InnervationTrust Limited IA Company Limited by Guarantee) Trustees, Annual Report and Unaudited Financial Statements Year Ended 31st December 2024 Company Number 06727979 Registered CharityNumber 1131757 ising pop
Innervation TTUSt Limited Contents Pages Trustees, Annual Report 2toll Report of the Independent Examiner 12to13 Statement of Financial Attivities 14 Balance Sheet 15 Statement of Cash Flows 16 Notes to the Financial Statements 17to31
Innervation Trust Limited Trustees. Annual Report Year Ended 31st December 2024 The Trustees present their report together with the financial statements of the charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 2 (page 151 and comply with the Charivs 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 20191 and applicable law. Reference and Admlnistrativelnfonnation RegisteredName: Innervation Trust Limited CharityNumber: 1131757 RegisteredandPrincipalOffice: Unit 27 Cotteswold Dairy Dairy Way Tewkesbury Gloucestershire GL20 8JE CompanyNumber: 06727979 Trustees/Dirèctors: Bishop Roger Morris (Chairman) Helen Springett Rev Mark Badger William Mansell (resigned 25.04.24) Phillip Simpson April Gold (appointed 28.04.25) Richard Otto (appointed 28.04.25) Bankers: National Westminster Bank 10 Great Underbank Stockport SKI ILL IndependentExaminer: Elizabeth Eyre FCA Elizabeth Eyre Limited 6 Bank Street Malvern WR14 2JN
Innervation Trust Limited Trustee< Annual Report Year Ended 31st December 2024 Key Management: Miriam Porter (Operational Director of iSingPOPI Becki Ross (Operations Manager) Lorraine Pearson {Office Manager) Sandy Murray (Head of Finance) Jacob drake (Head of Marketing) Ben Hoare (Head of Media) Leah Halliwell (Head of Design) Objectives and Activities Theobjectofthecharity,assetoutin the Memorandum and Articles of Association is the advancement of the Christian faith. To deliverthecharitableobject,theTrust offers a range of music-related charitable services to churchesandschoolsthroughitsflagship schools programme, iSingPOP. The aim is to present the Christianmessageandthepositivevalues it promotes in a way to which children and young people can relate. Therearethreecentralvaluesunderpinning our projects. Firstly, it is about sharing the good ' newsofourChristianfaith.Secondly,we are passionate about great music. We use fun, modern popsongsspecificallywrittenforourprojects based on great values and themes. Thirdly, isingPOPisaboutcommunity.Ourprojects aim to bring school, church and home together throughacommunityprojectthatisuplifting and promotes joy and togethernes5. The Vision To seechildren,teachersandfamiliesexplore personal faith through engaging in, and leading worship. To enablethechurchtoengagewithchildren and families in their communities. To.sharetheloveofGodinchurch,school and home. Achievements and Performance 108Schools&Churchestookpartin'The Main Evenv, with a reach to 18,687 children. Rehearse. Perform. Resource. TheMainEventisalive,interactive,tutor-led experience that takes place over the course of four days.Thisimmersiveprojectwillunitethe school, church and local community, build children's confidenceandencouragethemtothink about inclusive Christian values through fun, reflection andworship.
Innervatlon Trust Limited Trustee< Annual Report Year Ended 31st December 2024 Rehearse (Days 1-3: Teaching) The school will spend the first three days learning a set of catchy, fun-filled pop songs with their iSingPOP project leader. Each song is based on an important and inclusive Christian value. Perform (Day 4: Concert) The following week, the school will perform a live concert inviting the community to their local church. We supply professional live production, including PA. visua15 and all equipment necessary for the concert. In every concert, we always make space for the local vicar or member of the church community to share what is happening in the life of the church! Resource We will leave the school and church with a set of teaching videos so that they can keep on singing. Over 130 communities used The Pop Box Pick. Mix. Praise Whether seeking to invigorate your all-age service with fresh ideas or are eager to empower the next generation to peer-led collectlve worshlp, the Pop Box is a go-to interartive toolkit. We provide the templates, topics and a wide range of resources, so all you or your young leaders need to do is bring their enthusiasm! Either use our ready-made services or let your creativity flourish by pick-and-mixing your own. Each box contains.12 monthly. interactive collective worship servlces, whlch include: Bible stories Prayers Games Songs Crafts Engaging discussion points We ran 153 Interartive School and Church Workshops, reaching 12.770 children. Exploring the Christian faith in depth Our interactive workshops go beyond the surface, delving deeper into faith themes. They unite the whole school in a day-long quest to explore the real meaning behind key Christian festivals and why many still celebrate them today. We currently offer workshops on the themes of Harvest, Christmas, Lent, Easter and Pentecost. Every workshop day Includes: Age-appropriate workshop sessions for the whole school Catchy iSingPOP songs 3nd dances to learn
Innervation Trust Limited Trustee Annual Report Year Ended alst December 2024 A biblical exploration of the theme A group prayer activity A celebration assembly Leavers Services 430 Schools took part in leavers services, with a reach of 10,773 children. Every year we have the privilege of working with year six children in leavers, seniices acr055 the country. This year, across 5 cathedrals, over 14,500 children have performed iSingPOP song5 during their leaverfs service. Leaver's Services mark crucial milestones in the academic journey of a child, creating reflective and celebratory memorles they wlll treasure forever. It is for that reason, iSingPOP is committed to ensure your vision for these events are creatively and technically supported. Over 270 schools subscribed to Classroom Worship Gather. Watch. Grow. Collective Worship offers a moment of pea, bringing the entlre school family together to celebrate their values. To Support schools in this endeavour, iSingPOP created a no intensive planning required, 'Classroom Worship,; a 15-minute weekly, interartive digital series aligned with the SIAMS frarnework. Follows SIAMS framework Promotes inclusive Christian values • Topics and themes available 2 years in advance 15-minute episodes and separate prayer activity every week! Each episode includes: animated Bible stories prayers & reflections group discussions prayer activities songs & dances Feedback "A fun and engaging way of sharing the values at the heart of the Christian faith with children, Staff and families., Church Leader "A wonderful opportunity to share a living faith and celebrate the Christian values of our Church schoof." Church Leader
Innervation Trust Limited Trusteeg Annual Report Year Ended 3tst December 2024 "Last night'5 concert was totally wonderful and amazing. We had tears, laughter, singing and dancing. We were so proud and joyed by our children. Heidi has enjoyed herself so much, She has not stopped practicing and talking about Emma, even woke up singing the songs this morning. When Emma marched the kids in skipping to the music it was brilliant one of the best school things we have ever been to. Thank you so much everyone involved., Parent "We had a great week last week with you. I was particularly impressed with how quickly you got to know the children, recogni5ed their individuality and built relationships. They thought you were amazing." "The concerts were very well received by parents, and we have received many positive comment5. What struck me was the smiles on their faces throughout the concert - for many of the children the concerts will be something they will remember for a very long time. For our pupils, engaging in a project like the Main Event is transformational, they will probably never have experienced anything like this before. Since subscribing to the iSingPOP resources, I have been really impressed. We use the Pop Box to support our pupils in leading worship and the classroom worship resources weekly. Please keep the resources coming!" Headteacher "l am emailing to let you know how brilliant the classroom worship materials have been this year. It has really helped to structure and pull together our worship5 and given us a strong weekly theme to link our whole school worships and classroom worships together to help revisit and embed the ideas and concepts." Collective Worship Lead Events & ThePraise Team Salisbury Diocese- We celebrated with the Diocese of Salisbury Academy Trusts year 4,5 in Salisbury Cathedral. Coventry Dioce5e- We were part of a school's Jamboree, taking the whole Praise Team to celebrate the year 6 children's journey through school. The Praise Team helped with the children's work and performed on the main stage at Big Church Festival. Successes, Challenges & Future Plans We are encouraged that even through the economic downturn, we have been busy with the core charity objectives. Last year, the Church of England launched their"Growing Younger and More Diverse" initiative, aiming to double the number of children attending church within seven years. In response, we createa an innovative partnership model with dioceses across the UK. This would involve
Innervation Trust Limited Trusteeg Annual Report Year Ended 31st December 2024 appointing a dedicated project leader for each diocese to work c105ely with local churches, schools and homes. Our first pilot scheme with Coventry Diocese. commenced in January 2024, and every child in their church schools had access to our weekly "Classroom Worship" resource, while all parishes received a Pop Box" for use in both church and school. We have seen the church and school embrace isingPOP in a new, fresh and exciting way. Building on the success of Alive 2023, Coventry having their own project leader going into schools and churches, has been instrumental in enabling more children to explore the Christian faith, what they believe & their place in this world. The feedback from the schools has been that having the iSingPOP leaders and resources readily available has resulted in stronger. more meaningful and joyful Collective Worship. Alongside this the churches have been trained in the Pop Box and have set up new Services like "Pop Up Church" where families have explored faith together. -we LOVE Emma and iSingPop. The songs bring our worship to life and bring joy to everyone. Our families loved the concerts and enjoy the songs even now as we sing them weekly in our SHINE celebrations." Alvestone Primary, Coventry For a full look at the success of the pilot year, please contact iSingPOP for the impact video on office@isingpop.com. Based on the success of thls pilot. we plan to expand our partnership model to other dloceses throughout the UK. This will not only help us achieve our goals but also establish a sustainable and long-term bu5ine55 model. By working closely with the Church of England. we aim to: Increase the number of children attendlng church through engaging and inclusive worship experiences. Provide valuable resources and support to schools and parishes to enhance their religious education programs. Foster a sense of community and belonging among young people and their families. Create a sustalnable buslness model that ensures the long-term viability of our project. Our main challenge this year was the continued journey of fiscal recovery from Covid, due to the previous year's dovlnturn in the economy. and the continued cost of living crisis.
Innervation Trust Limited Trustees. Annual Report Year Ended 31st December 2024 "l am emailing to let you know how brilliant the classroom worship materials have been this year. It has really helped to structure and pull together our worships and given us a strong weekly theme to link our whole school worships and classroom worships together to help revisit and embed the ideas and concepts." Collective Worship Lead Events & The Praise Team Salisbury Diocese - We celebrated with the Diocese of Salisbury Academy Trusts year 4,5 in Salisbury Cathedral. Coventry Dioce5e- We were part of the Alive Praise Party with 9,000 children and adults for worship concerts over two days. The Praise Team performed on the main stage to over 30,000 people at Big Church Festival and joined 5,000 people at Swansea and Brecon Centenary event. The Team Senior Leadership Team (no change Miriam Porter, Director Becki Ross, Operations Manager Lorraine Pearson, Office Manager Management Appolntments (new to 2024) Abi Thomas was recruited as an Executive Assistant to the director.
Innervation Trust Limited Trustee Annual Report Year Ended 31st December 2024 Team Structure iSingPOP ORGANISATIONAL STRUCTURE Iz Porter B•¢ki Ro Lwh Halbwell Jak•iJrok• J•s$l¢q rtI emltyToowl J•s$ L•wls dknKrwIF41Con$Lknntl 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 music and merchandise. Total donation and grant income, including Gift Aid amounted to £225,951 (2023: £176,384). 'Income from Charitable Activities, in the accounts, shown as £323,980 {2023: £232,541). Expenditure on Charitable Activities has increased to £524,642 in 2024 compared to £410,634 in 2023. There was a surplus for the period of £20,100 {2023: £19,171 deficit). 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.
Innervation Trust Limited Truste Annual Report Year Ended 31st December 2024 Going concern and Reserves Policy At the end of the year. our unrestricted reserve5 increased to £19,299. This was as a result of restructurin& utilising innovative technologies and assessing where we can reduce costs to rebuild our resep4es. Structure. Governance and Management Innervation Trust Limited is a company limited by guarantee and 15 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 15 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 pake 2. Day to day management of the Trust's operations is delegated to the operational directors and senior staff who are not Trustee5. The Trust occasionally makes use of volunteers to ensure its projects are delivered successfully. Related Parties There were a°number of transactions Wlth related parties during the year. These are more fully disclosed in note 22 on page 28. In addition, the Trust has a subsidiary company, Innervation Trading Company Limited. Innervation Trarling was set up to process commercial transactions arising out of the Trusvs charitable activities. Transactions with this company are more fully disclosed in note 22 on page 28. 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. TrsteeS, Responsibilities The Trustee5 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). 10
Innervation Trust Limited Trustees. Annual Report Year Ended 31st December 2024 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 charitvs 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 Report5) 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 trustee5 are responsible for the maintenance and integrity of the financial information included in the charit¥s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions. 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 appToved by the Board on Jlseptember 2025 and signed on its behalf by Roger orris Chalr of Trustees 11
Innervation Trust Limited Independent Examinerfs Report Year Ended 31st December 2024 Ireport to the charity trustees on my examination of the accounts of Innervation Trust Limited for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, Statement of Cashflows and the related notes. Responsibilities and basls of report As the trustees of the charity land also it5 directors forthe purposes of company law) you are responsible for the preparation of.the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act. Having satisfied myself that the accounts of the charity are not required to be audited under ParL16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's account5 as carried out under settion 145 of the Charities Art 20111'the 2011 Act,). In carrying out my examination I have followed the applicable Directions given by the Charity Commission under settiom 145151(bl of the 2011 Act. Independent examlner's ststement A5 the rharity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination by being a qualified member of Institute of Chartered Accountants, England and Wales. I have completed my examination. I can confirm that no material matter5 have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: the accounting records were not kept in accordance with section 386 of the 2006 Act and section 130 of the 2011 Act; or the accounts did not accord with those records: or the accounts did not comply with the applicable accounting requirements concerning theform and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 and under section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination- or the accounts have not been prepared in accordance with the Charitie5 SORP {FRS 102). 12
Innervation Trust Limited Independent Examlnerfs Report Year Ended 31st December 2024 Ihave no Concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Ellzabeth Eyre Chartered Accountant Elizabeth Eyre Limited Bank Street Business Centre 6 Bank Street Malvern WR14 2JN Date 2S September 2025 13
InneThation Tntst Umlted Statement of Financial Activities (Incorporating an Income and Expenditure Account) Year Ended 31" Deomber 2024 Notes Unrestrirted Funds Restrirted Funds Total 2024 Total 2023 INCOME FROM Donation and grant income Charitable Activities Other Trading Activities Investment Income TOTAL INCOME 208,620 323,980 7,518 302 540,420 17331 225.951 323,980 7.518 302 557,751 176,384 232,541 26 ' 408,951 17,331 EXPENDITURE ON Raising Funds Charitable Activities TOTAL EXPENDITURE 13,009 512,605 525.614 13,LY)9 524,642 537,651 17,488 410,634 428,122 12,037 12.037 NET INCOME AND NEf MOVEMENT IN FUND5 14.806 5.294 20,100 {19,1711 RECONCILIATION OF FUNDS Total funds brought fonvard 2,493 1,698 4,191 23,362 TRANSFERS (2,LN)O) TOTAL FUNDS CARRIED FORWARD 19 19,299 4,992 24,291 4,191 The notes on pages 17 to 31 form part of these financial statements. 14
Innervation Trust Limfted Balance Sheet At 31st December 2024 Notes 2024 2023 FIXED ASSErs Intangible fixed assets Tangible fixed assets Investments 12 13 1,410 17.402 loo 1,645 8,506 18,912 10.251 CURRENT ASSETS Stock Debtors Cash at bank and in hand 14.928 17.658 69.294 101,880 19,203 98.576 34,518 152,297 15 CREDITORS: Amounts falling due within one year 16 (85.001) {146,8571. NET CURRENT A55ETS 16,879 5,440 TOTAL ASSETS LESS CURRENT LIABILITIES 35,791 15,691 , CREDITORS: Amounts falling due after more than one year 18 {11.500) 111,5001 NEf ASSETS 24,291 4,191 FUND5 Regtricted income funds 19 19 4.992 19.299 24,291 1,698 2,493 4,191 For the year ending 31st December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its financial statements for the year in accordance with section 476 of the Companies Act 2006. The Trustees acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subjett to the small companies regime. These financial statements were approved and authorised for issue by the Board of Trustees on ..*.. September 2025 and signed on their behalf by: Roger Morris Chair of-Trustees The notes on pages 17 to 31 form part of these financial statements. 15
Innervation Trust Llmlted Statement of Cash Flows Year Ended 31° December 2024 2024 2023 Cash flows from operating artivities Net (expenditureVIQme per Statement of Financial Activities 20,100 (19,1711 Adjustments for: Depreciation of property, plant and equipment 5,733 2,468 Ilncrea5e)/decrease in stock Amort15ation Decreaselllncrease) in trade and other receivables Increase/lDecrease) in trade and other payables 4.275 235 18,709) 235 152,3271 55,138 80,918 (61,8561 Net cash used in operating activities 49,405 {22,366} Cash flows from investing activities Payments for property, plant and equipment (14,629) 15,153} Net cash used in investing artivities (14,629) 15.153) 'Net cash from finanang acttvities Net increase/(decrease) in cash and cash equivalents 34,776 (27,519} Cash and cash equivalents at the beginniTha of the year 34,518 62,037 Cash and cash equivalents at the end of the year 69,294 34,518 Components of cash and cash equlvalents Cash and bank balances 69,294 34,518 69,294 34.518 16
Innervation Trust Limited Notes to the Flnandal Statements Year Ended 31st December 2024 Company information Innervation Trust knmited was incorporated in England and Wales as a company limited by guarantee (registered no. 06727979) and has no share capital. The liability of members in the event of winding up is limited to an amount not exceeding £1 per member; the number of members as at 31st December 2024 was 5. Innervation Trust Limited is also registered as a charity with the Charity Commission (registered no. 11317571. The registered office of Innervation Trust Limited is Unit 27, Cotteswold Dairy, Dairy Way, Tewkesbury GL20 8JE. Accounting pollcles The following accounting policies have been applied con5iStently in dealing with items which are considered material in relation to the charitable companvs financial statements: Basis of accounting The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their account5 in accordance.with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191- (Charities SORP (FRS 102)) and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}. Innervation Trust Limited meets the definition of a public benefit entity under FRS 102. Going concern Over the year, income exceeded expenditure by £20.100 resulting in a funds position of £24,291 at 31st December 2024. Restricted funds at that date were £4,992. The Trustees have prepared projertions of the income and expenditure of the charity for 2025. The trustees and management team are confident that. Wlth the resumption of projects, the new digital resources are the sUPPOrt of existing donors, the charity has sufficient cash to meet it5.liabilities as they fall due. 17
Innervation Trust Limited Notes to the Flnanclal Statements Year Ended 31st December 2024 Accounting policies (Coned) Group accounts The Charity is exempt from the requirement to prepare consolidated accounts by the virtue of the size of the group. These financial statements therefore present information about the charity as an individual company ratherthan as a group. Income Income is included in the Statement of Financial Activities when the charity is legally entitled to it, receipt is probable and the amount can be quantified with reasonable accuracy. Investment income is accounted forthe period in which the charity is entitled to receipt. Expenditure Expenditure is included in the Statement of Financial Activities on an accruals basis. Costs of raising funds comprise those costs incurred in generating donations and legacies. The Trust's charitable activity is the advancement of the Christian faith worldwide. Costs incurred in furthering these aims are related to running schools weeks, includin8 Costs of merchandising and organising events. It also includes governance costs which are costs incurred for running the charity itself as an organisation, including costs related to the independent examlnation and accountancy. Allocation of support costs All costs are directly attributable to specific activities. Pension scheme The costs of providing defined contribution pensions are charged to the SOFA as they fall due. The difference between contributions payable in the period and those actually paid are shown as accruals in the balance sheet. The pension costs are allocated to the unrestricted funds as thi5 15 where staff costs are allocated. 18
Innervatlon Trust Limited Notes to the Financial Statements Year Ended 3tst Dember 2024 Accounting policies (Convd) Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation, with assets greater than the de-minimis of £500 being capitalised. Depreciation is provided at rates calculate<l to write off the cost of fixed assets, less thelr estimated residual value over their expected useful lives on the following basis: Fixtures, fittings and equipment Motor Vehicles 25% reducing balance 25% reducing balance Stock Stocks are valued at the lower of cost and net realisable value. The stock held is merchandise for resale. Debtors Trade debtors and accrued income are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Cash at bank and in hand Cash is represented by cash in hand and deposits with financial institutions. Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Fund5 Funds held by the charity are either". Unrestricted generolfunds These are funds that can be used in accordance with the charitable objects at the discretion of the Trustees. Restrictedfunds These are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 19
Innervation Trust Limited Notes to the Flnanclal Statement5 Year Ended 3tst December 2024 Accounting policies (Conydj Financial instruments Innervation Trust Limited only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Operatlng lease Rentals applicable to operating leases are charged to the SOFA on a straight-line basis over the term of the lease. Recognltlon of liabilities Liabilities are recognised once there is a legal or constructive obligation that commits the charity to the obligation. Taxatlon The company is a registered charity and as such is entitled to tax exemption on all its income and gains, properly applied for its charitsble purposes. VAT Irrecoverabke VAT is charged as a cost against the activity for which the expenditure was incurred. Crltlcal accountlng judgements and key sources of estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other fattors, includingexpectations of future events that are believed to be reasonable under the circumstances. The annu31 depreciationcharges for the tangible assets are sensitive to changes in the estimated useful lives and residualvalues of the assets. See note 13 for the carrying amount of the tangible assets and note 2 for thedepreciation policies. 20
Innervation Trust Llmlted Notes to the Financial Statements Year Ended 31 December 2024 Income from Donatlons and Grants Unrestrirted Restrirted Funds Funds Total 2024 Total 2023 Regular donations One-off donations Gift aid Furlough CJRS grant 47.806 153,346 7,468 47,806 170,677 7.468 47,559 121,681 7,144 17,331 208,620 17,331 225.951 176,384 Income from Charltsble Artivities Unrestricted Funds Restricted Funds Totsl 2024 Total 2023 Project income Digital resources Income from CD sales Other merchandising income Royalties 216,729 82,843 216.729 82.843 142.244 56.219 22,380 2,028 323,980 22.380 2,028 323.980 31,677 2,401 232,541 5. Income from Other Trading Activities Unrestricted Funds Restricted Funds Total 2024 Total 2023 Bank refund Salè of song licences Loans wrrtten off Other income 7,518 7,518 7.518 7,518 21
Innervatlon Trust Limited Note5 to the Financial Statements Year Ended 31" December 2024 Expenditure on Raising Funds 2024 2023 Travel and subsistence Printing Postage Dancing Leaflets London Marathon Church presentation Fundraising consultancy 13.009 13,(K19 17,488 17,488 Expenditure on Charitable Artivities 2024 2023 Purchase of merchandise Project and equipment expenses Motor and travel expenses Entertainment and h05Pltality Publicity Keep on Singing Support costs (note 81 Governance Costs (note 81 11.870 77,475 18,967 15,304 73,037 23,676 2,874 12,995 11,201 393,699 275,552 7,196 410,634 524.642 22
Innervation Trust Limited Notes to the Flnancial Statements Year Ended 31" December 2024 Governance and support costs Support Costs Governance Costs 2024 Salaries, wages and related costs (note 9) Training Administrative expenses Premises expenses Professional fees Insurances Gifts Bank Charges Independent Examinerfs fees Accountancy fees 357.926 5,776 19,532 9.606 357,926 5.776 19,532 9,606 3,783 3,783 859 859 1.482 2,725 401.689 1,482 2,725 7,990 393,699 No support costs have been allocated to grant making activities (2023: nil}. Staff costs and numbers 2024 2023 Salaries National Insurance Pension Costs 328.528 22.284 7.114 357,926 235,810 11,044 4.349 251,203 The average headcount number of staff during the yearwas 15 {2023.. 13). The remuneration of the key management personnel was £189,13512023: £82.533). No employee was paid more than £60.000 in the current or previous financial year. io. . Trustee remuneratlon Trustee expenses of.£O12023- £0) were reimbursed in the current financial year. During the year donations of £600 were given bythe Trustees to the charity12023: £630). 23
Innervation Trust Limited Notes to the Financial Statements Year Ended 31" December 2024 ii. Net income This is stated after charging: 2024 2023 Rentals under operating leases Depreciation Amortisation Accountancy Costs Independent Examinerfs Fees 5,733 235 2,725 1,482 2,468 235 2.310 1,428 1.2. Intsngible fixed assets Website Cost: At I'January2024 Additions in year Disposals At 31" December 2024 2,350 2,350 Depredation: At I"January 2024 Charge for the year Disposals At 31" December 2024 705 235 940 Net Book Value: At 31" December 2024 At 31" December 2023 1,410 1,645 The website is amortised on a straight line basis over 10 years. 24
Innervation Trust Limited Notes to the Financial SL*ements Year Ended 31° December 2024 13. Tangible fixed assets Fixtures. Flttlngs and Equlpment Cost: At I"January 2024 Additions in year Disposals At 31" December 2024 32,975 14,629 47.604 Depreciation:. At I"January 2024 Charge for the year Disposals At 31" December 2024 24,469 5.733 30,202 . Net Book Value: At 31" December 2024 At 31" December 2023 17,402 8.506 14. Investment in subsidiary 2024 2023 Cost at l January and 31, December l(M) The 5ub5idiary is Innervation Trading Company Limited, company number05653870, which is lOO% owned by the Trust and registered in England and Wales at Unit 27 Cotteswold Dairy Estate, Dairy Way, Tewkesbury GL20 8JE. 15. Debtors 2024 2023 Trade debtors Owed by subsidiary Prepayments and accrued income 16.548 443 667 17.658 94,800 287 3,489 98,576 25
Innervation Trust Limited Notes to the financial Statements Year Ended 31° December 2024 16. Creditors: amounts falling due within one year 2024 2023 Trade Creditors Loans Taxation and social security Accruals Other creditors Deferred income (note 17) 923 5,625 6,000 3,532 3,845 876 126,979 146,857 5.123 3,371 1.778 85,iJ)I The loans are unsecured, interest-free and repayable in equal monthly instalments of £500. 17. Deferred income 2024 2023 Amounts brought forward Amounts received in the year Amounts utilised during the year 126,979 1126.979) 63,002 (63,0021 126.979 126,979 64,806 Deferred income arises when schools and churches are invoiced in advance for future projects. 18. Creditors: amounts falling due after more than one year 2024 2023 Loan 11.500 11,500 The loan is unsecured, interest-free and repayable in equal monthly instalments of £500. 26
Innervation Trust Limited Notes to the Financial Statements Year Ended 31" December 2024 19. Movement In funds As at 01.01.24 Income Expenditure Transfers As at 31.12.24 Restricted funds: Classroom Worship Lancaster Foundation Seedfield Trust Souter Trust Good News Evangelical Bursary Scheme 941 3,331 {3,5671 {1,3561 1757) (1.357) (5,000) 705 757 1,643 5.01)J {2,000) (2,000) 1,698 17,331 (12,037) 4,992 Unrestrlcted Funds Total Funds 2,493 4,191 540,420 557,751 {525,614} {537.651} "19.299 24,291 Classroom Worship- funds raised through the Three Peaks Challenge Good news Evangelical- funding for the marketing of Pop Box Seedfield Trust- funding for the marketing of Pop Box 'Lancaster Foundation- funding for Songbook Soutertrust- funding forsonbook Funds from the Bursaryscherne were previously incorrectly treated as restricted funds. These funds have been transferred to unrestricted funds during the year. 20. Net assets by fund Intangible and Tangible Fixed Assets Creditors Due After One Year Net current Assets Investments Total Unrestricted Funds Restricted Funds Total Funds 18,106 706 100 12,593 4,286 16.879 (11,500) 19.299 4,992 24,291 18,812 100 111.500) 27
InneThation Trvst Limitod Notes to the Financial Statements Year Ended 31" December 2024 21. Financial instruments 2024 2023 Financial assets measured at settlement value Financial liabilities measured at settlement value 86,509 (24.794) 130,426 {26,970} Financial assets measured at settlement value comprise cash. trade debtors and accrued income. Financial liabilities measured at settlement value comprise trade creditors, grant commitment, loans and accruals. 22. Related party tran&Ktions Innervation Trading Company Limited (yrad1n) is a related party as it is a subsidiary of Innervation Trust Limited I'the Trusf). The Trust has a related ministry called isingworship. This is a smartphone and tablet application ("App") which makes worship and music in small groups easyto deliver. isingworship itself is partly owned by Movation Productions Limited and KingdomApps Limited, both entities in which Anthony Porter and Mark Pennells have an interest. The amount owed to Innervation Trust Limited at 31 December 2024 was £443 (2023 - £287). 28
Innervation Trust Limited Notes to the Financial Statements Year Ended 31" Dember 2024 23. Statement of Flnancial Artivities- prior year Unrestricted Funds Restricted Funds Totsl 2023 Total 2022 INCOME FROM Donation and grant income Charitable Activities Other Trading Activities Investment Income TOTAL INCOME 155,900 232.541 20,484 176.384 232,541 220.599 211,916 26 26 408,951 388,467 20,484 432,520 EXPENDITURE ON Raising Funds Charitable Activities TOTAL EXPENDITURE 17.488 389,1))9 4[.497 17,488 410.634 428,122 14,520 . 438,694 453,214 21,625 21,625 NEf INCOME AND NET MOVEMENT IN FUNDS {18.030) (1,141) 119,171) (20,694) RECONCILIATION OF FUNDS Total funds brought forward 7,953 15,409 23,362 44,056 TRANSFERS 12,570 (12.5701 TOTAL FUNDS CARRIED FORWARD 2,493 1,698 4.191 23,362 24. Income from Donations and Grants- prior year Unrestricted Restricted Funds Funds Total 2023 Total 2022 Regular donations One-off donations Gift aid Furlough CJRS grant 47,559 101,197 7,144 47.559 121,681 7,144 72,226 141,941 6,432 20.484 155,gXI 20,484 176.384 220,599 29
Innervation Trust Limited Notes to the Financial Statements Year Ended 31" December 2024 25. Income from Charitable Artivities- prior year Unrestricted Funds Restricted Funds Total 2023 Total 2022 Project income Digital resources Income from CD sales Other merchandising income Royalties 142,244 56,219 142.244 56,219 111,561 65,272 31.677 2,401 232,541 31,677 2,401 232,541 . 34.188 895 211,916 26. Expenditure on Raising Funds- prior year 2023 2022 Fundraising consultancy 17,488 17,488 14,520 14,520 27. Expenditure on Charitable Activities- prior year 2023 2022 Purchase of merchandise Project and equipment expenses Motor and travel expenses Entertainment and hospltality Publicity Keep on Singing Support costs (note 281 Governance Costs (note 281 15.304 73,037 23,676 2,874 12,995 25.496 83,717 25,446 5,356 14.805 275.552 7.196 410,634 279.240 4,634 438,694 30
Innemtion Trust Umlted Notes to the Financial Ststements Year Ended 31" December 2024 28. Govemance and support costs- prior year Support Costs Governance Costs 2023 Salaries, wages and related costs Training Administrative expenses Premises expenses Professional fees Insurances Gifts Bank Charges Independent Examinerfs fee5 Accountancy fees 251,203 3,172 15,965 4,257 251,203 3,172 15,965 4.257 3,458 3.458 75 75 1.428 2,310 7,196 1,428 2,310 282.748 275,552 29. Movement in funds- prior year Balance at I" January 2023 Movement in Resources Balance at Income Expenditure 31" December 2023 Unrestricted Funds Restricted funds Total Funds 7,953 15.409 23,362 388,467 20.484 408,951 (406,4971 (21.625) {428,1221 2.493 1,698 4.191 31