**Innervation Trust Limited** A Company Limited by Guarantee ## **Trustees’ Annual Report** ## **Unaudited Financial Statements** Year Ended 31st December 2020 isingpop.org Company Number 06727979 | Registered Charity Number 1131757 ## **The Trustees present their report together with the financial statements of the charity for the year ended 31 December 2020.** The financial statements have been prepared in accordance with the accounting policies set out in note 1 (page 12) and comply with the Charity’s Trust Deed, the Charities Act 2011 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 (FRS102) (effective January 2019) and applicable law ## **Reference & Administrative Information** **Registered Name:** Innervation Trust Limited **Charity Number:** 1131757 ## **Registered and Principal Office:** 7 Westmere Hanley Swan Worcester WR8 0DG ## **Company Number:** 06727979 ## **Trustees/Directors:** Rt Rev Roger Morris (Chairman) Alan Charlesworth (resigned 10th January 2020) Helen Springett Rev Mark Badger Sarah Belcher ## **Bankers:** National Westminster Bank 10 Great Underbank Stockport SK1 1LL ## **Independent Examiner:** Elizabeth Eyre FCA Elizabeth Eyre Limited 6 Bank Street Malvern WR14 2JN ## **Key Management:** Miriam Porter (Director of iSingPOP), Sarah Haughan (Senior Area Manager) Becki Ross (Senior Area Manager), Clare Morgan (Office and Accounts Manager) **Trustees’ Annual Report & Unaudited Financial Statements** **The object of the charity, as set out in the Memorandum and Articles of Association is the advancement of the Christian faith.** To deliver the charitable object, the Trust offers a range of music-related charitable services to churches and schools through its flagship schools programme, iSingPOP. The aim is to present the Christian message and the positive values it promotes in a way to which children and young people can relate. There are 3 main values underpinning our projects, firstly it is about sharing the good news of our Christian faith, secondly, it is the music! We use great pop songs specifically written for our projects based around great values and themes. Thirdly it is about community. Our projects aim to bring schools and churches together through a community project that is uplifting and promotes joy and togetherness. ## Achievements and Performance iSingPOP Started the year with a busy diary, we have 60 projects booked with a steady stream of enquiries coming in all the time. We had the joy and privilege in February to put together a choir of 300 children for the National Head Teachers Conference in Westminster, we had the most wonderful day with children from right across England. The children had a wonderful day around London, some of them, even children living in Yiewsley, had never been to Westminster before. It was a considerable success. Little did we know that it was the same day when next door the first MP contracted Covid19 in the Queens Hall! Before long it became clear that we were not going to be able to run the project in the normal way. However, we were keen to do something to help schools, children, and their families during lock down. Fortuitously, back in January we had met with one of our partners Alive Media with a dream to start a YouTube Channel, we had been thinking about how best to engage with the Church of England’s, Growing Faith Campaign which focuses on Church, School and Home. We were aware, from the stats, that as soon as children went home from a day with iSingPOP, they would search us on YouTube and listen to the songs. We felt it would be a valuable addition to our project, to have some additional teaching and fun clips on You Tube from the project leaders. Exploring further the Christian faith and key values like Love, Joy, Peace, Patience & Perseverance. **isingpop.org** ## **You Tube** ## **https://www.isingpop.org/youtube** As soon as the schools were closed and we headed into lockdown, we knew the best way for us to deliver our core aims and help schools was initially through YouTube. Over lockdown we put a weekly episode, which was watched by children at home, but also by the key workers children still in school. _“I cannot begin to tell you what a vital role iSIngPOP has played during lockdown for us. Honestly, you have been our ‘go to’ for everything. We have now had 2 visits from you, 6 concerts, and the staff, parents and pupils talk about ISP all the time!”_ _Thank you is not enough to express my sincere gratitude to you. I have my CD in the car, and I listen to it every day when I go to school to run the childcare hub. You are so good for my wellbeing:)_ ## **#faithathome** ## **www.isingpop.org/faithathome** Seeing the quality of the YouTube Channel, we were invited by Andy Wolfe, Deputy Chief Education Officer to partner with the Church of England as primary lead to script and present a set of Collective Worship Video Resources called #faithathome. #faithathome is a free to use, fortnightly, Primary and Secondary Collective Worship Resource especially commissioned by the Church of England. Each episode features 3 sections, with discussion questions for class bubbles to use at moments of pause through the session – giving you a meaningful collective worship activity of 15-20 minutes. It is great to use in school and as part of home school learning provision. _I Just wanted to let you know, keep doing what you are doing, it works!!_ ## **Kath Sperry** **Deputy head teacher from Newport, Wales** Trustees’ Annual Report & Unaudited Financial Statements ## **Classroom Worship** www.isingpop.org/classroomworship When the first lockdown ended, there quickly came a brand-new word on the nation’s lips, “BUBBLE.” Schools were reopened with strict new guidelines and teachers were told that they would have to run their own classes in bubbles. We were concerned about what the new rules would mean for the school’s provision of Collective Worship and we worried that a daily act of Collective Worship would soon be a low priority. We are passionate about enabling schools to provide an inspiring, fun, and thoughtful time where children can explore their faith. So, with all that we had learnt from creating a YouTube Series we set about producing “Classroom Worship.” Which is now being used in hundreds of schools each week, with a reach of 90,000 children. Classroom Worship is a package of weekly online sessions that can be played in school bubbles right across the UK. It is a packed, no prep, 12–15-minute worship time to bring joy, wonder and reflection to in the class. Worship, each worship time involves a song, bible story and a prayer activity designed specifically for each key stage along with the Lord’s prayer. The teacher can use it just as it comes or customise it to their needs with our easy-to-use Classroom Worship Template which can be used by church leaders and head teachers to dovetail the worship time. The wonderful thing is that it can be easily used both in school and online for children working from home. _“Already schools have started to use Classroom Worship to bring some light and hope into their bubbled classrooms across the diocese. With the ever-changing COVID-19 guidance and more and more bubbles ‘bursting’, schools are persevering to keep the heartbeat of collective worship pulsing._ _This resource has been like a much-needed pacemaker for them. In the words of one head, ‘Thank you for this – a gift to make life a little easier!’_ **Mark Harrington. Educational Officer at Hereford Diocese** It follows the SIAMS requirements for Collective isingpop.org ## **Watch Party** Christmas is a hugely momentous time in school. It is so important that children get to hear the best news of Jesus’s birth into our world, every year! So, as they grow, they understand and explore and see the relevance of this story for themselves. I was sad for us not to be able to be in school at Christmas, sharing the great news of Jesus and putting on fun filled community concerts bringing people together in celebration. So, we made the decision that we wanted to give a gift, to represent the gift we were given and to enable any school across the UK to put on their very own watch party. We put together a template together and advertised a webinar, we had over 100 schools attending. They were so grateful to have a fun easy resource along with a “how to edit your own watch party guide.” We had some wonderful feedback, here is an example below: _“I ended up making 4 videos through your watch party gift which was just amazing. To be able to use the framework was wonderful in what was a truly stressful time in school, and it provided a Christmas warmth, message of hope and a little fun in what was a somewhat bleak week for schools. As we were in the south amidst the new strain of the variant, we had heavily reduced numbers in school, staff self-isolating etc but the video enabled us all to come together for half an hour to spread a little cheer, merriment and focused us back to the true meaning of Christmas - God’s all-encompassing love for us!_ _In the end I did a video for my old school which I left in December, my new school where I will start in January, my mum’s church used the format for their crib service which is usually attended by well over 150 people and I also did a little video for my family as going into Tier 4 meant we couldn’t be together and we shared it together on Christmas eve which was not only heartwarming but also quite sad at the same time - the children loved it though in our family and meant they could burn of some much needed energy! Thank you again “_ **Gemma Smith. Orsett CE Primary School, Essex** Trustees’ Annual Report & Unaudited Financial Statements **So, in conclusion, it has been a year of challenges for iSingPOP, however we have had brand new opportunities for our core ministry to exist which we plan to build on into the next year and beyond. We look forward to the day and we have HOPE in 2021 that we will be able to be back in school to bring both comfort and celebrate.** isingpop.org ## **Strategic Report** ## **Financial Results** Innervation Trust Limited receives its funding from three sources: voluntary income and grants, income from schools’ weeks projects and income from the sale of CDs and merchandise. This year we also took advantage of the governments Coronavirus Support Package with the small business grant and the Job Retention Scheme. Total donation and grant income, including Gift Aid amounted to £204,243 (2019: £130,399). ‘Income from Charitable Activities’ in the accounts, shown as £96,321 (2019: £268,474). Expenditure on Charitable Activities has decreased to £251,049 in 2020 compared to £374,851 in 2019. This is due to steps taken by the trust to sure up finances during the pandemic, alongside the schools closing. Total income exceeded expenditure in the period by £40,384 (2019: £27,415). This all related to unrestricted funds. Trustees’ Annual Report & Unaudited Financial Statements ## **Principal Risks and Uncertainties** The Trustees have identified the major risks to which the charity is exposed and have put in place processes and procedures to ensure that such risks are mitigated as far as possible. ## **The principal risks are identified as:** • Covid 2019 - When it became clear that the iSingPOP project was going to be a significant risk factor in spreading Covid 19 and the school’s shutdown we realised we would have to hibernate the iSingPOP Experience. The trustees and key staff took steps immediately to sure up the finances. All staff apart from the director and one of our creative team were furloughed, a government small business grant was sort and when it became clear that the pandemic was going to carry on into the new academic year the office and all the regional lock ups were closed. The director immediately contacted all major donors to share our vision and plans during the pandemic and the initial lockdown. This enabled us to utilise our freelancers, alongside our creative team to start online resources, initially this was in the form of a weekly YouTube episode, then we were given then working with the Church of England of their #faithathome initiative. When school bubbles arrived, and we realised the need for help with Collective Worship in a classroom setting Classroom Worship was born. This has enabled us to continue with our trusts aims, alongside bringing back some key staff and giving much needed work to our freelance project leaders. With the furlough scheme we have not needed to lay off any staff in 2020. • Retention of Key Staff - As we have a lot of freelancers in the arts industry, we were concerned that they would leave the industry, due to the restrictions Covid 19 has placed on their work. To mitigate this, we have where we can give them opportunity and drawn on the pool of talent to work with us on the on the new digital media. This has been a wonderful experience as they have been crucial in the scripting and production of our new digital media, and we are now built a creative/media team which just makes our project stronger. • Retention of Supporters – We were concerned at the start of the pandemic that we would lose key support; we have endeavoured to send out regular clear communication, via mailouts, social media and zoom events. This has meant we have retained a lot of our key partners and in some cases, they have increased their support. We are so thankful for all our support partnerships. isingpop.org ## **Resources** The key resources of the trust are its incredibly talented and motivated staff, project workers and technical assistants as well as excellent creative talent in the form of song writing ability. The iSingPOP Ambassadors are working well and increasing our reach in schools. The trust has a significant catalogue of songs tailored for use in the iSingPOP programme. In January, the trust partnered with a media company, this has been key to developing digital resources during the pandemic. ## **Reserves Policy** Last year we committed to improving our financial position and building reserves to cover three months expenditure over the next three years, as soon as the pandemic hit, we shored up our finances, that alongside our extremely generous donors and support network has enabled us throughout the pandemic to continue towards this goal. ## **The Future** We have 60 schools waiting for us to rebook postponed projects and enquiries for new bookings are starting to come in. We are looking forward to going back into schools to run the core project, alongside building on the last year having created a brand-new set of media resources to use in school, church, and home. We plan to continue creating fun, interactive, inspirational Christian resources to serve children, parents, teachers, and churches right across the UK. Both will work hand in hand creating a stronger project and giving us further reach to share to good news of the gospel and the hope it brings with more schools’ churches and communities than ever before. Trustees’ Annual Report & Unaudited Financial Statements ## **Going Concern** Over the year, income exceeded expenditure by £40,384 resulting in unrestricted funds of £28,175 at 31st December 2020. There were no restricted funds at that date. Due to the pandemic, and the kindness of our supporter we halted loan repayments in March, so the loans remain at £18,250, which we plan to start repaying once the project resumes. The trustees have prepared projections of the income and expenditure of the charity for 2021 and 2022. The management team are confident that, with the resumption of projects, the new digital resources and the support of existing donors, the charity has sufficient cash to meet its liabilities as they fall due. ## **Structure, Governance & Management** Innervation Trust Limited is a company limited by guarantee and is a registered charity governed by its Memorandum and Articles of Association and the compliance requirements of the Companies Acts and the Charities Act. The governance of the Charity is provided through a group of appointed Trustees who are also company directors and who give their time, expertise and energies to ensure that the work of the Charity makes a positive difference in fulfilling its charitable objectives. New Trustees are appointed by existing trustees and given appropriate induction and training on appointment. Trustees who served in the period and up to the date of signing this report are listed on page 2. Day to day management of the Trust’s operations is delegated to the operational directors and senior staff who are not Trustees. The operational director and senior staff who served in the year were: Miriam Porter, Becki Ross, Clare Morgan, Sarah Haughan. The Trust occasionally makes use of volunteers to ensure its projects are delivered successfully. isingpop.org ## **Related Parties** There were a number of transactions with related parties during the year. These are more fully disclosed in note 21 on page 27. In addition, the Trust has a subsidiary company, Innervation Trading Company Limited. Innervation Trading was set up to process commercial transactions arising out of the charitable activities of the Trust. Transactions with this company are more fully disclosed in note 21 on page 27. ## **Public Benefit** ## The Trustees are aware of the Charity Commission’s guidance on public benefit. The work of the charity and the funds it raises are wholly directed towards the objectives as set out on page 3 and the Trustees hold the view that the charity meets the criteria laid down for meeting the public benefit test. Trustees’ Annual Report & Unaudited Financial Statements ## **Trustees’ Responsibilities** The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (UK GAAP), including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements, the Trustees are required to: • select suitable accounting policies and then apply them consistently; • observe the methods and principles in the applicable Charities SORP; • make judgements and estimates that are reasonable and prudent; • state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions, 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity’s constitution. 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. The trustees are responsible for the maintenance and integrity of the financial information included in the charity’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In preparing this report, the Trustees have taken advantage of the small companies’ exemptions provided by section 415A of the Companies Act 2006. The Trustees’ Report and the Strategic Report were approved by the Board on 4th May 2021 and signed on its behalf by **Roger Morris Chair of Trustees** isingpop.org ## **Independent Examiner’s Report** I report on the accounts of the charitable company for the year ended 31 December 2020, which comprise the Statement of Financial Activities, Balance Sheet and the related notes on pages 16 to 27. This report is made solely to the charitable company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company’s trustees as a body in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charitable company’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed. ## **Respective responsibilities of trustees and examiner** The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: • examine the accounts under section 145 of the 2011 Act; • to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and • to state whether particular matters have come to my attention. Trustees’ Annual Report & Unaudited Financial Statements ## **Basis of independent examiner’s report** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. a) to keep accounting records in accordance with section 386 of the Companies Act 2006; and b) to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. ## **Elizabeth Eyre Chartered Accountant** ## **Elizabeth Eyre Limited Bank Street Business Centre** **6 Bank Street** ## **In connection with my examination, no matter has come to my attention:** (1) which gives me reasonable cause to believe that in any material respect the requirements: ## **Malvern** ## **WR14 2JN** ## **Date 3rd June 2021** isingpop.org ## **Statement of Financial Activities, &** **Notes to the Financial Statements** Innervatlon Tn*t Umlt•d Statement of Flnandal AthÈtles {Incorporating an Income and Expenditure Account) Year Ended 31" December2020 Notes Unrestricted Funds Restrlcted Funds Total 2020 Total 2019 INCOME FROM Donation and grant income Charitable Activities Other Tradlng Actlvltles Investment Income TOTAL INCOME 204,243 88,851 204,243 88.851 130,399 268,474 14,055 293,094 293,094 A12,931 EXPENDITURE ON Raising Funds Charltable Activitles TOTAL EXPENDITURE 9.131 251.049 260,180 .131 251,049 260,180 10,665 374,851 385,516 NET INCOME AND NEf MOVEMENT IN FUNDS 32,914 32.914 27,415 RECONCIUATION OF FUhlDS Total funds brought forward 112,21)Jl 112,209) (39,6241 TOTAL FUNDS CARRIED FORWARD 18 20.705 20,705 12,209 The notes on pages 16 to 27 fO￿n part of these financtal ststements. 14 Infftervatlon Tru•t Umknd Balance Sheet At 31" December 2020 Notes 2020 2019 FIXED ASSETS Tangible fixed assets Investments 12 2.038 3.117 2,138 3,217 CURRENT ASSErs Stock Debtors Cash at bank and in hand 15.993 47,198 32,920 96,111 19,520 46,045 11,958 77,523 14 CREDITORS: Amounts fallln8 due wtthln one year (66,1M41 179,9491 NET CURRENT ASSETSIIUABILMESI yo￿67 {2,4261 TOTAL ASSETS LESS CURRENT LIABIUIIES 32.205 791 CREDrroRS: Amounts lalllni due after more than one year 17 111,500) {13,CWI NET ASSÉTSI(LIABILmES) 20,705 112,2091 FUNDS Resirlcred Income fund5 Unrestricted income funds 18 18 20,705 20,705 112.2091 112.2091 For the year endlng 31" December 2020 the company VAS entltled to exemption from audit under sertion 477 of the Companles Acl 2￿6 relatloq to small companies. The members have not requlred the company to obtain an audit of its finanaal statements for the year in accordance wlth section 476 of the Companles Act 2CX)6. The Trustees acknowledge their responsibility for complying with the requirements of the Act with respect to accountlng records and for the preparatbon of flnandal statements. The flnanckl Statements have been prepare(l in accordan￿ with the provisions applicable to companies subjett to the small companies regime. These flnanclal statements were approved and authorised for Issue by the Board of Trustees on 4, Mav 2021 and signed on half by- Ro8er Morris Chair of Trustees The notes on pages 16 to 27 fom) part of these financial ststements. 15 InneThatlon Tn•t Llmlte(I Notes to the Flnandal Staternents Year Ended 31 DeCeM￿r 2020 Company Infommtion Innervation Trurt Limrted wa5 incorporated in England and Wale5 as a company Ilmlted by Buarantee Ireglstered no. 067279791 and has no share capitsl. The liabillty of members in the event of winding up is limtted to an amount not exceeding £1 per member,. the number of members as at 31st December 2020 was 4. Innervation Trust Llmited Is also re815tered as a charSty wlth rhe Charlty Commlsslon Ireglstered no. 11317571. The reglstered office of Innervation Trust knmited Is 7 Westmere, Hanley Swan, Worcester WR8 OEA. Ar￿untIng pojlcles The followln8 attountlng pollcles have been applled conslstently In dealln& with Items whlch are consldered material in relatlon to the charitable compan￿$ flnanclal statements: Basls of accountln¥ The financlal statements have been prepared under the histortcal cost conventlon. The financlal statements have been prepared In accordance wlth Accountln8 and Reportlng by Charltles-. Statement of Recommended Prattlce appllcable to charltles preparlng thelr accounts in accordance with the Financial Reportln8 Stsndard applicable In the UK and Republlc of Ireland IFRS 1021 leffectlve l January 20191 . (Charthes SORP {FRS 10211 and the Flnancial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021. Innervatlon Trust Llmlted meets the definition of a publlc benefit èntity ￿￿￿er FRS 102. Goln8 toncern Over the year, income exceeded expenditure by £32,914 resulting in an overall surplus In funds of £20.705 at 31 De￿mber 2020. There were no re5trirted funds at that date. Of the surplus of £20.705 at 31 December 2020, £18,2501s represented by loans, which are being repaid in total monthty instalments of £7X). The Trustees have prepared projections of the income and expenditure of the charity for 2021 and 2022. A5 a consequence, the Trustees have detemilned that there are no materlal uncertaintie5 over the ¢haritable companrfs ability to continue as a going concern. Inneryatlon Tbust Llmlt•d Notes to the Flnan¢lal Statements Year Ended 31 Detember 2020 Atcountlng pollcles Iconed) Group accounts The Charlty Is exempt Irom the requirement to prepare consolidated accounts by the virtue of the size of the group. T￿se financial statements therefore present infomiatlon about the charity as an Indlvldual company rdther than as a group. Statement of cash flows The charitsblecompany has taken advantage of the small company exemptlon andhas not included a Statement of cash flow5 wlthin the finandal ststements. Income Income Is Included In the Ststement of Hnanclal Attlvltles when the charty Is legally entltled to IL receipt Is probable and the amount can be quantified with reasonable accuracy. Investment Incorne is accounted for the pertod In whkh the charlty15 entltled to recelpL Expendlture Expendlrure is Included in the Statement of Flnanclal Actlvltles on an accruals bas15. Costs of ra151ng funds comprise those costs Inturred In geneTrtlng donatSons and legacles. The TrLtsYs charitable actiwty is the advancement of the Christian faith worldwide. Costs Incurred In furtherlng these alms are related to runn1￿ schools weeks. Includin8 Costs of merchandising and organi51n8 events.11 also include5 governance costs which are costs incurred for running the charity Itself as an organlsatlon, Indudln8 costs ￿lated to the Independent eXamIna￿Oft and a¢¢ountancy. Allor*lgn of support costs All costs are dlrectty attributable to speclfic actlvitres. Penslon xheme The cost5 of providin8 defined contribution pensions are charged to the SOFA as they fall due. The dlfference between contrlbutlons payable In the period and those artually pald are shown as accrua15 in the balance sheet. The pension costs are alloLated to the unrestricted funds as this Is where staff costs are allotrdted. 17 Innemtlon Trust Limited Notes to the Hnanclal state￿nts Year Ended 31 December 2020 Accountlng pollcles (Conydl Tan8lble Ilxed assets and deprttlatlon Tangible fixed assets are stated at cost less depreclatlon. wrth assets greater than the de-mlnlmis of £500 being capFtalised. Depreciation is provided at rates cakulated to wrlte off the cost of fixed assets, less their estlmated residual value over their expected useful lives on the following ba5iS: Fixture5, fittings and equlpment Motor Vehlcles 25% reducln8 balance 25% reduclng balan Stock Stocks are valued at the lower of cost and net reallsable value. The stock held Is merchandlse for resale. Debtors Trade debtors and accrued income are reoJ8nlsed at the settlement amount due. Prepayments a valued at the amount prepald. Cash at bank and In hand Cash Is represented by cash in hand and deposits with financial Instltutlons. Credltors Creditors are ￿(08nIsed where the charity has a present obllqatton reSUttl￿ from a past event that wlll probably result In the transfer of funds to a thlrd party and the amount due to settle the obli8ation be measured or estimated rellabty. Funds Funds held by the charfty are elther: Unrestricted 9enEmlfunds These are fund5 that can be used in accordance with the charftable objects at the discretion of the Trustees. Restrlctedfunds These are funds that can only be used for partKular restricted purposes within the ob}ects of the charity. Restrictions arise when specthed by the donor or when funds are raised for partI￿lar restricted purposes. 18 Innervatlon Tr¢Mt Llrnitod Notes to the Flnandal Ststements Year Ended 31 December 2020 Accountlng polldes {ConVd) Flnanclal Instruments Innervatlon Trust Limf(ed only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Baslc financial instruments are initially recognised at transaction value and subsequently measured at thelrsettlement value. Op¢ratlng lease Rentals applicable to operatlng leases are tharged to the SOFA on a strni8ht-Ilne basis over the term of the lease. Roco8nltlon of Ilabllltles Llabllltles are re¢ognlsed once there Is a kgal or constructlve obll8atlon that commlts the charlty to the obligation. Taxatlon The companyls a reglrtered charity and as such 5s entlded to tax exemption on all Its Income and galns, properly applled for rt5 charltable purposes. VAT Irrecoverable VAT Is charged as a cost a8alnst the 3Ctlvlty for whlch the expendlture was Incurred. Crltlcal accountlng Judgem¢nts and key source5 of estlmatlon uncertalnty Estlmates and Judgements a￿ contlnualty evaluated and are bè*d on h15torlcal experlence and other factors, Includi￿ expertations of future events that are belleved to be ￿3$Onable under the circumstances. The annual depreciation char8e5 for the tangible assets are sensltlve to change5 In the estimated useful lives and residual values of the a55ets. See note 12 for the carrying amount of the tangible assets and note 2 for the depreclation p)Ikles. 19 InneThatlon Tr￿t Umlted Notss tothe Flnanclal Statrments Year End￿ 31 December 2020 Income from Donatlons and Grants Unrestricted Restricted Funds Funds ToLIl 2020 Totsl 2019 Regular donatlons One-off donations Gift aid Fur104J8h CJRS grant Small Business Grant Fund 47,4C 92.912 11.468 42,457 io,( 204,243 47.406 92,912 11,468 42.457 10.0 204243 45,234 75,781 9,384 130,399 Income from Charhable Actl¥ltles Unrestrlcted Funds Restrkted Funds Total 2020 Total 2019 Prolett Income Digital resources Income from CD sales Other merchandlsin8 Income Ro alties 57.636 14.180 S,937 10.775 323 88,851 57,636 14.IKI 5,937 10.775 323 88,851 178.161 35.898 54,083 332 268.474 5. Income from Other Tradlrv Actlvlties Unrestricted Funds Restricted Funds Totsl Totsl 2019 Bank refund Sale of song Ilcences Loans written off Other income 13.412 643 14,055 Inner¥ation Tr￿t Llmtt•d Notrs to the M￿n(la1 Statements Year Ended 31 December 2020 Expendlture on Ralslng Funds 2020 2019 Travel and subslstence Printing PostaBe Dancing Leaflets London Marathon Church pre5entatlon Fundraisin8 consults 9,131 9,131 10.665 10,665 Expendlture on tharltable Actmtles 2020 2019 Purchase of merchandlse Project and equipment expenses Motor and travel expenses Entertalnment and hospitality PLsbliclty Keep on Slngln8 SLSPPOrt costs (note 81 Governance Costs Inote 81 11,343 62,712 6,869 1,156 2,323 43.733 127,315 38,227 4.167 11,950 161,276 5,370 251,049 143,567 5,892 374,851 21 Inner¥atlon Tr￿t Umlted Notes to the Finantlal SLitsments Year Ended 31° Deomber 2020 Govemance and support costs Support Governan Costs 2020 Salarles, wages and related costs (note 9) Trainlng Adminlstratlve expenses Premlses expenses Professional fees Insurances Glfts Bank Charges Independent Examlnerfs fees Accountan fees 134,707 364 10,468 14A92 134.707 364 10,468 14,492 1.841 1,841 1,237 1.237 1,200 2.329 166,646 1,2 2,329 5,370 161,276 No support Costs have been allocated to grant maklng actfvlties {2019: nll). Staff costs and numbers 2019 Salaries Natlonal Insurance Pension Cost5 131,685 106.957 2,118 1,410 110,485 134,707 The average headcount number of Maff durfng the year 1212019.. 91. The remuneration of the key manaBement personnel was £65,55712019: £76,644). No employee was paid more than £EQ,CLKI In the current or prevlous financlal year. io. Trustee remuneratlon Trustee expense5 of £O12019-£0) We￿ ￿1MbUrSed in the current finandal year. During the year donatlons of £6LKI V￿re given by the Trustee5 to the charity12019: £3,￿1). Innervatlon Tnst Llrnitod Notes to the Flnandal Ststements Year Ended 31" December 2020 ii. Net Income I (expenditure) Thls Is stated after tharglng: 2020 2019 Rentals under operatlng leases Depreciation Bank Interest payable Accountancy Costs Independent Examlnerfs Fees 9.244 779 13.860 1,039 2,329 1,514 1,200 23 Innervatlon Tntst Limitod Notss to the Hnanclal Statements Year Ended 31" December 2020 12. Tangible fixed assets Flxtures, Flttings and Equlpment Cost: At I" January 2020 Additions in year 01sposals At 31° December 2020 20,704 15(K)I . 20,Z04 Depreciation.. At 1° January 2020 Charge for the year Disposals At 31" December ZOZO 17,587 779 12001 18,166 Net Book Value: At 31 December 2020 At 3151 December 2019 2,038 3.117 13. Investment In subsldlary 2020 2019 Cost at ijtjanuary and 31 Oecember The subsidiary 15 Innervation Tradin8 Company Limited. company number 05653870, which is lOO% owned by the Trust and reglstered In England and Wales at 4 & 5 Cygnet Buslness Park, Worcester Road, Hanley Swan. Worcester WR8 OEA. Debtors 2019 Trade debtors Prepayments and accrued income 41,013 6.185 47,198 39,035 7.010 46,045 24 Innervatlon Trust Llmltsd Notes to the Flnancial Statements Year Ended 31 Defember 2020 15. Credltors: amounts fall1￿ due wlthln one year 2020 2019 Trade Creditors Loans Taxation al￿ social security Accruals Other creditors Deferred Income (note 161 4A43 7.750 2,042 2,964 1,760 47,085 24,031 3.484 5,379 38,555 79,949 The loans are unsecured, interest-free and repayable in equal monthty Instalments of £750. 16. Deferred Income 2020 2019 Amounts brought forward Amounts received In the year Amounts utlllsed durln the 38￿55 (38,555) 47,085 47,085 33,463 133,4631 38,555 38,555 ar Deferred Income arlses when schools and churches are Invoiced In advance for futu￿ projects. 17. Credltors: amounts falllng due after more than one year 2020 2019 Loan 11,5(Kl 13,0 The loan15 unsecured. Interest-free and repayable In equal monthly instalments of £5CD. 25 Inner¥allon Tnwt Limited Notss to the Hnandal Statemerts Year Ended 31 December 2020 18. Movement in funds Balance at l January 2020 Movement In Resources Balance at Income Expenditure 31 DKember 2020 Restricted Funds: Old Town Christian Trust Mrand Mrs Drew Unrertricted Funds Totsl Funds 112,2091 112,209) 293.094 293,094 {2fAI,1801 (260,1801 20,705 20,705 19. Net assets by fund Tanglble Fixed Assets Investments Credltors Due After One Year Net current Assets Totsl Unrestricted Funds RestrScted Funds Total Funds 2.038 Ic 30,067 {11,SCQI ZO,705 2,038 Icrf) 30.067 111.500) 20,705 Flnandal Instruments 2020 2019 nanclal assets measured at settlement value Financial liabilities measured at 5ettlernent value 80,118 126,657) 58.lJ)3 150.910} Financlal assets measured at settlement value comprlse cash. trade debtors and accrued Income. Financial Ilabllltles measured at settlement walue comprise trade creditors, grant commltment, loans and accrual5. 26 InneThatlon Trujt Llmlied Notes to the Flnandal Statements Year Ended 31" Decernber 2020 21. Related partytransactlons Innervatlon Trading Company Limited 1yradin￿l is a related party as It Is a subsidlary of Innervation Trust Llmtted 1.the Trusv). The Trust has a related mlnlstry called ISln8Worship. Thls is a smartphone and tsblet application I"App"I whtch make5 worship and muslc in small 8roupseasyto dÈllver. iSin8Wor5hip Itself is partly owned by Movation Productions Limited and Kingdom Apps Llmlted, both entrtles Inwhlch Anthony Porter and Mark Pennells have an InterÈst. During 2018 there was a loan of £2.￿j to the Trust by Movatlon ProdLbCtlons LSmlted. The balance as at 31M December 2020 was £LCMXI12019: £1,￿)1. 27 ## isingpop.org C o m p a n y N u m b e r 0 6 7 2 7 9 7 9 | R e g i s t e r e d C h a r i t y N u m b e r 1 1 3 1 7 5 7