**REGISTERED CHARITY NUMBER: 1200503** ## **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **FOR** ## **FINCHLEY FOODBANK** Accura Accountants Ltd Langley House Park Road East Finchley London N2 8EY **FINCHLEY FOODBANK** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ||**Page**| |---|---| |**Reference and Administrative Details**|1| |**Report of the Trustees**|2 to 7| |**Independent Examiner's Report**|8| |**Statement of Financial Activities**|9| |**Balance Sheet**|10| |**Notes to the Financial Statements**|11 to 14| |**Detailed Statement of Financial Activities**|15| **FINCHLEY FOODBANK** **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024** **TRUSTEES** Mr P Woodward Chair (appointed 9.7.24) Ms V Kydoniefs Vice Chair (appointed 9.7.24) Mr K Ramsey (appointed 9.7.24) Mr O Oyewole Ms H S Doran Treasurer Dr H Pugh Rev P M Scott T Ms N Mussolo (appointed 9.7.24) (resigned 4.4.25) **PRINCIPAL ADDRESS** St. Mary's Catholic Church 279 High Road London N2 8HG **REGISTERED CHARITY** 1200503 **NUMBER INDEPENDENT EXAMINER** Accura Accountants Ltd Langley House Park Road East Finchley London N2 8EY **BANKER** CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent, ME19 4JQ Page 1 **FINCHLEY FOODBANK** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. 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 AND ACTIVITIES** ## **Objectives and aims** The relief of financial hardship amongst people in the London Borough of Barnet and the surrounding area in such ways as the trustees from time to time think fit, in particular, but not exclusively by: (a) providing emergency food, essential toiletries and household items to individuals and families in need and/or for distribution by charities or other organisations working to prevent or relieve poverty and (b) such other means, including (but not limited to) the provision of support or signposting to relevant information and other advisory services. ## **History of the charity and current status** The foodbank was established in 2013 as part of an ecumenical initiative involving St Mary's RC Church; other local churches; various organisations; and the local community. At that time, it was under the auspices of the Westminster Roman Catholic Diocese Trust. On 29 September 2022, the foodbank registered with the Charity Commission as a charitable incorporated charity. This report covers its second operational period as an independent charity. The charity continues to operate from the hall behind St Mary's RC Church which remains supportive of its operations. ## **Significant activities** The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to guidance on public benefit published by the charity commission. During the period the Charity carried out the following activities to benefit the local community: - The Charity supports those experiencing food poverty in the London Borough of Barnet. - Clients are interviewed when registering with the Charity in order to ascertain their needs. They are required to provide a letter/bill/statement, dated not more than three months from registration date, showing their name and address. Clients must live in the London Borough of Barnet. - The foodbank is open to clients on Tuesdays and Saturdays all year round. - Clients are invited into the parish hall where they can choose approximately three days of emergency food, essential toiletries and household items from two stocked storerooms. Restrictions are in place on the number of items that can be selected according to household size. Clients are also offered fresh fruit and vegetables as well as bread. - In addition to providing emergency food, the Charity has partnered with statutory and other agencies and offers "signposting" to direct clients to the appropriate agencies and resources to assist with their longer-term needs. - We also provide a "Digital Inclusion" service helping clients with getting online; searching for employment; applying for services, etc. - During the year the Charity had two part-time members of staff. Page 2 **FINCHLEY FOODBANK** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** ## **ACHIEVEMENT AND PERFORMANCE** ## **Number of households supported** Over the past year, we recorded 11,434 household visits to the foodbank. Between January and July 2024, the average number of households supported each week rose to over 248 - representing over 710 individuals - compared to 200 during the same period last year. This 24% increase was unsustainable. After carefully considering several options to manage the growing demand, we made the difficult decision to reduce client visits from weekly to fortnightly, effective August 2024. To support those most in need, additional provisions were made for our more vulnerable clients. During the months of December 2024 and January 2025 we distributed 890 winter warm pack; 384 fleece blankets and 256 hot water bottles. ## **Client support services** ## **Digital Champions and Client support services** We began the year with just one outstanding Digital Champion (DC) and we have since grown to a team of ten, with two DCs present at every open session. This volunteer-led initiative has expanded significantly, evolving into a vital service that not only supports digital inclusion but also offers essential signposting for our clients. Over the course of the year, DCs have provided signposting support on 238 occasions. To complement this, we produced a 17-page booklet outlining sources of help and advice. In addition, local voluntary organisations such as BOOST, West London Works, Age UK and Green Doctors regularly visit the foodbank to offer guidance on cost-of-living support, employment, and training opportunities. We have distributed 330 free Vodafone SIM cards, loaded with 20/40GB of data plus free calls and texts for up to six months. Our volunteers write a monthly newsletter, which is distributed to clients during open sessions and is also available on our website, https://www.finchleyfoodbank.org.uk. The newsletter features a monthly topic and provides advice on where to find help and support. Our partnership with Citizens Advice Barnet (CAB) was suspended in June due to limited advisor availability. We are working towards reinstating the service as circumstances allow. Page 3 **FINCHLEY FOODBANK** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Food and essential items donations** During the year, we distributed £126k worth of non-perishable food and essential items, generously provided by Food Bank Aid and £16k in total from Aldi; Sainsburys; Tesco; Groundwork; individuals; schools; street collections and local faith organisations. We are fortunate to receive fresh bread and bakes each Monday and Friday evening from local bakeries such as Gails; Dunn's; Parkway Patisserie; as well as Waitrose. Purchases of fresh fruit and vegetables are supplemented by donations from Barnet Food Hub, St Mary's RC Church and East Finchley allotments. We are deeply grateful for all the support we have received. With over 65% of food donations coming from Food Bank Aid, their continued support is vital to our operations and makes our work possible. ## **Volunteers** We have over 150 active volunteers, including young people on the Duke of Edinburgh's Award, who give up their time on Mondays, Tuesdays, Fridays and Saturdays. Over the 12-month period volunteers have given over 11,000 hours. The Charity could not have risen to the immense challenge of supporting so many people facing food poverty without the unwavering compassion and dedication of our volunteers. ## **Governance** The trustees are supported by the Management Group (MG) by providing operational expertise, implementing strategic plans, managing finances, identifying and mitigating risks, leading fundraising efforts, supporting governance processes, communicating with stakeholders, developing policies, managing human resources, and monitoring and evaluating the Charity's work. Meetings are held monthly in person, with additional meetings conducted online as needed. None of the trustees receive remuneration or other benefit from their work with the Charity. ## **FINANCIAL REVIEW** ## **Financial position** The financial result for the period ending 31 December 2024 is a surplus of £29,905. Total income of £299,533 includes non-financial donations of food and other items valued at £142,000. Page 4 **FINCHLEY FOODBANK** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** Total expenditure was £269,628. Food, toiletries and other essential items (including a value of £141,540 for donated food and items) was over 70% of total expenditure. The remainder of expenditure was on salaries; operating costs; rent; and funding a Citizen's Advice Barnet advisor. ## **Summary position for the year ended 31 Dec 2024** |Income
Expenditure
**Surplus**|299,533
-269,628| |---|---| ||**29,905**| We would like to express our sincere gratitude to our financial donors whose generous contributions have been instrumental in enabling the foodbank to continue its vital work in supporting those experiencing food insecurity. Our top 20 donors are listed overleaf. Page 5 ## **Top 20 Financial Donors in 2024** National Lottery Community Fund Gift Aid Reclaims CAF American Donor Fund and Trusts Sales of honey Loder Family Trust Co-op Local Community Fund The PCC of the Ecclesiast Co-op St Mary-at-Finchley (The PCC of the… Securebase £0 £10,000£20,000£30,000£40,000£50,000£60,000£70,000£80,000 ## **Reserves policy** The Trustees carefully reviewed the Charity's reserves, taking into account the financial risks we might face. We agree that our reserves should be sufficient to cover six months of running costs - ensuring we can continue providing food and essential items to our clients without interruption. Although much of our food is generously donated, our reserves policy assumes we may need to purchase these items if circumstances change. For the six months to 31 December 2024, unrestricted costs were £64k. If we were to purchase half of the items currently donated, this would add an estimated £71k, bringing our target reserves to £135k. Our current reserves of £144,408 are comfortably above this figure, providing a prudent buffer for the months ahead to accommodate increases in core operational costs. The trustees consider that the Charity is a going concern for the foreseeable future. ## **PLANS FOR THE FUTURE** In 2025, we plan to launch our much-anticipated digitisation project, transitioning client registration from paper records to a streamline digital system. We also look forward to unveiling a refreshed and user-friendly website. Additionally, we are exploring a partnership with Power Up North London, a community benefit society, who provide energy saving advice. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The Charity is constituted as a Charitable Incorporated Organisation (CIO) and became a registered charity on 29 September 2022.The trustees set the strategic direction of the Charity and collectively make decisions that determine the strategy. They meet quarterly. Trustees are appointed by other trustees usually for a 3-year term which is renewable. The Charity shall maintain no fewer than three and no more than twelve trustees at any given time. Page 6 **FINCHLEY FOODBANK** ## **REPORT OF THE TRUSTEES** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management** The trustees recognise the importance of effective risk management to ensure the stability and sustainability of the Charity. To this end, we maintain a comprehensive risk register. This register identifies the key risks facing the Charity, including financial, operational, and strategic risks, and outlines the measures we have put in place to mitigate these risks. Over the next reporting period, the most significant risks we face, with the highest impact, are unsustainable demand for support; insufficient volunteers and inadequate funding. Our risk register is regularly reviewed and updated by the trustees and the MG to ensure that it remains current and reflects any new risks or changes in our operating environment. On behalf of the trustees, I extend our deepest thanks to everyone who has played a part in keeping Finchley Foodbank running. From our dedicated Management Group and Foodbank Manager, Rachel Nelson, and to the many incredible volunteers, food donors - Food Bank Aid being our largest food donor, and financial supporters - each of you has made a difference. We are grateful to Fr Peter and St Mary's parishioners for their continued support. Together, this remarkable community enabled us to welcome and assist clients on 11,434 visits over the past year. We also wish to pay special tribute to Dipo Oyewole, who stepped down as Chair in November after serving since March 2023 and for continuing to serve as a trustee. His leadership, dedication and steady guidance have been a great strength to Finchley Foodbank and we are deeply grateful for his service. Finally, our heartfelt thanks to Anna Maughan, who stepped down as Foodbank Manager in November 2024. During her time of over ten years in the role, Anna brought energy, compassion, and tireless commitment to supporting those in need. Approved by order of the board of trustees on 15 October 2025 and signed on its behalf by: ........................................................................ P Woodward – Chair of Trustees Page 7 ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FINCHLEY FOODBANK** ## **Independent examiner's report to the trustees of Finchley Foodbank** I report to the charity trustees on my examination of the accounts of Finchley Foodbank (the Trust) for the year ended 31 December 2024. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. G Chajet The Institute of Chartered Accountants in England and Wales Accura Accountants Ltd Langley House Park Road East Finchley London N2 8EY 15 October 2025 Page 8 ## **FINCHLEY FOODBANK** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |Year Ended
31.12.24
Unrestricted
Restricted
Total
fund
fund
funds
Notes
£
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
276,802
20,000
296,802
Investment income
2
2,731
-
2,731
**Total**
279,533
20,000
299,533
**EXPENDITURE ON**
**Charitable activities**
Food and Toiletries
267,168
-
267,168
Other
2,460
-
2,460
**Total**
269,628
-
269,628
**NET INCOME**
9,905
20,000
29,905
**RECONCILIATION OF FUNDS**
Total funds brought forward
114,503
-
114,503
**TOTAL FUNDS CARRIED FORWARD**
124,408
20,000
144,408|Period
29.9.22
to
31.12.23
Total
funds
£
305,540
2,654| |---|---| ||308,194| ||255,619
1,800| ||257,419| ||50,775
63,728| ||114,503| The notes form part of these financial statements Page 9 ## **FINCHLEY FOODBANK** ## **BALANCE SHEET 31 DECEMBER 2024** |Unrestricted
Restricted
fund
fund
Notes
£
£
**CURRENT ASSETS**
Stocks
5
3,690
-
Debtors
774
-
Cash at bank and in hand
128,339
20,000
132,803
20,000
**CREDITORS**
Amounts falling due within one year
6
(8,395)
-
**NET CURRENT ASSETS**
124,408
20,000
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
124,408
20,000
**NET ASSETS**
124,408
20,000
**FUNDS**
7
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|31.12.24
Total
funds
£
3,690
774
148,339
152,803
(8,395)
144,408
144,408
144,408
124,408
20,000
144,408|31.12.23
Total
funds
£
3,230
-
116,073
119,303
(4,800)
114,503
114,503
114,503
114,503
-
114,503| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 15 October 2025 and were signed on its behalf by: : ............................................. P Woodward – Chair of Trustees …………………………… H S Doran – Trustee and Treasurer The notes form part of these financial statements Page 10 **FINCHLEY FOODBANK** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, 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. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Stocks** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Cash and cash equivalents** Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks,other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **2. INVESTMENT INCOME** |**INVESTMENT INCOME**||| |---|---|---| |||Period| |||29.9.22| ||Year Ended|to| ||31.12.24|31.12.23| ||£|£| |Deposit account interest|2,731|2,654| continued... Page 11 **FINCHLEY FOODBANK** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the period ended 31 December 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2024 nor for the period ended 31 December 2023. ## **4. STAFF COSTS** The average monthly number of employees during the year was 2 (2023: 2 ). ||31.12.24|31.12.23| |---|---|---| ||£|£| |Staff costs|37,994|31,258| |No employees received emoluments in excess of £60,000.||| The Foodbank Manager and Foodbank Assistant are employed by Churchill Knight Umbrella Ltd. Salary costs are invoiced to the Charity on a monthly basis. ## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ||Unrestricted| |---|---| ||fund| ||£| |**INCOME AND ENDOWMENTS FROM**|| |Donations and legacies|305,540| |Investment income|2,654| |**Total**|308,194| |**EXPENDITURE ON**|| |**Charitable activities**|| |Food and Toiletries|255,619| |Other|1,800| |**Total**|257,419| |**NET INCOME**|50,775| |**RECONCILIATION OF FUNDS**|| |**Total funds brought forward**|| |As previously reported|-| |Prior year adjustment|63,728| |**As restated**|63,728| |**TOTAL FUNDS CARRIED FORWARD**|114,503| continued... Page 12 **FINCHLEY FOODBANK** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **6. STOCKS** |**6.**|**STOCKS**|||||| |---|---|---|---|---|---|---| |||||31.12.24||31.12.23| ||||||£|£| ||Stocks||||3,690|3,230| ||The estimated value of stock is based on one week's supply of non-perishable|||goods.||| |**7.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||||| |||||31.12.24||31.12.23| ||||||£|£| ||Other creditors||||8,395|4,800| |**8.**|**MOVEMENT IN FUNDS**|||||| ||||||Net|| |||||movement||At| |||At 1.1.24|||in funds|31.12.24| ||||£||£|£| ||**Unrestricted funds**|||||| ||General fund|114,503|||9,905|124,408| ||**Restricted funds**|||||| ||National lottery||-||20,000|20,000| ||**TOTAL FUNDS**|114,503|||29,905|144,408| ||Net movement in funds, included in the above are as follows:|||||| |||Incoming||Resources||Movement| |||resources||expended||in funds| ||||£||£|£| ||**Unrestricted funds**|||||| ||General fund|279,533||(269,628)||9,905| ||**Restricted funds**|||||| ||National lottery|20,000|||-|20,000| ||**TOTAL FUNDS**|299,533||(269,628)||29,905| ||**Comparatives for movement in funds**|||||| ||||||Net|| |||Prior|year|movement||At| |||adjustment|||in funds|31.12.23| ||||£||£|£| ||**Unrestricted funds**|||||| ||General fund|63,728|||50,775|114,503| ||**TOTAL FUNDS**|63,728|||50,775|114,503| continued... Page 13 ## **FINCHLEY FOODBANK** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **9. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|308,194|(257,419)|50,775| |**TOTAL FUNDS**|308,194|(257,419)|50,775| ## **10. RELATED PARTY DISCLOSURES** In February 2024, the Charity entered into a Licence to Occupy agreement with WRCDT for a fee of £773.50 per month, effective from September 2023. Fr. Peter Scott, a trustee and parish priest at St Mary's, is employed by WRCDT but recused himself from negotiations on the licence fee and does not personally benefit from any payments. Page 14 ## **FINCHLEY FOODBANK** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024** |Year Ended
31.12.24
£
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
102,802
Gift aid
9,651
Grants
42,349
Donated Goods Received
142,000
296,802
**Investment income**
Deposit account interest
2,731
**Total incoming resources**
299,533
**EXPENDITURE**
**Charitable activities**
Wages
37,994
Insurance
158
Telephone
507
Printing, postage & stationery
1,040
Sundries
3,165
Bank Charges
60
Citizens Advice Barnet advisor
14,275
Donated goods distributed
141,540
Food and toiletries
49,359
Hot water bottles
-
Rent - Hall Licence
9,966
Waste bin
1,692
Winter warm packs
5,775
Container hire
1,637
267,168
**Support costs**
**Governance costs**
Accountancy
2,460
Total resources expended
269,628
**Net income**
29,905|Period
29.9.22
to
31.12.23
£
135,738
4,302
11,800
153,700
305,540
2,654
308,194
31,258
158
109
572
874
60
3,693
150,470
52,548
1,200
8,000
704
5,973
-
255,619
1,800
257,419
50,775| |---|---| This page does not form part of the statutory financial statements Page 15