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2024-03-31-accounts

Registered number: 02908711 Charity number: 1046933

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1
Trustees' Report 2 - 12
Trustees' Responsibilities Statement 13
Independent Auditors' Report on the Financial Statements 14 - 18
Statement of Financial Activities 19
Balance Sheet 20 - 21
Statement of Cash Flows 22
Notes to the Financial Statements 23 - 42

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees G Bratby (resigned 26 April 2023)
J Allen (resigned 9 August 2023)
R Hall
R Hubbard (resigned 26 April 2023)
J Wilkinson
E Stoddart (appointed 20 December 2023)
H Spencer
S Czabaniuk (resigned 25 March 2024)
J Hickson
C Fielder-Shatell (resigned 1 July 2023)
S Scoffield
A J Webb
Company registered
number
02908711
Charity registered
number
1046933
Registered office
Homer House
Monson Street
Lincoln
Lincolnshire
LN5 7RZ
Company secretary
T Ward-Walters
Chief executive officer
H Walton
Independent auditors
Streets Audit LLP
Chartered accountants and statutory auditor
Tower House
Lucy Tower Street
Lincoln
LN1 1XW

Page 1

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements of the company for the year 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees' report and a Directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective January 2015) and Update Bulletin 2 (effective January 2019).

Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Chairman's Introduction

I am delighted to have been appointed as Chair of LEAP going into its 30th year. I want to thank especially Hannah Spencer who took on the role of Acting Chair in the interim. I also want to thank my fellow trustees who voluntarily give their time to the organisation, bringing their skills and enthusiasm to help the organisation thrive.

LEAP has dedicated staff and despite it being a tough year most measures beat target. It has been a pleasure to meet them and our beneficiaries in Lincoln and Gainsborough and see the high standard of accommodation that is available for some of the most vulnerable people in society. This can-do attitude by our staff meant that we were able to quickly refurbish 8 flats in Homer House in less than 2 months to give much needed extra spaces in Lincoln.

As well as having great spaces to live we do so much more including supporting our beneficiaries to access training and work and move on to permanent accommodation when the time is right. This leads to sustainable outcomes and improved lives.

We work with other charities and agencies including Lincoln City Council and West Lindsey District Council to improve our communities and it has been wonderful to see all the work happening in Gainsborough to improve the environment and street scene around our properties and new Community Hub in Trinity Street. I want to thank all those wider stakeholders who get involved in making LEAP such a success.

Finally, I want to say something about our 30th anniversary. It is a testament to the need and commitment that LEAP is 30 years old. What started in a small way changed significantly with a National Lottery grant that enabled us to buy our first property in Lincoln. Nine years ago we started in Gainsborough. We now have 77 available spaces in Lincoln and Gainsborough, ranging from 2 bed flats to shared houses. We have a wraparound service that empowers our clients and changes lives. Like all charities we need funds to keep doing what we do so we are hoping to raise money in our 30th year to put solar panels on our properties. Staff are doing a number of things to raise money for this, and we welcome anyone who would like to support us in this endeavour. While there is a need LEAP will be here to ensure that we can provide housing and support. Here is to the next 30 years!

Erika Stoddart

Page 2

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Objectives and activities

a. Policies and objectives

The administrative information of the Charitable Company is set out on Page 1 of the accounts.

The Charity’s objects and its principal activities continue as per last year. The objects read:

The Objectives have been approved by the Charity Commission, the Regulator for Social Housing and Companies House.

Mission statement

To provide housing and support services to vulnerable people at risk.

b. Objectives

We aim to:

Page 3

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Objectives and activities (continued)

c. Public Benefit

Through our actions we will aim to:

Value for Money

Page 4

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Objectives and activities (continued)

Achievements and performance

a. Property Portfolio

Lincoln Properties No.Bedspaces Description Dispersed Houses 16 5 HMO houses dispersed across the city Barlow House 5 All self-contained units Homer House 8 Re-opened 8 bedspaces in Feb 2024 Adam Heath House 10 6 x one-bed flats; 1 x two-bed flats, 2 x 2 bed family flats TOTAL 39 Rental income for the bedspaces is negotiated annually through Housing Benefits.

Gainsborough Properties

No.Bedspaces Description

Dispersed Houses28 10 HMO houses dispersed across the South West Ward of (Owned by LEAP) Gainsborough Dispersed Houses 8 3 HMO houses in the SWW of Gainsborough (Leased) Dispersed Family 2 2 Family homes (Houses - Leased) TOTAL 38 Rental income for the bedspaces is negotiated annually through Housing Benefits

b. Marketing and Fundraising

Marketing continues with the number of new followers through social media growing steadily and organically. The Marketing Officer schedules regular and fresh posts on all media channels and improvements have been made to the website. Data analysis evidence continual improvements.

Fundraising events and donations for the year total over £5,500 for the year. An amount raised through the generosity of our supporters and local events. The quiz nights held in November raised over £700.

As per last year, with the cost-of-living crisis, we have seen a reduction in monetary donations as well as physical donations with shops restricting the number of donations, they are able to offer Charities. That said, LEAP have gained several small grants to aid the cost-of-living crisis for its beneficiaries particularly for the families and children living in LEAP accommodation.

Page 5

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (continued)

c. Review of Performance

Detailed performance and monitoring information is collected on a weekly, monthly, quarterly and annual basis facilitating robust review against clear organisational and personal targets. It has been a tough year for occupancy in Gainsborough in this year. This has mainly been due to significant refurbishment of two properties rending six bedspaces out of action for four months. The works completed in December 2023 and occupancy has been over 95% since.

Trustees review this data on a quarterly basis and have been pleased and encouraged by the performance throughout the year. Below are some of the headlines:

Performance indicator Target 2022/23 2023/24
Rents Receivable 95% 89% 89%
Rooms available for let 98% 98% 98%
Bad debt write offs as a %rent debt 2% 0.02% 0.02%
% of planned move-on from service 90% 94% 94%
Total number of Clients in Employment30% 47% 47%
Total number of Clients in Training 40% 38% 38%
and Education
Total number of Clients engaging 85% 93% 91%
in support
Emergency repairs carried out with 95% 94% 100%
24 hours

Homer House

The accommodation at Homer House closed in March 2021 following the loss of the contract with Children’s Services. Following an appraisal, Trustees agreed to test the market by placing the building on the open market. Two offers were received and accepted but neither came to fruition. During this period, interest rates on the loan for the building increased significantly and a decision was reached to remove the building from the market and re-open a few of the bedspaces to increase income and compensate for the increased costs. Eight units were refreshed and reopened in February 2024. In the meantime, longer-term plans are being drawn up and costed.

Page 6

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (continued)

d. Strategic Review

LEAP continues to review its strategic plan quarterly with the need to operate a dynamic and changing environment. As many of the targets in the 2020-25 plan had been achieved a complete review and refresh was undertaken in January 2024.

Other income

Homer House offers a combination of purpose-built accommodation, recreational areas and office space located in one half of the building. The remainder of the building is leased to the NHS offering a secure tenant to the Charity until 2025. With the end in sight, negotiations on a new lease have commenced. Whilst there are no guarantees that the NHS will stay, options identifying other uses for the West Wing are being considered along with financial costing. It is hoped that a firm plan will be in place by November 2024.

Homer House is also home to two mobile Masts located on the roof bringing in additional income to the charity. The building also houses a large array of solar panels on the roof producing electricity and hot water which provides additional cost savings. The masts and solar panels generate additional income to support charitable activities.

Significant Achievements in 2023/24

Lincoln:

Gainsborough:

Corporate Achievements:

Page 7

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance (continued)

Policy/Procedure Review

Operational Policies and Procedures continue to function successfully and are regularly updated and reviewed in line with new legislation and the needs of the organisation. NatWest Bank PLC Mentor Services also assist in matters of Employment Law and Health & Safety Policies and Procedures. This process is on-going and improving performance. The Board has responsibility for overseeing the policy review programme.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

Following the annual review of the Reserves Policy, Trustees agreed to continue to maintain free reserves equivalent to 50% of the current year’s operational expenditure should be established. The reserves are to be held to facilitate continuation of the Charity should a major source of income unexpectedly cease. With increased interest rates, it was agreed to set up a savings account for free reserves with greater return. The aim is to build this account up to the 50% over the next two to three years.

c. Results for the year

The Board of Trustees have great pleasure in commending this report of LEAP’s activities and highlights for the year ending 31st March 2024. It has been a tough year with interest rates rising significantly impacting on the repayments of two core loans. The pressure of this increased cost is evident within this report. Nevertheless, LEAP continues to grow and develop as a Charity at the heart of the communities it serves striving to provide the highest quality services and support to the most vulnerable young people and others who deserve the opportunity to take up their rightful place in Society.

Page 8

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management

a. Governing Document

The Charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Its governing document is the Memorandum and Articles of Association. A review of the Objects within the Memorandum and Articles of Association was undertaken in 2019 and approved by the Charity Commission early 2020. Alteration to the Articles were significant in terms of the future development of LEAP which allows the Charity to work with a much wider age range than has previously been possible.

LEAP is also influenced by Government policies towards social housing and regulated by the Regulator of Social Housing (Registration number 4795).

The Board of Trustees has agreed its strategic objectives with a view to maintaining the financial health, ongoing relevance and viability of its activities as well as ensuring the Charity’s community impact and regularly revisits these at the start of any major projects and continuously through its Risk Assessment procedures.

b. Recruitment and appointment of new trustees

During the year we have had one new Trustee join the LEAP Board who has also been appointed as Chair of Trustees. Erika Stoddart was unanimously voted into position in December. There were four resignations including Ryan Hubbard, Caroline Fielder-Shattell, Jane Allen and Sonia Czabaniuk. Our heartfelt thanks go to each of them for their time and contribution to LEAP. In addition, our Company Secretary, Lisa Whitelam, retired from her role and the Assistant CEO has stepped into the role. Lisa has given 16 years to LEAP in this capacity and provided invaluable legal advice and we thank her for all that she has given.

Page 9

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management (continued)

c. Organisational structure

The responsibilities of the Board of Trustees include determination of the strategic direction of the Charity; agreement of the policy and operational frameworks; and stewardship on all matters concerning corporate governance, finance, risk management and operations.

The Trustees held quarterly Board Meetings throughout the financial year to guide and monitor the Charity’s affairs. The work of the Board is supported by two committees and two Steering Groups:

They all meet quarterly as a minimum to support the role of the main Board.

The senior management team meets monthly to closely review and manage the day-to-day activities.

Erika Stoddart, appointed in December as Chair of the Trustees, has a wealth of knowledge and experience which she has brought to LEAP. With a Financial background and many years working within Social Housing, Erika is the ideal Chair to take LEAP forward. Erika is supported by Hannah Spencer who has been Vice-Chair of LEAP for many years and acted as interim Chair until Erika was appointed.

The Chief Executive, Heidi Walton leads the Charity and continues to manage the day-to-day affairs of the organisation. She works with the Board supporting the development of the strategic framework and acts as the Responsible Officer in respect of the implementation of strategy and the operational management of LEAP. She also implements decisions of the Board and contributes and advises on development proposals. Heidi also develops operational policies and procedures and subject to Board approval, is responsible for the implementation, reporting and review.

In November 2023, LEAP appointed an Assistant CEO to support Heidi and to take on responsibility for the Company Secretary role. Trudi Ward-Walters was the successful applicant and comes to LEAP with a good range of skills, knowledge and experience.

The Housing Manager continues to oversee the Area Teams in Lincoln and Gainsborough. Each team has a Senior Housing Officer (SHO) managing and coordinating the day-to-day affairs within their team. The SHO is supported by Housing Officers who manage caseloads and the running of the houses; a caretaker who maintains the standards of the properties and a Business Support Administrator.

LEAP employs a Finance Manager to manage and facilitate the smooth running of all financial and accounting functions.

The views of clients are critical to the continuous development of the Charity. Regular consultation and surveys have been carried out during the year.

Page 10

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management (continued)

d. Risk Management

LEAP’s Risk Register is reviewed at each meeting of the Finance, Risk and Audit Committee and revised accordingly. This is taken to Board at least annually who have ultimate responsibility. Control measures and action plans have been developed for each of the identified risks and these are monitored on a quarterly basis also by the Finance, Risk and Audit Committee.

There are 3 ‘significant’ risks, 7 risks were scored as ‘contingency’ risks with a further 17 scored as ‘Low’ risk in March 2024.

Page 11

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Structure, governance and management (continued)

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Streets Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 10 July 2024 and signed on their behalf by:

E Stoddart Chair of Trustees

J Wilkinson

Trustee and Chair of Finance and Audit Committee

Page 12

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 10 July 2024 and signed on its behalf by:

E Stoddart Chair of Trustees

J Wilkinson

Trustee and Chair of Finance and Audit Committee

Page 13

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

Opinion

We have audited the financial statements of Lincolnshire Employment Accommodation Project Limited (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 the charitable company's ability to continue as a 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.

Page 14

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our 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' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 15

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, 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.

Page 16

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (CONTINUED)

Auditors' 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 Auditors' 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 is detailed below:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Page 17

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Anderson (Senior Statutory Auditor)

for and on behalf of

Streets Audit LLP

Chartered accountants and statutory auditor Tower House Lucy Tower Street Lincoln LN1 1XW

3 September 2024

Page 18

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
Income from:
Donations and legacies
4
Charitable activities
5
Investments
6
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Losses on revaluation of fixed assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
34,065
992,760
157,287
1,184,112
1,147,955
1,147,955
36,157
(72,404)
(36,247)
2,315,050
(36,247)
2,278,803		 Restricted
funds
2024
£
2,181
-
-
2,181
1,681
1,681
500
-
500
1,771
500
2,271		 Total
funds
2024
£
36,246
992,760
157,287
1,186,293
1,149,636
1,149,636
36,657
(72,404)
(35,747)
2,316,821
(35,747)
2,281,074		 Total
funds
2023
£
139,837
869,073
155,753
1,164,663
1,062,407
1,062,407
102,256
(64,575)
37,681
2,279,140
37,681
2,316,821

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 23 to 42 form part of these financial statements.

Page 19

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 02908711

BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
12
Investment property
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
16
Net assets excluding pension asset
Total net assets		 101,979
345,040
447,019
(376,453)		 2024
£
3,232,800
812,998
4,045,798
70,566
4,116,364
(1,835,290)
2,281,074
2,281,074		 83,498
564,773
648,271
(370,589)		 2023
£
3,121,105
941,380
4,062,485
277,682
4,340,167
(2,023,346)
2,316,821
2,316,821

Page 20

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 02908711

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

2024 2024 2023
Note £ £
Charity funds
Restricted funds 17 2,271 1,771
Unrestricted funds 17 2,278,803 2,315,050
Total funds 2,281,074 2,316,821

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 10 July 2024 and signed on their behalf by:

E Stoddart J Wilkinson Chair of Trustees Trustee and Chair of Finance and Audit Committee

The notes on pages 23 to 42 form part of these financial statements.

Page 21

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 23 to 42 form part of these financial statements		 2024
£
(149,864)
157,287
(71,004)
86,283
(156,152)
(156,152)
(219,733)
564,773
345,040		 2023
£
(58,615)
155,753
(319,865)
(164,112)
(248,351)
(248,351)
(471,078)
1,035,851
564,773

Page 22

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. General information

As set out in the Trustee's Report, Lincolnshire Employment Accomodation Project Limited is an incorporated registered charity in England & Wales. The principal office of the charity is Homer House, Monson Street, Lincoln, Lincolnshire, LN5 7RZ.

The principal objective of the charity is set out in the Trustee's report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) and the Companies Act 2006. Disclosures related to the housing operations have been included where applicable, as required by Social Housing Providers.

Lincolnshire Employment Accommodation Project Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Trustees do not believe that there are any material uncertainties about the Charity's ability to continue. The Charity has cash reserves and the Trustees are confident that funding streams are available to the Charity. The financial stamements have therefore been prepared on a going concern basis.

2.3 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Government grants are recognised using the performance model, and where the grant imposes specific future performance related conditions revenue is only recognised when they are met.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 23

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, a company may need to estimate fair value using an income or depreciated replacement cost approach.

Gains and losses on revaluation are recognised in the Statement of Financial Activities, with a separate revaluation reserve being shown in the Statement of funds note.

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.

Page 24

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the statement of financial activities.

2.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.9 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 25

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.10 Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company 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 company for particular purposes. The costs 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.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

Estimates and judgments 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.

Critical accounting estimates and assumptions:

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. 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 discussed below.

Critical areas of judgment:

Tangible fixed assets are recognised at cost or valuation, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the charity's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen.

Page 26

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

4. Income from donations and legacies

Unrestricted
funds
2024
£
Donations
5,507
Grants
28,558
Total 2024
34,065
Total 2023
60,260		 Restricted
funds
2024
£
-
2,181
2,181
79,577		 Total
funds
2024
£
5,507
30,739
36,246
139,837		 Total
funds
2023
£
6,772
133,065
139,837
5.
Income from charitable activities
Unrestricted
funds
2024
£
Income from charitable activities - Housing Support
992,760
6.
Investment income
Unrestricted
funds
2024
£
Rents received from NHS
130,170
Telephone mast income
21,715
Deposit account interest
5,402
Total 2024
157,287		 Total
funds
2024
£
992,760
Total
funds
2024
£
130,170
21,715
5,402
157,287		 Total
funds
2023
£
869,073
Total
funds
2023
£
130,170
22,612
2,971
155,753

Page 27

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

7. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Housing Support
755,828
Corporate Overheads
392,127
Total 2024
1,147,955
Total 2023
981,318		 Restricted
funds
2024
£
1,281
400
1,681
81,089		 Total
2024
£
757,109
392,527
1,149,636
1,062,407		 Total
2023
£
716,661
345,746
1,062,407

8. Analysis of expenditure by activities

Housing Support
Corporate Overheads
Total 2024
Total 2023		 Activities
undertaken
directly
2024
£
727,657
316,507
1,044,164
965,483		 Support
costs
2024
£
29,452
76,020
105,472
96,924		 Total
funds
2024
£
757,109
392,527
1,149,636
1,062,407		 Total
funds
2023
£
716,661
345,746
1,062,407

Page 28

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Rent, rates and water
Insurance
Light and heat
Property Repairs
Household and Cleaning
TV Licences
Bad debt write off
Professional fees
Mortgage Interest
Total 2024
Total 2023		 Housing
Support
2024
£
313,055
14,621
74,600
5,728
53,065
207,163
21,571
274
3,683
-
33,897
727,657
667,966		 Corporate
Overheads
2024
£
167,903
666
-
8,498
-
2,403
2,672
-
-
15,573
118,792
316,507
297,517		 Total
funds
2024
£
480,958
15,287
74,600
14,226
53,065
209,566
24,243
274
3,683
15,573
152,689
1,044,164
965,483		 Total
funds
2023
£
430,991
67,693
93,657
14,091
49,280
173,578
27,965
372
142
5,368
102,346
965,483

Page 29

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Telephone
Household and Cleaning
Client Broadband
Sundry expenses
Employee costs
Computer costs
Bank charges
Auditors' remuneration
Professional fees
Travel costs
Donations made
Total 2024
Total 2023		 Housing
Support
2024
£
3,503
431
8,377
2,104
316
4,106
397
-
2,185
1,916
6,117
29,452
48,695		 Corporate
Overheads
2024
£
4,431
-
-
1,408
5,900
17,904
492
7,200
36,562
2,123
-
76,020
48,229		 Total
funds
2024
£
7,934
431
8,377
3,512
6,216
22,010
889
7,200
38,747
4,039
6,117
105,472
96,924		 Total
funds
2023
£
7,800
682
8,782
2,550
5,873
39,531
967
7,200
12,484
4,375
6,680
96,924

9. Governance costs - Auditors' remuneration

2024 2023
£ £
Fees payable to the company's auditor for the audit of the company's
annual accounts 7,200 7,200

Page 30

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
440,084
30,235
10,639
480,958		 2023
£
394,066
27,392
9,533
430,991

The average number of persons employed by the company during the year was as follows:

2024 2023
No. No.
Total staff 22 20

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £60,001 - £70,000 1 -

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .

Page 31

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Tangible fixed assets

Cost or valuation
At 1 April 2023
Additions
Revaluations
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
On revalued assets
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Freehold
property
£
3,253,423
71,004
(66,990)
3,257,437
132,318
15,287
(122,968)
24,637
3,232,800
3,121,105		 Fixtures and
fittings
£
64,405
-
-
64,405
64,405
-
-
64,405
-
-		 Computer
equipment
£
10,209
-
-
10,209
10,209
-
-
10,209
-
-		 Total
£
3,328,037
71,004
(66,990)
3,332,051
206,932
15,287
(122,968)
99,251
3,232,800
3,121,105

The majority of land and buildings were revalued at 31 March 2024 by Brown & Co on an open market existing use basis. The directors have considered the remainder of the properties values to be accurately stated as at 31 March 2024.

The company has adopted a policy of revaluation for tangible fixed assets. Had these assets been measured at historic cost, the carrying values would have been as follows:

Cost
Accumulated Depreciation		 2024
£
3,609,895
(696,961)
2,912,934		 2023
£
3,852,849
(622,542)
3,230,307

Page 32

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. Investment property

Valuation
At 1 April 2023
Impairment
At 31 March 2024		 Long term
leasehold
investment
property
£
941,380
(128,382)
812,998

The majority of land and buildings were revalued at 31 March 2024 by Brown & Co on an open market existing use basis. The directors have considered the remainder of the properties values to be accurately stated as at 31 March 2024.

14. Debtors

Due within one year
Trade debtors
Prepayments and accrued income		 2024
£
87,535
14,444
101,979		 2023
£
70,877
12,621
83,498

Page 33

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Other creditors
Accruals and deferred income
Deferred income at 1 April 2023
Resources deferred during the year
Amounts released from previous periods		 2024
£
239,682
6,271
8,856
121,644
376,453
2024
£
52,549
56,721
(52,549)
56,721		 2023
£
207,778
42,925
6,974
112,912
370,589
2023
£
110,738
52,549
(110,738)
52,549

Deferred income being carried forward pertaining Telephone mast income received in advance and LPFT rent received in advance.

Page 34

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. Creditors: Amounts falling due after more than one year

2024 2023
£ £
Bank loans 1,835,290 2,023,346

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Payable or repayable by instalments 2024
£
1,213,028
1,213,028		 2023
£
1,364,798
1,364,798

The initial bank loan is payable by quarterly instalments at a rate of 3 months LIBOR.

The bank loan is secured on the charity's freehold and investment property. Specifically:

A loan was drawn down during March 2020 which is payable by quarterly instalments at 1.77% over base rate. The bank loan is secured on the Development at the former Garage Site, Gaunt Street, Lincoln.

A subsequent loan of £500,000 was drawn down during March 2021, which is payable by monthly installments over the next 5 years, the first installment was due on April 2022.

Page 35

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Statement of funds

Statement of funds - current year

Unrestricted
funds
Free Reserves
Investment
Property
Property
Reserve
Loan Reserve
Restricted
funds
Alley Cats
Funding
Bauer cash for
kids
Lincs Co-op
community
champions
Groundworks
Total of funds		 Balance at 1
April 2023
£
483,689
941,380
3,121,105
(2,231,124)
2,315,050
1,771
-
-
-
1,771
2,316,821		 Income
£
1,113,108
-
71,004
-
1,184,112
-
900
770
511
2,181
1,186,293		 Expenditure
£
(1,132,668)
-
(15,287)
-
(1,147,955)
-
(400)
(770)
(511)
(1,681)
(1,149,636)		 Transfers
in/out
£
(156,152)
-
-
156,152
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
(128,382)
55,978
-
(72,404)
-
-
-
-
-
(72,404)		 Balance at
31 March
2024
£
307,977
812,998
3,232,800
(2,074,972)
2,278,803
1,771
500
-
-
2,271
2,281,074

Page 36

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Statement of funds (continued)

Free Reserves: The general funds represent the free funds of the Charity which are not designated for particular purposes.

Investment Property: This reserve seperates the value of investment property held by LEAP from the other funds of the organisation.

Property Reserve: This reserve seperates the value of the properties held by LEAP from the other funds of the organisation.

Loan Reserve: This reserve seperates the value of the loan held by LEAP from the other funds of the organisation.

Fixed Asset Reserve: This reserve seperates the value of the fixed assets, other than property, which can't be considered to be part of the free reserves of the charity.

Alley Cats Funding: Restricted funding received subsequent to the WLDC Artwork project for the rejuvenation of the Clinton Terrace alleyway as well as various organised green space tidy ups in Gainsborough.

Bauer Cash for Kids: Funding received to be spent on supporting disadvantages children and young people up to and including 18 years old.

Lincs Co-op Community Champions: Funding received through the Community Champion Scheme, this is to be spent on having an impact within the local community.

Tesco Community Grants - Groundworks: Funding received on behalf of the Tesco Community Grant Scheme, this grant is specifically to be spent on welcome packs for vulnerable people.

Page 37

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Free Reserves
Investment
Property
Property
Reserve
Loan Reserve
Fixed Asset
Reserve
Restricted
funds
Alley Cats
Funding
Abbey Access
Asda Foundation
Ashcroft Road
Bauer cash for
kids
Total of funds		 Balance at
1 April 2022
£
880,444
941,380
2,933,316
(2,479,475)
192
2,275,857
3,283
-
-
-
-
3,283
2,279,140		 Income
£
1,085,086
-
-
-
-
1,085,086
-
71,715
1,162
6,000
700
79,577
1,164,663		 Expenditure
£
(913,625)
-
(67,501)
-
(192)
(981,318)
(1,512)
(71,715)
(1,162)
(6,000)
(700)
(81,089)
(1,062,407)		 Transfers
in/out
£
(568,216)
-
319,865
248,351
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
(64,575)
-
-
(64,575)
-
-
-
-
-
-
(64,575)		 Balance at
31 March
2023
£
483,689
941,380
3,121,105
(2,231,124)
-
2,315,050
1,771
-
-
-
-
1,771
2,316,821

Page 38

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at 1
April 2023
£
2,315,050
1,771
2,316,821		 Income
£
1,184,112
2,181
1,186,293
Income
£
1,085,086
79,577
1,164,663		 Expenditure
£
(1,147,955)
(1,681)
(1,149,636)
Expenditure
£
(981,318)
(81,089)
(1,062,407)		 Transfers
in/out
£
-
-
-
Transfers
in/out
£
-
-
-		 Gains/
(Losses)
£
(72,404)
-
(72,404)
Gains/
(Losses)
£
(64,575)
-
(64,575)		 Balance at
31 March
2024
£
2,278,803
2,271
2,281,074
Balance at
31 March
2023
£
2,315,050
1,771
2,316,821
Summary of funds - prior year
General funds
Restricted funds		 Balance at
1 April 2022
£
2,275,857
3,283
2,279,140

19. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
3,232,800
Investment property
812,998
Current assets
444,748
Creditors due within one year
(376,453)
Creditors due in more than one year
(1,835,290)
Total
2,278,803		 Restricted
funds
2024
£
-
-
2,271
-
-
2,271		 Total
funds
2024
£
3,232,800
812,998
447,019
(376,453)
(1,835,290)
2,281,074

Page 39

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

19. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Unrestricted
funds
2023
Restricted
funds
2023
£
£
Tangible fixed assets
3,121,105
-
Investment property
941,380
-
Current assets
646,500
1,771
Creditors due within one year
(370,589)
-
Creditors due in more than one year
(2,023,346)
-
Total
2,315,050
1,771
20.
Reconciliation of net movement in funds to net cash flow from operating activities
2024
£
Net income for the period (as per Statement of Financial Activities)
36,657
Adjustments for:
Depreciation charges
15,287
Dividends, interests and rents from investments
(157,287)
Increase in debtors
(18,481)
Decrease in creditors
(182,192)
Repayment of Borrowings
156,152
Net cash used in operating activities
(149,864)
21.
Analysis of cash and cash equivalents
2024
£
Cash in hand
345,040
Total cash and cash equivalents
345,040		 Total
funds
2023
£
3,121,105
941,380
648,271
(370,589)
(2,023,346)
2,316,821
2023
£
102,256
67,693
(155,753)
(9,073)
(312,089)
248,351
(58,615)
2023
£
564,773
564,773

Page 40

LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1 April
2023
£
564,773
(207,778)
(2,023,346)
(1,666,351)		 Cash flows
£
(219,733)
156,152
-
(63,581)		 Other non-
cash
changes
£
-
(188,056)
188,056
-		 At 31 March
2024
£
345,040
(239,682)
(1,835,290)
(1,729,932)

23. Pension commitments

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £10,639 (2023 - £9,533).

24. Operating lease commitments

At 31 March 2024 the company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2024
£
1,239
1,568
2,807		 2023
£
1,239
2,195
3,434

25. Related party transactions

Graham Bratby (resigned on 26/04/2023) and Hannah Spencer, trustees for LEAP, are both also directors of LAGAT Ltd. During the year LEAP engaged LAGAT Ltd for training for a total cost of £75 (2023: £550). This transaction was conducted on an arms length basis.

Lisa Whitelam, the company secretary for LEAP during the year, is a director and solicitor at Burton & Dyson Solicitors. During the year the companies engaged Burton & Dyson for legal services for a total cost of £4,315 (2023: £783). These transactions were conducted on an arms length basis.

There have been no other related party transactions as requred to be disclosed under the SORP during the year ended 31 March 2024.

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LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

26. Principal subsidiaries

Lincolnshire Employment has one subsidiary, being "First Leap Limited", which has company number 05442273. Lincolnshire Employment Accomodation Project Limited owns the only share in First Leap Limited. First Leap Limited has always been dormant since incorporation in 2005 and the net assets of the company amount to £1.

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