OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

The Feed Foundation

Financial Statements For the year ended 31 March 2023

Charity Registration Number 1176940

The Feed Foundation

Contents

Year ended 31 March 2023

Page
Trustees Annual Report 1 - 4
Independent auditor's report to the members 5 - 7
Statement of financial activities (including income and expenditure account) 8
Balance Sheet 9
Statement of Cash Flows 10 - 11
Notes to the financial statements 12 - 21

Trustees' Annual Report

The Feed Foundation

Year ended 31 March 2023

The Trustees present their report and audited consolidated financial statements of the charity and group for the year end 31 March 2023.

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 and registered Ground Floor office 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) K Gessner (appointed 1 October 2022) L Long J Rainford E Reney (appointed 1 July 2022) CEO L Parish Bankers Co-Operative Bank Plc PO Box 250 Delf House Skelmersdale WN8 6WT Auditor Lovewell Blake LLP Chartered Accountants & Statutory Auditor Bankside 300 Peachman Way Broadland Business Park Norwich Norfolk NR7 0LB Solicitors Clapham & Collinge 35/37 Exchange Street Norwich NR2 1EN

The trustees who served during the year and at the date of approval were as follows:

1

The Feed Foundation

Trustees' Annual Report (continued)

Year ended 31 March 2023

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.

Through the power of food, our mission is to empower communities in Norwich, ensuring each and every person has the support to eat well, live well, and feel connected.

By providing safe spaces at the heart of the community and a holistic programme of projects and 1:1 support, we can reduce inequalities, raise aspirations, and create a shared culture of strength and kindness.

The Feed Foundation runs a community hub, comprising a Social Supermarket, which provides members with access to affordable groceries and free hygiene products to improve their financial resilience, and a Community Café and Kitchen in which we facilitate a programme of support & coaching, group projects, workshops and community activities.

We know our support reflects the needs and interests of the community, because we work together with them to design and deliver our support programmes. We want to ensure that people are empowered to make changes to improve their circumstances. We take a strengths- based & preventative approach, putting the lived experience, skills and abilities of a community at the heart of our services.

We are passionate about food and passionate about people. Our social enterprise The Feed Enterprises CIC, runs cafés and a catering enterprise, the profits of which are donated to The Feed Foundation. They also enable us to provide volunteering opportunities and work experience for the community. The food we make is delicious, homemade and locally sourced.

Everything we do works towards our vision of ‘Communities where everyone thrives’.

Public Benefit

The Trustees confirm that have had due regard to the Charity Commission's guidance on public benefit.

Achievements and Performance

We began 2022 with plans to launch a Social Supermarket on Hall Road in Lakenham, a local reducing inequalities target area, in

We had received a good level of funding to support both capital costs of renovation and initial running costs.

The Feed Enterprises CIC was also able to contribute funding, from profits of its trading activities.

We opened our Social Supermarket in July 2022, at an important time, with the cost of living crisis hitting shortly before. The demand was immediate and much higher than anticipated, and by the end of 2023 we were supporting over 4000 people. The Community café and Kitchen followed soon after in November 2022.

The Feed Foundation also continued to financially support our Supported Work Experience programme, run by The Feed Enterprises CIC during 2022-2023.

During this year we have embedded community consultation and community research into our strategy, which has been transformational for the Feed.

Towards the end of the year, we took the decision to move all of our support work into The Feed Foundation for the forthcoming financial year, with The Feed Enterprises becoming a trading subsidiary only. This meant that some of the staff team, and associated costs, moved across to the foundation to help to develop and deliver new and existing projects.

The costs for The Foundation will inevitably increase because of this and due to the demand for services, our costs for 2022- 2023 were also higher than expected and so we dropped below our unrestricted reserves policy at the end of the year.

2

The Feed Foundation

Trustees' Annual Report (continued)

Year ended 31 March 2023

Financial review

The results for the year are shown on pages 8 to 22.

The year ended 31 March 2023 showed a deficit of £43,171 (2022: surplus of £42,376).

Total funds at 31 March 2023 are £167,661 (2022: £210,832) of which free reserves of the group amount to £79,760 (2022: £168,562). Restricted funds amount to £62,613 (2022: £42,270). The free reserves of the charity individually were £43,919 (2022: £101,715).

Reserves policy

The Trustees have established a policy of maintaining reserves to cover three months running costs, lease commitments and estimated staff costs upon closure. At 31 March 2023 the value of the reserves required amounted to £78,980. The Trustees are of the opinion reserves at this level would be sufficient to ensure the charity is sustainable whilst not carrying excessive funds. It is the trustees intention to build reserves to the required level in future years.

Plans for future periods

We have a fundraising plan in place to allow us to follow through with our plans and bring us out of reserves. The CEO has been working with the Marketing Manager to put together a marketing strategy, with a greater emphasis on fundraising. We have also taken the decision to outsource our fund and foundations bid writing to a professional organisation, to improve our chances of successful applications.

We have also expanded our activities, allowing for a wider funding focus, and looking forward into 2023-2024, we have plans to launch some new projects that focus on health & wellbeing, community skills and community conversations. We will also be reviewing our volunteer programme, work experience and employment support programmes to ensure they are relevant and effective.

We have a great team of staff who are multi skilled, committed and focused and we are committed to the development of skills amongst the team and have been able to provide training in areas such as trauma informed practice and have provided clinical supervision and reflective practice for those who work on the frontline.

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:

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.

3

The Feed Foundation

Trustees' Annual Report (continued)

Year ended 31 March 2023

Structure, governance and management (continued)

Risk management

The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate the exposure to these risks.

Organisational structure

Although the trustees of The Feed Foundation oversee governance, the day to day management of the organisation is the responsibility of the General Manager with the support of the team, made up of a Finance Officer and Marketing and Comms Officer.

Related parties

Three of the Trustees of The Feed Foundation are also directors of The Feed Enterprises CIC.

Fundraising standards

The charity carries out limited fundraising activities in connection with its activities. No professional fundraisers or third-party commercial participators are used. There have been no complaints about the charity's fundraising this year. Fundraising is monitored by way of the charity recording all donations and events where income is received. No direct contact is made with the public regarding fundraising activities.

Trustees' responsibilities

The Trustees 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 Account Practice).

The law applicable to charities in England and Wales 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 charity and the group and of the incoming resources and application of resourcesof the charity and the group for that period.

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

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the governing document. They are also responsible for safeguarding the assets of the charity and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

True and fair override

The accounts (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 Accounting and Reporting by charities by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The trustees' annual report was approved on 27 November 2023 and signed on behalf of the board of trustees by:

C J Chalmers Trustee

4

The Feed Foundation

Independent Auditor's Report to the Members and Trustees of The Feed Foundation

Year ended 31 March 2023

Opinion

We have audited the financial statements of The Feed Foundation (the ‘parent charity’) and its subsidiary (the ‘group’) for the year ended 31 March 2023 which comprise Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Consolidated Statement of Cash Flow, Parent Charity Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 financial statements section of our report. We are independent of the group and parent charity 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 group and parent charity'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, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and 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 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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

5

The Feed Foundation

Independent Auditor's Report to the members of The Feed Foundation (continued)

Year ended 31 March 2023

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of 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 and parent charity’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 charity 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 as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 is detailed below:

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 non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/OurWork/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for auditors/Auditors-responsibilities-foraudit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Other matters

Comparative figures in the financial statements have not been audited. Sufficient and appropriate evidence has been obtained in regards to opening balances.

6

The Feed Foundation

Independent Auditor's Report to the members of The Feed Foundation (continued)

Year ended 31 March 2023

Use of our report

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. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity's trustees as a body for our audit work, for this report, or for the opinions we have formed.

For and on behalf of

Lovewell Blake LLP

Chartered Accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB

15 January 2024

Lovewell Blake LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

7

The Feed Foundation

Consolidated statement of financial activities

Year ended 31 March 2023

----- Start of picture text -----
Notes General Restricted 2023 2022
Funds Funds Total Total
£ £ £ £
Income and endowments
Donations and legacies 4 168,914 255,369 424,283 321,628
Charitable activities 5 64,949 - 64,949 -
Other trading activities 6 1,006,969 - 1,006,969 513,258
Other income 7 - - - 3,435
Investment income 99 - 99 61
Total income 1,240,931 255,369 1,496,300 838,382
Expenditure
Other trading activities 8 (1,140,290) (72,469) (1,212,759) (644,904)
Charitable activities 9 (164,155) (162,557) (326,712) (151,102)
Total expenditure (1,304,445) (235,026) (1,539,471) (796,006)
Net (expenditure) / income before transfers (63,514) 20,343 (43,171) 42,376
Transfers between funds - - - -
Net movement in funds (63,514) 20,343 (43,171) 42,376
Reconciliation of funds
Total funds brought forward 168,562 42,270 210,832 168,456
Total funds carried forward 19 105,048 62,613 167,661 210,832
----- End of picture text -----

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

The notes set out on pages 12-21 form an integral part of the accounts

8

The Feed Foundation

Consolidated Balance Sheet

Year ended 31 March 2023

----- Start of picture text -----
Notes 2023 2023 2022 2022
Charity Group Charity Group
£ £ £ £
Fixed Assets
Tangible fixed assets 14 14,940 25,288 24,598 24,702
14,940 25,288 24,598 24,702
Current Assets
Stock 15 4,470 15,664 - 10,005
Debtors 16 9,970 78,784 17,409 64,292
Cash at bank and in hand 113,575 185,042 128,958 266,276
128,015 279,490 146,367 340,573
Creditors: amounts falling due
within one year 17 (27,787) (137,117) (2,382) (154,443)
Net current assets 100,228 142,373 143,985 186,130
Net assets 115,168 167,661 168,583 210,832
Funds of the charity
Unrestricted funds 20 58,859 105,048 126,313 168,562
Restricted funds 20 56,309 62,613 42,270 42,270
Total charity funds 115,168 167,661 168,583 210,832
----- End of picture text -----

These financial statements were approved by the board of trustees and authorised for issue on 27 November 2023 and are signed on behalf of the board by:

C J Chalmers Trustee

J Rainford Trustee

The notes set out on pages 12-21 form an integral part of the accounts

9

The Feed Foundation

Consolidated statement of cash flows

Year ended 31 March 2023

----- Start of picture text -----
2023 2022
£ £
Cash flows from operating activities
Net (expenditure) / income (43,171) 42,376
Adjustments for:
Depreciation of tangible fixed assets 15,078 15,670
Loss on disposal of tangible assets 3 -
Interest receivable (99) (61)
Changes in:
Stock (5,659) (8,721)
Trade and other debtors (14,492) (17,562)
Trade and other creditors (17,326) 69,397
Net cash (used in) / from operating activities (65,666) 101,099
Cash flows from investing activities
Purchase of tangible assets (15,667) (20,326)
Interest receivable 99 61
- -
Proceeds from disposal of tangible assets
Net cash (used in) investing activities (15,568) (20,265)
Net (decrease) / increase in cash and cash equivalents (81,234) 80,834
Cash and cash equivalents at beginning of year 266,276 185,442
Cash and cash equivalents at end of year 185,042 266,276
----- End of picture text -----

The notes set out on pages 12-21 form an integral part of the accounts

10

The Feed Foundation

Statement of cash flows

Year ended 31 March 2023

----- Start of picture text -----
2023 2022
£ £
Cash flows from operating activities
Net (expenditure) / income (53,415) 42,609
Adjustments for:
Depreciation of tangible fixed assets 11,979 15,437
Interest receivable (99) (61)
Changes in:
Stock (4,470) -
Trade and other debtors 7,439 15,190
Trade and other creditors 25,405 522
Net cash (used in) / from operating activities (13,161) 73,697
Cash flows from investing activities
Purchase of tangible assets (2,321) (20,326)
Interest receivable 99 61
Net cash (used in) investing activities (2,222) (20,265)
Net (decrease) / increase in cash and cash equivalents (15,383) 53,432
Cash and cash equivalents at beginning of year 128,958 75,526
Cash and cash equivalents at end of year 113,575 128,958
----- End of picture text -----

The notes set out on pages 12-21 form an integral part of the accounts

11

The Feed Foundation

Notes to the financial statements

Year ended 31 March 2023

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 registered office is The Feed Foundation, Ground Floor, 76-80 Prince of Wales Road, Norwich, NR1 1NJ, Norfolk.

The nature of the charity's operations and principal activities are outlined within the trustees report.

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

(a) Basis of accounting

The financial statements have been prepared under historical cost convention.

The presentation currency of the charity is sterling, which is the functional currency of the entity.

(b) Group accounts

The financial statements consolidate the results of the charity and its wholly owned subsidiary The Feed Enterprises CIC on a line by line basis. A separate Statement of Financial Activities for the charity has not been presented. The comparatives for the year ended 31 March 2022 have been restated to include the results of The Feed Enterprises Limited due to the requirement to prepare group accounts for the year ended 31 March 2023.

(c) 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.

(d) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the group's purposes.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.

(e) 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:

• Donations and legacies are received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

• Income from charitable trading activity are accounted for when earned.

12

The Feed Foundation

Notes to the financial statements (continued)

Year ended 31 March 2023

3 Accounting policies continued

(f) 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:

• Trading activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.

• Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Charitable activity costs includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

• Governance costs include those costs associated with meeting the constitutional and statutory requirements of the group and include the audit fees and costs linked to the strategic management of the group.

• All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.

(g) 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.

The capitalisation policy of the group is to capitalise items over £200.

(h) 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 the period of the lease
Catering equipment - Straight line over three years
Office equipment and IT - Straight line over three years
Motor vehicles - Straight line over three years
(i)
Stock

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(j) Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

(k) Pension

The Group operated a defined contribution scheme for employees, the assets of which are held separately from those of the Group in an independently administered fund. The pension costs in the accounts reflect the contributions made in the year.

(l) 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.

13

The Feed Foundation

Notes to the financial statements

Year ended 31 March 2023

----- Start of picture text -----
Unrestricted Restricted Total Funds Unrestricted Restricted Total Funds
Funds funds 2023 Funds Funds 2022
4 Donations and legacies £ £ £ £ £ £
Donations 45,484 10,000 55,484 25,389 50,025 75,414
Legacies - - - 20,000 - 20,000
Grants
Grants 123,430 245,369 368,799 157,616 56,598 214,214
Local authority coronavirus support - - - 12,000 - 12,000
168,914 255,369 424,283 215,005 106,623 321,628
During the year ended 31 March 2023 £39,373 (2022: £69,098) of government funding was received.
Unrestricted Restricted Total Funds Unrestricted Restricted Total Funds
Funds Funds 2023 Funds Funds 2022
5 Charitable activities £ £ £ £ £ £
Social Supermarket and Café 62,610 - 62,610 - - -
Other income 2,339 - 2,339 - - -
64,949 - 64,949 - - -
Unrestricted Restricted Total Funds Unrestricted Restricted Total Funds
Funds Funds 2023 Funds Funds 2022
6 Other trading activities £ £ £ £ £ £
Café income 500,130 - 500,130 235,509 - 235,509
Catering income 182,974 - 182,974 80,061 - 80,061
Kettle Partnership 149,044 - 149,044 96,864 - 96,864
N&W Mind Partnership 56,423 - 56,423 25,724 - 25,724
NUA Partnership 58,002 - 58,002 12,206 - 12,206
Fundraising 19,631 - 19,631 - - -
Training - - - 30,590 - 30,590
Support 22,148 - 22,148 32,208 - 32,208
Room Hire 18,617 - 18,617 96 - 96
1,006,969 - 1,006,969 513,258 - 513,258
Unrestricted Restricted Total Funds Unrestricted Restricted Total Funds
Funds Funds 2023 Funds Funds 2022
7 Other income £ £ £ £ £ £
Covid 19 Job Retention Scheme - - - 3,435 - 3,435
----- End of picture text -----

14

The Feed Foundations

Notes to the financial statements (continued)

Year ended 31 March 2023

----- Start of picture text -----
8 Costs of other trading activities
Unrestricted Restricted Total Funds Unrestricted Restricted Total Funds
Funds Funds 2023 Funds Funds 2022
£ £ £ £ £ £
Wages and salaries 674,855 63,027 737,882 418,395 - 418,395
Ingredients 298,701 980 299,681 145,389 - 145,389
Catering equipment 2,158 65 2,223 1,319 - 1,319
Training 1,812 - 1,812 4,640 - 4,640
Delivery 78 - 78 373 - 373
Rent 19,754 - 19,754 - - -
Rates and water (447) - (447) 1,849 - 1,849
Light and heat 38,734 - 38,734 15,746 - 15,746
Insurance 12,565 - 12,565 4,654 - 4,654
Repairs and maintenance 13,580 22 13,602 7,555 - 7,555
Motor expenses 4,285 - 4,285 3,018 - 3,018
Travel and subsistence 335 - 335 119 - 119
Telephone and internet 4,448 26 4,474 3,090 - 3,090
Office expenses 4,798 2 4,800 2,030 - 2,030
Subscriptions 2,599 - 2,599 797 - 797
Computer costs 4,184 - 4,184 5,432 - 5,432
Staff welfare 3,125 - 3,125 - - -
Agency staff 1,214 - 1,214 3,207 - 3,207
Payroll costs 700 - 700 1,200 - 1,200
Cleaning 11,662 - 11,662 6,980 - 6,980
General expenses 3,643 1,397 5,040 200 - 200
Donations 1,600 - 1,600 - - -
- - - -
VAT adjustment (13,698) (13,698)
Marketing 3,342 - 3,342 4,149 - 4,149
Entertaining 974 1,100 2,074 833 - 833
Legal and professional fees 1,983 - 1,983 18,731 - 18,731
Accountancy fees 10,543 5,850 16,393 5,423 - 5,423
Governance costs 10,000 - 10,000 - - -
Bank charges 5,955 - 5,955 3,240 - 3,240
Bad debts written off 8 - 8 - - -
Depreciation 3,099 - 3,099 233 - 233
Loss on disposal of fixed assets 3 - 3
1,140,290 72,469 1,212,759 644,904 - 644,904
Unrestricted Restricted Total Funds Unrestricted Restricted Total Funds
Funds Funds 2023 Funds Funds 2022
9 Expenditure on Charitable activities £ £ £ £ £ £
Staff costs 4,180 91,987 96,167 31,203 - 31,203
Stock for resale 67,441 21,341 88,782 - - -
Rent 18,247 2,417 20,664 20,500 6,123 26,623
Rates and water 1,537 - 1,537 - - -
Light and hear 3,285 374 3,659 - - -
Training 1,121 - 1,121 27,590 250 27,840
Repairs and renewals 30,746 40,155 70,901 - 27,083 27,083
Motor expenses 182 - 182 - - -
Just Giving fees - - - 72 - 72
Office expenses 256 1,613 1,869 - - -
Subscriptions 733 - 733 - - -
Cleaning 5,654 1,357 7,011 - 13,172 13,172
General expenses 622 1,334 1,956 - - -
Donations 1,176 1,250 2,426 - - -
Entertaining 488 - 488 - - -
Insurance - - - - 2,478 2,478
Legal and Professional fees - - - - 2,676 2,676
Kitchen consumables 2,797 - 2,797 - 1,112 1,112
Advertising and phone 362 729 1,091 - 316 316
Depreciation 11,979 - 11,979 15,437 - 15,437
Bank charges 1,841 - 1,841 - - -
Governance costs 11,508 - 11,508 3,090 - 3,090
164,155 162,557 326,712 97,892 53,210 151,102
----- End of picture text -----

15

The Feed Foundation

Notes to the financial statements (continued)

Year ended 31 March 2023

9 Analysis of Governance costs

Auditors remuneration - audit services - charity
Auditors remuneration - audit services - subsidiary
Independent examination fees
Independent examination fees - prior year under accrual
Other non audit services
10 Net income
Net income is started after charging/(crediting)
Depreciation of tangible fixed assets
Loss on disposal of fixed assets
Operating lease costs		 2023
£
9,600
10,000
-
948
960
21,508
2023
£
15,078
3
34,150		 2022
£
-
-
2,772
-
318
3,090
2022
£
15,760
-
26,075

11 Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

Wages and salaries
Social security costs
Employer contributions to pension plans		 2023
2022
£
£
771,710
417,544
49,712
25,670
12,627
6,384
834,049
449,598
2023
2022
All other staff
44
24
2
-
Social supermarket
Throughout the period the Trust employed the following number of employees on either a full time or part time basis.
46
24

No employee received employee benefits of more than £60,000 during the year (2022: no employees).

Key Management Personnel

The Key Management Personnel include the Chief Executive together with the Chief Operating Officer.

The total value of remuneration and benefits received by Key Management Personnel was £94,452 (2022: £88,225).

12 Trustee remuneration and expenses

No Trustees received remuneration or expenses during the year (2022: £Nil).

13 Auditors remuneration

Fees payable for the audit of the financial statements
Fees payable to the group auditor for other services:
Other non-audit services (including independent examination fee
and prior year under accrual)		 2023
£
19,600
3,913		 2022
£
-
4,762

16

The Feed Foundation

Notes to the financial statements (continued)

Year ended 31 March 2023

14 Tangible Fixed Assets - Charity

Cost
As at 1 April 2022
Additions
Disposals
As at 31 March 2023
Depreciation
As at 1 April 2022
Charge for the period
Depreciation on disposals
As at 31 March 2023
Net book value
As at 31 March 2023
As at 31 March 2022
Tangible Fixed Assets - Group
Cost
As at 1 April 2022
Additions
Disposals
As at 31 March 2023
Depreciation
As at 1 April 2022
Charge for the period
Depreciation on disposals
As at 31 March 2023
Net book value
As at 31 March 2023
As at 31 March 2022		 Office
Leasehold
Catering
equipment
Motor
improvements
equipment
and IT
vehicles
£
£
£
£
30,899
31,764
11,376
10,600
-
1,089
1,232
-
(380)
(290)
(2,353)
-
30,519
32,563
10,255
10,600
27,656
17,237
4,548
10,600
2,091
6,859
3,029
-
(380)
(290)
(2,353)
-
29,367
23,806
5,224
10,600
1,152
8,757
5,031
-
3,243
14,527
6,828
-
Office
Leasehold
Catering
equipment
Motor
improvements
equipment
and IT
vehicles
£
£
£
£
30,899
41,044
15,080
10,600
-
11,181
4,486
-
(380)
(9,085)
(5,669)
-
30,519
43,140
13,897
10,600
27,656
26,486
8,179
10,600
2,091
9,166
3,821
-
(380)
(9,082)
(5,669)
-
29,367
26,570
6,331
10,600
1,152
16,570
7,566
-
3,243
14,558
6,901
-		 Total
£
84,639
2,321
(3,023)
83,937
60,041
11,979
(3,023)
68,997
14,940
24,598
Total
£
97,623
15,667
(15,134)
98,156
72,921
15,078
(15,131)
72,868
25,288
24,702

14 Tangible Fixed Assets - Group

17

The Feed Foundation

Notes to the financial statements

Year ended 31 March 2023

----- Start of picture text -----
15 Stock
2023 2023 2022 2022
Charity Group Charity Group
£ £ £ £
Stock 4,470 15,664 - 10,005
2023 2023 2022 2022
Charity Group Charity Group
16 Debtors £ £ £ £
Trade debtors 220 46,092 - 38,978
Prepayments and accrued income 1,500 1,500 1,500 1,500
Other debtors 8,250 31,192 8,250 23,814
Amounts owed by group undertakings - - 7,659 -
9,970 78,784 17,409 64,292
2023 2023 2022 2022
Charity Group Charity Group
17 Creditors: Amounts falling due within one year £ £ £ £
Trade creditors 12,687 52,989 - 37,512
Accruals and deferred income 9,600 19,600 2,382 93,744
Social Security and other taxes - 50,362 - 23,082
Other creditors - 14,166 - 105
Amounts owed to group undertakings 5,500 - - -
27,787 137,117 2,382 154,443
2023 2023 2022 2022
Charity Group Charity Group
£ £ £ £
Deferred income brought forward - 77,678 - 48,614
- -
Released during the year (77,678) (48,614)
Deferred during the year - - 77,678
Deferred income carried forward - - - 77,678
----- End of picture text -----

Deferred income represents grant income received in advance.

18 Pension and other post retirement benefits

The amount recognised in the statement of financial activities in relation to the defined contribution plan is £12,627 (2022: £6,384).

18

The Feed Foundation

Notes to the financial statements (continued)

Year ended 31 March 2023

19 Analysis of charitable funds

Year ended 31 March 2023

General funds
Restricted funds
Mills and Reeve
Birketts
Norwich City Council
CAF Resilience Fund
Hopestead
John Pinnington
Norwich Consolidated Charities
NCF - Eilel Community First Revenue Fund
NCF - Nourishing Norfolk Fund
NCF - Norfolk Household Support Fund
NCF - Surviving Winter Fund
Snelling Charitable Trust
St Martins Housing Trust
Year ended 31 March 2022
General funds
Restricted funds
Mills and Reeve
Hospitality Adaptation Fund
Yorkshire Building society
Septagon
Birketts
Norwich City Council		 At 1 April
Income
Expenditure
Transfers
At 31 March
2022
2023
£
£
£
£
£
168,562
1,240,931
(1,304,445)
-
105,048
3,025
-
(3,025)
-
-
5,000
-
(5,000)
-
-
34,245
25,000
(59,245)
-
-
-
20,878
(20,878)
-
-
-
10,000
(10,000)
-
-
-
5,000
(5,000)
-
-
-
75,000
(25,000)
-
50,000
-
8,500
(2,196)
-
6,304
-
31,500
(31,500)
-
-
-
21,100
(21,100)
-
-
-
2,000
(2,000)
-
-
-
5,000
(5,000)
-
-
-
51,391
(45,082)
-
6,309
42,270
255,369
(235,026)
-
62,613
210,832
1,496,300
(1,539,471)
-
167,661
At 1 April
Income
Expenditure
Transfers
At 31 March
2021
2022
£
£
£
£
£
168,456
731,759
(742,796)
11,143
168,562
-
3,025
-
-
3,025
-
3,207
(3,207)
-
-
-
2,000
(2,000)
-
-
-
45,000
(33,857)
(11,143)
-
-
5,000
-
-
5,000
-
48,391
(14,146)
-
34,245
-
106,623
(53,210)
(11,143)
42,270
168,456
838,382
(796,006)
-
210,832

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.

CAF Resilience Fund funding towards accounts support and wages and salaries.

Norwich Consolidated Charities, NCF - Eilel Community First Revenue Fund, NCF - Surviving Winter Fund and Hopestead funding was received towards the running costs of Social Supermarket.

NCF - Nourishing Norfolk Fund funding received towards Social Supermarket wages and salaries and cafe set up.

NCF - Norfolk Household Support Fund funding received towards Social Supermarket running costs and shop vouchers to those in need.

John Pinnington and Snelling Charitable Trust funding received towards Bloom Project.

St Martins Housing Trust funding received towards wages and salaries.

Transfers between funds

Transfers between funds represents elements of restricted funding related to core costs.

19

The Feed Foundation

Notes to the financial statements (continued)

Year ended 31 March 2023

20 Analysis of net assets between funds

As at 31 March 2023

Fixed assets
Current assets
Creditors less than 1 year
Net assets
As at 31 March 2022
Fixed assets
Current assets
Creditors less than 1 year
Net assets
Operating lease commitments
No later than 1 year
Later than 1 year and not later than 5 years
Analysis of change in net debt
Cash at bank and in hand
The total future minimum lease payments under non-cancellable operating leases are		 Unrestricted
funds
Restricted
funds
Total Funds
2023
£
£
25,288
-
25,288
216,877
62,613
279,490
(137,117)
-
(137,117)
105,048
62,613
167,661
Unrestricted
funds
Restricted
funds
Total Funds
2022
£
£
24,702
-
24,702
298,303
42,270
340,573
(154,443)
-
(154,443)
168,562
42,270
210,832
2023
2022
£
£
34,380
33,000
40,183
72,953
74,563
105,953
At 1 April
Cash flows
At 31 March
2022
2023
£
£
£
266,276
(81,234)
185,042
as follows:

21 Operating lease commitments

22 Analysis of change in net debt

20

The Feed Foundation

Notes to the financial statements (continued)

Year ended 31 March 2023

23 Related parties

During the year the charity incurred expenditure of £3,214 (2022: £Nil) for freelance finance services provided by Lisa Long, a trustee and director of The Feed Enterprises CIC. At the year end the Trust owed £590 (2022: £Nil).

During the year the charity incurred expenditure of £1,813 (2022: £Nil) for health and safety services provided by Essential Safety and Environmental Solutions Limited, a company in which Lisa Long's (trustee and director of The Feed Enterprises CIC) partner is a director. At the year end the charity owed £720 (2022: £Nil).

24 Results of The Feed Foundation

During the year, the charity made a deficit of £53,415 including gift aid from The Feed Enterprises CIC of £16,272 (2022: surplus of £42,609). The charity is not required to produce their own Statement of Financial Activities.

25 Subsidiary community interest company

On 27 February 2014, The Feed Enterprises CIC (a community interest company, limited by guarantee) was incorporated. The Feed Enterprises CIC registration number is 08915020. The Feed Foundation holds the majority of the voting rights and has the right to appoint or remove a majority of its board of directors, therefore The Feed Enterprises CIC is a subsidiary of The Feed Foundation. The Feed Foundation is the specified asset locked body of The Feed Enterprises CIC.

Gross income
Expenditure
Surplus before gift aid
Gift aid
Surplus after gift aid
Total assets
Total liabilities
Total funds		 2023
2022
£
£
1,239,275
668,870
(1,212,759)
(644,904)
26,516
23,966
(16,272)
(24,199)
10,244
(233)
2023
2022
£
£
167,323
201,969
(114,830)
(159,720)
52,493
42,249

21