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|---|---|---|---|
|Report ofthe trustees|||I tod|
|Report ofthe independent
auditors|||5 to 7|
|Consolidated
statement|offinancial|activities||
|Consolidated
balance sheet||||
|Consolidated
cash flow|statement||10|
|Notes to the consolidated|cash flow|statement||
|Notes to the consolidated|financial|statements|12to 23|
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||||Period ended 31|Period ended 28|Period ended 28|
|---|---|---|---|---|---|
||||December 2022|February|2022|
||||Unrestricted|Unrestricted||
||||fund|fund||
|||Notes|5|||
|INCOME AND ENDOWMENTS|FROM|||||
|Donations
and legacies|||5,750,000|||
|Other trading
activities||||||
|Commercial
trading operations|||63 ~5
5II|||
|Total|||68&9959150|||
|EXPENDITURE ON||||||
|Costs ofraising
funds||||||
|Commercial
trading operations|||61,403,877|||
|Charitable
activities||||||
|Other|||17,653|||
|Total|||61,421,530|||
|Net gains on investments|||1,350,000|||
|NEI' INCOME|||8,923,620|||
|OTHER RKCOGNIS EDGAINS/(LOSSES)||||||
|Other income arising on consolidation||12|12,030,025|||
|NKT MOVEMKNT IN FUNDS|||20,953,645|||
|RECONCILIATION
OF FUNDS||||||
|Total funds brought formtrd||19||||
|TOTAL FUNDS CARRIED FORWARD|||25,95364~|||
##
||||Group|Group||Charity|Charity||
|---|---|---|---|---|---|---|---|---|
||||31December|28|February|31December|28|February|
||||2022||2022|2022||2022|
||||Unrestricted|Unrestricted||Unrestricted|Unrestricted||
||||fund||fund|fund||fund|
|||Notes|||||||
|FIXEDASSEl'S|||||||||
|Tangible assets||10|2,896,696||||||
|Investments|||||||||
|Investments||I l|11,700,000|||15,576&000|||
|Investment
propeity||13|5,750,000|||5,750,000|||
||||20&346,696|||21,326,000|||
|CURRENT ASSEl'S|||||||||
|Debtors: amounts|falling due within one year|14|18,898,180|||I&764,215|||
|Stocks||15|16,729&755||||||
|Cash at bank|||2,119,799||||||
||||37,747&734|||1,764,215|||
|CREDITORS|||||||||
|Amounts
falling due within one year||16|(10,707,049)|||(19,104)|||
|NEI' CURRENT ASSEES|||27,040,685|||1&745&111|||
|TOTAL ASSEl'S|LESS CURRENT LIABILITIES||47,387,381|||23,071,111|||
|Amounts
falling due in more than one year||17|(25,819,539)||||||
|Provision
for liabilities||18|(614,197)||||||
|NET ASS EI'S|||20,953,645|||23,071&111|||
|FUNDS||19|||||||
|Unrestricted
funds|||20,953&645|||23,071,111|||
|TOTAL FUNDS|||20,953,645|||23,071&II1|||
##
|||||||Period ended 31|Period ended 28|Period ended 28|
|---|---|---|---|---|---|---|---|---|
|||||||December 2022|February|2022|
||||||Notes||||
|Cash flea from operating|activities||||||||
|Cash generated
from operations||||||(1,963,994)|||
|Interest paid||||||(981,055)|||
|Net cash (used in)/provided||by operating||activities||(2,945,049)|||
|Cash fion from investing|activities||||||||
|Purchase oftangible
fixed|assets|||||(619&131)|||
|Sales oftangible
fixed assets||||||1,775|||
|Cash acquired fromdonation||ofsubsidiary||||1,105,264|||
|Interest received||||||82,500|||
|Dividends
received||||||417,653|||
|Net cash used in investing|activities|||||988,061|||
|Cash flons from flnancing|activities||||||||
|Loan repayments||||||(2,199,040)|||
|New loans in the year||||||6,275,827|||
|||||||4,076,787|||
|Change in cash and cash equivalents
reporting
period|||in the|||2,119,799|||
|Cash andcash
equivalents|at|the beginning||ofthe|||||
|reporting
period|||||||||
|Cash and cash equivalents|at|the end|ofthe||||||
|reporting
period||||||2,119,799|||
##
##
|RECON|CILIATION|OF NEI'|INCOME TO NEf CASH FLOW FR|OM OPERATING|C~|
|---|---|---|---|---|---|
|||||Period ended|Period ended|
|||||31December|28 February|
|||||2022|2022|
|||||5||
|Net income for the
financial
activities)||reporting|period (as per the Statement of|8,923,620||
|Adjustments
for:||||||
|Depreciation
charges||||495,876||
|Loss on|disposal offixed assets|||50||
|Gain on|revaluation|offixed assets||(1,350&000)||
|Finance|costs|||981,055||
|Finance|income|||(82,500)||
|Donated|assets|||(5,750,000)||
|(Increase)/decrease||in stocks||(3,842&129)||
|Decrease/(increase)||in debtors||(7,289,143)||
|Increase|in creditors|||5,949,177||
|Net cash|(used in)/provided
by||operations|(1,963,994)||
##
|||At 1.3.22|Cash flow|At31.12.22|
|---|---|---|---|---|
|Net cash|||||
|Cash at bank|||2&119,799|2,119,799|
||||2,119,799|2,119,799|
|Net debt|||||
|Debts falling due within|l year||(10,707&049)|(10&707,049)|
||||(10,707,049)|(10,707,049)|
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|Periodended31|Period ended 28|
|---|---|
|December 2022|February 2022|
|5755.1100||
##
##
|acquired
upo|n donatio|n ofthe share capital on I M|n ofthe share capital on I M|arch 2022.|arch 2022.||
|---|---|---|---|---|---|---|
|TChoithram|&Sons|(London) Ltd (incorporating||100 %%d subsidiary
Natco Foods||Ltd)|
|||||Period ended|||
|||||31|December||
||||||2022||
||||||63,245,150||
|Expenditure||||(61,243,877)|||
|Profit for the|period||||2,001,273||
|Other recognised
gains|||||1,350,000||
|Charitable
donations|||||360,000||
|Profit forthe financial||year|||2,991,273||
|Distributions|(Gift Aid)||||1,562,764||
|Net income for the year|||||1,428,509||
|SUPPORT COSTS|||||||
||||Finance||Other|Totals|
|Otherresources|expended||||17653|17,653|
|The breakdown|ofsupport costs is shown||in the table below:||||
|Costtype|||||Period ended 31
December 2022
I|Period ended 28
February 2022|
|Finance|||||||
|Other|||||||
|Audit and accountancy
Legal and professional||fees|||8,500
9,153||
||||||17653||
##
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##
|||Period ended 31|Period ended 28|Period ended 28|
|---|---|---|---|---|
|||December 2022|February|2022|
||||K||
|Auditors
remuneration
-parent charity||8,500|||
|Expenditure
charged in subsidiary|company:||||
|Depreciation
-owned assets||579,254|||
|—assets held under finance leases||4,103|||
|Foreign exchange differences||(207,974)|||
|Auditors'
remuneration
-audit services||14,855|||
|Auditors'
remuneration
-non-audit|services|14,855|||
|Operating
lease rentals
—land &buildings||997,750|||
|Stockrecognised
as an expense during the year||54,391,532|||
|||55,802,875|||
##
##
|EMPLOYEES|AND DIRECTORS||||
|---|---|---|---|---|
|||Period ended 31|Period ended 28||
|||December 2022|February|2022|
|Wages and salaries||3,679,134|||
|Social security|costs|363,212|||
|Otherpensions|costs|80,079|||
|||4,122,425|||
|||Period ended 31|Period ended 28||
|||December 2022|February|2022|
|Directors' remuneration||17,567|||
|||77 567|||
##
##
|AVERAG|E NUMBER OFEMPLOYEES||||
|---|---|---|---|---|
|||Period ended 31|Period ended 28||
|||December 2022|February|2022|
|Production|and warehosue|92|||
|Sales and|administration|41|||
|||133|||
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||Leasehold &|||||
|---|---|---|---|---|---|
||freehold|Plant tfr|Office|Motor||
||premises|machinery|equipment|vehicles|Totals|
|||f||||
|COST||||||
|Cost on acquisiton|3,385,572|7&486&718|2,115,054|548,168|13,535,512|
|Additions|23,815|529,042|66,274||619,131|
|Disposals||(74,797)||(20,831)|(95,628)|
|At 31December 2022|3,409,387|7,940,963|2,181,328|527,337|14,059,015|
|DEPRECIATION||||||
|Depreciation
on acquisition|2,296,714|6,153,977|1,918,701|390,854|10,760,246|
|Charge for year|174,275|250,688|37,633|33,280|495,876|
|Eliminated
on disposal||(74,797)||(19,006)|(93,803)|
|At 31December 2022|2,470,989|6,329,868|1,956,334|405,128|11,162,319|
|NETBOOK VALUE||||||
|At 31December 2022|938,398|1,611,095|224,994|122,209|2,896,696|
|NBVon acquisition|1,088&858|1,332,741|196353|157,314|2,775,266|
##
##
||Fixed assets, included|Fixed assets, included|in the above, which are held|under hire purchase|contracts orfinance leases are as|
|---|---|---|---|---|---|
||follows:|||||
||||||Motor|
||||||vehicles|
||COST|||||
||Cost on acquisiton|||||
||and 31December 2022||||443462|
||DEPRECIATION|||||
||Depreciation
on|acquisition|||28,050|
||Charge for year||||4,103|
||At 31December|2022|||32,153|
||NETBOOKVALUE|||||
||At 31December|2022|||12,309|
||At 28February|2022|||16,412|
|11.|FIXEDASSETINVESTMENTS|||||
||||||Listed|
||GROUP||||investments|
||~VALUE|||||
||On acquisition||||10350,000|
||Additions|||||
||Revaluations||||1850,000|
||At 31December|2022|||11,700,000|
||NEI' BOOKVALUE|||||
||At 31December|2022|||11,700,000|
||NBVon acquisition||||30,330,000|
||Cost orvaluation|at 31|December 2022 is represented|by:||
||||||Listed|
||||||investments|
||Valuation
in 2021||||350,000|
||Valuation
in 2022||||1,350,000|
||Cost||||10,000,000|
||||||11,700,000|
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||Group|Group|Charity|Charity|
|---|---|---|---|---|
||Period ended|Period ended|Period ended|Period ended|
||31December|28February|31 December|28February|
||2022|2022|2022|2022|
|Bank loans and overdrafls|162,254||||
|Other loans|2,412,733||||
|Trade creditors|6,441,048||||
|Amounts
owed to group|||||
|undertakings|||||
|Social security and other taxes|232,850||||
|Other creditors|118,857||||
|Amount
owed to related|||||
|undertakings|940,370||10,604||
|Accrued expenses|398,937||8,500||
||10,707,049||19,104||
##
##
|||||Group|Group|Charity|Charity||
|---|---|---|---|---|---|---|---|---|
|||||Period ended|Period ended|Period ended|Period ended||
|||||31December|28February|31 December|28|February|
|||||2022|2022|2022||2022|
|Amount|owed|to|related||||||
|undertakings||||25,819539|||||
|||||35519.539|||||
##
|||Group|Group|Charity|Charity||
|---|---|---|---|---|---|---|
|||Period ended|Period ended|Period ended|Period ended||
|||31December|28February|31December|28February||
|||2022|2022|2022||2022|
|||||K|||
|Deferred|taxation|614,197|||||
##
|||Deferred tax|
|---|---|---|
|||f.|
|Balance|on acquisition|195,113|
|Provided|during
the year|419,084|
|Balance|at 31December 2022|614,197|
##
##
||||Net movement||
|---|---|---|---|---|
|||At (.3.22|in funds|At 31.12.22|
|Unrestricted|funds||||
|General fund|||20,953&645|20,953,645|
|TOTAL FUNDS|||20953,645|211953.645|
|Net movement|in funds, inc|luded
in th|e above are as|follows:|||
|---|---|---|---|---|---|---|
||||||Other||
||||Incoming|Resources|recognised|Movement|
||||resources|expended|gains/(losses)|in funds|
|||||g|||
|Unrestricted|funds||||||
|General fund|||68,995,150|(61,421,530)|13,380,025|20,953,645|
|TOTAL FUNDS|||68,995 150|~61,421,530|13300025|20 953645|
|Comparatives|for movenient|in funds|||||
||||||Net movement||
|||||At 5.7.21|in funds|At 28.2.22|
|Unrestricted|funds|
|---|---|
|General fund||
|TOTAL FUNDS||
##
##
||||||||Group|Group||Charity|Charity||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||Period ended||Period ended||Period ended|Period ended||
|||||||31December||28|February|31December|28|February|
||||||||2022||2022|2022||2022|
|||||||||||0||f|
|Entities|(and affiliates)|with|control, joint control|||or significant
influence|||over the|endty|||
|Rent payable||||||||||200,000|||
|Gift aid|donation|||||||||1&562,764|||
|Amount|due tromrelated|party||||||||1,562,764|||
|||||||||||3825,528|||
|Key management
personnel|||(including|directors)|||||||||
|Loans received|||||||40,000||||||
|Interest|(accruing at 2.25%/1.75%plus|||base|rate)||63,820||||||
|Salaries
Amount|due to related party|||||120,000
~2,236 656|||||||
|||||||(2,012,830)|||||||
|Close family ofkey management
personnel|||||||||||||
|Loans received|||||||100,000||||||
|Interest
Amount|(accruing at 2.25%/1.75%plus
due to related party|||base|rate)|3&358
~&56,553|||||||
||||||||(52,725)||||||
|Other related parties (affiliated companies|||||and charities)||||||||
|Sales|||||||561,447||||||
|Loan received||||||27,071,611|||||||
|Interest|accruing (at BOBbase rate +2.5%)||||||947301||||||
|Amount|due Irom related|party|||||443,893||||||
|Amount|due to related parties|||||(26,784,701)||||(10,604)|||
|||||||2,239,551||||(10,604)|||