CHARITY REGISTRATION NUMBER: 1176940
The Feed Foundation Unaudited financial statements
31 March 2022
The Feed Foundation
Financial statements
Year ended 31 March 2022
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 |
The Feed Foundation
Trustees' annual report
Year ended 31 March 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 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 published in October 2019.
Reference and administrative details
Registered charity name The Feed Foundation Charity registration number 1176940 Principal office Ground Floor 78-80 Prince of Wales Road Norwich NR1 1NJ
The trustees
The trustees who served during the year and at the date of approval were as follows:
C J Chalmers A Driscoll (resigned 1 September 2022) R Finon (resigned 1 September 2022) L Long (appointed 18 March 2022) J Rainford (appointed 30 April 2021) E Reney (appointed 1 July 2022) CEO L Parish Independent examiner Mark Proctor FCA DChA Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB Bankers Co-operative Bank Plc P O Box 250 Delf House Skelmersdale WN8 6WT Solicitors Clapham & Collinge 35/37 Exchange Street Norwich NR2 1EN
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Trustees' annual report (continued)
The Feed Foundation
Year ended 31 March 2022
Objectives and activities
The object of the charity is the prevention or relief of poverty in Norfolk by providing: grants, items and services to individuals in need and/or charities, or other organisations working to prevent or relieve poverty.
Public Benefit
The Trustees confirm that have had due regard to the Charity Commission's guidance on public benefit.
Achievements and performance
Following two challenging years of repeated lockdowns and uncertainty for both our support work and our trading activities through the CIC, we reopened The Feed in April 2021, by launching our work experience programme, reopening our café on Prince of Wales Road and launching a brand-new project, Nourish. Our Bloom Project followed soon after and we were soon feeling a little bit more like 'business as usual.' Our Community Fridge continued to provide free food to people in need.
In the period between April 2021 and the end of March 2022, we have undergone a significant period of growth in both the Foundation and through our CIC, growing our staff team from 11 to 47 employees and opening 4 new outlets.
In June 2021, after a successful tender process, we were excited for the CIC to take over running The Bistro at Kettle Food Ltd, providing a subsidised service to their employees.
In November, after another successful tender process, we were delighted for the CIC to open The Waterloo Park Pavilion Café and Sandys-Winsch community room.
In December 2021, the CIC opened the student canteen at NUA and in February 2022, also opened REST, the café in Churchman House, in collaboration with Norfolk and Waveney Mind.
Opening new outlets, increased our capacity to support more people, and increased our potential to selfgenerate our own income and generate more profits for the Foundation.
With that in mind, in early 2022 we worked hard to build new relationships with other local support services, to increase the number of referrals onto our projects. Our profile and reputation in Norwich has continued to grow and we have become well respected as a community focused organisation.
We also underwent a full rebranding project, and with the help of a local marketing company, we launched our new look and website in November 2021.
It has been a brilliant and busy year for The Feed and of particular mention is the hard work of our fantastic and dedicated team. They are multi-skilled, committed and extremely focused and we are committed to the development of skills amongst the team and have been able to provide training in areas such as first aid training, Naloxone training and trauma informed training and we have introduced clinical supervision for the support team.
Our many partnerships continue, including Norwich City Council, who continue to support and fund our work, Kettle Foods and Green Farm Coffee and we have developed some new strong relationships with Norfolk and Waveney Mind and local businesses. We are very grateful for their ongoing support.
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Trustees' annual report (continued)
The Feed Foundation
Year ended 31 March 2022
Financial review
The financial result is shown in the Statement of Financial Activities on page 6. Income totalled £193,711 (2021: £134,059) and operating expenditure amounted to £151,102 (2021: £67,705). Overall net income was £42,609 (2021: net income of £66,354).
Total funds at 31 March 2022 are £168,583 (2021: £125,974) of which free reserves amount to £101,715 (2021: £106,265). Restricted funds amount to £42,270 (2021: £Nil).
Reserves Policy
The Trustees have established a policy of maintaining reserves to cover three months running costs, emergencies, unexpected events and long term planned commitments. At 31 March 2022 the value of the reserves required amounted to £101,500. The Trustees are of the opinion reserves at this level would be sufficient to ensure the charity is sustainable whilst not carrying excessive funds. Free reserves represent unrestricted net current assets and at 31 March 2022 amounted to £101,715 (2021: £106,265).
Plans for future periods
Our plans for the Foundation for the next 12 months are exciting. In July 2022, we opened Social Supermarket. It will provide affordable and often free groceries, hygiene and cleaning products to people who are struggling with the rising cost of living. We will also be working with other organisations to provide workshops and drop ins, that address the underlying causes of food poverty, such as debt management, budgeting, mental health and wellbeing and employability support.
We have received external funding to provide this new project and hope that we can develop our plans to open more food hubs in Norwich through the work of The Foundation.
Structure, governance and management
Governing document
The Feed Foundation was established as a CIO on 1 February 2018, number 1176940.
Recruitment and appointment of trustees
There must be at least three charity trustees, with a maximum of nine. Each trustee must be appointed by a resolution passed at a properly convened meeting of the charity trustees.
In selecting individuals for appointment as charity trustees, the existing charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
Induction and training of trustees
The charity trustees will make available to each new charity trustee, on or before his or her first appointment:
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a copy of the current version of the constitution;
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a copy of the CIO's latest Trustees' Annual Report and statement of accounts.
In addition, the Trustees are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities.
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The Feed Foundation Trustees. annual report Year ended 31 March 2022 Structure. govemanc¢ and managem•nt (¢oJthiu•dJ Rlsk managemont The Trustees have assessed the may)r risks to Whti the tharity Ks expowj and are satisfiod th8t systèm5 are in plac6 to mitigate the exposure to these risks. Organlsatlonal structur• Ajthough the trustees of The Faed Foundation oveme govemancg. thg day to day management of the organisation is thè resFKinsibility of the General Manager wtih the suPpt of the tèam. mada up ol a Finance Officer and Mafk9tiNJ and C(mfTts Officer. Rèlated partles Three of the Tntstetss ofThe Feed Foundatim are also diTeLkn of The Fee(1 Entewes CIC. FundTalslng standards Th8 ch8rity ¢arries out limited fundraising acbvibes in [nectiOn with its activities. No professional fundraisers or third-paty ConNneral partiupators are usej. There havè beèn no complaints about the charitys fundr8ising this year. Fundraising is monrtoreil by way of the tharity recording all donations and events where in¢J)me is received. No direct contara is made with th8 publ rgaarding fundraising adivities. Truo and fralr ovefrid• The accounts Ifinarrial Slatsmts) have been pr8pared to give a Inj8 and faiff view and hava departed from the Chaiilies (Accounts and Repts) RegulatKJns 21108 only to the exlellt required tr) provide a "true and fair vievf. This departure has lnvdV followThJ Acc&)unting and Reporting by chariues by Charities preparing their 8ccounts in accordance with the Finanrial Reporb"ng Standard aPIcable in the UK and Republic of Ireland IFRS 102} issued in October 2019 rathèr than Accounting and Reporting by Charities.. statement ol ReGommended Practi eff1ve from 1 Apyil 2005 which has sinte been withdravm. Indepan(l•nt examinor r•appolntm•nt Mart( Proctor FCA DChA of Lovewell Blake LLP wll te reappointed as independent examiner for the ensuring year. 111iilJ- The Iwslees, annual report was approved on .... ... . truslees by.. and signed on behalf of thè board of C J Chalmers Trustee
The Feed Foundation
Independent examiner's report to the trustees of The Feed Foundation
Year ended 31 March 2022
I report to the charity trustees on my examination of the financial statements of the charity for the year ended 31 March 2022 which comprise the statement of financial activities, balance sheet and the related notes.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements 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
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 believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements 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.
Your attention is drawn to the fact that the Charity has prepared the accounts (financial statements) 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 since 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.
Mark Proctor FCA DChA Independent Examiner
Lovewell Blake LLP Chartered accountants Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB
16 December 2022
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The Feed Foundation
Statement of financial activities
Year ended 31 March 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 4 | 87,088 | 106,623 | 193,711 | 134,059 |
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|
|
|
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| Total income | 87,088 | 106,623 | 193,711 | 134,059 | |
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|
|
|
||
| Expenditure | |||||
| Charitable activities | 5 | (97,892) | (53,210) | (151,102) | (67,705) |
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|
|
|
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| Total expenditure | (97,892) | (53,210) | (151,102) | (67,705) | |
|
|
|
|
||
| Net income before transfer of funds | (10,804) | 53,413 | 42,609 | 66,354 | |
| Transfers between funds | 11,143 | (11,143) | – | – | |
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|
|
|
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| Net movement in funds | 339 | 42,270 | 42,609 | 66,354 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 125,974 | – | 125,974 | 59,620 | |
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|
|
|
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| Total funds carried forward | 126,313 | 42,270 | 168,583 | 125,974 | |
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|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 15 form part of these financial statements.
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The Feed Foundation Balance sheet 31 March 2022 2022 2021 Fixed assets Tangible fixed assets 11 24,598 19.709 Current assèts Dèbtors Cash at bank and in harml 12 17.409 128.958 146.367 32.599 75.526 108.125 CredFtors: Afflounts falling du• ¥rfithin ong year 13 (2.382) Net current assets Total asséts less current liabllrties Net assets {1.860) 143.985 106,265 168.583 125,974 168.583 125,974 Funds of the charlty Restrt¢led funds Unrestricted funds Total charity fund$ 42.270 126,313 125,974 125,974 financial st*ments We awroved by the tk)ard of tnthees arKI authorised for issue on . .lfft... and are signed behalf ofthe boanl ty. 14 168.583 C J ch811$ Tnjslee Th• notss on pago$ 8 to 15 forni part of financial statoments.
The Feed Foundation
Notes to the financial statements
Year ended 31 March 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Ground Floor, 76-80 Prince of Wales Road, Norwich, NR1 1NJ.
2. Statement of compliance
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
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 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 issued 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.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis, as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.
Income
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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The Feed Foundation
Notes to the financial statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Income (continued)
- income from donated goods is measured at the fair value of the goods unless this is impracticle to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apprortioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements - Straight line over period of lease Catering equipment - Straight line over three years Office equipment and IT - Straight line over three years Motor vehicles - Straight line over three years
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The Feed Foundation
Notes to the financial statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
4. Donations and legacies
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 25,389 | 50,025 | 75,414 |
| Profits from The Feed Enterprises CIC | 24,199 | – | 24,199 |
| Legacies | |||
| Legacies | 20,000 | – | 20,000 |
| Grants | |||
| Grants | 5,500 | 56,598 | 62,098 |
| Local authority coronavirus support | 12,000 | – | 12,000 |
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|
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| 87,088 | 106,623 | 193,711 | |
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|
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| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 32,444 | – | 32,444 |
| Profits from The Feed Enterprises CIC | 50,558 | – | 50,558 |
| Legacies | |||
| Legacies | – | – | – |
| Grants | |||
| Grants | 10,000 | – | 10,000 |
| Local authority coronavirus support | 41,057 | – | 41,057 |
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|
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| 134,059 | – | 134,059 | |
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Included in grant income is £69,098 (2021: £41,057) received from Norwich City Council.
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The Feed Foundation
Notes to the financial statements (continued)
Year ended 31 March 2022
5. Expenditure on charitable activities
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2022 | ||
| £ | £ | £ | ||
| Staff costs | 31,203 | – | 31,203 | |
| Rent | 20,500 | 6,123 | 26,623 | |
| Training | 27,590 | 250 | 27,840 | |
| Loss on disposal of fixed assets | – | – | – | |
| Repairs and renewals | – | 27,083 | 27,083 | |
| Just Giving fees | 72 | – | 72 | |
| Cleaning | – | 13,172 | 13,172 | |
| Insurance | – | 2,478 | 2,478 | |
| Legal and professional fees | – | 2,676 | 2,676 | |
| Kitchen consumables | – | 1,112 | 1,112 | |
| Advertising and phone | – | 316 | 316 | |
| Depreciation | 15,437 | – | 15,437 | |
| Governance costs | 3,090 | – | 3,090 | |
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| 97,892 | 53,210 | 151,102 | ||
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| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2021 | ||
| £ | £ | £ | ||
| Staff costs | 27,832 | – | 27,832 | |
| Rent | 18,000 | – | 18,000 | |
| Training | 217 | – | 217 | |
| Loss on disposal of fixed assets | 378 | – | 378 | |
| Repairs and renewals | – | – | – | |
| Just Giving fees | – | – | – | |
| Cleaning | – | – | – | |
| Insurance | – | – | – | |
| Legal and professional fees | – | – | – | |
| Kitchen consumables | – | – | – | |
| Advertising and phone | – | – | – | |
| Depreciation | 19,418 | – | 19,418 | |
| Governance costs | 1,860 | – | 1,860 | |
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| 67,705 | – | 67,705 | ||
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| Analysis of Governance costs | ||||
| 2022 | 2021 | |||
| £ | £ | |||
| Independent examination fees | 2,772 | 1,860 | ||
| Other assurance services | 318 | – | ||
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| 3,090 | 1,860 | |||
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| 6. | Net income | |||
| Net income is stated after charging/(crediting): | ||||
| 2022 | 2021 | |||
| £ | £ | |||
| Depreciation of tangible fixed assets | 15,437 | 19,418 | ||
| Operating lease payments | 26,075 | 18,000 | ||
| Loss on disposal of fixed asset | – | 378 | ||
|
|
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The Feed Foundation
Notes to the financial statements (continued)
Year ended 31 March 2022
7. Independent examination fees
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 2,772 |
1,860 |
8. Staff costs
There are no individuals employed directly by the Charity, however, staff costs of £31,203 (2021: £27,832) have been recharged by The Feed Enterprises CIC during the period in relation to time spent working for the Charity.
9. Trustee remuneration and expenses
No Trustee received either remuneration nor expenses during the current period.
10. Commitments
At 31 March 2022 the Foundation had a revenue commitment of £12,760 regarding works being undertaken on the new Social Supermarket.
11. Tangible fixed assets
| Leasehold | |||||
|---|---|---|---|---|---|
| improvemen | Catering | Office | Motor | ||
| ts | equipment | equipment | vehicles | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 1 April 2021 | 30,899 | 18,039 | 4,775 | 10,600 | 64,313 |
| Additions | – | 13,725 | 6,601 | – | 20,326 |
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| At 31 March 2022 | 30,899 | 31,764 | 11,376 | 10,600 | 84,639 |
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| Depreciation | |||||
| At 1 April 2021 | 20,890 | 10,877 | 2,827 | 10,010 | 44,604 |
| Charge for the year | 6,766 | 6,360 | 1,721 | 590 | 15,437 |
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| At 31 March 2022 | 27,656 | 17,237 | 4,548 | 10,600 | 60,041 |
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| Carrying amount | |||||
| At 31 March 2022 | 3,243 | 14,527 | 6,828 | – | 24,598 |
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| At 31 March 2021 | 10,009 |
7,162 |
1,948 |
590 |
19,709 |
12. Debtors
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Amounts owed by group undertakings | 7,659 | 26,599 |
| Prepayments and accrued income | 1,500 | 1,500 |
| Other debtors | 8,250 | 4,500 |
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| 17,409 | 32,599 | |
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The Feed Foundation
Notes to the financial statements (continued)
Year ended 31 March 2022
13. Creditors: Amounts falling due within one year
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Accruals | 2,382 | 1,860 | |||
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| Analysis of charitable funds | |||||
| Unrestricted funds | |||||
| At 1 April | At 31 March | ||||
| 2021 | Income | Expenditure | Transfers | 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 125,974 | 87,088 | (97,892) | 11,143 | 126,313 |
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| At 1 April | At 31 March | ||||
| 2020 | Income | Expenditure | Transfers | 2021 | |
| £ | £ | £ | £ | £ | |
| General funds | 59,620 | 134,059 | (67,705) | – | 125,974 |
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| Restricted funds | |||||
| At 1 April | At 31 March | ||||
| 2021 | Income | Expenditure | Transfers | 2022 | |
| £ | £ | £ | £ | £ | |
| Mills & Reeve | – | 3,025 | – | – | 3,025 |
| Norwich City Council - | |||||
| Hospitality Adaptation Fund | – | 3,207 | (3,207) | – | – |
| Yorkshire Building Society | – | 2,000 | (2,000) | – | – |
| Septagon | – | 45,000 | (33,857) | (11,143) | – |
| Birketts | – | 5,000 | – | – | – |
| Norwich City Council | – | 48,391 | (14,146) | – | 34,245 |
|
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|
|
– |
106,623 |
(53,210) |
(11,143) |
42,270 |
14. Analysis of charitable funds
Mills and Reeve and Birketts funding was received in connection with the purchase of a food truck, however change in circumstances has seen this funding being repurposed to the Social Supermarket.
Norwich City Council - Hospitality Adaption Fund was received in connection with the installation of a canopy at the Foundation's premises.
Yorkshire Building Society and Septagon funding was received to fund the costs setting up Waterloo Park, Norwich.
Norwich City Council funding was received to fund the costs of setting up the Social Supermarket.
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The Feed Foundation
Notes to the financial statements (continued)
Year ended 31 March 2022
15. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Tangible fixed assets | 24,598 | – | 24,598 |
| Current assets | 104,097 | 42,270 | 146,367 |
| Creditors less than 1 year | (2,382) | – | (2,382) |
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| Net assets | 126,313 | 42,270 | 168,583 |
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| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Tangible fixed assets | 19,709 | – | 19,709 |
| Current assets | 108,125 | – | 108,125 |
| Creditors less than 1 year | (1,860) | – | (1,860) |
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| Net assets | 125,974 | – | 125,974 |
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| Operating lease commitments | |||
| The total future minimum lease payments under | non-cancellable operating | leases are as | follows: |
| 2022 | 2021 | ||
| £ | £ | ||
| Not later than 1 year | 33,000 | 4,500 | |
| Later than 1 year and not later than 5 years | 72,953 | – | |
|
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105,953 |
4,500 |
16. Operating lease commitments
- 14 -
The Feed Foundation
Notes to the financial statements (continued)
Year ended 31 March 2022
17. Related parties
The Feed Foundation is the ultimate controlling party of The Feed Enterprises CIC (company number 08915020 which is registered in England and Wales) which operates the café and catering services. The following related party transactions occurred with The Feed Enterprises CIC:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Assets purchased on behalf of the Foundation | 9,177 | 9,823 |
| Wages recharged to the Foundation | 31,203 | 27,832 |
| Other expenditure (including assets) recharged to the Foundation | 77,804 | 2,017 |
| Rent paid on behalf of the Foundation | 24,250 | 18,000 |
| Donations received on behalf of the Foundation | 1,600 | 3,428 |
| Grant income received on behalf of the Foundation | 53,391 | – |
| Expenditure transferred to the Foundation | 14,145 | – |
| Profit transferable to the Foundation | 24,199 | 50,558 |
| Payments made in the year to Enterprises | 109,007 | 29,849 |
| Payments received from Enterprises | 50,558 | 25,065 |
| Amounting owing to the Foundation at 31 March | 7,659 | 26,599 |
|
|
|
| The summary financial performance of The Feed Enterprises CIC is: | ||
| 2022 | 2021 | |
| £ | £ | |
| Turnover | 665,374 | 265,684 |
| Total expenditure | 644,904 | 249,850 |
| Other operating income | 3,435 | 34,366 |
| Other interest receivable | 61 | – |
|
|
|
| Profit | 23,966 | 50,200 |
|
|
|
| Amount donated to The Feed Foundation by Gift Aid | 24,199 | 50,558 |
|
|
|
| Net Assets | 42,249 | 42,482 |
|
|
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