TUCO FOUNDATION CIO Charitable incorporated organisation Charity Registration No." 1206611 Company Registration No." CE034958 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENOED 31 MARCH 2025 Contents Period ended 31 March 2025 Page Legal and administrative information Report of the Trustees Report of the Independent Auditors statement of Financial Activities io Balance Sheet li Cash Flow Statement 12 Notes forming part of the Financial Ststements 13-18 Legal and admlnlstrative Infom)ation Period ended 31 March 2025 The structural and administrative details for the Charity are as follows= Name.. TUCO Foundation CIO Type of entity.. Charitsble incorporated ¢xganisation Date of incorporation= 18 February 2024 Registered Charity Number= 1206611 Company number: CE034958 Re8lStered and principal ollice= 3" Floor, 44 Peter Street. Manchester, M2 5GP The Trustees as at the date of this report (the "Trustees-l are: Michael Haslin lappointed 22.01.241- Chief Executive Officer Philip Rees-lones lappointe(101.04.241 Sarah Hodgson lappointed 25.10.241 Ryan Hanson lappointed 08.11.241 Amanda Pettingill (appointed 12.12.241 The bankers are.. HSBC UK The solicitors are.. Shoosmiths LLP The XYZ Building 2 Haidman Square Spinnin8fields Manchester M3 3AZ The auditors are: Mitchell Charlesworth (Audit) Limite 3rd Floor 44 Peter Street Manchester M2 SGP 21Page Contents Period ended 31 March 2025 The trustees present their report together with the financial ststements for the period ended 31 March 2025 The linancial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity'5 governing document, the Charities Act 2011 and Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. Oblerttves and activltles The TUCO Foundation was established on the 18" January 2024. it Is a wholly owned subsidiary of The University Caterers Organisation ITUCOI Ltd, who are a not-for-profit or83nisation. The objects of the Foundation are for the public benetit and will advance education in such ways as the charity trustees think tit. in particular. but not limited to the promotion and provision of trainin8 in catering 3rMI hospitality.. and such other exclusively charitable purposes under the laws of England and Wales as the tharity trustees may decide from time to time. The Board of Trustees, with the exception of the Chief Executive are all unpaid volunteer5. Achlevements and perlormances D(Jring the lirst year of trading the charity has performed well against the stated objectives delivering 145 courses to Over 1400 individuals. The Foundation also held a successful culinary competition which Saw over ITh) competitor5. IS UK and international catering study tours were held where over IW people visited various universities and catering operations. Publ1¢ benellt statement The trustees have had due regard to the 8uidance published by the Charity Commission on public benelit. The charity aims to advance educati¢)n in such ways as the charity trustees think tit, in particular but not limited to the promO￿on and provisSon of Iralnln8 In ¢aterlng and hospltallty. Flnanclal revlew The statement of linancial activity is set out on page 10 ol the thnancial ststements. Income for the period was £1,575,120 which includes El,4CK).CW of donations from The University Caterers Or8ani5ation. Expenditure for the period wa5 £848,185 leavin8 an overall surplus of £726.935. All income is unrestricted in nature. Reserves pollcy Total reserves as at 31 March 2025 were £726,935, all of which are unrestricted. Reserves are defined as tjnrestricted funds if they are freely available to be spent on charitsble purposes. Reserves should be held 10 Service an unexpected need for funds, covering unforeseen day-to-day operational costs, a shortfall in income or lo fullil our obligations. Our reserves ￿lIcY is designed to reflect the underlying risks facing the charity and to ensure we have appropriate level of reseNes to safeguard our operations. Accordingly. we aim to maintsin 3 reserve fund of at least 6 months of runnin8 Costs. This ￿11£Y is reviewed annually. Based on the current re5erve5 of £726,935, the Trustee5 consider the level of reserve5 to be sufficient. Rlsk pollcy The trustees have assessed the major risks to which the tharity is exposed. A fomial risk ￿gIster 1% in plate and the trustees are sati5lied that systems are in place to mitigate exposure to the risks identified. Plans for the future The Trustees view the coming 2-3 years as one of consolidation with continued investment in training and education. During this period we will build our relationships with key siakeholders and engage with the public to promote our Contents Period ended 31 March 2025 services. Going concern Following 3 review of the linantial w>sition at the date of signing these actounts and the projections for the following twelve months, the Trustees consider that the charity is a going concem. Structure, governance and management The board of Trustees administers the charity and meets at least 2 times a year. Michael Haslin has been appointed by the trustee5 to manage the day-ttrday operations of the charity. To facilitate effective operations. the Board has delegated authority to Michael Haslin for 311 operational matters including linance and employment. Governlnu document The charity was registered on 18 January 2024. TUCO Foundation CIO is a charitsble incorporated orsanisation, governed by its constitution. Appolntment of trustees Any person who is willing to act as a Trustee. and who would not be disqualified from acting as such, may be appointed to be a Trustee for a renewable term of three years by the Member (acting through an authorised representative) servlng notice In writing on the FourKlatbon. Renewal is to be assumed unless the Member provSdes a Trustee with notice to the contrary. Trustee Indurtlon and trainln8 New trustees undergo an induction to brief them on.. Their legal obligations under charity law The content ol the 8oveinin8 document The business plan Recent financial performances of the charity Related Pa￿eS In addition lo the trustees who served dvrin8 the year, the Trustees consider the following or8anisation to be a related party lor the purpose5 of disclosure of related party transactions: The University Caterers Organisation Limited FurKlralsln8 The charity doe5 not carry out $18nificant fiJndraisin8 activitie5. Trustees The Trustees who served during the period of the report were as foll¢)ws: Michael Haslin (appointed 22.01.20241- Chief Executive Ollicer Philip Rees-lone5 lappointed 01.04.241 Emma Stan5lield (appointed 24.10.24. resigned 31.05.251 Sarah Hodgson lappointed 25.10.241 Ryan Hanson lappointed 08.11.241 Amanda Pettingill13ppointed 12.12.241 Matthew White (appointed 18.01.24, resigned 31.10.241 Annabelle Hurst (appointed 18.01.24. resigned 31.12.241 Trustees. responsibilities The trustees are responsible for preparing the Trustees. Annual Report and the tinancial statements in accordance with applicable law and United Kingdom Accounting Standards (united Kingdom Generally Accepted Accounting Practice). Charity law requires the trustees to prepare financial statements for each linancial year which give a true and fair Contents Period ended 31 March 2025 view of the stste of the affairs of the charitable company and the group and of the incoming resources and application of resources. including the income and expenditure. of the charitable group for that period. In preparing these linancial statements, the trustees are required to= select suitsble accounting policies and then apply them consi5tently- observe the methods and winciples in the Charities SORP., make judgements and estimates that are reasonable and prudent- stste whether applicable UK accounting standards have been followed, subject to any material departure disclosed and explained in the linancial statements- and prepare the linancial statefflent5 on the goin8 concem basis unless it 15 inappropriate to assume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the finantial position of the tharitable company and enable them to ensure that the linancial st3tement% comply with the Comp3nie5 Act 2C()6. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Board on 2210712025 and signed on its behalf by: 7fL.kaAL Michael Haslin Trustee Contents Period ended 31 March 2025 TUCO FOUNDATION CIO Report of the Audltors to the Trustees of TUCO Foundation ao Period ended 31 March 2025 Opinion We have audited the financial statements of TUCO Foundation CIO lthe 'Charity'l for the period ended 31 March 2025 which comprise the statement of tinancial athvities. the balance sheet. the statement of c35hflows and notes to the lin3ncial statements, includin8 signilicant accounting policies. The linanci31 reporting framework that h3s been applied in their preparation 15 applicable13w and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 The Financial Rekx>rtin8 Stondard applicable in the UK ond Republic of Ireland Iunited Kingdom Generally Accepted Accounting practi￿). In our opinion, the financial statements- give a true and fair view of the state of the charitable incorporated Organisations affairs as at 31 March 2025 and of its incoming resources and application of resources. for the year then ended., have been properly Prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditin8 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's reswnsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audlt of the tinancial ststements In the UK. Including the FRC'S Eth5cal standard, ond we have lullilled our other ethical re5ponsibilitie5 in accordance with these requiremen15. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis lor our opinion. Concluslons relatin8 to lolng concern In auditing the linancial statements, we have concluded that the trustees, use of the going toncern basis of accounting in the preparation of the linancial statements is appropriate. Based on the work we have performed, we have not identilied any material uncertaintie5 relating to events or conditions that, individually or collectively, may cast signilicant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the tinancial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respert to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report other than the tinancial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements doe5 not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility 15 to read the other information and. in doing so, tonsider whether the other information is materially incon51Stent with the linancial statements or our knowledge obtained in the course ol the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to 3 material misstatement in the tinancial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fart. We have nothing to report in thi5 regard. Opinions on other matters prescribed by the Companies Act 2006 71Page TUCO FOUNDATION CIO Report of the Audltors to the Trustees of TUCO Foundation ao Period ended 31 March 2025 In our opinion, based on the work undertaken in the course of the audit= the information given in the trustees. rety)rt. which includes the director5, report prepared for the purposes of company law. for the linancial year for which the financial statements are prepared is consistent with the tinancial statements., and the directors, report included within the trustees. report has been prepared in accordance with applicable legal requirements. Matter5 on which we are required to report by exception In the light of the knowledge and tJnderst3nding of the tompany and its environment obtained in the tour%e of the audit, we have not identilied material mi5Statements in the directors, report included within the trustees, report. We have nothing to report in le5￿ct of the following matters in relation to which the Companies Att 2￿)6 require V5 to report to you if, in our opinion: the inform8tion glven in the financial ststements is inconsistent in any material respect with the tru5tees' report: or sufli¢ient accounting records have not been kept: or the financial statements are not in agreement with the accounting records.. or we have not received 811 the information and explanation5 we require for our audlt. Responslbllltles of trustees As explained more fully in the statement ot trustees. responsibilities. the trustees, who are also the directors of the char5ty lor the purpose ol company law. are resp￿sible f