REGISTERED COMPANY NUMBER: 03525955 (England and Wales) REGISTERED CHARITY NUMBER: 1073291
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2024
for
Independence Initiative Limited
V & R Accountancy Services Limited Chartered Certified Accountants Cropton House Three Tuns Lane Formby Merseyside L37 4AQ
Independence Initiative Limited
Contents of the Financial Statements for the Year Ended 31 March 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 8 |
| Independent Examiner's Report | 9 | ||
| Statement of Financial Activities | 10 | ||
| Balance Sheet | 11 | to | 12 |
| Notes to the Financial Statements | 13 | to | 20 |
Independence Initiative Limited (Registered number: 03525955)
Report of the Trustees
for the Year Ended 31 March 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Aims and Objects of the Charity are:
-To promote social inclusion for the public benefit by preventing people from being socially excluded by relieving their needs and assisting them to integrate into society.
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The relief of poverty, the physical and mental sickness and distress of persons in need by reason of addiction to drugs, alcohol and other similar substances and their families, in particular (but without prejudice to the generality of the foregoing) by the provision services designed to facilitate the long term rehabilitation of such persons and the provision of support to their families.
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The prevention of dependence on drugs, alcohol and other similar substances.
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The education and training of the public regarding the dangers of drugs, alcohol and other similar substances and constructive means of dealing with such dangers.
The charity's definition of 'socially excluded' means being excluded from society, or parts of society, as a result of one of more of the following factors: substance abuse or dependency including alcohol and drugs; ill health (physical or mental); relationship and family breakdown; domestic violence; unemployment; financial hardship; poor housing (that is housing that does not meet basic habitable standards; crime (either as a victim of crime or as an offender rehabilitating into society).
Significant activities
Historically, the unique selling point of the organisation has been the one-to-one nature of support we have provided to people experiencing substance misuse problems. Highly personalised support over a period has included crisis support, access to psychosocial interventions and creative methods of engagement designed to build confidence and self-esteem as a foundation for more effective recovery. This has been broadened to people leaving secure estates that can become residents of our transitional housing project "The Key". People are referred to us from local prisons, other key agencies, probation services, and GP's. Each person is assessed, and an individual action plan is negotiated with them that meets their short, medium and long-term aspirations. However, our activities have evolved, and our one-to-one model of support is now supplemented with small group work with our residents and other community members. We continue to grow and develop our wider role in the community through which we are involving and supporting people facing social exclusion and isolation.
The Key, our transitional housing service based at our Balliol Road site and in our houses in the community, has been continued during this year. We remain a significant provider of transitional housing for people experiencing substance misuse problems combined with other chronic issues. So, we provide stable housing and intensive support for people experiencing difficult combinations of drug and alcohol use, offending histories, mental ill-health, homelessness, and long-term physical health conditions. During this financial year however, the number of beds available was 19. We have housed 34 people during 2023/24.
"The Indy Pantry", our community membership scheme that allows people to get great value for money on a weekly shop for food and other essential goods, has grown significantly in terms of membership and weekly visitors. From 530 to 685 members, and an average of 105 visits per week (as of April 2024.
Independence Initiative has continued to work much more closely with the local community, delivering on several "Micro Projects" such as gardening, canoeing, football, canal cleanups, and delivering courses in Digital Skills, Numeracy, Employment, Art & Crafts, and others too.
Page 1
Independence Initiative Limited (Registered number: 03525955)
for the Year Ended 31 March 2024
Report of the Trustees
OBJECTIVES AND ACTIVITIES
Public benefit
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
The public benefits we deliver through both the Key and our wider projects are:
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reductions in the risk of homelessness, the risks of crime and the fear of crime
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reducing the costs to society of criminality
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improving the levels of physical and mental health (including substance misuse), reduce emergency attendances at A&E and the number of in-patient nights
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helping reduce the impact of addiction on children, families and the wider community and motivate clients to develop the skills required to improve their options in the labour market.
Significantly during this year we have helped reduce food poverty, and have supported our community with regard to the national cost of living crisis.
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Independence Initiative Limited (Registered number: 03525955)
for the Year Ended 31 March 2024
Report of the Trustees
ACHIEVEMENT AND PERFORMANCE Operating Highlights
During 2023/24 we continued with our transitional housing, and we managed to maintain a level of support that assisted our residents throughout the year. Part way through the year we reduced the number of beds we offer from 25 to 19. We vacated one property that had become difficult to occupy for reasons of local anti-social behaviour. We were also affected by a reduction in referrals from the Probation Services during the first Quarter as a result of "through the gate" operations being greatly reduced. The number of residents we will be able to help should increase as we look to build on the success of the Davidson Prize (https://thedavidsonprize.com/results/2023-results) as mentioned in the "Looking Forward" section of this report.
For a number of relatively unconnected reasons the financial statements show an unrestricted deficit of £10,693. Occupancy in two of our transitional houses dropped dramatically from November 23 to January 24, before recovering gradually through the early part of 2024 back up to target levels. This meant that the overall occupancy across the year turned out at 15.25 residents, some way down below the 16.75 resident target built into the 2023/24 budget. As a result the income for the houses was approximately £19.4k lower than anticipated. However, anticipated income from residents' housing benefit had been forecast higher meaning that overall this was only £10k lower than the previous year.
There were also reduced levels of grant income in year as 2 years income had been received in the previous year from one funder , and increased costs during the year, in particular energy costs. During 2024/25 we have put in place closer monitoring of occupancy levels in our properties and we continually review our financial information. We can see this reflected in the first months of 2024/25.
Moving forward we have identified several new agencies who are keen to work with us in finding effective housing for local people who are often at risk of homelessness and in need of wraparound psychosocial support. We have continued to offer people personal support, facilitated access to local health, advice, and other welfare services, encouraged the re-development of connections with families (where appropriate), facilitated positive group activities such as gardening and maintenance projects and supported access to learning and employability programmes. This continued throughout the year.
To provide examples of the kind of challenges that our beneficiaries face and the ways in which we discharge our public benefit and pursue our charitable aims, we set out (below) two case studies from people we have supported during the year.
Case Study 1 - Male 48
I have never been so grateful for a service like The Indy. I have struggled with substance misuse and mental health since being a teenager. I was at my lowest ebb, when I was referred to the Indy by probation.
I have been a repeat Offender and drug user all my adult and jail replaced my family. I was in children's homes and young offenders and adult make prison all for short bouts.
Every time I was discharged the same pattern of acquisitive petty crime to feed my addiction would start and I would have no address to register with a GP so I would be without mental health medication; everything would spiral, and the same pattern would emerge.
My family has long disowned me. So the only route I knew was to commit an offence to go back into the system, where I knew I would get food, shelter and warmth and safety.
The turning point for me was being beat up by other rough sleepers who stole my shoes and coat. I ended up hospitalised and nearly lost my sight. I knew something had to change at this point.
I met with the team at the Indy and immediately felt at ease. I felt safe. I haven't bathed or shaved for weeks, and they didn't judge me. I moved in and I felt safe. They helped with all my basic needs, benefits, GP all of which I struggle to set up and maintain. I had nothing, clothes were provided, toiletries, I got my dignity and self-respect back.
I was able to keep my outpatients' appointments with staff assisting, the consultant said I would have lost my sight if I hadn't attended aftercare, I'm so grateful for this.
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Independence Initiative Limited (Registered number: 03525955)
Report of the Trustees for the Year Ended 31 March 2024
I have completed several courses, IT, maths, and maintain the garden (excellent therapy for me). I also have two volunteer positions, one at a local community centre in the garden and one at the Indy Pantry. I have also attended an offsite first aid course too.
I am making steps back to integrate with my family but understand this will also take time.
I am so grateful for the support the Indy has offered me as it's allowed me to feel like a person again, not a number, not an Offender not a nuisance to society!
Case Study 2 - Male 38
I never thought that I would end up in the position I found myself in. Homeless. Broken relationship. Estranged child. Disowned by family. On probation.
I was a first time Offender at 34. I had a job. I'd travelled. I had a family and a mortgage, owned a car. I was on paper living the dream. I had always struggled with my mental health. I'm the oldest child of alcoholic parents and there is deep seated adverse childhood experience. I did not realise the impact this would have on me, until I started using cocaine.
At first it was just the weekend, wind down from a stressful week, that's what I told myself. It got to the point where I was using in the car most mornings before school run and work.
My mental health was chronic, my finances, relationships, my drug debts and my self-esteem. I spiralled quickly and self-loathing was a massive part of the self-destruction. I despised myself, I was repeating a pattern with my own family and couldn't stop it, passing the pain down onto the next generation, my daughter. I felt guilt and shame.
I committed serious offences whilst under the influence of cocaine, drug induced psychosis.
I have little recollection but know it had a huge impact on the victims and my family. I was ashamed. I vowed during my sentence to get help and support. The resettlement team put me in touch with Independence Initiative. I had a three-way video call whilst In custody with the manager and probation. I knew this was the service for me.
I couldn't return home due to exclusion zones and due to my crime, my extended family didn't want to house me either.
The Indy not only offered me a safe space but a home. A sense of belonging and being part of a community. They have helped sign post me to counselling for trauma (received as a child) and I am now under a specialist mental health team as I do have a mental health diagnosis with ongoing support and direct access. I have access albeit supervised with my daughter. I have received help with budgeting, shopping most independent living skills (I did not have any on arrival).
I have completed a lot of in-house courses for personal development and with a view to volunteering in the future. I know I would not have got this far without the indy, as I have struggled with support, so I know on my own I would have been recalled to prison for poor behaviour and lack of engagement.
It's like being part of a team here, the staff are always cheering you and motivating you to do better. They care, it shows, they invest in you, and it makes you want to invest in yourself.
Page 4
Independence Initiative Limited (Registered number: 03525955)
Report of the Trustees for the Year Ended 31 March 2024
ACHIEVEMENT AND PERFORMANCE
Fundraising activities
At the start of 2023/24 we implemented an updated funding strategy that included grant applications for The Key properties, the Pantry, and grant/trust funding.
During this financial year we continued to receive income from the National Lottery Reaching Communities Fund (£65.4k), and from Lloyds Bank Foundation (£25k)
Other significant grant funding included:
- Our contract with VOLA to deliver Digital Inclusion skills to residents of Sefton as part of the IT-Mersey contract continued. This contract was worth £16.4k during 2023/24 - We received funding from WEA for Numeracy courses worth £17.2k.
We also managed to receive a large number of other grants that are listed below:
| Summer/Winter Clothing | £4,000 | Provision of clothing grants to community members |
|---|---|---|
| Warm Hub 23/24 | £4,000 | Provision of facilities for community members |
| Community Cashback | £5,000 | |
| UKSPF Digital Inclusivity | £6,720 | For supply of new IT equipment and broadband |
| Neighbourly - B&Q Foundation | £4,760 | Grant for roof repairs |
| Sefton CVS Heritage Grant | £2,000 | Grant towards construction of pergola |
| Total | £26,480 |
We also received several grants towards the running costs of our community Pantry "Indy Pantry" totalling £24.1k as follows:
| Sefton Councillors | £2,000 |
|---|---|
| Duchy of Lancaster | £3,000 |
| Feeding Britain | £1,500 |
| Neighbourly | £250 |
| Enterpise Credit Union | £775 |
| J H Rausing | £6,620 |
| Feeding Liverpool (LCR) | £8,960 |
| ASDA Foundation | £1,000 |
| Total | £24,105 |
Our grant funding strategy looking forward focuses on providing additional and enriching activities for our residents as well as continuing to respond to the needs of the wider community across North Merseyside to engage people facing some of the same complex and multi-faceted challenges as our residents.
The charity Choose Life continues to operate from and provide services at the Balliol Road premises and we continue to offer space for local groups from the wider community.
FINANCIAL REVIEW
Reserves policy
As an organisation with ever-increasing demand for its services, the Board of Trustees believes that the Charity should be able to maintain free (unrestricted) reserves within a range that equates to between 3 and 6 months of operating costs for the organisation. These reserves should be held in cash or easily realisable form. This position is currently being achieved but is regularly monitored.
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Independence Initiative Limited (Registered number: 03525955)
Report of the Trustees
for the Year Ended 31 March 2024
LOOKING AHEAD
Ongoing strategic plans have been considered throughout the year, and we continue to focus activities and plans on our transitional housing project, aiming to grow our occupancy levels over the next 12 months. We also continue to work alongside One Vision Housing as they provide fast-track access to suitable social housing for residents leaving our accommodation.
The community pantry (The Indy Pantry) has proved to be very popular with members of the local community and will continue to enhance our premises as a community hub. Over the past year the weekly average number of member visits have risen to 105 per week, clearly demonstrating the need for such a service.
We continue to plan for the future of our current site as a result of winning The Davidson Prize for 2023. The theme of the third annual Davidson Prize was "Somewhere to Call Home". The brief asked multi-disciplinary teams to communicate innovative design solutions for a home community where people who have experienced the trauma of homelessness and housing insecurity are given time to settle, recover, and find their bearings. This was presented in partnership with MUTT architects and Neighbourhood. If our planning applications are successful this will potentially increase the number of available rooms at our Balliol Road site from 9 to 16 in the first phase with the potential for significantly more in later phases.
We believe we have developed a reputation with funders for effective project delivery and hope to build on this over time. Continued and ongoing investment in grassroots community work is seen as essential, alongside the development of potential partnerships across a range of themes and priorities.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
The original trustees were board members of Bootle Maritime City Challenge, the original fund provider. They came a steering group, and when the organisation became a Charity, they became the founding members and trustees. In 1998 Independence Initiative became the successor body.
Gaps in the skills required were identified, and individuals were recruited to fill the vacancies. All trustees submit themselves to re-election every three years. As individuals resigned replacements were recruited through advertising and networks to reflect the changing needs of the organisation.
All trustees are given induction into the work of the organisation and the duties of trustees. Developmental publications, recommended by the Charity Commission, are distributed to all trustees that are specific to the roles of chair and trustee. Trustees benefit from peer learning opportunities as many of them have vast experience elsewhere on other committees and boards in the voluntary sector, and also in statutory and business settings.
The trustees are appointed by the members of the company and one third of the trustees normally retires by rotation each year and are eligible for re-election at the Annual General Meeting.
Organisational structure
The Independence Initiative is governed by its board of trustees, who are also Directors for the purposes of company law. The trustees are responsible for setting the strategic direction of the organisation and for establishing policy. The Board aims to meet at least four times a year. The Board delegates the management of the organisation to the Chief Executive, who in turn leads a staff team with specific areas of responsibility.
Induction and training of new trustees
New trustees receive information packs about the charity showing the previous year's financial statements, various officer's reports, business plans and organisational structure. Newly appointed trustees gain experience by attending various trustee meetings.
Strategy Sub Group
During the year a sub-group met on a regular basis to analyse financial and strategic issues in detail to clarify them for consideration and final approval by the Board.
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Independence Initiative Limited (Registered number: 03525955)
Report of the Trustees for the Year Ended 31 March 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Related parties
No transactions occurred during the year with related parties.
Risk management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The Trustees have assessed the major strategic, business and operational risks to which the Charity is exposed and are satisfied that systems have been established to mitigate our exposure to major risks.
Further to this, the Trustees have in place the appropriate insurance policies, including Trustees Indemnity Insurance. The Charity maintains a contingency to meet most situations including closure costs should this be required.
Regular Health and Safety and Risk Assessments are carried out and reviewed as required. All clients, staff and visitors are required to sign in and out of the building to ensure known numbers are in the building. Internal risk is assessed with all staff members.
A part of the building contains a "Safe Store" which contains all valuable items and is kept locked. All items of equipment and materials are signed out of the store and in again after use.
PAT Testing is carried out by an authorised person on an annual basis.
Mobile phones are provided for all staff and Managers are on-call 24 hours a day 7 days a week to support staff in the Key.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
03525955 (England and Wales)
Registered Charity number
1073291
Registered office
64-68 Balliol Road Bootle Merseyside L20 7EJ
Trustees
Nigel Edmund Bellamy Barry Canning Eaton Stuart Anton Creak Simon Morris CHAIR Fiona Jean Smith (resigned 23.10.23) Jon Wild Sharon McGuinness
Independent Examiner
V & R Accountancy Services Limited Chartered Certified Accountants Cropton House Three Tuns Lane Formby Merseyside L37 4AQ
Page 7
Independence Initiative Limited (Registered number: 03525955)
for the Year Ended 31 March 2024
Report of the Trustees
REFERENCE AND ADMINISTRATIVE DETAILS
Solicitors
Brabners LLP Horton House Exchange Flags Liverpool L2 3YL
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Simon Morris - Trustee
Page 8
Independent Examiner's Report to the Trustees of Independence Initiative Limited
Independent examiner's report to the trustees of Independence Initiative Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
G J Rummens FCCA
The Association of Chartered Certified Accountants
V & R Accountancy Services Limited
Chartered Certified Accountants Cropton House Three Tuns Lane Formby Merseyside L37 4AQ
Date: .............................................
Page 9
Independence Initiative Limited
Statement of Financial Activities
for the Year Ended 31 March 2024
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 777 Charitable activities Support services 154,411 Community pantry 26,095 Investment income 2 833 Total 182,116 EXPENDITURE ON Charitable activities Support services 185,244 Community pantry 7,565 Total 192,809 NET INCOME/(EXPENDITURE) (10,693) RECONCILIATION OF FUNDS Total funds brought forward 303,669 TOTAL FUNDS CARRIED FORWARD 292,976 |
Restricted funds £ - 151,018 24,105 - 175,123 177,644 24,105 201,749 (26,626) 41,489 14,863 |
31.3.24 Total funds £ 777 305,429 50,200 833 357,239 362,888 31,670 394,558 (37,319) 345,158 307,839 |
31.3.23 Total funds £ 4,966 370,498 26,041 407 |
|---|---|---|---|
| 401,912 | |||
| 357,461 17,234 |
|||
| 374,695 | |||
| 27,217 317,941 |
|||
| 345,158 |
The notes form part of these financial statements
Page 10
Independence Initiative Limited (Registered number: 03525955)
Balance Sheet 31 March 2024
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 6 296,071 CURRENT ASSETS Stocks 7 4,259 Debtors 8 3,010 Cash at bank and in hand 33,963 41,232 CREDITORS Amounts falling due within one year 9 (14,258) NET CURRENT ASSETS 26,974 TOTAL ASSETS LESS CURRENT LIABILITIES 323,045 CREDITORS Amounts falling due after more than one year 10 (30,069) NET ASSETS 292,976 FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ 3,605 - - 11,258 11,258 - 11,258 14,863 - 14,863 |
31.3.24 Total funds £ 299,676 4,259 3,010 45,221 52,490 (14,258) 38,232 337,908 (30,069) 307,839 292,976 14,863 307,839 |
31.3.23 Total funds £ 297,946 1,500 81 95,712 97,293 (14,628) 82,665 380,611 (35,453) 345,158 303,669 41,489 345,158 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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Independence Initiative Limited (Registered number: 03525955)
Balance Sheet - continued 31 March 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Simon Morris - Trustee
The notes form part of these financial statements
Page 12
Independence Initiative Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The trustees and management continue to closely monitor the charity's finance in order to make certain it remains in a position to meet its short term liabilities as they fall due, and to be able to discharge any outstanding liabilities in the event of winding up. Short term working capital requirements are met through the use of an approved overdraft facility. No adjustments have been made in these financial statements to reflect the position if the charity ceased as a gong concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Governance costs
Expenditure on the governance costs of the charity includes both direct and apportioned staff support costs. The apportioned staff costs are allocated to governance costs on the basis that they represented an element that specifically relate and contribute to the strategic and future development of the charity.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Freehold property | - not provided |
|---|---|
| Fixtures and fittings | - 25% on reducing balance and Straight line over 4 years |
| Motor vehicles | - 3% on cost |
| Computer equipment | - 3% on cost |
The Freehold Property is not being depreciated as it is the charity's policy to continually review the value and maintain it out of expenditure charged to revenue to a standard which ensures that the estimated residual value exceeds the NBV.
A deed of covenant is in place whereby on sale of the property for any use other than a drug rehabilitation centre, an amount of 50% of the difference between the sale value and open market value with restricted use is payable to the Metropolitan Borough Council of Sefton. As there is no intention to sell the property, no liability (either contingent ot actual) is provided in these financial statements. This restriction expires on 24th July 2038.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
continued...
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Independence Initiative Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. INVESTMENT INCOME
3.
| INVESTMENT INCOME | ||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Deposit account interest | 833 | 407 |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Depreciation - owned assets | 3,583 | 3,092 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Chief Executive Client Support Services Management & Admin General Charitable Activities |
31.3.24 1 5 3 5 14 |
31.3.23 1 4 3 4 |
|---|---|---|
| 12 |
No employees received emoluments in excess of £60,000.
continued...
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Independence Initiative Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
6. TANGIBLE FIXED ASSETS
| Fixtures Freehold and Motor property fittings vehicles £ £ £ COST At 1 April 2023 295,000 54,692 2,750 Additions - - - At 31 March 2024 295,000 54,692 2,750 DEPRECIATION At 1 April 2023 - 52,855 2,084 Charge for year - 704 666 At 31 March 2024 - 53,559 2,750 NET BOOK VALUE At 31 March 2024 295,000 1,133 - At 31 March 2023 295,000 1,837 666 7. STOCKS Stocks 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 11) Trade creditors Social security and other taxes Pension Accrued expenses |
Computer equipment £ 4,381 5,313 9,694 3,938 2,213 6,151 3,543 443 31.3.24 £ 4,259 31.3.24 £ 3,010 31.3.24 £ 5,385 396 2,730 832 4,915 14,258 |
Totals £ 356,823 5,313 |
Totals £ 356,823 5,313 |
|---|---|---|---|
| 362,136 | |||
| 58,877 3,583 |
|||
| 62,460 | |||
| 299,676 | |||
| 297,946 | |||
| 31.3.23 £ 1,500 31.3.23 £ 81 31.3.23 £ 5,252 1,538 2,610 313 4,915 14,628 |
|||
| 14,628 |
Page 15
continued...
Independence Initiative Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| 31.3.24 | 31.3.23 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans (see note 11) | 30,069 | 35,453 | |
| 11. | LOANS | ||
| An analysis of the maturity of loans is given below: | |||
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| Amounts falling due within one year on demand: | |||
| Bank loans | 5,385 | 5,252 | |
| Amounts falling between one and two years: | |||
| Bank loans - 1-2 years | 5,521 | 5,385 | |
| Amounts falling due between two and five years: | |||
| Bank loans - 2-5 years | 17,415 | 16,985 | |
| Amounts falling due in more than five years: | |||
| Repayable by instalments: | |||
| Bank loans more 5 yr by instal | 7,133 | 13,083 |
The above constitutes a loan received under the Bounce Back Loan Scheme which is repayable by instalments over 5 years, commencing in June 2021, with an interest of 2.5%.
12. MOVEMENT IN FUNDS
| Unrestricted funds General fund Cessation fund Restricted funds The National Lottery (BBO - Digital Inclusion) VOLA The National Lottery Community Fund - Reaching Communities Nationwide Community Foundation TOTAL FUNDS |
At 1.4.23 £ 282,893 20,776 303,669 88 - 10,148 31,253 41,489 345,158 |
Net movement in funds £ (10,693) - (10,693) (25) 3,542 1,110 (31,253) (26,626) (37,319) |
At 31.3.24 £ 272,200 20,776 |
|---|---|---|---|
| 292,976 63 3,542 11,258 - |
|||
| 14,863 | |||
| 307,839 |
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continued...
Independence Initiative Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds The National Lottery (BBO - Digital Inclusion) Lloyds Bank Foundation E&W Sefton CVS The Asda Foundation VOLA The National Lottery Community Fund - Reaching Communities Feeding Liverpool Nationwide Community Foundation J H Rausing Neighbourly Foundation Merseyside Community Foundation Workers Education Association Sefton Council Duchy of Lancaster Benevolent Fund Enterprise Credit Union Feeding Britain TOTAL FUNDS |
Incoming resources £ 182,116 - 25,000 10,000 1,000 23,702 65,405 8,960 - 6,620 5,010 5,000 17,151 2,000 3,000 775 1,500 175,123 357,239 |
Resources Movement expended in funds £ £ (192,809) (10,693) (25) (25) (25,000) - (10,000) - (1,000) - (20,160) 3,542 (64,295) 1,110 (8,960) - (31,253) (31,253) (6,620) - (5,010) - (5,000) - (17,151) - (2,000) - (3,000) - (775) - (1,500) - (201,749) (26,626) (394,558) (37,319) |
|---|---|---|
continued...
Page 17
Independence Initiative Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Cessation fund Restricted funds The National Lottery (BBO - Digital Inclusion) Hemby Trust Lloyds Bank Foundation E&W The National Lottery Community Fund - Reaching Communities Nationwide Community Foundation TOTAL FUNDS |
At 1.4.22 £ 282,885 20,776 303,661 122 500 1,140 12,518 - 14,280 317,941 |
Net movement in funds £ 8 - 8 (34) (500) (1,140) (2,370) 31,253 27,209 27,217 |
At 31.3.23 £ 282,893 20,776 |
|---|---|---|---|
| 303,669 88 - - 10,148 31,253 |
|||
| 41,489 | |||
| 345,158 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds The National Lottery (BBO - Digital Inclusion) Hemby Trust Lloyds Bank Foundation E&W ESF Community Grants Programme Sefton CVS Aldi Community Cupboard The Asda Foundation The National Lottery Community Fund - Reaching Communities Feeding Liverpool Kickstart Nationwide Community Foundation One Stop Regenerus Warm Welcome Energy TOTAL FUNDS |
Incoming resources £ 186,351 28,718 - 27,250 11,000 13,212 1,000 1,500 76,870 4,850 6,511 41,670 1,000 980 1,000 215,561 401,912 |
Resources Movemen expended in funds £ £ (186,343) 8 (28,752) (34 (500) (500 (28,390) (1,140 (11,000) - (13,212) - (1,000) - (1,500) - (79,240) (2,370 (4,850) - (6,511) - (10,417) 31,253 (1,000) - (980) - (1,000) - (188,352) 27,209 (374,695) 27,217 |
Resources Movemen expended in funds £ £ (186,343) 8 (28,752) (34 (500) (500 (28,390) (1,140 (11,000) - (13,212) - (1,000) - (1,500) - (79,240) (2,370 (4,850) - (6,511) - (10,417) 31,253 (1,000) - (980) - (1,000) - (188,352) 27,209 (374,695) 27,217 |
|---|---|---|---|
| 27,209 | |||
| 27,217 |
continued...
Page 18
Independence Initiative Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
14. RESTRICTED FUNDS
ESF Community Grants - Workers Educational Association
This fund represents a grant that is helping many people in the Liverpool City Region who face additional barriers in the labour market to improve their employability and gain employment.
United Kingdom Shared Prosperity Fund (UKSPF) - Workers Educational Association
This fund represents new government-funded programme to help adults improve their numeracy skills called MULTIPLY.
- Neighbourly B&Q Foundation
This fund represents a grant towards the costs associated with roof repairs.
ASDA
This fund represents a grant towards the costs associated with running a community pantry.
Summer & Winter Clothes - Sefton CVS
This fund represents a grant towards providing clothing, bedding, and other items to residents of Sefton during the current cost of living crisis.
Warm Hub - Sefton CVS
This fund represents a grant towards providing a community space during the winter months for community members during the current cost of living crisis.
- Feeding Britain Liverpool City Region
This grant represents a grant towards the costs associated with running a community pantry. Feeding Liverpool is the City of Liverpool's food alliance, connecting and equipping people and organisations to work towards good for all. Building on their work since 2015 tackling hunger and food insecurity.
Sefton Councillors
This fund represents a grant towards the cost of energy within the Indy Pantry, and to gardening projects on site.
J H Rausing
This fund represents a grant towards the costs of staff, volunteers, food and distribution costs associated with running a community pantry
Duchy of Lancaster
This fund represents a grant towards the costs of purchasing food stocks for a community pantry
Feeding Liverpool
This fund represents a grant towards the costs of purchasing food stocks for a community pantry
Sefton at 50 Hearts of Gold Fund
This fund represents a grant from Sefton at 50 Hearts of Gold Fund for heritage projects and activities across Sefton.
Community Cashback
This fund represents a grant towards the costs of continuing to provide wraparound support for residents (prison leavers) by offering training, link up services with GPs, benefits access etc.
UKSPF Digital Connectivity
This fund represents a grant towards the costs of providing IT facilities for the community. The Digital Connectivity for Community Facilities grant programme is part of the Liverpool City Region Combined Authority's (LCRCA's) local UK Shared Prosperity Fund (UKSPF) investment plan
continued...
Page 19
Independence Initiative Limited
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
14. RESTRICTED FUNDS - continued
Enterprise Credit Union
This fund represents a grant towards the costs associated with running a community pantry.
15. UNRESTRICTED FUNDS
The general (unrestricted) fund may be used at the discretion of the board of trustees in furtherance of the charitable company's objectives.
16. DESIGNATED FUND
The cessation fund was set aside by the charity trustees/directors in the event of the charity winding up its activities. The amount designated is an estimate of the additional costs that would be incurred upon cessation.
Page 20