TEIGN VALLEY LARDER CIC

Company limited by guarantee

Company Registration Number:
12907550 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2023

Period of accounts

Start date: 1 April 2022

End date: 31 March 2023

TEIGN VALLEY LARDER CIC

Contents of the Financial Statements

for the Period Ended 31 March 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

TEIGN VALLEY LARDER CIC

Directors' report period ended 31 March 2023

The directors present their report with the financial statements of the company for the period ended 31 March 2023

Principal activities of the company

Throughout the 2022 – 2023 accounting year the Teign Valley Larder has continued to pursue the objects of the company, that is, to carry out activities to relieve food insecurity and poverty for the people living in the Teign Valley, Devon, by direct provision of items such as food and basic household necessities, through a community larder; and in doing so, to reduce food waste.

Additional information

FUNDRAISINGDuring 2022 - 2023 the community grants landscape was relatively favourable as the government directed funds via community organisations to help with the escalating cost of living. The Larder received £8,995 in total, £3,000 of which was granted by Devon Communities Together for the winter ‘Heat and Eat’ ready-meals project. The balance comprised supermarket vouchers donated by Devon Communities Foundation. In addition, donations of £14,051 were received (up from £13,613 in 2021 - 2022). The fact that over 60% of our total income of just over £23,000 was raised from the immediate community gives us confidence that we still enjoy a strong level of support locally.While TVL’s bank balance remains healthy at the time of writing this report, the Board of Directors is aware that they cannot be complacent with regard to fundraising, not least as inflation remains high and the rapidly rising prices of staple food items directly impacts our outgoings. Campaigns to continue to build a regular and sustainable flow of income in the form of donations will therefore continue to be a priority for our fourth year of operation.STRUCTURE AND GOVERNANCEGoverning DocumentTVL commenced operations on 5 May 2020 and was incorporated on 28 September 2020 as a Community Interest Company limited by guarantee. The Articles of Association comprise its governing document.TVL is not a registered charity but in the view of the directors it fulfils the definition of a charity set out in s.1 of the Charities Act 2011.Organisational StructureTVL is run by its directors who are drawn from the community. They give their time voluntarily and receive no remuneration. Board meetings are usually held every other month and decisions are made following discussion and, generally, by consensus. The minutes constitute the formal record of decisions made.The Board is responsible for all policy decisions and finances of TVL. Financial updates are provided regularly by the Treasurer.Day to day management is undertaken by the directors who are assisted by volunteers. TVL has no employees. The volunteers are responsible for stocking the five distribution points in the Teign Valley and ensuring that the contents are up to date and fit for consumption. The central store is located in Christow.TVL is a member of Independent Food Aid Network (IFAN) and the South Devon Food Alliance.Risk management The directors maintain a risk register which sets out the principal risks, an estimate of the probability of each risk crystallising and the steps taken to mitigate those risks. Comprehensive insurance is in place covering Public and Employer’s Liability, professional indemnity and directors’ liability.TVL has a General Data Protection Regulations (GDPR) policy in place to ensure that practice and procedures comply with those regulations. The policy is subject to annual review.TVL also has Safeguarding Policy and procedures in place to protect vulnerable adults and children and to help our volunteers know how to respond in case of safeguarding concerns.



Directors

The directors shown below have held office during the whole of the period from
1 April 2022 to 31 March 2023

Corony Edwards
Rachel Barradale
Nathan Bushell
Karen Davenport
Ruth Frampton
Giles Frampton
Vinnie Logan


The director shown below has held office during the period of
1 April 2022 to 28 March 2023

Christopher Keppie


Secretary Corony Edwards

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
12 October 2023

And signed on behalf of the board by:
Name: Corony Edwards
Status: Secretary

TEIGN VALLEY LARDER CIC

Profit And Loss Account

for the Period Ended 31 March 2023

2023 2022


£

£
Administrative expenses: ( 20,557 ) ( 15,179 )
Other operating income: 23,053 16,308
Operating profit(or loss): 2,496 1,129
Profit(or loss) before tax: 2,496 1,129
Profit(or loss) for the financial year: 2,496 1,129

TEIGN VALLEY LARDER CIC

Balance sheet

As at 31 March 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 5,595 6,217
Total fixed assets: 5,595 6,217
Current assets
Stocks: 4 385 701
Cash at bank and in hand: 12,586 9,687
Total current assets: 12,971 10,388
Creditors: amounts falling due within one year: 5 ( 535 )
Net current assets (liabilities): 12,971 9,853
Total assets less current liabilities: 18,566 16,070
Total net assets (liabilities): 18,566 16,070
Members' funds
Profit and loss account: 18,566 16,070
Total members' funds: 18,566 16,070

The notes form part of these financial statements

TEIGN VALLEY LARDER CIC

Balance sheet statements

For the year ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 12 October 2023
and signed on behalf of the board by:

Name: Corony Edwards
Status: Director

The notes form part of these financial statements

TEIGN VALLEY LARDER CIC

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Tangible fixed assets depreciation policy

    All capital expenditure is capitalised at cost and depreciated so as to write off the cost over its expected useful economic life at the following rates:Trailer 10 per cent per annum straight line basis Fixtures and fittings 10 per cent per annum straight line basis

    Other accounting policies

    Income All income is included in the Statement of Financial Activities (SOFA) when TVL is legally entitled to the income or capital respectively, ultimate receipt is more likely than not and the amount to be recognised can be quantified with reasonable accuracy.TVL is sometimes in receipt of donated supermarket vouchers which are used to defray the cost of purchases of food. The value of these vouchers is only recognised as income when they are set against the cost of purchases.Expenditure All expenditure is included on the accruals basis and is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. Expenditure is allocated to the applicable expenditure heading that aggregates similar costs to that category. TaxationHaving considered the guidance provided by HMRC’s Business Income Manual the directors are of the opinion that TVL is not ‘carrying on trading activities on a commercial basis’ and therefore its income and expenditure is not subject to Corporation Tax.StockStock, which comprises foodstuffs and toiletries, is carried at the lower of cost or net realisable value.Debtors. Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.Cash at bank and in hand and cash on deposit Cash at bank and in hand and cash on deposit includes cash and short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of a change in value.Creditors and provisionsCreditors and provisions are recognised where TVL 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. Fund balancesFund Balances are split between unrestricted (general and designated) and restricted funds.Unrestricted funds are re freely available for any purpose within TVL’s objects. There are two types of unrestricted funds:- General funds which TVL intends to use for the general purposes of the company; and - Designated funds set aside out of unrestricted funds by TVL for a purpose specified by the Directors.Restricted funds are funds subject to conditions imposed by the donor as specific terms of trust, or else by legal measure.Significant accounting estimates The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

TEIGN VALLEY LARDER CIC

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

TEIGN VALLEY LARDER CIC

Notes to the Financial Statements

for the Period Ended 31 March 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2022 5,057 2,082 7,139
Additions 102 102
Disposals
Revaluations
Transfers
At 31 March 2023 5,057 2,184 7,241
Depreciation
At 1 April 2022 506 416 922
Charge for year 506 218 724
On disposals
Other adjustments
At 31 March 2023 1,012 634 1,646
Net book value
At 31 March 2023 4,045 1,550 5,595
At 31 March 2022 4,551 1,666 6,217

TEIGN VALLEY LARDER CIC

Notes to the Financial Statements

for the Period Ended 31 March 2023

4. Stocks

2023 2022
£ £
Stocks 385 701
Total 385 701

TEIGN VALLEY LARDER CIC

Notes to the Financial Statements

for the Period Ended 31 March 2023

5. Creditors: amounts falling due within one year note

  2022
  £
Other creditors 535
Total   535

COMMUNITY INTEREST ANNUAL REPORT

TEIGN VALLEY LARDER CIC

Company Number: 12907550 (England and Wales)

Year Ending: 31 March 2023

Company activities and impact

During its third year of operation the Teign Valley Larder (TVL) increased its level of activity and benefited the community in a number of ways:- The continued provision of essential food and personal hygiene items through its five larder locations of Ashton, Bridford, Christow, Doddiscombsleigh and Dunsford, with each of these five locations hosting a 24 hour self-service box and Christow additionally providing a larger store of items inside St James’s church, accessible during the day. The larders are maintained by a team of volunteers who replenish stock from the Christow-based storage facility as needed. During the 12 months ending 31 March 2023 TVL provided the equivalent of 12,873 meals (an average of 248 meal equivalents a week, compared with 143 a week in 2021 – 2022 and 99 a week in 2020 - 2021) with a total stock turnover of just under 36,000 items. This increase in demand proved challenging in several ways: first, it occurred during a year when there were periodic shortages of basic foods and other items and most supermarkets introduced rationing, making it difficult to source sufficient stock; second, the ‘cost of living crisis’ disproportionately affected TVL as the supermarket basics ranges were subject to higher percentage price rises than standard goods; third, several items were removed from basics ranges forcing us to purchase costlier, standard items; fourth, the number of donated food items received via Fareshare fell; and finally, our volunteers struggled to replenish the Larders fast enough to ensure there was always a good range of food on offer as demand rose. In spite of these challenges we were able to ensure that in the main Christow Larder at least, there was always sufficient food available for several basic family meals. - A special Heat and Eat winter project ran from December 2022 to February 2023 and distributed 958 ambient storage, microwaveable ready meals to 23 local households totalling 62 people. Unusually for TVL, these meals were available only by application.- Reduction of food waste by offering long-life items that have exceeded their best before date and fresh fruit and vegetables donated as surplus stock from local suppliers such as Teign Greens and delivered through the FareShare South West scheme to which TVL subscribes. Provision of fresh eggs has continued with a local producer donating their surplus stock each week.

Consultation with stakeholders

No consultation with stakeholders

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
12 October 2023

And signed on behalf of the board by:
Name: Corony Edwards
Status: Director