2023-01-31-accounts

Charity number: 1170544

The Fruiterers Foundation

Unaudited

Trustees' report and financial statements

for the year ended 31 January 2023

The Fruiterers Foundation

Contents

	Page
Reference and administrative details of the charity, its Trustees and advisers	1
Trustees' report	2 - 3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7 - 18

The Fruiterers Foundation

Reference and administrative details of the charity, its Trustees and advisers for the year ended 31 January 2023

Trustees	Professor John Frederick Price
	John Robert Warner
	Laurence Stephen Olins
	Matthew Hancock (appointed 25 January 2023)
Charity registered number 1170544 Principal office British Growers Association Ltd BGA House Nottingham Road Louth Lincolnshire LN11 0WB Accountants Kreston Reeves LLP Chartered Accountants 2nd Floor 168 Shoreditch High Street London E1 6RA Bankers Coutts & Co 440 The Strand London WC2R 0QS Investment advisors JM Finn 25 Copthall Avenue London EC2R 7AH

Page 1

The Fruiterers Foundation

Trustees' report for the year ended 31 January 2023

The Trustees present their annual report together with the financial statements of the charity for the ended 31 January 2023. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities

a. Policies and objectives

The charity was set up to support general charitable work in and around the City of London and also education and research in the Fruit Industry.

Monies received are charitable donations from members of the Livery of The Fruiterers' Company, from investment income and from business organisations. The trust also receives one-half of the St. Paul's Day Livery Service collection.

b. Main activities undertaken to further the charity's purposes for the public benefit

In considering the activities and grants made during the year, the Trustees have paid due regard to the published Charity Commission guidance on the operation of the Public Benefit requirements of the Charities Act 2011.

Once again, during continuing uncertain and volatile times the current year priority has remained to maintain income for the Trust while ensuring its capital is protected.

Achievements and performance

Financial review

a. Financial risk management objectives and policies

Expenditure exceeded incoming resources by £1,878 (2022: £2,920) during the period before realised and unrealised investment gains and losses.

It is the policy of the Charity to maintain its free reserves at a level to enable it to be administered efficiently, meet its short-term expenditure requirements, and have adequate resources to fund its charitable activities and projects. In establishing this policy, the Trustees have considered the disposition of its incoming resources, which are mainly derived from investments and supplemented by fundraising activities. The Trustees are satisfied that the current level of free reserves are adequate for the foreseen requirements of the charity.

The trustees reviewed the performance of their new investment managers; J M Finn for the twelve-month period ending 31st January 2023. The trustees recognised the poor investment performance of the funds during the period which was due to adverse market conditions and the re-organisation of funds following the change of manager. That said the trustees are satisfied with J M Finn services and performance.

Structure, governance and management

a. Constitution

The Fruiterers Foundation is a registered charity, number 1170544, and is constituted as a CIO under a Trust deed. The charity was incorporated on 5 December 2016 and commenced trading on that date.

Page 2

The Fruiterers Foundation

Independent examiner's report for the year ended 31 January 2023

Independent examiner's report to the Trustees of The Fruiterers Foundation ('the charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 January 2023.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume any responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed:

Dated: 18 July 2023

S.P. Tanner BSc (Econ) FCA

Kreston Reeves LLP

Chartered Accountants

London

Page 4

The Fruiterers Foundation

Statement of financial activities for the year ended 31 January 2023

Note Income from: Donations and legacies 2 Investments 3 Total income Expenditure on: Raising funds Charitable activities Total expenditure Net expenditure before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): (Losses)/gains on revaluation of fixed assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2023 £ 48,531 26,712 75,243 9,736 67,385 77,121 (1,878) (112,307) (114,185) (19,607) (133,792) 1,394,011 (133,792) 1,260,219	Restricted funds 2023 £ - - - - - - - - - - - 105 - 105	Total funds 2023 £ 48,531 26,712 75,243 9,736 67,385 77,121 (1,878) (112,307) (114,185) (19,607) (133,792) 1,394,116 (133,792) 1,260,324	Total funds 2022 £ 57,113 15,177
				72,290 5,498 69,712
				75,210 (2,920) 38,041
				35,121 12,308
				47,429 1,346,687 47,429
				1,394,116

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 7 to 18 form part of these financial statements.

Page 5

			2023		2022
	Note		€		t
Fixed assets
lnvestments			1,208,263		1,335,092
			1,208,263		1,335,092
Current assets
Stocks		2,779		2,448
Debtors		1,598		10,332
Cash at bank and in hand		63,370		47,279
		67,747		60,059
Creditors: amounts falling due within ond year	10	(15,686)		(1,03s)
Net current assets			52,061		59,024
Total assets less current liabilities			1,260,324		1,394,116
Total net assets			1,260,324		1,394.,1 16
Charity funds
Restricted funds	11		105		105
Unrestricted funds	11		1,260,219		1,394,011
Totalfunds			1,260,324		1,394,116

The Fruiterers Foundation

Notes to the financial statements for the year ended 31 January 2023

1. Accounting policies

1.1 Legal form

The Fruiterers' Foundation (the Charity) is a Charitable incorporated organisation domiciled in the United Kingdom. The address of its registered office and principal place of business is British Growers Association Ltd, BGA House, Nottingham Road, Louth, Lincolnshire, LN11 0WB.

1.2 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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

1.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

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

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The Fruiterers Foundation

Notes to the financial statements for the year ended 31 January 2023

1. Accounting policies (continued)

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and governance costs are incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

1.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented in the heading as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investments held as fixed assets are shown at cost less provision for impairment.

1.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.7 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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The Fruiterers Foundation

Notes to the financial statements for the year ended 31 January 2023

1. Accounting policies (continued)

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

1.11 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.12 Fund accounting

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 9

The Fruiterers Foundation

Notes to the financial statements for the year ended 31 January 2023

2. Income from donations and legacies

Donations received Gift Aid reclaim Total 2023 Total 2022	Unrestricted funds 2023 £ 45,592 2,939 48,531 50,180	Restricted funds 2023 £ - - - 6,933	Total funds 2023 £ 45,592 2,939 48,531 57,113	Total funds 2022 £ 54,420 2,693
				57,113

3. Investment income

Income from local listed investments Total 2022	Unrestricted funds 2023 £ 26,712 15,177	Total funds 2023 £ 26,712 15,177	Total funds 2022 £ 15,177

4. Analysis of donations made

Donations Grants, Designated - Benevolent Society Total 2022	Unrestricted Donations 2023 £ 8,000 3,945 11,945 5,585	Total funds 2023 £ 8,000 3,945 11,945 5,585	Total funds 2022 £ 1,850 3,735
			5,585

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The Fruiterers Foundation

Notes to the financial statements for the year ended 31 January 2023

4. Analysis of donations made (continued)

The charity has made the following material grants to institutions during the year:

Name of institution TC Fox Lord Mayor Big Curry Lunch Royal British Legion Teddy's Wish Britten Pears Arts The Ruth Stauss Foundation Barts Charity City Harvest ABF The Soldiers' Charity Other grants to institutions	2023 £ 3,945 - 1,000 1,500 1,000 1,500 1,000 1,500 500 11,945 - 11,945	2022 £ 3,735 1,000 500 - - - - - -
		5,235 350
		5,585

5. Analysis of expenditure by activities

Designated - General Charitable Designated - Education and Research Designated - Benevolent Society Restricted - Legal fees Total 2022	Activities undertaken directly 2023 £ 7,339 38,522 - - 45,861 40,356	Grant funding of activities 2023 £ 8,000 - 3,945 - 11,945 5,585	Support costs 2023 £ 2,151 6,553 875 - 9,579 23,771	Total funds 2023 £ 17,490 45,075 4,820 - 67,385 69,712	Total funds 2022 £ 18,157 25,141 3,735 22,679
					69,712

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The Fruiterers Foundation

Notes to the financial statements for the year ended 31 January 2023

5. Analysis of expenditure by activities (continued)

Analysis of support costs

Accountancy fees Bank charges Legal fees Total 2022	Designated - General Charitable 2023 £ 1,751 400 - 2,151 540	Designated - Education and Research 2023 £ 6,128 425 - 6,553 552	Designated - Benevolent Society 2023 £ 875 - - 875 -	Restricted - Legal fees 2023 £ - - -	Total funds 2023 £ 8,754 825 - 9,579 23,771	Total funds 2022 £ - 1,092 22,679
				-		23,771
				22,679

6. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 January 2023, no Trustee expenses have been incurred (2022 - £NIL).

7. Fixed asset investments

Cost or valuation At 1 February 2022 Additions Disposals Revaluations At 31 January 2023 Net book value At 31 January 2023 At 31 January 2022	Listed investments £ 1,335,087 290,865 (305,383) (112,307) 1,208,262 1,208,262 1,335,087	Other fixed asset investments £ - 1 - - 1 1 -	Total £ 1,335,087 290,866 (305,383) (112,307)
			1,208,263
			1,208,263
			1,335,087

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The Fruiterers Foundation

Notes to the financial statements for the year ended 31 January 2023 Material investments

	Market Value	Market Value Book cost Book cost	Market Value Book cost Book cost	Market Value Book cost Book cost
	2023	2022 2023 2022
	£	£ £ £
Vanguard Funds Plc	36,145	-	35,252	-
Fundsmith LLP Equity Acc	-	29,460	-	10,092
Polar Capital Technology Trust	50,274	74,048	20,761	20,259
JP Morgan Asset Mgrs - US Equity Income	51,756	51,338	19,378	17,275
Gam Fund Management Disruptive Gth	28,526	31,471	38,891	33,493
Scottish Mortgage Inv Trust	24,349	30,212	39,960	34,427
Ishares Core	54,129	47,249	57,071	49,139
Lindsell Train UK Equity	-	46,439	-	45,813
Stewart Investors Asia Pacific Leaders Sust	37,970	32,634	39,730	34,204
Fundsmith LLP Sustainability Equity Inc	37,773	33,216	39,672	34,163
Ishares II Plc (USD) Tips UCITS	32,584	29,900	36,451	29,789
Ishares II Plc (GBP) IDX-Linked Gilts	23,921	29,671	34,706	29,924
Impax Environmental Markets	29,348	26,555	34,467	29,670
Findlay Park plc	41,612	57,504	35,281	43,844
ES River and Mercantile	-	24,432	-	23,621
Baillie Gifford Japan Trust	-	21,996	-	20,871
Foresight Solar Fund Ltd	29,531	20,120	25,612	20,401
Gresham House Energy Storage FD PLC	28,304	20,244	23,290	20,078
Greencoat UK Wind PLC	28,284	20,114	25,214	20,023
Other investments	693,757	760,489	-	515,526
	1,208,263	1,335,092	1,240,188	1,132,941

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The Fruiterers Foundation

Notes to the financial statements for the year ended 31 January 2023

8. Stocks

	2023	2022
	£	£
Finished goods and goods for resale	2,779	2,448

9. Debtors

Due within one year Other debtors Prepayments and accrued income	2023 £ - 1,598 1,598	2022 £ 1,152 9,180
		10,332

10. Creditors: Amounts falling due within one year

Trade creditors Accruals and deferred income	2023 £ 10,186 5,500 15,686	2022 £ - 1,035
		1,035

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The Fruiterers Foundation

Notes to the financial statements for the year ended 31 January 2023

11. Statement of funds

Statement of funds - current year

Unrestricted funds General Charitable Benevolent Society Education and Research Restricted funds Franklands Gift Fund Total of funds	Balance at 1 February 2022 £ 241,655 152,701 999,655 1,394,011 105 1,394,116	Income £ 27,805 2,978 44,460 75,243 - 75,243	Expenditure £ (19,200) (5,917) (52,004) (77,121) - (77,121)	Transfers in/out £ - (147,523) 147,523 - - -	Gains/ (Losses) £ (23,123) (2,239) (106,552) (131,914) - (131,914)	Balance at 31 January 2023 £ 227,137 - 1,033,082
						1,260,219
						105
						1,260,324

During the year, the charity renamed its designated funds. The Charitable Trust was renamed General Charitable and the Fruit Culture Trust was renamed Education and Research.

Page 15

The Fruiterers Foundation

Notes to the financial statements for the year ended 31 January 2023

11. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds General Charitable Benevolent Society Education and Research	Balance at 1 February 2021 £ 383,254 148,403 814,925 1,346,582	Income £ 16,046 1,765 47,546 65,357	Expenditure £ (19,242) (4,428) (28,861) (52,531)	Transfers in/out £ (148,430) - 132,684 (15,746)	Gains/ (Losses) £ 10,027 6,961 33,361 50,349	Balance at 31 January 2022 £ 241,655 152,701 999,655
						1,394,011

Restricted funds Franklands Gift Fund Legal fees Total of funds	105 - 105 1,346,687	- 6,933 6,933 72,290	- (22,679) (22,679) (75,210)	- 15,746 15,746 -	- - - 50,349	105 -
						105
						1,394,116

12. Summary of funds

Summary of funds - current year

Designated funds Restricted funds	Balance at 1 February 2022 £ 1,394,011 105 1,394,116	Income £ 75,243 - 75,243	Expenditure £ (77,121) - (77,121)	Transfers in/out £ - - -	Gains/ (Losses) £ (131,914) - (131,914)	Balance at 31 January 2023 £ 1,260,219 105
						1,260,324

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The Fruiterers Foundation

Notes to the financial statements for the year ended 31 January 2023

12. Summary of funds (continued)

Summary of funds - prior year

Designated funds Restricted funds	Balance at 1 February 2021 £ 1,346,582 105 1,346,687	Income £ 65,357 6,933 72,290	Expenditure £ (52,531) (22,679) (75,210)	Transfers in/out £ (15,746) 15,746 -	Gains/ (Losses) £ 50,349 - 50,349	Balance at 31 January 2022 £ 1,394,011 105
						1,394,116

13. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2023 £ 1,208,263 67,642 (15,686) 1,260,219	Restricted funds 2023 £ - 105 - 105	Total funds 2023 £ 1,208,263 67,747 (15,686)
			1,260,324

Analysis of net assets between funds - prior year

Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2022 £ 1,335,092 59,954 (1,035) 1,394,011	Restricted funds 2022 £ - 105 - 105	Total funds 2022 £ 1,335,092 60,059 (1,035)
			1,394,116

Designated Funds - Benevolent Society

In 2009, The Wholesale Fruit and Potato Benevolent Society transferred its assets and liabilities totalling £192,046 into the Charitable Trust. The Trustees' decided to categories these funds as a separate unrestricted fund, which is to be used in order to continue the objectives of the Benevolent Society, being to provide grants to its beneficiaries. The final beneficiary passed away during the year. The remaining balance of the Benevolent Society Designated Fund has been transferred to the Education and Research Fund.

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The Fruiterers Foundation

Notes to the financial statements for the year ended 31 January 2023

Restricted Funds

The Franklands Gift Fund was created to support the needy of the Company and those associated with it.

In the year ended 31 January 2019, a donation was received from an anonymous donor to be used for Nuffield Scholarships.

In the year ended 31 January 2022, donations from various donors were received to be used towards legal fees.

14. Related party transactions

There were no related party transactions during the year, or outstanding related party balances at the Balance Sheet date.

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