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2023-03-31-accounts

The Vegetarian Society of the United Kingdom Limited Group Annual Report and Financial Statements Year ended 31 March 2023

Charity Number 259358 (England and Wales) Company Number 00959115 (England and Wales)

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

Contents Page
Report of the Trustees 1
Independent Auditor’s Report to the Members and Trustees 21
Consolidated Statement of Financial Activities 25
Consolidated Balance Sheet 27
Consolidated Cash Flow Statement 28
Notes to the Financial Statements 29

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

REPORT OF THE TRUSTEES

YEAR ENDED 31 MARCH 2023

The Board of Trustees presents its annual report together with the consolidated financial statements of the charity and its subsidiary for the year ended 31 March 2023. This is prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing the accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

OBJECTIVES AND ACTIVITIES

Our charitable objects

  1. The advancement of education of the public in the subject of vegetarianism, in particular by:

  2. Promoting the vegetarian diet for the benefit of people, animals and the environment;

  3. Informing the wider community on all aspects of vegetarianism.

  4. The provision of exclusively charitable services to support and represent vegetarians.

Summary of 2022/23

The financial year 2022/23 was the first full business year under the leadership of our new CEO, Richard McIlwain, following his appointment on 31[st] August 2021.

Much of the year was concerned with the delivery of key elements in the strategic transformation plan agreed by Trustees in 2021/22. The development of a new vision, mission and charitable aims, was followed up by an organisational restructure, which encompassed the entire staff team.

There were two key objectives for the restructure, the development of a new and more effective structure to provide clear lines of both accountability and responsibility, particularly for impact, marketing and sales and cost savings. We were supported by our Human Resource consultants CBR throughout the process. As a result, 18 of the 29 staff posts were put at risk, with 10 posts ultimately being made redundant. The new structure also provided for new roles namely, a Director of Development, Director of Marketing and Communications, Individual Giving Manager and two Enquiries and Administration Officers. We have since successfully recruited into some of these roles, with further recruitment to follow in 2023/24.

We also took a decision to sell our current headquarters, Parkdale in Altrincham. Post-covid with the advent of hybrid working and a smaller staff team, the premises were too large to warrant continued use. The property was marketed with support from property consultants Savills and we intend to secure new smaller premises in central Manchester, close to public transport.

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After a strategic review, we confirmed that our cookery school remained a key strategic asset for the charity and that any new premises should be capable of incorporating the cookery school, as a key element of our education and outreach within communities.

In late 2022, we also secured the services of the brand agency ‘Instruct’ after a competitive tender process. The agency will help in the development of a new charity brand, in keeping with the more dynamic and campaign-focused organisation we aim to become.

This programme of strategic change was fittingly undertaken in the year we celebrated our 175[th] anniversary and we produced a programme of social media posts developed from our 1847 journals and documenting the build up to the launch of the Society.

However, our work was naturally not all internally focused and we delivered a successful National Vegetarian Week campaign with circa 7,500 people signing up, around 5x the number from the previous year.

We partnered with the band Kitten Pyramid and helped in the production and launch of their short film ‘Kiddo’ with a Vegetarian Society event at Cultplex in Manchester. This enabled us to network with groups across Manchester and demonstrate a sharper edge to our campaigns and messaging on animal welfare.

We also ran successful education and engagement campaigns in December and January, the latter in partnership with Russell Hobbs, with the provision of great recipe ideas for flexitarians, vegetarians and vegans. As a result, we secured over 20,000 new supporters, all subscribed to our regular newsletter.

Our cookery school continued to deliver courses to members of the public throughout the year and also provided consultancy to third party caterers in the public sector including schools and hospitals.

Our Vegetarian Society Approved trademark team continued to build our presence in the FMCG market and well over 20,000 products now carry a vegetarian or vegan trademark from the Society.

While our strategic programme for change will continue into 2023/24, we expect to deliver more campaigns and impact as a result of our more efficient and effective staff structure, better internal process and a clear strategic plan and objectives.

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Strategy and Business plan

Throughout 2022/23, we found ourselves between strategic plans, with the preceding five-year plan no longer relevant to our future direction, but with a new three-year plan to be developed in -year. Our inyear work was instead directed by a one-year business plan focused on the strategic transformation, growth in key revenue and also delivery of new engagement campaigns to build our supporter numbers.

In March 2022, Trustees agreed a new three-year rolling strategic plan, looking towards 2030 and subject to an annual refresh.

This plan articulates the actions we intend to undertake over the next three years, in line with our vision, mission and strategic aims as outlined below.

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Our work to deliver on these four strategic objectives will be underpinned by core activity focused on the delivery of impactful public engagement campaigns, policy led systems change initiatives, improved member and supporter engagement, together with a process of continual internal improvement of our systems and processes.

In developing the three-year plan, we also developed a set of key organisational values, through consultation with the staff team, together with external advice and support. We intend to apply these values to our day-to-day work in ensuring our work is impactful, fair, equitable and respecting of people and animals.

PUBLIC BENEFIT

The trustees have taken account of the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims, objectives and planning. We deliver public benefit in the work we do, for example:

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understanding of both vegetarianism and veganism, how they can reduce their meat consumption and the benefits in doing so.

ACHIEVEMENTS AND PERFORMANCE

We set out a strategic plan for a refresh of the charity, including its brand and assets, to develop a more dynamic, campaign focused organisation, capable of attracting new supporters and delivering tangible change in line with its stated strategic ambition.

We set out the following timetable and progress to date is illustrated below.

Element TargetDate Complete
New vision,mission aims May2022 Yes
Organisational restructuring July2022 Yes
Review of HQand cookeryschool location Sep2022 Yes
Review of internalprocess and systems Sep2022 Yes
Development ofthree-yearstrategic plan Nov 2022 Yes
Review of brand and digital assets Dec 2022 Ongoing
Delivery of newannualbusiness cycle Mar 2023 Yes

All actions are now complete, excepting the brand and assets review. While we moved to appoint the consultancy ‘Instruct’ in December 2022 and work kicked off in early 2023, the work is ongoing and scheduled to complete in August 2023.

We stated we would focus our fund-raising efforts at growing existing areas of income and work in each of these areas is outlined below.

Following the staff restructure and the recruitment of a new Director of Development, we secured the services of an Individual Giving consultancy ‘Inspired Fundraising’ and began work on a review of our

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current work in late 2022. This will result in an Audit & Recommendations report, from which we can develop a new supporter journey and programme. At the end of 2022/23 we had circa 5,000 members paying an annual subscription (out of 6,500 total members) and we aim to grow our membership in 2023/24.

Following the staff restructure and the recruitment of a new Director of Development, we secured a relationship with a free wills service, and this will launch in 2023/24 supported by legacy communications aimed at encouraging supporters to remember our work in their will.

As a result of the restructure and subsequent need to recruit to key posts, we were unable to actively target new donations, although we did secure circa £20,000 in donations through the year.

The work of the Business Services Team continued throughout the restructure, with little impact on posts. However, the loss of our key new business officer in September, did temporarily affect our success in securing new business. However, successful recruitment in the New Year supported by the Business Services Manager and the new Development Director, resulted in small but continued growth with well over 20,000 products carrying our trademarks.

The work of our Cookery School continued through the restructure, with little impact on posts. However, in line with other cookery schools, we experienced a downturn in bookings with intelligence suggesting the economic downturn was a key factor. Our monthly recorded course occupancy rates ranged from 30% through to almost 70% and were showing signs of trending well above 60% in Q4, a trend we hope to continue into 2023/24. Over 2022/23 we trained a total of 1,082 students – including members of the public and professional catering staff. We developed new marketing outreach initiatives including email marketing lists and also dedicated assets aimed at public sector clients, which helped secure paid for tuition from two NHS Trusts and Bolton Councils school catering team.

Our performance against key 2022/23 business plan objectives:

Delivery of engagement campaigns

National Vegetarian Week

Now in its 30[th] year of delivery, National Vegetarian Week again secured support from key campaigners including Chris Packham and we were delighted that Cauldron Foods agreed to sponsor the campaign. We secured support from 7,500 participants and the hashtag played well on social media with a range of

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businesses, major supermarkets and McDonalds all promoting. McDonalds were particularly active, engaging Jack Whitehall and family in a video featuring the McPlant burger.

Around 40 local authorities also supported the campaign within the context of their climate emergency plans and organised events for staff during the week. We gave talks to several local authorities. Chris Packham produced a short video in support of the campaign, which launched on social media and BOSH hosted a live Q&A during the campaign week itself.

Christmas Engagement Campaign

We developed a Xmas Recipe booklet, engaging a range of celebrity chefs to secure a high quality set of varied recipes in support of people considering a vegetarian or vegan Christmas. The campaign booklet was promoted via social media and at the close of the campaign we gained circa 12,000 sign-ups, with whom we can continue communication on the benefits of a vegetarian or vegan lifestyle via our e- newsletter.

Cost of Living Campaign

In January we launched a new campaign, timed to coincide with Veganuary and centred on the cost of living crisis. At the heart of the campaign was our ‘Slow Cooker Show Stopper’ recipe booklet, aimed at demonstrating how fantastic meals can be prepared in an energy saving slow cooker. All of the recipes developed by the Head of the Vegetarian Society Cookery School. We were also delighted to be supported by Russell Hobbs who provided 20 brand new multicookers as prizes for campaign participants. In total the campaign secured around 10,000 subscribers, with whom we can continue communication on the benefits of a vegetarian or vegan lifestyle via our e-newsletter.

Media and speaking engagements

Throughout the year our more assertive position in the media was rewarded with a number of articles featured in national newspapers, including the Guardian, the Telegraph, the Independent, the Sunday Times and the Daily Star. We were also interviewed on Radio 4’s PM programme regarding our support for more and better quality vegetarian meals when eating out.

We also undertook a range of speaking and exhibition engagements, talking about our policy work, our strategic aims and also showcasing the range of vegetarian and vegan products carrying our Society trademarks. Shows included Just V in Birmingham and London, The International Food Expo and the Soroptomist Conference in Belfast. We also gave talks to a number of local authorities and Lloyds Bank on the issues of meat and its link to the climate crisis.

In a more radical initiative in November 2022, together with the band Kitten Pyramid, we hosted a listening party for their new album and a premiere of the short film accompanying the album at Chapeltown Picture House in Manchester, with over 100 people attending. The album and film document the lead singer’s decision to become vegetarian at age 50 after seeing a truck on route to the

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abattoir. The short film has since been released on the YouTube horror channel ‘ALTER’ with almost 2.4m subscribers on 29th December.

Policy Campaign Work

Following the organisational restructure, we recruited a new Head of Policy and External Affairs, to lead on a developing programme of policy focused campaign and systems change work, an area in which the charity can play a stronger role in shaping future food systems policy.

We joined the International Standards Organisation (ISO) committee on the development of a new plant-based standard and have remained active in both the international and UK committee discissions in the development of this important new standard.

We also joined the UK Plant-Based Alliance, comprising civil society groups and businesses with the shared aim of promoting the benefits of plant-based foods to policy makers and business. We have supported all meetings and played a key role in developing responses to upcoming government reports.

We also signed up as an organisation in support of the international Plant Based Treaty, which aims to develop a treaty as a companion to the United Nations Framework Convention on Climate Change and Paris Agreement and put food systems at the heart of combating the climate crisis. This built on our blog work during COP27 and Cop15 in late 2022, where we were clear that rapidly reducing the demand for meat should be an essential component of international climate change strategy.

We also produced a thorough and detailed response to the government’s consultation on the future of Public Sector Food and Catering Policy, in particular, expressing our concern at the lack of meat reduction targets and the benefits such a policy objective would have on the nation’s health, animal welfare and the UK’s climate targets for 2035.

Internal Operational Performance

We are pleased to report that we recorded no time lost accidents throughout the year, and we secured 100% completion from all staff for safety related training rolled out through the year. Ten accidents were reported, mainly related to teaching kitchen activity with minor injuries and requiring first aid treatment on site. We recorded three minor GDPR incidents in the year related to phishing attacks and the use of wrong email addresses when sending email. No safeguarding incidents were recorded. All incidents are investigated, recorded and action taken. All incidents are also reported to the Board of Trustees.

Diversity, Equity and Inclusion (DEI)

We developed a new operational plan to improve our performance on DEI. Some actions have been undertaken; however, we recognise that much work is still needed. We recruited new trustees to the

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Board on the basis of both skills and diversity and in future we aim to ensure under-represented communities are better represented across the staff team when we recruit into future roles.

In 2023/24 we will seek expert consultancy support to ensure our voice, tone and imagery are both inclusive and representative of the communities we wish to engage.

RESERVES

Reserves policy

The policy of the charity is that sufficient of the charity’s reserves shall be retained so that, in the event of a decision to close down the charity, funds are available to meet redundancy costs and to arrange an orderly run-down of services over a period of twelve months. As of 31 March 2023, the level of reserves required to be held is estimated to be £415,000.

Funds at 31 March 2023

The charity's total funds as at 31 March 2023 were £1,960,071 and were made up as follows:

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In accordance with Charity Commission guidance, some of the charity’s funds are defined as restricted or designated. Restricted funds are funds that have been received by a charity for a specific purpose, for example a donation received to be spent on a specific charitable purpose as defined by the donor. Designated funds are funds that have been earmarked for a particular project or use; in the case of the Vegetarian Society, designated funds consist of a property and equipment fund, a buildings maintenance fund and a project fund. Further information on the various funds held during the year is given in the notes to the accounts.

After deducting restricted and designated funds, £903,722 of reserves remain; this is £488,722 in excess of the requirement of the reserves policy to hold £415,000 in reserves as at 31 March 2023. This amount, together with any additional income received that is over that included in the business plan, will be spent to further the charity’s objectives over a reasonable timescale, which will depend on the size and nature of the income source.

FINANCIAL REVIEW

The Statement of Financial Activities reported a deficit for the year of £344,906; this compares to a deficit of £117,367 in the previous year. After taking net investment losses of £65,933 into account, the charity is reporting a reduction in funds for the year of £410,839.

Income

Income for the year ended 31 March 2023 amounted to £1,081,545 as compared to £1,380,985 in the previous year. The difference is largely attributable to legacy income; £405,798 was received in 2021/22 (£279,081 higher than 2022/23). Donations were also higher in the previous year, as a result of a campaign to raise funds for vegetarian food boxes. The cookery school was open for a full year since the

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end of lockdown, and trademark sales also experienced a small increase on the previous year. The longterm declining trend in membership income continued; and we are currently reviewing strategies to reverse this trend.

Expenditure

Expenditure for the year was £1,426,451 as compared to £1,498,352 in the previous year. Despite a oneoff in redundancy costs, savings have been made in staff costs (due to vacant and redundant posts), direct cookery school costs (in proportion to the shortfall in income) and postage / stationery costs.

GOING CONCERN

Trustees are given an update at every meeting that informs them of the charity’s current financial position and of its projected financial position in twelve months’ time. As at 31 March 2023, reserves amount to £903,722; this amount will be boosted after the year end because of the proceeds of the sale of the charity’s freehold property. Therefore, sufficient reserves are available to fund the charity’s activities for a period of at least twelve months after the approval of the financial statements, and therefore trustees are satisfied that the charity remains a going concern.

INVESTMENT POLICY AND PERFORMANCE

The present investment objective is to achieve the best overall return given the timescale of planned activities, within an agreed level of risk. This reflects a willingness to take the level of risk required to satisfy the objectives attached to the invested capital. Therefore, an allocation towards equity markets is necessary. The associated risks of such a strategy have been considered by the trustees, who understand in order to achieve a return higher than what could be achieved by prioritising the preservation of the investment’s original value, short term fluctuations in value will be experienced.

The charity’s ethical stance primarily revolves around screening out investments whose operations are in direct conflict with the nature and objectives of the Vegetarian Society, such as the production and sale of meat; investments in fossil fuels are also screened out because of their conflict with the environmental message of the charity’s work. The charity also excludes investment where there is concern in respect of animal testing. The charity does not restrict its fund managers as regards any category of investment, but it expects and encourages the fund managers to invest only in companies that have appropriate governance and social responsibility policies.

The charity allows its fund managers to invest in collectives. They provide the portfolio exposure to overseas investments whilst providing diversification, access to specialist areas and better growth prospects. It is accepted that some of the holdings in collectives may contain investments that would not be selected when buying direct equities, though the trustees believe, on the basis of advice received from Investment Managers, that they would constitute an insignificant proportion of the overall portfolio.

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For investments with fund managers, the aim is to provide income to meet the immediate needs of the charity and growth of capital and income to mitigate the effects of inflation in the long term; this aim equates to a moderate investment risk. Currently, performance is compared to a composite benchmark that is made up as follows:

Asset class (with current
allocation)		 Performance compared against:
Cash(2.5%) Bank of England Base Rate
UK Gilts(2.5%) ICE BofA UK Gilts All Stocks TR*
Global Sovereign Bonds (3.0%) ICE BofA Global Government TR*
Global Index Linked Bonds(2.5%) ICE BofA Global Inflation Linked Government GBP hedged TR*
UK Corporate Bonds(3.0%) ICE BofA SterlingCorporate & Collateralized GBP hedged TR*
Global Corporate Bonds(6.0%) ICE BofA Global Corporate GBP hedged TR*
UK Equities(24.0%) FTSE All Share TR*
Overseas Equities(44.5%) FTSE All World ex UK TR*
Absolute Return(6.0%) HFRX Absolute Return GBP hedged TR*
Global Property (3.0%) MorningStar Global REITS TR*
Gold(3.0%) Gold LBMA GBP

*TR – Total Return is the return an investor receives when income is reinvested

The performance of the charity’s portfolio in the year fell behind that experienced by the benchmark; our ethical restrictions led to a relative underinvestment in energy and commodities, therefore missing out on the gains achieved in these sectors. Trustees felt that accepting this short-term underperformance has been a responsible and appropriate course of action.

The charity’s shorter-term funds are directly invested into deposit accounts in a way that strikes a balance between maximising the return and having funds available to fund expenditure when needed. An average amount of £322,979 was invested in fixed term and notice accounts in the year, yielding 1.71% in interest, which compares to a yield of 0.80% for the 12 months to 31 March 2022. Also, an average return of 0.55% was achieved on funds held in instant access accounts in the year.

In order to make sure that funds were readily available to fund the purchase of the charity’s new property, funds were returned from Brewin Dolphin on 6 December 2021. Once proceeds have been received from the sale of Parkdale, long terms funds will be returned to an investment manager; a tendering process is currently under way to this effect.

FUNDRAISING

The Vegetarian Society receives around half its current income from the sale of Vegetarian Society approved trademark licences and there remains real potential for growth in this area.

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Around 10% of our current revenue is delivered via our Cookery School.

The remaining 40% of revenue comes via our members and supporters through membership subscriptions, gifts in wills and single donations. In 2023/24 we intend to launch a new Individual Giving offer focused on members and supporters with a view to building the current level of donations in support our charitable aims. Several companies also make a donation to our work when a customer signs up to their services through a prescribed link (affinity partnerships).

All of the charity’s fundraising activities are undertaken by paid staff, occasionally supported by suitably accredited and qualified consultants. We are registered voluntarily with the Fundraising Regulator and adhere to their Code of Fundraising Practice. We had no instances of non-compliance during the year and have received no direct complaints this year in respect of our fundraising activities.

RISK MANAGEMENT

The trustees are responsible for ensuring that the charity has a risk management process through which risks arising from existing operations and strategic developments are identified, evaluated and, where possible, action is taken. The trustees delegate the day-to-day management of risk to the Chief Executive.

The Charity’s Executive team, together with Trustees have developed a strategic risk register, governing key financial, governance, compliance and operational risks. The wider staff leadership team review the risk register as part of their monthly meetings, identifying new risks, reassessing likelihood and impact, and considering progress against mitigating actions on the register. The outcome of these reviews is reported to trustees at each Council meeting, with a matrix of risks currently being managed and any updates to the key strategic risks.

The risk register identifies control procedures, monitoring processes and actions designed to minimise or manage any potential impact on the charity should any risks materialise.

CHARITY GOVERNANCE CODE

The charity has adopted the Charity Governance Code and has applied all recommended standards to its work. An action plan has been drawn up to track progress against the code, and an annual review of this action plan is included in the trustees’ work programme.

Progress was made in the current year, in that trustee recruitment was designed to help to increase the diversity of the board. In addition, Council agreed to adopt maximum trustee term limits as recommended by the code.

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PLANS FOR THE FUTURE

In 2023/24 we aim to complete delivery of our internal transformation, through the following key actions:

Activity Date
Secure new HQand cookeryschoolpremises July2023
New brand and brand assets August 2023
Refreshed website with new brand assets September 2023
Launch of new membershipoffer September 2023

We will also be developing and launching a range of new initiatives aimed at raising our profile, delivering greater impact and building our revenue. Engagement with our supporters will be crucial and we aim to develop our communications in a way that puts them at the heart of our work.

We will also build on our developing policy ambitions, with explanatory statements developed for each of our key strategic ambitions, underpinned by new primary research into key target issues and activity to engage key policy makers at Westminster and in the business sector.

THANK YOU

The Vegetarian Society is a campaigning charity which seeks to work closely with its members, supporters, volunteers and staff members, as only by working together as a community can we inspire more people to change their diets, stop eating meat and ultimately help policy makers shape a kinder food system.

The trustees of the Vegetarian Society would like to thank everyone who has donated their time, energy and funds, for making the work this year possible. We wouldn’t be here without you and together we can be a force for good in securing a better future for animals, people and the planet.

Fellowship

Trustees consider on an annual basis whether or not to elect to the status of Fellow, a person whom they consider has rendered distinguished service to the vegetarian movement.

No nominations for fellowship were proposed in the year ended 31 March 2023.

Legacies

We are very grateful to everyone who has left the Vegetarian Society a gift in their will or who is planning to do so. We really value this method of supporting the future of vegetarianism, and it ensures

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your legacy of compassion lives on. This year we have recognised legacy income in the accounts from the following supporters:

e following supporters:
£
The estate of Alan Batey 45,000
The estate of James Barnes 26,341
The estate of Andrew Poste 25,000
The estate of Kenneth Thornton 15,000
The estate of Steve Hack 10,000
The estate of Janette Hill 5,000
The estate of Ron Akter 4,109
The estate of John Sykes 4,057
The estate of Stella Elliot 2,771
The Philadelphia Bible Christian Church 1,989

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Vegetarian Society is a charitable company limited by guarantee, incorporated on 29 July 1969 and registered as a charity on 9 September 1969. The charity is governed by its Memorandum and Articles of Association adopted on 29 July 1969 and last amended on 13 June 2015.

Directors and trustees

The directors of the charitable company are its trustees for the purpose of charity law. The board of trustees (also known as Council) is legally responsible for directing the affairs of the charity. The trustees serving throughout the year and since the year end were as follows:

Conn O’Neill (Chair of Council) Tobias Azizah (appointed 3 January 2023) David Bennett (resigned 1 September 2023) Clare Crowther (resigned 12 August 2022) Carmel Edwards (appointed 3 January 2023) Michelle Hallmark (resigned 25 May 2022) Michael Harriott Dale Hoyland (Deputy Chair) Andrew Johnson (Treasurer) Debbie Jones (resigned 17 September 2022) Katie Phillips (appointed 3 January 2023) Anne Plaskett Sima Ramkalowon (appointed 3 January 2023) Sophie Randles-Dunkley

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The directors of the company are the company members and are therefore, the only people entitled to vote at General Meetings. The liability of the company members is limited to £10, being the amount that each company member undertakes to contribute to the assets of the charity in the event of the charity winding up.

None of the charity’s trustees receive remuneration or benefit from their work with the charity.

Recruitment and appointment of trustees

The charity is governed by a board of up to 12 trustees. Trustees are responsible for directing the affairs of the charity, ensuring that it is solvent, well-run, and delivering the charitable outcomes for the benefit of the public for which it has been set up.

Further to an annual review of skills gaps and trustee places available, trustees will decide if they need to actively recruit board members. A recruitment process is in place with an application form and interview process. The recruitment process is designed to attract a diverse range of candidates that are reflective of the membership of the organisation and the wider vegetarian community, with the skills and experience the charity needs.

One third of trustees retire by rotation at each annual general meeting (in addition to trustees who have been appointed between AGMs).

In September 2022, the three following rules were agreed to be adopted:

Six Council meetings were held during the year in which trustees reviewed and directed the charity’s strategy, budget and performance. A task and finish Investment Committee was set up in the year; initially set up to investigate alternative vehicles for ethical and investment, it is currently overseeing the recruitment of new investment managers.

Trustee indemnity insurance is in place to cover trustees against personal liability if legal claims are made against them, either by the charity or by a third party. Trustees are entitled to be insured against claims that may arise from their legitimate actions as trustees as long as they have acted honestly and reasonably.

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Trustee induction and training

New trustees are given an induction to ensure that they are fully briefed on the charity’s strategy and business plan, the Articles of Association, Charity Commission guidance on trustee responsibilities, code of conduct, policy manual and the role of Council. Governance skills are kept up to date by the use of professional subscriptions and training courses.

Senior management team

The trustees delegate the day-to-day running of the charity to the Chief Executive Officer and Senior Management Team. Further to a staff restructure, the structure of the senior management team changed in the year. Prior to the restructure it was as follows:

Chief Executive Officer Richard McIlwain Head of Finance Antony Byatt Head of Business and Catering Services Vanessa Brown Head of Fundraising and Membership Fay Counts (to 16 June 2022) Head of the Cookery School Sam Platt Head of Communications John Soonaye Head of Campaigns and Engagement Lance Bell (to 16 June 2022) Head of Research and Information Jen Elford

After the restructure, responsibility for planning, directing and controlling the activities of the charity were streamlined to the following employees:

Chief Executive Officer Richard McIlwain Director of Finance and Operations Antony Byatt Director of Development Ben Worth (from 7 November 2022) Director of Marketing and Communications Nico Spyrou (from 17 October 2022 to 9 February 2023) Acting Director of Marketing and John Soonaye (from 1 March 2023) Communications

One employee received employee benefits (excluding employer pension costs) between £60,000 and £70,000 in 2022/23. No employee received employee benefits of £60,000 or more in 2021/22.

The pay of senior management is reviewed annually in accordance with the charity’s pay and reward policy. This policy means that an incremental pay increase is awarded to all staff (except those already at the top of their scale) as long as they have achieved the objectives that were set at the start of the year.

Pay scales for all staff are set by trustees. They are based on Local government pay scales, which are extensively used in the voluntary sector, although the annual cost of living increase that is applied is set by trustees.

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Related parties

No trustee or other person related to the charity had a personal interest in any contract or transaction entered into during the year.

The charity has one subsidiary, VSUK Trading Limited, which is currently being retained as a dormant company in order to accommodate any material non-primary purpose activities that may arise in the future.

18

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

REPORT OF THE TRUSTEES

YEAR ENDED 31 MARCH 2023

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Registration Number 259358 (England & Wales)
Company Registration Number 00959115 (England & Wales)
Registered Office
(until 3 July 2023)		 Parkdale
Dunham Road
Altrincham
WA14 4QG
Registered Office
(from 4 July 2023)		 Suite G.03, Colony
Jactin House
24 Hood Street
Manchester
M4 6WX
Charity’s Bankers The Co-operative Bank PLC
1 Balloon Street
Manchester
M60 4EP
Charity’s Auditors Slade & Cooper
Beehive Mill
Jersey Street
Manchester
M4 6JG
Charity’s Investment Advisors
(until 6 December 2022)		 Brewin Dolphin
1 The Avenue
Spinningfields Square
Manchester
M3 3AP
The charity does not retain a single firm of solicitors but contracts a firm with the relevant experience
and expertise as and when circumstances require it.

19

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

REPORT OF THE TRUSTEES

YEAR ENDED 31 MARCH 2023

STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES

The trustees (who are also directors of the charitable company charity for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable 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 financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insofar as the trustees are aware:

This report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

This report was approved by the Board of Trustees on 20 October 2023 and signed on its behalf by:

Conn O’Neill Chair

20

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED (CONTINUED)

Opinion

We have audited the financial statements of the Vegetarian Society of the United Kingdom Limited (the ‘parent charitable company’) and its subsidiaries for the year ended 31 March 2023, which comprise the Consolidated Statement of Financial Activities (including the income and expenditure account), the Balance Sheets of the group and the parent charitable company, the Consolidated Statement of Cash Flows and the related notes. 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 group and 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 group’s or parent 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.

21

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED (CONTINUED)

Other information

The trustees are responsible for the other information. The other information comprises the information included in the report of the trustees, other than the financial statements and our auditor’s report thereon. 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 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.

Opinion on other matter 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 our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:

22

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 20, 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 group’s and parent 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 group or parent 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

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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

• auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

23

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED (CONTINUED)

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.

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 charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its trustees those matters 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 anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Christy Yun Hing Lau FCCA DChA CTA Senior Statutory Auditor

for and on behalf of Slade & Cooper Limited Statutory Auditors Beehive Mill Jersey Street Manchester M4 6JG

Date: 11[th] December 2023

Slade & Cooper Limited is eligible to act as an auditor in terms of section 1222 of the Companies Act 2006.

24

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023

Notes
INCOME:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other
7
Total income
EXPENDITURE:
Raising funds
8
Charitable activities
9
Total expenditure
Net income before gains /
(losses) on investments
Net gains / (losses) on
investments
Net income / (expenditure) and
net movement in funds for the
year
Transfers
Reconciliation of funds:
Total funds at 1 April 2022
Total funds at 31 March 2023		 Unrestricted
Funds
£
384,766
664,672
637
21,292
8,638
1,080,005
75,954
1,328,035
1,403,989
(323,984)
(65,933)
(389,917)
(1,102)
(391,019)
2,254,479
1,863,460		 Restricted
Funds
£
1,540
-
-
-
-
1,540
-
22,462
22,462
(20,922)
-
(20,922)
1,102
(19,820)
116,431
96,611		 Total
2023
£
386,306
664,672
637
21,292
8,638
1,081,545
75,954
1,350,497
1,426,451
(344,906)
(65,933)
(410,839)
-
(410,839)
2,370,910
1,960,071		 Total
2022
£
714,068
645,152
1,236
13,516
7,013
1,380,985
163,405
1,334,947
1,498,352
(117,367)
18,658
(98,709)
-
(98,709)
2,469,619
2,370,910

25

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023

NOTE OF HISTORICAL COST SURPLUS / (DEFICIT) – CURRENT YEAR
Unrestricted
Restricted
Total
Funds
Funds
2023
£
£
£
Net income / (expenditure) and net
movement in funds for the year
(391,019)
(19,820)
(410,839)
Realisation of investment revaluation
gains / (losses) of previous years
54,190
-
54,190
Historical cost surplus / (deficit)
for the year
(336,829)
(19,820)
(356,649)
NOTE OF HISTORICAL COST SURPLUS / (DEFICIT) – PREVIOUS YEAR
Unrestricted
Restricted
Total
Funds
Funds
2022
£
£
£
Net income / (expenditure) and net
movement in funds for the year
(23,943)
(74,766)
(98,709)
Realisation of investment revaluation
(losses) / gains of previous years
26,428
-
26,428
Historical cost surplus / (deficit)
for the year
2,485
(74,766)
(72,281)		 Total
2022
£
(98,709)
26,428
(72,281)
Total
2021
£
113,239
(1,047)
112,192

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

26

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023

Notes
FIXED ASSETS
Intangible assets
16
Tangible assets
17
Investments
18
CURRENT ASSETS
Stock
20
Debtors
22
Investments
23
Cash at bank and in hand
LIABILITIES:
Creditors: amounts falling
due in less than one year
23
Net current assets
Total assets less current
liabilities
FUNDS:
Restricted funds
UNRESTRICTED FUNDS:
Designated funds
General fund
Total charity funds
25		 Group
2023
2022
£
£
-
-
845,700
867,567
-
890,052
845,700
1,757,619
2,444
5,986
239,068
342,647
313,236
310,291
999,120
385,119
1,553,868
1,044,043
(439,497)
(430,752)
1,114,371
613,291
1,960,071
2,370,910
97,098
116,431
959,251
1,111,669
903,722
1,142,810
1,960,071
2,370,910		 Charity
2023
2022
£
£
-
-
845,700
867,567
2
890,054
845,702
1,757,621
2,444
5,986
239,068
342,647
313,236
310,291
999,120
385,119
1,553,868
1,044,043
(440,535)
(431,790)
1,113,333
612,253
1,959,035
2,369,874
97,098
116,431
959,251
1,111,669
902,686
1,141,774
1,959,035
2,369,874		 Charity
2023
2022
£
£
-
-
845,700
867,567
2
890,054
845,702
1,757,621
2,444
5,986
239,068
342,647
313,236
310,291
999,120
385,119
1,553,868
1,044,043
(440,535)
(431,790)
1,113,333
612,253
1,959,035
2,369,874
97,098
116,431
959,251
1,111,669
902,686
1,141,774
1,959,035
2,369,874
1,757,621
5,986
342,647
310,291
385,119
1,044,043
(431,790)
612,253
2,369,874
116,431
1,111,669
1,141,774
2,369,874

These accounts are prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

Approved by the trustees on 20 October 2023 and signed on their behalf by:

Andrew Johnson Treasurer

The notes on pages 29 to 48 form part of the financial statements.

27

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash provided by / (used in) operating activities
(a)
Cash flows from investing activities
Investment income
Purchase of tangible fixed assets
Purchase of investments
Proceeds from sale of investments
Cash provided by investing activities
Increase / (decrease) in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
NOTES TO THE CASH FLOW STATEMENT
(a) Reconciliation of net movement in funds to net
cash outflow from operating activities
Net movement in funds
Depreciation charge
(Gains) / losses on investments
(Gains) / losses on tangible fixed assets
Investment income
(Increase) / decrease in stock
(Increase) / decrease in debtors
Increase / (decrease) in creditors
(b) Analysis of cash and cash equivalents at the
end of the year
Included in cash at bank and in hand		 2023
£
(221,020)
21,292
(7,444)
(418,333)
1,239,506
835,021
614,001
385,119
999,120
2023
£
(410,839)
28,710
65,933
602
(21,292)
3,542
103,579
8,745
(221,020)
2023
£
999,120		 2022
£
(76,726)
13,516
(11,638)
(489,132)
591,232
103,978
27,252
357,867
385,119
2022
£
(98,709)
53,941
(18,658)
-
(13,516)
4,137
(29,363)
25,442
(76,726)
2022
£
385,119

28

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation of group financial statements

The Vegetarian Society is a public benefit entity. 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) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016 and Update Bulletin 2 published on 5 October 2018), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Accounting Practice. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Preparation of the accounts on a going concern basis

The trustees consider that no material uncertainties exist about the charity’s ability to continue as a going concern.

c) Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary, VSUK Trading Limited, on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because advantage has been taken of the exemption afforded by section 408 of the Companies Act 2006.

d) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds which have been earmarked for specific purposes as decided by the trustees; details of these funds are given in note 25.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors.

e) Incoming resources

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably. The following specific policies are applied to particular categories of income:

29

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

Income from 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.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Incoming resources are stated net of VAT.

f) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised; more information about their contribution is given in the Trustees’ annual report.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Resources expended

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

30

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Grant making activities

Grant making activities are payments made by the charity to institutions to enable them to further the purposes of the charity on its behalf. Such expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably, and includes associated support costs.

i) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include staff costs (e.g. salaries, training and recruitment), premises costs (e.g. maintenance, rates, insurance and utilities), administrative costs (e.g. printing, postage and telephone), IT costs and depreciation. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the basis of head count.

j) Operating leases

Rentals payable under operating leases are charged on a straight line basis over the term of the lease.

k) Taxation

The charity is exempt from UK Corporation Tax. However its subsidiary is not similarly exempt.

l) Intangible fixed assets

Intangible assets are included at cost and capitalised where the individual amount is over £250. Depreciation is calculated to write off the cost less estimated residual value of intangible fixed assets over their estimated useful life on the following basis:

Trademarks – 15% straight line

m) Depreciation and tangible fixed assets

Tangible fixed assets are included at cost or valuation and capitalised where the individual amount is more than £250.

Website costs are capitalised to the extent that they relate to income-generating activities. Depreciation is calculated to write off the cost or revalued amount less any estimated residual value of fixed assets over their estimated useful life on the following basis:

31

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

Computer equipment – 33% straight line Fixtures, fittings and equipment – 15% straight line Buildings – 2% straight line

n) Fixed asset investments

Investments (other than cash investments) are stated in the balance sheet at market value. Profits / losses on investments which have been realised on disposal, together with interest and dividends are reflected in the surplus / deficit for the year on the income & expenditure account. Unrealised profits / losses are retained in the investment revaluation reserve on the balance sheet until such time as they are realised.

Cash investments that are due to mature in over one year from the balance sheet date are also shown under investments.

o) Stocks

Stocks are stated at the lower of cost and net realisable value.

p) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

q) Current asset investments

Current asset investments include cash and other investments that are due to mature in less than one year or in more than three months from the balance sheet date.

r) Cash at bank and in hand

Cash at bank and in hand includes cash and other investments that are due to mature in three months or less from the balance sheet date.

s) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

t) Pensions

The charity contributes to a group pension scheme on behalf of its employees. The pension charge represents the contributions payable by the charity in the year.

u) Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

32

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

2. LEGAL STATUS OF THE CHARITY

The charity is a company limited by guarantee registered in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The registered address is disclosed on page 19.

3. INCOME FROM DONATIONS AND LEGACIES

Gifts and
donations
Membership
income
Legacies		 Unrestricted
Restricted
2023
Unrestricted
Restricted
2022
£
£
£
£
£
£
81,675
1,540
83,215
83,216
31,620
114,836
176,374
-
176,374
193,434
-
193,434
126,717
-
126,717
405,798
-
405,798
384,766
1,540
386,306
682,448
31,620
714,068

4. INCOME FROM CHARITABLE ACTIVITIES

Approved
trademark sales
Cookery school
Grants
Advertising
income
Education and
campaigning		 Unrestricted
Restricted
2023
Unrestricted
Restricted
2022
£
£
£
£
£
£
552,510
-
552,510
535,031
-
535,031
100,489
-
100,489
72,074
-
72,074
-
-
-
-
27,000
27,000
4,673
-
4,673
4,047
-
4,047
7,000
-
7,000
7,000
-
7,000
664,672
-
664,672
618,152
27,000
645,152

5. INCOME FROM OTHER TRADING ACTIVITIES

Merchandise income

2023
£
637
637		 2022
£
1,236
1,236

33

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

6. INVESTMENT INCOME
Bank and building society interest
Dividends received
7. OTHER INCOME
Affinity products commission
8. EXPENDITURE ON RAISING FUNDS
Fundraising costs
Staff costs
Direct fundraising costs
Support costs
Merchandise
Cost of merchandise sold
Investment management costs
Fees for portfolio management
Total		 2023
£
8,434
12,858

21,292
2023
£
8,638
8,638
2023
£
25,636
9,512
31,496
66,644
4,161
5,149
75,954		 2022
£
2,611
10,905
13,516
2022
£
7,013
7,013
2022
£
72,011
27,147
51,805
150,963
3,227
9,215
163,405

34

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

9. EXPENDITURE ON CHARITABLE ACTIVITIES
Approved trademark sales
Staff costs
Marketing
IT costs
Legal and professional
Subscriptions
Support costs
Cookery school
Staff costs
Direct course costs
Delivery of charitable courses
Marketing
Repairs and consumables
IT costs
Depreciation
Finance charges
Sundry expenses
Support costs
Education and campaigning
Staff costs
Direct campaign and engagement costs
PR costs
Depreciation
IT costs
Support costs
Membership services
Staff costs
Content and magazine costs
Direct membership costs
Finance charges
Support costs		 2023
£
126,899
41,805
10,199
5,327
327
104,608
289,165
110,479
19,647
302
14,147
2,809
7,103
3,033
1,504
787
65,521
225,332
276,366
45,901
37,215
875
19,879
179,688
559,924
36,252
40,261
25,470
71
52,585
154,639		 2022
£
115,709
16,887
6,512
3,533
339
78,743
221,723
57,227
22,865
2,400
32,830
7,101
3,612
3,125
1,461
771
30,253
161,645
279,219
122,631
11,377
28,868
21,517
167,229
630,841
76,100
44,217
1,243
404
62,166
184,130

35

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

Expert information and support
Staff costs
Direct research costs
Support costs
Total
Restricted expenditure
Unrestricted expenditure
10. ANALYSIS OF SUPPORT COSTS
Staff costs
Premises expenses
Management and finance
Equipment and IT
Postage, telephone and stationery
Depreciation
Governance costs
Allocated as follows:
Fundraising costs
Membership services
Approved trademark sales
Cookery School
Education and campaigning
Expert information and support
Total		 80,036
3,720
37,681
121,437
1,350,497
2023
£
22,462
1,328,035
1,350,497
2023
£
201,688
77,753
69,058
62,267
9,840
25,404
25,569
471,579
31,496
52,585
104,608
65,521
179,688
37,681
471,579		 72,506
22,659
41,443
136,608
1,334,947
2022
£
134,679
1,200,268
1,334,947
2022
£
223,811
52,296
52,686
47,669
11,325
21,947
21,905
431,639
51,805
62,166
78,743
30,253
167,229
41,443
431,639

36

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

11. ANALYSIS OF GOVERNANCE COSTS
2023 2022
£ £
Staff costs relating to governance 16,958 15,038
Trustee costs 4,625 3,241
Audit fees 3,986 3,626
Legal and consultancy fees - -
Total 25,569 21,905
12. NET INCOMING / (EXPENDITURE) FOR THE YEAR
2023 2022
This is stated after charging: £ £
Depreciation of tangible assets 28,710 53,941
Amortisation of intangible assets - -
Loss on disposal of fixed assets 601 -
Payments under operating leases – fixtures, fittings and equipment 2,449 2,449
Auditors' remuneration 3,960 3,600
13. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST
OF KEY MANAGEMENT PERSONNEL
2023 2022
£ £
Wages and salaries 715,397 799,396
Redundancy costs 56,014 -
Social security costs 68,920 72,057
Employer’s contribution to a defined contribution pension scheme 33,983
 40,168
874,314 911,621
Allocated as follows:
2023 2022
£ £
Expenditure on raising funds:
Fundraising 25,636 72,011
Membership 36,252 76,100
Expenditure on charitable activities:
Approved trademark sales 126,899 115,709
Cookery School 110,479 57,227
Education and campaigning 276,366 279,219
Expert information and support 80,036 72,506
Support and governance costs:
Support 201,688 223,811
Governance 16,958 15,038
874,314 911,621

37

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

One employee received employee benefits (excluding employer pension costs) between £60,000 and £70,000 in 2022/23; employer pension contributions of £2,950 were made into a defined contribution scheme in respect of that employee. No employee received employee benefits of £60,000 or more in 2021/22.

The key management personnel of the charity comprise the trustees and the Senior Management Team, whose names are listed in the Trustees’ Report. The total amount of remuneration paid to the Senior Management Team for the year (including employer’s national insurance and pension costs) was £174,697 (2022 - £388,734).

14. STAFF NUMBERS

The average number of employees, analysed by function, was:

The average number of employees, analysed by function, was:

Fundraising
Membership services
Education and campaigning
Expert information and support
Approved trademark sales
Cookery School
Management, finance and administration		 2023
Number
0
1
6
1
3
2
5
18		 2022
Number
2
3
8
2
4
1
7
27

15. TRUSTEES’ REMUNERATION AND EXPENSES

Travel and subsistence 2023
Number
claiming
7		 2022
Number
claiming
7		 2023
2022
£
£
1,948
2,132

None of the members of the Board of Trustees received any remuneration during this year or last year.

38

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

16. INTANGIBLE FIXED ASSETS – GROUP AND COMPANY
Trademarks
£
Cost
At 1 April 2022
 27,508
Additions
 -
At 31 March 2023
 27,508
Amortisation
At 1 April 2022 27,508
Charge for the year

 -
At 31 March 2023
 27,508
Net book value
At 31 March 2023 -
At 31 March 2022 -

39

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

Cost or valuation
At 1 April 2022
Additions
Disposals
Revaluation
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
Disposals
Revaluation
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Freehold
property
£
1,000,000
-
-
-
1,000,000
165,333
16,000
-
-
181,333
818,667
834,667		 Fixtures,
Fittings &
equipment
£
158,255
5,945
(5,499)
-
158,701
137,015
7,134
(4,897)
-
139,252
19,449
21,240		 Computer
equipment
£
143,370
1,499
(4,423)
-
140,446
131,710
5,576
(4,424)
-
132,862
7,584
11,660		 Total
£
1,301,625
7,444
(9,922)
-
1,299,147
434,058
28,710
(9,321)
-
453,447
845,700
867,567

Included in the value of £818,667 above for freehold property are gross depreciable buildings at a value of £618,667.

All the assets are used by the charity.

40

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

18. INVESTMENTS – FIXED ASSETS
Group
2023
2022
£
£
Cost or valuation
Market value at 1 April 2022
890,052
889,385
Additions
415,388
387,046
Transfer from current asset investments
-
-
Transfer to current asset investments
-
-
Disposals
(1,239,506)
(405,037)
Net investment gains / (losses)
(65,934)
18,658
Market value at 31 March 2023
-
890,052
Historical cost at 31 March 2023
-
767,196
Investments at market value are represented by:		 Charity
2023
2022
£
£
890,054
889,387
415,388
387,046
-
-
-
-
(1,239,506)
(405,037)
(65,934)
18,658
2
890,054
2
767,198		 Charity
2023
2022
£
£
890,054
889,387
415,388
387,046
-
-
-
-
(1,239,506)
(405,037)
(65,934)
18,658
2
890,054
2
767,198
890,054
767,198
UK fixed interest bonds and deposits
UK equities
Overseas fixed interest bonds and deposits
Overseas equities
Global collective investments
UK property investment trusts
Commodities
Other investments
Investment in trading subsidiary		 Group
2023
2022
£
£
-
55,914
-
213,425
-
67,552
-
396,406
-
121,106
-
21,114
-
9,168
-
5,367
-
-
-
890,052		 Charity
2023
2022
£
£
-
55,914
-
213,425
-
67,552
-
396,406
-
121,106
-
21,114
-
9,168
-
5,367
2
2
2
890,054		 Charity
2023
2022
£
£
-
55,914
-
213,425
-
67,552
-
396,406
-
121,106
-
21,114
-
9,168
-
5,367
2
2
2
890,054
890,054

19. RESULTS FROM SUBSIDIARY’S TRADING ACTIVITIES

The charity has one wholly owned trading subsidiary VSUK (Trading) Limited, whose details at 31 March 2023 are as follows:

Name Country of Class of shares held Percentage held by the
incorporation company
VSUK Trading Limited England Ordinary 100

Until 1 April 2012, the activity of VSUK Trading Limited was the promotion of the Vegetarian Society’s “Approved” trademark. These activities were transferred to the Vegetarian Society with effect from 1 April 2012, with VSUK Trading Limited being retained as a dormant subsidiary.

41

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

The Group Balance Sheet excludes £2 in relation to shares held in the subsidiary, VSUK Trading Limited.

20. STOCKS
Group
2023
2022
£
£
Goods for resale
2,444
5,986
21. DEBTORS
Group
2023
2022
£
£
Amounts falling due within one year:-
Trade debtors
85,851
103,201
Prepayments
63,002
55,409
Accrued income
89,964
183,792
Other debtors
251
245
239,068
342,647
22. INVESTMENTS – CURRENT ASSETS
Group
2023
2022
£
£
Cost at 1 April 2022
310,291
394,400
Additions
2,945
102,086
Transfer from fixed asset investments
-
-
Transfer to fixed asset investments
-
-
Transfer to cash at bank and in hand
-
-
Disposals
-
(186,195)
Cost at 31 March 2023
313,236
310,291
Investments at market value are represented by:
Group
2023
2022
£
£
Bank deposits
313,236
310,291		 Charity
2023
2022
£
£
2,444
5,986
Charity
2023
2022
£
£
85,851
103,201
63,002
55,409
89,964
183,792
251
245
239,068
342,647
Charity
2023
2022
£
£
310,291
394,400
2,945
102,086
-
-
-
-
-
-
-
(186,195)
313,236
310,291
Charity
2023
2022
£
£
313,236
310,291

42

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

23. CREDITORS
Trade creditors
Social security and other taxes
Accruals
Deferred income
Other creditors
Amounts owed to group
undertakings
24. DEFERRED INCOME
Balance at 1 April 2022
Amount released to incoming
resources
Amount deferred in the year
Balance at 31 March 2023		 Group
2023
2022
£
£
36,728
18,435
28,445
39,304
58,452
54,581
311,900
313,176
3,972
5,256
-
-
439,497
430,752
Group
£
313,176
(313,176)
311,900
311,900		 Charity
2023
2022
£
£
36,728
18,435
28,445
39,304
58,452
54,581
311,900
313,176
3,972
5,256
1,038
1,038
440,535
431,790
Charity
£
313,176
(313,176)
311,900
311,900		 Charity
2023
2022
£
£
36,728
18,435
28,445
39,304
58,452
54,581
311,900
313,176
3,972
5,256
1,038
1,038
440,535
431,790
Charity
£
313,176
(313,176)
311,900
311,900
431,790
Charity
£
313,176
(313,176)
311,900
311,900

Deferred income comprises:

43

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

25a. RECONCILIATION OF MOVEMENTS IN ACCUMULATED FUNDS – CURRENT YEAR

Restricted funds
Supporting veganism (a)
Sahara project (b)
Young carers’ project (c)
Food box appeal (d)
UNRESTRICTED FUNDS:
Designated funds
Property and equipment
fund
Buildings maintenance fund
Projects fund
General fund
Total funds		 At 1 April
2022
£
92,397
724
802
22,508
116,431
867,567
100,000
144,102
1,111,669
1,142,810
2,254,479
2,370,910		 Incoming
resources
(incl
gains)
£
-
-
-
1,540
1,540
-
-
-
-
1,080,005

1,080,005

1,081,545
 Outgoing
resources
(incl
losses)
£
(302)
(724)
(802)
(20,634)
(22,462)
-
-
(25,480)
(25,480)
(1,444,442)
(1,469,922)
(1,492,384)		 Transfers
£
1,589
-
-
-
1,589
(16,587)
-
(110,351)
(126,938)
125,349
(1,589)
-		 At 31
March
2023
£
93,684
-
-
3,414
97,098
850,980
100,000
8,271
959,251
903,722
1,862,973
1,960,071

44

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

25b. RECONCILIATION OF MOVEMENTS IN ACCUMULATED FUNDS – PREVIOUS YEAR

Restricted funds
Supporting veganism (a)
Sahara project (b)
Young carers’ project (c)
Food box appeal (d)
Cookery school restart
grant (e)
UNRESTRICTED FUNDS:
Designated funds
Property and equipment
fund
Buildings maintenance fund
Projects fund
General fund
Total funds		 At 1 April
2021
£
107,612
724
802
82,059
-
191,197
909,870
100,000
465,361
1,475,231
803,191
2,278,422
2,469,619		 Incoming
resources
(incl
gains)
£
-
-
-
40,620
18,000
58,620
-
-
-
-
1,341,023

1,341,023

1,399,643
 Outgoing
resources
(incl
losses)
£
(16,508)
-
-
(100,171)
(18,000)
(134,679)
-
-
(251,298)
(251,298)
(1,112,375)
(1,363,673)
(1,498,352)		 Transfers
£
1,293
-
-
-
-
1,293
(42,303)
-
(69,961)
(112,264)
110,971
(1,293)
-		 At 31
March
2022
£
92,397
724
802
22,508
-
116,431
867,567
100,000
144,102
1,111,669
1,142,810
2,254,479
2,370,910

Restricted funds

(a) The charity was bequeathed a legacy in 2013 with a value of £397,064. In accordance with a request in the will, this will be used to support veganism. £302 of this fund has been spent in 2022/23, on training for a scholarship student.

£334,622 of this fund was spent in previous years; this brings the total amount of expenditure from the fund to date to £334,924.

(b) A crowdfunding campaign took place in December 2019 to raise funds for Sahara Women's Aid project, which helps women who are living with, or fleeing domestic abuse. Funds raised will fund two cookery courses, the first of which was held in February 2020. A second course was held shortly in May 2022.

45

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

(c) A crowdfunding campaign took place in January 2020 to raise funds for a vegetarian cookery class for young carers. Sufficient funds were raised to hold one such class, which took place in April 2022.

(d) As part of the reprioritising of our work in light of the COVID-19 situation, we started an appeal to raise funds to enable us to get vegetarian food boxes into food banks. During the year ended 31 March 2023, donations from the public of £1,540 were received, and £20,634 was spent in the purchase and delivery of food boxes. Fundraising and delivery work on this project continues in the 2023/24 financial year.

(e) Interest is being accrued on these funds at a rate equivalent to the average rate received on fixed term deposits during the year, which was 1.71% for the year ended 31 March 2023.

Designated funds

The property and equipment fund is a designated reserve representing the amount of the charity’s funds that are locked up in freehold land and buildings and other fixed assets which are needed for operational purposes.

Buildings maintenance fund: an estimate of £100,000 is set aside to provide for major unexpected and uninsured property maintenance.

Project fund: funds have been designated to ensure that key pieces of work can be delivered over the next few years. Details of this work are included under “Achievements and Performance” and “Plans for the Future”.

Operational management fund: in the previous year, the charity planned for its ongoing work to be financed by ongoing income. Ongoing income and expenditure is shown separately in this fund, with the resulting deficit for the year being funded by a transfer from reserves at the end of the year.

General fund

As at 31 March 2023, the balance of reserves in the general fund amounts to £903,722, of which £415,000 is required to be retained to satisfy the requirements of the charity’s reserves policy.

Included in the general fund is an investment revaluation reserve, which represents the amount by which the market value of investments held at the year exceeds their cost; because investments were sold before the year end, this balance was nil at 31 March 2023. At 31 March 2022, the market value of investments was £175,186 higher than their original cost.

46

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

26a. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS – CURRENT YEAR

General
Fund
£
Designated
Funds
£
Restricted
Funds
£
Fixed assets
845,700
-
-
Cash at bank and in hand
58,022
844,000
97,098
Other net current assets
-
115,251
-
903,722
959,251
97,098
26b. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS – PREVIOUS YEAR
General
Fund
£
Designated
Funds
£
Restricted
Funds
£
Fixed assets
1,142,810
614,809
-
Cash at bank and in hand
-
268,688
116,431
Other net current assets
-
228,172
-
1,142,810
1,111,669
116,431
27. OTHER FINANCIAL COMMITMENTS
2023
£
At 31 March 2023, the total of future minimum lease payments under non-
cancellable operating leases was as follows:
Fixtures, fittings and equipment
Within 1 year
1,764
Within 2 to 5 years
1,178
More than 5 years
-		 Total
£
845,700
999,120
115,251
1,960,071
Total
£
1,757,619
385,119
228,172
2,370,910
2022
£
2,448
2,943
-

47

THE VEGETARIAN SOCIETY OF THE UNITED KINGDOM LIMITED

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

28. CONTINGENT ASSETS

The Vegetarian Society is entitled to receive an income distribution from the estate of John Sykes until 2063, at which point the capital value of the estate will be distributed. Based on current values, the Vegetarian Society’s entitlement to a capital distribution will be approximately £260,000. This income has not been recognised in the financial statements; because the capital payment occurs so far in the future, it is not considered possible to value the income that will be received with any degree of certainty.

The Vegetarian Society has been bequeathed a 20% share in the estate of Janet Shorts, which has an estimated value of £50,000; although this will not be received until a life interest has expired. Because the timing and amount of the legacy are uncertain, this is not currently included in the accounts.

29. POST BALANCE SHEET EVENTS

The charity sold its headquarters at Parkdale after the year end. The sale completed on 11 August 2023 and proceeds of £2,650,000 were received. We are currently negotiating a lease on a property in the city centre of Manchester, and in the meantime are renting an office space on a short-term lease, again in the city centre of Manchester.

48