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2024-03-31-accounts

CHARITY REGISTRATION NUMBER: 1189499

The International Roundtable for Sustainable Tea Unaudited Financial Statements

31 March 2024

The International Roundtable for Sustainable Tea

Financial Statements

Year ended 31 March 2024

Page
Trustees' annual report 1
Independent examiner's report to the trustees 11
Statement of financial activities 12
Statement of financial position 13
Notes to the financial statements 14

The International Roundtable for Sustainable Tea

Trustees' Annual Report

Year ended 31 March 2024

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2024.

Reference and Administrative Details

Registered Charity Name

The International Roundtable for Sustainable Tea

Charity Registration Number 1189499 Principal Office 44 Princes Street Oxford OX4 1DD The Trustees Aarti Kapoor (resigned 12 January 2024) Art Prapha (resigned 12 January 2024) Debra Coulter Filbert Kavia (appointed 3 May 2023) Jane Nyambura (appointed 26 April 2023) Krishanti Dharmaraj (resigned 25 September 2023) Nikhil Subbiah Stirling Smith Chief Executive Officer Sabita Banerji Independent Examiner Theresa Warren FCA 8 The Old Yard Lodge Farm Business Centre Wolverton Road Castlethorpe Milton Keynes MK19 7ES

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document and constitution

THIRST was established as a Charitable Incorporated Organisation on 15th May 2020 and is a registered charity with no share capital. The charity is governed by its constitution, dated 20 February 2019.

All trustees are members of the charity. The only persons eligible to be members of the charity are its trustees and any member who ceases to be a charity trustee automatically ceases to be a member of the charity. As at 31 March 2024 there were 5 members. In the event of the charity being wound up, no liability accrues to the members for settling the charity's debts and liabilities.

Organisational structure

The governance of THIRST is carried out by a Board of Trustees that meets quarterly. Day-to-day management is delegated to the Chief Executive Officer (CEO).

Recruitment, appointment and induction of Trustees

Charity trustees are appointed for a term of 3 years, with the passing of a resolution by the existing trustees. Trustees must have due consideration to the skills, knowledge and experience needed of the effective administration of the charity. Newly appointed trustees are provided with a copy of the current version of the charity’s constitution, together with the latest Trustees’ Annual Report and financial statements.

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The International Roundtable for Sustainable Tea

Trustees' Annual Report (continued)

Year ended 31 March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

THIRST Board of Trustees and Staff Trustees

Aarti Kapoor (Appointed 17/10/2021 until 12/01/2024 )

Aarti is the founder and Executive Director of Embode, an international consultancy based in Bangkok and focused on human rights in business supply chains, child rights and protection as well as leadership development in non-profit organisations. Aarti is qualified as a lawyer in the UK and the US, and has almost 20 years of technical experience responding to human trafficking, forced labour, child exploitation, child labour and other related issues, particularly in the UK, Southeast Asia and Africa.

Art Prapha (Appointed 14/6/2022 until 12/01/2024)

Art Prapha is Senior Program Manager, Corporate Accountability at the Freedom Fund. Previously, Art co-led Oxfam’s global Supermarket Campaign, Behind the Barcodes; headed Oxfam in Thailand’s Private Sector team; cofounded the Coalition for Ethical & Sustainable Seafood; and worked on social enterprise programs to connect women-led, community-based enterprises to markets. He holds a BA in Accounting & Commercial Law from Victoria University, Wellington and an MA in International Development from the London School of Economics and Political Science; and is pursuing an Executive MBA at Judge Business School, Cambridge University.

Debbie Coulter – Treasurer (Appointed 7/11/2018)

An active trade unionist for over 30 years, Debbie was elected Deputy General Secretary of the GMB Trade Union in 2003. She served as an ACAS Council Member and on the Women & Work Commission into Equal Pay and the Commission for Vulnerable Employment. She was Ethical Trading Initiative’s Head of Programmes and now works voluntarily for many charitable organisations.

Filbert Kavia (Appointed 03/05/2023)

Filbert is the Director of Transform Trade, an international organization based in the UK focused on fair trade and climate justice. Previously he was operations director of The Wood Foundation Africa on extensive smallholder tea farms development projects in East Africa. He has over 25 years of working experience in sustainable tea production in East Africa. He has strong experience working with smallholder development projects, managing tea supply chains, and marketing. Technical expertise in tea business, strategic planning, supply chain management and stakeholders’ engagements and partnerships. Filbert is trained in agriculture, agricultural economics, and project management.

Jane Nyambura (Appointed 26/04/2023)

Jane is a tea farmer. She also has over 15 years of experience as a sustainability and partnership professional working with companies and key tea organisations in the Kenyan tea sector. These include 12 years with the Ethical Tea Partnership, latterly as Stakeholder and Partnerships Manager. She was a trustee of the Kenya Tea Development Agency Foundation for five years and is now a trustee of Ripple Effect. She holds an MBA in Strategic Management and is a member of various other advisory boards and trusts.

Krishanti Dharmaraj (Appointed 7/11/2018 until 25/09/2023)

Krishanti is the Executive Director of the Center for Women’s Global Leadership in New York and co-founder of WILD for Human Rights (Women’s Institute for Leadership Development) and the Sri Lanka Children’s Fund. Formerly, she was a spokesperson for Amnesty International USA.

Nikhil Subbiah – Chair (Appointed 7/11/2018)

Nikhil is an investment funds lawyer at a leading global law firm, with experience working with impact investments, development finance institutions and in emerging markets. He was previously a Churchill Memorial Trust Fellow and conducted a research trip to tea plantations in India and Sri Lanka.

Stirling Smith (Appointed 7/11/2018)

Stirling is an independent ethical trade consultant and former Chief Technical Adviser for the International Labour Organisation in India. He has worked for DFID, British Council, Fair Labour Association, trade unions, NGOs and several companies.

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The International Roundtable for Sustainable Tea

Trustees' Annual Report (continued)

Year ended 31 March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Founder and CEO

Sabita Banerji

An economic justice advisor who was born and raised on tea plantations in Kerala and Assam, Sabita has nearly 20 years’ experience working in ethical trade and international development having held strategic posts at Oxfam and the Ethical Trading Initiative. She was previously a member of the Board of Directors of Just Change, UK – a voluntary community tea trading initiative.

Administration

Zita Lewis - Virtual assistant

Volunteers

OBJECTIVES AND ACTIVITIES

Principal Objectives

THIRST (The International Roundtable for Sustainable Tea) is established to promote sustainable development for the benefit of the public by providing a platform for civil society organisations to work together for:

a) the preservation, conservation and the protection of the environment and the prudent use of natural resources in tea growing areas;

b) the prevention and relief of poverty and the improvement of the conditions of life among the socially and economically disadvantaged communities on tea plantations and small tea farms;

c) the promotion of sustainable means of achieving economic growth and regeneration of tea growing areas.

THIRST champions human rights in the global tea industry.

THIRST is a collaborative platform for all committed to transforming the tea industry into a fair and thriving industry for all involved. It is funded through grants, contributions from tea industry stakeholders, consultancy fees and income from tickets for events.

It provides a space for civil society, tea workers and farmers to work together towards systemic change via collaboration, transparency, mutual understanding and respect. Its vision is a fair and sustainable tea industry which respects and empowers tea workers and farmers, and protects their rights and environment.

THIRST's goals align with the UN Sustainable Development Goals, the UN Guiding Principles on Business and Human Rights, and the International Labour Organisation Conventions.

It seeks decent work and living wages, gender equity, improved health, housing, safety and benefits, protected environments and fair, effective and transparent systems.

The Trustees have complied with their duty to have due regard to the guidance, published by The Charity Commission (specifically PB2), on public benefit in exercising their powers or duties.

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The International Roundtable for Sustainable Tea

Trustees' Annual Report (continued)

Year ended 31 March 2024

PERFORMANCE AND ACHIEVEMENTS APRIL 2023 - MARCH 2024

OVERVIEW

This financial year saw THIRST growing in maturity, becoming more established within the tea community, and being sought-after by the industry, civil society, academia and the media as a trusted source of knowledge, information and ideas to improve human rights in the sector.

We were able this year to secure sufficient funding from companies and donors to enable us to deliver not only the second phase of the human rights impact assessment of the global tea sector , but also to respond to the exposure of sexual exploitation across the industry – while continuing to deliver our monthly news updates and continue to update our growing Knowledge Hub .

Our two major publications were our report on the ‘Root Causes of Human Rights Breaches’ in the tea sector and ‘Consent…’, a paper on the risk factors for gender based violence and harassment specific to the tea sector. Both were well received by the industry and provide valuable tools for civil society in tackling human rights issues in the sector.

THIRST’s expertise was sought by the media , including featuring in a BBC Radio 4 documentary ‘Empire of Tea’, and having a letter on tea pricing featured in The Guardian. THIRST was also invited to co-curate ‘Cha, Chai, Tea’ a major exhibition on the history, culture and socio-economics of tea at the Horniman Museum which prominently presented our work.

We ran webinars discussing how to prevent gender based violence and harassment in tea plantations, invited specialist guest speakers to run webinars on smart contracting innovations and worker-driven social responsibility, and delivered talks and lectures at conferences, universities, museums, and in community settings.

We also made our expertise available to the tea industry through our consultancy service, delivering a human rights risk assessment for the German tea company, Teekampagne. We are now discussing a longer term partnership with the company to explore how best to act on the findings and improve the lives of tea workers in Darjeeling.

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The International Roundtable for Sustainable Tea

Trustees' Annual Report (continued)

Year ended 31 March 2024

ACTIVITIES, PERFORMANCE AND ACHIEVEMENTS APRIL 2023 - MARCH 2024

Human Rights Impact Assessment of the Global Tea Sector: Phase 2 – Analysis: The Root Causes of Human Rights Breaches

THIRST’s key objective in this financial year was the completion of Phase 2 of the HRIA. This was fully achieved with the publication of the report on the Root causes of human rights breaches in the sector.

The most fundamental driver was felt to be the deeply embedded colonial roots of the industry which are imprinted on the industry, shaping many of its attitudes and systems, and embedding strong resistance to change at every level. Other factors that are either causing human rights breaches such as low pay, poor housing and lack of agency, or preventing these rights from being fulfilled include:

And underpinning all of these and creating even greater barriers to change:

Our analysis shows that change IS possible, and is already happening. THIRST’s work, going forward, will be to share this knowledge and test the findings through practical applications in partnership with industry and civil society.

The report is based on the views of 198 individuals, representing a wide range of tea industry stakeholders. They were consulted through a virtual global tea producers’ survey, a series of remote and in-person key informant interviews and several focus group discussions.

We asked all interviewees if the finding from the literature review of a human rights gap in the sector rang true for them, what trends they were seeing that could affect the tea sector and the realities and challenges of their own particular area of work, especially in relation to human rights.

"This is such an important and impressive piece of research. You are diving directly into very important, systemic and widespread issues that are at the root causes of the human rights violations that we see in this sector. This is so useful and hopefully can contribute to changing this system that seems unchangeable…" Caroline Brodeur, Oxfam America

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The International Roundtable for Sustainable Tea

Trustees' Annual Report (continued)

Year ended 31 March 2024

Advocacy

Gender based violence and harassment:

THIRST had been calling on the tea industry to acknowledge and address that gender based violence was likely to be widespread ever since a culture of abuse was revealed by the law firm Leigh Day on tea estates in Malawi in 2021. Then, when in 2023, BBC Africa and Panorama broadcast a documentary on sexual exploitation of workers on Kenyan tea plantations, THIRST worked with Women Working Worldwide and consultant Michael Pennant Jones to draft and publish a paper outlining the specific GBVH risk factors for women anywhere in the tea sector. The paper was very well received by the industry who found the infographic in particular very helpful. THIRST’s and our co-authors’ LinkedIn posts on the issue received tens of thousands of views, and many positive comments.

Blogs

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The International Roundtable for Sustainable Tea

Trustees' Annual Report (continued)

Year ended 31 March 2024

Talks & Lectures

“Your expertise and thought-provoking ideas have profoundly enriched the pluralist discussions in Scotland, specifically invoking valuable insights on how we can shape the future of justice in the tea sector, particularly in the face of the challenges posed by climate change.” Craig Menzies, Scottish Pluralist Economics Conference organiser

Webinars

Media & Comms

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The International Roundtable for Sustainable Tea

Trustees' Annual Report (continued)

Year ended 31 March 2024

Advice to the tea industry

Teekampagne – Human rights risk analysis

THIRST was commissioned to conduct a human rights risk analysis for the German speciality tea retailer, Teekampagne. This study of a small group of tea producers, some of whom have adopted alternative employment practices and business models, in a geographically contained region (Darjeeling) proved a valuable mirror of the wider industry. It has also led to discussion of a longer collaboration with the company to help address some of the issues raised.

“We have been following the work of THIRST for quite some time now – it is a fountain of knowledge regarding the tea sector across the world. The multi-stakeholder approach encompasses different perspectives with one common goal: to make tea industry fair and sustainable. When we wanted to analyse the risk of human rights violations in our supply chain, THIRST was the first to come to our mind. The detailed report enables us to take the next steps on our journey. Thank you, Sabita and the team of THIRST.” Thomas Raeuchle-Gehrig, Dr. Kathrin Gassert, Projektwerkstatt/Teekampagne

Monthly News Update & Knowledge Hub

THIRST’s Knowledge Hub now contains over 130 resources – reports, studies, tools and other resources to help the tea industry and its stakeholders to pool valuable data, insights and knowledge on human rights and environmental issues in the sector.

THIRST also continued to produce a newsletter roughly every month bringing together and sharing news of human rights and environmental issues for tea workers and farmers around the world.

“I love the newsletter and am so glad you are doing this.” Erika Rappaport, Professor, Department of History University of California, Santa Barbara – author of Thirst for Empire.

Trustee recruitment

THIRST sought to recruit a new Trustee who would bring expertise relating to the African tea sector. Jane Nyambura formerly of ETP in Kenya, and Filbert Kavia , Country Director of Transform Trade Tanzania, both applied and, although we had intended to only recruit one Trustee in this role, Trustees felt that both Jane and Filbert had so much to offer that we decided to appoint them both.

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The International Roundtable for Sustainable Tea

Trustees' Annual Report (continued)

Year ended 31 March 2024

FINANCIAL REVIEW

THIRST’s funding this year came primarily from the tea industry itself in the form of consultancies, contributions towards the HRIA and purchasing tickets to THIRST events. Financial contributors and clients included:

During the year the charitable organisation received total income of £60,152 (2023: £77,085), of which £39,035 (2023: £56,084) related to Restricted Fund activities.

Total expenditure was £63,983 (2023: £58,879), of which £48,825 (2023: £48,850) related to Restricted Fund activities.

The charity generated a deficit for the year of £3,831 (2023: Surplus £18,206), of which £9,790 (2023: £7,234) related to Restricted Funds (before reserve transfers).

At the year end the charity had total funds of £17,307 (2023: £21,138), of which £Nil (2023: £11,339) were Unrestricted Funds and £17,307 (2023: £9,799) were Restricted Funds.

PLANS FOR FUTURE PERIODS

THIRST’s primary focus will continue to be on its Human Rights Impact Assessment (HRIA) of the Global Tea Sector. In 2024 we will move into the Action Planning phase – bringing together a cross section of tea industry stakeholders to use the findings of Phases 1 & 2 (literature review and root cause analysis) to decide on the most effective actions and collaborations to take.

As we reach the end of the HRIA, we will also begin to explore how climate change is impacting on tea workers and farmers and their communities, and what they and the companies that employ and buy from them can do to prevent and mitigate climate impacts.

We will review our website to make it more user-friendly and efficient to maintain. We will continue to provide our news updates (though possibly on a quarterly rather than monthly basis) and updating our Knowledge Hub. We will continue to respond where ad hoc events call for advocacy and will seize every opportunity to promote the human rights, wellbeing, and empowerment of tea workers and farmers and for measures that will ensure their environment, and the global environment, is protected from harm.

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The International Roundtable for Sustainable Tea

Trustees' Annual Report (continued)

Year ended 31 March 2024

THANKS AND ACKNOWLEDGEMENTS

THIRST would like to offer our heartfelt thanks to everyone who has supported our work through voluntary work, advice, financial and moral support and who have provided encouragement, support, advice, donations, subscribed to THIRST updates and participated in our roundtables. Above all we thank the workers and farmers who grow our tea, their families and communities, and all the tea industry stakeholders that have participated in our research.

04/02/2025 The trustees' annual report was approved on ……………….. and signed on behalf of the board of trustees by:

Jane Nyambura Trustee

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The International Roundtable for Sustainable Tea

Trustees' Annual Report (continued)

Year ended 31 March 2024

I report to the trustees on my examination of the financial statements of The International Roundtable for Sustainable Tea ('the charity') for the year ended 31 March 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

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

Independent examiner's statement

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

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

  2. the financial statements do not accord with those records; or

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

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

Theresa Warren FCA Independent Examiner

8 The Old Yard Lodge Farm Business Centre Wolverton Road Castlethorpe Milton Keynes MK19 7ES

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The International Roundtable for Sustainable Tea

Statement of Financial Activities

Year ended 31 March 2024

Year to
Year to 31 Mar 24 31 Mar 23
Unrestricted Restricted
funds fundsTotal funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 4 11,549 – 11,549 16,535
Charitable activities 5 9,551 39,035 48,586 60,540
Investment income 17 – 17 10
──────── ──────── ──────── ────────
Total income 21,117 39,035 60,152 77,085
════════ ════════ ════════ ════════
Expenditure
Expenditure on raising funds:
Costs of raising donations and
legacies 6 211 – 211 –
Expenditure on charitable activities 7,8 14,947 48,825 63,772 58,879
──────── ──────── ──────── ────────
Total expenditure 15,158 48,825 63,983 58,879
════════ ════════ ════════ ════════
Net income/(expenditure) and net
movement in funds 5,959 (9,790) (3,831) 18,206
Transfers between funds (17,298) 17,298 – –
──────── ──────── ──────── ────────
Net movement in funds after transfers (11,339) 7,508 (3,831) 58,879
════════ ════════ ════════ ════════
Reconciliation of funds
Total funds brought forward 11,339 9,799 21,138 2,932
──────── ──────── ──────── ────────
Total funds carried forward – 17,307 17,307 21,138
════════ ════════ ════════ ════════

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

The notes on pages 14 to 18 form part of these financial statements.

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The International Roundtable for Sustainable Tea

Statement of Financial Position

31 March 2024

2023 2023
Note £ £
Current assets
Debtors 12 259 20,000
Cash at bank and in hand 22,410 6,938
──────── ────────
22,669 26,938
Creditors: amounts falling due within one year 13 5,362 5,800
──────── ───────
Net current assets 17,307 21,138
─────── ───────
Total assets less current liabilities 17,307 21,138
─────── ───────
Net assets 17,307 21,138
═══════ ═══════
Funds of the charity
Restricted funds 17,307 9,799
Unrestricted funds – 11,339
─────── ───────
Total charity funds 14 17,307
═══════		 21,138
═══════

These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

Jane Nyambura Trustee

The notes on pages 14 to 18 form part of these financial statements.

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The International Roundtable for Sustainable Tea

Notes to the Financial Statements

Year ended 31 March 2024

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is a Charitable Incorporated Organisation. The address of the principal office is 44 Princes Street, Oxford, OX4 1DD

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

Fund accounting

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

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

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The International Roundtable for Sustainable Tea

Notes to the Financial Statements (continued)

Year ended 31 March 2024

3. Accounting policies (continued)

Incoming resources

All incoming resources are 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:

Resources expended

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:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

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The International Roundtable for Sustainable Tea

Notes to the Financial Statements (continued)

Year ended 31 March 2024

4. Donations and legacies

Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Donations
Donated services – – 10,473 10,473
General donations 7,049 7,049 2,777 2,777
Grants
NGO Participation Fund 2,000 2,000 3,285 3,285
Ethical Trading Initiative 2,500 2,500 – –
──────── ──────── ──────── ────────
11,549 11,549 16,535 16,535
════════ ════════ ════════ ════════
5. Charitable activities
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Grants and fees received as part of direct charitable
activities 9,551 39,035 48,586
═══════ ════════ ════════
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Grants and fees received as part of direct charitable
activities 4,456 56,084 60,540
═══════ ════════ ════════
6. Costs of raising donations and legacies
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Costs of raising donations and legacies
– Grants applications 211 211 – –
═══════ ═══════ ═══════ ═══════
7. Expenditure on charitable activities by fund type
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Research and Literature Reviews – 48,825 48,825
Support costs 14,947 – 14,947
──────── ──────── ────────
14,947 48,825 63,772
════════ ════════ ════════
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Research and Literature Reviews – 48,850 48,850
Support costs 10,029 – 10,029
──────── ──────── ────────
10,029 48,850 58,879
════════ ════════ ════════

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The International Roundtable for Sustainable Tea

Notes to the Financial Statements (continued)

Year ended 31 March 2024

8. Support Costs

Support Costs
Unrestricted Unrestricted
Funds 2024 Funds 2023
£ £
Consultant costs (including in kind time) 10,925 6,550
Venue hire 187 –
Travel 310 820
IT Costs 283 1,931
Marketing support 2,541 –
Office costs – 20
Bank charges 102 108
Governance costs:
-
Accountancy		 600 600
──────── ────────
14,947
════════		 10,029
════════

9. Independent examination fees

Year to Year to
31 Mar 24 31 Mar 23
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 600
════		 600
════

10. Staff costs

The charity does not directly employ any staff (2023: Nil).

11. Trustee remuneration and expenses

No remuneration or reimbursed expenses were received by the trustees during the period.

12. Debtors

2024 2023
£ £
Prepayments and accrued income 259 20,000
════════ ═══════
13. Creditors: amounts falling due within one year
2023 2022
£ £
Accruals and deferred income 5,362 5,800
──────── ───────
5,362 15,302
════════ ═══════

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The International Roundtable for Sustainable Tea

Notes to the Financial Statements (continued)

Year ended 31 March 2024

14. Analysis of charitable funds

Unrestricted funds

At At
1 April 2023 Income Expenditure Transfers
31 March 2024
£ £ £ £
General funds 11,339 21,117
(15,158)		 (17,298)
–
═══════ ════════
════════		 ════════
════════
At At
1 April 2022 Income Expenditure Transfers 31 March 2023
£ £ £ £
General funds 367 21,001
(10,029)		 – 11,339
═══════ ════════
════════		 ════════
═════
Restricted funds
At At
1 April 2023 Income Expenditure Transfers 31 March 2024
£ £ £ £
Research Projects 9,799 39,035
(48,825)		 17,298 17,307
═══════ ════════
════════		 ════════
═══════
At At
1 April 2022 Income Expenditure Transfers 31 March 2023
£ £ £ £
Research Projects 2,565 56,084
(48,850)		 – 9,799
═══════ ════════
══════════		 ════════
═══════

Transfer between reserves represents the charities own support, from general fund activities, towards the expenditures incurred on its restricted fund projects.

15. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Current assets 1,200 21,469 22,669
Creditors less than 1 year (1,200) (4,162) (5,362)
─────── ─────── ───────
Net assets – 17,307 17,307
═══════ ═══════ ═══════
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Current assets 12,539 14,399 26,938
Creditors less than 1 year (1,200) (4,600) (5,800)
─────── ─────── ───────
Net assets 11,339 9,799 21,138
═══════ ═══════ ═══════

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