Company registration number 11882463 (England and Wales)
FOOD NETWORK FOR ETHICAL TRADE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
FOOD NETWORK FOR ETHICAL TRADE
COMPANY INFORMATION
Directors
Mr M Miles
Ms A Aswani
Mr A J York
Ms S R Ludlow Taylor
Ms J K Black
Ms C J Forbes
Ms F Wheatley
Ms L Brown
(Appointed 3 October 2023)
Ms A M Pike
(Appointed 1 February 2024)
Mr C R Sutton
(Appointed 7 July 2024)
Company number
11882463
Registered office
Unit 3, Curo Park
Frogmore
St Albans
Hertfordshire
AL2 2DD
Accountants
Rayner Essex LLP
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
FOOD NETWORK FOR ETHICAL TRADE
CONTENTS
Page
Directors' report
1
Accountants' report
2
Income and expenditure account
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 8
FOOD NETWORK FOR ETHICAL TRADE
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The Food Network for Ethical Trade (FNET) is a collaborative initiative aiming to use the collective leverage of suppliers and retailers to bring about positive change in working conditions in global food, beverage and horticulture supply chains by providing guidance, resources, training and opportunities for collaboration.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M Miles
Ms A Aswani
Mr A J York
Ms S R Ludlow Taylor
Dr S J New
(Resigned 3 October 2023)
Mr P J Williams
(Resigned 3 October 2023)
Ms J K Black
Ms C J Forbes
Ms F Wheatley
Ms H Moulinos
(Appointed 29 August 2023 and resigned 12 April 2024)
Mr B Summers
(Appointed 3 October 2023 and resigned 14 December 2023)
Ms L Brown
(Appointed 3 October 2023)
Ms A M Pike
(Appointed 1 February 2024)
Mr C R Sutton
(Appointed 7 July 2024)
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Ms L Brown
Director
25 September 2024
FOOD NETWORK FOR ETHICAL TRADE
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FOOD NETWORK FOR ETHICAL TRADE FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Food Network for Ethical Trade for the year ended 31 January 2024 which comprise the income and expenditure account, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Food Network for Ethical Trade, as a body, in accordance with the terms of our engagement letter dated 26 February 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Food Network for Ethical Trade and state those matters that we have agreed to state to the board of directors of Food Network for Ethical Trade, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Food Network for Ethical Trade and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Food Network for Ethical Trade has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of Food Network for Ethical Trade. You consider that Food Network for Ethical Trade is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Food Network for Ethical Trade. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rayner Essex LLP
25 September 2024
Chartered Accountants
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
FOOD NETWORK FOR ETHICAL TRADE
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
2024
2023
£
£
Income
363,326
201,474
Cost of sales
(328,690)
(186,107)
Gross surplus
34,636
15,367
Administrative expenses
(11,147)
(11,316)
Operating surplus
23,489
4,051
Interest receivable and similar income
4
3
Interest payable and similar expenses
-
0
(13)
Surplus before taxation
23,493
4,041
Tax on surplus
(4,471)
(902)
Surplus for the financial year
19,022
3,139

The income and expenditure account has been prepared on the basis that all operations are continuing operations.

FOOD NETWORK FOR ETHICAL TRADE
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 4 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
334,493
22,953
Cash at bank and in hand
138,084
97,807
472,577
120,760
Creditors: amounts falling due within one year
5
(407,097)
(74,302)
Net current assets
65,480
46,458
Reserves
Income and expenditure account
65,480
46,458
Members' funds
65,480
46,458

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Ms L Brown
Director
Company registration number 11882463 (England and Wales)
FOOD NETWORK FOR ETHICAL TRADE
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
Income and expenditure
£
Balance at 1 February 2022
43,319
Year ended 31 January 2023:
Surplus and total comprehensive income
3,139
Balance at 31 January 2023
46,458
Year ended 31 January 2024:
Surplus and total comprehensive income
19,022
Balance at 31 January 2024
65,480
FOOD NETWORK FOR ETHICAL TRADE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
1
Accounting policies
Company information

Food Network for Ethical Trade is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 3, Curo Park, Frogmore, St Albans, Hertfordshire, AL2 2DD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Membership fees are invoiced at the start of the financial year and are fully recognised in the year in which they relate to.

 

Project income is recognised at the point project costs can reliably be measured.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

FOOD NETWORK FOR ETHICAL TRADE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
8
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
333,993
8,266
Other debtors
500
14,687
334,493
22,953
FOOD NETWORK FOR ETHICAL TRADE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
33,283
25,683
Corporation tax
4,495
902
Other taxation and social security
37,329
-
0
Other creditors
331,990
47,717
407,097
74,302
6
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

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