Charity Registration No. 1125905 Company Registration No. 06130395 {England and Wales) COMMUNITY INMATIVES SOUTH WEsf LIMITED TIA FARESHAR£ SOUTH WEsr ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 20Z5 BUSINESS ADVISORS &ACCOUNTANTS First Floor, Premier House 127 Duckmoor Road Ashton Gate Bristol United Kin8dom BS3 2BJ
COMMUNifi INtfiATIVES SOUTH WEST LIMtTED TIA FARESHARE SOUTH WEsr CONTENTS Page Company infomiation Trustees, report 2-11 ststement of Trustees, responsibilities 12 Independent auditor's report 13-17 ststement of financial activities 18 Balance sheet 19 statement of cash flov•s 20 Notes to the financial 5tatementS 21-37
COMMUNITY INMATIVES SOUTH WEST LIMITED TIA FARESHARE SOUTH WEST LEGAL AND ADMINISTRATIVE INFORMATION Trustees J Ingleby T Hogg C Ackland A Street (Chairl C L Burden B R Eaves MrDKCox (Appointed 7 July 20251 (Appointed 27 February 20251 Ms S Lawrence Secretary A John Charity number 1125905 Company number 06130395 Registered office Unit 4 Little Ann Street St Judes Bristol BS2 9EB Audltor TC Group First Floor, Premier House 127 Duckmoor Road Ashton Gate Bristol United Kingdom 8S3 2BJ Bankers Uoyds Bank PLC 98 Virtoria Street London SWIE 5JL Solicitors Osborne Clarke LLP Halo Counterslip Bristol BSI 6A1
COMMUNifi INITIATIVES SOUTH WEsf LIMrfED TIA FARESHARE SOUTH WEST TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their report and financial statements for the year ended 31 March 2025 (referred to in this report as °the year under review" or "this year"). 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 Reporknng by Charitie5.' Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" {as amended for accounting periods commencirg from l January 20191. Objectives and activities The Charity's objects under its Memorandum are: a. To promote the voluntary sector for the benefit of the public by.. i. the distribution of food to charities and voluntary organisations. 11. encouraging members of the public to undertake voluntary work: and 111. providing education and trainin8 to the voluntary sector. b. To advance in life and help young people between the ages of 18 and 25 by the provision of work- based training which develops their ability. capacities, and capabilities to enable them to partiCiFete in society a5 mature and responsible individuals. 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 community food members across the South West of England, who in turn use the food to deliver social impact. Members 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 tn deciding what attivities the Charity should undertake. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. The maln actSvitles undertaken in relation to the objec The Charity is the South West region's biggest food charity and a lifeline for frontline charities from Gloucestershi to Cornwall. It is an independent charity in the UK Fare5hare network that is cTrordinated by Fareshare {Charity No. 11000511. 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 continuoLsly adapt to meet the needs of our local communities across the region. We're part of the 501ution 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 ft)od industry every year, with devastating climate impact. We work directly with farniers. manufartUrs. suppliers, and retair5 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 UMrrED TIA FARESHARE SOUTH WE TRUSTEES. REPORT {INCWDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 We work in partnership to creote positive sociol change. The organisations we share food wth 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 mode15, teach cooking skills, or prepare and host nourishing meals that enables community. dignity, and routes out of poverty- Our member Scheme ensures that surplus food is safe, compliant. and traceable. We offer opportunitie5forpeople to thrive. Our diverse volunteers make up around 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. whatlver their background or reason for volunteering. Our youth employability programme. Farechance. offers tsilored personal development and on-the-job training to 18-25-year-olds who are out of work and education, li order to grow confidence, give back to their communities and gain personal empowerment and skills for life. The Charity also 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 Charitys aims and objectives in planning future activities. Achlevements and performance This year the cost-of-living crisis has continued at pace, with 4.5 million children in the UK liiryng in poverty- rise of 200.000 in the last year- and healthy food unafftjrdable for around a third of the population. In the South West, there are pockets of growing disadvantage in both urban and rural areas, such as Barton Hill in Bristol, where SS% of all children live in poverty, and in Plymouth Cent, where the child poverty rate is now 42%. Despite the sustained pressure from rising demand and rising costs, 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.. Delivered ft)od for 4.36 million meals: a year-on-year increase since the pandemic. Fed around 42,000 vulnerable people across the South West. Supported 370 members, saving them £6.3 million in grocery bills." money they can use to survive and invest in services that provide route5 Out of poverty. Distributed 1830 tonnes of food across the South West, saving 3715 tonnes of food-waste-related greenhouse gases. Recruited and supported 336 regular volunteers who gave their time to make a real difference. Supported 34 young people to thrive through our Farechance employability programme.
COMMUNrtY INITIATIVES SOUTH WEST UMITED TIA FARESHARE SOUTH WEST TRUSTEES. REPORT IINCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 i.e. store cupboard essentials and retail food stocks have been particularly affetted with major retail brands changing their processes at the distribution ntre level. Other suppliers are increasingly looking for ways to recover some costs and sell surplus to discounters. Also, as companies see their employees &ruggling financially, they have been diverting Surplus to highly discounted staff shops. These chan8e5 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 suppliets has decreased, "work in progress" stock- for instance pie filling or curry sauce destined for a ready meal - has increased. This has allowed u5 to support more members who cook on-site and provide wraparound support. This year we rescued and shared 464 tonnes of food from over 70 local suppliers maintaining a strong tonnage from last year - on top of the 1366 tonnes of food from national retsilers and manufarturers. Food included milk from Trewithen Dairy, eggs from St Ewe. turkey from Field & Flower. brassicas from Riverford Organic, yoghurts from Yeo Valley, chilled soup from Greencore and bread from DHL {Nisal. We have worked hard to access new and different surplus food. generated at various stages of the supply chain. Chadie Bigham package up their produttion surplus and donate it weekly to both Fareshare South West and the wider network. Inspired by His Majesty the King, major supennarkets and food manufacturers have united to target food waste and use resources more effectively. As a result, we've received food for 55.000 meals through this project this year including ready meals. soup, and pizza- ideal for people with limited cooking facilities. In addition to the food we shared for 4.4 million meals. we supported our food members by sharing opportunities for funding where appropriate, in addition to nutritious. low-cost recipe cards that match their deliveries and access to funded fridges and freezers in order to accept our increasingly chilled or frozen surplus food. We also supported their network buildin& for example introducing the Bridgwater members to each other so they could pool resources and provide a more joined-up response to people facing hunger. In November 2024 we launched our winter crisis response. We delivered food for 1.2 million meals to people in need, provided 2.5 tonnes of festive food for people experiencing homelessness in partnership with Caring in Bristol and packed 1095 festive food and activity parcels for the most vulnerable children in Bristol.
COMMUNITY INITIATIVES SOUTH WEST UMITED TIA FARESHARE SOUTH WEST TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORn (CONnNUED) FOR THE YEAR ENDED 31 MARCH 2025 Volunteering and employability Last year 336 regular volunteers supported the Charity by sorknnE and packing food orders in our warehouses and delivering them by van to communities in need, in addition to 295 corporate volunteers from local businesses. our volunteers are the lifeblood of our work, forming Th of our workforce, and their dedication is inspiring- This year we provided more user-led enrichment activities for volunteers to share their skills and interests. from live music night to yoga sessions and a crafting workshop led by our creative volunteers, alongside our volunteer awards celebration and seasonal events. As part of our diverse recruitment strategy, we formed new pathways into volunteering, from SEND colleges to rehabilitation chartties. In early 2025 we ran numerous consultation groups with the volunteers asking them to help shape our revised vision. mission, and lUeS which they highly valued. The impact of volunteering at the Charity is evidenced in a January 2025 survey completed by our volunteers in Bristol and Plymouth. It showed that 99% were S3tisfied/highly satish'ed with volunteering at the Ckority and reported an increase in sense of accomplishment185%). life satisfaction {85%1, happiness166%1, Social network (61%) and fitness151%}, with positive feedback on the training and skills gained. We have been creating the scope for a PlymoutPtrbased Farechance with research into local need and gaps in provision. along with piloting hosting work placements for unwaged indtviduals in partnership with Seetec and Pluss ahead of launching our new larger Plymouth warehouse space in 2026. Our Bristol-ba5ed employability programme, Farechance, has seen a sharp increase in diversity of participants. especially in disability (85%). adverse childhood experiences188%1, and ethnicity126% global majority), with young people feeding back that they feel Farechance provides a safe and welcominE space. Ctrdesign opportunities have led to new initiatives such as creating peer-led interview practice, choosing away day partners, and increasing our training offer to include workplace resilience and food allergen training. Thi5 year, Bristol Farechance supported 34 young people. 48% moved on to paid work, education, or external training. 50% gained stability and connections through regular volunteering and 88% improved their confidence and work readiness. The Charity's civic network has grown thanks to proactive outreach to key stakeholders and decisi¢-MakerS. We welcomed Minister for Food Security and Rural Affairs Daniel Zeichner to see our work in Bristol in per50n. in support of the proposed Defra Tackling Surplus at the Farm Gate scheme. We a150 hosted tours for our local MPS.. Luke Pollard and Fred Thomas in Plymouth, Carla Denyer in Bristol. Vale Lane, our second Bristol warehouse, was officially launched with an event to celebrate the success of employability programme Farech3n, and the completion of Phase 2 of the building including kitchen. office, and meeting spaces. We supported three young people into fundraising and communications internships to gain work expeiience. alongside supporting four students to produce a short film about a work as part of their BA in Creative Filmmaking. People and culture are integral to our work. With a pro bono consultant. we created a new vision, mission and values this year via extensive consultation with staff. volunteers. and other stakeholders to better reflett our core purpose, alongside rolling out an internal cornmunications and engagement strategy to unite us rosS locations as 'one Fareshare South West..
COMMUNITY INITIATIVES SOUTH WEsf LIMITED TIA FARESHARE SOUTH WEST TRUSTEES. REPORT (INCWDING DIREcfoRS' REpoKfJ (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 2024-25 Fundraislng in figures: Total furbdraised income in the year was £893.287 {as gNen in Note 3 to the Financial Statements). It was split into the following categories: Trusts & Grants 56% Individual donors 22% Corporates 17% Community and events 2% Gift Aid 3% The Charity 15 registered with the Fundraising Regulator and paid the associated voluntary levy. Djring the year, we did not receive any complaints about our fundraising athvity. Flnancial review For the year to 31" March 2025, the Charity made a deficit of £502,982 (2024, surplus of£126.652). Net 05setS at 31" March 2025 were £541,506 (2024, £1,044,488). Trustees implemented a planned deficit budget of £195.000 in 2024/25 to invest in long-term sustainability. including major developments like expanding our Plymouth warehouse. purchasing an HGV, and launching a Cornwall satellite 51te. However, we We hit with significant and unexpected additional operational challenges including the end of our business rate exemptions, non-budgeted vehicle expenses, and a major water leak at our Vale Lane warehouse. The Charity closely monitors financial perf0rrnan within the leadership team and Finance Committee ensuring performance is in line with expectations and taking mitigating actions when necessary. The Charity's 5-year budget will build on operations efficiencies and expand income opportunities in line with increased capacity. Reserves at 31" March 2025 were split between restricted reserves at £191.830 12024. £171,115) and unrestricted reserves at £349,67612024, £873,373). The CharitWs income in the year to 31" March 2025 was £1,744,687 {2024. £2.IX17.115). Income received from trusts, foundations, corporate individual supporters and restricted grants from our national partner, Fareshare Icharity No. 11000511. ('fundraised income,) totslled £893.287 (2024, £1,213,430) in the year under review. whilst income from membership fees I'charitable Activities,) accounted for £681.61712024, £656,470). The Charity continued to receive some restricted funding from Fareshare, although at a lower level than the previous year, to support with some infrastructure costs. our food sourcing officer, and some vehicle costs, including support to manage rising fuel costs. We also continued to work in the year with Bristol Cty Council and Feeding Bristol on the HAF Programme and Household Support Fund. The Household Support Fund maintained the previous year's activity. and we were able to expand the HAF programme offering an additional 275 parcels across B&NES. Restritted funds are spent as soon as possible in line with the donor's wishes. should this not prove practical, we seek the donor'5 preference regarding any alternative use of funds, retention for future projects or the return of such funds.
COMMUNITY INITIATIVES SOUTH WEsf UMITED TIA FARESHARE SOUTH WEST TRV5TEES' REPORT {INCWDING DIREcfoiis' REPORTI (CONTINUEDI FOR THE YEAR ENDED31 MARCH 2025 Reseryes 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 Reserve5 Policy seeks to mitigate both specifically identified risks and the associated quantified financial exposure from those risks crystalli5ing. The primary specific risks that the Charity has quantified its exposure against are a significant shortfall in its fundraising compared to expettations; the extended temporary closure of one or more warehouses: outbreaks of significant illness amongst a large number of operational stsff; and the loss of food deliveries from key national food partners for an extended duration. Any combination of these specific events would cause a signifFcant increase in average costs where the Charity had to purcha alternative resources to permit its key activities to continue. The unrestricted reserves set aside to prcwide security against a combination of the most extreme adverse risk scenarios continues to be calculated as between three and six months of totsl expenditure. The Trustees have updated the reserves policy in 2024/25 to include totsl unrestricted reserves, instead of 'free reserves, (unrestricted reserves less tangible fixed assets). All fixed assets for the Charity are tunctional and therefore essential to delivering the Charivs aims. so it was deemed appropriate to include these in the unrestricted reserves figure to ensure it gives a realistic view of the Charity's current and ongoing financial Position. This reflects what the Trustees consider is a prudent assessment of the Charivs exposure to risks, Including those specific to the cost-of-livin8 crisis. At three months of total expenditure, it equates to £561,91712024. comparative £470.1161. 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 puttin8 in place mitigation against a simultsneous drop in funding. At the year end, the Charlty had unrestrirted reserves of £349,676 {2024 comparative figure of £873.3731. The Charity's reserves position at the year-end is as follows= Unrestricted fund5 total 349.676 Less 3 months, expenditure set aside 561917 Current Funds relative to reserves policy (212,241)
COMMUNITY INITIATIVES SOUTH WEST LIMITED TIA FARESHARE SOUTH WEsr TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 two months free reserwes, but Wbth significant funds held in fixed assets, At the time of approving thefinancial stotement5 the Trustee5 have o reasonable expectation that the Charity ha5 odequate resources to continue in operational existence fvr the fvreseeable future. Thu5, the Trustees continue to adopt the going concern basis of occounting in preparing thefinanciol statements. In the year ahead. the Charity will continue to review operational expenditure to identify effi'ciencies. prioritise essential activities, and renegotiate key contracts to achieve better value, particularly around vehicle costs. By reducing expenditure and building on income diversification the Charity will look to replenish reserves to a level consistent with the reserves policv. The Trustees continue to be immensely grateful for the capital grant and food supply support from Fareshare (Charity No. 1100051) and for the ever-more generous donations and support from a range of organisations. trusts, and individuals in another very pressing year. Invertment Pollcv Owing to the Charity's historical size and smaller reserrfes. 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 invest5 all it5 cash reserves in short-notice savings or business current accounts at its bankin8 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 reserve5 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 fund5 to higher interest rate alternatives. One of our banking partners has now started paying interest on deposited fund5 which we welcome. As per prewous years. if Trustees with appropriate investment expertise are appointed, the Charity may seek to expand the range of Iow-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.
COMMUNITY INITIATIVES soufH WEsf UMfTED TIA FARESHARE SOUTH WEST TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORTI (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Rlsks and Uncertaintles facing the Charlty Our Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposu 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: Business Continuity Plan - to be developed Food suppFy levels at national level and dian8es in surplus types Financial- low cash levels and pressures on reserves Operational capacity and infrastructure- limited warehouses and fleet Competitive recruitment market Fundraising environment Future plans In 2025/26 we will be working towards.. Running a 10-month pilot projert to rescue more fresh produce from local farniers, thanks to fundirE from Defra's Tackling Food surplus at the Farm Gate fund. This will fund temporary additional staff and new equipment including a food collection truck, freezer. and larger chiller. Launching a larger, better equipped hub in Plymouth. This will enable us to best respond to the changing food landscape, run an employability programme complete with caterin8 kitchen and training rooms and sharE food for over half a million additional meals over the next three years. It will also better supply our new Cornish local collection hub in St Columb, providing food for more remote communities affected by the rural poverty trap. Securing premises and funding for a large-scale. multi-use community food and skills hub in Bristol in partnership with like-minded organisations. complete with the Infrastructu needed to radically in(Tease our food redistribution, supported volunteering and employability impact. Structurep governance and mana8ement Governlng 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 2CQ7 under the name Community InitiatTries 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.
COMMUNITY INITIATIVES SOUTH WEsf UMITED TIA FARESHARE SOUTH WEST TRUSTEES, REPORT IINCWDING DIREcfoRS' REPORT) ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees, who are also the directors for the purpose of company law, and who serrfed during the year and up to the date of signature of the financial statements were: J Ingleby T Hogg C Ackland A Street (Chairl C L Burden B R Eaves MrDKCox Ms S Lawrence (Appointed 7 July 2025} (Appointed 27 February 2025) Appointment of Trustees As set out in the Artscles 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 meetin8. Under charity law. each Trustee of the Charity is also a Director of the charitsble company. The TrLStees constantly seek to recruit new Trustees to join the Board of the Ch3rity 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 theyear 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 operation5 (including health and safety) and holds annual strategy review meetings which are often attended by external speakers and facilitators. senior Management Team: L Bearn. Chief Executive Officer J Forsyth, Deputy Chief Executive Officer S Wright. Director of Partnership and Business Development 10-
COMMUNITY INtriATIVES SOUTH WEsf UMITED TIA FARESHARE SOUTH WEST TRUSTEES, REPORT {INCLUDING OIRECfORS' REPORn (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Organlk2tion 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 meetin8) and with the other members of the senior management team who regularly present reports to the Board. The Trustee5 are supported by a finance sulFcommittee 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 incidentsl 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 No. IIOC(151) 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. Audltor In accordance with the company's arhcles. a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting. Dlsclosure of informatlon to auditor Each of the Trustees has confirmed that there is no information of which they are avrdre which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken apFropriate steps to identify such relevant information and to establish that the auditor is aware of such infomation. The Trustees, report was approved by the Board of Trustees. A Street (Chalrl Trustee Dated: 2.7.l.:.l.i%. . 11
COMMUNITY INITIATIVES SOUTH WEST LIMITED TIA FARESHARE SOUTH WEsr STATEMENT OF TRU5fEES' RESPONSIBILMES FOR THE YEAR ENDED 31 MARCH 2025 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 wth 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 gve 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 charitsble companyfor that year. In preparing these financial statements, the Trustees are required to: select Suitable accountfng policies and then apply them consistently; observe the methods and principles in the Charities SORP. - make Jud8ements and estimates that are reasonable and prudent: and prepare the financial ststements on the goin8 concern basis unless it is inappropriate to presume that the Charity will continue in operation. 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 hee for taking reasonable steps for the prevention and detection of fraud and other irre8ularities. 12-
COMMUNITY INITIATIVES SOUTH WES[ LIMttED TIA FARESHARE SOUTH WEsr INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COMMUNITY INMATIVES SOUTh WEST LIMITED Oplnlon We have audited the financial statements of Community Initiatives South West Limited {the 'Charity'l for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the staement of cash tlows 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 Reportlng Stondord applicable in the UK and Republlc of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion. the financial ststements". give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming sOurceS and application of resources, including its income and expenditure, for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prattl. and have been prepared in accordance with the requirements of the Companies Act 2¢X)6. Basis for opinion We condurted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKI} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilitiesfor the oudit of the finoncial 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. Concluslon5 relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAS IUKI r4uire us to report to you where.. the Trustees, use of the going concern basis of accounting in the prepardtion of the revised finarcial statements is not 3ppropriate: or the Trustee5 have not disclosed in the revised financial ststement5 any identified material uncertainties that may cast significant doubt about the Charitys ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the original financial statements are authorised for issue. 13-
COMMUNITY INITIATIVES SOLItH WEsf UMITED T/A FARESHARE SOUTH WESr INDEPENDENT AUDITOR'S REpoKf {CONTINUED) TO THE MEMBERS OF COMMUNITY INITIATIVES SOUTH WEsf UMITED 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 informati)n 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 inconslstent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misststed. If we identify such material inconsisterKie5 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 prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the Trustees, report for the financial year for which the financral statements are prepared, which includes the directors, report prepared for the purposes of company law. is consistent with the financial statements; and the directors, report included within the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exceptlon In the light of the knowledge and understanding of the Charity and its environment obtained in thecourse of the audit. we have not identified material misstatements in the direttors, report included within the Trustees, report. We have nothing to report in respert of the following matters in relation to which the Companies kn 2006 requires us to report to you if, in our opinion= adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreementwith the accounting records and returns; or certain disclosures of trustees. remuneration specified by law are not made: or we have not received all the information and explanations we require for our audit; or the Trustees were not entitled to prepare the revised financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a strategic report. 14-
COMMUNITY INITIATIVES SOUTH WEST UMITED TIA FARESHARE SOUTH WEST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF COMMUNITY INITIATIVES SOUtH WEST UMITED 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, disclosin& as applicable, matters related to goirg 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 responslbilities for the audit of the financial statements We have been appointed auditor under the Companies Art 2006 and report in accordance with this ACL Our objertives a 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 IUKI will always detett a material misstatement when it exists. Misstatements can arise from fraud or erTor 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 webstte 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. 15-
COMMUNITY INITIATIVES soufH WEsf LIMITED TIA FARESHARE SOUTH WEST INDEPENDENT AUDITOR'S REPORT (CONllNUEDI TO THE MEMBERS OF COMMUNITY INITIATIVES SOUTH WEsf UMITED Extent to which the audlt was considered capable of detecting irregularities. including fraud rhe objectives of our audit. in respect to fraud, are- to identify and assess the risks of material misststement of the financial staternent5 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.. We identified areas of laws and regulations that could reasonably be expected to have a material afect on the financial ststements from our general sector experience, and through discussion with the trustees and other management las required by auditing standards). and discussed with the trustees and other management the policies and procedures regarding compliance with laws and regulationslsee below): We identified the following areas as those most likely to have such an effect: health and safety; General Data Protection Regulation (GDPR): fraud; bribery and corruption. and employment law. Auditin8 standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of re8u5atory and legal correspondence, if any. The identified actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit matter. We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework {FR5 102. the Companies Att 2006 and the Charities Act 20111 and the relevant tax compliance regulations in the UK; We considered the nature of the operations, the control environment and financial performance. We communicated identified law5 and regulations throughout our team and remained alert to any indication5 of non-complian throughout the audit.. We considered the procedures and controls that the charity has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Based on this understanding we designed our audit procedures to identify non-compliance with such13ws and regulations. Where the risk wa5 considered to be higher. we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals. reviewing the financial ststement disclosures and testing to supporting documentation,. performing analytical procedures- and enquiring of management, and We designed to provide reasonable assurance that the financial statements were fr 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 stsndards. For example, the further removed noTrcompliance with laws and regulations (irregularities) is from the events and transactions refletted in the financial ststements, 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 c0ealMent, 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. 16-
COMMUNITY INITIATIVES SOUTH WEsf LIMITED TIA FARESHARE SOUTH WEsr INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE MEMBERS OF COMMUNITY INITIATIVES soufH WEsf 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 Companie5 Act 21J)6. 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 charitsble company's members as a body, for our audit work, for this report, or for the opinions we have formed. TC Gtoy Amanda Kruger FCCA {Senior Statutory Audltor) for and on behalf of TC Group ststutory Audltor Office: Ashton Gate Date:..27..Noyember 2025 17-
COMMUNttY INITIATIVES SOUTH WEST LIMED TIA FARESHARE SOUTH WEST STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDETURE AccouNr FOR THE YEAR ENDED 31 MARCH 2025 Unrestrirted Restricted fvnds funds 2025 2025 Total Unrestricted funds 2024 Restricted funds 2024 Total 2025 2024 Inco Donations and legacies Charitable acttvities Other trading attivities 785.603 580,361 6,326 271,141 1.056.744 101,256 681,617 6.326 844.663 551,830 6,049 499,933 1,344,596 104,640 656,470 6,049 Total income 1,372,290 372.397 1.744,687 1,402.542 604.573 2,007,115 enditure Raising funds Charitable activities Other 118,181 1.795.717 11.431 118,181 2.118.057 11,431 104,578 1,473,048 8.057 104,578 1.767.828 8,057 322,340 294,780 13 Total resources expended 1.925.329 322,340 2,247,669 1.585,683 294,780 1,880,463 Net loutgoing)I incomlng resources before transfers (553.039) 50,057 {502,982) 1183.1411 309,793 126,652 Gross transfers between funds 29.342 129,342) 163.128 1163,1281 Net {expenditure)fincome for the year/ Net movement in funds 1523,6971 20.715 {502,982) (20,0131 146.665 126.652 Fund balances at l April 2024 873,373 171,115 1.044,488 893,386 24,450 917,836 Fund balances at 31 March 2025 349,676 191,830 541,506 873,373 171,115 1,044,488 The statement of financial activities includes all gains and losse5 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 financi313ctivities also complies with the requirements for an income and expendtture account under the Companies Act 2006. 18-
COMMUNITY INITIATIVES SOUTH WEsf LIMITED TIA FARESHARE soLrrH WEsr BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand 15 434.534 483,352 16 360,253 192,998 485,680 490.CM)6 553,251 975,686 Creditors: amounts falling due withln one year 17 (446,2791 1414,550) Net current asset5 106.972 561,136 Total assets less current liabilities 541,506 1.044,488 Income funds Restricted fund5- general Unrestricted funds 191.830 349,676 171,115 873,373 541,506 1,044,488 These financial statements have been ppared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on . 2? A Street Ichairl Trustee Company Registratlon No. 06130395 19-
COMMUNITY INITIATIVES SOUTH WEST LIMftED TIA FARESHARE SOUTH WEST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operatin8 activitles Cash (absorbed byllgenerated from operations 23 1237,5511 153,953 Investing actlvttles Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets (59.4571 {151,035} 3.224 Net cash used in investing activities (59,457) 1147,8111 Net cash used in financlng actiVFtle5 Net (decrease)Ilncrease in cash and cash equivalents {297,008) 6,142 Cash and cash equivalents at beginning of year 490,006 483,864 Cash and cash equivalents at end of year 192,998 490.006 -20-
COMMUNITY INITIATIVES SOUTH WEST LIMITED TIA FARESHARE SOLrfH WEST NOTE5 TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies Charlty 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 Accountlng convention The financial statements have been prepared in accordance wtth the Charlvs Memorandum and Articles of Association dated 30 June 2008, the Companies Att 21)06 and "Accounting and Reporknng by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reportin8 Standard applicable in the UK and Republic of Ireland {FRS 1021" las amended for accounting periods commencing from l January 2019). The Charity is a Public Benefit Entity as definej bv 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 tothe 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 2026 and 2027, which will enable us to consolidate our operations and reduce our expenditure, whilst increasing our earned and fundraised income. We have strengLhened partnership funrtion which will bolster fundraising activity, as well as supporknng 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. We have had 2nd expect to have continued support from Fareshare {Charity No. 1100051}. 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 concem basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherante 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 note5 to the financial statements. 21
COMMUNITY INITIATIVES SOUTH WEST UMITED TIA FARESHARE SOUTH WEST NOTES TO TH£ FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 Accountin8 pollcles (Contlnued) Restricted funds are subject to specific conditions by donors as to how they may be used. The purrx)ses and uses of the Restricted fund5 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 U5dul economic life or whetherthe gift allows for the assets to be transferred to Unrestricted funds. 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 recogni5ed at the time of the donation. Legacies are recognised on reIpt or otherwise rf 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 treated as a contingent asset. Grants receivable are treated in different ways dependent upon their purposes and the terms of the grant. Grdnts 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 depreaation 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 Restrirted funds so that any unused fLnds can be separately identified. Grants receivable to facilitste 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 15 recognised in the period to which it relate& Gifts in kind includes donated assets, services and facilities which are recognised at a reasonab 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 fairvalue of these would be excessive in comparison to the benefit to the users of the account&
COMMUNITY INITIATIVES SOUTH WEsf UMITED TIA FARESHARE SOUTH WEsr NOTES TO THE FINANCIAL sfATEMEMfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (Continued) 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 In settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruas 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 bass consistent with the use of resources. Charitable expenditure comprises those costs inCUrd by the charity in the delivery of its activ*ies and services for its beneficiaries. It includes both costs that can be allocated directly to such activties and those costs of an indirert nature necessary to support thenL Governance costs include those costs associated with meetin8 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 activty. do not themselves pr(xluce 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 stT3tegic management of the charity as well as a proportion of salarie5 based on an approximation of time spent in this area. Raising funds are those costs within Charitable Actbvities expenditure which can be Idenifjfied as unlquely attributable to the attivities of raising funds from potential supporters of the Charity. Such costs include the full employment cost of those employees whose role is fundraisin& and the licencing fees of subscriptions to online fundraising plarforms. 1.6 Tanglble fixed assets Tan8ible fixed assets are initially measured at cost and subsequentty measured at cost or Valtion, net of depreciation and any impairment10sses. Depreciation is reco8nised so as to write off the cost or valuation of assets less their residual values over their useful live5 on the following bases- Leasehold improvements Plant and equipment Computers Motor vehicles 10 years straight line 5 -10 years straight line 3 years straight line 5 years strdight line The gain or 1055 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 ststement of financial activities. -23-
COMMUNITY INITIATIVES SOUTH WEST LIMITED TIA FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 Accountin8 policles (Contlnued) 1.7 Impairment of fixed assets At each reporting end date, the Charity reviews the carrying amounts of its tangible 355ets 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 imtmirment loss lif any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other shorbterm liquid investments with original maturities of three month5 or less, and bank overdrafts. Bank overdraft5 are shown within borrowings in current liabilities. 1.9 Financial instruments The Charity has elected to apply the provisions of Sertion 11 'Basic Financial Instrument5, and Settion 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 liabilitie5 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 tosettle on a net basis or to realise the asset and settle the liability simultsneously. Baslcfinancial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured transaction price including transactFon costs and are Subsequently carried at amortised cost Using the effertive 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. FirBncial a55et5 classified as receivable within one year are not amortised. Baslcfinancial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a fir)ancing 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 credltors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amount5 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 offinonclul Ilabllfties Financial liabilities are derecognised when the Chartys contrattual obligations expire or are discharged or cancelled. -24-
COMMUNITY INITIATIVES SOUTH WEsf UMITED TIA FARESHARE SOUTH WEST NOTES TO THE FINANCIAL sfATEMEKrs (coKnNUED) FOR ThIE YEAR ENDED 31 MARCH 2025 Accounting policies Icontlnued) 1.10 Employee benefits The cost of any unused holiday entitlement 15 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 orto provide termination benefits. 1.11 Leases Rentsls payable under operating leases, including any lease incentives received. are charged as an expense on a straight line basis over the temi of the relevant lease. 1.12 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense a5 they fall due. Crltical attountin8 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 liabilitres 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 cnly that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donations and legacies Unrestricted Restrirted funds funds general 2025 Total Unrestricted funds Restricted fund5 general 2024 Totsl 2025 2025 2024 2024 Donations and grants Donated goods and service5 622.146 271.141 893,287 713,497 499,933 1,213,430 163,457 163,457 131,166 131,166 785,603 271.141 1,056,744 844,663 499,933 1,344.596 -25-
COMMUNITY INITIATIVES SOUTH WEST LIMITED TIA FARESHARE SOUTH WEST NOTES TO THE FINANCIAL 5TATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 202S Donatlons and legacies (Continued) Donations and grants Corporate or8anisations Charities and trusts Individuals Fareshare UK 151,367 93,725 241.847 135,207 1,500 231,308 152,867 325.033 241,847 173,540 151,125 263.888 265,053 33,431 151.125 505,571 265,053 291,681 241,683 38.333 258,250 622.146 271.141 893.287 713,497 499,933 1,213,430 Gifts in Kind- donated assets.servi¢es and faciltties Professional services Warehouse rental and rates Other goods and equipment 45.460 45.460 26,180 26,180 116.200 116.200 101.200 101,200 1,797 1,797 3,786 3,786 163.457 163.457 131,166 131,166 Income from Gifts in Kind in the prior year was Unrestricted. Charitsble artivltles 2025 2024 Membership 681,617 656.470 Analysis by fund Unrestricted funds Restricted funds - general 580,361 101,256 551,830 104.640 681,617 656,470 Restricted funds of £101,256 12024: £104,640) include Household support Winter grants and Feeding Bristol- Household Support Fund. The details of which can be found in the note 18. -26-
COMMUNITY INITIATIVES SOUTH WEST UMrrED TIA FARESHARE SOUTH WEsr NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from other tradlng activities Unrestrlcted Unrestricted funds funds 2025 2024 Other income 6,326 6,049 Expendlture on rdlsins funds Unrestrlcted Unrestricted funds funds 2025 Z024 Fundraising and publicity Other fundraising costs Staff costs 10.667 107,514 11,667 92,911 118.181 104,578
COMMUNITY INITIATIVES SOUTH WEST LIMITED TIA FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 7. Charitsble acthittles Main charitable artivity 2025 Main charitable artlvlty 2024 Depreciation and impairment Staff costs Premises expenses Office costs Communications 96,845 888,748 251,179 11,067 33,818 97,758 761,620 207,965 15,151 38,599 K 11 Motor expenses Legal & professional fees Other charitable expenditure Marketing Food purchases and supplies 274,411 48,683 158,957 11,261 67.745 125,342 32,392 133,777 4,146 90,728 1,842,714 1,507,478 Support costs Share of governance costs {see note 8} 260,393 14,950 245,150 15.200 2,118.057 1.767,828 Analysls by fund Unrestrirted funds Restricted funds - general 1,795,717 1,473,048 322,340 294,780 2,118,057 1,767,828 -28-
COMMUNITY INITIATIVES soiJfH WEST LIMITED TIA FARESHARE SOUTH WEST NOTES TO THE FINANCIAL sfATEMENTS IcoKllNUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs Support Governance costs 2025 Support Governance 2024 Bank charges Staff costs Computer expenses Communications Legal & professional Accountancy costs 662 662 210.594 946 228,413 14 946 228,413 14 5,183 943 9.651 210,594 5.183 943 9,651 3,563 45.575 3.563 45,575 Auditors remuneration 14.950 14.950 15,200 15,200 260,394 14,950 275.344 245.150 15,200 260,350 Analysed between Charitable activities 260.393 14,950 275.343 245.150 15.200 260,350 Governance costs includes payments to the auditors of £14,950 {2024- £15.2QK)I for audit fees. Net movement In funds 2025 2024 The net movement in funds is stated after charging/{creditingl: Fees payable to the charity's auditor: - for the audit of the charity's financial statements for other financial services Depreciation of owned tangible fixed assets Loss on disposal of tangible fixed assets 13,165 1,785 96,845 11,431 13.500 1,700 97,758 8,057 10 Auditor'5 remuneration The analysis of auditor's remuneration is as follows: 2025 2024 Audit of the annual accounts 13,165 13,500 Non-audit servi$ All other non-3udit service5 1,785 1,700
COMMUNITY INITIATIVES SOUTH WEsf LIMITED TIA FARESHARE SOUTH WEST NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 11 Trustees None of the Trustees lor 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: 2025 Number 2024 Number 39 Total benefits received by key management personnel during the year were £159,66212024: £188.598) including employer's NIC and employer's pension costs. The number of employees whose annual remunerdtion was £60,000 or more were: 2025 Number 2024 Number £60,000- £69,999
COMMUNITY INITIATIVES SOUTH WEST UMITED TIA FARESHARE SOUTH WEST NOTES TO THE FINANCIAL sfATEMEKrs {coKnNUED) FOR THE YEAR ENDED 31 MARCH 202S 13 Other Unrestrlcted Unrestricted funds funds 2025 2024 Net loss on disposal of tan8iblefixed assets 11,431 8.057 11,431 8.057 14 TatIon The charity 15 exempt from taxation on its artivities because all its income is applied for charitable purposes. 15 Tangible fixed assets Plart and equlprnent Cost At l April 2024 Additions Disposals 256,662 40.250 159,837 13.907 (18,1311 55,011 5,300 307,160 778.670 59,457 {18,1311 At 31 March 2025 296,912 155,613 60,311 307,160 819,996 Depredatlon and Impalrnient At l April 2024 Depreciation charged in the year Eliminated in respect of disposals 39.086 25,444 57,665 15.933 {6,700} 49,401 4.583 149,165 50.885 295,317 96,845 16,7001 At 31 March 2025 64.530 66.898 53.984 200,050 385,462 Carryin8 amount At 31 March 2025 232,382 88,715 6.327 107,110 434,534 At 31 March 2024 217,576 102.172 5.610 157.994 483.352 31
COMMUNITY INITIATIVES SOUTH WEST IIMfTED TIA FARESHARE SOUTH WEsr NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 MARCH2025 16 Debtors 2025 2024 Amounts falllng due within one year: Trade debtors Other debtors Prepayments and accrued income 289,650 25,776 44,827 427,339 23,126 35,215 360.253 485,680 17 Creditors: amounts falllng due wlthln one year 2025 2024 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 20,470 82.044 22,940 87,292 5,852 298,466 343,765 446,279 414,550 18 Restricted funds The restrirted 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 fund5 8alance at Inroming Translws Balaft¢e al 31 Mirth 2025 IW1kn24 Stjohn's Foundation Household Support Fund Winter Grant Fareshare UK- Vale lane Fareshare UK- Devon & Cornwall Fareshare UK- Health & Safety Farechance Feeding Bristol - Household Support Fund The David Gibbons Foundation HAF Winter Programme Grant 2024 Go South West The Grace Trust - Devon only Norman Family Charity Trust and Notglove Trust 26,236 35,800 30.980 (34,277) (30.980) (10,080} 27,759 10.080 67,750 20,830 (13.1251 (13,907) 11.000) 54.625 16,923} 12.574) 28.500 24.926 46.216 145,3281 14,000} 124,060} (7161 14.0001 888 24,060 1,500 784 10.000 iio.0001 -32-
COMMUNITY INITIATIVES SOUTH WEST UMtrED TIA FARESHARE SOUTH WEsr NOTES TO THE FINANCIAL sfATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Restrirted funds (Contfnued) Groundworks- Tesco Comminty Grants Hob50n van Fuel & Maintenance Albert Casanova Ballard Deceased Nisbet Trust Fareshare UK- Yorkshire Building Society Fareshare UK - Fuel Grant 2 John James- core Bristol Eurofins 7,125 15.673 (7,125) (15,673) 1,000 23,002 19,564 30.000 (26,562) 11,898 1,584 42,0(M) 38,333 35.oIXI 18,210 (39,8721 139,9171 110.7611 {9,4921 {1,3101 12,716 24.239 21,891 13,173 171,115 372,397 (322,3401 (29.3421 191,830
COMMUNITY INITIATIVES soufH WEsf LIMITED TIA FARESHARE SOUTH WEST NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 18 Restrfcted funds (Continued) Grants receivable for the specific purpose of purchasing fixed assets are held in Restricted funds until the asset has been purchased. The Trustee5 then consider whether the terms of the gift require the Charf(y to hold the asset as restricted or whether it can be trdnsferred 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 of the Charity's surplus food support across the ath & North East Somerset18ANES} region. Household Support Fund Wlnter Grant Distribution of the Westminster Governmenvs Winter 2024-2025 Household Support Funding to support low-income families in the Greater Bristol region. It enabled the Charity to intensively support Bristol charities over the twtrweek Christmas period and get a greater volume of food out to popup Winter Projects. 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 the warehouse), and enable frozen deliveries to members. Fareshare UK- Devon & Comwall A two-stage grant to facilitate infrastructure investment in the Devon and Cornwall region. The fi'rst stage of fundin8 was to purchase a van to facilitate expansion across the region. The second stage is investment into creating an enhanced local collection point in St Columb (laurbching 20261. Fareshare UK- Health & Safety An award to take all of the Charity's VrehOuse environments over and above the highest level of Health & Safety Environmental criteria. Farechance A grants from The Elm Trust, The 2W May 1961 Charitable Trust. The Swire Charitsble Trust, and The Hedley Foundation towards the costs of the Farechance employability programme. Feeding 8r15tol- Household Support Fund Distribution of the Westminster Government's Winter 2024-2025 Household Support Funding to support low-income families in the Greater Bristol region. It enable the charity to increase the supply of fDod 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. The David Glbbons Foundation A grant to support the existing operations of the Charity's surplus food support across East Devon. HAF Winter Programme Grdnt 2024 These funds were given for the provision of food hampers to be distributed to Iow-income families with children in full-time education across the greater Bristol region in December 2024, from the Ashton Gate warehouse. Go South West A corporate donation supporting volunteer trdvel expenses in Plymouth.
COMMUNITY INITIATIVES SOUTH WEST LIMITED TIA FARESHARE soufH WEsr NOTES TO THE FINANCIAL STATEMENT5 (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Restrirted fund5 (Contlnued) The Grace Trust- Devon Only A grant to support the existing operations of the Charity's surplus food support across Devon. Nornian Famlly 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. Notglove Trust- Devon only A grant to support the existing operations of the Charity's surplus food support across Gloucestershire and the running costs of the Farechance employability programme. Tesco Stronger Starts- Groundworks Multiple small grants towards existing operations of the Charivs surplus food redistribution based in partner community Store locations. Hobson Charltsble Trust A grant was given to support van costs associated with the Charity's winter work supporting those affected by the cost-of-living crisis. Funding CoVed fuel costs for November and Decernber 2023 and contributed to van maintenance costs for the period November 2023 - March 2024. Albert Casanova Ballard Deceased A grant to support the existing operations of the Charitvs surplus food redistribution tackling fijod insecurity in Plymouth. Nisbet Trust A grant to support a welcoming and inspiring volunteering environment for the whole Bristol commurity, including the development and delivery of the Farechance employability programme. Fareshare UK- yorkshi Building Sodety Part of a four-stage 8rant over three financial years 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 van5 delivering food to the Charivs members between April - December 2024. John James- core Brlstol A grant to support the Charity's operations across Bristol Euroflns The second instalment of a two-year grant to support the Charity's Plymouth warehouse operational costs enabling the Charity to rescue and share surplus food to communities across Devon and Cornwall. -35-
COMMUNITY INITIATIVES SOUTH WEsf UMITED TIA FARESHARE SOUTH WEST NOTES TO THE FINANCIAL sfATEMENTS IcoKfiNUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Unrestrlcted 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 l April 2024 Incomlng resources Resources expended Transfers At 31 March 2025 General funds 873.373 1.372,290 (1,925.329) 29,342 349,676 Previous year: At l April 2023 Incoming resources Resources expended Trnnsfers At 31 March Z024 General funds 893.386 1,402,542 11,585,683) 163.128 873,373 20 Analysls of net assets between funds Unrestrirted funds 2025 Restricted funds 2025 Total Z025 At 31 March 2025: Tangible assets Current assetsl{liabilitiesl 434,534 {84.858) 434,534 106.972 191,830 349.676 191,830 541,506 Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible a55ets Current assets/{li3bilities) 483.352 390,021 483,352 561.136 171,115 873,373 171,115 1.044,488
COMMUNtrY INITIATIVES SOUTH WEST LIMITED TIA FARESHARE soufH WEsr NOTES TO THE FINANCIAL sfATEMENTS (coKnNUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Operating lease commltments 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: 2025 20Z4 Within one year Between two and five years 53,848 7,815 30,850 60,588 61,663 91.438 22 Related party transartlons During the year the charity recelved £5,100 in donations from Trustees (2024: £5,000) and £l,OtM) {2024: £7,000) in donations from other organisations associated with the Trustees. In addition to this the charity paid £44,CM)5 in bookkeeping and accounting costs to a business in which two trustees are employees. The business managed the migration of the accounts to a new accounting sOftre, supported the development and implementation of new accounting systems and Produres, and provided interim finance cover during the recruitment for new internal finance staff. 23 Cash generated from operations 2025 2024 {Deficit)Isurpus for the year {502,982) 126.652 Adjustments for.. Loss on disposal of tanglble fixed assets Depreciation and impairment oftangible fixed assets 11.431 96,845 8,057 97.760 Movements in working capital: Decreasellincrease) in debtors Increase in creditors 125,427 31.728 1144.9171 66,401 Cash (absorbed by)/generated from operations 1237.551) 153,953 Z4 Analysis of changes In net fvnds The Charity had no material debt during the year. -37-