OWN MERIT CIC

Company Registration Number:
13484718 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 July 2023

End date: 31 March 2024

OWN MERIT CIC

Contents of the Financial Statements

for the Period Ended 31 March 2024

Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

OWN MERIT CIC

Balance sheet

As at 31 March 2024

Notes 9 months to 31 March 2024 2023


£

£
Fixed assets
Tangible assets: 3 860 1,075
Total fixed assets: 860 1,075
Current assets
Debtors: 4 100 0
Cash at bank and in hand: 16,278 2,167
Total current assets: 16,378 2,167
Creditors: amounts falling due within one year: 5 ( 30,479 ) ( 12,526 )
Net current assets (liabilities): (14,101) (10,359)
Total assets less current liabilities: (13,241) ( 9,284)
Total net assets (liabilities): (13,241) (9,284)
Capital and reserves
Called up share capital: 100 100
Profit and loss account: (13,341 ) (9,384 )
Total Shareholders' funds: ( 13,241 ) (9,284)

The notes form part of these financial statements

OWN MERIT CIC

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 16 April 2024
and signed on behalf of the board by:

Name: Darryn Frost
Status: Director

The notes form part of these financial statements

OWN MERIT CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

OWN MERIT CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    9 months to 31 March 2024 2023
    Average number of employees during the period 0 0

OWN MERIT CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 July 2023 1,344 1,344
Additions
Disposals
Revaluations
Transfers
At 31 March 2024 1,344 1,344
Depreciation
At 1 July 2023 269 269
Charge for year 215 215
On disposals
Other adjustments
At 31 March 2024 484 484
Net book value
At 31 March 2024 860 860
At 30 June 2023 1,075 1,075

OWN MERIT CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Debtors

9 months to 31 March 2024 2023
£ £
Other debtors 100 0
Total 100 0

OWN MERIT CIC

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Creditors: amounts falling due within one year note

9 months to 31 March 2024 2023
£ £
Accruals and deferred income 479 527
Other creditors 30,000 11,999
Total 30,479 12,526

COMMUNITY INTEREST ANNUAL REPORT

OWN MERIT CIC

Company Number: 13484718 (England and Wales)

Year Ending: 31 March 2024

Company activities and impact

In the fiscal year spanning 2023 to 2024, Own Merit CIC embarked on its inaugural year of operations, dedicated to implementing a housing initiative tailored for individuals exiting the penal system. Our endeavours centred around the implementation of a housing framework collaboratively devised with both prison personnel and prisoners within HMP Five Wells.Our pioneering model aimed to provide housing solutions for prison leavers vulnerable to homelessness, all at no expense to the prison or probation services. In reciprocity, we sought commitment and cooperation from the prison administration.We took in four prison leavers directly from HMP Five Wells, their sudden disengagement without explanation proved to be a setback. Even though we assumed all associated risks and offered our services free of charge to the prison, they ceased communication. This development proved challenging. As of April 2024, three of the individuals initially housed from HMP Five Wells remain residents; one has secured employment, another pursues full-time education, and the third has recently been granted Personal Independence Payments by the Department of Work and Pensions.In response to this unforeseen circumstance, we adjusted our operational model, accepting direct referrals from HMP Probation. This transition, however, brought about a period of disruption, compounded by financial strain stemming from operating at less than full capacity and rental shortfall.Throughout the fiscal period, we successfully accommodated a total of twelve men, with only one individual reoffending during their stay. Financial sustainability has been primarily self-sustained, with Universal Credit rent serving as our principal revenue stream.A strategic partnership with NAASH was established in late 2023, facilitating referrals and providing a modest referral fee per ex-prisoner, aiding in recouping earlier losses.Since January 2024, we have started to break even each month. This underscores the viability of our model in safely accommodating prison leavers in an affordable way. Own Merit CIC advocates for an end to the detrimental practice of releasing individuals from prisons into homelessness.

Consultation with stakeholders

Own Merit CIC has worked with Northampton Probation, West Northamptonshire Council, HMP Five Wells, the Department for Work and Pensions as well as NAASH Charity in the development and evolvement of our housing model.In response to the engagement, we have adapted our rules of the house to ensure safety. We have also adapted our process for accepting referrals.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
16 April 2024

And signed on behalf of the board by:
Name: Darryn Frost
Status: Director