## **ASPIRE LIVING LIMITED**
**(A charitable company limited by guarantee)**
## **Registered No: 02720295**
## **Charity No: 1024904**
**TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2021**
**ASPIRE LIVING LIMITED**
**(A charitable company limited by guarantee)**
## **Contents**
||**Page**|
|---|---|
|**Introduction**|**1-2**|
|**Our Vision**|**3**|
|**Reference and Administration Information**|**4-5**|
|**Trustees’ Report**|**6-27**|
|**Independent Auditor’s Report**|**28-37**|
|**Summary of Money**|**38**|
|**Statement of Financial Activities**|**39**|
|**Balance Sheet**|**40**|
|**Statement of Cash Flows**|**41**|
|**Notes to the Financial Statements**|**42-55**|
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**ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee)**
# **Introduction**
# **year ended 31 March, 2021**
## **Introduction**
**This report says what the Aspire charitable company has been doing between April 2020 and March 2021.**
**We have written about what has gone well and what we need to do better, and any problems we had over the year.**
**You can see how the charitable company has managed its money. The accounts have been checked by our Auditor, Sayer Vincent LLP. Some of these papers must be written in legal language. We have introduced each section with an Easy Read text box.**
Aspire Living Ltd Annual Report 2020 – 21
Page 1
**ASPIRE LIVING LIMITED**
## **(A charitable company limited by guarantee) REFERENCE AND ADMINISTRATION INFORMATION year ended 31 March, 2021**
**In 2020 - 2021**
**279 people**
with a learning disability were supported to live a great life in their homes and community
**39,842**
hours of home and community support were provided by our staff teams in Herefordshire, Gloucestershire, and Worcestershire
**£6,707,800** The value of support provided
Aspire Living Ltd Annual Report 2020 – 21
Page 2
**ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee)**
# **Our Vision**
# **year ended 31 March, 2021**
## **Our Vision[1]**
Our vision describes what we believe.
We show that we live what we believe by ensuring that Aspire is led by people with a learning disability in executive and non-executive roles; by showing that we value and respect everyone, including our great staff teams; and through our membership of the Thera Group of locally led companies that empower people to have real choice and control about how and where they live their lives. We work in lien with the Vision of Thera Group:
Thera will show that people with a learning disability can be leaders in society
Thera will be controlled by people with a learning disability
People supported by Thera can say how their company is directed and managed
People with a learning disability will design the support they want from Thera
Thera will respect the rights and wishes of people at work, at home and in the community
> 1 Thera Trust is our parent company. Its charitable objects are “the relief of persons with learning disabilities, their families and carers by the provision of support services including services in the support of residential, respite and other suitable forms of care, education and work opportunities and to promote public awareness of the needs of such persons and to give support to their families“ and “the promotion of the effective use of charitable resources for the benefit of the public by the provision of services to organisations involved in the relief of persons with learning disabilities, their families and carers."
Aspire Living Ltd Annual Report 2020 – 21
Page 3
**ASPIRE LIVING LIMITED**
2
# **(A charitable company limited by guarantee)**
# **Our Vision**
# **year ended 31 March, 2021**
People with a learning disability will check the quality of support from Thera
Thera Group will be led by a charity
Aspire Living Ltd Annual Report 2020 – 21
Page 4
## **ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee) REFERENCE AND ADMINISTRATION INFORMATION year ended 31 March, 2021**
## **Reference and administration information**
The Trustees are pleased to present their report and financial statements for the year ended 31 March, 2021.
**Charity Name**
**Company Number**
Aspire Living Limited (“Aspire”) 02720295
**Charity Number** 1024904
**Country of Incorporation**
United Kingdom
**Country of Registration**
England and Wales
**Registered Office** 134 Edmund Street
Birmingham
B3 2ES
**Company Secretary** Simon Conway
Aspire Living Ltd Annual Report 2020 – 21
Page 5
## **ASPIRE LIVING LIMITED**
## **(A charitable company limited by guarantee) REFERENCE AND ADMINISTRATION INFORMATION year ended 31 March, 2021**
|**Auditor**|Sayer Vincent LLP|
|---|---|
||Invicta House|
||108-114 Golden Lane|
||London|
||EC1Y 0TL|
|**Solicitors**|Anthony Collins Solicitors LLP|
||134 Edmund Street|
||Birmingham|
||B3 2ES|
|**Bankers**|National Westminster Bank Plc|
||12 Broad Street|
||Hereford|
||HR4 9AH|
Aspire Living Ltd Annual Report 2020 – 21
Page 6
**ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee) REFERENCE AND ADMINISTRATION INFORMATION year ended 31 March, 2021**
## **Our Board of Trustees**
Members of the Board of Trustees, who are Directors for the purpose of company law and Trustees for the purpose of charity law, who served during the year and up to the date of approval of this report are listed below:
Karen Boyce-Dawson*
Stephen Brawley (to 2 October, 2020) Bryan Casbourne MBE (to 5 February, 2021)
Dr Catherine Chima-Okereke
Darron Cox (to 2 October, 2020)
Eli Heathfield
Rosemary Hunt
Daniel James (from 8 February, 2021) Glen Von Malachowski (from 3 August, 2021 to 11 October, 2021) Roger Whalley (to 5 February, 2021) Lee Woodham (from 21 July, 2020 to 16 March, 2021)
* Karen Boyce-Dawson is also a director of the parent charity, Thera Trust.
Aspire Living Ltd Annual Report 2020 – 21
Page 7
**ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee) REFERENCE AND ADMINISTRATION INFORMATION year ended 31 March, 2021**
## **Our Executive Team**
Karen Hall Chief Executive Officer (left 5 February 2021)
Chris Paul Managing Director (joined 5 July 2021) Ian Harper Service Quality Director
Aspire Living Ltd Annual Report 2020 – 21
Page 8
**ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee)**
## **TRUSTEES’ REPORT**
## **year ended 31 March, 2021**
## **This section explains that Trustees/Directors are responsible for putting together accounts which must show a true and fair view. This is the law.**
## **Responsibilities of our Board of Trustees**
The trustees (who are also directors of Aspire Living for the purposes of company law) are responsible for preparing the trustees’ annual report including the strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and accounting estimates that are reasonable and prudent
- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
- Prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the charity will continue in operation
Aspire Living Ltd Annual Report 2020 – 21
Page 9
**ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee)**
## **TRUSTEES’ REPORT year ended 31 March, 2021**
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy, at any time, the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Aspire Living Ltd Annual Report 2020 – 21
Page 10
**ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee)**
# **TRUSTEES’ REPORT**
# **year ended 31 March, 2021**
## **Introduction from Aspire Trustees**
_A Year full of Creativity and Determination!_
Trustees have real pleasure in introducing this report that tells the story of an incredibly busy year within Aspire.
We want to look back and celebrate the efforts of so many people across Aspire, who helped not only safely navigate the Covid-19 pandemic, but also achieve a considerable amount of work to change our organisational structures, as well as review, learn and innovate to help strengthen Aspire during this year. This has increased our ability to provide flexible, responsive individual support to people with a learning disability and has also increased the range and availability of truly inclusive opportunities within the communities in which people live.
As the pandemic continued and the country went in and out of restrictions, our teams remained vigilant and continued to employ all the necessary infection control regimes to ensure maximum safety of the people they support; mindful that, for many, their disability, age or health conditions made them particularly vulnerable to serious ill health because of Covid-19.
These measures are hard to maintain. We are keenly aware of the day-today realities faced by our teams. It involved continual health and well-being surveillance, intensive cleaning, and the full use of PPE. Mask wearing is different and challenging, as it reduces natural communication and can be incredibly uncomfortable to wear - especially on a hot summer’s day. We want to thank each one of our incredible staff who show such dedication and perseverance.
Aspire supports people to be active participants within their communities and so staying in is not usual! We were overwhelmed by people’s creativity to ensure everyone stayed active and in touch with each other and friends and family when lockdowns were in place, and equally pleased to see people safely returning to their hobbies and interests, jobs, and day-time activities when restrictions eased - in ‘bubbles’ where necessary!
Aspire Living Ltd Annual Report 2020 – 21
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**ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee)**
# **TRUSTEES’ REPORT**
# **year ended 31 March, 2021**
## **Introduction from Ian Harper, Service Quality Director**
As we take small steps to emerge from the coronavirus pandemic, I am proud to write my annual report and reflect on our journey in Aspire. Working together, we have risen to the challenge of supporting people through several lockdowns and many restrictions.
People we support and our staff have continued to work side by side to ensure everyone’s wellbeing, both physically and mentally. Although meeting virtually will never replace meeting in person, it has enabled me to keep in touch with people. The people we support are always at the centre of everything we do, and I have been encouraged by how everyone has coped with the unusual circumstances and how positive and resilient everybody has been. This is due to the dedication and hard work of our staff teams.
Throughout the year, I have continued to strive towards leading and contributing towards the development of projects within Aspire and nationally. Some of these innovations, talked about further on in the report, are areas where I have used my lived experienced to empower the people we support and influence external project strategy.
## **Executives Report**
2020-21 has indeed been an exceptionally busy year for Aspire. Our Executive report hopes to give an overview and a flavour of the work undertaken in line with our strategic plan, innovation and development, some personal achievements, some stand out and sad moments, and finally our learning and considerations for the future.
## **Work towards our Strategic Plan**
**Staff Consultation** during 2020-21, we consulted with our staff and agreed new management roles across Aspire and terms and conditions for our staff. We understand that this was a difficult period for our staff and we really appreciated how actively people engaged with the process, despite it being such a busy time supporting people through the pandemic. By the end of
Aspire Living Ltd Annual Report 2020 – 21
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**ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee)**
## **TRUSTEES’ REPORT**
## **year ended 31 March, 2021**
consultation, we were able to agree, and we were delighted that staff took up the new contracts. As a result, we were able to move forward with significant increases to the hourly rate for the majority of our workforce. We then implemented our new management structures and again saw the talent and potential of many of our staff. There were no job losses as a result of the process and several people secured promotions within the new structures or have future career development plans.
These changes were needed to enable Aspire to provide increasingly personalised, flexible care and support to people. It has also increased our ability to compete in the local job market and reward and retain our staff and offer much needed routes for career progression that we know is more generally lacking within social care.
## **Covid-19**
Although certainly not part of our strategic plan, it became clear in our planning that the pandemic was going to continue for longer than anyone anticipated. It was essential that we put significant time and resource into planning and managing the risks and realities posed by the pandemic throughout the year. This is especially true as many of the people we support are vulnerable to serious illness because of Covid-19 because of learning disability, age, or pre-existing health conditions. We also needed to ascertain from our staff who of them might similarly be vulnerable and work with them to reduce risk.
We put into place and regularly updated our contingency plans in responses as the pandemic and its implications changed.
Staff have remained vigilant in their application of pandemic policy, infection control and a plethora of changing guidance that helped people navigate and support the people we support to understand an apply the relevant government guidance such as visitor guidance, Covid-19 risk assessments, use of PPE, testing and vaccinations.
Aspire Living Ltd Annual Report 2020 – 21
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**ASPIRE LIVING LIMITED**
## **(A charitable company limited by guarantee)**
## **TRUSTEES’ REPORT**
## **year ended 31 March, 2021**
## **Driving Up Performance**
We have high standards and a reputation for quality. As we support more people and increase our activities and scope we will increasingly rely on effective quality and compliance checking to ensure no gaps appear. This year, our managers, supported by Thera’s Operational Assurance Team, completed audits across Aspire to determine a baseline for an on-going continuous improvement plan. These management audits complement the visits and regular peer-led quality checks already undertaken. These are commissioned by Ian Harper, Service Quality Director, from The Quality Company, a separate company within the Thera Group, which independently checks quality against Thera’s outcome focussed co-produced quality standards. The Quality Company visits focus on hearing people’s direct experiences of their support and the individual and company-wide reports we get give is incredibly useful insight into the true quality and personal impact of the support we offer. The Quality Company have recently undertaken a thematic review into how people individually coped with Covid-19 - we look forward to getting the results.
## **Iplanit**
As part of our work to drive forward person centred planning, we are implementing an accessible digital system for holding and updating person centred plans and other support plans. This has been rolled out to our managers this year and going forward we will develop an iPlanit roll out plan across the whole of Aspire to include staff, people supported and families.
## **Family Carers Group**
We want to engage with families more; in our planning, our learning and as company members making decisions about how Aspire is run. Led by one of our committed trustees, who themselves was a family carer, we now have a good group of people who are meeting monthly to move the project forward. The first agreed activity is the development of a family
Aspire Living Ltd Annual Report 2020 – 21
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**ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee)**
## **TRUSTEES’ REPORT year ended 31 March, 2021**
carer information pack and to review our family charter. We plan to hold bi-monthly meetings with family carers to share ideas, information and create a platform for family carers to have their voice heard.
## **Development and Innovation**
Alongside our staff teams, Ian Harper, Service Quality Director, has driven forward a number of important internal and external developments and innovations during the year.
**Restore2Mini – NHS Training Videos** Working alongside NHS Leaders to shape the wording and language that was used in the training videos. The videos will help people to recognise the early signs of when people with a learning disability are unwell. The videos have been viewed 250,000 times and over 6,700 families and carers have received training.
**The West of England Collaborative** A new project that will provide training videos to assist staff with learning about Health Action Plans and Hospital Passports. I am encouraged that organisations recognise the value of my lived experience and contribution.
**Thrive** is a strategy and approach that will help us co-design the reimagining of Aspires current day time support offering and increase inclusive opportunity for people with a learning disability. It has broad potential impact on individuals and communities. Ian sees the strategy as a bridge to empowering people to be part of their community and indeed leaders.
**Let’s Get Digital Mencap Project** We have accessed a Mencap Project aimed at supporting people with a learning disability to better access technology. So far ten people who were not accessing personal technology before are now using tablets. There is ongoing technical support and user support available as part of the project. People may use their tablet however they wish, and the project aims to gather stories about
Aspire Living Ltd Annual Report 2020 – 21
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**ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee)**
## **TRUSTEES’ REPORT year ended 31 March, 2021**
people’s experiences of technology. We are linking with the Choices Foundation, who will be holding local learning sessions in the future.
## **Personal Achievements**
Our work is all about making supporting people to lead their lives, with just the right amount and kind of support, to achieve their personal goals. Covid19 certainly had an impact on the extent to which people could do the things they normally would - but they still managed to make great things happen!
Here are just a few….
Two people achieved personal ambitions around work - one person has been offered her first full time paid job and another person has started full time volunteering.
Armchair exercises and careful menu planning with the help of fun sticker success charts and a promised reward to herself spurred on one lady to lose ½ stone - now she has other people joining in!
One of our managers found the time between lockdowns to run the Race for Life and raised £500.
Aspire Living Ltd Annual Report 2020 – 21
Page 16
## **ASPIRE LIVING LIMITED**
## **(A charitable company limited by guarantee)**
## **TRUSTEES’ REPORT**
## **year ended 31 March, 2021**
**Some fun stand-out moments of 2020 – 2021**
_Keeping in contact with people Virtually_
_Clap for Carers and ‘Friday Smile’_
_Meals on the Bus_
_VE Day Celebrations_
_Virtual parties, training, and bingo!_
_Coronavirus memory time capsule, buried in the garden_
_Rainbow Walls_
_Visiting the Hereford Mayor’s Parlour_
## **A sad farewell**
On the 24th September, 2020, a gentleman we had known for many years and had been supported since 2017 by Aspire in his Gloucester home sadly and unexpectedly passed away. Aspire have investigated the death to understand and learn anything we can and there will also be a Coroner’s inquest. Our thoughts are now with his family and friends for their loss.
Aspire Living Ltd Annual Report 2020 – 21
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**ASPIRE LIVING LIMITED**
**(A charitable company limited by guarantee)**
## **TRUSTEES’ REPORT year ended 31 March, 2021**
## **Public Benefit**
The Trustees have followed the guidance on the provision of public benefit in accordance with Section 17 of the Charities Act 2011 and are confident that the services Aspire provides meet our charitable objectives and public benefit requirements.
Our key outcomes for next year include:
- Empowering and encouraging people to live a healthy and active life and plan for their future
- Ensuring and evidencing that we do a great job supporting people in the way they choose, to live the life they choose
- Improving our community offer to include employment, training, and more opportunities for people to make natural and sustainable friendships
- Supporting more people and using every opportunity to inform and influence
- Embedding person centred approaches and building the skills, confidence, and resilience of support workers to be strong advocates
- People with a learning disability inform and influence everything we do
- Increase the number of people supported, family carer and staff company members so they can have a real say in how Aspire is run
- Seeking, listening, and learning from the lived experience of people with a learning disability and families
Aspire Living Ltd Annual Report 2020 – 21
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**ASPIRE LIVING LIMITED**
## **(A charitable company limited by guarantee)**
## **TRUSTEES’ REPORT year ended 31 March, 2021**
## **Charitable Objects**
The Company’s objects are the relief of persons with a learning disability, their families, and carers in particular but not exclusively by the provision of support services including services in the support of residential, respite and other suitable forms of care, education, and work opportunities and by the promotion of awareness of the needs of such persons and the Company can do all things that are incidental or conducive to its Objects or any of them.
## **Aspire’s Staff**
At the end of the year, Aspire employed around 283 people, the majority of whom are Support Workers.
Our staff are vital in achieving everything we do, and we continue to take considerable pride in their achievements, their dedication, and the level of commitment they make every day in delivering high quality support to people. We have continued to invest in staff by offering first class support, training, and development, ensuring that staff are capable and motivated to meet the needs of the people we support.
We are committed to ensuring that all job applicants and employees are treated fairly and valued regardless of sex, disability, race, age, marital status, sexual orientation, religion, colour, ethnic or national origin. We value diversity and social inclusion across all our activities and our recruitment process ensures that all applicants have equal opportunity.
Our Vision states "we will respect the rights and wishes of people at work, at home and in the community". This demonstrates an approach not only to people supported by the organisation, but also to members of staff and volunteers.
Staff are able to engage formally with the Aspire as company members alongside people supported and family members and by electing
Aspire Living Ltd Annual Report 2020 – 21
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**ASPIRE LIVING LIMITED**
## **(A charitable company limited by guarantee)**
## **TRUSTEES’ REPORT year ended 31 March, 2021**
representatives to the charity's Employee Consultative Council (“ECC”), previously known as our Staff Forum. The ECC is a sub-committee of the Board, providing a direct line of communication between directors and the workforce.
Aspire has a well-established ECC, which considers a range of matters relating to its staff. It helps us share important information about Aspire and find out what staff think about important decisions that may affect them. The ECC is the formal mechanism for ensuring that Aspire delivers on its philosophy of involvement in relation to its staff, as well as meeting its obligations under Information and Consultation Regulations, 2004. This year the ECC performed this role ensuring the organisation properly consulted with its staff during the terms and conditions review. During the year, Aspire held nine Employee Consultative Council meetings.
Staff are also engaged informally in a variety of other ways for example through annual staff surveys and contributing, alongside people support and their families, to the company's annual plan.
## **Aspire’s money**
## **Our financial performance**
Aspire’s income increased slightly this year. Total income was £6.7m (201920 £6.6m).
Our reserves increased by £79k to £2.48m. Free reserves at the year-end were insufficient given the increased scale of the charity and trustees reviewed the reserves policy during the year.
We saw a variable picture of recruitment and retention during the year, with some definite improvement in our attraction. Generally, however recruitment remains a challenge, as it is to all social care providers. This regrettably necessitated the use of agency staff in specific situations,
Aspire Living Ltd Annual Report 2020 – 21
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**ASPIRE LIVING LIMITED**
## **(A charitable company limited by guarantee)**
## **TRUSTEES’ REPORT**
## **year ended 31 March, 2021**
although we have now fully adopted a “non-use of agency policy” and aim to eliminate its use.
## **Risks, uncertainties and mitigation**
We maintain a dynamic risk register and actively monitor and manage both operational and strategic risks.
We have taken measures within our management restructure and terms and conditions review to address some of the previous risks surrounding staff pay, management capacity and flexibility.
Key risks which are inherent in our work include the abuse or neglect of vulnerable people or a failure to comply with CQC Essential Standards or other regulatory or legislative requirements. Our Quality checking and continuous improvement planning ensures we are constantly driving up quality. In the event of any serious incident or near mis we undertake a full analysis of the potential root causes, consequences and identify and current and future mitigations to address and prevent recurrence.
Like all care and support service providers, Aspire is exposed to a range of external factors that may put pressure on continuing the provision of care and support to a person with a learning disability. However, the specialist area of the market in which Aspire works benefits from much lower levels of this pressure, as it is in both the commissioning body and the individual’s long-term interests to maintain continuity of support, particularly of the high quality that Aspire provides.
Aspire works in close partnership with local authorities and health colleagues and our executive team are part of several Local Authority working and planning groups to shape commissioning and practice within health and social care locally, and in some respects nationally.
Aspire Living Ltd Annual Report 2020 – 21
Page 21
**ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee)**
## **TRUSTEES’ REPORT**
## **year ended 31 March, 2021**
Aspire’s Health and Safety Committee provides the formal mechanism for Aspire with staff safety representatives to fulfil their obligations under health and safety legislation.
## _**Covid-19**_
A number of Aspire’s areas of work have needed to reduce in volume or to be suspended entirely as a result of the measures to manage the risk of Covid-19. These include support to people in the community and support to people in venues where people congregate. Instead activities have been focussed on providing greater volumes of support to more people at home, with, in many cases, staff being re-deployed to undertake this work rather than being furloughed. Where activity levels changed, income levels were sustained during the year. Additional costs during the year, for example on personal protective equipment, have been funded either in this way or with additional specifically targeted income. Since the balance sheet date, contract activity is returning to more normal levels and funding levels are starting to fluctuate accordingly.
The trustees continue to ensure that Aspire adopts and implements policy and guidance issued by Thera Trust, the parent company of Aspire, to review the specific risks relating to Aspire’s work arising from Covid-19 and to respond accordingly as necessary.
The trustees have assessed and monitored the risks to which Aspire may be exposed. Trustees are satisfied that systems are in place to minimise the incidence and impact of risks to the extent to which these are in the control of Aspire.
Aspire Living Ltd Annual Report 2020 – 21
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**ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee)**
## **TRUSTEES’ REPORT**
# **year ended 31 March, 2021**
## **Statutory requirements in relation to fundraising**
Fundraised income helps us to ensure that events are accessible to people we support who may have little or no spending money. It also buys things that the people we support need, but which are not covered through usual support contract funding.
Teams and people we support are encouraged to propose their ideas and are supported in all fundraising activity by experienced senior managers. We do not use third party or professional fundraisers.
Aspire and our Trustees ensure all fundraising activities comply with legal and regulatory requirements and we have robust policies in place. We do not undertake door-to-door, face-to-face or direct mail fund-raising; and public fund-raising in general is currently limited. As a result, the risk of fund-raising in relation to vulnerable people is extremely limited. Fundraisers work closely with the Thera Trust’s Communications Team to ensure that fund-raising communications are easy to understand, respectful of potential donors, provide clarity about the cause and do not mislead in any way. We are registered with the Fundraising Preference Service, although we do no direct marketing. We have had no complaints about our fundraising activity and no instances of non-compliance.
## **Our reserves policy**
Trustees reviewed their reserves policy during the year.
Given current challenging circumstances, we now aim to maintain free reserves equivalent to at least 3 months’, and up to 6 months’, turnover.
Trustees therefore aim to achieve an annual surplus sufficient to increase free reserves from the current £1.7 m. to at least £1.8m. over the next three years.
Aspire Living Ltd Annual Report 2020 – 21
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**ASPIRE LIVING LIMITED**
## **(A charitable company limited by guarantee)**
## **TRUSTEES’ REPORT**
## **year ended 31 March, 2021**
## **Our Governance**
## **Our constitution**
Aspire is a charity and a company limited by guarantee, governed by its Articles of Association. There are no restrictions in the Articles on the operation of the charity or on its investment powers, other than those imposed by general charity law. Thera Trust is currently the sole company member of the Charity.
## **Remuneration policy**
Thera Trust’s Remuneration and Pensions Committee, which consists of three non-executive directors, independently determine the remuneration of executive directors of the organisation, and of its subsidiary companies. In its remuneration policy, the Committee takes account of good practice guidelines in setting executive pay, including the principles set out in the NCVO's April 2014 report on Charity Senior Executive Pay.
## **Aspire’s Trustees**
Members of the Board of Trustees who served during the year and up to the date of this report are shown in the company information at the start of this report and accounts.
## **Recruitment and appointment of new Trustees**
Trustees regularly review the range of skills, experience, and interests of its Trustees to inform the recruitment and selection of new Trustees.
We advertise for new Trustees nationally (through Reach Volunteering), locally in the counties we work and through the Herefordshire Voluntary Organisations’ Support Service (HVOSS).
All applicants are encouraged to meet the executive team, trustees and people supported and teams as part of the process. Trustee
Aspire Living Ltd Annual Report 2020 – 21
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**ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee)**
# **TRUSTEES’ REPORT**
# **year ended 31 March, 2021**
appointments are considered and confirmed through the Thera Group Nominations Committee.
This year we considered the skills needed on our Board and are looking to recruit more Trustees to the Board.
## **Induction and training of our Trustees**
All Aspire Trustees comply with the appointment requirements of the Thera Group including a Disclosure and Barring Service check. Trustees attend a formal directors induction program, with others from Group Member companies.
Our Trustees attend our Welcome to Aspire sessions with new staff, as well as our events and celebrations and engage with projects.
Aspire Living Ltd Annual Report 2020 – 21
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**ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee)**
# **TRUSTEES’ REPORT**
# **year ended 31 March, 2021**
# **This section explains that the Trustees have told the Auditor everything they should and that they have worked within the law.**
## **DISCLOSURE OF INFORMATION TO THE AUDITOR**
Each of the persons who are directors at the time when this Trustees’ Report is approved has confirmed that:
- so far as that trustee is aware, there is no relevant audit information of
- which the company’s auditor is unaware; and
• that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any information needed by the company’s auditor in connection with preparing its report and to establish that the company’s auditor is aware of that information.
Aspire Living Ltd Annual Report 2020 – 21
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**ASPIRE LIVING LIMITED**
# **(A charitable company limited by guarantee)**
# **TRUSTEES’ REPORT**
# **year ended 31 March, 2021**
**This section asks the Company Members to agree that the Auditor, Sayer Vincent LLP, be chosen again as the charity’s Auditor.**
## **RE-APPOINTMENT OF AUDITOR**
In accordance with s.485 of the Companies Act 2006, a resolution is to be proposed at the Annual General Meeting for the re-appointment of Sayer Vincent LLP as auditor of the Company.
The Trustees’ report has been prepared in accordance with the special provisions applicable to companies, subject to the small companies’ regime.
The Trustees’ Report was approved and signed on behalf of the Trustees.
**Daniel James Karen Boyce-Dawson Trustee Trustee**
## **Date: 13 December 2021**
Aspire Living Ltd Annual Report 2020 – 21
Page 27
**ASPIRE LIVING LIMITED**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASPIRE LIVING LIMITED**
**This page explains that the Auditor is reporting that the accounts give a true and fair view of the company and that they are put together as the law says they should be put together.**
## **OPINION**
We have audited the financial statements of Aspire Living Limited (the ‘charitable company’) for the year ended 31 March 2021 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- Give a true and fair view of the state of the charitable company’s affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure for the year then ended
- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
- Have been prepared in accordance with the requirements of the Companies Act 2006
Aspire Living Ltd Annual Report 2020 – 21
Page 28
**ASPIRE LIVING LIMITED**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASPIRE LIVING LIMITED**
**This section explains that the Auditor has audited (checked) the accounts and that they are reporting to Company Members.**
## **BASIS FOR OPINION**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **CONCLUSIONS RELATING TO GOING CONCERN**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Aspire Living Limited's ability to continue as a
Aspire Living Ltd Annual Report 2020 – 21
Page 29
**ASPIRE LIVING LIMITED**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF**
## **ASPIRE LIVING LIMITED**
going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **OTHER INFORMATION**
The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Aspire Living Ltd Annual Report 2020 – 21
Page 30
**ASPIRE LIVING LIMITED**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASPIRE LIVING LIMITED**
**This section explains that the Auditor must tell us if they are unhappy with how the directors managed the company.**
**The Audit report says that there is nothing bad the Auditor wishes to report to Company Members.**
## **OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006**
In our opinion, based on the work undertaken in the course of the audit:
- The information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- The trustees’ annual report has been prepared in accordance with applicable legal requirements.
## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY**
## **EXCEPTION**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- The financial statements are not in agreement with the accounting records and returns; or
Aspire Living Ltd Annual Report 2020 – 21
Page 31
**ASPIRE LIVING LIMITED**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASPIRE LIVING LIMITED**
- Certain disclosures of trustees’ remuneration specified by law are not made; or
- We have not received all the information and explanations we require for our audit; or
- The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report.
## **RESPONSIBILITIES OF TRUSTEES**
As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Aspire Living Ltd Annual Report 2020 – 21
Page 32
**ASPIRE LIVING LIMITED**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASPIRE LIVING LIMITED**
**Trustees’ responsibilities are explained on page 9.**
**This page explains that it is the Auditor’s responsibility to audit (check) the accounts as the law says they should.**
## **AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
Aspire Living Ltd Annual Report 2020 – 21
Page 33
**ASPIRE LIVING LIMITED**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASPIRE LIVING LIMITED**
## **This page explains how the Auditor checks the accounts.**
## **CAPABILITY OF THE AUDIT IN DETECTING IRREGULARITIES**
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We enquired of management, internal audit and the audit and risk committee, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
- We inspected the minutes of meetings of those charged with governance.
- We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
Aspire Living Ltd Annual Report 2020 – 21
Page 34
**ASPIRE LIVING LIMITED**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASPIRE LIVING LIMITED**
- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud
Aspire Living Ltd Annual Report 2020 – 21
Page 35
**ASPIRE LIVING LIMITED**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF**
# **ASPIRE LIVING LIMITED**
involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **USE OF OUR REPORT**
This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Orchard (Senior statutory auditor)
17 December 2021
for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL
Aspire Living Ltd Annual Report 2020 – 21
Page 36
**ASPIRE LIVING LIMITED**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ASPIRE LIVING LIMITED**
**You will see that this report and accounts also includes accessible information so that the Trustees of Aspire Living Limited are ensuring that the Company Members, including those with a learning disability, are able to fulfil their duties in law including to receive the accounts and to appoint the Trustees and Auditor.**
**The law does not say we must provide this information, but Sayer Vincent LLP says it is in line with the statutory report and accounts.**
Aspire Living Ltd Annual Report 2020 – 21
Page 37
**ASPIRE LIVING LIMITED**
|**SUMMARY OF MONEY**|||
|---|---|---|
|**For the year ended 31 March, 2021**|||
|**What we have earned and what we have spent:**|**£**||
|**Money we got in**|**6,707,844**||
|**What we spent on our staff**|**(5,564,396)**||
|**Other money we spent**|**(1,101,272)**||
|**Revaluation of Houses**|**36,900**||
|**What is left over for the year**|**79,076**||
|**What Aspire Living Limited has at 31 March, 2021:**|**£**||
|**Houses and equipment**|**950,435**||
|**What other Thera companies owe us**|**600,000**||
|**How much cash we had in the bank**|**292,204**||
|**What we are owed by others**|**1,213,713**||
|**What we owe to other Thera companies**|**(187,467)**||
|**What we owe to others**|**(391,168)**||
|**Final amount the company had at 31 March, 2021**|**2,477,717**||
Aspire Living Ltd Annual Report 2020 – 21
Page 38
## **ASPIRE LIVING LIMITED**
## **(A company limited by guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES**
(incorporating an income and expenditure account)
## **for the year ended 31 March 2021**
||||||Restated||Restated|
|---|---|---|---|---|---|---|---|
|||||**2021**|||2020|
|||Unrestricted|Restricted|**Total**|Unrestricted|Restricted|Total|
||Note|£|£|**£**|£|£|£|
|**Income from:**||||||||
|Donation and grants|3|11,209|48,241|**59,450**|8,833|42,009|50,842|
|Charitable activities||||||||
|Supporting people with a learning||||||||
|disability|4|6,278,874|-|**6,278,874**|6,469,324|-|6,469,324|
|Other Trading|5|9,755|-|**9,755**|26,733|-|26,733|
|Investments|6|47,395|-|**47,395**|48,895|-|48,895|
|||6,347,233|48,241|**6,395,474**|6,553,785|42,009|6,595,794|
|Covid-19 exceptional Income||312,370|-|**312,370**|1,740|-|1,740|
|**Total income**||6,659,603|48,241|**6,707,844**|6,555,525|42,009|6,597,534|
|**Expenditure on:**||||||||
|Charitable activities||||||||
|Supporting people with a learning||||||||
|disability||6,268,511|35,794|**6,304,305**|6,318,409|48,675|6,367,084|
|Other||2,785|-|**2,785**|12,346|-|12,346|
|Exceptional items||12,820|-|**12,820**|-|-|-|
|||6,284,116|35,794|**6,319,910**|6,330,755|48,675|6,379,430|
|Covid-19 exceptional expenses||345,758|-|**345,758**|7,543|-|7,543|
|**Total expenditure**|7|6,629,874|35,794|**6,665,668**|6,338,298|48,675|6,386,973|
|**Net income / (expenditure) before net gains**||||||||
|**/ (losses) on investments**||29,729|12,447|**42,176**|217,227|(6,666)|210,561|
|Net gain on revaluation of fixed assets|13|36,900|**-**|**36,900**|-|**-**|-|
|**Net movement in funds**||66,629|12,447|**79,076**|217,227|(6,666)|210,561|
|**Reconciliation of funds:**||||||||
|Total funds brought forward||2,342,963|55,678|**2,398,641**|2,125,736|62,344|2,188,080|
|**Total funds carried forward**||2,409,592|68,125|**2,477,717**|2,342,963|55,678|2,398,641|
All of the above results are derived from continuing activities. There were no other recognised gains or losses beyond those stated above. Movements in funds are disclosed in Note 19 to the financial statements.
Page 39
## **ASPIRE LIVING LIMITED**
## **(A company limited by guarantee)**
## **BALANCE SHEET**
## **as at 31 March 2021**
COMPANY REGISTRATION NUMBER 02720295
|Note
**Fixed assets:**
13
**Current assets:**
14
**Current liabilities:**
15
16
18
Total unrestricted funds
**Total assets less current liabilities**
Debtors (Including those due after one year)
Restricted income funds
Unrestricted income funds:
Designated funds
**The funds of the charity:**
Creditors falling due within one year
**Net current assets**
**Total net assets**
Creditors falling due after one year
**Long term liabilities:**
Cash at bank and in hand
Tangible assets
General funds
**Total charity funds**|**£**
**1,813,713**
**292,204**|**2021**
**£**
**950,435**|£
1,398,408
255,391|2020
£
965,351|
|---|---|---|---|---|
|||**950,435**
**1,714,749**||965,351
1,433,290|
||**2,105,917**
**(391,168)**||1,653,799
(220,509)||
||**425,513**
**1,984,079**||460,452
1,882,511||
|||**2,665,184**
**(187,467)**||2,398,641
-|
|||**2,477,717**||2,398,641|
|||**68,125**
**2,409,592**||55,678
2,342,963|
||||||
|||**2,477,717**||2,398,641|
Approved by the trustees on 13 December 2021 and signed on their behalf by
**Karen Boyce-Dawson Trustee**
**Daniel James Trustee**
Page 40
## **ASPIRE LIVING LIMITED**
## **(A company limited by guarantee)**
## **STATEMENT OF CASH FLOWS**
## **for the year ended 31 March 2021**
|Note
20
21
Interest paid
**Cash flows from financing activities:**
**Net cash used in investing activities**
**Net cash provided by operating activities**
**Cash flows from investing activities:**
Payments to acquire tangible fixed assets
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Interest received|**£**
**£**
**17,192**
**(11,879)**
**(11,879)**
**-**
**31,500**
**31,500**
**36,813**
**255,391**
**292,204**
**2021**|**£**
**£**
**17,192**
**(11,879)**
**(11,879)**
**-**
**31,500**
**31,500**
**36,813**
**255,391**
**292,204**
**2021**|£
£
85,217
(21,727)
(21,727)
(869)
33,000
32,131
95,621
159,770
255,391
2020|£
£
85,217
(21,727)
(21,727)
(869)
33,000
32,131
95,621
159,770
255,391
2020|
|---|---|---|---|---|
||**(11,879)**||||
||||||
||**-**
**31,500**||(869)
33,000||
||||||
|||**36,813**
**255,391**||95,621
159,770|
|||**292,204**||255,391|
Page 41
**ASPIRE LIVING LIMITED**
# **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **for the year ended 31 March 2021**
## **1 Accounting policies**
## **a) Statutory information**
Aspire Living Limited is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office address is 134 Edmund Street,Birmingham, England. B3 2ES. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
## **b) Basis of preparation**
The financial statements have been prepared in accordance with 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 (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
## **c) Public benefit entity**
The charitable company meets the definition of a public benefit entity under FRS 102.
## **d) Going concern**
The directors consider that the company has the ability to continue operating as a going concern and there are no known material uncertainties to this. Further information is given in the trustees' annual report.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
## **e) Income**
All income is included in the statement of financial activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the trustees’ annual report.
Income from supporting people with a learning disability is recognised as income when the support is provided.
Fees for care and support services comprise income receivable from health authorities and social services departments under contracts for the supply of care and support services, fees receivable from individuals for domiciliary and residential care and other services to people with a learning disability.
As work is undertaken on a contractual basis, any income is recognised in accordance with the terms of the contract. In general terms, this means that income is recognised as support is provided.
Any rentals receivable under operating leases are credited to the statement of financial activities on a straight line basis over the term of the lease.
Grants receivable are accounted for in the period in which the grant is received or the conditions of the grant are met, if later, unless there is an agreement to make such grants and they are received prior to the date the financial statements are issued. In this case the appropriate debtor is included.
Page 42
## **ASPIRE LIVING LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **for the year ended 31 March 2021**
## **1 Accounting policies (continued)**
## **f) Government & local authority assistance**
Government assistance in the form of Coronavirus Job Retention Scheme and Job Support Schemes is recognised as income when an eligible claim has been submitted
Other government and local authority grants are recognised at fair value when the company has entitlement after any performance conditions have been met, the receipt is probable and the amount can be measured reliably.
## **g) Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
## **h) Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
The revaluation reserve comprises the difference between the historic cost of tangible fixed assets and the revalued amount included in the balance sheet.
## **i) Expenditure and irrecoverable VAT**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Expenditure on charitable activities
- Other expenditure represents those items not falling into the category above
Irrecoverable VAT is not separately analysed and is charged to the SoFA when the expenditure to which it relates is incurred and is allocated as part of the expenditure to which it relates.
Governance costs include those incurred in the governance of the charity’s assets and are primarily associated with constitutional and statutory requirements.
The charity is exempt from income tax and capital gains tax under Section 505 ICTA1988 in respect of trading profits which are used solely for charitable purposes provided the trade is exercised in the carrying out of a primary purpose of the charity.
## **j) Operating leases**
Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **k) Tangible fixed assets**
Tangible fixed assets are stated at cost or valuation less depreciation. The cost less the estimated residual value of tangible fixed assets is depreciated over their estimated useful lives as follows:
|˜|Freehold buildings|2% straight line|
|---|---|---|
|˜|Leasehold improvements|Straight line over the lease term|
|˜|Office equipment|20% straight line|
||Furniture and fittings|20% straight line|
Where fixed assets have been revalued, any excess between the revalued amount and the historic depreciated cost of the asset will be shown as a revaluation reserve in the balance sheet.
The capitalisation threshold for tangible fixed assets is £1,000.
Page 43
**ASPIRE LIVING LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **for the year ended 31 March 2021**
## **1 Accounting policies (continued)**
## **l) Debtors**
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
## **m) Cash at bank and in hand**
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible into known amounts of cash with insignificant risk of change in value.
## **n) Creditors and provisions**
Creditors and provisions 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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **o) Financial instruments**
The charity enters into only basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans from related parties. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **p) Pensions**
Aspire Living Limited participates in the government’s NEST pension scheme, a pension scheme operated by Clerical Medical and the Social Housing Pension Scheme. All three schemes are defined contribution schemes. The pension charge included in the Statement of Financial Activities represents the amounts payable by the charitable company to each fund in respect of the year.
Aspire Living Limited also participates in the Worcestershire County Council Local Government Pension Scheme which is a defined benefit scheme. Contributions to the scheme are charged against net income in the period in which they are payable. The pension charges are based on a full actuarial valuation as disclosed in the relevant note to the financial statements. Contributions for the scheme are set by a qualified Actuary.
## **q)**
## **Parent charity and financial support**
An Intra-Group Agreement exists between Thera Trust and twenty eight of its subsidiaries. This Intra-Group Agreement incorporates a Funding Agreement which allows Thera Group companies to benefit from the movement of funds around the Group. Each subsidiary, other than The Camden Society, Equal Futures and Thera Limited, has acceded to this Intra-Group Agreement with Board approval. In addition to this, Thera Trust and its subsidiaries have all individually agreed not to demand the repayment of any inter-company borrowings within twelve months of the date on which the balance sheet is signed. Any amounts due to or from Group companies that have been shown as due within one year relate to balances arising from operational activities and gift aid. A market rate interest has been charged on balances between group companies.
## **r)**
## **Restatement of prior year SOFA**
Due to the ongoing Covid-19 pandemic the associated costs and income from this event have been split out from inclusion in Charitable Activities in the prior year, this has had the effect of increasing income by £1,740 and reducing overall costs by the same amount. Covid expenses have been differentiated from exceptional items on the face of the SOFA. There has been no other impact on the financial statements.
## **2 Judgements in applying accounting policies and key sources of estimation uncertainty**
The trustees of the charity make estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the charity’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Management have considered whether Covid-19 has impacted on any areas of estimation in reporting these accounts. Other than the general background uncertainty created by Covid-19’s economic impact, management do not believe that it impacts on any specific aspects of the numbers reported in these accounts.
In preparing these financial statements, the trustees have delegated to management the authority to make the following judgements:
Page 44
**ASPIRE LIVING LIMITED**
# **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **for the year ended 31 March 2021**
## **2 Judgements in applying accounting policies and key sources of estimation uncertainty (continued)**
## **Group financial support**
The directors of all of the subsidiaries within the Thera Group that have acceded to the Intra-Group Agreement as referred to above, have received assurance from the board of Thera Trust that adequate financing is in place to meet the group’s financing needs and this has enabled the directors to confirm that management can prepare the accounts on a going concern basis.
## **Leases**
The charity determines whether leases entered into by it either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.
## **Impairment of other assets**
The charity reviews the carrying value of all other assets for indications of impairment at each reporting date. If indicators of impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying value exceeds it recoverable amount. This process will usually involve the estimation of future cash flows which are likely to be generated by the asset. If the estimated recoverable amount is lower than its carrying amount, an impairment loss is recognised immediately in the SoFA.
## **Recoverability of trade debtors**
Trade and other receivables are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.
Management makes allowance for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the SoFA.
## **Provisions**
A provision is recognised when the charity has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.
Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management’s judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.
Page 45
## **ASPIRE LIVING LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **for the year ended 31 March 2021**
## **3**
## **Income from donations and grants**
|Community Hub grant
Building Better Opportunities
Other Grant Income
Hfds Comm HCF Grant
Rural Media Charity
Neighbourly Community
The National Lottery Community
Fund
Grants:
Donations|Unrestricted
£
11,209
-
-
-
-
-
-
-
11,209
|£
14,181
-
-
5,000
2,000
400
26,660
-
Restricted|**2021**
**Total**
**£**
**25,390**
**-**
**-**
**5,000**
**2,000**
**400**
**26,660**
**-**|Unrestricted
£
-
900
-
-
-
-
-
7,933|£
-
-
42,009
-
-
-
-
-
Restricted|2020
Total
£
-
900
42,009
-
-
-
-
7,933|
|---|---|---|---|---|---|---|
|||48,241|**59,450**|8,833|42,009|50,842|
## **4 Income from charitable activity**
|Income for supporting people
with a learning disability
Total income from charitable
activity|Unrestricted
£
6,278,874
6,278,874|£
-
Restricted|**2021**
**Total**
**£**
**6,278,874**|Unrestricted
£
6,469,324|£
-
Restricted|2020
Total
£
6,469,324|
|---|---|---|---|---|---|---|
|||-|**6,278,874**|6,469,324|-|6,469,324|
Income received from local government totals £5,408,977 (2020: £5,384,632).
Income from central government and local authorities in relation to Covid-19 exceptional income amounted to £312,370 (2020 - £1,740).
## **5 Income from trading activities**
|**Income from trading activities**|||||||
|---|---|---|---|---|---|---|
|Willow Café
**Income from Investments**
Interest receivable on intra-
group borrowings
Property rental income|Unrestricted
£
9,755
9,755
Unrestricted
£
15,895
31,500
47,395|Restricted
£
-|**2021**
**Total**
**£**
**9,755**|Unrestricted
26,733|Restricted
-|2020
Total
£
26,733|
|||-|**9,755**|26,733|-|26,733|
|||Restricted
£
-
-|**2021**
**Total**
**£**
**15,895**
**31,500**|Unrestricted
£
15,895
33,000|Restricted
£
-
-|2020
Total
£
15,895
33,000|
|||-|**47,395**|48,895|-|48,895|
- **6 Income from Investments**
Page 46
## **ASPIRE LIVING LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **for the year ended 31 March 2021**
## **7a Analysis of expenditure**
|Support costs
Governance costs
**Support costs**
Office costs
Professional fees
Other support costs
Depreciation
**Direct costs**
Staff and agency costs
Property costs
Other direct costs|Unrestricted
£
5,548,094
162,959
320,707|Restricted
£
16,302
-
12,825|**2021**
**Total**
**£**
**5,564,396**
**162,959**
**333,532**|2020
Total
£
5,531,226
215,116
430,881|
|---|---|---|---|---|
||6,031,760
597,986
128|29,127
6,667
-|**6,060,887**
**604,653**
**128**|6,177,223
207,875
1,875|
||6,629,874|35,794|**6,665,668**|6,386,973|
||Unrestricted
£
13,234
24,894
513,291
46,567|Restricted
£
-
-
-
6,667|**2021**
**Total**
**£**
**13,234**
**24,894**
**513,291**
**53,234**|2020
Total
£
3,454
2,034
150,454
51,933|
||597,986|6,667|**604,653**|207,875|
Included within governance costs are trustee expenses and board room hire. As below, audit fees are included within the management recharge.
## **7b Analysis of expenditure (prior year)**
|**Analysis of expenditure (prior year)**|||||
|---|---|---|---|---|
|Governance costs
Office costs
Professional fees
Other support costs
Depreciation
**Support costs**
**Direct costs**
Staff and agency costs
Property costs
Other direct costs
Support costs|Restated
Unrestricted
£
5,492,385
215,116
427,713|Restricted
£
38,841
-
3,168|Restated
**2020**
**Total**
**£**
**5,531,226**
**215,116**
**430,881**|2019
Total
£
5,517,831
220,581
413,340|
||6,135,214
201,209
1,875|42,009
6,666
-|**6,177,223**
**207,875**
**1,875**|6,151,752
214,502
7,078|
||6,338,298|48,675|**6,386,973**|6,373,332|
||Unrestricted
£
3,454
2,034
150,454
45,267|Restricted
£
-
-
-
6,666|**2020**
**Total**
**£**
**3,454**
**2,034**
**150,454**
**51,933**|2019
Total
£
7,227
29,848
121,529
55,898|
||201,209|6,666|**207,875**|214,502|
Page 47
## **ASPIRE LIVING LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **for the year ended 31 March 2021**
## **8 Net income for the year**
This is stated after charging / (crediting):
|This is stated after charging / (crediting):|||
|---|---|---|
||**2021**|
2020|
||**£**|
£|
|Interest receivable|**(31,500)**|(33,000)|
|Interest payable|**-**|869|
|Depreciation|**53,234**|51,933|
|Loss on disposal of property|**10,461**|-|
|Operating lease rentals: equipment|||
|Property|**5,250**|17,009|
|Other|**23,395**|-|
|Auditors' remuneration (excluding VAT):|||
|Audit|**11,350**|9,360|
|Other services|**2,260**|1,040|
Auditors’ remuneration for the group is disclosed in full in the parent charitable company and is recharged to the subsidiary as part of the overall recharge of the group's management and administration costs.
## **9 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel**
Staff costs were as follows:
|Defined benefit schemes
Total employee costs
Social security costs
Defined contribution schemes
Total staff costs
Agency staff
Salaries and wages
Pension contributions|**2021**
**£**
**4,940,402**
**321,131**
**132,744**
**91,370**|2020
£
4,839,779
291,736
121,936
84,569|
|---|---|---|
||**5,485,647**
**78,749**|5,338,020
193,206|
||**5,564,396**|5,531,226|
The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:
|||**2021**|2020|
|---|---|---|---|
|||**No.**|No.|
|£60,000|- £69,999|1|-|
These employees participated in the pension scheme during the year:
## Employer pension contributions
|**2021**|2020|
|---|---|
|**No.**|**No.**|
|1,912||
||-|
The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £96,526 (2020 £87,155). The key management personnel group was redefined between the years and the prior year figures have been restated to reflect the group of employees currently defined as key management personnel, so that there is consistency between the years. Previously key management personnel was considered to senior personnel within the company, however the company now considers its key management personnel as comprising of the Managing Director and the Service Quality Director.
The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2020 £nil). No charity trustee received payment for professional or other services supplied to the charity (2020 £nil).
Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £128 (2020 £568) incurred by 11 (2020 4) members relating to attendance at meetings of the trustees.
Page 48
**ASPIRE LIVING LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **for the year ended 31 March 2021**
## **10 Staff numbers**
The average number of employees (head count based on number of staff employed) during the year was 292 (2020: 316).
Staff are employed across the activities of the charitable company as follows:
|Direct and relief support work
Management and administration|**2021**
**No.**
**282**
**10**|2020
No.
308
8|
|---|---|---|
||**292**|316|
## **11 Related party transactions**
There are no related party transactions to disclose for 2021 (2020 none) other than intra-group transactions as disclosed below.
Thera Trust is the parent charitable company of Aspire Living Limited. Any balances due to or from entities within the Thera group are disclosed within the relevant debtors and creditors notes.
Thera Trust makes a recharge of management and administration costs incurred on behalf of the group to all of its subsidiaries. The specific amounts recharged to each entity are not being disclosed on the grounds that the Thera Group operates in a competitive commissioning environment and this information is comercially sensitive.
Aspire Living has loaned Thera Trust six hundred thousand pounds for use by the group, the amount is repayable on demand under the terms of the intra-group agreement’s financing agreement. Thera Trust has agreed to pay a market rate of interest to Aspire Living for this loan. The amount payable by Thera Trust for the year was £31,500 (2020: £33,000).
## **12 Taxation**
The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
## **13 Tangible fixed assets**
|At the end of the year
At the end of the year
At the start of the year
Eliminated on revaluation
**Depreciation**
Disposals
**Net book value**
Charge for the year
**Cost or valuation**
Disposals
At the start of the year
**At the end of the year**
At the start of the year
Additions in year|Freehold
land and
property
£
750,000
-|Leasehold
improvements
£
327,590
-
-|Fixtures and
fittings
£
92,135
11,879
(14,401)|Office
equipment
£
32,682
-
-|**Total**
**£**
**1,202,407**
**11,879**
**(14,401)**|
|---|---|---|---|---|---|
||750,000|327,590|89,613|32,682|**1,199,885**|
||24,600
12,300
-
(36,900)|141,339
21,840
-
-|46,693
14,991
(3,940)
-|24,424
4,103
-
-|**237,056**
**53,234**
**(3,940)**
**(36,900)**|
||-|163,179|57,744|28,527|**249,450**|
||750,000|164,411|31,869|4,155|**950,435**|
||725,400|186,251|45,442|8,258|**965,351**|
Included above is freehold land with a value of £135,000 which is not depreciated.
All of the above assets are used for charitable purposes.
Page 49
## **ASPIRE LIVING LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **for the year ended 31 March 2021**
## **13 Tangible fixed assets (continued)**
In 2021, the trustees have been provided with a valuation from Jones Laing LaSalle (''JLL'') Residential Advisory Team, in accordance with the RICS Valuation Professional Standards July 2017 Global and UK Edition of the freehold land and property. This valuation was at market value as at 31st March, 2021. The valuation was based upon vacant market possession, assuming good and marketable title free from onerous or unusual restrictions, covenants or encumbrances not covered by appropriate insurances, long term Consumer Price Index (CPI) of 2%.
The historic cost equivalent of land and buildings included at valuation are as follows:
|Accumulated depreciation
Cost
At the end of the year|Freehold
land and
property
£
575,000
(45,080)|Leasehold
property
£
327,590
(163,179)|**Total**
**£**
**902,590**
**(208,259)**|2020
902,590
(211,019)|
|---|---|---|---|---|
||529,920|164,411|**694,331**|691,571|
## **14 Debtors**
|Trade debtors
Prepayments and accrued income
Amounts owed from group undertakings
**Due after more than one year**
**Due within one year**
Other debtors|**2021**
**£**
**600,000**
**488,972**
**51,533**
**673,208**|2020
£
603,234
490,042
45,491
259,641|
|---|---|---|
||**1,813,713**|1,398,408|
Included in the above figures is an amount for six hundred thousand pounds where Aspire Living has loaned Thera Trust monies for use by the Group - details can be found in note 11 above.
## **15 Creditors falling due within one year**
|**Creditors falling due within one year**|||
|---|---|---|
|Accruals and deferred income
Taxation and social security
Other creditors
Trade creditors|**2021**
**£**
**56,185**
**112,622**
**20,189**
**202,172**|2020
£
64,239
74,002
43,962
38,306|
||**391,168**|220,509|
Page 50
## **ASPIRE LIVING LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **for the year ended 31 March 2021**
## **16 Creditors falling due after one year**
|**Creditors falling due after one year**|||
|---|---|---|
|Amounts due to group undertakings|**2021**
**£**
**187,467**|2020
£
-|
||**187,467**|-|
## **17 Pension scheme**
## **NEST pension scheme**
Aspire Living Limited participates in the government's NEST pension scheme which is a defined contribution scheme for the benefit of its employees. Contributions payable during the period amount to £97,156 (2020: £83,818). The amount outstanding in respect of this Scheme at the year-end was £Nil (2020: £15,564).
## **Clerical Medical pension scheme**
Aspire Living Limited participates in the Clerical Medical pension scheme which is a defined contribution scheme for the benefit of its employees. Contributions payable during the period amount to £10,432 (2020: £11,650). The amount outstanding in respect of this Scheme at the year-end was £Nil (2020: £1,611).
## **Social Housing Pension Scheme**
Aspire Living Limited participates in The Pension's Trust Social Housing Pension Scheme which is a defined contribution scheme for the benefit of its employees. Contributions payable during the period amount to £25,257 (2020: £26,537). The amount outstanding in respect of this Scheme at the year-end was £Nil (2020: £4,997).
## **Local Government Pension Scheme**
Aspire Living Limited participates in the Worcestershire County Council’s Local Government Pension Scheme. The Scheme is funded as it is contracted-out of the State Pension scheme.
The Council has agreed to fund any additional employer pension costs which may be required to address future pension scheme deficits in relation to Aspire’s staff.
Contributions payable during the period amount to £91,370 (2020: £84,569). The amount outstanding in respect of employer and employee contributions for this Scheme at the year-end was £Nil (2020: £8,929).
As at the balance sheet date there were 19 (2020: 22) active members of the Scheme employed by Aspire Living Limited.
Page 51
**ASPIRE LIVING LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **for the year ended 31 March 2021**
## **17 Pension scheme (continued)**
## **Local Government Pension Scheme (continued)**
It is not possible in the normal course of events to identify on a consistent and reasonable basis the share of underlying assets and liabilities belonging to individual participating employers. This is because the Scheme is a multi-employer scheme where the Scheme assets are co-mingled for investment purposes, and benefits are paid from total Scheme assets. Accordingly, due to the nature of the Scheme, the accounting charge for the period under FRS102 represents the employer contribution payable.
The Trustee of the Scheme commissions an actuarial valuation of the Scheme every three years. The main purpose of the valuation is to determine the financial position of the Scheme in order to address the level of future contributions required so that the Scheme can meet its pension obligations as they fall due.
The last formal valuation of the Scheme was performed as at 31 March 2019 by a professionally qualified Actuary. The market value of the Scheme’s assets at the valuation date was £2,795 million. The valuation revealed a shortfall of assets compared with the value of liabilities of £295 million, equivalent to a past service funding level of 90%. This is an increase on the 75% funded position as a result of the 2016 valuation.
A common rate of contribution of 17.5% of pensionable pay per annum is required from employers. The common rate is calculated as being sufficient, together with contributions paid by members, to meet all liabilities arising in respect of service after the valuation date. The deficit of £295 million would be eliminated by a contribution addition of £28 million per annum increasing at 3.9% per annum for 15 years.
The next triennial formal valuation of the Scheme is due as at 31 March 2022.
## **18a Analysis of net assets between funds (current year)**
|**18b**
**Net assets at 31 March 2021**
Creditors due in more than one year
Tangible fixed assets
Net current assets
Net current assets
**Net assets at 31 March 2020**
**Analysis of net assets between funds (prior year)**
Tangible fixed assets|General
unrestricted
£
-
1,695,635
(187,467)|Designated
and
revaluation
reserve
£
901,424
-
-|Restricted
£
49,011
19,114
-|**Total funds**
**£**
**950,435**
**1,714,749**
**(187,467)**|
|---|---|---|---|---|
||**1,508,168**|**901,424**|**68,125**|**2,477,717**|
||General
unrestricted
£
-
1,433,290|Designated
and
revaluation
reserve
£|Restricted
£
55,678
-|**Total funds**
**£**
**965,351**
**1,433,290**|
|||909,673|||
|||-|||
||**1,433,290**|**909,673**|**55,678**|**2,398,641**|
Page 52
## **ASPIRE LIVING LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **for the year ended 31 March 2021**
## **19a Movements in funds (current year)**
|**Total restricted funds**
Total designated funds
**Revaluation reserve**
**General funds**
Hfds Comm HCF Grant
Rural Media Charity
Neighbourly Community
The National Lottery Community
Fund
**Unrestricted funds:**
**Designated funds:**
Fixed asset fund
Markyes Close
**Restricted funds:**
**Total funds**
**Total unrestricted funds**
Donations|At 1 April
2020
£
55,678
-
-
-
-
-|Income &
gains
£
-
14,181
5,000
2,000
400
26,660|Expenditure
& losses
£
(6,667)
(67)
-
(2,000)
(400)
(26,660)|Transfers
£
-
-
-
-
-
-|**At 31 March**
**2021**
**£**
**49,011**
**14,114**
**5,000**
**-**
**-**
**-**|
|---|---|---|---|---|---|
||55,678|48,241|(35,794)|-|**68,125**|
||460,452|-|(36,357)|1,418|**425,513**|
||460,452|-|(36,357)|1,418|**425,513**|
||449,221
1,433,290|36,900
6,659,603|(10,210)
(6,583,307)|-
(1,418)|**475,911**
**1,508,168**|
||2,342,963|6,696,503|(6,629,874)|-|**2,409,592**|
||2,398,641|6,744,744|(6,665,668)|-|**2,477,717**|
The narrative to explain the purpose of each fund is given at the foot of the note below.
## **19b Movements in funds (prior year)**
|**Total restricted funds**
Total designated funds
**Revaluation reserve**
**General funds**
Building Better Opportunities
**Unrestricted funds:**
**Designated funds:**
**Total funds**
**Total unrestricted funds**
Fixed Asset Fund
Markyes Close
**Restricted funds:**|At 1 April
2019
£
62,344
-|Income &
gains
£
-
42,009|Expenditure
& losses
£
(6,666)
(42,009)|Transfers
£
-
-|**At 31 March**
**2020**
**£**
**55,678**
**-**|
|---|---|---|---|---|---|
||62,344|42,009|(48,675)|-|**55,678**|
||473,782|-|(35,057)|21,727|**460,452**|
||473,782|-|(35,057)|21,727|**460,452**|
||459,431
1,192,523|-
6,553,785|(10,210)
(6,291,291)|-
(21,727)|**449,221**
**1,433,290**|
||2,125,736|6,553,785|(6,336,558)|-|**2,342,963**|
||2,188,080|6,595,794|(6,385,233)|-|**2,398,641**|
Page 53
**ASPIRE LIVING LIMITED**
# **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **for the year ended 31 March 2021**
## **19b Movements in funds (continued)**
## **Purposes of restricted funds**
## **Markyes Development**
Funds given to Aspire Living Ltd to enable the development of Markyes Close residential home from 2 individual bungalows into one home. This was done to aid and benefit the people living on Markyes Close.
## **Building Better Opportunities**
Building Better Opportunities Herefordshire is funded by The National Lottery Community Fund and European Social Fund, funding supports projects in England that tackle poverty and promote social inclusion. Aspire are funded as a partnership through Landau to tackle unemployment and economic inactivity in over 19s. Our project supports adults with a learning disability to access training and progress towards employment, paid or voluntary.
## **Donations**
Various local donations for the welfare of the People we support, by providing day trips out, Youth Club annual holiday club and for projects and to cover funeral costs.
## **Hfds Comm HCF Grant**
Funds give to provide support, such as tablets, so that Aspire Living Ltd can continue to provide activities for people we support in the safety of their own homes.
## **Rural Media Charity**
To fund the "my Place" Project including filming and editing.
## **Neighbourly Community**
To support local causes already within the Neighbourly community that will be most affected by the impacts of COVID-19 in the coming months, to be used specifically for Meals on Wheels.
## **The National Lottery Community Fund**
To cover the costs of establishing online services, online session content and delivery, IT equipment and craft boxes to keep people engaged over lockdown.
## **Designated fixed asset fund**
The net book value of all fixed assets (excluding any revaluation element) has been designated, where there are no restrictions over the use of the properties that are narrower than the overall charitable activites of the organisation.
## **Revaluation reserve**
The revaluation reserve represents the gains on the revaluation of fixed assets less any impairment of assets recognised in the revaluation reserve.
## **General funds**
General funds represents the amount which is free of any restrictions or limitations.
## **Transfer of funds**
## **From general reserve to fixed asset fund**
The transfer is equal to the net of any fixed asset additions and disposals in the year.
Page 54
## **ASPIRE LIVING LIMITED**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **for the year ended 31 March 2021**
## **20 Reconciliation of net income to net cash flow from operating activities**
|**Net income for the reporting period**
**(as per the statement of financial activities)**
Depreciation
Loss on disposal of fixed assets
Interest receivable
Interest payable
Increase in debtors
Increase / (decrease) in creditors
**Net cash provided by operating activities**|**2021**
**£**|2020
£
210,561
51,933
-
(33,000)
869
(7,914)
(137,232)|
|---|---|---|
||**79,076**||
||**53,234**
**10,461**
**(31,500)**
**-**
**(415,305)**
**358,126**||
||**17,192**|85,217|
## **21 Changes in net debt**
|Cash at bank and in hand
**Total cash and cash equivalents**|At 1 April
2020
£
255,391|Cash flows
£
36,813|Other
changes
£
-|**£**
**292,204**
**At 31 March**
**2021**|
|---|---|---|---|---|
||255,391|36,813|-|**292,204**|
## **22 Operating lease commitments**
The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods
|Less than one year
One to five years|**2021**
2020
**£**
£
**23,395**
17,009
**50,979**
38,056
**74,374**
55,065
**Equipment**|**2021**
2020
**£**
£
**23,395**
17,009
**50,979**
38,056
**74,374**
55,065
**Equipment**|**2021**
2020
**£**
£
**5,250**
-
**15,750**
-
**21,000**
-
**Property**|**2021**
2020
**£**
£
**5,250**
-
**15,750**
-
**21,000**
-
**Property**|
|---|---|---|---|---|
||**74,374**|55,065|**21,000**|-|
## **23 Contingent liability**
On 19th March, 2021, the Supreme Court ruled on a case involving another employer in relation national minimum wage regulations and sleep-ins. Thera has previously recorded an unquantifiable contingent liability dependent upon the outcome of that case. The Supreme Court ruling means that Thera’s current contractual and policy framework continues to comply with all relevant regulations and no contingent liability is now expected.
## **24 Ultimate holding company**
Aspire Living Limited’s ultimate parent company is Thera Trust, a charitable company limited by guarantee (company number 3593418) and registered in England and Wales (charity number 1090163). Thera Trust is ultimately controlled by the board of trustees.
Copies of the consolidated Thera Trust financial statements are available from the Charity Commission.
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