Charity registration number. 1170544 The Fruiterers, Foundation Annual Report and Financial Statements for the Year Ended 31 January 2025 Foester Boyd Waynflete House 139 Eastgate Louth Lincolnshire LN119QQ
The Fruiterers, Foundatlon Contents Reference and Administrative Details Trustees. Report 2to3 Statement of Tru8tses' R6sponsibllities Independent Examlnerfs Report Statement of Flnancial Activitles 6t07 Balance Sheet Notss to the Financlal Statements 9t017
The Fruitsrers. Foundation Reference and Administrative Details Trustees A B Gulland Prof S J Challacombe L S Olins R Dawson, appointed 16 December 2024 M Hancock, resignation 24 January 2025 J R Wamer, resignation 19 July 2024 C Bishop, resignation 24 January 2025 Prof J F Price, resignation 19 July 2024 1170544 Charity Reglstratlon Number Reglstered Offlce BGA House Nottingham Road Louth Lincolnshire LN11 OWB Forrester Boyd Waynflete House 139 Eastgate Louth Lincolnshire LN119QQ Independent Examiner Investment Managers JMFinn 25 Copthall Avenue London EC2R 7AH HSBC UK Bank PLC 1 Com Market High Wycombe Buckinghamshire HP11 Z4Y Bankers Page 1
Tha Fruitsrers. Foundation Trustees. Report The Trustees present their annual report together with the financial statements of the charity for the year ended 31 January 2025. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory quIrements, the requirements of the charity's governing document and the provisions of the ststement of Recommended Pra¢ticE (SORPI, appliable to cliaritRs prepariThg their accounts ir4 acLorda¢icE wi(iI ttie Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019)- Objoctives and activitles Objects and alms The Foundation has principal objectives: To advance education and research in fruit and all other areas of the fresh Produ industry. - To advan such other charitsble purposes as the trustees see fit from time to time. Monies are reiVed by both funds from individuals and business organisations, as well as one half of the St Paul's Day Livery Service Collection. The income of both fijnds is supplemented by income from the Foundation's investments. Details of the donations and awards made durfng the year are included in these Accounts in Note 4 and 5. Public beneflt The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales, 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. Achlevements and performance Expenditure exceeded incoming resources by £21,078 (2024: £7,751) during the period before realised and unrealised investment gains and losses. It is the policy of the Charity to maintsin 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 ils 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 TeserYe3 aTe adeguale foT the fjoyeseen feouiYementB of the charity. The Trustees reviewed the performance of their investment managers,. J M Finn for the e1Ve-m0nth period ending 31st January 2025. The Trustees are pleased that the net Value of the Foundation's investments have risen during the course of the year. The global financial markets have experienced mixed results during 2025 and the Trustees continue to monitor J M Finn's performan on a regular basis. Structure, governance and management Nature of governing document The Fruiterers Foundation is 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. Recrultment and appolntment of trustees The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Page 2
The Fruiterers. Foundation Trustees. Report "or risks and management ofthose risks The Trustees have assessed the major Tisks to which the charlty is exposed, in partj'cular those related to the operations and finances of the charity, and are satisified that systems and procedures are in place to mitigate our exposure to the major risks. Plans for future periods Alms and key objectives for future perlods The Trustees plan to continue to finan their charilable activ'ilies pnmanly Irom Investment 'income and donat-ions received, and from some other activities. Trustees will receive and act upon recommendations from the Committee of the Foundation's Awards Council to make payments which support research and recognise achievement in the fruit industry, and from the Master for donations to more general worthy causes. The annual report was approved by the trustees of the charity on 24 April 2025 and signed on Its behalf by: J> R Dawson Trustee Page 3
The Frult8rnr•' Foundatlon Statemonl of TruJt••8' Re8pon•lblllti The Truslees are re8pSIble for prepBring Ihe TTu81ee8' reporl and Ihe financial ylAlpmenl8 acCThdan. 1h applicable Traw and Uniled KiThJd(yn ArAyJunliiig Standgrd8 {Uniled Kinfv Generally Accppled Acco# Praetkl The law appli¢3ble lo cliarilies in F.ngland & WMlÈ8 iefllllFe9 the TfU8leeg lo preparp Ilnandal slAlemenl8 lof each fin3noal year ii41ic.h gwe a Iwe and (air vieiv ol Ilie 81iile of allairB of 11)e chafity ancl of Ils incomipg fesrxJrceA and applIln ol resovrces, iiidvdiiig ils Income and expendiliire. for fhal per In wepariffj Ihese finandal slalemenls, the Trustees are required lo.. ' selecl suitable acix)unkn'ng poticies and Ihen apply Ihein con818tenllr, observe the melhods and prinaples ol IliÈ Charilies SORP IFRS102); make judgen7enls and accn[lng eslin)ales that arc rea8onable and piudenl; slate wllelher applicable UK Accounling Slandatds IFRS102) have been lollowd. subjed to any mataial departures disdosed and explained in Ihe financial slalemenls; ' prepare the financlal slatemenls on the going ¢JJncem basls unle98 It 18 Inapw¢Jpn'at8 to wewme Itot the clonty wlll conts'nue in tsIness. The Tnlee5 are responsible for keeping adequate acojunling records thal are sufflcient to show and explain the charivs transadlons and dislcose ¥th reasonable auraCY al any tlme the financ1 p081b.on of the chanty arttl enable to ensure Ihat the finandal statements comply with the Charrties Act 2011. the Chanty (ActnIS and Reports) RegulaticA)s 2c8 and the provIsnS of the Trusl deed. They are also responsible l(K safeguarifiro Ihe assets ol the charity and hence lor taklng reasonable steps for the prevenb'on and detedion of tra1 and omer Irregularilies. Apwoved by the truslees of the dwrity on 24 N)rll 2025 and Signed on118 behalf ty. R Dawson TNslee Page 4
The Fruiterers. Foundation Independent Examinerfs Report to the trustaes of The Fruiterers, Foundation ('the Company.) I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 January 2025. Responslbilities and bas16 of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the charty's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement Your attention is drawn to the fact that the charity has prepared the accounts in accordance wlth Accounting and Reporting by Charitles: Statement of Recommended Practlce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) in preferance 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. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accpeted Accounting Practice effective for reportlng periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to belleve that in any material respect.. 1. accounting records were not kept in respect of the charity as'required by section 130 of the 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 oul 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 he corn? auDs3 no otheT fTtatieT3 in crmnEct the examination to attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Adam Millson ACA Institute of Ghartered Accoutsnts in England and Wales Waynflete House 139 Eastgate Louth Lincolnshire LN119QQ 24 April 2025 Page 5
The Fruiterers. Foundation Statement of Financial Activities for the Year Ended 31 January 2025 (Including Income and Expenditure Account and Statement of Totsl Recognised Gains and Losses) Unrestrlcted funds Restricted funds Total 2025 Note Income and Endowments from: Donations and legacies Investment income 19,082 31,843 19,082 31,843 Total income 50,925 50,925 Expendlturo on-. Raising funds Charitable activities (10,199) 61,804 {10,199) 61,804 Total expenditure Gainsllosses on investment assets (72,003} 65,799 (72,003) 65,799 Net income Other recognlsed galns and 108ses Gainsllosses on revaluation of fixed ass8ts Net movement in funds Reconclliation of fund3 Total funds brought forward Total funds carried forward 44,721 44,721 55,715 55,715 100,436 100,436 1,266,039 1.366.475 105 1.266,144 14 105 1.366.580 The notes on pages 9 to 17 form an integral part of these financial statements. Page 6
The Fruiterers, Foundation Statement of Financial Activities for the Year Ended 31 January 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrictsd funds Restricted funds Total 2024 Note Income and Endowments from: Donations and legacies Investment income 48,896 29.946 48,896 29.946 Total income 78,842 78,842 ExpenditUTe Dn". Raising funds Charitable activities (9,284) (77,309 <9,2841 77,309 Total expenditure Gainsllosses on investment assets (86,593) 5,749 (86,593) 5.749 Net expenditure Other recognised galns and losses Gainsllosses on revaluation of fixed assets Net movement in funds Reconclliation of funds Total funds brought forward Total funds carried forward (13,500) (13,500) 19,320 19,320 5,820 5,820 1,260,219 105 1,260,324 1.266.144 14 1266.039 105 All of the charity's activities derive from continuing operations during the above periods. The funds breakdown for 2024 is shown in note 14. The notes on pages 9 to 17 ft)rm an integral part of these financial statements. Page 7
The Fruiterers, Foundation (Registration number: ) Balance Sheet as at 31 January 2025 2025 2024 Note Fixed assets Investments 1,340,758 1.239,161 Current assets stocks Debtors Cash at bank and in hand 1,105 2,636 36,407 1,817 3,755 30,894 36,466 10 12 40,148 14,326 Credltor8: Amounts falling du? wlthln one year Net curront assets 13 9,483 25,822 26,983 1,266,144 Net assets 1,366,580 Funds of the charity: Restrlcted Income funds Restricted funds 14 105 105 Unrestrlctsd income funds Unrestricted funds 1,366,475 1,366,580 1,266,039 1,266,144 Total funds The financial statements on pages 6 to 17 were approved by the trustees, ana aumofised for Issue on 24 Aprll 2025 and signed on their behalf by-. 14 R Dawson Trustee The notes on pages 9 to 17 form an integral part of these financial statements. Page 8
The Fruiterers. Foundation Notes to the Financial Statements for the Year Ended 31 January 2025 1 Charity status The Fru4tereFE FOU¥atl (the C4iar4ty} E a Chasitable 1swFpoTated O¥gaTh4sat40Th dorfi4rAled 4Th the iJllited KIS. The address of its registered Offi is.. BGA House Nottingham Road Louth Lincolnshi LN11 OWB 2 Accounting policles Summary of significant accounting pollcies and key accounting 8stlmates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otheiSe stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice appllcable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf 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 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts rn aGcordatTGe w(th the Frnancral Reportrng StarTdard applicable in the IJK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has Sin been withdrawn. Basls of preparatlon The Fruiterers, Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaGtion value unless otheiSe stated in the relevani accounting policy notes. 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 the income re1vable 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 donation. Page 9
The Fruiterers. Foundation Notss to the Financial Statsments for the Year Ended 31 January 2025 Expenditure Expenditure is recognised once there Is a legal or constructive oligation to transfer economic benefit to a third paty, it "Is probable ihat a transfer ot econom'ic benefits will be required In seyrtement and kne amount ofr Ihe obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the totsl 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 attributsble to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. 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 charitsble activities. All expenditure is inclusive of irrecoverable VAT Ralsing funds Expenditure on raislng funds includes all expendrture incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Charltabla activltles Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. Grant provisions Grants payable are charged in the year when the offer is made except in those cases where the offer is condltional, such grants being recognised as expenditure when the conditions attached are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as 8 commitment, but not accrued as expenditure. Flnanclal Instruments The charity only trRs firw[aL assels and fLtwiciaL Iwbilities of a that qualify as basic firLarLcial i[truMeLlts. 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. Investments Fixed asset investments are a fomi 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 J8ss impairment. Invgslmeni gains and lasses, whether realised or unrealised, are combined and presented in the heading as Gainsl(Losses) on investments" in the Statement of financial activlties. Investments held as fixed assets are shown at cost less provision for impairment. 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. stock Stock is valued at the lower of cost and net realisable value after making due alSowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Page 10
The Fruiterers. Foundation Notes to the Financial Statements for the Year Ended 31 January 2025 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. Cash and cash equ5valents Cash at bank and in hand includes cash and short-tem highly liquid investments with a short maturrty of three months or less from the date of acquisition or opening of the deposit or similar account. Llabllities Liabilties are recognised when there is an obligation at the Balan Sheet date as 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. Provlslons 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 these 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. Golng concern The trustees consider that there are no material uncertainties about the charity's abllity to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Fund structure 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 restrictlons imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administerlng such funds are charged against the specific lund. The aim and use ot each restricied fund 'is set oul in the notes to the financial statements. 3 Income from donations and legacles Unrestricted funds General Total 2025 Total 2024 Donations and legacies. Donations received Gift aid reclaimed 17,586 1,496 19,082 17,586 1,496 19,082 46.914 1,982 48,896 Page 11
The Fruiterers, Foundation Notes to the Financial Statements for the Year Ended 31 January 2025 4 Investment income Unrestrlcted fund5 General Total 2025 Total 2024 Income from listed investments 31,843 31,843 29,946 S Expendlture on charitable actlvitles Analysi8 01 donatlons made Unre8tricted Donatlons 2025 Total Total 2025 2024 Donations 24,363 24,363 12,500 The charity has made the following material donations to institutions during the year: 2025 2024 Name of Institution Plum Demonstration Centre Mansion House Scholars Lord Mayorfs Appeal NextGen Fruit Group Worshlpful Company ot Pewterers In Memory of Peter Cooper Coram Charity The Clink 2,500 250 1,000 2,000 1,813 1,000 2,000 2,000 4,000 8,000 The Not Forgotten City Harvest ABF The Soldiers, Charity Sea Change Sailing Trust The Sheriffs, & Recordels Fund Total 4,000 500 3,000 5,000 12,500 24,363 Page 12
The Fruiterers. Foundation Notes to the Financial Statements for the Year Ended 31 January 2025 Grant Actlvity funding of support activity costs Activlty undertaken dlrectly 2025 2024 Designated - General charitsble Designated - Education and Research 20,701 750 17,863 2,751 21,364 56,608 77,309 27,750 28,500 6,500 24,363 6,190 40,440 61,804 8,941 6 Analysls of support costs Support Costs allocated to charltsble actfvitle$ Govemance Admlnlstration costs Costs Other support costs Total 2025 Total 2024 6,531 7,638 14,169 General charitable Education and Research 2,038 6,112 8,150 490 77 224 2,752 6,189 8,941 567 224 Page 13
The Fruiterers. Foundation Notss to the Financial Statements for the Year Ended 31 January 2025 2025 Analysis of awards glven 2024 Plum Demonstration Centre NIAD EMR Fruit Focus Student Prize Travel Bursary Fruit Focus David Hohnen Prize Nuffield Farming Scholarship University of Reading Marden Fruit Show M&W Dinner Under 30s Award Totsl 5,000 21,970 1,500 500 12,000 1,500 1,250 2,500 2,500 7,500 5,000 5,000 500 17,750 48,970 7 Trustees remuneration and expense8 No trustees, nor any persons connected with them, have received any remuneration from the charity durlng the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 8 Independent examlner'8 remuneratlon 2024 Examination of the financial statements 2,700 2,840 Page 14
The Fruiterers. Foundation Notes to the Financial Statements for the Year Ended 31 January 2025 9 Flxed asset investsnents Other Ilxed asset investments Listed investments Total Cost or Valuation At 1 February 2024 Revaluation 1,239,160 47,572 336,2S4 284,229 1,239,161 47,572 336,2S4 284,229 Disposals At 31 January 2025 Net book value 1,340,757 1,340,758 At 31 January 2025 At 31 January 2024 1,340,757 1,340,758 1.239.160 1.239 161 10 Stock 2025 2024 Stocks 1,105 1,817 11 Debtors 2025 2024 60 335 2,241 2.636 240 180 3,335 3.755 Trade debtors Prepayments Accrued income 12 Cash and cash equivalents 2025 2024 30,894 Cash at bank 36,407 13 Credltors: amounts falling due wlthln one year 2025 2024 Trade CdIto[s Accruals 4,426 9,900 14,326 643 8,840 9,483 Page 15
The Fruiterers. Foundation Notes to the Financial Statements for the Year Ended 31 January 2025 14 Funds Balance at I February 2024 Other recognised Balance at 31 gainsl(losses) January 2025 Incoming resources Resources expended Unrestricted funds General General Charitable Education and Research 233,993 1,032,046 1,266,039 17,760 33,165 50,925 (23,292) (48,711 (72,0031 23,096 98,418 121,514 251,557 1,114,918 1,366,475 Restricted funds Franklands Gift Fund 105 105 121,514 1,366,580 Total fund8 1,266,144 50,925 72,003 Balance at 1 February 2023 Oth8r recognised Balance at 31 galnsl(108se8) January 2024 Incomlng resource8 Re8ourc88 expended Unrestrlcted funds General General Charitable Education and Research 227,,137 1,033,082 1,260,219 28.033 50,809 78,842 1212591 65,334 (86,593) 82 13,489 13,571 233.993 1,032,046 1,266,039 Restrlcted Franklands Gift Fund 105 105 86,593 13,571 1,266,144 Totsl funds 1,260,324 78,842 15 Analysls of net assets between funds Unrestricted funds General Total funds at 31 January 2025 Restricted funds Fixed asset investments Current assets CuTTent liaknlities 1,340,758 40,043 14,326 1,340,758 40,148 (14,326 1,366,580 105 Total net assets 1,366,475 105 Page 16
The Fruiterers, Foundation Notes to the Financial Ststsments for the Year Ended 31 January 2025 Restrlcted Funds The Franklands Gift Fund was created to support the needy of the Company and those associated with it. Unrnstricted Totsl funds funds at 31 January General 2024 Restricted funds Fixed asset investments CUnt assets Cuent liabilities 1,239,161 36,361 9,483 1,239,161 36,466 (9,483) 1266.144 105 Total net assets 1.266..039 105 16 Related party transactions There were no related paty transactions in the year. Page 17