OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Community Initiatives South West Limited

2024-03-31-accounts

Charity Registration No. 1125905

Company Registration No. 06130395 (England and Wales)

COMMUNITY INITIATIVES SOUTH WEST LIMITED

T/A FARESHARE SOUTH WEST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

First Floor, Premier House 127 Duckmoor Road Ashton Gate Bristol United Kingdom BS3 2BJ

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST CONTENTS

Page
Company informaton 1
Trustees' report 2 - 13
Statement of Trustees' responsibilites 14
Independent auditor's report 15 - 19
Statement of fnancial actvites 20
Balance sheet 21
Statement of cash fows 22
Notes to the fnancial statements 23 - 39

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST LEGAL AND ADMINISTRATIVE INFORMATION

Trustees J Ingleby
T Hogg
C Ackland
A Street (Chair)
C L Burden (Appointed 25 May 2023)
B R Eaves (Appointed 25 May 2023)
Secretary A John
Charity number 1125905
Company number 06130395
Registered ofce Unit 4
Litle Ann Street
St Judes
Bristol
BS2 9EB
Auditor TC Group
First Floor, Premier House
127 Duckmoor Road
Ashton Gate
Bristol
United Kingdom
BS3 2BJ
Bankers Lloyds Bank PLC
98 Victoria Street
London
SW1E 5JL
Solicitors Osborne Clarke LLP
Halo
Counterslip
Bristol
BS1 6AJ

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their report and financial statements for the year ended 31 March 2024

These financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charity's Memorandum and Articles of Association dated 30 June 2008, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

The Charity's objects under its Memorandum are:

Our main activity, which is enabled by our volunteering and employability programme, is the redistribution of surplus food arising from the food industry to its network of members (called Community Food Members or CFMs) across the South West of England, who in turn use the food to deliver social impact. CFMs are either charities, not-for-profit organisations, schools, community groups or social enterprises who support people struggling with hunger in the region.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

The main activities undertaken in relation to the objects

The Charity is the South West region’s biggest food charity and a lifeline for frontline charities from Gloucestershire to Cornwall. It is an independent charity in the UK FareShare network that is co-ordinated by FareShare (Charity 1100051).

We’re part of the solution to our broken food system . We rescue quality surplus food that would otherwise go to waste and share it with charities and other organisations to bring health, dignity, and joy to people from Gloucestershire to Cornwall. Food for a colossal 10 billion meals is wasted by the UK food industry every year, with devastating climate impact. We work directly with farmers, manufacturers, suppliers, and retailers across the south west to rescue their surplus food and fight the injustice of who gets to afford a healthy diet: over 50% of the food we rescue is fresh vegetables, fresh fruit and dairy produce.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

We work in partnership to create positive social change. The CFMs we share food with transform lives, using food to connect people with other support and routes out of poverty, including children and families, people on low incomes, homeless people, refugees, domestic abuse survivors, people in recovery, older people, and many others. Our food is used to create food parcels, create pantry models, teach cooking skills, or prepare and host nourishing meals that enables community, dignity, and routes out of poverty. Our CFM scheme ensures that surplus food is safe, compliant, and traceable.

We offer opportunities for people to thrive. Our diverse volunteers make up 90% of our team, providing support to sort and deliver food for over four million meals a year. In return, we provide them with a meaningful and empowering experience that offers community, purpose, work experience and more, whatever their background or reason for volunteering. Our youth employability programme, FareChance, offers tailored personal development and on-the-job training to 18–25-year-olds who are out of work and education, in order to grow confidence, give back to their communities and gain personal empowerment and skills for life.

In order to support and sustain the growth of our work, the Charity engages in a range of fundraising activities, including applying for grants, securing corporate and individual donations, and organising community events.

The Charity is an independent local charity, working in partnership with the FareShare network of charities. By being part of the network, we can help rescue more food. By being relatively small and independent, we can remain close to our local partners and people, and continuously adapt to meet the needs of our local communities across the region.

We would be unable to operate without our volunteers who give their time for free to sort food in our warehouses and deliver it to CFMs. In return, we provide volunteers with a supported, meaningful experience that offers community, purpose, qualifications and work placement and training opportunities. Our volunteers come from diverse backgrounds, including young people, those with or recovering from life-controlling addictions, ex-offenders, refugees and asylum seekers, people with learning disabilities, disability or mental health conditions, long-term unemployed or retired people and students. We run a special 12-week employability programme alongside our main volunteer programme called FareChance for 18–25-year-olds who are not currently in employment, education or training.

To support and sustain the growth of our work, the Charity engages in a range of fundraising activities, including applying for grants, securing corporate and individual donations and organising community events.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objects in planning future activities.

Achievements and performance

This year the cost-of-living crisis has continued at pace, with almost one in three children (4.3 million) in the UK living in poverty - the fastest rise in deprivation since 2015. With healthy food over three times more expensive per calorie than unhealthy food, hundreds of thousands of families in the South West region were unable to access enough fresh, nutritious ingredients to thrive. At the same time millions of tonnes of perfectly good, quality food was still being wasted in the UK, creating an environmental catastrophe.

This rising demand was felt by the Charity, with a waiting list of over around 300 potential CFMs, representing around 34,000 people desperate for our food. At the same time, we have seen our costs – and competition for income – rising again.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Despite this sustained pressure, we’ve increased our support for vulnerable people and been able to push forward many of our plans for progress. In the year under review we:

Food rescue and redistribution

Continued impacts from inflation and the cost-of-living crisis has seen sharp increases in operating and raw material costs for food businesses, resulting in an increased spotlight on reducing their waste or surplus food. Ambient and retail food stocks have been particularly affected with major retail brands changing their processes at the distribution centre level. Other suppliers are increasingly looking for ways to recover some costs and sell surplus to discounters. Also, as companies see their employees struggling financially, they have been diverting surplus to highly discounted staff shops. These changes are to be celebrated in our shared vision for tackling food waste and poverty: however, they do challenge our ability to glean enough food to meet the rising demand across the wider community.

The types of food we are sourcing have followed the positive trend we saw in the last year, with far higher volumes of high-value nutritious fresh fruit and vegetables and other chilled produce in comparison to ambient food e.g. tins and packets. Whilst volume from some suppliers has decreased, “work in progress” stock – for instance pie filling or curry sauce destined for a ready meal - has increased. This has allowed us to support more CFMs who cook on-site and provide wraparound support.

This year we rescued 471 tonnes of food from 67 local suppliers – an increase of 25% from last year – on top of the 1,469 tonnes of food from national retailers and manufacturers. Food included turkey from Field & Flower, brassicas from Riverford Organic, tofu from DragonFly Foods, chilled soup from Greencore and bread from DHL (Nisa). We have worked hard to access new and different surplus food, generated at various stages of the supply chain. We have partnered with Yeo Valley on a new initiative where they collect their partial cases that they can’t send out to retailers, resulting in weekly collections from two sites.

Inspired by His Majesty the King, major supermarkets and food manufacturers have united to target food waste and use resources more effectively. As a result, we’ve received food for 139,293 meals including ready meals, soup and pizza – ideal for people with limited cooking facilities.

To engage with potential and current suppliers more, as well as local dignitaries including the then Bristol Mayor Marvin Rees, we organised our first ‘Purpose for Surplus’ event, highlighting our work and some of the ways in which local food companies innovate and find new ways to get surplus food to us. We had talks from the CEO of FareShare (Charity 1100051), the Commercial Manager at Yeo Valley, and one of our CFMs, highlighting the impact that their surplus could have on the community in the South West.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

In the summer of 2023, as part of the central Government’s Holiday Activities & Food (HAF) Programme, we worked with local authorities across the South West to ensure no child goes hungry over the school holidays, including for the first time in our Devon and Cornwall region. We also ran two extra delivery routes around Plymouth providing 4.6 tonnes of nutritious food to feed 215 families who usually rely on free school meals during term time.

In November 2023 we launched our winter crisis response. We delivered food for over a million meals to people in need, provided five days of festive food for people experiencing homelessness in partnership with Caring in Bristol and packed 1540 festive food and activity parcels to the most vulnerable children in Bristol.

Volunteering and employability

Last year 355 volunteers supported the Charity by sorting and packing food orders in our warehouses and delivering it to communities in need. They are the lifeblood of our work, and their dedication is inspiring.

This year we increasingly supported our volunteers to begin sharing their skills and interests through a range of social events including a cookery class for the Lunar New Year, a creative journalling workshop, acting in a Christmas panto, pub quizzes, country walks and a home-baked afternoon tea.

The impact of volunteering at the Charity is evidenced in a January 2024 survey completed by 104 of our volunteers. It showed that 96% of the Charity's volunteers feel valued, 83% of our volunteers feel more satisfied with life, 69% feel fitter and 91% feel volunteering with us gives them a greater sense of accomplishment.

This year we completed the extension and redevelopment of our south Bristol Vale Lane warehouse as a FareChance and food distribution hub (see Infrastructure below). For disadvantaged young people in Bristol, this space provides them the opportunity to gain meaningful work experience, learn practical warehouse skills and build self-esteem to embrace their full potential.

As an integral part of our collaborative project, the young people launched a Youth Steering Group, made up of current and past FareChance participants and local young people. In one year, these young food heroes reached 12,000 people with ingredients for 362,000 meals. 50% moved on to paid work – for some the first in their family for generations – or higher education, and 100% improved their mental health, life aspirations and confidence.

Infrastructure

We doubled the capacity of our Vale Lane Warehouse in Bristol to accept and distribute more food, including, for the first time, frozen provision. The space was purpose-built to enable our employability programme, with a private mentoring/training room, kitchen, quiet area, full garden makeover and displays of our FareChance participants’ photos, work and quotes to make it their space.

We also continued our use of the Ashton Gate warehouse for overspill storage for ambient pallets, and for our summer and holiday projects.

During the year, we created a wonderful partnership with Fentenfenna Farm and the Cornwall Gleaning network, to start planning and scoping a FareShare South West “hub” in Cornwall, with restricted funding from FareShare (Charity 1100051). This is planned for launch in early 2025.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Fundraising and Communications

In the year under review, the Charity worked with businesses, individuals and trusts and foundations to increase mission awareness and fundraised income.

Our 233 Food Friends (regular donors) raised over £51,000 plus Gift Aid, whilst some exceptional gifts from philanthropists helped exponentially to boost unrestricted funds in an especially challenging year.

Summer 2023 saw the fundraising team launch the Charity's first Crowdfunder campaign with match funding from the Aviva Community Fund. ‘Let’s Break South West Holiday Hunger’ was a regionally targeted campaign over the six week holidays via email, a social media campaign and print, raising £20,662. Building on the success of previous years and our summer appeal, our annual Big Give Christmas Challenge, backed by match funding from Rathbone Greenbank and generous individuals, utilised paid social media adverts for the first time and raised a tremendous £86,453 towards the cost of delivering our winter work.

Our fantastic supporters took part in sponsored challenges or held fundraising events throughout the year, from a Break the Cycle bike race to a scorching Firewalk to raise over £20,000. We built up a crossdepartmental fundraising culture with over half our staff taking part in one or more sponsored challenges across the region. Two brilliant breweries – Lost & Grounded and Wiper & True – also raised money through beer sales and community events, whilst the staff at Bluefield Services Ltd ran a half marathon and took part in a nine-day nutritional detox to raise £9,549.

Field and Flower’s Leg Up and Give Back Friday campaigns returned in winter 2023, and coupled with regular customer donations, raised a staggering £16,000 and 500kg of valuable turkey legs to be shared at Christmas. The season of goodwill continued with Belltown Power matching the cost of their Christmas hampers, and Glastonbury Festival and Plimsoll Productions supporting with company donations.

This year local businesses, including Hargreaves Lansdown, Bank of Ireland, Canada Life, Burges Salmon, Arup, Arcadis, Mott MacDonald and Mace Group, stepped up to further their impact by matching their volunteering hours with financial donations, whilst regular donations from local and family businesses TOUT’s, Box-E and Mesa Catering were hugely appreciated.

This year we received grants from trusts and foundations to support both our core costs and specific projects. The following are trusts and foundations who gave £10,000 or above. We are extremely grateful to these and all our major donors, some of whom have preferred to remain anonymous:

Awareness-raising media coverage included ITV and BBC local news coverage of our winter parcel operations, profiles of two CFMs, and a call for volunteers in Plymouth which brought in over 40 new volunteer enquiries. Meanwhile the communications team developed in-house capacity for print design and video editing.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

2023-24 Fundraising in figures

Total Fundraised income during the year under review amounted to £1,213,430 (as given in Note 3 to the Financial Statements). It was split into the following categories:

The Charity is registered with the Fundraising Regulator and paid the associated voluntary levy. During the year, we did not receive any complaints about our fundraising activity.

Financial review

For the year to 31st March 2024, the Charity made a surplus of £126,652 (2023, deficit of £237,556). Net assets at 31st March 2024 were £1,044,488 (2023, £917,835).

Reserves at 31st March 2024 were split between restricted reserves at £171,115 (2023, £24,449) and unrestricted reserves at £873,373 (2023, £893,386). The increase in restricted reserves was mainly due to restricted grants that came in near the end of the year and due to be spent on Capital Expenditure Projects in 2024-25.

The Charity’s income in the year to 31st March 2024 was £2,007,115 (2023, £1,526,547). Income received from trusts, foundations, corporate and individual supporters (‘fundraised income’) totalled £1,213,430 (2023, £882,512) in the year under review, whilst income from membership fees (‘Charitable Activities’) accounted for £656,470 (2023, £463,648).

The Charity continued to receive some restricted funding from FareShare (Charity 1100051) to support with infrastructure and rising fuel costs for our vans. We also continued to work in the year with Bristol City Council and Feeding Bristol on the HAF Programme and Household Support Fund. The Household Support Fund grew from previous years, which reflected the overall amount of funds available for that project in the year.

Restricted funds are spent as soon as possible in line with the donor’s wishes. Should this not prove practical, we seek the donor’s preference regarding any alternative use of funds, retention for future projects or the return of such funds.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Sources of support from unrestricted funders have been detailed earlier in this Trustee Report but is expanded on in this section. Unrestricted donations increased to £844,663 (2023, £768,957) in the year to 31st March 2024. A significant proportion of this total came from trusts and grants. Donations from individuals increased, including a single significant donation in the year under review, reflecting a continued public awareness of the cost-of-living crisis and our surplus food distribution service to the most vulnerable in society. The Charity is also the beneficiary of gifted pro-bono services and the use of assets at either a free or discounted rate. An example would be the rent-free tenancy agreements we enjoy from supporters on operating two of our Bristol warehouses. The total market-equivalent value of these gifted goods and services was £131,166 in the year (2023 - £166,893).

Income from charitable activities is generated through our CFM membership scheme, whereby CFMs pay an annual fee that contributes around 34% (2023, 37%) of the full costs of accessing a weekly supply of surplus food to support their work.

For the first time in over 10 years, the Charity increased its CFM fees from our Bristol operation to align with our fees in Devon & Cornwall, and to support the rising costs we are incurring. The average CFM fee increased by 14% which was spread out over the year with plenty of communication to prepare our CFMs.

With the cost-of-living crisis affecting the entire charity sector, we made sensible decisions within the year to reduce our expenditure. This included re-negotiating our utility and supplier contracts (e.g. our IT contractors) and reducing overheads such as moving out of our central Bristol offices.

The Charity continues to pursue its strategy of owning key assets such as its van fleet rather than leasing or hiring such equipment and purchasing our forklift trucks. In the year to 31 March 2024 the Net Book Value of all Fixed Assets on the Balance Sheet was £483,352 (2023, £441,357).

Reserves Policy

The Charity has a risk-based Reserves Policy to help protect its operations from any short- or medium¬ term disruption which could cause significant issues with the storage and delivery of food to the most vulnerable groups in the South West.

The Reserves Policy seeks to mitigate both specifically identified risks and the associated quantified financial exposure from those risks crystallising. The primary specific risks that the Charity has quantified its exposure against are a significant shortfall in its fundraising compared to expectations; the extended temporary closure of one or more warehouses; outbreaks of significant illness amongst a large number of operational staff; and the loss of food deliveries from key national food partners for an extended duration. Any combination of these specific events would cause a significant increase in average costs where the Charity had to purchase alternative resources to permit its key activities to continue.

The free reserves* set aside to provide security against a combination of the most extreme adverse risk scenarios is (in line with that applied in the year 2022-23) calculated as between three and six months of total expenditure.

* ‘free reserves’ defined as unrestricted reserves less designated funds less tangible fixed assets (financed by unrestricted reserves)

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

This reflects what the Trustees consider is a prudent assessment of the Charity’s exposure to risks, including those specific to the cost-of-living crisis. At 3 months of total expenditure it equates to £470,115 (2023, comparative £403,975). At this monetary level and over the three to six-month duration, the Trustees feel that they would be able to continue the current activities of the Charity whilst also putting in place mitigation against a simultaneous drop in funding.

At the year end, the Charity had free reserves of £390,021 (2023 comparative figure of £48,054). The Charity’s reserves position at the year end is as follows:

£
Unrestricted funds total 873,373
Less those held in designated funds -
Less those held in tangible fxed assets
funded by Unrestricted Funds		 (483,352)
Unrestricted free reserves 390,021
Less 3 months’ expenditure set aside (470,115)
Excess Funds over reserves policy (80,094)

The Trustees have actively overseen the reserves position during the year under review and have felt it prudent to continue to operate a pragmatic policy of ensuring that the Charity has over three months of Free Reserves but with a desire to achieve six months. At year end, this dipped to 2.5 months Free Reserves, but with significant funds held in Fixed assets.

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

There will be an emphasis in the following year on reducing expenditure and therefore reducing the required amount of free reserves.

The Trustees continue to be immensely grateful for the capital grant and food supply support from FareShare (Charity 1100051) and for the ever-more generous donations and support from a range of organisations, trusts, and individuals in another very pressing year.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Investment Policy

Owing to the Charity’s historical size and smaller reserves, it does not currently have an Investment Committee with a full Investment Policy. All decisions on investments are instead approved at full Trustee board meetings. The Charity’s aim is always to invest prudently with low-risk financial institutions that accord with the Charity’s mission and objectives.

The Charity currently invests all its cash reserves in short-notice savings or business current accounts at its banking partners. These partners are chosen based on their financial resilience as well as their ethical corporate values and investment strategies being compatible with those of the Charity. Due diligence on the Charity’s banking partners is ongoing.

At the current time Trustees do not intend to invest in asset classes such as investment property, equities, or equity-backed funds. The Charity also currently does not make grant or funding offers to support other charitable organisations. This will be kept under review.

The Trustees are cognisant that the level of cash reserves in the Charity has continued to fall for a second year. They are also aware interest rates remain high so a decision will be kept under review to potentially move funds to higher interest rate alternatives. One of our banking partners has now started paying interest on deposited funds which we welcome. As per previous years, if Trustees with appropriate investment expertise are appointed, the Charity may seek to expand the range of low-risk investments in which the free reserves are invested. However, any such investment policy change will always accord with the Charity’s mission and objectives.

Risks and Uncertainties facing the Charity

Our Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to these major risks. We update a detailed risks register every six months and highlight the potential risks to the organisation and the mitigating actions. The key areas of potential risk include:

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Future plans

In 2024/25 we will be working towards:

A new hub in Cornwall. Getting food to people in Mid and West Cornwall is a real challenge – so we’re thrilled to be exploring partnering with Fentenfenna Farm and the Gleaning Network Cornwall to launch a local collection point in St Columb in early 2025. By sharing resources and experience, together we can reach people most affected by the rural poverty trap.

Expanding employability. Now that our Bristol employability programme is an established success, we’ll begin scoping a FareChance project for Plymouth, offering personal development, empowerment and training to a new group of people in need.

More space for more food. With over 300 charities on our CFM waiting list, we urgently need to expand our operations, with larger warehouses in Bristol and Plymouth to take in more – and different – types of food such as frozen food, catering packs and in-progress food such as pie fillings. We’re collaborating with local food networks and food partners like Riverford to unlock access to more food. Meanwhile, FareShare (Charity 1100051) are asking the government to act urgently to reset our broken food system and prioritise people in need.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management

Governing Document

The Charity's governing document is its Memorandum and Articles of Association. The Charity was originally incorporated as a company limited by guarantee on 27 February 2007 under the name Community Initiatives South West Community Interest Company. It subsequently changed its name to Community Initiatives South West Limited on 29 August 2008 and became registered as a charity with the Charity Commission on 16 September 2008.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

J Ingleby T Hogg C Ackland E Togneri (Resigned 29 June 2023) P Hazelden (Resigned 14 March 2024) A Street (Chair) C L Burden (Appointed 25 May 2023) B R Eaves (Appointed 25 May 2023)

Appointment of Trustees

As set out in the Articles of Association the Trustees may appoint a person who is willing to act as a Trustee. Any Trustee appointed by a resolution of the other Trustees must retire at the next annual general meeting. Under charity law, each Trustee of the Charity is also a Director of the charitable company. The Trustees constantly seek to recruit new Trustees to join the Board of the Charity who have a diversity of experience, expertise and backgrounds to support the senior management team and help the Charity thrive and who share a passion to achieve the Charity's objectives. The Trustees were delighted to be joined by two new Trustees during the year and are very grateful to those who have served on the Board during the year and in particular to the two Trustees who retired from the Board after many years of service.

Trustee Induction and Training

On appointment new Trustees are made aware of their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes and the most recent business plan and recent financial performance of the Charity. The Board of Trustees holds regular Board meetings at which Trustees are updated on the range of compliance issues relevant to the Charity's operations (including health and safety) and holds annual strategy review meetings which are often attended by external speakers and facilitators.

Senior Management Team:

L Bearn, Director of Operations & Chief Executive Officer (CEO Appointment 01 March 2024) G Joyner, Chief Executive Officer (Resigned 01 March 2024) D Suckling, Director of Finance (Resigned 30 April 2024) J Forsyth, Deputy Chief Executive Officer S Jarvis, Chief Operating Officer (Resigned 13 September 2024) S Salino, Head of Development (Resigned 9 November 2023) S Wright, Director of Partnership and Business Development

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Organisation

The Articles of Association allow for a minimum of 3 Trustees, and there is no maximum unless determined by ordinary resolution. The Trustees administer the Charity, and normally meet around eight times a year. All strategic and key financial decisions (including the setting and review of staff remuneration) are reserved to and taken by the Board of Trustees. The Board of Trustees works in close cooperation with the Chief Executive Officer (who leads the senior management team and who attends and reports to each Board meeting) and with the other members of the senior management team who regularly present reports to the Board. The Trustees are supported by a finance sub-committee which meets at least ten times a year and currently includes 2 of the Trustees and the Chief Executive Officer.

Any benefit received by Trustees is purely incidental to the objects of the Charity's work and disclosed within the financial statements.

The Charity is party to a collaboration agreement with FareShare (Charity 1100051) which sets out, amongst other things, the principles which underpin the working relationship between the parties, the responsibilities of the parties and the terms upon which the Charity is permitted to use the FareShare name and brand.

Auditor

In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' report was approved by the Board of Trustees.

A Street (Chair) Trustee Dated: 20 December 2024

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

The Trustees, who are also the directors of Community Initiatives South West Limited for the purpose of company law, are responsible for preparing the Trustees' 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 Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF COMMUNITY INITIATIVES SOUTH WEST LIMITED

Opinion

We have audited the financial statements of Community Initiatives South West Limited (the ‘Charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 Charity 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF COMMUNITY INITIATIVES SOUTH WEST LIMITED

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

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

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF COMMUNITY INITIATIVES SOUTH WEST LIMITED

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Charity for the purpose 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 Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act.

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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditors responsibilities. This description forms part of our auditor's report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF COMMUNITY INITIATIVES SOUTH WEST LIMITED

Extent to which the audit was considered capable of detecting irregularities, including fraud

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

Our approach was as follows:

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF COMMUNITY INITIATIVES SOUTH WEST LIMITED

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. Our audit work has been undertaken so that we might state to the charitable company's members 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.

Amanda Kruger FCCA (Senior Statutory Auditor) for and on behalf of TC Group

Statutory Auditor

Office: Bristol

20 December 2024

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
funds
2024
Notes
£
Income from:
Donatons and legacies
3
844,663
Charitable actvites
4
551,830
Other trading actvites
5
6,049
Total income
1,402,542
Expenditure on:
Raising funds
6
104,578
Charitable actvites
7
1,473,048
Other
13
8,057
Total resources
expended
1,585,683
Net (outgoing)/
incoming resources
before transfers
(183,141)
Gross transfers between
funds
163,128
Net (expenditure)/income for
the year/
Net movement in funds
(20,013)
Fund balances at 1 April
2023
893,386
Fund balances at 31
March 2024
873,373		 Restricted
funds
2024
£
499,933
104,640
-
604,573
-
294,780
-
294,780
309,793
(163,128)
146,665
24,449
171,115		 Total Unrestricted
funds
2024
2023
£
£
1,344,596
768,957
656,470
463,648
6,049
13,494
2,007,115
1,246,099
104,578
93,399
1,767,828
1,483,670
8,057
-
1,880,463
1,577,069
126,652
(330,970)
-
91,340
126,652
(239,630)
917,836
1,133,016
1,044,488
893,386		 Restricted
funds
2023
£
280,448
-
-
280,448
-
187,034
-
187,034
93,414
(91,340)
2,074
22,375
24,449		 Total
2023
£
1,049,405
463,648
13,494
1,526,547
93,399
1,670,704
-
1,764,103
(237,556)
-
(237,556)
1,155,391
917,835

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

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST BALANCE SHEET

AS AT 31 MARCH 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 15 483,352 441,357
Current assets
Debtors 16 485,680 340,763
Cash at bank and in hand 490,006 483,864
975,686 824,627
Creditors: amounts falling due within
one year 17 (414,550) (348,149)
Net current assets 561,136 476,478
Total assets less current liabilities 1,044,488 917,835
Income funds
Restricted funds - general 18 171,115 24,449
Unrestricted funds 873,373 893,386
1,044,488 917,835

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 Trustees on 20 December 2024

A Street (Chair) Trustee

Company Registration No. 06130395

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

2024
Notes
£
£
Cash fows from operatng actvites
Cash generated from/(absorbed by)
operatons
23
153,953
Investng actvites
Purchase of tangible fxed assets
(151,035)
Proceeds from disposal of tangible fxed
assets
3,224
Net cash used in investng actvites
(147,811)
Net cash used in fnancing actvites
-
Net increase/(decrease) in cash and cash
equivalents
6,142
Cash and cash equivalents at beginning of year
483,864
Cash and cash equivalents at end of year
490,006		 2023
£
£
(183,094)
(95,234)
-
(95,234)
-
(278,328)
762,192
483,864

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Community Initiatives South West Limited is a charitable company limited by guarantee incorporated in England and Wales. The registered office is Unit 4, Little Ann Street, St Judes, Bristol, BS2 9EB.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's Memorandum and Articles of Association dated 30 June 2008, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. 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 Going concern

Since the pandemic and through the cost-of-living crisis, the charity sector has been hit by increased costs whilst fundraising has become an increased challenge. At FareShare South West, we have exciting major development plans coming to fruition throughout 2025 and 2026, which will enable us to consolidate our operations and reduce our expenditure, whilst increasing our earned and fundraised income. We have strengthened partnership function which will bolster fundraising activity, as well as supporting major development plans over the next few years. We will continue to seek opportunities to reduce spend where possible, and the cash and budget forecast over the next 12 months is based on reasonable assumptions agreed by the Trustees.

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the Restricted funds are set out in the notes to the financial statements.

For each Restricted fund where assets have been purchased the Trustees review the terms of the gift and ascertain whether the purchase asset has to be retained in Restricted funds until the end of its useful economic life or whether the gift allows for the assets to be transferred to Unrestricted funds.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.4 Incoming resources

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grants receivable are treated in different ways dependent upon their purposes and the terms of the grant.

Grants receivable for the specific purpose of purchasing fixed assets for the continued use of the charity are treated as Restricted funds. The Restricted fund is then reduced by amounts equivalent to the depreciation charges on the assets concerned and will continue to do so over the expected useful lives of the assets concerned.

Grants receivable for specific purposes are also treated as Restricted funds so that any unused funds can be separately identified.

Grants receivable to facilitate the general running of the charity for example where the Trustees can choose how the funds are expended, are treated as Unrestricted funds.

Membership income is recognised in the period to which it relates.

Gifts in kind includes donated assets, services and facilities which are recognised at a reasonable estimate of their gross value to the Charity. An equivalent amount has been included as expenditure under the appropriate heading in the Statement of Financial Activities

The value of donated and surplus food is excluded from the financial statements, as the costs of establishing the fair value of these would be excessive in comparison to the benefit to the users of the accounts.

1.5 Resources expended

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 insettlement 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.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the audit fees and costs linked to the strategic management of the Charity. These are included within Charitable Activities.

Support costs are those costs that, whilst necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity. This includes governance costs which are those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees and costs linked to the strategic management of the charity as well as a proportion of salaries based on an approximation of time spent in this area.

Raising funds are those costs within Charitable Activities expenditure which can be identified as uniquely attributable to the activities of raising funds from potential supporters of the Charity. Such costs include the full employment cost of those employees whose role is fundraising, and the licencing fees of subscriptions to online fundraising platforms.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements 10 years straight line Plant and equipment 5 -10 years straight line Computers 3 years staright line Motor vehicles 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents 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.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.9 Financial instruments

The Charity 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 Charity's balance sheet when the Charity 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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans 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 operations 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees 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 Donations and legacies

Unrestricted
funds
2024
£
Donatons and grants
713,497
Donated goods and
services
131,166
844,663
Donatons and grants
Corporate organisatons
151,125
Charites and trusts
263,888
Individuals
265,053
Fareshare UK
33,431
713,497		 Restricted
funds
general
2024
£
499,933
-
499,933
-
241,683
-
258,250
499,933		 Total Unrestricted
funds
2024
2023
£
£
1,213,430
602,064
131,166
166,893
1,344,596
768,957
151,125
163,401
505,571
54,642
265,053
170,771
291,681
213,250
1,213,430
602,064		 Restricted
funds
general
2023
£
280,448
-
280,448
10,000
193,038
-
77,410
280,448		 Total
2023
£
882,512
166,893
1,049,405
173,401
247,680
170,771
290,660
882,512

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

3
Donatons and legacies
Gifs in Kind - donated
assets,services and
facilites
Professional services
Warehouse rental and
rates
Other goods and
equipment		 26,180
101,200
3,786
131,166		 -
-
-
-		 26,180
101,200
3,786
131,166		 18,750
111,800
36,343
166,893		 (Contnued)
-
18,750
-
111,800
-
36,343
-
166,893		 (Contnued)
-
18,750
-
111,800
-
36,343
-
166,893
166,893

Income from Gifts in Kind in the prior year was Unrestricted.

During the year the Trustees have decided to present income received from Fareshare UK as a separate category, distinct from Charities and Trusts. The prior year figures have been amended to align with this revised approach.

4 Charitable activities

Membership
Analysis by fund
Unrestricted funds
Restricted funds - general		 2024
£
656,470
551,830
104,640
656,470		 2023
£
463,648
463,648
-
463,648

Restricted funds of £104,640 (2023: £nil) include Holiday Action Fund and Feeding Bristol - Household Support Fund. The details of which can be found in the note 18.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Sponsorships and social loteries - 5,786
Other income 6,049 7,708
Other trading actvites 6,049 13,494
Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Fundraising and publicity
Other fundraising costs 11,667 10,573
Staf costs 92,911 82,826
104,578 93,399

6 Expenditure on raising funds

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

7. Charitable activities

Depreciaton and impairment
Staf costs
Premises expenses
Ofce costs
Communicatons
Motor expenses
Legal & professional fees
Other charitable expenditure
Marketng
Food purchases and supplies
Support costs
Share of governance costs (see note 8)
Analysis by fund
Unrestricted funds
Restricted funds - general		 Main
charitable
activity		 Main
charitable
activity
2024
£
97,758
761,620
207,965
15,151
38,599
125,342
32,392
133,777
4,146
90,728
1,507,478
245,150
15,200
1,767,828
1,473,048
294,780
1,767,828		 2023
£
95,062
695,120
217,704
18,478
3,756
112,015
17,500
178,989
185
46,576
1,385,385
272,799
12,520
1,670,704
1,483,670
187,034
1,670,704

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

8
Support costs
Bank charges
Staf costs
Computer expenses
Communicatons
Legal & professional
Accountancy costs
Auditors remuneraton
Analysed between
Charitable actvites		 Support
costs
Governance
costs
£
£
946
-
228,414
-
14
-
5,183
-
943
-
9,651
-
-
15,200
245,151
15,200
245,150
15,200		 2024
£
946
228,414
14
5,183
943
9,651
15,200
260,351
260,350		 Support
costs
Governance
costs
£
£
972
-
192,545
-
49,594
-
5,136
-
19,552
-
5,000
-
-
12,520
272,799
12,520
272,799
12,520		 2023
£
972
192,545
49,594
5,136
19,552
5,000
12,520
285,319
285,319

Governance costs includes payments to the auditors of £11,500 (2023- £10,870) for audit fees.

9 Net movement in funds 2024 2023
£ £
The net movement in funds is stated afer charging/(creditng):
Fees payable to the charity's auditor:
- for the audit of the charity's fnancial statements 13,500 10,870
- for other fnancial services 1,700 1,650
Depreciaton of owned tangible fxed assets 97,758 95,062
Loss on disposal of tangible fxed assets 8,057 -

10 Auditor's remuneration

The analysis of auditor's remuneration is as follows:

Audit of the annual accounts
Non-audit services
All other non-audit services		 2024
£
13,500
1,700		 2023
£
10,870
1,650

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

11 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

12 Employees

Number of employees

The average monthly number of employees during the year was:

2024 2023
Number Number
39 33

Total benefits received by key management personnel during the year were £188,598 (2023: £204,535) including employer's NIC and employer's pension costs.

The number of employees whose annual remuneration was £60,000 or more were:

were:
2024 2023
Number Number
£60,000 - £69,999 1 1

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

13 Other

Unrestricted
funds
2024
Net loss on disposal of tangible fxed assets
8,057
8,057		 Total
2023
£
-
-

14 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

15 Tangible fixed assets

Leasehold
improvements
£
Cost
At 1 April 2023
130,730
Additons
130,658
Disposals
(4,726)
At 31 March 2024
256,662
Depreciaton and impairment
At 1 April 2023
21,507
Depreciaton charged in the year
18,839
Eliminated in respect of disposals
(1,260)
At 31 March 2024
39,086
Carrying amount
At 31 March 2024
217,576
At 31 March 2023
109,223		 Plant and
equipment
£
143,563
16,274
-
159,837
39,442
18,223
-
57,665
102,172
104,122		 Computers Mo
£
60,188
4,103
(9,280)
55,011
43,873
8,493
(2,965)
49,401
5,610
16,315		 tor vehicles
£
308,660
-
(1,500)
307,160
96,963
52,203
-
149,166
157,994
211,697		 Total
£
643,141
151,035
(15,506)
778,670
201,785
97,758
(4,225)
295,318
483,352
441,357

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

16 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
427,339
23,126
35,215
485,680		 2023
£
264,935
32,767
43,061
340,763

17 Creditors: amounts falling due within one year

Other taxaton and social security
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
22,940
87,292
5,852
298,466
414,550		 2023
£
18,264
45,206
4,986
279,693
348,149

18 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds Movement in funds
Balance at Incoming Resources Transfers Balance at
1 April 2023 resources expended 31 March 2024
£ £ £ £ £
St John's Foundaton 10,019 50,000 (33,783) - 26,236
Bristol City Council - Holiday Acton
Fund - 24,640 (24,640) - -
FareShare UK - Vale lane - 22,486 (4,225) (8,180) 10,081
FareShare UK - Devon & Cornwall (10,750) 78,500 - - 67,750
FareShare UK - Health & Safety (5,834) 66,143 (12,756) (26,723) 20,830
Fare Share UK - West of England (6,210) 112,000 - (105,790) -
Feeding Bristol - Household Support
Fund 9,819 80,000 (89,819) - -
Natonal Lotery - Employability 6,161 - (6,161) - -
Hobson Charitable Trust - 15,673 (15,673) - -
FareShare UK - Fuel Grant 21,245 25,344 (25,344) (21,245) -
Norman Family Charity Trust - 5,000 (5,000) - -
Cornwall Community Foundaton - 5,000 (5,000) - -

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

18
Restricted funds
Albert Gubay Charitable Trust
Hodge Foundaton
Nisbet Trust
FareShare UK - Yorkshire Building
Society
FareShare UK - Fuel Grant 2
Tresanton Trust
Eurofns		 -
-
-
-
-
-
-
-
24,450		 (Contnued)
20,000
(20,000)
-
-
10,000
(10,000)
-
-
30,000
(10,436)
-
19,564
21,000
(7,912)
(1,190)
11,898
12,778
(11,194)
-
1,584
7,800
(7,800)
-
-
18,210
(5,037)
-
13,173
604,573
(294,779)
(163,128)
171,116		 (Contnued)
20,000
(20,000)
-
-
10,000
(10,000)
-
-
30,000
(10,436)
-
19,564
21,000
(7,912)
(1,190)
11,898
12,778
(11,194)
-
1,584
7,800
(7,800)
-
-
18,210
(5,037)
-
13,173
604,573
(294,779)
(163,128)
171,116
171,116

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

18 Restricted funds

(Continued)

Grants receivable for the specific purpose of purchasing fixed assets are held in Restricted funds until the asset has been purchased. The Trustees then consider whether the terms of the gift require the Charity to hold the asset as restricted or whether it can be transferred to unrestricted for the continued use of the charity to be used as they see fit. For assets purchased using restricted funds in the current year the Trustees have assessed that all assets have then become unrestricted therefore transfers have been made to reduce these funds to nil.

St John's Foundation

These funds were given to maintain existing operations and also facilitate an expansion of the Charity's surplus food support across the Bath & North East Somerset (BANES) region.

Bristol City Council – Holiday Action Fund

These funds were given for the provision of 1,540 food hampers to be distributed to low-income families with children in full-time education across the greater Bristol region in December 2023.

FareShare UK – Vale Lane Freezer

An award to the Vale Lane Warehouse in Bristol to enable freezer capability within the warehouse (including re-building an existing chiller in the warehouse), and enable frozen deliveries to members.

FareShare UK - Devon & Cornwall

A two-stage grant to facilitate infrastructure investment in our Devon & Cornwall region. The first stage of funding was to purchase a van to facilitate expansion across the region. The second stage will be investment into creating a hub for West Cornwall, which is now going ahead in 2024/25.

FareShare UK – Health & Safety

An award of up to £25,000 per warehouse to take FareShare South West warehouse environments over and above the highest level of Health & Safety Environmental criteria. Typically, this money has been and will be directed towards fire safety (alarms, fire doors, extinguishers); workplace transport safety (separation of plant machinery/vehicles and people, purchasing of forklifts); mezzanine level access safety; man-down alarms/ locks in temperature-controlled storage areas; safety culture improvement such as standard H&S notice boards; and legionella safety.

FareShare UK – West of England

A two-stage grant to facilitate infrastructure investment in our West of England region run out of our Bristol warehouses. The first stage of funding was to purchase a van with freezer capabilities to facilitate future frozen food deliveries. The second stage was investment into the second stage refurbishment of our Vale Lane, Bristol warehouse that runs our FareChance Employability programme.

Feeding Bristol – Household Support Fund

Distribution of the Westminster Government’s Winter 2023-2024 Household Support Funding to support low-income families in the Greater Bristol region. It enable the charity to increase the supply of food available by using funds to purchase a greater variety of culturally-appropriate food for the city’s families plus foodstuffs not generally available as surplus such as fresh meat.

National Lottery – Employability

Funding for 12 months from March 2023 to develop our FareChance Employability programme at the Vale Lane Warehouse in South Bristol. FareChance provides a tailored vocational training programme for young adults in our warehouse who have typically been outside employment, education or training.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

18 Restricted funds

(Continued)

Hobson Charitable Trust

A grant was given to support van costs associated with our winter work supporting those affected by the cost-of-living crisis. Funding covered fuel costs for November and December 2023 and contributed to van maintenance costs for the period November 2023 - March 2024.

FareShare UK - Fuel Grant

A grant provided to cover the fuel costs of vans delivering food to the charity beneficiaries, between AprilSeptember 2023.

Norman Family Charity Trust

A small grant was provided to support our Plymouth warehouse operational costs enabling the Charity's surplus food support across Devon and Cornwall.

Cornwall Community Foundation

A small grant was provided to support regular food deliveries supporting 22 partner charities, schools & community groups across Cornwall.

Albert Gubay Charitable Trust

A grant contributed to staffing costs for the FareChance employability programme supporting young people Not in Education, Employment or Training.

Hodge Foundation

A grant was provided to support our Winter crisis project – to provide a hunger free winter for families in crisis in the South West.

Nisbet Trust

Funding was provided to support a welcoming and inspiring volunteering environment for the whole Bristol community, including the development and delivery of the FareChance employability programme.

FareShare UK - Yorkshire Building Society

In this year, the first of a four-stage grant over three years was received to support the FareChance employability programme, specifically funding salary costs, participants costs and one off set-up programme costs.

FareShare UK - Fuel Grant 2

A grant provided to cover the fuel costs of vans delivering food to the charity beneficiaries, between January- March 2024

Tresanton Trust

A grant was provided to support FareShare South West’s wider work in the region, including sharing food to school breakfast clubs across the south west.

Eurofins

The first instalment of a two-year grant to support our Plymouth warehouse operational costs enabling the charity to rescue and share surplus food to communities across Devon and Cornwall.

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

19 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
£
General funds
893,386
Previous year:
At 1 April 2022
£
General funds
1,133,016
Analysis of net assets between funds
At 31 March 2024:
Tangible assets
Current assets/(liabilites)
At 31 March 2023:
Tangible assets
Current assets/(liabilites)		 Incoming
resources
Resources
expended
£
£
1,402,542
(1,585,683)
Incoming
resources
Resources
expended
£
£
1,246,099
(1,577,069)
Unrestricted
funds
2024
£
483,352
390,021
873,373
Unrestricted
funds
2023
£
441,357
452,029
893,386		 Transfers
At 31 March
2024
£
£
163,128
873,373
Transfers
At 31 March
2023
£
£
91,340
893,386
Restricted
Total
funds
2024
2024
£
£
-
483,352
171,115
561,136
171,115
1,044,488
Restricted
Total
funds
2023
2023
£
£
-
441,357
24,449
476,478
24,449
917,835		 Transfers
At 31 March
2024
£
£
163,128
873,373
Transfers
At 31 March
2023
£
£
91,340
893,386
Restricted
Total
funds
2024
2024
£
£
-
483,352
171,115
561,136
171,115
1,044,488
Restricted
Total
funds
2023
2023
£
£
-
441,357
24,449
476,478
24,449
917,835
Total
2024
£
483,352
561,136
1,044,488
Total
2023
£
441,357
476,478
917,835

20 Analysis of net assets between funds

COMMUNITY INITIATIVES SOUTH WEST LIMITED T/A FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

21 Operating lease commitments

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and fve years		 2024
£
30,850
60,588
91,438		 2023
£
33,725
91,438
125,163

22 Related party transactions

During the year the charity received £5,000 in donations from Trustees (2023: £14,400) and £7,000 (2023: £nil) in donations from other organisations associated with the Trustees.

23 Cash generated from operatons 2024 2023
£ £
Surplus/(defcit) for the year 126,652 (237,556)
Adjustments for:
Loss on disposal of tangible fxed assets 8,057 -
Depreciaton and impairment of tangible fxed assets 97,760 95,062
Movements in working capital:
(Increase) in debtors (144,917) (118,351)
Increase in creditors 66,401 77,751
Cash generated from/(absorbed by) operatons 153,953 (183,094)

24 Analysis of changes in net funds

The Charity had no material debt during the year.

Document Activity Report

Document Sent

Fri, 20 Dec 2024 14:44:02 GMT

Document Activity History

Document history shows most recent activity first

Date

Activity

You can verify that this is a genuine Portal document by uploading it to the following secure web page:

http://tcgroup.accountantspace.co.uk/messages/VerifyDocument