresh conducted at the beginning of 2022 focusing on ensuring The Felix Project was fit for purpose given the changes in the world around us, a context which continues to change in the light of more recent events. We have focused on understanding our impact as an organisation and ensuring we invest in the foundations for future sustainable operation. This has resulted in a far larger and more sophisticated organisation which will continue to adapt. The kitchen is now an integral part of the solution to food redistribution and our continued success necessitates robust ongoing health & safety management, employee training and of course, income generation.

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The following reserves policy reflects these changes and future demands.

Reserves Policy

The Trustees have determined that, in order to ensure that sufficient funds are available to mitigate the cost of our principal risks, should they arise and also to cover the orderly wind up of the charity should it be needed, the level of free reserves should be held at a minimum of 6 months budgeted unrestricted expenditure. Based on the 2024 budget this is expected to be just over £5.6m.

In line with this policy the charity’s general fund for business continuity (unrestricted general fund) as of 31 December 2023 is £6.5m (2022: £5.5m).

As the running of the Charity has expanded and we are in a cycle of continuous improvement rather than rapid growth the Trustees have taken the decision to continue to designate only the remaining book value of fixed assets.

The capital commited under fixed assets included in designated funds is £2.5m at the year-end (2022: £2.8m).

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REFERENCE AND ADMINISTRATIVE INFORMATION

The Charity is a company limited by guarantee (registered with Companies House under number 10068253) and registered with the Charity Commission under number 1168183.

Trustees

The Trustees who served during the year and up to the date of signature of the financial statements, and who are also the directors for the purpose of company law, were:

Gavin Darby (Chair, Operations committee until July 2023; Chair, Fundraising Committee from July 2023) Jane Byam Shaw OBE

Justin Byam Shaw OBE (Chair, Fundraising Committee until July 2023)

David Hudd

Michael Millership Asi Panditharatna MBE Ben Salama (Chair, Operations Committee from July 2023) Cath Thorpe (Chair, People Committee) Francesco Vanni d’Archirafi Julian Wakeham (Chair, Finance Committee) Karin Woodley CBE

Senior management Charlotte Hill OBE – Chief Executive Shane Dorsett – Chief Operating Officer Simon Hawkins – Interim Director of Finance from August 2023 Sue Melly – Director of Finance (on sabbatical from August 2023) Tanya Mitchell – Director of Income Generation and Marketing Bernadette Thomas – Director of People and Culture Registered office c/o Sayer Vincent LLP 110 Golden Lane London EC1Y 0TL Auditor Sayer Vincent LLP 110 Golden Lane London EC1Y 0TG Banker National Westminster Bank plc 1 Abbey Road Park Royal London NW10 7YQ Solicitor Hogan Lovells Atlantic House Holborn Viaduct London EC1A 2FG

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STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The organisation is a charitable company limited by guarantee, incorporated in the UK, and registered as a charity. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed by its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.

Governance

In accordance with the Articles of Association, Trustees are appointed to the Board by resolution of the Trustees. Trustees will serve until the board meeting following the third anniversary of their appointment but may stand for re-election according to the procedures laid out in the Articles of Association.

Prior to appointment, a prospective Trustee is invited to attend a meeting of the Board, as an observer, before confirming his or her willingness, or otherwise, to stand for election. Once appointed, each new Trustee is issued with copies of the Charity’s governing document, the latest financial statements and the Charity Commission’s publication “The Essential Trustee: what you need to know”. The Chief Executive Officer also offers an induction meeting with each new Trustee shortly after appointment.

Given the nature of the Charity’s work, the Trustees seek to maintain a broad range of skills on the Board. Essential skills in business, finance and fundraising are represented on the Board, as well as experience of volunteering; several Trustees volunteer regularly and two Trustees are appointed to represent the volunteer workforce.

In their professional lives, some Trustees have received training in relevant areas, such as corporate governance and finance, and some are also experienced charity trustees with relevant training from other organisations on whose boards they serve. Additional training is provided as required.

All Trustees give their time voluntarily and have received no benefits from the Charity. No personal expenses were reclaimed from the Charity during the period.

At the end of 2023 we began the process of looking for several new Trustees to join our Board. Working with Saxton Bampfylde we were successful in recruiting four new Trustees, who will officially join our Board from 25[th] April 2024. The four new Trustees bring a wealth of experience to The Felix Project from across the food industry, property management, technology, operations, logistics, and London networks. The board and senior leadership team are delighted to welcome:

Matt Birch is the UK Country Manager, Grocery, Amazon. He previously worked as a Trading Executive at Central England Co-operative and prior to that at Sainsburys for 10 years, including as the Director of Commercial Operations and the Director of Retail and Property.

Paul Drechsler is the current Chairman of the International Chamber of Commerce. He has extensive experience on various Boards including non-Exec Director of Greencore plc and the Chairman of BusinessLDN / London First.

17

THE FELIX PROJECT

TRUSTEES' REPORT (INCLUDING STRATEGIC REPORT AND DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2023

Adam Park is the CEO of HelloFresh UK. He previously worked at Boston Consulting Group for 9 years, where he specialised in strategy definition and driving transformation at pace.

Full Trustee meetings are planned for the 4[th] week of the start of each new quarter (April, July, October, January) with an additional end of year meeting in December. The senior leadership team prepare quarterly performance management reports, other key information and updates that will have been reviewed and discussed at the relevant sub-committee in the weeks before the full board meeting. Other board meeting agendas are determined with at least 50% of board meeting time focused on forward-looking projects, programmes of work and strategic direction.

To provide mechanisms for more robust review, scrutiny, and development of plans across all areas of the charity the Board has four sub-committees for finance, fundraising, operations, and people. The subcommittees address strategic and significant decisions, reviewing the management of major risks and making recommendations to the quarterly board meetings.

In addition to these subcommittees, the Tech steering group, the security council, the Marketing and communications group and the Volunteer Voice groups all meet on a regular basis and act as advisory groups. These groups incorporate the input of important stakeholders beyond the members of the board and have been successful in overseeing and co-ordinating practical initiatives across the organisation. We have also introduced local Health & Safety meetings at each depot to give staff and volunteers the opportunity to raise any concerns or opportunities for improvement and share best practice. These then feed into a quarterly H&S meeting with some of the senior leaders from across the organisation to ensure continuous improvement around our organisational commitment to safety.

Management

The Trustees are responsible for the strategic direction and policy of The Felix Project and met five times in 2023. Responsibility for the day-to-day management of the Charity’s operations and delivery of its services were delegated to the Chief Executive Officer. The senior leadership comprised the Chief Operations Officer, Director of Finance, Director of Income Generation and Marketing and Director of People & Culture. An extended senior leadership team includes the Heads of Technology and Felix Central Services.

It is essential for the success of The Felix Project (and therefore in the best interests of its beneficiaries) that its key management personnel offer an appropriate blend of skills and experience, in-depth knowledge and experience of distribution, business development and operational growth, acquired through having worked extensively in relevant sectors. In setting the remuneration of the Chief Executive Officer, the Trustees’ policy is to balance remuneration levels of Chief Executive Officers of London-based charities of equivalent size and complexity, with those of Chief Executive Officers/Senior Leaders from relevant industry sectors.

The Felix Project has a wholly owned trading subsidiary, The Felix Project Trading Company Limited, through which all trading activity is accounted for. The intention is that all profits made in the trading subsidiary are donated in full to The Felix Project. No staff are employed by the trading subsidiary. The results of the subsidiary are consolidated on a line-by-line basis.

18

THE FELIX PROJECT

TRUSTEES' REPORT (INCLUDING STRATEGIC REPORT AND DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2023

RISK MANAGEMENT

The Trustees are accountable for the strategic management of risks faced by the Charity, delegating responsibility for the day-to-day management and mitigation of identified risks to the Senior Leadership Team, which formally reports regularly to the Trustees and brings to their attention any significant increases in risks, should they arise. Whilst it is accepted that the Charity’s risk management strategies cannot offer absolute assurance against all forms of loss or damage, the Trustees are satisfied that the measures deployed mitigate exposure to the most significant risks to the Charity. The Trustees review the Charity’s strategic risks regularly to identify new and additional risks and to implement of measure to mitigate risks. They are satisfied those systems are in place to mitigate exposure to all major risks.

Principal Risks

As part of the ongoing assessement of our strategic risks, and following the initial three year strategic planning exercise that was undertaken in 2019, the Executive Leadership Team and Board redefined and updated the charity risk management strategy. The primary strategic risks are categorised as follows:

Sustainability of (Fundraising) Income Growth : The growth of fundraising income may not be sustainable in the medium to long term. Impact of not achieving growth in financial plan may result in a breach of reserves policy.

Insufficient Food Supply : The growth of food supply may not meet demand. This may have the impact of not being able to achieve our strategic goals, serve to our charity and community partners and lose credibility and adverse PR.

Breach of Health and Safety (Including Food Standards) policy; If we experience a serious health and safety breach in our operations. Impact could be significantly damaging PR, loss of life or injury, criminal investigation and /or regulatory action

People: Any adverse relationship between volunteer and staff may have a negative impact on the charity. People relations (employees and volunteers) through a time of organisational growth & development may impact on our ability to achieve our objectives.

Insufficient Food Re-distribution: Any failure of the charity to develop the core capability to grow food redistribution to meet demand. Impact on our PR and credibility and failure to achieve our core Mission and strategic objectives

Cyber attacks, Data Loss or breech and/or Inaccuracy ; Our technology systems and processes & procedures result in serious data privacy loss or breech or we experience key insights inefficiencies. PR or other damage to the charity including regulatory reprimand or fine and complaints. Cost of time and performance due to poor systems or technology.

Brand & Reputation ; A general other serious impact on our Brand and PR due to actions of individuals and/or organisational failure (e.g. negative news story or social media action). Impact could result in reduced funding, loss of donors and supporters, volunteers, or other stakeholders.

Relationship and association based PR; Reputational damage from external sources and/or relationships with supports or partners can results in loss of support, partners and/or donors.

19

THE FELIX PROJECT

TRUSTEES' REPORT (INCLUDING STRATEGIC REPORT AND DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2023

INVESTMENT POLICY

The Charity had no investments in 2023 other than term treasury deposits with two banks which are used to hold cash not immediately needed for operational requirements.

RELATED PARTIES

In 2023 there were no issues of conflicts of interest or inappropriate appointments of related parties.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have each taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.

AUDITORS

Sayer Vincent were re-appointed as auditors during the year.

On behalf of the board of Trustees

Mr Gavin Darby Chair of the Board of Trustees

Dated: 25 April 2024

20

THE FELIX PROJECT (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees, who are also the directors of The Felix Project for the purpose of company law, are responsible for preparing the 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 trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the group for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that 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 charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 December 2023 was 12 (2022: 12). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

21

THE FELIX PROJECT (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE FELIX PROJECT

Independent auditor’s report to the members of The Felix Project

Opinion

We have audited the financial statements of The Felix Project (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 December 2023 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the group financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going 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, individually or collectively, may cast significant doubt on The Felix Project’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the trustees’ annual report, including the strategic report, other than the group financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information, and, except to the extent otherwise explicitly stated in our

22

THE FELIX PROJECT (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE FELIX PROJECT

report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the group 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 nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report, including the strategic report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

23

THE FELIX PROJECT (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE FELIX PROJECT

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

24

THE FELIX PROJECT (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE FELIX PROJECT

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman (Senior statutory auditor) Date: 25 June 2024 for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

25

THE FELIX PROJECT

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Income and
Endowments from:
Donations and Grants
Receivable
3
Income from other
trading activities
4
Investment Income
5
Other Income
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total resources
expended
Net (outgoing) /
incoming resources
before transfers
Gross transfers between
funds
20
Net income for the year
/ Net movement in
funds
Fund balances at 1
January
Fund balances at 31
December		 Unrestricted
Restricted Funds:
Restricted Funds:
Total
Total
Funds
Community
All Other Funds
2023
2022
Freezer Project
£
£
£
£
£
7,265,785
150,000
5,254,136
12,669,921
7,422,716
9,792
-
-
9,792
147,518
172,484
-
-
172,484
25,053
28,539
-
-
28,539
39,560
7,476,600
150,000
5,254,136
12,880,736
7,634,848
1,259,979
-
-
1,259,979
867,811
6,064,124
912,048
4,608,442
11,584,614
8,958,840
7,324,103
912,048
4,608,442
12,844,593
9,826,651
152,497
(762,048)
645,494
36,143
(2,191,803)
534,737
-
(534,737)
-
-
687,234
(762,048)
110,957
36,143
(2,191,803)
8,298,691
950,516
1,601,640
10,850,847
13,042,650
8,985,925
188,468
1,712,597
10,886,990
10,850,847

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities complies with the requirements for an income and expenditure account under the Companies Act 2006.

26

THE FELIX PROJECT

CONSOLIDATED AND CHARITY BALANCE SHEET

AS AT 31 DECEMBER 2023

Consolidated and Charity Balance Sheets As at 31 December 2023

Notes
Fixed assets
Intangible assets
12
Tangible assets
13
Investment in Subsidiary
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts
falling due within one year
16
Total assets less current
liabilities
Creditors: amounts falling
due after more than one
year
17
Provision for other liabilities
18
Total assets less liabilities
Income funds
Restricted funds
20
Unrestricted funds
General funds
Designated funds
21		 Consolidated
2023
£
£
50,487
2,454,555
-
2,505,042
1,546,334
11,272,503
12,818,837
(4,047,707)
8,771,130
11,276,172
(13,131)
(376,051)
10,886,990
1,901,065
6,480,883
2,505,042
8,985,925
10,886,990		 Consolidated
2023
£
£
50,487
2,454,555
-
2,505,042
1,546,334
11,272,503
12,818,837
(4,047,707)
8,771,130
11,276,172
(13,131)
(376,051)
10,886,990
1,901,065
6,480,883
2,505,042
8,985,925
10,886,990		 Consolidated
2022
£
£
153,338
2,679,597
-
2,832,935
2,103,941
7,225,681
9,329,622
(922,913)
8,406,709
11,239,644
(34,697)
(354,100)
10,850,847
2,552,156
5,465,756
2,832,935
8,298,691
10,850,847		 Consolidated
2022
£
£
153,338
2,679,597
-
2,832,935
2,103,941
7,225,681
9,329,622
(922,913)
8,406,709
11,239,644
(34,697)
(354,100)
10,850,847
2,552,156
5,465,756
2,832,935
8,298,691
10,850,847		 Charity
2023
£
£
50,487
2,454,555
1
2,505,043
1,547,566
11,263,096
12,810,662
(4,043,665)
8,766,997
11,272,040
(13,131)
(376,051)
10,882,858
1,901,065
6,476,751
2,505,042
8,981,793
10,882,858		 Charity
2023
£
£
50,487
2,454,555
1
2,505,043
1,547,566
11,263,096
12,810,662
(4,043,665)
8,766,997
11,272,040
(13,131)
(376,051)
10,882,858
1,901,065
6,476,751
2,505,042
8,981,793
10,882,858		 £
2,105,364
7,058,825		 Charity
2022
£
153,338
2,679,597
1
2,505,042
8,771,130		 2,832,935
8,406,709		 2,505,043 2,832,936
12,818,837
(4,047,707)		 9,329,622
(922,913)		 12,810,662
(4,043,665)		 9,164,189
(887,438)
8,766,997 8,276,751
11,276,172
(13,131)
(376,051)		 11,239,644
(34,697)
(354,100)		 11,272,040
(13,131)
(376,051)		 11,109,686
(34,697)
(354,100)
10,886,990 10,850,847 10,882,858 10,720,889
1,901,065
6,480,883
2,505,042		 2,552,156
5,465,756
2,832,935		 1,901,065
6,476,751
2,505,042		 2,552,156
5,335,798
2,832,935
8,985,925 8,298,691 8,981,793 8,168,733
10,886,990 10,850,847 10,882,858 10,720,889

The financial statements were approved by the Board of Trustees on 25 April 2024.

Gavin Darby Chair of the Board of Trustees Company Registration No. 10068253

27

THE FELIX PROJECT

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 DECEMBER 2023

Consolidated cash flow statement
For the period to 31 December 2023
Cash flows from operating activities
2023
2022
£
£
Net cash provided by / (used by)
operating activities
A
4,464,668
(588,188)
Cash flows from investing activities
Purchase of fixed assets
(594,413)
(1,258,280)
Disposal of fixed assets
4,083
2,285
Bank interest income
172,484
25,053
Change in cash and cash equivalents in the year
4,046,822
(1,819,130)
Cash and cash equivalents as at 1 January
7,225,681
9,044,811
Cash and cash equivalents as at 31 December
11,272,503
7,225,681
A – Reconciliation of net movement in funds to net cash provided by / (used by) operating
activities
2023
2022
£
£
Net movement in funds (as per the Statement of Financial
Activities)
36,143
(2,191,803)
Adjustments for:
Fixed asset gift in kind income
(3,819)
(4,572)
Depreciation and fixed asset impairment charges
902,456
726,031
Loss / (Gain) on disposal of fixed assets
19,587
(928)
Bank interest income
(172,484)
(25,053)
Decrease in debtors
557,607
762,398
Increase in creditors
3,125,178
145,740
Net cash provided by / (used by) operating activities
4,464,668
(588,188)
B – Analysis of changes in net debt
Cash and Cash
Equivalents
Finance Leases
Total
Net (debt) as at 31 December 2022
7,225,681
(55,254)
7,170,427
Cash flows
4,046,822
-
4,046,822
Lease principal falling due
-
20,557
20,557
Net (debt) as at 31 December 2023
11,272,503
(34,697)
11,237,806		 Consolidated cash flow statement
For the period to 31 December 2023
Cash flows from operating activities
2023
2022
£
£
Net cash provided by / (used by)
operating activities
A
4,464,668
(588,188)
Cash flows from investing activities
Purchase of fixed assets
(594,413)
(1,258,280)
Disposal of fixed assets
4,083
2,285
Bank interest income
172,484
25,053
Change in cash and cash equivalents in the year
4,046,822
(1,819,130)
Cash and cash equivalents as at 1 January
7,225,681
9,044,811
Cash and cash equivalents as at 31 December
11,272,503
7,225,681
A – Reconciliation of net movement in funds to net cash provided by / (used by) operating
activities
2023
2022
£
£
Net movement in funds (as per the Statement of Financial
Activities)
36,143
(2,191,803)
Adjustments for:
Fixed asset gift in kind income
(3,819)
(4,572)
Depreciation and fixed asset impairment charges
902,456
726,031
Loss / (Gain) on disposal of fixed assets
19,587
(928)
Bank interest income
(172,484)
(25,053)
Decrease in debtors
557,607
762,398
Increase in creditors
3,125,178
145,740
Net cash provided by / (used by) operating activities
4,464,668
(588,188)
B – Analysis of changes in net debt
Cash and Cash
Equivalents
Finance Leases
Total
Net (debt) as at 31 December 2022
7,225,681
(55,254)
7,170,427
Cash flows
4,046,822
-
4,046,822
Lease principal falling due
-
20,557
20,557
Net (debt) as at 31 December 2023
11,272,503
(34,697)
11,237,806		 2023
2022
£
£
4,464,668
(588,188)
(594,413)
(1,258,280)
4,083
2,285
172,484
25,053
4,046,822
(1,819,130)
7,225,681
9,044,811
11,272,503
7,225,681
4,464,668
(588,188)
Finance Leases
Total
(55,254)
7,170,427
-
4,046,822
20,557
20,557
11,272,503 (34,697)
11,237,806

28

THE FELIX PROJECT

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity information

The Felix Project is a private company limited by guarantee incorporated in England and Wales. The registered office is c/o Sayer Vincent, 110 Golden Lane, London EC1Y 0TG.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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 charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below.

1.2 Basis of consolidation

The consolidated financial statements reflect the results and combined financial position of The Felix Project and its subsidiary undertaking The Felix Project Trading Company Limited. As permitted by s408 of the Companies Act 2006, the parent charitable company has not presented its own statement of financial activities (incorporating its income and expenditure account) and related notes.

1.3 Going concern

The Trustees’ Report outlines the impact of current events on the charity and the group. The main risks faced by the charity as a result of the health crisis were a shortage of food, volunteers and/or funds. Due to the incredible response from the charity’s suppliers, volunteers, and donors, at the time of approving the financial statements, the trustees have a reasonable expectation that the charity and group has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds

Unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Designated funds are funds which have been set aside out of unrestricted funds at the discretion of the trustees to ensure planned growth is sustainable and responsibly funded.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.5 Incoming resources

Income is recognised when the group is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. All other income is recognised in line with the above.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is Only considered probable when the amount can be measured reliably, and the charity has been notified of the executor’s intention to make a distribution.

29

THE FELIX PROJECT

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 DECEMBER 2023

Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

The value of services provided by volunteers has not been included in these financial statements. Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.

In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services, and donated facilities 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 facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

1.6 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of six months or less.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

30

THE FELIX PROJECT

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 DECEMBER 2023

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11 Leases

Assets that are held by Company under leases which transfer to the Company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Finance leases

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss.

Operating leases

Rentals payable under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the life of the lease.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Pensions

The charity contributes to a defined contribution pension scheme and contributions for the year are charged in the Statement of Financial Activities as they become due.

31

THE FELIX PROJECT

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 DECEMBER 2023

2 Critical accounting estimates

In the application of the group’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical accounting estimates made in the year include the valuation of Gifts in Kind and cost provisions.

More detail on the accounting policies in these areas is provided above.

3 Donations and grants receivable

Fundraising Events
Corporate and Partnerships
Trusts and Foundations
Government Grants
Major Donors
Individual Giving
Community and Challenges
Donated goods and services		 Consolidated and Charity
Consolidated and Charity
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
Funds
Funds
2023
Funds
Funds
2022
£
£
£
£
£
£
-
-
-
163,164
-
163,164
4,123,902
1,541,155
5,665,057
1,488,614
2,143,502
3,632,116
628,157
1,591,823
2,219,980
850,629
789,133
1,639,762
239,016
2,154,200
2,393,216
35,567
125,294
160,861
920,514
-
920,514
621,549
217,584
839,133
591,607
1,002
592,609
639,873
-
639,873
715,354
31,246
746,600
253,763
-
253,763
131,945
-
131,945
94,044
-
94,044
7,350,495
5,319,426
12,669,921
4,147,203
3,275,513
7,422,716

Included within the Restricted Funds column is £150,000 related to the Community Freezer project (2022 - £1,037,500).

Analysis of Donated goods and services

nalysis of Donated goods and services
Pro bono legal and professional fees
Pro bono rent and parking
Pro bono graphic design services
Van hire, waste disposal and other capital assets donated
Advertising and marketing campaign services		 2023
2022
£
£
40,107
6,072
36,327
-
1,500
-
51,311
42,972
2,700
45,000
131,945
94,044

The charity received / rescued donations of an estimated 13,402 tonnes of food for distribution during 2023, equivalent to an estimated 31.9 million meals (2022 – 12,147 tonnes, 29 million meals).

In addition, 181k hours of volunteer time with an estimated equivalent cost of £1,978k was provided to the charity (2022 – 145k hours, cost £1,609k).

Neither donated food nor volunteer time are recognised in the accounts.

32

THE FELIX PROJECT

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 DECEMBER 2023

4 Income from other trading activity

Income from other Trading
activities		 Unrestricted
Funds
Restricted
Funds
2023
Total
Unrestricted
Funds
Restricted
Funds
2022
Total
£
£
£
£
£
£
9,792
-
9,792
147,518
-
147,518
9,792
-
9,792
147,518
-
147,518

5 Other Income

Gain on disposal of fixed assets
Property and other recharge income
Bank Interest
6
Raising Funds
Fundraising and publicity
Staff Costs
Other fundraising and publicity
expenditure
Share of support costs (see Note 8)
Share of governance costs (see Note 8)
Analysis by fund
Unrestricted funds
Restricted funds		 Unrestricted
Unrestricted
Funds
Funds
2023
2022
£
£
417
928
28,122
38,633
172,484
25,053
201,023
64,614
2023
2022
£
£
732,774
600,105
239,823
95,001
972,597
695,106
283,840
168,151
3,542
4,554
1,259,979
867,811
1,259,979
867,811
-
-
1,259,979
867,811

33

THE FELIX PROJECT

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 DECEMBER 2023

7 Charitable Activities

Staff Costs
Other Charitable Expenditure
-
Operations
-
Community Distribution
-
Volunteer Management
Share of support costs (see Note 8)
Share of governance costs (see Note 8)
Analysis by fund
Unrestricted funds
Restricted funds		 2023
2022
£
£
4,123,755
3,318,578
5,455,406
3,953,484
54,737
10,384
18,872
39,016
9,652,770
7,321,462
1,908,035
1,594,216
23,809
43,162
11,584,614
8,958,840
6,064,124
7,254,070
5,520,490
1,704,770
11,584,614
8,958,840

8 Support Costs

Staff Costs
Professional fees
IT and Communications
Audit fees
Other support and
governance costs
Share of costs
Raising Funds (see Note 6)
Charitable Activities (see
Note 7)		 Support
Governance
2023
Support
Governance
Costs
Costs
Costs
Costs
2022
£
£
£
£
£
£
1,372,265
-
1,372,265
1,028,523
2,688
1,031,211
259,337
-
259,337
150,003
-
150,003
254,019
-
254,019
157,163
-
157,163
-
27,333
27,333
-
31,800
31,800
306,254
18
306,272
426,678
13,228
439,906
2,191,875
27,351
2,219,226
1,762,367
47,716
1,810,083
283,840
3,542
287,382
168,151
4,554
172,705
1,908,035
23,809
1,931,844
1,594,216
43,162
1,637,378
2,191,875
27,351
2,219,226
1,762,367
47,716
1,810,083

34

THE FELIX PROJECT

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 DECEMBER 2023

9 Consolidated net expenditure / income for the year is stated after charging / (crediting):

2023 2022
£ £
Depreciation 902,456 726,051
Loss or profit on disposal of fixed assets 19,588 (928)
Interest payable 2,572 3,146
Operating lease rentals payable: Property 890,766 755,632
Operating lease rentals receivable: Property - (30,611)
Auditor’s remuneration (excluding VAT):
-
Audit current year		 23,300 22,000
-
Other services		 85 10,304

Other services from auditors in 2023 represent the provision of a Registered Office service. In 2022 this represented the provision of payroll services by the previous auditor..

10 Trustees and Related Party Transactions

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

No trustees have claimed expenses during the year. A trustee, David Hudd, provided pro-bono legal work to the charity during 2022 valued at £6,072. There were no related party transactions this year.

Aggregate donations from six trustees were £18,676 in the year (2022 – from two trustees totalling £5,066).

11 Employees

Number of employees

The average monthly number of employees during the year was:

Raising funds
Charitable activities
Support
mployment costs
Wages and salaries
Social security costs
Other pension costs		 2023
2022
Number
Number
18
12
121
111
28
20
167
143
2023
2022
£
£
5,234,965
4,061,263
528,655
397,735
227,308
172,553
5,990,928
4,631,551

Employment costs

35

THE FELIX PROJECT

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 DECEMBER 2023

The Key Management Personnel detailed in the Trustees’ report received total employee remuneration in the year of £566,766 (2022 - £467,488).

The following number of employees received employee benefits (excluding employer pension costs and employer’s national insurance) during the year between:

2023 2022
£140,001 - £150,000 1 -
£100,001 - £110,000 - 1
£90,001 - £100,000 1 -
£80,001 - £90,000 1 1
£70,001 - £80,000 1 2
£60,001 - £70,000 1 3

12 Intangible Fixed Assets

Cost
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Depreciation charge for the year
At 31 December 2023
Total
At 31 December 2023
At 31 December 2022		 Consolidated and Charity
IT Software
2023
£
£
360,655
360,655
-
-
-
-
360,655
360,655
207,317
207,317
102,851
102,851
310,168
310,168
50,487
50,487
153,338
153,338

36

THE FELIX PROJECT

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 DECEMBER 2023

13 Tangible Fixed Assets

Cost
At 1 January
2023
Additions
Reclassifications
Disposals
At 31 December
2023
Depreciation and
Impairment
At 1 January
2023
Depreciation
charge for the
year
Accumulated
depreciation on
asset disposals
At 31 December
2023
Total
At 31 December
2023
At 31 December
2022		 Consolidated and Charity
Equipment
Fixed Assets
Depot
IT
and
Kitchen
Under
Costs
Vehicles
Equipment
Machinery
Equipment
Construction
2023
£
£
£
£
£
£
£
1,306,241
1,261,507
107,290
1,049,261
226,636
38,340
3,989,275
156,086
101,689
15,271
57,550
114,791
152,486
597,873
28,770
480
8,725
725
-
(38,340)
360
(98,605)
(37,554)
(11,858)
(41,629)
-
-
(189,646)
1,392,492
1,326,122
119,428
1,065,907
341,427
152,486
4,397,862
311,430
579,082
62,606
295,072
61,488
-
1,309,678
278,877
237,192
32,455
202,244
48,836
-
799,604
(81,670)
(37,554)
(11,133)
(35,618)
-
-
(165,975)
508,637
778,720
83,928
461,698
110,324
-
1,943,307
883,855
547,402
35,500
604,209
231,103
152,486
2,454,555
994,811
682,425
44,684
754,189
165,148
38,340
2,679,597

Motor vehicles with a net book value at 31 December 2023 of £24,354 (2022 - £53,579) are held through finance lease arrangements.

14 Investment in Subsidiary (Charity only)

2023 2022
£ £
Shares in group subsidiary 1 1

The charity holds the entire £1 share capital of its trading subsidiary, The Felix Project Trading Company Limited.

37

THE FELIX PROJECT

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 DECEMBER 2023

15 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 Consolidated
2023
£
173,753
315,701
1,056,880
1,546,334		 Consolidated
2022
£
365,541
345,904
1,392,496
2,103,941		 Charity
2023
£
175,353
315,333
1,056,880
1,547,566		 Charity
2022
£
369,278
348,590
1,387,496
2,105,364

Other debtors include an amount of £Nil (2022 - £136,973) due in more than one year.

The Charity debtors figure contains £1,233 of intercompany debt (2022 - £10,185).

16 Creditors: Amounts falling due within one year

Trade creditors
Other creditors
PAYE and Social Security
Accruals and deferred income		 Consolidated
2023
£
603,756
71,719
133,487
3,238,745
4,047,707		 Consolidated
2022
£
269,932
80,902
110,497
461,582
922,913		 Charity
2023
£
603,756
71,752
133,487
3,234,670
4,043,665		 Charity
2022
£
269,932
57,046
110,497
449,963
887,438

Other creditors include an amount of £21,566 (2022 - £20,558) being amounts due within a year for finance leases.

17 Creditors: amounts falling due after more than one year

7
Creditors: amounts falling due after more than one year
Finance leases (1 to 5 years) Consolidated
Consolidated
and Charity
and Charity
2023
2022
£
£
13,131
34,697
13,131
34,697

38

THE FELIX PROJECT

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 DECEMBER 2023

18 Provision for other liabilities

Dilapidations provision
Property and vehicle
repairs provision
Rent review provision
Total		 Consolidated and Charity
At 1
Balance at 31
January
Additions in Year
Released
In Year
December
2023
2023
£
£
£
£
255,000
181,051
(60,000)
376,051
86,600
-
(86,600)
-
12,500
-
(12,500)
-
354,100
181,051
(159,100)
376,051

The dilapidations provision represents the Charity’s estimated liability for dilapidations on the leases for Deptford, Enfield, Park Royal and Poplar depots.

19 Bank Debenture

A debenture is in place over all assets of the charity to cover liabilities for card facilities, a BACS limit of £300,000 and foreign currency negotiation up to £20,000. At the year-end an amount of £5,740 (2022: £1,778) was owed in respect of the card facilities.

39

THE FELIX PROJECT

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 DECEMBER 2023

20 Restricted funds

The income funds of the charity include restricted funds comprising the following balances of donations and grants held on trust for the following specific purposes:

2023
Equipment / Capital
Schools
Programme
Felix’s Kitchen
Transport and Vans
New East London
Depot
FareShare Funding
(General)
Across Operations
Community Freezer
Project
GLA Funded
Projects
Felix Connect
FareShare Funding
(Health & Safety)
Reaching
Communities
Farm to Freezer
Totals		 Consolidated and Charity
Movement in funds
Balance at 1
Balance at 31
January
Incoming
Resources
Transfers
December
2023
Resources
Expended
2023
£
£
£
£
£
-
175,942
(79,050)
(87,198)
9,694
310,521
295,000
(250,498)
(230,000)
125,023
686,032
586,750
(979,187)
(82,000)
211,595
530,000
447,580
(441,235)
(144,384)
391,961
13,483
264,418
(240,075)
19,643
57,469
2,776
48,500
(48,500)
-
2,776
58,828
85,346
(88,161)
(3,346)
52,667
950,516
150,000
(912,048)
-
188,468
-
2,154,200
(2,154,200)
-
-
-
19,000
(18,650)
-
350
-
64,624
(56,718)
(7,452)
454
-
216,705
(179,101)
-
37,604
-
896,071
(73,067)
-
823,004
2,552,156
5,404,136
(5,520,490)
(534,737)
1,901,065

40

THE FELIX PROJECT

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 DECEMBER 2023

2022
Equipment / Capital
Schools Programme
New East London
Depot
Transport and Vans
Felix’s Kitchen
FareShare Funding
(General)
Enfield
Refurbishment
Across Operations
New depot – WRAP2
Community Freezer
Project
Totals		 Consolidated and Charity
Movement in funds
Balance at 1
Balance at 31
January
Incoming
Undesignated
New Designation
December
2022
Resources
2022
£
£
£
£
£
212
-
(212)
-
-
78,044
288,000
(55,523)
-
310,521
118,340
205,560
(282,359)
(28,058)
13,483
556,577
80,000
-
(106,577)
530,000
951,428
796,234
(961,630)
(100,000)
686,032
2,776
48,500
(48,500)
-
2,776
-
512,792
-
(512,792)
-
70,020
258,371
(269,563)
-
58,828
88,386
48,556
-
(136,942)
-
-
-
1,037,500
-
(86,984)
-
950,516
1,865,783
3,275,513
(1,704,771)
(884,369)
2,552,156

The transfer between funds amounting to £534,737 represents the value of donations to the charity restricted to the purchase of capital assets.

Once capital assets are purchased the restriction has been complied with, resulting in a transfer of the value of the assets purchased from restricted funds to unrestricted funds.

21 Designated funds

2023
Fixed assets
Totals		 Consolidated and Charity
Balance at 1
Balance at 31
January
Utilised
Undesignated
New Designation
December
2023
2023
£
£
£
£
£
2,832,935
(926,126)
-
598,233
2,505,042
2,832,935
(926,126)
-
598,233
2,505,042

41

THE FELIX PROJECT

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 DECEMBER 2023

2022
Impact Growth Fund
Investments
Fixed assets
Totals		 Consolidated and Charity
Balance at 1
Balance at 31
January
Utilised
Undesignated
New Designation
December
2022
2022
£
£
£
£
£
3,080,712
(980,367)
(2,100,345)
-
-
1,802,684
(390,422)
(1,412,262)
-
-
2,297,472
-
-
535,463
2,832,935
7,180,868
(1,370,789)
(3,512,607)
535,463
2,832,935

The amounts utilised during the year represent funds spent as set out by the trustees at the beginning of the year.

The trustees have included the charity’s fixed assets as designated funds.

22 Analysis of net assets between funds

Fund balances at 31 December 2023 are
represented by:
Intangible fixed assets
Tangible fixed assets
Net current assets / (liabilities)
Creditors: amounts falling due after more than one
year
Provision for other liabilities
Fund balances at 31 December 2022 are
represented by:
Intangible fixed assets
Tangible fixed assets
Net current assets / (liabilities)
Creditors: amounts falling due after more than one
year
Provision for other liabilities		 Consolidated and Charity
Unrestricted
Restricted
Total
funds
funds
Funds
2023
2023
2023
£
£
£
50,487
-
50,487
2,454,555
-
2,454,555
6,870,065
1,901,065
8,771,130
(13,131)
-
(13,131)
(376,051)
-
(376,051)
8,985,925
1,901,065
10,886,990
Consolidated and Charity
Unrestricted
Restricted
Total
funds
funds
Funds
2022
2022
2022
£
£
£
153,338
-
153,338
2,679,597
-
2,679,597
5,854,553
2,552,156
8,406,709
(34,697)
-
(34,697)
(354,100)
-
(354,100)
8,298,691
2,552,156
10,850,847

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THE FELIX PROJECT

NOTES TO THE FINANCIAL STATEMENTS

FOR YEAR ENDED 31 DECEMBER 2023

23 Operating lease commitments

At the reporting end date, the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years		 Consolidated
Consolidated
and Charity
and Charity
2023
2022
£
£
779,614
620,072
1,574,602
1,799,457
630,245
897,112
2,984,461
3,316,642

24 Results from Trading Activities of Subsidiaries

The charity has a wholly owned trading subsidiary, The Felix Project Trading Company Limited (registered company number 11824361).

The taxable profits from 2023 are donated to the Felix Project by Gift Aid. The Felix Project’s investment in the share capital is £1.

Audited financial statements have been filed with the Registrar of Companies.

The Felix Project Trading Company Limited (registered
company number 11824361)
Summary Profit and Loss account
Turnover
Cost of Sales
Gross Profit
Administrative Expenses
Operating Profit / Profit before Taxation
Tax on profit on ordinary activities
Profit for the Financial Year after Taxation
The assets and liabilities
Current assets
Current liabilities
Total net assets
Share capital and reserves		 2023
2022
£
£
12,353
150,348
(11)
(3,541)
12,342
146,807
(8,210)
(10,918)
4,132
135,889
-
(6,173)
4,132
129,716
9,440
175,376
(5,307)
(45,659)
4,133
129,717
1
1

Excluding its subsidiary, the charity’s income for 2023 is £12,999,700 and the net income for the year is £161,727.

43

THE FELIX PROJECT

Appendix A: Partner acknowledgement

Our work in 2023 would not have been possible without the support of all our contributors and donors. We would like to say thank you to all of our partners including:

Funder name Accenture Avanade BBC Children in Need Betty Messenger Charitable Foundation BlackRock Blavatnik Family Foundation Bloomberg Canary Wharf Group PLC Canopus Trust Capital Generation Partners Cargill Chapman Charitable Trust Charities Trust Chellaram Foundation Citi Foundation City Bridge Foundation Comic Relief Dash Water David and Ruth Lewis Family Charitable Trust Dunnhumby Edenred Fidelity International Ford Fund Europe Freshfields Bruckhaus Deringer LLP Furness Insurance Services Garfield Weston Foundation George and Annette Bell Foundation Glendower Capital Gnanam Foundation Gold for Kids Golden Acre Foods HarperCollins (NewsCorp) Haysac Foundation Hello Fresh Highfields Trust CIO Hinduja Foundation UK Hosking Charitable Trust Howard de Walden Estate Ian Mactaggart Trust Impax Asset Management Inner London Magistrates' Court's Poor Box and Feeder Charity

44

THE FELIX PROJECT

Investec Islamic Relief Fund JERA Global Markets John and Lorna Trust John Ryder Memorial Trust Julius Baer International King Charles III Charitable Fund Knight Frank Lane Clark & Peacock LLP Les Ambassadeurs Group Lime London Plus Love is Kindness Charitable Trust McKinsey & Co. McLain Family Foundation Mission 44 Montier Charitable Trust Morgan Stanley Mukul Madhav Foundation UK Mulberry National Lottery Community Fund Northern Trust Oak Foundation Ocado Retail Ltd Orr Mackintosh Foundation P F Charitable Trust PayPal Giving Fund Peabody Community Foundation Philip King Will Charitable Trust R Finney Charitable Trust Rothschild Foundation Sarah's Trust Schroders Giving Silicon Valley Bank StarLizard Temasek International The 29th May 1961 Charitable Trust The 3 TS Charitable Trust The Albert Van den Bergh Charitable Trust The Atlas Fund The Barratt Developments PLC Charitable Foundation The Basil Samuel Charitable Trust The Beacon Lodge Charitable Trust The Cadogan Charity The Carpenter Charitable Trust The Childhood Trust

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THE FELIX PROJECT

The Christopher Rowbotham Charitable Trust The Clarkson Foundation The David & Jennie Kirk Charitable Trust The David Mathias Charity The Dyers' Company Charitable Trust The Gemini Trust The Gosling Foundation Ltd The Grace Trust The Greater London Authority The Holbeck Charitable Trust The Hollick Family Foundation The International Bankers Charitable Trust The J P Jacobs Charitable Trust The Jonathan Towler Foundation The Land Park Charitable Trust The Linbury Trust The Loveday Charitable Trust The Mageni Trust The N Smith Charitable Settlement The Openwork Foundation The Patrick & Helena Frost Foundation The Pears Family Charitable Foundation The Peter Lawrence & Family Charitable Trust The Pilgrim Family Charitable Trust The RKT Charitable Trust The Royal Foundation The Sterry Family Foundation The Tanlaw Foundation The Tresanton Trust The Trevor Catchpole Foundation Tower Hill Trust Trace Charitable Trust Trowers & Hamlins Charitable Fund Vanguard Asset Management Vitol Vovos Better World Fund Westfield Europe Ltd Winch Design

46