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2021-05-31-accounts

Report of the Board of Trustees

2020-2021

© British Nutrition Foundation 2021 | nutrition.org.uk

The British Nutrition Foundation

(Limited by Guarantee)

Company Registration Number 898651 Charity Registration Number 251681 Scottish Charity Number SC040061

Contents

Structure, Governance and Management 3
Trustees’ Report 4 - 12
Independent Auditor’s Report 13 - 16
Statement of Financial Activities 17
Balance Sheet 18
Statement of Cash Flows 19
Notes to the Accounts 20 - 29

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© British Nutrition Foundation 2021 | nutrition.org.uk

Structure, governance and management

Reference and Administrative Details Charity Number: 251681 Scottish Charity Number: SC040061 Company Number: 898651

Registered Office

New Derwent House 69-73 Theobalds Road London WC1X 8TA

President

Professor A Shenkin BSc PhD FRCP FRCPath

Directors and Trustees

The Directors of the Foundation are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustees.

The Trustees during the year were: Professor C Dennis CBE DL BSc PhD CFS CSci Hon FIFST FIFT FIAFST FRSA Hon FRASE (Chair) Professor JC Mathers BSc DipNutr PhD (Vice Chair) Professor CM Williams OBE BSc PhD (Immediate Past Chair) Ms. D Irving-Brown BCom ACMA/GCMA (Treasurer) (appointed 23 June 2020) Mr M Bond BSc Mr G Findlay BA Miss G Fine MSc Mrs A Greenhalgh-Ball, BSc SRD Professor S Lanham-New BA MSc PhD RNutr Ms Louise Redmond BSc (Hons), MA, MBA, FCIPD (appointed 23 June 2020) Mr D Webster BA (stepped down as Treasurer in October 2020) Mr A Wotherspoon BSc

Senior Staff

Professor JL Buttriss BSc PhD RNutr DipDiet FAfN, Director General Mr Roy Ballam BA MA, Managing Director and Head of Education Ms Sara Stanner BSc MSc RNutr FAfN, Science Director

Professional Advisors

Accountant: Crossley Third Sector, Star House, Star Hill, Rochester, Kent, ME1 1UX

Auditor:

Moore Kingston Smith, Devonshire House, 60 Goswell Road, London, EC1M 7AD

Banker:

Barclays Bank, Barclays Business, 1st Floor, 27 Soho Square, London, W1D 3QR

Investment Management: Charles Stanley, 25 Luke Street, London, EC2A 4AR

Solicitor:

Reed Smith LLP, Beaufort House, 15 St Botolph Street, London, EC3A 7EE

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© British Nutrition Foundation 2021 | nutrition.org.uk

Constitution and purpose

Constitution

The British Nutrition Foundation (BNF), founded in 1967, is constituted by the Memorandum and Articles of Association dated 1967, as altered by Special Resolutions in March 1973, November 1978, November 2004, August 2012, January 2014, March 2015 and November 2019.

Purpose

BNF’s objective is to deliver evidence-based information on food and nutrition in the context of health and lifestyle. Its objects are:

Governance

The British Nutrition Foundation is governed by a Board of Trustees that takes overall responsibility for the charity, including:

The Board of Trustees is supported by an Advisory Committee, a Scientific Committee, an Editorial Advisory Group, Education Working Groups and a Nominations Committee. The composition of the Board and these committees is deliberately weighted towards the scientific ‘academic’ community, based in universities and research institutes, and those from education, finance, media, communications and HR backgrounds. All those who serve as trustees or on BNF committees do so without remuneration, but are reimbursed their travel expenses.

For further information on BNF’s governance, go to: www.nutrition.org.uk

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© British Nutrition Foundation 2021 | nutrition.org.uk

Activities and achievements

The core purpose of the British Nutrition Foundation is translating evidence-based nutrition science in engaging and actionable ways. The day-to-day management of this is the responsibility of the Senior Leadership team and their staff. They consult with the Board of Trustees, Advisory and Scientific Committees, Education Working Groups and the Editorial Advisory Board, and work with an extensive network of contacts across academia, government, education, media, and the food/drink sector (agriculture, manufacturing, retail and food service out of home) in delivering its programmes, especially focused on education in schools and nutrition science communication. Our work continued throughout the pandemic, albeit virtually, delivering our social purpose activities, member services and consultancy work.

With the support from Trustees, the Foundation has continued to invest in its future in business development, communications and nutrition science. This work will be fully realised in the next financial year, helping the British Nutrition Foundation to raise its profile and work through a new communications strategy (including media interaction), support its members further (via enhanced nutrition science capacity), and continue its social purpose. During the year we also undertook an extensive branding review of the Foundation which will be launched in the next financial year.

In relation to external engagement, we continued to contribute to discussions with a variety of stakeholders, including government, UK Research and Innovation, academia, teacher training institutes, the Academy of Nutrition Sciences and European Institute of Innovation and Technology: food. We also continued to work in England, Northern Ireland, Scotland and Wales supporting our charitable objectives on nutrition science, education and training. For example, in addition to ensuring regional representation on our advisory committees, we also ran four successful teacher events across the UK.

Our core activities continue to be:

Key highlights from our last financial year

(1 June 2020 – 31 May 2021)

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© British Nutrition Foundation 2021 | nutrition.org.uk

Communicating evidence-based nutrition

Delivering nutrition training

*training delivered to health professionals, teachers, government, researchers, graduates, universities, food industry and consumers

Championing nutrition

UK General Data Protection Regulation

BNF remains vigilant on its UK GDPR compliance and has included training for key staff processing personal data. No requests or complaints were received in the year. A review of all systems and processes in handling data was undertaken, with the aim to further improve procedures and highlight the importance to staff.

Employee involvement

Employees are kept informed through regular team and monthly staff meetings at which the work and operation of the British Nutrition Foundation and future work plans are discussed. These meetings also provide a forum for employees to put forward suggestions for improving the performance of the Foundation and the development and monitoring of work plans. In addition, feedback from employees is received throughout the year through an ongoing performance management process, where training requirements are also formally assessed.

As staff have been working from home since 17 March 2020, regular communications and staff ‘catchups’, via video-conferencing, have been used to keep staff informed and to solicit feedback. This has also included updates from the Chair of Trustees. Two staff surveys were undertaken, one in September 2020 and the other in May 2021. These surveys focused on working from home, employee effectiveness and working improvements, as well as returning to the office.

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© British Nutrition Foundation 2021 | nutrition.org.uk

Public benefit

Through its interactions with government, universities and research institutes, healthcare professionals, educators, the media, the food chain and directly with the general public, the British Nutrition Foundation delivered public benefit and much of the work is ultimately placed in the public domain. The Foundation strives to make complex nutrition science accessible and engaging to diverse audiences.

Public interest in, and awareness of, the interactions between diet, health and lifestyle continue to escalate and this continues in-light-of the coronavirus. The Foundation’s staff are experienced in providing balanced advice and impartial scientific interpretation.

In-light-of the ongoing pandemic, we have continued to:

In addition, we broadcast a Nutrition and Covid-19 virtual event in November 2020, which received nearly 3,000 registrations.

The Foundation enjoys the support of eminent scientists, prominent individuals from the educational and medical worlds, as well as from healthcare professionals, the media, and organisations throughout the food and drink sector.

Examples of the Foundation’s public benefit activities are given in the highlights for the year (see above), but also include:

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’. The BNF does not lobby, does not endorse any products or engage in food advertising campaigns.

Fundraising approach

BNF’s funding comes from a variety of sources including contracts with national government departments and agencies; universities; sales from conferences, publications and training; members subscriptions (individual and corporate); donations; consultancy funding from food producers and manufacturers, retailers, and food service companies; and, funds from grant-funding bodies, trusts and other charities.

Around 40% of the Foundation’s income is raised through third-party consultancy work and grants, and the remainder through membership fees and donations. For the latter, fundraising is predominately through corporate donations rather than contributions from the public. In the 2020/21 financial year, funding was received from the Savoy Educational Trust to support the development of an educational resource to support pupils with Special Educational Needs and Disabilities.

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© British Nutrition Foundation 2021 | nutrition.org.uk

The Foundation continues to be a member of the Fundraising Regulator which holds the Code of Fundraising Practice for the UK. The code sets and maintains standards for charitable fundraising, aiming to ensure that fundraising is respectful, open, honest and accountable to the public. In the past year, no complaints have been received concerning the purposes of fundraising and/or about our fundraising activity.

Risk management

The register of risks covering governance, operational matters and finance are regularly reviewed by the Trustees. Appropriate mitigation steps and control ratings are discussed, agreed and actioned accordingly. Such risks include cybersecurity and data protection, recruitment and retention of appropriately skilled staff, sources of income, especially member subscriptions and donations, investment changes and market changes, including competitive activity.

In the last year, increased emphasis has been given to branding and reputation management, income sources, including the impact of membership renewals and recruitment, and the ongoing risks associated with Covid-19.

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© British Nutrition Foundation 2021 | nutrition.org.uk

Future strategy

The Foundation will continue with its Strategic Plan, focusing attention on key activities to mitigate identified risks and to deliver its charitable objectives. BNF’s Vision is ‘Everyone can access Healthy and Sustainable Diets’ and it is contributing towards this through its Mission ‘Translating evidencebased nutrition science in engaging and actionable ways’. This is supported by four Strategic Priorities:

Each of these priorities will be actioned by a series of Strategic Objectives and annual SMART goals, against which, progress is regularly reported by the Senior Leadership Team to the Board of Trustees for revision and renewal, if deemed appropriate.

In 2021/22, planned activities include:

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© British Nutrition Foundation 2021 | nutrition.org.uk

Financial review

General

The total income was affected by the impact of Covid-19, with some work being cancelled and the loss of some Corporate Members.

In the financial year 2020-21 total income for BNF was £1.311m (2020: £1.385m). Voluntary income for the year was £748k. Investment income for the year was £17k and all other income was generated through project work.

Good financial management, together with cost savings on projects affected by the Covid pandemic, resulted in total expenditure being lower than budget at at £1.277m (2020: £1.331m). The Foundation's overall result for the year was a surplus of £109k (2020: £33k).

Reserves

The Foundation’s Reserves Policy was reviewed by the Trustees in June 2020 and again in July 21 and it was agreed that a general reserve level should be maintained at £600k, to allow cover for the cost of closure and limited running for six months. This fund was not used.

The Foundation’s general reserves at 31 May 2021 were £1.354m. The reserves provide support for the Foundation’s future activities. This includes enhancement to our website www.nutrition.org.uk (helping to facilitate our charitable activities); and office refurbishment in light of changes in staff hybrid working. The Reserves Policy will next be reviewed by the Trustees in July 2022.

Investment

The Trustees’ investment policy is to invest in an appropriate mix of assets to help mitigate risk of volatility of returns. The investment objectives are to maintain the capital value of the Foundation’s assets in real terms (measured by the Retail Price Index) over the long term and to obtain a reasonable balance between capital growth and income.

The managers of the portfolios report to the BNF Investment Committee on a regular basis. The BNF held total cash and investments of £687k as at 31 May 2021, an increase of £86k on 2020 due to the changes in the stock market.

Designated funds

For the Drummond Memorial Fund, incoming resources were recorded at nil and outgoing at £9.2k. Outgoing resources of £19.5k on the Strategic Contingency Fund relates to the rebranding of the organisation. There was expenditure of £17.1k in the Healthy Eating Week fund, supporting the development and dissemination of resources for the week. There was no movement in the IT Strategic fund in the Financial Year 2020-21.

Internal Controls

The Board of Trustees reviews the management accounts at each meeting. The Foundation has a written financial policy that sets out internal controls to counter the risk of fraudulent or inappropriate use of funds. BNF’s day-to-day accounts are managed by an external accountancy firm. The accounts are audited at the end of the year by registered auditors.

Budgets

Detailed annual budgets are prepared each year and approved by the Board of Trustees. For each meeting of the Board, financial statements are prepared which show the budgeted expenditure against the actual expenditure. Forecasts of the year-end position are prepared on a quarterly basis. In 2020/21, a revised three-year financial plan was developed and approved.

Key management remuneration policy

The Foundation’s Remuneration Committee (RC), comprising the Chair, Vice-Chair and Immediate Past-Chair of the Board of Trustees, and the Treasurer, meet in June 2020 to consider remuneration. A report on the outcomes of the annual staff performance was presented, written by the Managing Director. The paper also considered aspects of inflation, reviews of existing pay scales and benchmarks

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© British Nutrition Foundation 2021 | nutrition.org.uk

to comparative positions in other organisations. The RC also reviewed and reported on Performance Related Pay and considered senior staff pay.

The Future Operation of the Foundation

The Foundation has continued to monitor the impact of Covid-19 on its operations and staffing. This has led to exploring new ways of conducting business, as well as providing training and services to those we serve. Staff continued to work from home, and this was monitored via weekly and monthly meetings, as well as staff surveys. In-light-of changes in ways of working, the Foundation is exploring a hybrid working arrangement in the new financial year, balancing business need to staff ‘work-life’ balance.

During the year, Trustees agreed a new three-year financial plan to invest in BNF’s future, especially business development, branding and enhanced communications, and additional senior science capacity. In addition, Trustees agreed to renew the office lease at Theobalds Road for a further four years.

The Trustees, after reviewing the Foundation’s finances, by considering the detailed financial monitoring described above, the 3-year financial plan to 2024 and the acquisition on new projects, are confident that the Foundation is able to meet its financial obligations for the foreseeable future. Thus, the financial statements have been prepared on a going concern basis.

Statement of Trustees Responsibilities

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in July 2014.

The Trustees are responsible for preparing the financial statements in accordance with applicable law regulations. The Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial period that give a true and fair view of the state-of-affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 as amended by The Charities Accounts (Scotland) Amendment (No. 2) Regulations 2014.

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© British Nutrition Foundation 2021 | nutrition.org.uk

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE BRITISH NUTRITION FOUNDATION

Opinion

We have audited the financial statements of The British Nutrition Foundation for the year ended 31 May 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we

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conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, the Companies Act 2006 and Section 151 of the Charities Act 2011 and report to you in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006; and to the charity’s trustees, as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, and in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company, the charitable company’s members, as a body, and the charity’s trustees, as a body for our audit work, for this report, or for the opinion we have formed.

Luke Holt (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Date:

Devonshire House 60 Goswell Road London EC1M 7AD

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

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The British Nutrition Foundation Statement of Financial Activities For the year ended 31st May 2021

Note
Income
Income from:
Voluntary income
2
Investment income
3
Charitable activities
4
Total Income
Expenditure
Expenditure on:
5
Raising funds
Charitable activities
Total expenditure
Unrealised Gains / (Losses) on investment
9
Realised Gains on investments
Net income
Other (Losses) / Gains on foreign exchange
Funds as at 1st June 2020
15
Funds as at 31st May 2021
15
Net movement in funds		 Unrestricted
Fund
£
748,088
16,883
546,243
1,311,214
84,423
1,192,331
1,276,754
72,504
3,147
110,111
(1,193)
108,918
1,457,675
1,566,593		 Restricted
Fund
£
-
-
-
-
-
-
-
-
-
-
-
-
6,320
6,320		 Total
2021
£
748,088
16,883
546,243
1,311,214
84,423
1,192,331
1,276,754
72,504
3,147
110,111
(1,193)
108,918
1,463,995
1,572,913		 Total
2020
£
837,119
17,529
530,668
1,385,316
104,480
1,226,117
1,330,597
(22,882)
700
32,537
14
32,551
1,431,444
1,463,995

The notes on pages 20 to 29 form part of these financial statements.

All of the operations of the Foundation are continuing.

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Note 202',1t €
2021		 €
2020		 t
2020
Fixed Assets
lntangible Assets 7 30,309 23,788
Tangible Assets
lnvestments		 BI 't1,167
686,840		 11,454
600,821
728,316 636,063
Current Assets
Debtors 10 235,731 151,085
Cash at bank and in hand 763,577 889,395
999,308 1,040,480
Creditors: Amountsfallingdue
withinoneyear 11 't54,711 212,548
NetCurrent Assets 844,597 827,932
TotalNetAssets 1,572,913 1,463,999
Funds
Restricted funds 13 6,320 6,320
Unrestricted funds
Designated funds 14 212,575 274,298
General funds 15 1,354,018 1,183,377
__1,572p13_ 1163,gg!

The British Nutrition Foundation Statement of Cash Flows For the year ended 31st May 2021

Note
Cash flow from operating activities
Net cash provided (used in)/by operating activities
(i)
Cash flow from investing activities
Bank interest received
Investment income
Acquisition of fixed asset investments
Proceeds from disposal of fixed asset investments
(Loss) / Profit on Forex
Purchase of intangible assets
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
(ii)
As at
Analysis of changes in net debt
01 June 2020
£
Cash at bank and in hand
889,395
Cash held on deposits and investments
63,726
953,121		 2021
£
(103,238)
939
15,944
(113,095)
65,460
(1,193)
(22,000)
(5,902)
(59,847)
(163,085)
953,121
790,036
£
(427,468)
264,383
(163,085)
Cash flows		 2020
£
84,233
85
17,444
(32,974)
36,270
14
(14,176)
(3,237)
3,426
87,659
865,462
953,121
As at
31 May 2021
£
461,927
328,109
790,036
(i) Reconciliation of net income to net cash flow from operating activities
Net income
Adjustments for:
Depreciation charge
Amortisation charge
Bank interest received
Investment income
Loss / (Profit) on Forex differences
(Profit) on sale of investments
Revaluation of investments
(Increase) / Decrease in debtors
(Decrease) / Increase in creditors
Net cash (used in) / provided by operating activities
(ii) Analysis of Cash and cash equivalents
Cash at bank and in hand
Cash held on deposits and investments		 2021
£
108,918
6,190
15,479
(939)
(15,944)
1,193
(3,147)
(72,504)
(84,646)
(57,838)
(103,238)
£
461,927
328,109
790,036
At 31 May
2021		 2020
£
32,551
7,952
13,510
(85)
(17,444)
(14)
(700)
22,882
285
25,296
84,233
£
889,395
63,726
953,121
At 1 June
2020

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The British Nutrition Foundation Notes to the Financial Statements For the year ended 31st May 2021

1 Principal Accounting Policies

(a) Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The British Nutrition Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In making this assessment the trustees have considered the impact of Covid 19, whilst some income lines are effected they are mitigated by anticipated costs savings. Annual budgets have been revised taking this into account with prudent figures for both income and expenditure. After making enquiries the Trustees have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future based on a significant level of reserves and liquid assets in the form of investments which are readily available to convert into cash. For this reason the Trustees continue to adopt the going concern basis in preparing the financial statements.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The British Nutrition Foundation is a private company, limited by guarantee, registered in England and Wales, registration number 898651. The registered office is New Derwent House, 69 - 73 Theobalds Road, London WC1X 8TA. The company is a registered charity, registered in England and Wales, registration number 251681 and in Scotland, registration number SC040061.

Income from member companies (including annual subscriptions) is accounted for on a receivable basis, but on a received basis in the case of donations. Government grants are accounted for on a receivable basis.

Investment income is recognised on a receivable basis.

Interest income is recognised on a receivable basis.

The directors have allocated office costs and governance costs on the basis of the amount of time spent by each member of staff in each of the six areas of activity of the Foundation. Staff costs have been similarly apportioned.

Depreciation is provided on fixed assets on the straight line method at the following rates:

Fixtures and fittings 20% p.a. Computers and ancillary equipment 33.33% p.a.

Items of expenditure which provide enduring benefit to the Foundation are capitalised as assets if the cost (net of VAT) is more than £500. Expenditure of less than this amount is expensed through the Statement of Financial Activities.

At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary.

Intangible fixed assets comprise of an online training platform and new website. Intangible fixed assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised so as to write off the cost or valuation of the assets less their residual values over their useful lives on the following bases:

Online training platform 33.33% p.a. New Website 33.33% p.a.

The capitalisation threshold for intangible fixed assets is £500.

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The British Nutrition Foundation Notes to the Financial Statements For the year ended 31st May 2021

1 Principal Accounting Policies (continued)

Rentals payable under operating leases are charged to the Statement of Financial Activities as incurred over the term of the lease.

(l) Publications It is the Foundation's policy not to include as stock the by-products from projects as the use of these is uncertain. When sales are made they are included in the SOFA on a receipts basis. The costs of the Foundation's publications and education material are written off in the year in which they are incurred.

Prizes are accounted for when paid.

The Foundation provides a percentage of employees' salaries which is paid into personal pension plans on behalf of employees. The percentage paid ranges from 4% to 12% of basic salary and is accounted for on an accruals basis.

Unrestricted Funds - These are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

Designated Funds – These form part of unrestricted funds and represent amounts set aside by the trustees for particular purposes. These funds may be returned to the general unrestricted funds at the trustees’ discretion.

Restricted Funds - These are funds which are to be used for specific purposes as laid down by the donor.

Transactions in foreign currencies are recognised at the rate of exchange at the date of the transaction. Monetary assets and liabilities are translated into sterling at the exchange rate on the balance sheet date. Exchange differences are recognized through the statement of financial activities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 10 and 11 for the debtor and creditor notes. Other financial assets include investments (note 9) which are initially measured at fair value.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

21

The British Nutrition Foundation Notes to the Financial Statements For the year ended 31st May 2021

1 Principal Accounting Policies (continued)

The annual depreciation and amortisation charge for fixed assets are sensitive to change in the estimated useful economic lives and residual value of assets. These are reassessed annually and amended were necessary to reflect current circumstances.

2 Voluntary income

Donations
Subscriptions
All voluntary income received in 2021 and 2020 is unrestricted income.
3
Investment income
Bank interest
Investment income
All investment income received in 2021 and 2020 is unrestricted income.
4
Income from charitable activities
Unrestricted
Restricted
2021
2021
Projects
522,962
-
Publications
23,281
-
546,243
-		 Donations
Subscriptions
All voluntary income received in 2021 and 2020 is unrestricted income.
3
Investment income
Bank interest
Investment income
All investment income received in 2021 and 2020 is unrestricted income.
4
Income from charitable activities
Unrestricted
Restricted
2021
2021
Projects
522,962
-
Publications
23,281
-
546,243
-		 Total
2021
£
576,423
171,665
748,088
Total
2021
£
939
15,944
16,883
Total
2021
£
522,962
23,281
546,243		 Total
2020
£
649,988
187,131
837,119
Total
2020
£
85
17,444
17,529
Total
2020
£
505,228
25,440
546,243
-		 530,668

All income from charitable activities received in 2021 and 2020 was unrestricted income.

22

The British Nutrition Foundation Notes to the Financial Statements For the year ended 31st May 2021

5 Total resources expended

Total resources expended
Charitable direct costs
Projects
Science and Education services
Publications
Prizes and Awards
Fundraising direct costs
Publications
Investment management fees
Other fundraising costs
Support costs
Staff costs
Depreciation
Amortisation
Governance costs
Salaries and office costs
Annual General Meeting
Auditor's fees - current year audit
Auditor's fees - other
Rebranding
Total resources expended
General office costs
Legal and professional		 Cost of
raising
funds
Charitable
activities
£
£
-
50,718
-
14,345
-
137
-
6,191
-
71,391
4,019
-
4,648
-
2,109
-
10,776
-
60,163
763,256
9,738
217,377
248
5,943
619
14,860
70,768
1,001,436
-
50,211
2,879
-
-
40,557
-
7,800
-
1,436
-
19,500
2,879
119,504
84,423
1,192,331
Unrestricted		 Cost of
raising
funds
Charitable
activities
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Restricted		 Total
2021
£
50,718
14,345
137
6,191
71,391
4,019
4,648
2,109
10,776
823,419
227,115
6,191
15,479
1,072,204
50,211
2,879
40,557
7,800
1,436
19,500
122,383
1,276,754		 Total
2020
£
54,337
13,756
901
6,989
75,983
4,063
4,580
10,384
19,027
867,174
243,970
7,952
13,510
1,132,606
50,665
14,285
19,094
7,600
500
10,837
102,981
1,330,597

Support costs are allocated to the cost of raising funds and charitable activities on the basis of staff time.

For a breakdown of the prior year comparative please see the next page.

23

The British Nutrition Foundation Notes to the Financial Statements For the year ended 31st May 2021

5 Total resources expended (continued)

Charitable direct costs
Projects
Science and Education services
Publications
Prizes and Awards
Fundraising direct costs
Publications
Investment management fees
Other fundraising costs
Support costs
Staff costs
Depreciation
Amortisation
Governance costs
Salaries and office costs
Annual General Meeting
Auditor's fees - current year audit
Auditor's fees - other
Strategic Expenditure
Total resources expended
6
Staff costs
Wages and salaries
Employers NI contributions
Pension costs
Other costs
General office costs
Legal and professional		 Cost of
raising
funds
Charitable
activities
£
£
-
54,337
-
13,756
-
901
-
6,989
-
75,983
4,063
-
4,580
-
10,384
-
19,027
-
60,266
797,238
10,044
233,926
318
7,634
540
12,970
71,168
1,051,768
-
50,665
14,285
-
-
19,094
-
7,600
-
500
-
10,837
14,285
88,696
104,480
1,216,447
Unrestricted		 Cost of
raising
funds
Charitable
activities
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,670
-
-
-
-
-
-
-
9,670
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,670
Total
2021
£
698,539
69,750
84,152
13,444
865,885
Restricted		 2020
£
54,337
13,756
901
6,989
- 75,983
-
-
-		 4,063
4,580
10,384
- 19,027
-
-
-
-		 867,174
243,970
7,952
13,510
- 1,132,606
-
-
-
-
-
-		 50,665
14,285
19,094
7,600
500
10,837
- 102,981
- 1,330,597
Total
2020
£
731,261
81,277
81,469
15,759
909,766

This includes the remuneration of interns of £Nil (2020: £20,610) and employer’s NI of £Nil (2020: £1,526).

The average number of persons employed by the Foundation during the the year was 16 (2020: 17) This includes 0 interns (2020:2).

Average headcount expressed as a full time equivalent during the year was 16 (2020: 16).

24

The British Nutrition Foundation Notes to the Financial Statements For the year ended 31st May 2021

6 Staff costs (continued)

The number of employees whose emoluments exceeded £60,000 were:

----- Start of picture text -----
2021 2020
No. No.
£60,000 - £70,000 1 1
£80,000 - £90,000 1 -
£90,001 - £100,000 1 1
£100,001 - £110,000 - 1
----- End of picture text -----

Pension contributions to the above individuals amounted to £36,372 (2020: £35,464).

Trustees and Key Management Personnel

The trustees received remuneration during the year of £Nil (2020: £nil). During the year 0 (2020: 6) trustees received reimbursement of travel expenses of £Nil (2020: £3,788).

The charity incurred professional indemnity insurance of £599 during the year (2020: £694).

Key management personnel consist of the Director General, the Managing Director, the Science Director, the Nutrition Science Manager, the Nutrition Communication Manager and the Education Service Manager. The total employee benefits of the charity's key management personnel were £518,570 (2020: £517,531) .

7 Intangible fixed assets

Cost
At 1st June 2020
Additions
At 31st May 2021
Amortisation
At 1st June 2020
Charge for the year
At 31st May 2021
Net Book Value
At 31st May 2021
At 31st May 2020		 Online Training
New
Platform
Website
£
£
122,754
-
-
22,000
122,754
22,000
98,966
-
15,479
-
114,445
-
8,309
22,000
23,788
-		 Total
2021
£
122,754
22,000
144,754
98,966
15,479
114,445
30,309
23,788

25

The British Nutrition Foundation Notes to the Financial Statements For the year ended 31st May 2021

Tangible fixed assets
Cost
At 1st June 2020
Additions
Disposals
At 31st May 2021
Depreciation
At 1st June 2020
Charge for the year
Disposals
At 31st May 2021
Net Book Value
At 31st May 2021
At 31st May 2020
Fixed asset investments
The movements during the year were as follows:-
Balance at the beginning of the year
Additions at cost
Disposals at open market value
(Proceeds £65,460 (2020 £36,270), gain on disposal £3,147 (2020: £700))
Add: Cash balances included in investments
Unrealised gain / (loss) on valuation
Market value as at 31st May 2021
Analysis of listed investments
UK Equities
Overseas Equities
Global Fixed Interest
Cash		 Furniture
Computers
and
and ancilliary
Fittings
Equipment
£
£
6,332
60,071
-
5,902
-
(38,394)
6,332
27,579
3,798
51,150
1,266
4,924
-
(38,394)
5,064
17,680
1,268
9,899
2,533
8,921
Total
2021
£
537,095
113,095
(62,313)
26,459
614,336
72,504
686,840
Total
2021
£
250,158
191,850
218,373
26,459
686,840		 Total
2021
£
66,403
5,902
(38,394)
6,332 33,911
3,798
1,266
-		 54,948
6,190
(38,394)
5,064 22,744
1,268 11,167
2,533 11,454
Total
2020
£
562,573
32,974
(35,570)
63,726
623,703
(22,882)
600,821
Total
2020
£
180,144
163,761
193,190
63,726
600,821

8 Tangible fixed assets

9(b) Analysis of listed investments

9(c) As at 31 May 2021 the following investment represented more than 5% of the total investments portfolio - Henderson Investment Funds Ltd - £37,004 (2020: £Nil)

26

The British Nutrition Foundation Notes to the Financial Statements For the year ended 31st May 2021

10 Debtors

10
Debtors
Prepayments and accrued income
Other debtors
11
Creditors
PAYE & VAT payables
Accruals and deferred income (note 12)
Pensions & Other creditors		 Total
2021
£
74,153
161,578
235,731
Total
2021
£
27,803
81,682
45,226
154,711		 Total
2020
£
40,036
111,049
151,085
Total
2020
£
38,126
138,458
35,964
212,548
12
Deferred income
Deferred income at 1st June
Project Income received in advance of completion of work
Amounts released to the accounts
Deferred income at 31st May
Accruals		 Total
Total
2021
2020
£
£
46,407
15,200
41,089
46,407
(46,407)
(15,200)
41,089
46,407
40,593
92,051
81,682
138,458

13 Restricted Funds

A-Level Fd Tech prize
BNF GCSE Fund
A-Level Fd Tech prize
BNF GCSE Fund
The Morrisons Foundation		 £
£
£
£
362
-
-
-
5,958
-
-
-
6,320
-
-
-
£
£
£
£
362
-
-
-
5,958
-
-
-
9,670
-
(9,670)
-
15,990
-
(9,670)
-
Balance as
at 1st June
2020
Incoming
Resources
Transfer
from/(to)
Unrestricted
Outgoing
Resources
Balance as
at 1st June
2019
Incoming
Resources
Outgoing
Resources
Transfer
from/(to)
Unrestricted		 £
362
5,958
Balance as
at 31st May
2021
6,320
£
362
5,958
-
Balance as
at 31st May
2020
6,320

The restricted funds consists of prize schemes (A Level Fd Tech prize and BNF GCSE Fund) and Online primary teacher food training (The Morrisons Foundation).

27

The British Nutrition Foundation Notes to the Financial Statements For the year ended 31st May 2021

14 Designated Funds

Strategic contingency fund
IT Strategic fund
Drummond fund
Healthy Eating Week 2020
Conference fund
Strategic contingency fund
IT Strategic fund
Drummond fund
Healthy Eating Week 2020		 £
£
£
£
39,163
-
(19,500)
-
20,913
-
-
-
181,190
-
(9,191)
-
33,032
-
(17,142)
(15,890)
274,298
-
(45,833)
(15,890)
£
£
£
£
1,164
-
(1,164)
-
50,000
-
(10,837)
-
20,913
-
-
-
225,563
-
(44,373)
-
-
39,000
(5,968)
-
297,640
39,000
(62,342)
-
Balance as
at 1st June
2020
Incoming
Resources
Outgoing
Resources
Transfer
from/(to)
General
Unrestricted
Funds
Balance as
at 1st June
2019
Incoming
Resources
Outgoing
Resources
Transfer
from/(to)
General
Unrestricted
Funds		 £
19,663
20,913
171,999
-
Balance as
at 31st May
2021
212,575
£
-
39,163
20,913
181,190
33,032
Balance as
at 31st May
2020
274,298

The Conference Fund represents a surplus from conference activities, to be reinvested in future conferences. This fund will be used in the following financial year.

The Strategic contingency fund is for the Director General to access for use on carefully considered projects, such as those that would help the Foundation increase its impact, profile or capacity.The intention is that the fund will be used, when needed, over the next 1-3 years to support the BNF Business Plan and the new strategy.

The IT Strategic Fund will be used to complete Phase 2 of the external IT work, specifically enhancing the consumer engagement element of the BNF website (www.nutrition.org.uk). This will be spent in the next financial year (21/22).

The Foundation continues with the management of the Drummond Memorial Fund which will be utilised to extend the reach of current BNF activities: to support and encourage young people in their career development in nutrition and to add value to our existing work: GCSE and A-Level awards, Internships, nutrition related on-line training etc and profile.

The Healthy Eating Week 2020 Fund represents the surplus generated during 19/20 in advance of the rescheduled Healthy Eating week that took place in September 2020. This has now been trasnferred to the General reserve as at 31st May 2021.

28

The British Nutrition Foundation Notes to the Financial Statements For the year ended 31st May 2021

15 Analysis of Net Assets between funds

Analysis of Net Assets between funds
Restricted funds
Note 13
Unrestricted funds:
Designated funds
Note 14
General funds
Restricted funds
Unrestricted funds:
Designated funds
General funds		 Fixed
Assets
Investments
£
£
-
-
-
-
41,476
686,840
41,476
686,840
Fixed
Assets
Investments
£
£
-
-
-
-
35,242
600,821
35,242
600,821		 Current
Assets
£
6,320
212,575
625,702
844,598
Current
Assets
£
6,320
274,298
547,314
827,932		 Total
2021
£
6,320
212,575
1,354,018
1,572,913
Total
2020
£
6,320
274,298
1,183,377
1,463,995

16 Taxation

The entity is a registered charity and does not undertake non-charitable activities and are entitled to tax exemption by the H M Revenue and Customs.

17 Capital

The Foundation is limited by guarantee. In the event of a winding up of the Foundation the members' liability is restricted to contributing an amount not exceeding £5 each. As at 31st May 2021 there were 46 members (2020: 50 members).

18 Operating Leases

At the reporting end date the charity had the following future minimum lease payments under non-cancellable operating leases which fall due as follows:

Within 1 year
1 to 5 years		 Land and
Land and
Buildings
Other
Buildings
Other
£
£
£
£
112,372
7,800
114,928
7,800
271,687
20,800
38,309
28,600
384,059
28,600
153,237
36,400
2020
2021

19 Related party transactions

No related party transactions were made during 2021 (2020: £298 relating to subscriptions and course payments) During 19/20 a Trustee was a director at Association for Nutrition.

29