The Feed Foundation Financial Statements For the year ended 31 March 2024 charity Registration Number 1176940
The Feed Foundation Contents Year ended 31 March 2024 Page Trustee8 Annual Report Independent auditorfs report lo the members Statement of finanal activitie5 linduding incorne and expenditure account) Balance Sheet Statement of Cash Fl Notes to the finanGial Statements 12-22
The Feed Foundation Trustees. Annual Report Year ended 31 March 2024 The Trustees present their report and audited consolidated financial statements ol the charity and group lor the year end 31 March 2024. The financi31 statement5 have been prepared in accord8nce with the accounting policies set OLrt in notes to the accounts and oomply with the chaiity'5 governing docutnent. the Charities Act 2011 and Accounting and Reporting by Charities Staternent of Recotnmended Practi appIlble to charits.es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland published in October 2019. Referen¢e and Administrative Detsils Reglstere(I charfty nam8 The Feed Foundation Charlty reglstratlon number 117S940 Principal offi¢e and registered offiea 65-65A Hall Road NoDAqch Norfolk NR13HL The tr4JStees The trustees who served during the year and at the date of approval were as follows". C J Chalmers K Gessner L Long IResigned 1 September 20231 J R8inford (Resigned 1 January 20241 E Reney K Hanner (Appointed 1 January 20241 L Parish (Appointed 1 August 20241 CEO L Parish (Resigned 1 August 20241 G Harvey-o'connell (Appointed 1 August 20241 Bankèrs Co-operative Bank PIC PO Box 250 Dell House Skelmersdale WN8 6WT Auditor Lovewell Blake LLP Chartered Accountants & StatLrtory Auditor Bankside 300 Peachman Way Broadland Business Park Norwich Norfolk NR7 OLB Solieitors Clapham & Collinge 35137 Exchange Street NoDAqch NR2 1EN
The Feed Foundation Trustees. Annual Report (continued) Year ended 31 March 2024 Objectives and activilies The object of the charity is the prevention or relief of poverty in Norfolk by provKling'. grants, items and services to individuals in need andlor charities, or other organisalions working lo prevent or r&li&ve povety. Through th8 Power of food, our m18sion 18 to empower communitles In Nopwieh, ensuring &ach and every person has the support to eat well, live well. and feel connetlèd. By providing safe spates at th& heart of the community and a holistic programme of projècts and 1 1 support. we tan reduc& inequalitiès. raise aspirations, and create a 5hare(I cutture of strength and kindness. The Feed Foundation run5 a community hub. comprising a Social Supetrnatkel, which provides member5 With acTrs5 to affordable groceries and free hygien8 products to improv& their financial resilience, and a Community Café and Kitchen in which we faalitate programme of support and coaching. group projects, workshops and Community activities. We know our support refi&cts the needs and Interests of the community, bÈcause we work togÈther with thèm to design and deliver our support programmes We wanl to ensure that people are empowered to make changes to improve their urcumstance5. We take a strenglhs-based and preventative approach, putting the lived experience, skills and abilitEs of a community at the heart of our seryices. We are passionate about food and passionate about people. Our trading enterprise The Feed Enterpris&s CIC runs cafés and a catering business to generate profrt5 which are donated to The Feed Foundation. They a150 enable us to pro¥ide volunteering opportunities and work experience for the community. The food we rnake 18 delicious, homemade and locally Sourced. Everything we do works towards our vision of 'Communities where everyone thrives,. Publlc Benefft The Trustee5 Gonfirtn that have had due regard to the Charily Commi55ion's guidanff on public benefit. Achigvemerts and Perfomiance At the beginning of 2023, we look the decision lo move all of our support work into The Feed Foundation for this financial year. with The Feed Enterprises becoming a trading subsidiary only. This m&anl that Some of the staff team. and associated costs. moved across to thè Foundation to help to develop 8n(I deliver new and exi5tinq proiecls. Costs for The Foundation increased b&cau$e of this and du& to the demand for servicès. we Launched a full fundraising strategy and mad& a deGlSlOn to outsource our fund and foundations wriling to a professional organisalion. This has proved lo be 5ucttssful and because of this strategic approach. we have been successful in securing enough funding to deliver our projects. During the year, we have seen 8 huge demand for our Services and support projects, with 500 peopk visiting our Soual Supemiarket and Community Hub each week. The cost of living continued to rise and people have found it difficuh to b& able to afford 811 their &88entials. Our projects have been well attended and we have seen some incredible outcomes for the peopk we support. This is testament to the hard worf¢ of our 8taff and volunteers. Expanding our aGtivities. alloweil for a wder funding foGUS. in 2023-2024. we launGhed Some new projects that foGused on health and wellbeing, community skills and community conversations. We have a team of Community Connectors. They have been having Gonversalions with people and trying out different melho(Is of gathering meaningful infomalion from the community. They find out about what mallers lo people, the challenges they face. the barrier5 put in th&ir way and what Ih8y think the solutions might be. We use the information to &nsur8 that our support is relev8nt, and we creat8 feedback loops to show that the Infomation has been used or will bp used to make ¢hanges. Wherever possibl& those thanges will be rn¥de by the community themselves, wlh facilitation through our Community Skills project, Nvhich helps people lo develop an i(lea for community project, by using our experti88 and exp8riene8. We can help peopk lo secure funding and training lo bring the idea lo life, for the benÈfit of th& community. 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 area5 such as trauma informed practice ¥nd have provided clinical supervision and refi8Ctive practice for thos& who work on th& frontline.
The Feed Foundation Trustees. Annual Report (continued Year ended 31 March 2024 Financial review The results for the year are shown on pages 8 to 22. The year ended 31 March 2024 showed a deficit of £48,42112023'. deficit of £43.1711. Total funds at 31 March 2024 are £121.24012023". £167,6611 of which free reserve5 of the group amount to £63.79512023' £79,760). Restricted fund5 atnount to £43.62512023 £62,613). The free reserves of the chsity Individually weie £21,29212023 £43,919). Reserves pollcy The Trustees have established a policy ol maintaining reserves to cover three months running costs, lease commitments and estimated staff costs upon closure. At 31 March 2024 the value ol the reserves required amounted to £79,200. The Trustees a ol the opinion reseNes at this level would be sufficient to ensure the charity is sustainable whilst not carrying excessive funds It is the trustees intenb.on to build re5etves to the required level in future years. Plans for futur• riOds Looking forward into the next financial year, we are aware that the trust and grants landscape is changing, and that it may become more difficult to obtain funding. Therefore our aim In 2024-2025, is to continue to raise money from trusts and grants using a professional fundraiser. and in addition we have deaded to diversify our income streams to rn"gate risk. We have made the decision to grow our fundraising team, and locus on areas that we have not previously explored. such as individual giving and legacy giving. There will also be a larger locus on raising fvnding fiorn corporate organisations. through our Friends of The Feed scheme. We plan to focus on building unrestricted funds. and our reserves. Therefore, we have created a 3 year growth plan for our trading enterprise. 50 that the profits generated for The Feed Foundation each year increase. and the Foundation becornes less reliant on funding lor core costs. Structure, governance and management Governing document The Feed Foundation was estsblished 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 lor appointment as charity trustees, the existing charity trustees must have regard to the skills, knowledge and experience r)eeded for the effective administr8b.on of the CIO. Induction and training of trustees The charity trusteès will make available to each new charity trustee. on or before his or her first appointment a copy of the current version of the consb"tution". 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 8breast of their duties and responsibilities.
The Feed Foundation Trustees. Annual Report (continued Year ended 31 March 2024 Structur•, govornancg andmanag•m•nt (contlnugd) Risk management The Trustees have assessed the major risks to which the charty is exposed and are satisfied that systems are in place to mib.gate the exposure to these risks. Organlsatlonal structure Although the trustees of The Feed Foundation oversee governance, the day to day management of the organisation is the iespon51bility of the General Manager with the support of the te8rn. tnade up of a Finance Officer and Marketing and Cotnms Relateil parties One ol the Trustees of The Feed Foundation are also directors of The Feed Enterprises CIC. Fundraising standards The Gharity carries out limited fundr815ing activities in oonneotion with its 8ctivthes. During the year the chaity engaged a professional fundraiser to assist with applications to trusts and foundations. There have been no complaints about the chaiity's fundraising this year. Fundraising is monitored by way ol the charity recording all donations and events where income is received. Trustees, responslbllltles 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 Practi1. The law applicab18 to charities in England and Wales r8quir85 th8 TtU5te85 to piepare financial stat8m8nts for 88ch financial y8ar which give a true and fair view of the state ol affairs ol the (arity and the group and of the incoming resources and application of resources ol the charrty and the group lor that period. In pparIng these Iinanaal statements, the trustees are required to." select suitable accounting poliaes and then apply them consistently., observe the methods and principles in the applicable Charities SORP 2019 IFRS1021,' rnake judgTnents and accounting estirnates that are re850nable and ptudent, slate whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial Statements piepare the financial st8tetnents on the going nrn basis unles5 il is inappropriate to presume that the oh31ity 8nd group will continue In operation. The trustees are responsible lor keeping proper accounting records that disdose with reasonable accuracy at any time the financial position of the charity and group and enable Ihern to ensure that the financial statements cornply with the Charities Act 2011, the Charities IAo¢ounts and Reportsl Regulations 2008 and the provisions of the governing document. They ale also responsible for safeguarding the assets of the charity and group and hence for taking aSOnable steps for the pievention and detection of fraud and other Irregularities. True and fair override The accounts Ilinancial statements) have been prepared to give a 'lrue and fair view and have departed from the Charities (Accounts and Reportsl Regulations 2008 only to the extent required to provide a 'lrue and fair vievl.. This departure has involved following Accounting and Reporting by charities by Charities preparing their accounts in accordance with the Finanual Reporting Standard applicable In the UK 3nd Republic of Iieland IFRS 1021 Issued in Octobei 2019 lather than Accounting and Repotting by Charities". Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The trustees, annual report was approved on 1411212024 and signed on behalf ol the board ol trustees by.. (LJis CQthL¥s C J Chalmers Trustee
The Feed Foundation Independent Auditor's Report to the Members and Trustees of The Feed Foundation Year ended 31 March 2024 Oplnlon We hav8 audited the finanaal staternents of Th8 Feed Foundation Ith8 'par8nt charity'l and its subsidiary Ith8 'group'l for tha year end8d 31 March 2024 which comprise Consolidated Ststernent of Financial Activities, Consolidated Balan Sheet, Consolidated Statement ol C85h Flow, P818nt Charity Stat8rnent of Cash Flows and not8S to the financi81 statem8nts, including signific8nt 8CCOUnting polici8s. Th8 financial porting framework that has been applied In their preparation Is applicable law and United Kingdom Accounting Standards, including Financial Reporting Stsnd8rd 102 The Fin8ncial R8porbng Standard applicab18 in the UK and Republic of Ir81and IUnit8d Kingdom Genemlly Apted Accounting Practi1. In our opinion the financial statements= give a true and fair view of the stste of the group's and parent charity's affairs as at 31 March 2024, and of the group's incoming resour$ and application of resour$, including its inwme and expenditure. for the year then ended,. hav8 b88n prop8rly prepared In accoidanc8 with Unit8d Kingdom Gen8rally Acc8Pt8d Accounting Practic8, and have been ppared in accordance wth the wuirements ol the Charities Act 2011. Basis for opinion We conducted our audrt in accoidance th 1ntemab.onal Standards on Audib"ng IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Auditor's SpOnSibl1111es for the audit ol the financial statements section ol our pOrt. We sre independent of th8 group and psient charity in accordan wth the ethic81 requir8ments that are relevant to our 8udit of th8 financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical Sponsibl11t1es in accordan with these r8quirem8nts. W8 believe that th8 audit evid8nr£ we have obtain8d is sufficient and appropriate to provid8 a basis for our opinion. Concluslons relatlng to golng concern In auditing the fi'nancial statements, we have concjuded that the trustees, use of the going conrn basis of accounting in the preparation of the Iinancial 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 conrn for a period of at least bvelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going conrn are described In the relevant sections of this report. Other Infom)atlon The other information comprises the information included in the Iruslees, annual report. other than the financial statements and our auditor'5 report thereon. The ttustees are responsible foi the other Information. Our opinion on the financial statetnents does not cover the other infomiation and we do not express anv form of assuran 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 knoedge obtained in the course of the audit or otherwise 8ppears to be materially misstated. If we identify such materisl inconsistencies or apparnt material misstatements, we are required to detemine whether this gives rise to a material rnisstatement in the fi'nancial ststements themselves If. based on the work we have performed. we conclude that there is a material misstatement of this other information, we a required tts report that fact. We hsve nothing to report in th15 regard. Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relats'on to which the Charities IA¢counts and Reportsl Regulations 2008 require u5 to report to you if, in our opinion. the information given in the trustee$. annual report is inconsistent in any material respect with the financial ststernents.. or sufficient 3CCOUnting records have not been kept". or the financial statements are not in agreement with the accounting records." or we have not reiVed all the information and explanations we require for our audit.
The Feed Foundation Independent Auditor's Report to the members of The Feed Foundation (continued) Year ended 31 March 2024 ResFK)nsibilities of the trustees As explained more fully in the Irustees. responsibilities $tatetnent, the trustees are responsible for the preparatign of finanGial statements and for being satisfi'ed that they give a true an(1 fair view. and for such internal control as the trustees determine is neTrssary to enable the preparation of financial statements that are free from matarial mi88tatem&nt, whether due to fraud or &rror. In preparing the financial statements. the trustèes are spOnSIbl for assessing the group and parent charity's ability lo continue as a going concern. disGlosing, as applicable. matter5 related to going concem and using the going conff m basis of aGGounting unless the trustees either intend to liquidate the group or the parent charity or lo cease operations, or h8ve no realistic attemative but to do so. Auditor responsibilitiÈ$ for the audit of thè finan¢ial $tstÈmÈnts We have en appointed as auditor under $tIOn 151 of the Charities Ad 2011 and report In accordanee Mth the Ad and relèvant regulations made or having effect thereunder. Our objectives are to obtsin reasonable assurance about thether the financial statements as a whole are free from material misstatem8nl, whether due to fraud or error, and to ISSU8 an auditor'8 report that Includ88 our opinion. Rea80nabl8 assurance is a high vel of assurance. bul 1$ not a guarante& that an audit tondutted in atcordanc& with ISAS IUKI will aNvay$ d&ted a material misstslemenl when it exists. Mi55taternents can arise from fraud or error and are considered material rf. indwidually or in the aggregate. they could reasonably be expected to influence the economic decisions of us&rs taken on the basis of the88 financial statements. Irregulanlies, inGluding fraud. are instances of non-GomplianGe with laws and regulations. We design proGedures in line with our responsibilities, outlined above, lo detect material misslatement5 in respect of irregularities, including fraud. The extent lo which our proe8dures 8re c8pable of d8t8cting irregularrti88, including fraud Is detaikd b&low'. Enquiry of m2nagement and those charyed with governante to confimi there are no Instanc&s of fraud or non-rMplI8nc wth laws and regublions. Review of dischsures Mlhin the financial statements and vouching these to supporting docum&ntalion to ensure compliance wth applicable laws and regulations. Review of key accounting e5timales, lo ensure reasonable and no signs of management bia5. Performing audit work over the risk of managem&nt override of controls, including testing of joumal entries and other adjustments for appropriateness, evaluating the rttionale of $ignifitant transactions outside the nomal ¢ourse of activities. Because of the inherent lirnrtations of afl ¥udit. there is a risk that we will not detect all irregularities, including those adIng to a material misstalem8nl In the financial 8talem8nls or non-complianc8 Wlth regulation. This risk Increases the more that compli8nc6 with a law or regulation is removed from the events and transactions refleclÈd in th& financial statements. as WÈ will less likely to cOMe aware of instances of non-compliance. The risk is 8lso gre8ter regarding irregularitie5 occurring due to fraud rather than error. as fraud involve5 intentional Conalment, forgery, collusion. omission or misrepresentation. A further description of our re$ponsibiliti&s is availabl& on the Financial R&porting Council's website at.. http8.'Ilww.frc.ory.uklOur- WorklAudiVAudil-and-assurancelSlandards-and-guidancelStsndardwnd-guidanTr-ft>r auditorslAudit0rs-re5ponsibilities-for- auditlDescription-of-auditors-re5ponsibililies-for-audrt.aspx. This description forms part of our auditor's report.
The Feed Foundation Independent Auditorfs Reportto the Members of The Feed Foundation {continued) Year ended 31 March 2024 Use of our report Tris report 18 made solely to the charivs trustewd, a8 a body, in accordance with Part 4 of the Chariti&s (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mKJhl Slate lo the charivs trustees those matters we are required lo stale lo them in an auditor's report and for no other purpos&. To the fullest exLent permilled by law. we do not actept or assume responsibility to anyone other than the charity and the charitls trustees as a body for our audit work, for this report, or for th& opinions we have formed. For and on behalf of Lovewell Blake LLP Chart8r8d Accounlanls & slatulory auditor B8nkside 300 Peachman Way Broadland Business Park Norwich NR7 OLB 1710112025 Lovewell Blake LLP is eligible for appointment as auditor of the charity by virtue of ils eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
The Feed Foundation Consolidated statement of financial activities Year ended 31 March 2024 Notes General Fund8 Restricted Funds 2024 Total 2023 Total Income and endowmer Donations legacEs Charitable activities CIC tr8ding activitie5 Investment income 118.008 81.109 1.053.179 513 189.683 307,691 81,109 1,053,179 513 424.283 64.949 1.006.969 99 Total illGome 1.252.809 189,683 1,442,492 1.496.300 Expenditure Raising funds CIC trading activities Charitable activrties 113,1791 971.5651 1504,1691 1971,5651 1302,0511 1,212,759) 1326,7121 1202.1181 Totsl expendlture 11.286,7951 1202.1181 11.488.g131 11,539,471) Net1oxp8ndlturel I Income b8fore tran8f8r8 Transfers between fvnds 133,9861 112.4351 146,4211 143,1711 6.553 16.5531 Net movement In funds 127,4331 118,9881 146,4211 143,1711 Reconciliation of funds Total funds brought forward 105.048 62,613 167,661 210.832 Totsl funds Garried forward 19 77.615 43,625 121,240 167.661 Thè statement of financial activiti&8 includes all gains and losses recognised in the yèar. All income and expenditure derwe from continuing actwrtie5. The notes set out on pag&8 12-22 fom an Integral part of the accounts
The Feed Foundation Consolidated Balance Sheet Year ended 31 March 2024 Notes 2024 Charlty 2024 Group 2023 Charlty 2023 Group FIx8d Assets TaThg1b fixed assets 7.533 13.820 14,940 25,288 7.533 13.820 14,940 25,288 Curr8nt A888ts Stock Dèbtors Cash al bank and in hand 15 2.459 12.653 87.297 16.972 93.638 139.689 4,470 9,970 113,575 15,664 78,784 185,042 102.409 250.299 128,015 279,490 Credltors.. amounts falllng due within one year 137.4921 1142.8791 127,7871 1137,1171 Net curreni assets 64.917 107.42D 100,228 142,373 Net assots 72.450 121,240 115,188 167,681 Funds of the charlty Unrestricted funds Restricted funds 20 20 28.825 43.625 77.615 43.625 58,859 56,309 105,048 62,613 Totsl charity fvnds 72.450 121.240 115,168 167,661 During the year, the charity made a deficit of £42.71812023.. £53,415) including gift aid from subsKliary of £19.95112023.. £16,272). The$e financial $talements have been prepared in a¢¢ordan¢e with the provision$ appli¢abk to the ¢otnpanies subje¢t to stnall Gompanie$ regime. These financial statements were approved by the board of trustees and authori5ed for issue ai/i?12024 and are signed on behalf of the board by.. (LJis* CthL¥s C J Chalmers Trus18e K Gessner Trustee The notes set out on pages 12-22 form an integr81 part of th& accounts
The Feed Foundation Consolidated statement of cash flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Net lexpenditurel 146.4211 143.1711 AdjustnEnt5 for. Depreciation of tangibk fixed assets Loss on disposal of tangib asset5 Int8r88t receivable 11,576 3.321 15,078 1991 Change5 In." Stock Trade and other debtors Trade and other Gredilors 11.3081 114.8541 5,762 15,6591 114.4921 117.3261 Net cash lused inl operating activities 42.437 65.666 Cash fflow5 frorn investing activitie5 Purchase of tangib asset8 Interest receivable 13.4291 513 115,6671 99 Net cash lused inl investing activities 2.916 15.568 Net Idecreasel in cash and cash equlvalent8 Cash and cash equlvalents at beglnnlng of year 145.3531 185.042 181,2341 266.278 Cash and ¢a$h equivalents at end t)f year 139.689 185.042 The n¢ite$ set out on page$ 12-22 ft)m an inlegrtl part of the a¢¢ounts 10
The Feed Foundation Statement of cash flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Net lexpenditurel 142.7181 153.4151 AdjustnEnt5 for. Depreciation of tangibk fixed assets Loss on disposal of fixed a55ets Int8r88t receivable 7,566 1.717 11,979 1991 Change5 In." Stock Trade and olh8r debtors Trade and other creditors 2.011 12.6831 9.705 14.4701 7,439 25.405 Net Gash (used inl l frorn operating aGtivilie5 24.915 13.161 Cash flows from Invesuny acuvltles Purchase of tangib assets Interest receivable 11.8761 513 12,3211 99 Net cash lused inl inv&sting activities 1.363 2.222 Net Idecreasol in cash and cash equivalents Cash and cash equlvalents at beglnnlng of year 126.2781 113.575 115.3831 128,958 Cash and cash equlvalents at end of year 87.297 113.575 The ntste$ $et out on page$ 12-22 fom an inlegrtl part of the a¢¢ounts
The Feed Foundation Notes to the financial statements Year ended 31 March 2024 1 General Infomiatlon The charity is a public benefit entity and a registered charity in England and Wales 8nd is unincorpor8ted. The address of the registered office is The Feed Foundation, 65-65a Hsll Road, Noriwch, Norfolk, NR1 3HL. The nature of the charivs operation5 and prinopal actwitie5 are outlineil wlhin the trustee5 report. 2 Ststement of compllance The charty constitutes a public benefit entity a5 defined by FRS 102. The financial statements have been prepared in accordanGe with Accounting and Reporting by Charities.. Statement of Recommended Pr8Ctice applicable to charities preparing their accounts in accordanc8 with the Financial R8POrting Standard applicab in the UK and Republic of Ireland issu8d in Octob&r 2019. the FinanGial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland IFRS 1021. the Charities A¢t 2011 and UK Generally Accepted Accounting Practice. The financial statements have been prepar8d to give a 'truÈ and fair view and have departed from the Charities IAccounls and Rèports) Regulations 2008 only to the extent required to provide a Irue and fair view,. This departure has inVoed following the Accounting and Reporting by Charities". Stslemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Finan81 Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than th8 Accounting and Reporting by Charities.. Statement of Recomm8nd8d Practi eff8Ctive from 1 April 2005 which has since b8en withdown. 3 Accounting policies lal Basi5 of aGGountsng The finanaal statements have been prepared under historical cost convention. The pres&ntalion Currency of the charity is st&rling. which is the funthonal currency of the entity. Ibl Group accounts The financial statements consolidatè the resutts of the charity and its wholly owned Subsidiary The Feed Enterprises CIC on a line by line ba515. A separate Stsletnenl of Financial Aclivilies for the charity has not been presented. (GI Going GonGern The financial statements have be&n prepared on a going conc*rn basis as the trustees belie¥e that no material uncertainties exist. The trustees have Gonsidered the kvel of funds held and the experted Ve1 of inGome and expenditure for 12 tnonths frotn authorising these financial slalemenls. The budgeted income and expenditure is sufficient with the level of reserves for the charity lo be 8bl8 to continu& as a going concern. Idl Fund accountlng Unrestricted funds are available for use at the discretion of th8 tru8tses lo further any of the group's pu0888. Rèstricted funds are subjected to rèstrictions on their expenditur& declared by the donor or through the tenns of an appeal. lel Inc¢)me l income is inGluded in the Statement of finanGial aclivilies when entitlement has passed to the charity, it Is probable that the economic benefits associated wlh the transaction will flow lo the charity and the amount can be reliabty messured. The following SP8cific policies ar8 appld lo particular cat8gori8s of income.. Oonalions and legacies are received by %vay of grants. donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, wh8r& 8nlitlement 18 not condrtional on the delivery of a specific performance by the charrty, are recognised when the charity bècomes unconditionally entItd lo the grant. Income from charitable trading activity ar8 accounted for when earned. Income from grants. where related to performance and sp8cific deliverables, are accounted for as the charity earns the rKJhl lo ton$ideration by its performan. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. 12
The Feed Foundation Notes to the financial statements {continued} Year ended 31 March 2024 3 A¢¢t>unting poli¢iÈs ¢ontinued If> Expenditure Expenditure 1$ retognised on an accruals basis as a liabilty 1$ incurd. Expenditure indudes any VAT whi¢h ¢annot be fvlly recovered. and is classified under headings of the sl¥tement of financial activities to which it relates.. . Trading activit$ comprise th088 Costs Incurred by the charity In th& delivery of its activrti88 and services for its beneficiar8. Charitable activitles comprise those c08t8 Incurred by the charity In th8 delivery of rt8 activit18$ 8nd services for it8 ben8ficiarie8. charitab a¢livily ¢osts in¢ludes both w$ts that ¢an be allo¢ated dire¢tly to su¢h a¢tivitE$ and those ¢osts of an indirett natu necessary to support them. Govemance costs indude those c08t8 associated wrth meeting the conslilutional and statutory requirements of the group and include the audit fees and costs linked to the strategic manag&ment of the group. All Gosts are allocaled between the expenditure Gategories of the Statement of Financial ActivitEs on a basis designed to refieGt the use of the resource. Costs relating lo a particular activity are allocated directly, others 8re apportioned on an appropriate b881S. Igl Tangible assets Tangibk 85sets are initially recorded al cost. and subsequentty stsled at Gost s5 any accutnulated depreryation and impairment losses. Any tangible assets carned at revalued amounts are recorded al the fair value al the d8te of revaluation less any subsequent 8ccumulaled depreci8tion and sub88qu&nt accumulated Impairment Ioss&8. The capitalisation polity of the group is to capilalisè item$ ov&r £200. Ihl Depreciation DepreGiation is calculated $0 a$ to write off the ¢o$t or valuation of an as$el, less its residual value, over the useful e¢onomi¢ life of that asset as follows.. Leasehold improvements Catering equipment Office equipment and IT Motor vehicles Straight line over the period of the lease Straight line ov&r three years Straight line over three years Straight line over three years lil StoGk sto¢k$ are tnea$ured at the lower of wst and estitnated selling price le$$ ¢osts lo ¢ompte and sell. Cost in¢lude$ all ¢osts of purchase, costs of conversion an(1 other costs incurred in bringing the stock lo rt5 present lotIOn and condition. (il Operating lease agreemerts Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain wlh the lessor are charg8d against profits on a straKJhl line basis ov&r th* period of the leas8. Ikl Pensitsn The Group operated a defined Contribution Scheme for employe&8. the assets of which are held separal&ly from those of the Group in an independentty adtninistered fund. The pension c0515 In the aGGounls reflect the Gonlribulions made in the year. 111 Financial instruments A financial asset or a financial liability is retognised onty wh&n the entity becomes a party to the contractual provisions of the In5trurDent. Basic financial instruments are initially recognised at the amount receivabk or payable including any related tran8action c08ts. unless the arrangement constitutès a financing transaction. where it is recognised al the present value of th& future payments discounted al 8 market rate of interest for a sitnilar debt instrument. Curr&nt assets and current liabilities are subs8qu8nlly measured al the cash or olh&r consideration expected to be paid or received and not discounted. Dèbt Instruments are Subsequently measured at amortised cost.
The Feed Foundation Notes to the financial statements Year ended 31 March 2024 Unreslri¢tetl Funds Restricted funds Total Funds Unre$tri¢ted 2024 Funds Re$lri¢ted Funds Total Funds 2023 4 Donatlons and 18gacles Donations 22,816 22.816 45,484 10,000 55,484 Grants Grants 95,192 189,683 284.875 123.430 245,369 368,799 118,008 189,683 307.691 168,914 255,369 424,283 During the year ended 31 March 2024 £25,67712023." £39.3731 of government funding was recewed. Unrestricted Funds Restricted Fund5 Total Funds Unrestricted 2024 Funds Restricted Funds Total Funds 2023 5 Charitabl8 activities Soual SupeTmatkel and Café Other income 81,109 81.109 62.610 2,339 62,610 2,339 81.109 Unrestricted Funds Restricted Funds Totsl Fund5 Unr8Stricled 2024 Funds Reslricled Fund$ Total Funds 2023 6 Other trading activities Café Income Catering incorne Kellle Partnership N&W Mind Partnership NUA Partnership Fundr8ising and sponsorship Support Room Hirè 482,489 254,260 143,513 79,191 67,735 29,305 462.489 254.260 143.513 79.191 67.735 29.305 500.130 182.974 149,044 58.423 58.002 19.631 22,148 18.617 500,130 182,974 149,044 56,423 58,002 19,631 22,148 18,617 16,686 16.686 1,053,179 1.053.179 1.008.969 1,006,989 Unrestricted Funds Restricted Funds Totsl Fund5 Unrestricted 2024 Fijnds Reslricled Fund$ Total Funds 2023 7 Other trading aGtivitie5 Fundraising fees Fundraising event costs Consultancy fees and expen8e8 1,689 4,688 6,802 1.689 4.688 6.802 13.179 14
The Feed Foundations Notes to the financial statements (continued) Year ended 31 March 2024 Unrestri Funds Restricted Total Funds Funds 2024 Unrestricted Funds Restricted Funds Total Funds 2023 8 ¢o$ts of other trading activitie$ Stsff costs Direct costs Premises costs Administration costs Professional fees Goveman¢e costs Depreciation L05s on disposal of fixed assets General costs 547,725 283,506 84,732 16.548 6.384 8.500 4,010 1,604 18,556 547,725 283,506 84,732 16,548 6,384 8,500 4,010 1,604 18,556 674,855 302,749 95,848 16,029 13,226 10,000 3,099 63,027 1,045 22 28 5,850 737,882 303,794 95,870 16,057 19,076 10,000 3,099 24,481 2,497 26,978 971,565 971,565 1.140,290 72,469 1.212,759 Unreslri¢ted Funds Restri¢ted Totsl Funds Funds 2024 Unreslri¢ted Funds Restri¢ted Funds Total Funds 2023 9 Expenditu on Charitsble a¢tivitie$ Staff costs Direct costs Premises costs Administration Costs ProfesslOn31 fees Govemance costs Depreciation L08s on disposal of fixed as8ets General costs 163,024 41,513 47.805 11.686 11,341 10,395 7,566 1.717 7.004 126,723 71,895 3.500 289,747 113,408 51,305 11,686 11,341 10,395 7,566 1,717 7,004 4,180 70,238 59,469 1,351 91,987 21,341 44,303 2,342 96,167 91,579 103,772 3,693 11,508 11,979 11,508 11,979 5.430 2.584 8.014 302,051 202.118 504.169 164.155 162.557 326.712
The Feed Foundation Notes to the financial statements (continued} Year ended 31 March 2024 9 Analysls of Governance costs 2024 2023 Auditors remuneratitrn- audit sÈtvite$- ¢harity Auditors r8muneration- audit services- Subsidiary Independent examin8tion fee5- prioryear under aGGrual other non audit services 10.000 8.500 9.600 10,000 948 960 21.508 395 18.895 10 Net income Net income is s18rted after chargingllcreditingl 2024 2023 Depreci8tion of tangibk fixed assets Loss on dispDsal of fixed atsets Operating lease cosls 11.576 3.321 35.130 15,078 34.150 11 Staff ¢o$ts The total staff costs and Èmployee bènefits for the reporting period are analysed as follows." 2024 2023 Wages and salariès Soaal security costs Employer contributions to pension plans 780.130 43.942 13.400 837.472 771.710 49,712 12.627 834.049 Throughout the period the Trust employed the follovring number of employees on either a full time or part time basi5. 2024 2023 All oth&r staff Sotyal supertnarket 47 49 46 No employee received employee n[rtS of more than £SO.OOD during the year12023". no Èmployees). Key Management Personnel The Key Management Personnel include the Chief Executive togetherwith the Chief Opemting orriGer. The total value of r8mun8ration and b&nefils received by Kay Managem&nt Personnel was £103,88912023.. £94.4521. 12 Trustee rernuneration and expenses No Trustees re(*ived MuneratIOn or expenses during the year12023 £Nill. 13 Audltor8 remuneratlon 2024 2023 Fees payable for the audit of the fin8ncial statements 18.500 19,600 Fees payable to the group auditor for other services.. Other non-audit Services (including independent examination fee and prior year under accrual) 395 3.913 16
The Feed Foundation Notes to the financial statements {continued} Year ended 31 March 2024 14 Tanglble Flxed Assets- Charlty Office equipment and IT Leasehold Catering Improvements equipment Motor vehlclos Totsl Cost As al 1 April 2023 Additions Disposals 30.519 32.563 10,255 1,876 6661 10.600 83.937 1,876 135,822 130,192 14,9641 As a131 Mard) 2024 327 27.599 11,485 10,600 49.991 Depreciation As al 1 April 2023 Charg8 for the period Dèprèciation on disposals 29.367 23,806 5,027 14.7381 5,224 2,539 13261 10,600 68,997 7,566 134.1051 129.0411 As a131 March 2024 326 24,095 7,437 10,600 42,458 Net book value As a131 March 2024 3,504 4,028 7,533 As al 31 March 2023 1.152 8.757 5,031 14.940 14 Tanglble Flxed Assets- Group Office quipm8nt and IT Leasehold Catsrlng Improvements equipment Motor vehicles Total Cost As al 1 April 2023 Addition$ Disposals 30.519 43,140 903 13,897 2,526 942 10,600 98,156 3.429 38,264 30,192 As al 31 March 2024 327 36.913 15,481 10,600 63.321 Depreriation As al 1 April 2023 Charge for the period Depreciation on disposa18 29.367 26,570 7.954 6,331 3,622 595 10,600 72,868 11.576 34,943 29.041 As al 31 March 2024 326 29.217 9,358 10,600 49.501 Net book value As al 31 March 2024 7,696 6,123 13,820 As al 31 March 2023 1.152 16.570 7,566 25.288
The Feed Foundation Notes to the financial statements Year ended 31 March 2024 15 Stock 2024 Chanty 2024 2023 Charity 2023 Group Group stock 2,459 16,972 4.470 15,664 2024 Charity 2024 Group 2023 Charity 2023 Group 16 Debtt>rs Trade debtor5 PpaYments and acuued income Other debtors 57.649 2.229 33,760 93,638 220 1.500 8.250 9.970 46.092 1.500 31.192 78,784 1,881 10,792 12,653 2024 Chatlty 2024 Group 2023 Charrty 2023 Group 17 Creditors.. Amounts falling due within one year Trade creditors AccTuals 3nd deferred in¢ome Soaal Security and oth&r taxes Other creditors Amounts owed to group undertakings 8,275 19,973 4,735 1,855 2,654 37,492 45,150 28.673 55,581 13.475 12.687 9.600 52.989 19.600 50,362 14.166 5.500 27.787 142.879 137.117 2024 Charity 2024 Group 2023 Charity 2023 Group Deferred income brought foard Rèleased during th& year Deferred during the year Deferred income carried forward 77.678 177.6781 200 200 Dèferred income represents grant and room hire incom& rec&ived in advante. 18 Pension and othèr post retirement benefits The amount recognised in the statement of financial activitKVd in relation lo the defined contribution plan 18 £13,400 12023.. £12,6271. 18
The Feed Foundation Notes to the financial statements {continued} Year ended 31 March 2024 19 Analysis of charitable funds Year onded 31 March 2024 InGorne Expenditure Trdn$fer5 At 31 MarGh 2024 2023 G&neral funds 105.048 1.252.809 11.288.795) 6.553 77.615 Restricted funds Nomich Consolidated Charrties NCF- Eilel Community First Revenue Fund st Martins Housing Trust Pathways Food Provision P05t Funding Active Norfolk Big Holiday Fun Childrens packed lunches Handelsbanke Hop&stead First Steps restricted funding Hotspot 2023 Household Support Fund 5 Hubbub Community Fridge Innovate UK Norfolk Cotntnunily Research Netwotk Literacy project 2024 Make Someone's Xmas 2023 50.000 6.304 6.309 125,0001 25,QOO 16.3041 16.3091 5.079 18.377 776 1.292 5.000 10.000 2.000 60.000 5,000 5.771 2.383 3.800 500 4.936 10.000 500 2.400 4,000 22.500 12.500 829 16.086 1,033 189.683 123.4561 17761 12.2981 15.0001 1.006 1.889 12.0001 160.0001 5,QOO 4.185 2.383 11.5861 13.8001 15001 13.4361 17.6081 15001 12.4001 14,0001 122.5001 112.0301 1231 NCF- Adult Social Servi(*s Consultation Focus Group NCF- l Love Norfolk Restricted Grant NCF- NN Volunteer Ctrordinator restrided grant NCF- Womens Focus Group Norfolk CC- Park Run Funding Norfolk and Waveney Community Voices Nopwich City Council PHP Reslricled Funding Nomich Freeman's First Steps Proi&ct Nourish General Restricted Donations Pathways Volunteer C(Fordinalor Funding Social Supermarket Gen&ral R&stricted 1.500 2.392 470 806 1251 1.0331 1202.1181 62.613 16.5531 43.625 Total Funds 167.661 1.442.492 11.488.913) 121.239 Year ended 31 March 2023 Income Expenditure Transfers At 31 March 2023 2022 General funds 168.562 1.240.931 11.304.445) 105.048 Restricted funds Mills and Reev8 Birketls Norwich City Council CAF Resilience Fund Hopestead John Pinninglon Nopwich Consolidated Charities NCF- Eilel Community First Revenue Fund NCF- Nourishing Norfolk Fund NCF- Norfolk Household Support Fund NCF- SuNiving Winter Fund Snelling Charitable Trust st Martins Housing Trust 3.025 5.000 34.245 13.0251 15.0001 159.2451 120.8781 110.0001 15,0001 125.0001 12,1961 131,5001 121,1001 12,0001 5,0001 145,0821 1235.0261 25.000 20,878 10.000 5,000 75.000 8.500 31,500 21.100 2,000 5.000 51.391 255.369 50.000 8.304 8.309 62.613 42.270 Total funds 210.832 1.496.300 11,539,4711 167.661 19
The Feed Foundation Notes to the financial statements {continued} Year ended 31 March 2024 19 Analysls of charltsble funds IcontlnLdl Mills and Re&ve and Birkalls funding was receiv8d in connection with the purchase of a food truck. howev8r change in circumstanc&s ha$ Seèn this funding being repurposed to the Social SUrMalket. Nonmth City Council - Hospitality Adaption Fund was reteivèd In connection with the Installation of a (anopy at the Foundation's premises. Nowch City Counul funding was received to fund the costs of selling up the Social Supemiarket. CAF Resilien Fund funding towards accounts support and wages and 8alarEs. Nomich Consolidated Charities, NCF- Eilel Community First Revenue Fund, NCF- Su1Ving Winter Fund and Hop8stead funding was recÈived towards the running costs of Social Supermark&t. NCF. Nourishing Norfolk Fund funding received towards Social Supermarket wages and Salaries and cafe sel up. NCF- Norfolk Hous&hold Support Fund funding rèceived towards Social Supermark&t running costs and shop vouchets to those in need. John Pinnington aD(I Snelling Charitable Trust funding reTrived towards Bloorn Project. Sl Martins Housing Trust funding reTrived towards wages and salaries. Palhways Food Provision Post Funding - Given for nourish set up costs. £18.377 spent on slaff G05ts. DBSlfood hygienelfirst a training. food costs. room hire. Active Norfolk Big Holiday Fun- £776 spent to be spent by March 2024. £776 Spent on staff c05t5. School hols cooking workshop. Childrens packed lunche5- £1.292 given from Tesco's for packed lunches. Spent chil(IreD's packed lunches. Handelsbanken £5k t&ed. Pa for proportion of sa12ry to proVe wellbèing and mental health support to our Community Hub Metnbers. Hope$lÈad First Steps £10,000 for first st&ps programme. £8.111 spent on staff costs for First steps programme and tnanagement charge with the balance to be spent during the year ended 31 March 2025. Hotspot 2023- £2.000 to provide warm spa( open to public. contribution to energy costs Spent by 3113124. Hous8hok1 Support Fund 5- £60,000 sp&nt on Social sup&rmarkel credit vouchers and stock. Hubbub Community Fridge - £5.000 for Cook Eat Grow to be spent before 2811112024. £5.000 lo be speDI on staff c05t5 for fortnightly Cooking Class Cook Eat Grow. Innovate UK Norfolk Community Research Network - £5,771 given for communrty research. £1,586 spent on staff costs with the balance being Spent during th& year ended 31 March 2025. Litera¢y projed 2024- £2,383 to run 12 month programme that started in September 2024. $0 ¢arried forward. Make Someon&'s Xm88 2023 £2,800- mixture of individual giving, corporate donations and community fundraising. £1,000 from Geoffrey Watling Charity. Giv&n for Christmas spending. Spent on toys. Christmas meal. Christmas grotto. NCF-Adutt So¢ial Servi$ Consuhation Fo¢us Group- £500 given for fo¢u$ groups. £500 spent on $taff ¢osts. NCF - l Love Norfolk - £4,936 to b8 sp&nl by March 2025 for community ski118 project. £3,436 spent on staff c08t8. equipment, management charge. £1.SOD transferred to next financial year to be spent by March 2025 on staft tosts for community skills NCF - NN Volunteer COrdinal0r restricted grant £10.000 given for volunteer co-ordinator £7,608 Spent on staff costs with balance to be spent during year ended 31 March 2025. NCF- Womens Fo¢us Group- £500 given forwomen's fo¢u$ group. £500 Spent on staff ¢tr$ts. Norfolk CC- P8rf< Run Funding - £2.400 given and sp8nt on phy8ical activrty and 80cial Inclusion programme. Norfolk and Waveney Community Voices £4,000 given for smoking cessation groups. £3,600 spent On staff costs, £400 management charge. Nomich City Council PHP Funding- £22.500 sp8nl on Community Project Lead staff costs. Notwch Freeman's First Steps Project- £12,500 given for First Steps Prograrntne. £11.250 spent on Community Project Lead staff costs with balan lo be spent in the year ended 31 March 2025. Nourish Community fundraising and individual giving - £829 given for nourish programme. Spent on nourish project costs to b& fully Spent by March 2025. Pathways Volunteer Co-ordinator Funding £16,086 given for volunl88r cfrordinator role. £16,086 sp&nt on volunteer co-ordinator role, spent by March 2024. Soual Supermarket General Restricted - £1,033- of which £333 community fundraising. £100 corporate donation. £200 individual. £400 from Spire Charitable Trusts. Received for social supemarftel project and spent by March 2024 on soaal supermarket. Fund transfers Transfets have been mad& between funds to represènt th& contribution mad& by unrestricted funds to restricted projects. 20
The Feed Foundation Notes to the financial statements {continued) Year ended 31 March 2024 20 Analysis of net assets betrn funds As at 31 March 2024 Unrestricted RoStrictsd Total Funds funds fund8 2024 Fixed assets Current a888ls Creditors less than 1 year 13,820 206,674 1142,8791 13,820 250,299 1142,8791 43,825 Net as5et5 77,615 43,625 121.240 As at 31 March 2023 unstriCted funds Restricted funds Total Funds 2023 Fixed assets Current assets Creditor5 less than 1 year 25,288 216,877 1137,1171 25.288 279.490 1137.1171 62,613 Net assets 105,048 62,613 167,661 21 Operatlng leasè commltments The total future minimum kase payrnenls under nonnce11ab1e operating leases are as follows.. 2024 2023 No18ter than 1 year Laterth8n 1 year and not later than 5 year5 33,980 110,453 34.380 40.183 144,433 74.563 22 Analy818 of chang8 In net debt Cash flows At 31 March 2024 2023 Cash al bank and In hand 185,042 45,353 139.689 23 Related parti8s During the year the charty Incurred 8xp8ndilure of £415 12023.. £3,214) for fr8e18nce finance $8rvic&s provided by Lisa Long, a trustee and director of The Feed Enterprises CIC. Al th& y&ar end th& Trust owed £Nil12023'. £5901. During the year the charity incurred expenditure of £Nil 12023.. £1,213) for heaYLh and safety servi5 provided by Essential Safety and Environmental Solutions Limited, a mmpany in which Lisa Long's Itruslee and director of The Feed Enterprises CICI partner is a director. At the year end the charity owed £NIl 12023.. £7201. During the year. Julie Rainford's Itrustee resigned in year and director of The Feed Enterprises CICI husband volunteered for the Foundation and received £26612023.. £Nill in expenses repayment for mileage. 24 Results of The Feed Foundation During the year. the charity made a deficit of £42.718 including gift aid from The Feed Enterprise5 CIC of £19.95112023.. defiul of £53.4151. The charity is not required lo produce their own Statement of Finanual Activities. 21
The Feed Foundation Notes to the financial statements {continued) Year ended 31 March 2024 24 Results of Th8 Feed Foundation During the year. the charity made a deficit of £42.718 including gift aid from The Feed Enterprises CIC of £19.951 12023.. deficit of £53.4151. The charty is not reqUid lo produce their own StaiÈment of Financial Activities. 25 Subsldlary communlty Interest company On 27 February 2014, The Feed EnleFpri5es CIC la comrnunity interest company, limited by guarantee) wa5 incotporaled. The Feed Enletprises CIC registration number is 08915020. The Fee(1 Foundation holds all of the voting rights and h85 the right to appoint or remove a Tllajority of ils board of directors. therefore The Feed Enterprises CIC is a subsidiary of The Feed Foundation. The Feed Foundation is the speafied asset locked body of The Feed EnterIseS CIC. 2024 2023 Gross income Expenditure 1,025,299 1,239.275 11,009,051) 11,212,759) Surplus before grft aid 16,248 26.516 Gift aid 116,2721 IDeficrtl I surplus after grft aid 3,703 10.244 2024 2023 Total asset5 156,e31 1108,0411 167.323 1114,8301 Total funds 48,790 52,493 22