Charlty Règlstratlon No. 1147780 Company Registration No. 8069756 (England and Walèg) IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 imagine if trust.org
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION Trusts Mr Christopher Bvtland MrThoma5 Drury Ichairl Mr John Gibson Mrs Lisa Orangè Mr James Sloan Charity number 1147780 Company number 8069756 R8gistsred offieè FrOnlne Centre 147 Lawrence Road Liverpool L153HA Independent examln•r PeterT8a FCA CTA DChA BVW Suite 5.1 12 TithebBm Street Liverp¢K)I L2 2DT Bankers CAF Bank PO Box 289 Wesl Malling Kenl ME194TA
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE CONTENTS Pagp Trustees. report statement of trustees, r•sponsibililie$ Independent èxaminefs rert Slalemenl of ffinanclal activit16$ 9.10 Bance sh&&t 11 Nolas lo the accounts 12-24
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2021 The truste88 present Ihetr repKJrt and financial statem6nls for th8 yèar en¢Jed 31 August 2021. The financtal statements have been prepared in accordance with Ihe accounting palirAes set out in note 1 to lh8 finan£ial statements and cnmply wilh the chariiy's memorandum and artides of association. Ihe Companiès Ad 2006 and 'Accounling and Reporting by Charities.. Statement of Recommended Practice 8pplicable to charities preparing their accounts in accordanca with the Financial Reporting Standard applicable In thè UK and Rèpublic of Ireland IFRS 102) {effechve 1 January 2019)" Imagine If Tfust was incorporatad In May 2012 as a Private Company Limited by Gu8rantee, which is a150 a Registered Charity. An Introductlon to Imaglne If Trust Imagine 11 Trust was launched in September 2012 as the umlxella Organisation for a nmber of social transfomiation projects. Mosl of these projects had previously functioned as part ol Frontline Trust. The vision to separate these projects out was lo 8nable them to gain grealar intlu8nce and impact thè nèw fr8edom they would enjoy. The relationship bètween Smagine If Trust and Frontline Trus1 remains strong artd Fronuine Trust continue to be a major support&r of the various projects. Our vision lo'Equip passionate people to WOTk Collaboratively In providing practical and emotional support.. In Ihis we recognise the priority ol wojl(ing wth p8op18 as holistically as possible. either by providing a range of proj8cts undgr the Imagine If Trust LFmbrell8 or ty p8rtnering with other providers. hile much of our WOTk is focussed on Ihe LivertK)ol City Region, we also have the privilege of mBkn"ng a significant contribulton lo the lives of people abroad. To date Ihis has primartly fo¢ussed on wr Love Congo proiect-WOTking in the DemDcratt¢ Republic of Congo. Objectlves and activities The primary xims of Imagine IfTnJst are.. The relief (rfthose in need, finanaal hardship. sickness OT distress. To advan education. To provide or assist in the provision of facilities In Ihe interests of sou81 welfare Th8 Iwstees conffirm that they hov& referred to the guidanc& contained in Ihe Charsty Commission's genBt81 guidance on public bènefit when reviewing the charity's aims and obj6cbv8s and in planning fulure activities. Objecttves reflecting thè slated aims above are translated into our cora activities, as outlined bd(M. The relief of those in need. financial hardshlp. sid(nès8 or distress All of the projèds that we undertake look to address this objectbve. Wthether providing food thiough our food hub for those in food poverty or altending a Court hearing with one of our tenants through OUT Genesis Housing project, Bll our actiwlies have some element of bringing relief to thos8 in distress. To advance education We believe in th8 power of leaming both to empower Indbviduals and lo bolster Ihelr 3erK%e of sell-osteem. A number tst our projects contribute to this objective induding Slii*y Fingers Nursery whsch provides nursery education lo childr8n aged 2 10 4, our new projéd called'The Zone.. njnning an after school dub and our Love Congo project supporting a school in Democralic Republic of CongD.
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT {CONTINUED)IINCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2021 To piovide or assi51 in Ihg prov151on of faclllil&s In th& Inlerèsls of Social walfare As part of our desire lo help people oul of homelessness we provide supported a¢)mmodatIon through our Genesis Housing project. We currently have 3 properties PIding a lolal of 11 bed spaces in the v*ertree 8fea of Liverpool. Our partners We would like to offer our thanks to ati tha organisations and individuals who have supported us li oui work Ihis year, induding all of our vol(tnteers. donors and sponsors. Everything Imagine If Trust has achieved this year has been relianl on your valuable conttibutions. in all their various fotms. Thank you specifically lo the following donors.. CAF Foundation Frontlin8 TTUSI Garfield Weston Foundation Green Paslures John Moores Foundation LCVS Liverpool City Cout)dl Mediral Missionary News Michael and Betty Little Tw8t Prince of Wdles Trust Steve Morgan Foundation Torus Foundabon
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (CONTINUED>(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2021 AChi•Mnts and parfomiance Here is a quick summary of each ofthe projects-. Bab-Ftah-. BaFIah (Open Door in Arabic) is a wpport 8ervic8 foi isolated Muslirn wom8n and children. some of whom are refugees and asylum seekers, offering IltUF81ty relevant opportunrties to ffleet others and gain sUPPOrt. The project currenfly engages with up to 100 wcmèn èaeh month. Each year we provide lunch on Christmas Day to those who are lonely. isolated or in pov8ty. The event has become a regular feature on the Imagine If calendar and we are working closely wilh local organisations lo take refealS and support Ihose who would otherwise be on their at Christmas. In partnership with the national charity Safe Families for Child18n, Family Matters provides intensive volunte8f support to vulnerable familles who are referred to us by social workws. The Stève Morgan Foundation has agreed to fund this work for the next five years. Genesis ousi Genegis Housin9 off8[8 SUPPOrted aco)mmodatson to those who would otherwisè be homeless or in hosiel accommodation. Wè op8r8te operate a ft)UT bed house and a three bed house and h) Aprfl 2021 opened OUT third property comprising 2 x 2 bed flats to provide follow on accommodation. Linking Lives is a befriending Servi thBt offers eompanionship lo lonely and isolated old8r pEoe in our community. Before the pandemiq our volunleers regularly visited individuals in their own home for a chal. lo share in an interest or hobby, or perhaps trj acc£Jmpany them on a short trip out. Our Love Congo project works alongside partner org8nisalions in the Democratic Republic of Congo IDRCI. we provide praclical and finanaal support in a number of 8reas lo help bring about change tts these people. Th8 main projects we support are based in Ihe North East of the country where thousondg of people have bè8n displaced du8 lo the ongoing conflicl. Fi Sticky Fingers is a p8¥entlrarer and toddler group aimed al providing support lo paienls of young childfen. These sessions PTovid8 a qu81ity environment for parent and child to explorè the art of playing together. We provide refreshmenls and toast foi PentS and children. as well as craft èctivtties, song lime and a huge amount of space to run aroundl ers Da NUTS Sticky Fingèrs Day Nursery offers an excellent environment for leaming and d8v8lopment, for 2, 3 ond 4 yè8r olds. The Nursery was launchèd in 2015 with assistance from Liv&rpool City Counal who had id&nlified 8 specific need for nursery provision in th8 L15 poslcode area. The priority for the nursery is to offer places to loeAI p8rents who qualify for free nursery prov*sion. Strpetswsts pvovide3 practical and emotional support to Street sex workers induding the provision of lea. coffeB. sandwiches, toiletries and condoms. This project WOVKles a safe Pl for the women to come arKI discuss concèms and feaTS. Thi3 was transferred lo Our Hous& Wdkon CIC inApril 2021.
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (CONTINUED)IINCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2021 Flnanclal revlew The trustees have reviewed the financAal staius ol the Trust. Overall the picture is a positNie one but wilh a recognition that the current economic climate remains challenging for all organisations in the charity sector. In light of this dose monitoring of expenditure 8nd eashllow management is required. Th& effecl of COVID-19 brought a number of operational challenges ovar tha last 12 months. Howwèr, wilh some generotss Support from funders, we finished the finana81 year in a strong position and havè a fim foundation for the inevitable challenges that lace an expanding organisatlon in the years to come. Looking ahe8d into 2022 and beyond, we continue to be confident in our ability lo deliver high quaty SeiCeS which will enable us to a¢hi8ve our prim8ry obj8th"vgS. Invtrstment poll¢y Thele ale no restrictions on the inveslment powers of the trustees. Our liquid funds are held in our current and savlngs accounts. R•servos policy Our f8sèfvè8 policy reflects our desire to maintain a liquld reseNe to draw on rn th• èvènl of any reduction in our don8ted irlcome and to provide a measure of protection to the delivery of Ouf cole objectives. Weconlinue to aim to have a fund of frè8 ar liquid reserves Icalculated as excluding long tem liabilities} equivalent lo £60k. This represenls 3 months Cf>mmitted expenditure. Net CLtrrent assets at the year and Wefe £63,124 12020 £71.766). See note 20. Risk pollcy The trustees have 1dèn18d th8 followng main risks lo our organisalion and rèsponsès lo these risks are outlined below. 1. Health and Safdy A HE81th and Safely policy has been adopted. Work has beèn carrted out on risk assessments of all existing and new 8clivitt85 and new risk assessments are undertakèn 8$ iequired. Ilealth and Safety induction and training is provided foT all involved in projecl wo. 2. Child ProtectSon & Vulnerable Adults Child Protection and Vulnerabl8 Adults Policies are in pla. The Trustees take sèriously Iheir responsibilty lo protect and safeguard the w8lfare of childien, young people and vulnerable adutts entiusled to lrnagine If s care. All those involved Inot just Ihose who h8v8 access lo children, young people 8nd vulner8ble adullsl ale briefed on their responsibilities and aro mado fully aware of the organisalion's child protection and vulnerable adults w1Y and procedures. Those involved in aclivities wheie they may have conlact with childrèn, young people or vulnerab16 8du5ts are required to Ltndergo DBS checks. A S8f8guarding Team has been appointed and meets regularfy to ensure that the policy is bein9 implemented and to ensure that the policy MaInS both effective and up to date. 3. Flnancial Risk8 Guidelines aro issued to 011 on proper cash handling proceduras and are updaled at least once a year. Instructions are issued to avoid making purchases in cash unless it is unavoid8ble. Inlemal departrrEntal procedures have bOBn 5tandaTdised. Deparlmental records and central accounts MQFiilored regularly and all departmental budget holders Tèceive monthty buduet perfomiance reports. We receivè regu18r guidance on financial risks from our aceountsnl. th8 Ch8rity Cornmission. HMRC and various third sector agencies. This keeps us up lo date wlth newer 8rÈ8s of risk. Our accountant also advises Ijs of any speafic areas of we8kness that may be identffied during the annual independent examination, so that we can take stepg to cofféct or protect again8t them.
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2021 Plan$ forth• future Ourlhree key SUC5 factor¥ for the year ahead aTe= 1. Stories of changed lives- all our activtties are about people and so stories of live5 that hav8 been supported to change aTe key lo our success. 2. Building partnerships-we reeognise that supporting people will often lake a range of seryices and so whether il is strengthening links belween projects within the Imagine If Trusl porttolio, or effective signpostsng to otheT agencies, building partnerships is a CO requiiemenl. 3. Su5tainability- whether it is excellent financial managemenl, good tharity govemance, OT effectfve fundiaising, we recognise the need to slrenglhen 5usla4nabilty to ensiire that we can ¢onlinue to serve in the years ahead. Structure. govemance and management Imagine If Trust is a registered charity and a company Umited by guarantee Incorporated on 15 MBY 2012. Management of Ima9ine If Trust The Trustees ovgrsee the legal and financial responslbililies of Ihg Trust. and they rlleet ft>rwnalty as a board on a regular b8SIs. The trustees 8150 h8ve iespDrTrsibility for the over811 direction and v48ion of the charity. D8Y to day r8sponsibtlity for the tunning of Ihè ehatity is d*lègated to thè Chigf Executivè Offic[ 8nd th8 D8v8lopm8nt Manag&tS. WOTking in conjunction wth the various Prc4eLt Leaders. The trustees, who are aFso the directors for the purpose of o)mpany law, and who served during the year were.. Mr Christopher Butland Mrs Rachel Cole Mr Thomas Drury (Chair} Mf John Gibson Mrs Alison Hughes Mrs Lisa Oran98 Mr Jarrkes Sloan (Resigned 11 March 2021) (Restgned 20 September 20211 None of the trustee8 has any benefirial interest in the company. All ofthe Iwslees are members of the ompany guarantee lo wntribule £1 in Ihg pvenl of a winding up. Manag8mont Tèam James Sloan ICEOI Jemma Orange (Development Manager) Helen Ann Atkins {Operalions Manager) Paul Briers {Communications Manager) Jon Mocowen (Eatly Ye8rs Manager) 8nd the Project LeadeT5 from th8 V8rious projects. Th& ramunèralion ol thè kay managèmènt ofth& organis8tion is by th8 btsard of truste85.
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT ICONTINUEDIIINCLUDING DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 Small company provlslons This report has been prepared In ac£ordanc* wrfh the special provlsions applicable to companles subject lo the srnall companies regime. On behalf tsf Ihe board of trustees Mr Thomas Drury (Ch8irl Trustee Daled..
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2021 The trustees, who are also the dlr8Llors of Imagine If Tnjst for the purpose of ¢y)mp8ny1gw. msponsible for preparing the Trustees, Report and the financial statements in accordance wilh appli¢ble law and United Kingdom Accountin9 Standards Iunttèd Kingdom GeneraltyAccepled Accounting PrgctiEel. Company Law requires Ihe trustees lo prepare financial slalemènts for each finanaal yearwhith give a Irue and fair viev4 of the state of affaifs of th8 charity and of th8 incoming rasources and application of resources, including the incorne and expendilufe, of the charitable company for that year. In preparing Ihese ffinancial slalemenl8, Ihè lust885 ara r8qLEired to.. - 5019¢1 gui18bl¥ accounting poliues and then apply them consislently., - obswva thè methods and principles in the Charities SORP., - make judgements arKI eslirnates that are reasonable and prudent., stale whether apph'G4ble UK Accountin9 stsrardS have been followed. sublect to any material departures disdosed and explained in Ihe finanaal statements", and prepare the financAal statemenls on the going concern basis unless il is inappropriaie to presume that the charity will cmlinue in opeTalion. The ITUStees are responsible foT keeping adequate accounting records th8t disc105e with reasonable 8ccur8cy al any time thè ffinan¢I81 position of the i)arify 8nd enabl8 them to ensure that the finan1 statements comply wlh Ihe Companies Act 21X)S. Th8y arg Elso responsible for safegu8rding th8 8s58ts of th8 ¢haFiiy 8nd hence for taking reasonable steps forlhè PTeventiDn and deteLlion of fraud and other irvegularitie5.
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF IMAGINE IF TRUST I report to the trustees on my examination of the accounts of Imagine If Trnsl (the charity) for the ye8r ended 31 August 2021. This report is made solety to the charitys twstees, as a body. in accordance with Sedion 145 of the Chaiiknès Act 2011. My examinaOn has been undertaken so that I might slate to the charitys tnjstees those mattèrs l am required lo slate lo them in an Independent Ex8minerf5 Teport and for no other purpose. To thè fullest extent permitted by law. I do not accept or 855ume responsibility to anyone other than tha tharity an(J Ihe charity's Iruslees as a body, for my exarninalton, for thi5 ieport, 01 for the opinions I have lomied. Responslb515tles and basls of report As Ihè tiustees of the charity land also its direciors for the purposes of company law) you a responsible for the preparalion of the finandal statemenls in accordance wtth the requirements of the Companie5 Act 2006 (the 2006 Act). Having satisfied myself that the accounts of the chaiity are not required lo be audited under Part 16 of the 28 Act and arè èli9ib18 for indèp8ndenl examination, I report in respect Of my axaminalion of th8 ch8rity's acrA)unts as c*ri8d out undar sedion 145 01 Ihe Charities Act 2011 (thè 2011 Act). In IXErying out my examination I have followed the Directions glven by the Charity Commission under section 14515llbl of trle 2011 Act. Independent examlnerfs Btatement Sincè the charity's gTOSS incom8 exceeded £250,000 your èxaminèr musl b8 a tnernb8r of 8 body listed in sedion 145 of the 2011 Act. I confimi that l am qualified to undertake thè examination b8rau5e l am a member of the Institute of ChBrteredAccountants in England and Wales, which is One of thè lislgd bodlp$. I have cornpleted my examination. I confirm that no matters have rme lo my attention in conneclion wtth th8 examination giving me cause to beli8ve: accounting records wore not kept in respect of thè charlly 85 requlred by section 388 of the 2006Act,' or the financial statements do nol accord with those rècords,. or the financial slatemenls do not comply wilh the acTr)unbng requirements of seth'on 396 of the 2006 Act oth81 th8n any 184uiremgnl that the accounts a Iwe and fair v¢ew which is not a matter considered a5 Part of ar7 ind8P8nd8nl examination.. or the financial statements have not been prepared in accordan with the methods and prindples (>f the Slalemenl of Recommended Practice for aco)unling and reporting by chaTilies applicable to charit18S piepaiing their accounts in accordan¢x with the Financial Reporling Standard appl¢cable in Iho UK an Republic irf Iieland IFRS 1021. I have no c4)nrns and have come across no other matters in connèction with thè èxamination to whh attention should be drawn in this report in order to enable a proper understandFng of the financial st8lemenls lobeT ched. tgr Taaffa FCA CTA DChA BWM Chartered Accountants Suile S.? 12 Tth8b&m Str8et Liverpool L2 2DT Dated..
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021 Curmnt flnanclal year Unre¥trFCt•d Restricted funds fundy 2021 2021 Total Total 2021 2020 Notes Donations and legac Charitable activities Investments 178.711 195.027 13 4.650 183,850 183.361 378.877 13 119,549 299,542 81 Total Incomg 373,751 188,500 562,251 419,172 Charitable aclivilies 361.327 81.322 442.649 368,953 Totsl exp8fKlltur8 361.327 81.322 442.649 368,953 N8t mov8m•nt In funds 12,424 107,178 119,802 50,219 Reconclllatlon of funds Fund balances at I September 2020 71,766 18.637 90,403 40.184 Fund balances at 31 August Z021 84,190 125,815 210.005 ],403 The statement of finarrial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activiltes. The movement in tunds detailed above complies with the requirements for a slatement ofchanges in equity under FRS102. The statemonl of financial activities also complies with the requirements for an income Bnd expenditurè 8tt0unl undèr th6 Compani8sAct 2006.
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIALACTIVITIES {CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021 Prlor financial year Unrestricted Restricted fund3 fund5 2020 2020 Total 2020 Donations and legacies Chaiitable activties Investments 119,549 253.636 81 119,549 299.542 81 45.S06 Total Sncomg 373,2e6 419,172 Charitable activitiès 327,666 41.287 368,953 Total 8Jtpèndltur8 327,666 41,287 368,953 Nèt movement In funds 45,600 4,619 50.21 Reconclllatlon of fund5 Fund balances at 1 September 2019 26.166 14.018 40,184 Fund balances at 31 August 2020 71,766 18.637 90.403 The statement of financial actwitl85 indudes all gains and losses recognised in the year. All income and expenditur8 derive from conlinuing activities. Th6 movement in funds delailed above cornpli85 with thè raqu1ments for a statement of changes in equity under FRSIO2. Th8 Statement ol finanaal activities also complies Vrith the requirement8 fi an income 8nd expenditure account undèr thè CompaniesAct 2006. 10-
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE BALANCE SHEET ASAT31 AUGUST2021 2021 2020 Note¥ Fixed a$¥gts Tangible assets 11 174,692 Current assets Debtors Cash at bank and in hand 13 1,429 149,529 925 93,097 150.956 94,022 LiabllÉt4e• Creditors.. amounts falling due within one year 14 122.019) 13.619} Net current ass618 128,939 90,403 Total net a86et8 303,631 90.403 Credttorn: amounts falling due after morn than on• yèar 15 193.626) Totsl not a¥80ts 210,005 90,403 Tho funds of thè charity Restricted ftjnds Unrestiicted funds 19 125,815 84,190 18,637 71,766 Total charity lunds 210,005 90.403 The company is entitled to the exemption from the audit requirém8nt conlained in sectlon 477 of the Companies Act 2006, for the year ended 31 August 2021. The trusteès acknowledge their responsibilities for ensurTng that the d)arity keep5 accounting records which comply wth 58cbon 386 ot the Act and for preparing financial staleTllents which give a tme and fair view of the state ol RffBirs of the company as al the end of the financial year and of its incoming resourc&s 8nd application of resour$. including ils incomè and axpendiltsr8. for the financial year in accordane with the requirements of sections 394 and 395 and which othenlSe comply rith the requirements of Ihè Companies Act 2006 relating lo financial slalements, so far as applicable to the company. The membets have not requirèd company lo oblain an audit of itg finanoal statements for yèar in question in accordance with seclion 476. These financial statements have bèen pr8P8red in aczordance with thè prtsvision5 appluble lo compani98 subied lo the small companies regime. The finanual slatement5 weT8 gpproved by the Trustees on .......... Mr Thomas Drury (Chair) Tw8teÈ Company RegÉstrntion No. 8069756
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Ac¢ountTrng policlgs Charity Infomiatlon Imagine If Tru51 is a privalp company limlled by guarantee incorp(xated in EngFand and Wales. The registared offic8 is Frontlinè Cenlre. 147 Lawrence Road, LiveTpooI, L15 3HA. 1.1 Accounung convgntlon The aUnIS have been PTepared in acthrdance wilh Ihe charity's MemoTandum and Articles of Association. the Companies Ad 2006 and "AccountitvJ and Reporting by Charities.. Statement ol Recommènded Practice applicable lo charities preparing their accounts in accordance wrth the Finanaal Reporting Standard applicab18 in thè UK and Republic of Ireland (FRS 1021 {as amended for accountiNJ periods commènang from 1 January 2016). Th8 ch8ri1y is g Public Benefit Entity as defined by FRS 102. The accounts pt8par8(l in $lerfing. which is the functional currency of the charity. Mongtary amounts in these finanixal 5ta18ments ar8 iounded to Ihe nearest £. The Charity has laken advantagè of thè piovisiorns in the SORP for Charities applying FRS 102 Upd8t8 Bu1161in 1 not lo pPa a Statement ol Cash Flows. The accounts have been prepared under the historical o)sl convention. The principal accounting polTcies adopted are set out below. 1.2 Going cone•m At the time of approving the accounts and as detailed In the TrustèÈg' wport, the Trustees have considered the impact of Covid-19 on the charity and the Twstees have a reasonable expectation that the charity has adequate iesources to ctsntinue in fjp8ralional existence for the foreseeable luture. Thus. the Trustees continue to adopt thè'yoin9 concern. basis of accounting in preparing the 8CCOUnts. 1.3 Charitablè fund5 Funds held by the charity are.. Unreslrict8d general funds- Ihese are fuFvJs which can be used in accordanca with the charitable objecls at the ¢JiSCTètion of the trustees. Restricted funds- these 8re funds that can only be used lor particular restricled purposes withln tha objects of the charity. ReslTiCtions arise when specified by the donor orwhen funds are raised for pa¥ticular restricted purpos•s. Further explanation of ihe nature and purpose of each fund is induded in th8 notès lo the accounts. 12-
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 AUGUST 2021 Accountlng policles Icontinuèdl 1.4 Income Donation and legacy irKX)m8 Is recognised where there 15 entillemenl. certainty of rocaipt and the amount can be measuTed with sufficient reliability. Such incom8 15 only delerred when the donor has imposed conditions which musl be mel befo the charily has LJn¢ondilional entitlement. Invèstment income is Tecognised on a Te¢8iV8ble basis. Income from charilable activitie$ indudes income received under contract or where enlitlemenl lo gfanl funding is subject to spectfic perfomance conditions is recognised as earned (as the related goods or service5 ale provided). Grant income ind¢Jded in this category provKle8 funding to support perforrnancg activities and is recogni5 where there is entlemen( rtaInty of rwxipl and the arnounl b9 measured wilh suffici8nl reliability. On occasions where the tharity received assistance in the forrn of donated goods and facilits"es. and tha beneffit is quantffiable and malerial, an appropTiale amount is included in Sneome and an equlvatent amount as expenditure under the relevant hÉading. The value of services provided by volunteers has not been included in these aryounts. Income from donated s8rvices and faulities is induded in Tncome at a valualK*n which is an estimate ol the rinarrial cost bome by the donor where such a o)st is quantifiable and measurable. No income is recognised when there is no financial cosl borne by a third party. 1.5 Expendlture All èxpenditure is accounted for on an accruals basis and has been classified under hea(tings that ag9regate all costs related to the category. The irrecoverable element of VAT is included with the item of expenses to which it relates as this cannot be leCOV818d by th8 charitable company. Ratsing funds comprises those costs incurr8d by the charity in the delw8ry of lundraising 8vents. Charitable aGtiwties comprises tho88 Costs inturred by the charity in the delivery of its activities and services for ils beneficiaries. Also induded is Gov8rTranc8 costs which are associated with mè8ting tha constitution81 and statutory rèquirements ol the charity. 1.6 Tanglble flxed assets Tangible fixed assets are measufed at cost and, net of depreciation and any impaimient losses. All assets costing more than £1.000 are capitalised at cosL Depiecialion 18 provided 8t fate5 C8lcuF8t6d to writè off tho Cost less osb"matsd resKlual valuè of each asset tsveF its èxpectd useful life, as folltrws". Freehold buildings Fixtus, fittings & equipment Computerg Molor vehides 20h p.a. on a st¥81ght line basis 33Vts p.a. on a straight line b8SIS 33/ts p.a. on a straight line basis 25¥0 p-a. on a straight lina basis Freehold land is not deprecialed. The gain or loss arising on the disposal of an asset is deleimlnpd as Ihg diff8ran bètwoèn tha sale prOed8 and the carrying value of the asset, and is recognised in net incornellexpenditurel for the year. 1.7 Impaimi•nt of fixgd a$s•ts At each reporting end date, the charity review3 the carrying amounts of tt5 tsngible 8Ssels lo determine whether there is any indication that thos8 assets h8ve suffered an imp8irmenl loss. If any such indration exists, the recoverable amount of the ass8t 18 8Stimat8d in ord8f to det8rmin8 the extent of the impairment loss lif any). 13-
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Accountlng pollcles {ContIndI 1.8 Cash and cash equkvalents Cash and cash equiv8t6nts indude cash in hand. dèposits hald at call with banks, other short-lerm liquid investments with otKginal maturities of three months or lèss, and bank overdrafts. 1.9 Flnanclal instrumgnls The charity has elected ID apply the provisions of Sectron 11 'Basic Financial Inslmments, and SectK)n 12 'Olher Financial Instrumenls18su85' of FRS 102 to all of ils financial inslrumenl$. Financial instr(amenl$ 8re reeognised in Ihe charity's balance sheet whèn Ihè ch81ity becomes party to the contraclual provi8iong of the inslnjment. Finan¢i41 assèts and liabilities are offset, with the nel amounts prgsènlad In Ihg finanoal staiements, when there is a18gally ènforceable rrght to set off the recogni5ed amounts ènd there is an intention to settle on a n6t basis or to realise the asset and sett19 the1I8bility simultanoously. Basie financial assets Basic financial assets, which indude debt8 arKI c8sh and bank b818nc6s, Ore initially meagured at transaction price including transaction co8ts and ale subsequently carried at amortised cost using Ihe effective interest method unless the arfangement constitutes a financing transaction, where the transaction is measured at the present value of thé future receipts discounted at a market fale of interest. Financial assets dassified as reivable within one year are not amortised. Basic financlal liabilities Basic ftnanaal liabilits'es, including creditors and bank loans are initially recognisgd al iTans8rtion price unless the arrangement constilut8s a financing transaction, where the debt instrument is measured at the present value ol the fulure payffl8nls discounted at a market rate of interest. Financial liabilities dassified as payabl8 within on8 y8ar arè not amortised. Debt instruments are subsequently carried at amorlised c051, using the effective iwtsresl ral8 method. Trode Cfeditors are obligations lo pay for goods or services that have been aequlred in Ihè ordlnary course of operations from suppliers. Amounts payable aTe d8ssified as cuiient li8bilib.es if payment is due wtthin one year or less. If not, they are presented as non-curtent liabilitie5. TTade creditors are recognised initially al transaction price and subsequently rne85urèd Bt 8mortisèd cost using the effective interest method. Derecognltlon of flnanclal Ilatsllties Financial lbIlI11eS are der8cogni5ed whgn tha chality's contractual obFEgations expire Of are dlscharged or canlled. 1.10 Employ88 ban•fits The w8t of any unusod hollday èntill•mgnt is recognised in the period in which the employee'5 seNices are received. Termination beneffits are iecognis8d immediatdy as an expense when the charity is demo¥)strably commilted to leirninale the employment of an employee or to provida termlnation benefts. 1.11 Lèas•s Rentsls p8yablè under operating leases. including any lease incerilives feceNed. are chargeil as an 8xpense on a straight line basis over the leim of the ielevanl lease. 14-
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Accountlng pollcles (Contlnuèdl 1.12 Taxation The charity benefit5 from various exemptions from laxètion afforded by tax legislation and is nol liable lo corporalion tax on income QT g8ins falling within those exemptions. Recovery is made ol lax deducted fro qualifying incorne and from receipts under Gift Aid. The charity is not able to recover Value Added Tax. Expenditu is recorded in the 4cix)unts indusive of VAT. Crlttcal accountlng estlmates and judgements In the application of the charity's accounting policies. Ihe tFUSte8s 8Te required to make judgements, estimate8 and assumptions about th& carrying amount of assets and liabilities Ihat are not readily apparent from other Sour$. The estimates and associated assumptions are based on historical experience and other factors that are conSided to be Televanl. Actual resulls may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estirnales are recognised in the period in which the estirnat8 is ievised wh8ie the Tevision affects only Ihat period. or in Ihe period of the revi8ion an¢J future 0$ Who the rovision affects both ¢utrènl 8nd fulu¥e periods. Donatlons and l•g#cl•s Unrestrlctgd Restrlcted fund6 funds Total UnTestricted funds 2021 2021 2021 2020 Oonations ond grfts Core grants 136.879 41,832 4.650 141.529 41.832 33.638 85,911 178,711 4.650 183,361 119,549 Grants r•c#lvabl# for ¢or• a¢tlvlti•s Coronavirus Job Retention Scheme Gfant Frontline Tiusl 2,748 39,084 2.748 39.084 41,407 44.S04 41.832 41,832 85,911 15-
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2021 Charitsble activitigs The relief of hardshlp and advancement of education The ielief of haTflship and advancement of education 2021 2020 Setwlces provided under conlTact Porformance related grants Charitable in¢rne 86,779 213,850 78.248 85,888 94.387 119,267 378.877 299,542 Analysis by lund Unre51ricted lunds Restricted fuThJs 195,027 183,850 253,6 45,9[ 378,877 299,$42 Perfom)ance related grants MiGha81 and Bgtty kntlle Tiust Garfield Weston Foundation John MooTes Foundalion LCVS Steve MDtg8n Found8OtTrn New Hope CAF Mediixl Missionary News Other 24,000 20,000 4.000 8,500 29.417 12.382 145,0 3,850 15.OOCI 12.500 27,588 2.000 213.850 94,387 Investments Unre¥tri¢ted UnTeslricted funds funds 2021 2020 Inleresl receivable 13 81 16-
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Chaiitabl# activili•s 2021 2020 Thg rellof of hardshlp and tha advancamont of gducatlon Staff costs Depreciation Prernises expenses Repairs and renewals Motor and travel Legol and professional Course and conference expense8 Office expen8e5 Food, drink and other purchases Sundry expenses 219,9()1 1,808 39.832 60,488 6,663 21.186 2.552 2,479 18,367 11,248 216.144 12.667 5,443 6.899 2,9TI 6,066 29,829 4,130 384,524 328.145 Grant fvnding of aclivilies (see note 7) Share of governance costs Istre note 8) 56,695 1.430 39,428 1,380 442,649 368.953 Analysis by fvnrt Unrestricted funds Restricted fundg 361,327 81,322 442,649 For the year BndBd 31 Augu#t 2020 Unrestricted fijnds Restricted funds 327,666 41,287 388.953 17-
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2021 Grants payable 2021 2020 Thè reltef of hardship and tha advancement of education Granls to institulions.. CRS Church DRC Vvalchrnen Inlemalion Open Well Our House Wallon Cornmunity Hub City H•arts 44,680 37,240 1,650 200 3,482 655 48,817 7.878 39,090 338 Grants to Indivldu81s 56.695 39.428 Support costs Support Govemance costs osts 2021 Support Govemance cosls costs 2020 Independent examination fees 1.430 1,430 1,380 1,380 1,430 1,430 1,380 1,380 Analysed betWe6n Chafitable activities 1,430 1.380 1.380 Gov8rri8nc8 have been r88lloc8ted to thaiitable activitie8. They include payments to the independent examiner of £1,43012020- £1,380) for independent examination and charitab18 expendilufe indudes £2,4251202¢> £1,980) for accountancy and other services. Tiusts•$ One trustee and one person connecled lo a tnJstee12020 one tru5teE 8nd two persons conneded wilh a Irusl*l received remuneration during the year. No trustees weie reimbursed axppnses durin9 the period 12020- £nil). 18-
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 10 Employ909 Number of employee5 The average monthly number of employees during Ihe ye8r w8S'. 2021 Number 2020 Number Charitsble 17 19 Employmont costs 2021 2020 Vvages and 5alarie8 Soaal security costs other pension costs 207.396 4,993 7,512 205,475 5,222 5.447 219,901 216,144 Included in wages and Salaries are redundancy and ex gTatia payments totalling £nil12020.. £2,264). There were no employees whose annual remuneration was £60.000 OT more. 11 Tangible fixed assets Froehold bulldiogs Flxtures, Computers flttings & equipment Motor vehlcles Total Cost Al 1 septemb 2020 Additions 2,5 2.892 8.760 4,500 14.152 176.500 172.000 At 31 Augusl 2021 172,000 2.500 2.892 13260 190,652 Depreclatlon Al 1 Seplember 2020 Depreciation charged in the year 2,500 2,892 8,760 375 14.152 1,808 1,433 At 31 August 2021 1.433 2.892 9,135 15.960 Carrying amount At 31 August 2021 170,S67 4.125 174,692 At 31 August 2020 Kingdom Ba)k holds a tegal tharge over 160 Lawrence Road. Liverpool. Kingdom Bank also hold a floating charge over all Ihe fLTrTnrture used in the FPety of the chaiity. At 31 August 2021 the amount owed to Kingdom Bank was £98,62612020 £nill. 19
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 12 Financial Instrumonts 2021 2020 Carrying amount of financial assets Debt inslrumenls measured al cost 150,958 94,023 Carrylng amount of financial liabilitios Measured at cost 103.459 3,619 13 Debtor¥ 2021 2020 Amounts falllng dug vAthln one year. Trade debtors 1.429 925 14 Crèditorn: amounts falling duè within onè yèar 2021 2020 Notes Bank108ns Other taxalion and soaal seculfy Tfad8 cr8ditors other creditors Accruals. 16 5,000 12,186 675 797 3,361 3,359 22.019 3,619 15 Creditors: amounts falllng due after more than one year 2021 2020 Bank loans 16 93,626 The bank loan is Secured by a legal charge over the charitys propety as detailed in the ffixed assèt and bt)tTowing nDles. -20-
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 16 Loan5 and ov•rdrafts 2021 2020 Bank k)ans 98,626 Payable within one ye8r Payablg after one year 5,Otx) 93.626 Awnounts included above which fall due after yèars.. Payable by in$talments 73,626 The bank secured by legal charg8 over the charitys property in LawrenrÈ Road. Liverpool. 17 Ret4rement benetEt ¥ch8mes Deflned contflbullon schgmos The charity operates a defined contribution nSIOn scheme lor all qualifying employees. Th8 assets of the scheme are held separately from those oftho charity in an independenuy administered fvnd. The charge to tho sialement of financial adivilies in re¥)ect of dbfined contfibuts'on ¥chèm6s was £7.512 1202(k £5,444. 18 Opèrating l•a$g ¢ommitm&nts At the reporting end date the charity had outstanding commitments for future minimum Eease paym&nt8 undÈr nOn-¢anlIable opwating leases, which fall due as follows.. 2021 2020 Wilhin one year Belw88n two and fwe yeaT5 11,288 1,400 19,953 12,688 12,688 32,641 21
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 19 R&strlctgd fund5 The incom8 funds of Ihe charty include restricted funds comprising th8 following unexpended balan9 Df donations and grants held on trust for specific purposes.. Movement in funds Income Exp8ntSitur• Pknement In funds Income ExndIre Balanc• at 1 septefflber 2019 Balance at 1 8eptsmbts¥ 2020 Babnce at 31 Auuust 2021 Foodbank Food Hub Love Congo Streetwise Christmas meèl Genesis Housing Bab Ftah Llnking lives Family Matters ACTS435 Sticky Fingers Nursery Otherfunds 27 1,586 9,073 1,820 (271 12,6891 120,8481 1500) 5,000 23.882 50 3,897 12,047 1,B20 1,025 58,398 70 4,922 27,249 143,1961 (1,890) 89 3.579 14.268) 650 {100) 550 4,313 14.3131 (101 18.6321 82,835 {9.4331 73.402 873 1,250 883 873 8.632 1,250 25,300 6,190 121.087 {5,266) 4,213 924 5,000 7.782 5,000 7,432 {350) 14.018 45,91 141.287) 18.637 188.500 181,3221 125.815 Foodbank is a project that provides emergency food supplies for those in food Fx)V8rty. Also included In this fund is Liverpool Foodbanks which are frJThls raised to be shared belween the foodbanks serving knverpool. Food Hub 18 a project offéring those on low income an opportunliy to bLty weekly groceries at discounted prices. Love Congo is a project Providing sUPPOrt to our partntrrs working in the Democrglic Republic of Congo. This funding includes the MedieAI Centre whlch is an aspect of our Lov8 Congo work specifically aim&J al developing a medical nITe in Ka5indi- near Ihe Ugandan border. This fund also indudes Child Support which supports pupi18 and teachers in a school in DR Congo. -22-
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 19 Re8tricted funds {Contlnuedl Streotwis6 is a SLtpport project working with slreel sex Workers in Liverpool. Christmas Meal is a project providing a rneal on Chtislmas Day each year for those who would olherwse be alone or unable to have one. Genesis Housing is a project that piovides supported accommodation lor those who would otherwise b8 horneless. Induded in the funds balance is a donation 01 £60,000 from the Steve MoTgan Foundation towards the purchase of 8 prop8rty to bo us$d for tho projact. Thèsè funds are r8Strid8d to betng us8d for this peiiod for B period of seven years from April 2021 at which prAnl they will become unrestricted. It the property ss sold prtor to the end of Ihis seven year period then the monies will need lo be retumed lo the donor. Bab Flah 1$ a project that offeT3 SUPPDrt lo Mu51in women who would otherwise be isolated through a monthly opportunity to me81 ov8r 8 m881. Linking Lives 1$ g proj&(a Ihot matches iSaled indNidu818 with tho$0 who have Some lime to befriend and support Ihem. Family Malters is a project that provides support to families who would othenwsa rul[9 3iwfficanl intervention from Social Care. ACTS435 is a partnef project that connects those requiring small grants with those in need of ong off finanrA81 assislance. Stid(y Ftngers Nurs providtrs &8rty years &duc81ion to pr8•8chool children. Olherfunds relates lo smaller projects that are 9eneralty shorttem and m88t a specific need. 20 Analysis ol net assets between funds Unrestricted Restricted funds funds 2021 2021 Total Unr8slricted Restricted funds funds 2020 2020 Total 2021 2020 Fund balances at 31 August 2021 are represented Tangible assets Current Bssetsl 114.692 60,000 174,692 63,124 (93,6261 65.815 128,939 {93,626) 71.766 18.637 90,403 Lon9 lemi liabllibes 84,190 125,815 210.005 71,766 18,637 90,403 -23-
IMAGINE IF TRUST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 21 Related party transactlons Remuneration of key management personnel The remuneration of key management personnd 18 as follows. 2021 2020 Aggiegale compensation 31.759 28,916 During Ihg year the company entered into the following transactions with 18lated parties-. Frorfine Trust Is an independent charitable c()mpany. During the year Fronllift6 Trust has assisted Imagine IITrust by providing grants. John Gibson is a tnJste6 of Imagine IfTrust and his wife was employed by the charity- Lisa Orange is a twstee of Imagine If Tru$l and sister-in-law is employ8d by the charity. Jarr8 Sloan is a trustee and the CEO of charty. Jamès Sloan is employ8d as CEO of the charily. He is also a Iruslee of New Hope Trust who are partnering with Imagine If Trust in developing a medical centr& in the DRC. Imagine rfTrust provided grants {see note 81. Trustees donated a total of £1,340 during tha yèar. There were no other related party transactions in the ar. 22 Cornpany limlted by guarantee Imagine If Trust i5 incorporated under the Companies Act as 8 company limited by guarantee. The liHbflity of the rnembers is limited to £1. -24-
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