## **GOOD COMPANY (SURREY)**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE FIRST PERIOD ENDED 31st MARCH 2023**
## **CHARITABLE INCORPORATED ORGANISATION**
**REGISTRATION No: 1197493**
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham PO18 8NF
1
## **GOOD COMPANY (SURREY)**
## **CONTENTS**
Page 3 Legal and Administrative Information Page 4 Independent Examiners Report to the Trustees Pages 5 to 13 Trustees Report Page 14 Statement of Financial Activities Page 15 Balance Sheet Pages 16 to 24 Notes to the Financial Statements
Page 25
Statement of Cashflows
2
## **GOOD COMPANY (SURREY)**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**CHARITY NUMBER** 1197493 **WORKING NAMES** Epsom and Ewell Foodbank Epsom Pantry Epsom & Ewell Refugee Network Poverty Truth Commission **START OF FINANCIAL PERIOD** 13th January 2022 **END OF FINANCIAL PERIOD** 31st March 2023 **TRUSTEES THAT SERVED DURING THE** D Chapman (Chair) Appointed 1st January 2022 **PERIOD TO 31 MARCH 2023** S Singleton Appointed 1st January 2022 D Crowther Appointed 1st January 2022 Dr N Jayawardana Appointed 1st January 2022 D Besant Appointed 1st January 2022 D Armstrong Appointed 1st January 2022 C Harman Clark Appointed 26th January 2023 L Taylor Appointed 26th January 2023 K Singh Appointed 26th January 2023
The existing Trustees appoint any new Trustees following the provisions laid out in the organisation's governing instrument.
## **LEGAL STATUS**
Charitable Incorporated Organisation
**GOVERNING INSTRUMENT** CIO Foundation registered 13th January 2022
## **OBJECTS**
The prevention or relief of poverty in Surrey and such other parts of the United Kingdom as may seem appropriate from time to time by providing grants, items and services to individuals in need and/or charities, or other organisations working to prevent or relieve poverty and in particular by providing emergency food supplies and to help those in crisis including signposting to other agencies.
## **CORRESPONDENCE ADDRESS**
Good Company Hub Ruxley Lane Epsom Surrey KT19 0JG
## **PRIMARY BANKERS**
CAF Bank Plc
## **INDEPENDENT EXAMINER**
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham PO18 8NF
3
## **INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS**
Report to the trustees of Good Company (Surrey) on the accounts for the first period ended 31 March 2023 set out on pages 14 to 25.
## **Respective responsibilities of trustees and examiner**
The organisation's trustees are responsible for the preparation of the accounts. The organisation's trustees consider that an audit is not required for this year (under section 144 of the Charities Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts (under section 145 of the Act,);
- follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the Act,); and
- state whether particular matters have come to my attention.
## **Basis of independent examiner's statement**
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the organisation and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
The CIO's gross income exceeded £250,000 and I am qualified to undertake the examination by being a member of the Chartered Institute of Management Accountants, which is one of the listed bodies.
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements: · to keep accounting records in accordance with section 130 of the Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
G W Schulz ACMA Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Dated: 25th January 2024 Delling Lane Bosham PO18 8NF
4
## **GOOD COMPANY (SURREY)**
## **TRUSTEES REPORT FOR THE PERIOD ENDED 31 MARCH 2023**
## **GOOD COMPANY ANNUAL REPORT 2022/23: Building Hope**
The trustees present their report and account for the first period ended 31st March 2023.
Welcome to Good Company's Annual Report 2023. We wanted to share some of our journey over the last year, so detailed below are some of our recent statistics and stories (please note client names have been changed). We hope you find them both interesting and inspiring as we continue to address poverty in our community. Knowing that we cannot do it alone, we want to communicate what is happening as we need everyone to play their part, however small or big!
For us, a bag of food is the beginning of a conversation to support people to rebuild their lives. In this report you will read testimonies and quotes from people who have experience of what it is like to live on a very low income. Their words convey how desperate and overwhelming the experience of poverty is, but how situations can change and hope is restored when the right advice and support is provided.
It's not an easy agenda but one that we are committed to. We want to help people in the immediacy of what is happening but then support them as they navigate a way through to calmer waters; being a positive factor as they grow from that space.
Finally, we want to wrestle with the systems that have built up over years, which keep people in poverty and have so little grace that they strangle the hope people have. We believe that together we can create a poverty free future.
Jonathan Lees, Founder and Managing Director
On behalf of the Board of Trustees, it has been our privilege to support our phenomenal team of staff and volunteers who have worked diligently to provide a high quality and compassionate service to local people struggling on low-income over 2022/23. Also, the support (in terms of donated food and finances) from individuals, local businesses and trusts/foundations/councils has been fantastic.
I particularly want to pay tribute to Ewell Christian Fellowship Trust (charity no. 1002721) who nurtured Epsom and Ewell Foodbank since its foundation in 2013. However, as the needs of the local community have grown since Covid, particularly with the cost of living crisis, it became necessary to create a new charity that could support this increased need. ECFT have passed that baton onto us to support these amazing projects.
2022/23 was an incredibly tough year for many in our community and the outlook continues to be very challenging. However, together with local businesses, statutory services and other community groups, I believe we can face these problems with grace, creativity and determination to create a community free from poverty where everyone can afford life’s essentials.
Daniel Chapman, Chair of Trustees
Our mission, vision and values
Our mission is to lead our community towards a poverty-free future, while supporting those who need our help. We want to see everyone in ‘good company’; part of a compassionate community that supports every individual to lead a fulfilling life.
We are committed to helping people through short-term crises, while supporting those with more complex needs and those who are stuck on a low income, to find sustainable ways to manage and increase their resources. In this way, we tackle both the causes and symptoms of poverty in our community.
The need to change hearts and minds about the causes of poverty is integral to our work. We advocate for local policies to relieve the financial and emotional pressures on low-income households.
Our work takes place within three strategic themes:
- Compassion: Building communities that listen, care and empower
- Justice: Changing local policy through participation and culture change
- Hope: Increasing resilience and developing pathways out of poverty
We demonstrate our values by being compassionate, kind, trusting, engaged, non- judgemental and resourceful.
5
## **GOOD COMPANY (SURREY)**
## **TRUSTEES REPORT (Continued) FOR THE PERIOD ENDED 31 MARCH 2023**
We carry out our mission through the following activities:
- Five foodbank centres in Epsom, Ewell, Tadworth, Banstead and Leatherhead providing emergency food and other essentials to people in crisis and signposting and referring clients to local agencies that can help them to address other needs.
- Support Work and Counselling offering holistic support to help people address complex underlying needs, including advocating on behalf of clients and offering emotional support.
- Energy Support Scheme supporting anyone affected by the cost of living whether on low income and benefits or just struggling to afford energy costs and/or manage energy related debts.
- Epsom and Ewell Refugee Network building networks of support for refugees and asylum seekers through social events, English classes and partnership working.
- The East Surrey Poverty Truth Commission listening to and empowering people with lived experience to help raise awareness and understanding of poverty and advocating for policy change.
- Epsom Pantry a member community shop in Epsom offering choice and low cost nutritious food as a sustainable alternative to the foodbank. We also offer volunteering opportunities and community activities to empower people to help themselves.
Summary of objectives 2022-2023
- Maintain sustainable and effective foodbank operations to alleviate rising levels of need in our community.
- Collect and collate foodbank user data to drive our strategic approaches.
- Continue to provide holistic support to reduce foodbank use through our Support Work and establish a Case Management system to help measure the impact of this vital work.
- Run an Energy Support Scheme in partnership with Citizens Advice and our local MP to assist those struggling with energy costs.
- Implement recommendations from the first phase of the East Surrey Poverty Truth Commission to prevent people falling into financial hardship.
- Establish Epsom Pantry in partnership with Epsom and Ewell Borough Council to provide a sustainable alternative to the
- · foodbank.
- Pilot a Cost of the School Day project in two local secondary schools as part of our commitment to participation.
Progress in 2022-23
## FOODBANK
By the end of 2022/23, food bank use had more than doubled compared to pre-pandemic levels. Although the majority of clients visit the foodbank on three or fewer occasions over a period of less than six months, we have seen an increase in the number of households who use the foodbank intermittently or regularly over an extended period of time. In response, we have now put in place measures to reduce the number of frequent visitors, by liaising closely with our referral agencies to ensure that clients’ underlying needs are being addressed.
The impact of rising numbers on our organisation was very visible, with pressure points across all aspects of our food bank operation. The team was very aware of the extra stress on our volunteers, staff and clients. In some centres, despite very large food deliveries, we ran out of food (although we always managed to make up for this) and there were long waiting times over the Christmas period.
6
## **GOOD COMPANY (SURREY)**
## **TRUSTEES REPORT (Continued)**
## **FOR THE PERIOD ENDED 31 MARCH 2023**
## April 2022 to March 2023 in numbers
We fulfilled 3,627 vouchers, distributing enough emergency food supplies to feed 10,569 people for at least 3 days. Overall, the foodbank has supported 1,144 households and 3,030 individuals – or nearly 1 in 50 people living in our catchment area.
Of these, 669 households used the food bank for the very first time.
285 households visited more than three times over the year and 130 visited more than six times.
Approximately 250 volunteers (including 74 new volunteers) helped with distributing food and supporting clients in other ways. 100 volunteers attended Conversations with a Purpose Training.
We have 202 foodbank volunteers, who give approximately 1260 hours of their time volunteering per month and over 15,000 hours across the year.
The stock balance as at 1st April 2022 was 23,077.85kg. Over the course of the year we received 99,807.49 kg of donations (food and toiletries). 113,089.41kg of this went out in the same period (food distribution and waste: out of date/damaged/containing alcohol). The stock balance as at 31st March 2023 was 9,795.93kg.
## SUPPORT WORK
As well as struggling to afford food and other essentials, many of our clients face other complex issues, such as domestic violence, problem debt, homelessness and poor mental health. Since employing our first support worker in 2018, this work has grown substantially, working with people to address these underlying issues and supporting them to not need the Foodbank.
Over the past year, we have supported 283 people, offering a wide range of financial, practical and emotional support. The total financial gains to all clients in 2022/23 was £191,450. However, the value of the emotional support cannot readily be measured in pounds and pence.
In some cases, the impact of the support work has literally been life-saving. In every case, it has played a vital role in helping people navigate a very difficult and traumatic period in their lives, by offering practical and emotional support, connecting them to other services and advocating on their behalf when they are overwhelmed by their situation.
_“Something's clicked inside me over the past couple of weeks and months. I feel stronger in myself and it's all down to the help that Penny and Alison have given me. I don't feel so alone, because I know I've got people that I can turn to. I'm just starting to think that I can get out of [this situation] and I will get out of it. There is hope now, whereas before there wasn't.”_
## (Linda)
_Thank you so much for all your support, I can’t tell you how much I appreciate you. I don’t know what I would do without you, and it so concerns me that there are lots of people that are missing out on money, and they don’t even know where to go… If it wasn’t for Heidi, I’d be in poverty still_
(Susanna)
## ENERGY SUPPORT SCHEME
Between November 2022 and April 2023, we ran 14 energy days at four different locations, offering a mix of interactive groups and one-to-one consultations for clients with more complex energy issues.
Participants were offered a generous package of support worth up to £400 per household, including free energy advice, an energy saving appliance, hooded blankets and energy efficient light bulbs, as well as a gas/electricity top-up to help relieve the immediate financial pressure.
Across all the sessions, 190 households and around 600 people benefited from the Energy Support Scheme, thanks to funding from private donations and the Household Support Fund. Feedback after 6-8 weeks indicated that households were taking on board the energy efficiency advice and making good use of the energy saving appliances. The design of the scheme offered multiple opportunities to encourage participants to think about their energy usage, helping to reinforce the learning from the sessions.
_“I found the workshop very helpful and really enjoyed talking to the other participants, sharing tips on how to save energy. The takeaway tips are also very informative... Thank you so much for your kindness and giving me really useful information about the cost of energy and how to reduce usage and keep warm and safe this winter, which like many people has been scaring the life out of me.”_
(Denise, group workshop)
7
## **GOOD COMPANY (SURREY)**
## **TRUSTEES REPORT (Continued) FOR THE PERIOD ENDED 31 MARCH 2023**
_“The scheme is very helpful and opened my eyes to certain areas of wasted electricity in my home. I certainly think more about what appliances are on and what we don’t need to use…. Have already used air fryer and not had oven on for a few days. Great help, thank you.”_
(Tim, one-to-one consultation)
EPSOM AND EWELL REFUGEE NETWORK
In April 2022 we were dealing with the huge number of new arrivals from Ukraine with new families arriving each day. Thanks to our relationship with Surrey Stands with Ukraine (SSWU) we were able to host a help desk in their shop unit in the Ashley Centre and increase our offer of English classes to try and accommodate so many new people arriving.
Before the Ukrainian arrivals we were supporting around 12 families, by the end of 2022 we had nearly 200 families registered with us.
Syrian families: We continued to support two Syrian families who had been welcomed via the Council.
Afghan families: During this year we welcomed five families from Afghanistan. EERN were charged with finding properties for these families and the two part time support workers are financed by the Council to offer support over a 3-year period. The last family arrived in January 2023.
Ukrainian support: Early in 2023 we signed a new Service Level Agreement with the Council to support families from Ukraine. The funding over two years has allowed us to employ a Ukrainian Support Worker, Olha and a part time Host Supervisor, Nicky.
Surrey Stands With Ukraine (SSWU) moved into Global House office space in September 2022 and invited us to join them. Here we can enjoy free office space to host our staff, help desk and English classes.
English classes: With the arrival of Ukrainians the demand for English classes increased and the local colleges had no space. When we moved all our classes into Global House in September we had 130 students attending each week. Most teachers are volunteers, we also paid two Ukrainian English teachers to support this work.
Number enrolled in English classes: 180
Hours of free English lessons provided each week: 39
Volunteers: We continue to be supported by a large number of volunteers, around 80 are active with us in a variety of roles. Our volunteers give 218 volunteer hours of their time per week, which would cost around £2,300 per week if each person was paid a living wage for their time. Over a year, not including additional staff and HR costs, this would amount to nearly £120,000 per year.
Events and Activities: During the year EERN arranged a number of activities to support refugee families, including:
- Summer Language School 2022 attended by 106 children and 70 adults
- Farm trip to Devon attended by 22 Ukrainian families.
- Trips to the seaside in Littlehampton, London Zoo and Wisley Gardens and a Bowling social for teenagers.
We continue to adjust to the needs of the refugees we support. The biggest challenges are finding affordable housing and jobs for people with limited English.
We ensure we are continually checking in with the needs of those we support through Focus Groups.
Earlier in the year our Coordinator Jess joined the team and has taken over a lot of the day to day running of the charity.
8
## **GOOD COMPANY (SURREY)**
## **TRUSTEES REPORT (Continued) FOR THE PERIOD ENDED 31 MARCH 2023**
## Case study, Homes for Ukraine scheme
_Galyna arrived in the UK in May 2022, as part of the Homes for Ukraine scheme. “When I first arrived in the UK I felt really lost as I didn’t know anybody or how things work. I was supported by the Homes from Ukraine team at Epsom & Ewell Borough Council soon after arrival and they told me about Epsom & Ewell Refugee Network (EERN). My sponsor was very supportive and helped with showing me around and the initial paperwork. I was an English teacher in Ukraine so thankfully speaking English was not a problem for me. Once I met with the Epsom & Ewell Refugee Network (EERN) I was able to connect with other Ukrainians and to start helping by teaching English. I was very lucky to meet with such a supportive community so soon after arriving”._
_Galyna has been connected with Epsom & Ewell Refugee Network for over a year now, both as someone who has received support through their services, and someone who is an integral part of supporting others. Through engaging with EERN, Galyna has been able to find employment, move from hosted accommodation into a private rental, and has helped to build a thriving Ukrainian community in Epsom._
## EPSOM PANTRY
Epsom Pantry opened to a small group of members in May 2022 before its official opening in July 2022. The pantry provides a sustainable pathway out of poverty for people who have had to rely on the foodbank but is also open to all local people who are struggling financially.
Epsom Pantry is a welcoming community hub built around food, offering affordable and healthy food, access to information and support and opportunities to volunteer and learn new skills.
Our first survey of Pantry members carried out in November 2022 (6 months after opening) showed that very good progress had been made on nearly all core outcomes, aimed at increasing member's financial resilience, improving their health and wellbeing and strengthening local support networks.
In February 2023, a Steering Group was established. 6 Pantry members are involved, helping to shape what we do.
Asked about the impact of the Pantry, 92% of members said they were now less anxious about feeding themselves and their family.
79% agreed that it has given them more choice over the food they eat, helping to reduce levels of food insecurity.
Nearly all members say they feel like a valued member of the Pantry (93%) – and linked to this, 78% reported feeling more confident and more connected to the local community.
45% of members are eating fewer ready meals or processed foods. 75% bought new things they've not tried before.
6/10 eating more fish, meat & eggs.
7/10 eating more fresh fruit & vegetables.
_“It has made such a huge difference to us, saving at least £200 a month to use for my daughter.”_
_“Being able to get the basic essentials means I will eat breakfast and lunch, which otherwise I would miss.”_
_“It means I can feed my family healthier food and not feel like they're missing out.”_
9
## **GOOD COMPANY (SURREY)**
## **TRUSTEES REPORT (Continued) FOR THE PERIOD ENDED 31 MARCH 2023**
## COST OF THE SCHOOL DAY
Since October 2021, two members of staff from Good Company have been working with three local secondary schools, meeting regularly with small groups of students who receive free school meals, mainly in years 12 and 13. We have been listening to the stories and experiences of students from low-income families and working collaboratively with senior staff and governors to make positive changes to their schools’ policies and practices.
The five priority issues across the three schools were: 1 Free School Meals 2 School Uniform 3 Stigma and Understanding of Poverty 4 School Trips and Activities 5 Access to Support
In addition, we carried out an online survey of students at each school to gather a broader set of opinions on these issues, receiving 901 responses from students in years 7 to 13.
Working together with students, parents, staff and governors, our aim is to support local schools to become a fully inclusive community for all students, whatever their family’s income or circumstances. This project is based on the same principle as the East Surrey Poverty Truth Commission, that those affected by poverty should be central to decisions about how to tackle it.
_“The reason I joined this project is that I didn't want other children to experience the same stigma that we did. I hope it make a positive change not just for our school, but for other schools as well.” [Student]_
_“We are grateful to Good Company for this initiative and we will be continuing the work they started to ensure we seek student voice in such an important matter._
_We are proud of our students for engaging in this project and for being so open about their own experiences.” [Headteacher]_
## CLIENT STORIES
We have produced some visual case studies to show the different 'paths' that clients make after they meet us through one of our projects. We use these to show that it is possible for people to break out of poverty and to illustrate how supportive interactions empower people to make positive steps forward in their lives. Below are examples to show how our approach of compassion, justice and hope has impacted clients at the Foodbank and The Pantry.
10
**GOOD COMPANY (SURREY)**
## **TRUSTEES REPORT (Continued) FOR THE PERIOD ENDED 31 MARCH 2023**
## FUTURE PLANS
In 2023-24, alongside our existing activities, we plan to launch the second phase of the East Surrey Poverty Truth Commission. Through this, we will amplify the voices of people with lived experience through our communication channels and campaign on local poverty issues raised by our community commissioners.
We will address operational issues by moving our main foodbank centre to a new location with more storage space and replacing our non ULEZ compliant van with an electric van.
We will also implement two flagship projects:
- Advice Café Network- Establish a network of advice cafes by working with our Referral Partners to ensure local people have greater access to support at an earlier stage, alongside and after referral.
- Banstead Pantry - Open another Pantry in Banstead in partnership with Raven Housing Trust.
## STRUCTURE AND GOVERNANCE
Good Company (Surrey) is a charitable incorporated organisation registered on 13 January 2022 with the Charity Commission and we are governed by our Constitution. Our Charitable Objects are: _“The prevention or relief of poverty in Surrey and such other parts of the United Kingdom as may seem appropriate from time to time by providing grants, items and services to individuals in need and/or charities, or other organisations working to prevent or relieve poverty and in particular by providing emergency food supplies and to help those in crisis including signposting to other agencies.”_
Good Company (Surrey) has a Board of Trustees (currently 9). Trustees are recruited through an open and transparent process and can be elected by a majority vote of the Trustees at any regular meeting. Trustees are appointed for a 3-year term. Trustees receive a full induction with the Chair, Treasurer, Managing Director and other members of staff to include a background to the organisation, projects and impact alongside their legal financial responsibilities as trustees.
All decisions pertaining to budget approval, salaries and new senior hires (at leadership level) are made through board consultation and other operational decision-making is made by the Managing Director and leadership team.
As of 31 March 2023, Good Company had 16 staff members (12 FTE).
The main growth was around the refugee work, where we had 4 new staff (1 full time) because of the need to support newly arrived Ukrainian refugees. We employed a Foodbank Manager (full time) due to growth of the operation. Additionally, we employed one new support worker, a pantry coordinator and made some changes in our administrative team. All were part-time. 11
## **GOOD COMPANY (SURREY)**
## **TRUSTEES REPORT (Continued) FOR THE PERIOD ENDED 31 MARCH 2023**
## PUBLIC BENEFIT DISCLOSURE
The Trustees confirm they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives, and in planning future activities. Good Company (Surrey) is a public benefit entity. The Trustees refer to public benefit throughout this report
## FINANCIAL REVIEW
Our finances are in a strong position. During the Covid period we were fortunate to gain a surge in financial donations. In part this was because many people could not get to the shops to make their usual food donation and chose to give money instead. We also acquired many new financial contributors, who were responding to the issue of food poverty that was so clearly growing at that time. Following Covid, the financial generosity of our community has continued with donations from individuals, churches, schools, community groups and businesses. We are so grateful.
- In addition, we have secured a number of significant grants:
- Strategic funds from The Trussell Trust to help find ways to reduce the number of people needing foodbanks
- Cost of living grants from the Household Support Fund to support our projects (mainly the Pantry and Energy Project)
- Contract funding for Refugee support work
We have set aside a designated fund of £300,000 towards targeted projects over the next 3 years. This includes the flagship projects that we have identified plus ring-fenced spending of restricted funds.
## RESERVES POLICY
During the year, Good Company Trustees determined that we should maintain a minimum free reserve of £200,000 and a maximum of £250,000 (to be reviewed annually). Our free reserves at the end of this financial period were £340,444, which was above the target level.
At the end of the reporting period the CIO held £645,692 represented by:
- £340,444 in unrestricted free reserves
- £300,000 in unrestricted designated funds
- £5,248 in restricted funds
OUR CHARITY DETAILS
Registered Charity Number: 1197493
Registered Office: Good Company Hub, Ruxley Lane, Epsom KT19 0JG
Trustees: (since inception unless stated)
Diane Armstrong Devenia Besant Daniel Chapman (Chair) Clare Clark (since 26/1/2023) David Crowther Dr Ranmalie Jayawardana Karina Singh (since 26/1/2023) Sophia Singleton (Treasurer) Laura Taylor (since 26/1/2023)
## Managing Director: Jonathan Lees
Independent Examiners: Independent Examiners Ltd, Unit 2 Broadbridge Business Centre, Delling Lane, Bosham, PO18 8NF Bankers: CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ
12
## **GOOD COMPANY (SURREY)**
## **TRUSTEES REPORT (Continued) FOR THE PERIOD ENDED 31 MARCH 2023**
## **Trustees Responsibilities**
The trustees are responsible for preparing the Report of the Trustees 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations and the provisions of the trust deed 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 incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to:
- Select suitable accounting policies and apply them consistently;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable accounting standards and statements of accounting practice have been followed, subject to any departures disclosed and explained in the accounts;
- · Prepare financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in existence.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees will also ensure that health and safety policies are in place and appropriate risk assessment and mitigation is undertaken particularly regarding children and young people’s holidays and projects. The trustees will also undertake an annual pay review of the staff and ensure that management appraisals have been implemented.
## **Approval**
This report was approved by the trustees on: 25th January 2024
and signed on their behalf by: Daniel Chapman (Chair of Trustees)
13
**GOOD COMPANY (SURREY)**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE PERIOD ENDED 31 MARCH 2023**
|Notes
Donations and Legacies
2a
Investments
2b
Charitable Activities
2c
**TOTAL INCOME**
**EXPENDITURE ON:**
Charitable Activities
3a
Investments
3b
Raising Funds
3c
**TOTAL EXPENDITURE**
**NET INCOME/(EXPENDITURE)**
Transfer between funds
9,10
**OTHER RECOGNISED GAINS/(LOSSES):**
Transfer of Project Funds
10, 17
**NET MOVEMENT IN FUNDS**
**Reconciliation of funds:**
Total Funds Brought Forward
**TOTAL FUNDS CARRIED FORWARD**
**INCOME AND ENDOWMENTS FROM:**|General
Designated
Restricted
TOTAL
Funds
Funds
Funds
2023/22
£
£
£
£
432,476
0
262,903
695,379
3685
0
0
3685
137,210
0
1,370
138,580
**573,371**
**0**
**264,273**
**837,644**
563,055
0
252,205
815,260
65
0
0
65
4,480
0
0
4,480
**567,600**
**0**
**252,205**
**819,805**
**5,771**
**0**
**12,068**
**17,839**
(293,180)
300,000
(6,820)
0
627,853
0
0
627,853
340,444
300,000
5,248
645,692
0
0
0
0
**340,444**
**300,000**
**5,248**
**645,692**
Unrestricted|
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 16 to 24 form part of these financial statements.
14
## **GOOD COMPANY (SURREY)**
## **BALANCE SHEET AS AT 31 MARCH 2023**
|Notes
**Fixed Assets**
Tangible assets
4
**Current Assets**
Debtors
5
Cash at bank and in hand
6
Stock
7
**Total Current Assets**
**Creditors:**amounts falling due
8
within one year
**NET CURRENT ASSETS**
**TOTAL ASSETS**less current liabilities
**NET ASSETS**
**Funds of the Charity**
General Funds
Designated Funds
9
Restricted Funds
10
**Total Funds**|General
Designated
Restricted
**31 Mar-23**
Funds
Funds
Funds
**Total**
£
£
£
**£**
1,624
0
0
1,624
8,200
0
0
8,200
353,950
300,000
5,248
659,198
0
0
0
0
**362,150**
**300,000**
**5,248**
**667,398**
23,330
0
0
23,330
338,820
300,000
5,248
644,068
**340,444**
**300,000**
**5,248**
**645,692**
**340,444**
**300,000**
**5,248**
**645,692**
340,444
0
0
340,444
0
300,000
0
300,000
0
0
5,248
5,248
**340,444**
**300,000**
**5,248**
**645,692**
Unrestricted|
|---|---|
Approved by the Trustees on: 25th January 2024 and
Signed on their behalf by: Daniel Chapman (Chair)
15
## **GOOD COMPANY (SURREY)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023**
## **1. ACCOUNTING POLICIES**
## **Basis of preparation:**
The financial statements of the CIO have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The Trustees confirm, in accordance with the Charitable Incorporated Organisations (General) Regulations 2012, that at the year end the CIO did not have any outstanding guarantees to third parties nor any debts secured on assets of the CIO.
Good Company (Surrey) meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
## Preparation of accounts on a going concern basis
Preparation of the accounts is on a going concern basis. The trustees are of the view that the level of reserves will support the CIO going forward.
## Changes to accounting estimates
No changes to accounting estimates have occurred in the reporting period.
## Material prior period errors and changes to previous accounts
This is the first period of operation. Therefore no prior year errors have been identified in the reporting period.
## **Income**
## Recognition of Income
These are included in the Statement of Financial Activities (SOFA) when:
▪ the CIO becomes entitled to the income;
▪ it is more likely than not that the trustees will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
## Income with related expenditure
Where income has related expenditure (as with fundraising or contract income) the income and related expenditure are reported gross in the SOFA.
## Grants and Donations
Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP).
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.
## Tax reclaims on Donations and Gifts
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
16
## **GOOD COMPANY (SURREY)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31 MARCH 2023**
## Donated Goods
Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so.
Food and toiletries donated to the charity and held as stock for distribution by the food bank to beneficiaries, is treated as intangible income. This reflects the fact that donated stock is intended by the donor to be directly used in the provision of charitable activity, with the charity acting as a facilitator to their giving to those in need.
Donated goods for resale are measured at fair value on initial recognition, which is the expected proceeds from sale less the expected costs of sale, and recognised in 'Income from other trading activities' with the corresponding stock recognised in the balance sheet. On its sale the value of stock is charged against 'Income from other trading activities' and the proceeds from sale are also recognised as 'Income from other trading activities'.
Goods donated for on-going use by the CIO are recognised as tangible fixed assets and included in the SoFA as incoming resources when receivable.
## Offsetting
There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.
## Government Grants
The CIO has received government grants in the reporting period.
## Volunteer Help
The value of any voluntary help received is not included in the accounts but is described in the Trustees' annual report.
## Income from interest, royalties and dividends
This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.
## **Expenditure and liabilities**
## Liability recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the CIO to pay out resources and the amount of the obligation can be measured with reasonable certainty.
## Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters.
## Taxation
The CIO is a registered charity and is exempt from taxation on its charitable activities.
## Redundancy Costs
The charity made redundancy payments totalling £1,850 during the reporting period.
## Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
## Creditors
The CIO has creditors which are measured at settlement amounts less any trade discounts.
## Fixed Assets
Tangible fixed assets for use by the CIO:
These are capitalised if they cost over £1,000 and can be used for more than one year. They are valued at cost or, if gifted, at the value to the CIO on receipt.
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied per annum are as follows:
Office equipment
Motor Vehicles
25% reducing balance
20% straight line
17
## **GOOD COMPANY (SURREY)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31 MARCH 2023**
|**2. INCOME AND ENDOWMENTS**|**FROM:**|Unrestricted|Designated|Restricted|TOTAL|
|---|---|---|---|---|---|
|||Funds|Funds|Funds|2023/22|
|||£|£|£|£|
|**a) Donations and Legacies**||||||
|Gift Aid Tax Refunds||26,050|0|0|26,050|
|Gifts, Grants and Donations||301,011|0|194,703|495,714|
|Government Grants|2a) i|105,415|0|68,200|173,615|
|||**432,476**|**0**|**262,903**|**695,379**|
|**2 a) i**
**Analysis of receipt of**|**government grants**|||||
|Surrey County Council|For Foodbank||||2023/22
£
24,202|
|Mole Valley District Council|For Foodbank||||27,000|
|Epsom and Ewell Borough Council|For Foodbank||||49,950|
|Epsom and Ewell Borough Council|For Refugee Project||||72,463|
||||||173,615|
|**b) Investments**||||||
|Bank Interest||3,685|0|0|3,685|
|||**3,685**|**0**|**0**|**3,685**|
|**c) Charitable Activities**||||||
|Fundraising||122,921|0|1,370|124,291|
|Pantry Fund Till Income||13,293|0|0|13,293|
|Sundry Income||996|0|0|996|
|||**137,210**|**0**|**1,370**|**138,580**|
Within the income items above the following items are material:
|**Gifts, grants and donations**
Company Match
Corporate Donations
Donations
Foodbank - Energy Support Donations
Grants
Irregular and One off gifts
Regular Giving
Trussell Trust
**Fundraising**
10 year event
Internal fundraising events
Enthuse fundraising
External fundraising events
Christmas Campaign Appeal|£
500
14,831
78,798
17,628
79,898
129,354
24,456
150,249
495,714
10,460
165
112,079
217
1,370
124,291|
|---|---|
18
## **GOOD COMPANY (SURREY)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31 MARCH 2023**
## **3. EXPENDITURE ON:**
|Notes
**a) Charitable Activities**
Bank Fees
Charitable Expenditure
Counselling and Support Work Costs
Depreciation of Fixed Assets
Energy Support and Client Costs, incl Xmas campaign
Equipment
Event. Project and Activity Costs
Food Purchases - Other
General Expenses
Insurance
IT Software and Consumables
Motor Vehicle Expenses
Participation
PR & Campaigns
Printing, Postage, Stationery and Telephone Costs
Rates and Utilities
Refreshments
Rent, Hire and Storage Facility
Repairs & Maintenance
Salaries and Staff Costs
Staff / Volunteer Gifts
Staff Expenses and Training Costs
Subscriptions
Summer Schools
Travel, Subsistence, Entertainment and Mileage
Volunteer Expenses
**Governance**
Accountancy
Independent Examination
3.1
Legal and Professional Fees
**b) Investments**
Bank Charges and Interest
**c) Raising Funds**
Fundraising Costs
Publicity and Website|Unrestricted
Designated
Restricted
TOTAL
Funds
Funds
Funds
2023/22
£
£
£
£
469
0
469
22,990
0
22,990
16,354
0
16,354
129
0
129
19,664
87,378
107,042
6,574
0
6,574
8,872
0
8,872
71,436
20,000
91,436
5,579
0
5,579
2,931
0
2,931
8,798
0
8,798
3,918
0
3,918
563
0
563
5,435
0
5,435
8,809
0
8,809
1,029
0
1,029
1,512
0
1,512
24,298
0
24,298
21,491
0
21,491
264,502
144,827
409,329
822
0
822
19,915
0
19,915
1,337
0
1,337
20,419
0
20,419
4,274
0
4,274
3,618
0
3,618
5,510
0
0
5,510
2,312
0
0
2,312
9,495
0
0
9,495
**563,055**
**0**
**252,205**
**815,260**
65
0
0
65
**65**
**0**
**0**
**65**
1,506
0
0
1,506
2,974
0
0
2,974
**4,480**
**0**
**0**
**4,480**|
|---|---|
19
## **GOOD COMPANY (SURREY)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE PERIOD ENDED 31 MARCH 2023**
Within the expenditure items above the following items are material:
|**Energy Support and client costs**
Christmas Campaign
Client costs (clothing, furniture, equipment, emergency needs vouchers)
Energy support and energy top ups
Other support
**Food Purchases**
Food purchased
Donated stock written off to expenditure
**Salaries and Staff costs**
Salaries
Freelance staff
Employers National Insurance
Pension contributions|£
16,728
24,150
65,247
917
107,042
51,050
40,386
91,436
356,521
14,529
30,547
7,732
409,329|
|---|---|
## **3.1 AMOUNTS PAID TO THE INDEPENDENT EXAMINER**
**31 Mar-23** £ Independent examiner’s fees * 2,312 Assurance services other than audit or independent examination 0 Tax advisory fees 0 Other fees (for example: financial advice, consultancy, accountancy services) paid to the 0 independent examiner 2,312
* The Independent examiner's fees includes an amount of £855 which was a shared cost contribution paid to Ewell Christian Fellowship for services provided by the Independent Examiner in the previous financial year.
## **4. FIXED ASSETS**
|Cost
13-Jan-22
Additions (donated assets)
Cost at
31-Mar-23
Depreciation
13-Jan-22
Additions (donated assets)
Charge
Depreciation at
31-Mar-23
Net Book Value
31-Mar-23
Net Book Value
13-Jan-22|Foodbank
Motor
Office
Leasehold
Equipment
Vehicles
Equipment
Premises
Total
£
£
£
£
£
0
0
0
0
0
1,882
24,264
0
0
26,146
1,882
24,264
0
0
26,146
0
0
0
0
0
129
24,264
0
0
24,393
129
0
0
0
129
258
24,264
0
0
24,522
**1,624**
**0**
**0**
**0**
**1,624**
0
0
0
0
0|
|---|---|
Capital commitments as at 31st March 2023 are: Annual Rent of £8,000 is payable in quarterly instalments to Surrey County Council for the Foodbank premises occupied by the charity which are situated at Ruxley Lane, Ewell. Annual Rent of £3,667 is payable in quarterly instalments to Epsom and Ewell Borough Council for the Pantry premises occupied by the charity which are situated at 24 South Street, Ewell.
20
## **GOOD COMPANY (SURREY)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31 MARCH 2023**
## **5. DEBTORS AND PREPAYMENTS**
|Gift Aid Tax Recoverable
Overpaid HMRC PAYE and NI
Prepayments|Unrestricted
Designated
Restricted
**Total**
Fund
Fund
Fund
**31-Mar-23**
£
£
£
**£**
8,200
0
0
8,200
0
0
0
0
0
0
0
0
**8,200**
**0**
**0**
**8,200**|
|---|---|
Note: The gift aid tax recoverable is the Trustees best estimate, as a claim has not yet been submitted.
## **6. CASH AT BANK AND IN HAND**
|CAF Cash
Epsom Pantry
Epsom and Ewell Refugee Network
CAF Gold|Unrestricted
Designated
Restricted
**Total**
Fund
Fund
Fund
**31-Mar-23**
£
£
£
**£**
46,584
0
5,248
51,832
9,062
0
0
9,062
84,905
0
0
84,905
213,399
300,000
0
513,399
**353,950**
**300,000**
**5,248**
**659,198**|
|---|---|
## **7. STOCK AND DONATED GOODS**
Donations of food and provisions from consumers and retailers are not included in income in these financial statements. Determining a value is highly judgemental but the Trussell Trust has issued guidance of an average value of £2.37 per kg (as from September 2022).
This estimation puts the value of donated items received during the year at £236,544/99,807kg.
Similarly, stocks of donated food and provisions held at the year end total £23,216/9,796kg and are not included in the Balance Sheet.
## **8. CREDITORS ACCRUALS AND DEFERRED INCOME: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Creditors
Independent Examiners Fees
HMRC Tax and NI
Pension Contributions|Unrestricted
Designated
Restricted
**Total**
Fund
Fund
Fund
**31-Mar-23**
£
£
£
**£**
6,282
0
0
6,282
1,457
0
0
1,457
13,381
0
0
13,381
2,210
0
0
2,210
**23,330**
**0**
**0**
**23,330**|
|---|---|
## **9. DESIGNATED FUNDS**
|Note
Projects
13|**Balance**
Transfer
**Balance**
**13-Jan-22**
Income
Expenditure
Btw funds
**31-Mar-23**
£
£
£
£
£
0
0
0
300,000
300,000
**0**
**0**
**0**
**300,000**
**300,000**|
|---|---|
We have set aside a designated fund of £300,000 towards targeted projects over the next 3 years. This includes the flagship projects that we have identified plus ring-fenced spending.
The designated funds at 31st March 2023 are represented by:
Cash reserves £ 300,000
21
## **GOOD COMPANY (SURREY)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31 MARCH 2023**
## **9.a PRIOR YEAR MOVEMENT ON DESIGNATED FUNDS**
There is no prior year comparison as this is the first period of operation.
## **10. RESTRICTED FUNDS**
|Energy Support
Christmas Appeal
Household Fund
FoodBank Fund
Support Work (incl Counselling)
Pantry Fund|**Balance**
Transfers
**Balance**
**13-Jan-22**
btw Funds
Income
Expenditure
**31-Mar-23**
£
£
£
£
£
0
(975)
27,378
(26,403)
0
0
0
1,370
(1,370)
0
0
(5,845)
58,450
(52,605)
0
0
0
150,075
(144,827)
5,248
0
0
7,000
(7,000)
0
0
0
20,000
(20,000)
0
**0**
**(6,820)**
**264,273**
**(252,205)**
**5,248**|
|---|---|
Purpose of Restricted Funds
**Energy Support Fund** provides financial support and energy saving advice.
**Christmas Appea** l was launched to provide Christmas goodie bags, meat vouchers and help parents afford gifts for their children **Household Fund** provides emergency household supplies to people and families who are experiencing severe financial hardship. **FoodBank Fund** provides emergency food, support and advice to people and families who are experiencing severe financial hardshi **Support Work (incl Counselling) Fund** offers advice, advocates for clients with agencies and provides consistent support. We also have an in house conselling service.
**Pantry Fund** is a Community food shop run by and for its members. It is a place where people can go and choose food they want, at a cost that they can comfortably afford and save money for addressing debt or other issues
The transfers above represent 10% allocated to general unrestricted funds for administration of the allocations. This is as agreed with the funders.
£ The restricted funds at 31st March 2023 are represented by: Cash reserves 5,248 **5,248**
## **10.a PRIOR YEAR MOVEMENT ON RESTRICTED FUNDS**
There is no prior year comparison as this is the first period of operation.
## **11. STAFF COSTS, NUMBERS AND THE COST OF KEY MANAGEMENT PERSONNEL**
|Gross Wages and Salaries
Freelance Staff Costs
Redundancy Costs
Employer's National Insurance Costs
Employers NI Allowance
Pension Contributions|**2023/22**
**£**
354,671
14,529
1,850
35,547
(5,000)
7,732
**409,329**|
|---|---|
There were 10 employees on the payroll at the start of the year, and 16 employees at the end of the year. The average number of employees during the year was 11.75.
22
**GOOD COMPANY (SURREY)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued)**
## **FOR THE PERIOD ENDED 31 MARCH 2023**
## **11. STAFF COSTS, NUMBERS AND THE COST OF KEY MANAGEMENT PERSONNEL (continued)**
Number of employees whose total employee benefits (excluding employer pension costs) fell within each band of £10,000 from £60,000 upwards:
Band Number of employees £60,000 to £69,999 1 £70,000 to £79,999 0 £80,000 to £89,999 0 £90,000 to £99,999 0 £100,000 to £109,999 0
The CIO employed the services of one freelance consultant. The total amount paid was £14,529.
Key management personnel are considered to be the Board of Trustees together with the Senior Management Team. The Board of Trustees are not remunerated. Six members of the SeniorManagement Team are considered to be key management personnel and receive remuneration. Therefore, the total employee benefits paid to key management personnel (including employer national insurance and employer pension contributions) was £261,103.
The CIO currently pays pension contributions on behalf of 15 employees. An automatic enrolment workplace pension scheme is available and eligible employees were enrolled with the option of opting out if they so wish.
|**12. CURRENT YEAR ANALYSIS OF**
**NET ASSETS BY FUND**
Fixed Assets
Net Current Assets
Liabilities (due in more than one
year)|Unrestricted
Designated
Restricted
31-Mar-23
Funds
Funds
Funds
Total
£
£
£
£
1,624
0
0
1,624
338,820
300,000
5,248
644,068
0
0
0
0
340,444
300,000
5,248
645,692|
|---|---|
## **12.a) PRIOR YEAR ANALYSIS OF NET ASSETS BY FUND**
There is no prior year comparison as this is the first year of operation.
## **13. TRUSTEES AND OTHER RELATED PARTIES**
Trustee D Crowther was paid £2,971.82 reimbursement for building materials purchased on behalf of the CIO. B Crowther (who is the daughter of Trustee D Crowther) was paid £950 for consultancy services rendered to the CIO. No other payments were made to trustees or any persons connected with them during this financial period. No other material transaction took place between the organisation and a trustee or any person connected with them.
The Insurance Broker has confirmed that the element of the insurance premium relating to Trustee Indemnity Insurance was £263.
## **14. RISK ASSESSMENT**
The trustees actively review the major risks which the CIO faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
## **15. RESERVES POLICY**
The trustees have considered the level of reserves they wish to retain, appropriate to the CIO's needs. This is based on the CIO's size and the level of financial commitments held. The trustees aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily.
23
**GOOD COMPANY (SURREY)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31 MARCH 2023**
## **16. PUBLIC BENEFIT**
The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO has achieved this are provided in the Trustees report. The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the CIO should undertake.
## **17. TRANSFER OF PROJECT FUNDS**
The Trustees and relevant stakeholders agreed that the Foodbanks, East Surrey Poverty Truth Commission and Refugee Network should set up and run under a new CIO as they had grown significantly over the past 9 years. These initiatives needed new management arrangements to better facilitate their development and the support of the clients. The Foodbank stakeholders and staff agreed the name Good Company (Surrey) Trust. The official handover of responsibility for these initiatives took place on 1st April 2022. There was a transition period during the following months where Ewell Christian Fellowship Trust (ECF) continued to receive funds as agent, on behalf of the Good Company (Surrey) Trust, due to a delay with the bank opening a new account for the CIO and also some donors and partners experiencing delays in changing over the bank details. Good Company (Surrey) Trust as the principal in the agency agreement, has accounted for any funds received by ECF post 1st April 2022 as income and expenditure within these financial statements.
The Project Funds transferred on 1st April 2022 were:
|Bank Accounts
Debtors
Creditors
Fixed Assets
Stocks of food
1st April 2022|£
587,685
8,328
(10,299)
1,753
40,386
627,853|
|---|---|
24
**GOOD COMPANY (SURREY)**
## **STATEMENT OF CASHFLOWS**
## **FOR THE PERIOD ENDING 31ST MARCH 2023**
£
|**Cash used in operating activities**
(a)
**Cash used from investing activities**
Interest income
Donated fixed assets
**Cash provided by (used in)**
**investing activities**
**Cash flows from financing activities**
Introduction/(Repayment) of long term borrowing
**Cash used in financing activities**
Increase/(decrease) in cash and
cash equivalents in the year
Cash and cash equivalents at the
start of the year
**TOTAL cash and cash equivalents**
**at the end of the year**
(b)|**657,266**
3,685
(1,753)
1,932
-
-
659,198
-
-
**659,198**|
|---|---|
## **(a) Reconciliation of net movement in funds to net cash flow from operating activities**
|Net movement in funds as per Statement of Financial Activities
Add back depreciation charge
Deduct interest income shown
in investing activities
Decrease/(increase) in debtors
Decrease/(increase) in stock
Increase/(decrease) in creditors
**Net cash used in operating activities**|2023/22
£
645,692
129
(3,685)
(8,200)
0
23,330
**657,266**|
|---|---|
## **(b) Analysis of cash and cash equivalents**
|Cash at bank and in hand
Fixed Term Bond
**Total cash and cash equivalents**|2023/22
£
659,198
0
**659,198**|
|---|---|
25