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2023-03-31-accounts

FARESHARE NORTH EAST

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Charity Number: 1189901

DEBÉRE LIMITED

Chartered Accountants Swallow House Parsons Road Washington Tyne and Wear NE37 1EZ

FARESHARE NORTH EAST

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

CONTENTS PAGES
Officers and professional advisers 1
Trustees’ annual report 2 to 5
Independent Examiners Report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 21

FARESHARE NORTH EAST

MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS

YEAR ENDED 31 MARCH 2023

Reference and Administrative Information

Registered Office Stamfordham Road
Westerhope
Newcastle upon Tyne
NE5 5HH
Board of Trustees Sir Paul Ennals
Craig Bankhead
Jane Streather
Jane Tiplady
Andrew Hook
Graeme Heron
Molly Dunne
Valerie Bell
Steven Richardson
Catharine Mitchell
Chief Executive Jake Hanmore
Independent Examiner Debére Limited
Chartered Accountants
Swallow House
Parsons Road
Washington
Tyne & Wear
NE37 1EZ
Bankers Unity Trust Bank Plc
4 Brindley Place
Birmingham
B1 2JB

FARESHARE NORTH EAST REPORT OF THE TRUSTEES

YEAR ENDED 31 MARCH 2023

The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 2019).

Objectives & Activities

The charity’s objectives are contained in its Foundation Constitution, which states:

During the course of the year the volumes of surplus food that FareShare North East relies upon have fluctuated, making it difficult to grow the organisation to meet demand in the North East region. Over the year FareShare North East has worked with over 200 community groups and redistributed more than 1,200 tonnes of surplus food. Although this volume of redistributed food is substantial, over 120 community groups are currently waiting to join as members and supply has not been sufficient to meet demand.

Details of specific aims, activities, and achievements are included in the Achievements and Performance section of the Trustees Report below.

Achievements & Performance

FareShare North East, working in partnership with FareShare UK, covers the geographic North East of England, working to re-distribute fit for purpose, in-date, quality surplus products from the food industry to charities and community groups. Being a part of the FareShare network gives FareShare North East access to national surplus food partners and guidance on the safe redistribution of surplus food through a collaboration agreement.

In the reporting year of 2022-23, FareShare North East redistributed 1,200 tonnes of good to eat surplus food to 236 individual community groups. These community groups include school breakfast clubs, drop-in centres, homelessness projects and community pantries. Despite fluctuating food volumes the overall amount of food redistributed remains broadly similar to the previous year, and with the investment that FareShare UK are making in their food sourcing teams FareShare North East expects to see additional food coming into the North East during 2023-24.

Financial Review

Over the past two years FareShare North East has invested significantly in operational capacity, particularly with a large investment in chilled and frozen storage capacity at the end of the last financial period. During this financial period, 2022-23, FareShare North East has taken on additional warehouse space in Middlesbrough to better serve the Tees Valley area, including the purchase of additional vans and the construction of additional chilled storage space.

By way of support for this capacity expansion, FareShare UK have donated £77,869 in grant funding in this financial year to contribute to the additional costs of constructing the larger chiller and freezer at the end of the last financial period. In addition, FareShare UK have also donated a further £67,828 to increase the capacity for frozen food in the region, with funding being used to purchase a dedicated freezer van and donated large chest freezers to community groups. In line with our accounting principles the income for these donations has been recognised in full, with the capital assets purchased depreciating over the next five years.

FARESHARE NORTH EAST

REPORT OF THE TRUSTEES (continued)

YEAR ENDED 31 MARCH 2023

The support from FareShare UK in building operational capacity will allow the charity to return the internal investment in chilled and frozen capacity from core costs made during 2022-23 to unrestricted reserves, ensuring that the organisation has sufficient reserves in line with its reserves policy detailed below.

Principal Funding Sources

The charity has a mix of funding sources, from grants, trusts, corporate partners, and contributions from community groups through membership of FareShare North East’s redistribution activities.

Notable funders this year include:

Reserves Policy

The Trustees have set a reserves target of the equivalent of between 3-6 months operational costs, plus the equivalent of any associated redundancy and winding up costs as the minimum value of unrestricted reserves to be held at any one time. This creates a target for 2023/24 of between £215,048 and £430,098.

As at 31 March 2023 the total unrestricted reserves were £392,559, of which £111,377 belongs to a designated fund for closure costs, £62,294 belongs to a designated capital fund whilst £218,888 consists of unrestricted funds available to cover operational costs.

Plans for Future Periods

The key objectives for the charity during the next period, 2023-24, are:

Structure, Governance, and Management

The charity is registered as a Charitable Incorporated Organisation with the Charity Commission. The charity is governed by a Foundation Model Constitution document.

FARESHARE NORTH EAST

REPORT OF THE TRUSTEES (continued) YEAR ENDED 31 MARCH 2023

Recruitment and Appointment of New Trustees

During the year the following people were appointed as Trustees by the Board of Trustees for a four-year term:

After the year end the following people were appointed as trustees by the Board of Trustees for a four year term:

Trustees are appointed for terms of no more than four years and can serve no more than three consecutive terms. New trustees, up to a maximum of 12, can be appointed by the existing trustees.

Organisational Structure

The charity is governed by the Board of Trustees who are responsible for setting the strategic direction of the organisation and establishing policy. A Chief Executive is appointed by the Trustees to manage the day to day affairs of the charity.

Induction and Training of New Trustees

All new Trustees receive an induction briefing from the Chair and are invited to visit the regional centre in Newcastle to gain a greater understanding of how the organisation performs its work. As opportunities present themselves, Trustees are encouraged to attend external training events provided by organisations such as VONNE or Connected Voice that support the third sector in the North East.

Key Management Remuneration

All senior management pay scales are determined by the Board of Trustees and are in line with local and national roles at an equivalent level.

Wider Network

FareShare North East forms part of the FareShare network. As part of this national group the operations of FareShare North East are restricted to the North East of England, however there are opportunities to collaborate with the wider national network, especially in applying to certain types of funding.

Risk Management

The charity has an Executive Sub-committee, consisting of the Chair, Treasurer, and two experienced Trustees. Along with the Chief Executive, this Sub-committee meets quarterly to review key risks. These risks are assessed and logged in a comprehensive risk register, which covers risks including, but not limited to, Governance, External Risks, Finance, Operations, Regulatory, and Compliance.

FARESHARE NORTH EAST

REPORT OF THE TRUSTEES (continued)

YEAR ENDED 31 MARCH 2023

Trustees’ responsibilities in relation to the Financial Statements

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting 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 of the income resources and application of resources of the charity 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 enable them to ensure that the financial statements comply with the Charities Act 2011. They are responsible for safeguarding the assets of the charity and, hence, taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent Examiner

A Resolution to appoint Claire Miller at Debére Limited as Independent Examiner for the ensuing year will be proposed at the Annual General Meeting. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the trustees on 11 December 2023 and signed on its behalf by

Sir Paul Ennals - Chair

FARESHARE NORTH EAST

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF FARESHARE NORTH EAST

YEAR ENDED 31 MARCH 2023

I report on the accounts of the Charitable Incorporated Organisation for the year ended 31 March 2023, which are set out on pages 7 to 21.

Respective Responsibilities of Trustees and Examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this period under section 144(2) of the Charities Act 2011 (‘the 2011 Act’), and that an independent examiners report is needed.

It is my responsibility to:

Basis of Independent Examiners Report

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent Examiner’s Statement

In connection with my examination, no matter has come to my attention:

have not been met; or

Claire Miller BA (Hons) FCA Independent Examiner

ON BEHALF OF DEBÉRE LIMITED Chartered Accountants

Swallow House Parsons Road Washington Tyne and Wear NE37 1EZ

Date: 11 December 2023

FARESHARE NORTH EAST

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MARCH 2023

Note
Unrestricted
Funds
General
£
Unrestricted
Funds
Designated
£
Restricted
Funds
£
Income from:
Investment income
4
409
–
–
Charitable activities
5
531,536
–
158,843
Donations and legacies
53,289
–
–
Total income
585,234
–
158,843


Expenditure:
Charitable activities
398,902
23,633
134,897
Total expenditure
6
398,902
23,633
134,897



Net incoming / (outgoing)
resources before transfers
8
186,332
(23,633)
23,946
Transfers
Gross transfers between funds
(49,003)
49,003
–
Net movement in funds
137,329
25,370
23,946
Total funds brought forward
81,559
148,301
141,753
Total funds carried forward
218,888
173,671
165,699


 Total
Funds
2023
£
409
690,379
53,289
744,077
557,432
557,432
186,645
–
186,645
371,613
558,258		 Total
Funds
2022
£
–
528,276
43,604
571,880
509,247
509,247
62,633
–
62,633
308,980
371,613

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

The notes on pages 9 to 21 form part of these financial statements

FARESHARE NORTH EAST Charity Number: 1189901 BALANCE SHEET

31 MARCH 2023

Notes
Fixed assets
Intangible assets
9
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors:amounts falling due within one
year
12
Net current assets
Creditors: amounts falling due after
more than one year
13
Net assets
Net assets
Funds
Restricted funds
14
Unrestricted funds:
15
Designated funds
General funds
Total charity funds
16		 2023
£
2,701
246,584
68,039
446,980
515,019
(196,881)
£
249,285
318,138
(9,165)
558,258
165,699
173,671
218,888
558,258
 2022
£
£
2,680
188,560
191,240
90,166
223,097
313,263
(108,013)
205,250
(24,877)
371,613
141,753
148,301
81,559
371,613

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)).

For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors/trustees responsibilities:

These financial statements were approved by the Board of Trustees on 11 December 2023 and signed on their behalf by:

Sir Paul Ennals Chair

The notes on pages 9 to 21 form part of these financial statements

FARESHARE NORTH EAST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the charity’s governing document, the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)”. The charity is a Public Benefit Entity as defined by FRS 102.

The address of the charity’s registered office and principal place of business is Stamfordham Road, Westerhope, Newcastle upon Tyne, NE5 5HH.

.

Fareshare North East meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

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 levels of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Fund accounting

Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of overheads and support costs.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Income

Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Voluntary income received by way of donations and gifts to the charity is included in full in the Statement of Financial Activities when received. Intangible income is not included unless it represents goods or services which would have otherwise been purchased. Gifts in kind are valued and brought in as income and the appropriate expenditure. There were no gifts in kind in the year ended 31 March 2023.

Investment income

Interest is included when receivable by the charity.

FARESHARE NORTH EAST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES (continued)

Expenditure

All expenditure is accounted for on an accruals basis.

Charitable activities include all costs relating to activities where the primary aim is part of the objects of the charity along with the indirect costs. The indirect costs have been apportioned on a reasonable basis.

Governance costs include audit and accountancy fees as well as the Annual General Meeting costs.

Operating lease agreements

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

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash held at bank and cash in hand.

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Statement of Financial Position date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

Financial instruments

The charity has elected to apply the provisions of Section 11 “Basis Financial Instruments” of FRS 102, in full to all of its financial instruments. All of the charities financial assets and financial liabilities qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Pension costs

The charity provides a defined contribution scheme for employees. The assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the Statement of Financial Activities.

FARESHARE NORTH EAST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES (continued)

Intangible Assets and Amortisation

Intangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation is calculated so as to write off the cost of an asset, less it’s estimated residual value, over the useful economic life of that asset as follows:

Website development

33% straight line

Tangible Fixed Assets and Depreciation

Tangible fixed assets are capitalised and included at cost.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Equipment 15% reducing balance Motor vehicles 25% reducing balance

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense unless these costs are required to be capitalised as an intangible or tangible fixed asset.

Employees are only entitled to carry forward unused holiday entitlement in exceptional circumstances, and only by agreement with management. The cost of any unused entitlement is recognised in the period in which the employee’s services are required.

Critical Accounting Estimates and Areas Of Judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances.

The only significant area of judgement is the useful economic lives of fixed assets, details of which are given above.

FARESHARE NORTH EAST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

2. STATEMENT OF FINANCIAL ACTIVITIES FOR THE PRIOR YEAR

Note
Unrestricted
Funds
General
£
Unrestricted
Funds
Designated
£
Restricted
Funds
£
Income from:
Investment income
4
–
–
–
Charitable activities
5
405,043
–
123,233
Donations and legacies
43,604
–
–
Total income
448,647
–
123,233
Expenditure:
Charitable activities
447,798
18,628
42,821
Total expenditure
6
447,798
18,628
42,821
Net incoming / (outgoing) resources
before transfers
8
849
(18,628)
80,412
Transfers
Gross transfers between funds
(85,765)
85,765
–
Net movement in funds
(84,916)
67,137
80,412
Total funds brought forward
166,475
81,164
61,341
Total funds carried forward
81,559
148,301
141,753		 Total
Funds
2022
£
–
528,276
43,604
571,880
509,247
509,247
62,633
–
62,633
308,980
371,613

3. COMPANY STATUS

The company is a charitable incorporated organisation.

4. INVESTMENT INCOME

Unrestricted
Funds
Restricted
Funds
£
£
Bank interest
409
–		 2023
2022
£
£
409
–

In the year ended 31 March 2023, income from other trading activities of £409 (2022: £nil) was unrestricted and £nil (2022: £nil) was restricted.

FARESHARE NORTH EAST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

5 INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
Funds
Restricted
Funds
£
£
Connected Voice
4,000
–
Covid related grant
10,749
–
LGA Foundation
5,000
–
Joicey Trust
3,300
–
Postcode Lottery
25,000
–
William Leech
5,000
–
Middlesbrough Foundation
–
50,000
FSUK
75,254
108,843
Groundwork Tesco
2,375
–
Ludlow Trust
54,400
–
CLLD Funding
23,136
–
Fundraising
6,047
–
Membership income – CFM
253,042
–
William Webster Trust
–
–
The Shears Foundation
–
–
Bernicia Foundation
–
–
Kavli Foundation
–
–
Garfield Weston
30,000
–
Apprentice funding
31,034
–
Funding for food savouring role
3,199
–
531,536
158,843

Grants transferred from the CIC:
The National Lottery Community Fund
–
–
WRAP
–
–
Hadrian Trust
–
–
FORE
–
–
LGA
–
–
Greggs
–
–
–
–

Total income from charitable activities
531,536
158,843		 2023
£
4,000
10,749
5,000
3,300
25,000
5,000
50,000
184,097
2,375
54,400
23,136
6,047
253,042
–
–
–
–
30,000
31,034
3,199
690,379

–
–
–
–
–
–
–
690,379		 2022
£
–
–
1,000
–
–
–
–
32,928
–
–
–
–
272,313
3,000
5,000
9,000
82,083
25,000
17,243
–
447,567
11,150
60,659
2,000
4,900
1,000
1,000

80,709
528,276

In the year ended 31 March 2023, income from charitable activities of £531,536 (2022: £405,043) was unrestricted and £158,843 (2022: £123,233) was restricted.

FARESHARE NORTH EAST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

6. EXPENDITURE

Charitable activities
Governance costs		 Direct
Costs
£
19,341
–
19,341		 Staff
Costs
£
286,952
–
286,952		 Depre-
ciation
£
46,323
–
46,323		 Other
Costs
£
202,216
2,600
204,816		 2023
£
554,832
2,600
557,432		 2022
£
506,647
2,600

509,247

In the year ended 31 March 2023, total expenditure of £422,535 (2022: £466,426) was unrestricted and £134,897 (2022: £42,821) was restricted.

Governance costs are made up as follows:

Independent Examiners fees
Accountancy fees
Other costs are made up as follows:
Rent and utilities
Telephone
Printing and office supplies
Website costs
Repairs and maintenance
Cleaning and hygiene
Travelling expenses
Motor vehicles expenses
Vehicle hire
Equipment hire
Insurance
Fees and subscriptions
Training
Advertising
Consultancy and legal fees
Volunteer expenses
Bank charges
Interest payable on hire purchase agreements
Sundry expenses
Bad debt provision
Loan owed from group undertaking written off
Amounts owed from group undertaking written off
Interest payable on PAYE
Pest control

Volunteers training programme

FARESHARE NORTH EAST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

7. STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL

The aggregate payroll costs were:

Wages and salaries
Social security costs
Other pension costs
Staff support costs		 2023
£
253,697
14,271
4,370
14,614
286,952
 2022
£
226,593
12,058
3,982
400
243,033

No employee (2022: no employee) earned in excess of £60,000 (2022: £60,000) during the year.

Particulars of employees:

The average number of staff employed by the charity during the financial period amounted to:

2023 2022
No No
Total 13 13

Trustees' remuneration and expenses

No remuneration directly or indirectly out of the charity was paid or payable for the current and previous periods to any trustee or any persons known to be connected with any of them. No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the current and previous periods.

As part of the organisation’s insurance policy, trustees have been indemnified against consequence of any neglect or default on their behalf.

8. NET INCOMING / OUTGOING RESOURCES

Net incoming/(outgoing) resources are stated after charging:

2023 2022
£ £
Depreciation and amortisation 46,323 30,764
Accountancy and Independent Examiner’s fees 2,600 2,600

FARESHARE NORTH EAST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

9 INTANGIBLE FIXED ASSETS

Website
Development
£
Cost
At 31 March 2022 4,000
Additions 1,750
Disposals –
At 31 March 2023 5,750
Amortisation
At 31 March 2022 1,320
Charge for the year 1,729
Disposals –
At 31 March 2023 3,049
Net book value
At 31 March 2023 2,701
At 31 March 2022 2,680
ANGIBLE FIXED ASSETS
Equipment Motor Vehicles Total
£ £ £
Cost
At 31 March 2022 102,307 129,288 231,595
Additions 64,290 38,328 102,618
Disposals – – –
At 31 March 2023 166,597 167,616 334,213
Depreciation
At 31 March 2022 13,692 29,343 43,035
Charge for the year 14,817 29,777 44,594
Disposals – – –
At 31 March 2023 28,509 59,120 87,629
Net book value
At 31 March 2023 138,088 108,496 246,584
At 31 March 2022 88,615 99,945 188,560

10 TANGIBLE FIXED ASSETS

All tangible fixed assets are held for charitable purposes.

FARESHARE NORTH EAST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

11. DEBTORS

Trade debtors
VAT and social security
Prepayments and accrued income		 2023
£
48,591
16,479
2,969
68,039

 2022
£
83,477
4,072
2,617

90,166

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Accruals and deferred income (see below)
Other creditors
Hire purchase agreements		 2023
£
41,001
127,661
12,507
15,712
196,881


 2022
£
12,894
76,400
3,007
15,712

108,013

The obligations under hire purchase agreements of £15,712 (2022: £15,712) are secured by way of a fixed charge over the assets acquired.

31 March 31 March
2022 Receivable Released 2023
£ £ £ £
Middlesbrough Football Club Foundation 20,000 – (20,000) –
Middlesbrough Philanthropic 30,000 – (30,000) –
Membership fees 26,400 19,900 (26,400) 19,900
Kavli Trust – 79,156 – 79,156
Expenses accrued – 28,605 – 28,605
76,400
 127,661 (76,400)
 127,661

The deferrals included in creditors relate to those grants, donations and income specified as relating to a specific period and represent those parts of the grants, donations or income which relate to periods subsequent to the accounting year end and are treated as grants or income in advance, or alternatively where there are conditions which must be fulfilled prior to entitlement or use of the grant or donation by the charity.

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Hire purchase agreements 2023
£
9,165		 2022
£
24,877

The obligations under hire purchase agreements of £9,165 (2022: £24,877) are secured by way of a fixed charge over the assets acquired.

FARESHARE NORTH EAST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023

14. RESTRICTED FUNDS

For the year ended 31 March 2023

Middlesbrough Foundation
Asda Funding
FSUK
WRAP
Clothworkers
Kavil Foundation
Big Lottery		 Movement in resources:
Balance
31 March
2022
Incoming
Outgoing
Transfers to
Unrestricted
Balance
31 March
2023
£
£
£
£
£
–
50,000
(18,865)
–
31,135
15,589
–
(3,147)
–
12,442
5,765
108,843
(24,085)
–
90,523
6,938
–
(1,535)
–
5,403
4,753
–
(1,188)
–
3,565
82,083
–
(82,083)
–
–
26,625
–
(3,994)
–
22,631
141,753
158,843
(134,897)
–
165,699

For the period ended 31 March 2022:

Balance
31 March
2021
£
The National Lottery
Community Fund
–
Asda Funding
17,743
FSUK
7,687
WRAP
29,574
Clothworkers
6,337
Kavil Foundation
–
Big Lottery
–
61,341		 Movement in resources:
Incoming
Outgoing
Transfers to
Unrestricted
Balance
31 March
2022
£
£
£
£
11,150
(11,150)
–
–
–
(2,154)
–
15,589
–
(1,922)
–
5,765
–
(22,636)
–
6,938
–
(1,584)
–
4,753
82,083
–
–
82,083
30,000
(3,375)
–
26,625
123,233
(42,821)
–
141,753

The National Lottery Community Fund

Funding received to cover core costs for staff wages and volunteer costs.

Asda Funding

Capital funding received for capital improvements.

FSUK

Central van funding received for the purchase of a van.

WRAP

Funding received for various capacity enhancement, including reach truck, PPT, safety barriers, forklift truck charging, handwash and wage costs.

Clothworkers

Funding received for the purchase of a forklift truck.

FARESHARE NORTH EAST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

14. RESTRICTED FUNDS (continued)

Big Lottery

Funding received for the purchase of a fridge freezer.

Kavil Foundation

During 2021-22 funding was awarded from the Kavli Trust for a two-calendar year period. This funding was restricted in the first year to cover six months of core costs for the Tees Food Hub and also to fund a training programme in partnership with Nourish Food School. This training programme is running throughout the two year programme and will support beneficiaries in gaining valuable cookery life skills. For the second year, in addition to the partnership with Nourish Food School, funding has been awarded to recruit a Training Manager to support an in-house warehouse training programme.

Middlesbrough Foundation

Funding received for the purchase of refrigeration and costs for securing the Middlesbrough site.

15 UNRESTRICTED FUNDS

For the year ended 31 March 2023:

Balance At Balance
31 Mar At 31 Mar
2022 Incoming Outgoing Transfers 2023
£ £ £ £ £
Designated funds:
Capital fund 88,301 – (23,633) (2,374) 62,294
Contingencies for closure 60,000 – – 51,377 111,377
Total designated funds 148,301 – (23,633) 49,003 173,671
General funds 81,559 585,234 (398,902) (49,003) 218,888
229,860 585,234
 (422,535)
 –
 392,559
For the period ended 31 March 2022:
Balance At Balance
31 Mar At 31 Mar
2021 Incoming Outgoing Transfers 2022
£ £ £ £ £
Designated funds:
Capital fund 21,164 – (18,628) 85,765 88,301
Contingencies for closure 60,000 – – – 60,000
Total designated funds 81,164 – (18,628) 85,765 148,301
General funds 166,475 448,647 (447,798) (85,765) 81,559
247,639 448,647 (466,426) – 229,860

FARESHARE NORTH EAST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

15 UNRESTRICTED FUNDS (continued)

Designated funds are as follows:

Capital fund – This fund includes all of the assets that are not covered by restricted funds less any hire purchase liabilities in relation to the assets.

Contingencies for closure – the balance has been based on the estimated costs of closing the charity.

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

For the year ended 31 March 2023:

Intangible
Tangible
Net
Long
fixed
assets
fixed
assets
Current
assets
Term
Liabilities
£
£
£
£
Restricted funds:
Asda Funding
–
12,442
–
–
FSUK
–
90,523
–
–
WRAP
–
5,403
–
–
Clothworkers
–
3,565
–
–
Big Lottery
–
22,631
–
Middlesbrough Foundation
–
24,849
6,286
–
–
159,413
6,286
–
Designated funds:
Capital fund
–
87,171
(15,712)
(9,165)
Contingencies for closure
–
–
111,377
–
General unrestricted funds
2,701
–
216,187
–
Total funds
2,701
246,584
318,138
(9,165)

or the period ended 31 March 2022:
Intangible
Tangible
Net
Long
fixed
assets
fixed
assets
Current
assets
Term
Liabilities
£
£
£
£
Restricted funds:
Asda Funding
–
15,589
–
–
FSUK
–
5,765
–
–
WRAP
–
6,938
–
–
Clothworkers
–
4,753
–
–
Kavil Foundation
–
–
82,083
–
Big Lottery
–
26,625
–
–
–
59,670
82,083
–
Designated funds:
Capital fund
–
128,890
(15,712)
(24,877)
Contingencies for closure
–
–
60,000
–
General unrestricted funds
2,680
–
78,879
–
Total funds
2,680
188,560
205,250
(24,877)		 Total
2023
£
12,442
90,523
5,403
3,565
22,631
31,135
165,699
62,294
111,377
218,888
558,258
Total
2022
£
15,589
5,765
6,938
4,753
82,083
26,625
141,753
88,301
60,000
81,559
371,613

For the period ended 31 March 2022:

FARESHARE NORTH EAST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

17. CONTROLLING PARTY

In the opinion of the trustees the charity is not controlled by any single party.

18. TAXATION

The charity is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 or Section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.