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 2025
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Companyj its Trustees and Advisers Trustees, Report Trustees, Responslbilities Statement Independent Auditors. Report on the Financial Statements Statement of Financial Activities 2-11 12 13-17 18 Balance Sheet 19-20 Statement of Cash Flows 21 Notes to the Financial Statements 22-39
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 2025 Trustees R Hall J Wilkinson E Stoddart H Spencer (resigned 4 September 20241 J Hickson S Scoffield A J Webb (resigned 23 October 20241 N Worboys (appointed 24 July 2024) Company registered nurnber 02908711 Charity registered number 1046933 Registered office Homer House Monson Street Lincoln Lincolnshire LN5 7RZ Company secretary T Ward-wallers (appointed 17 April 2024) L Whilelam (resigned 17 April 2024) Chief executive officer H Walton Independent auditors Streets Audit LLP Chartered accountants and statutory auditor Tower House Lucy Tower Street Lincoln LN11XW Page 1
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee} TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the audited financial slateménts of the company for the year 1 April 2024 to 31 March 2025. 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 2nd financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable companvs governing document and the provisions of the Statement of Recommended Practice ISORP) applicable to Gharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) {effective 1 January 20151 as amended by Update Bulletin 1 {effeotive January 2015) and Update Bulletin 2 {effeclive 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. Chair's Introduction l 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. l also want to thank my fellow trustees who voluntarily give their timè to Ihe 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.11 has been a pleasure lo 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 lo quickly refurbish 8 flats in Homer House in Sess 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 DistriGt 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 gel involved in making LEAP such as a success. Finally, I want to say something about our 30th anniversary. It is a leslamenl to the need and oommitment 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 lo 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 30lh 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 8 need LEAP will be here to ensure that we can provide housing and support. Here is to the next 30 yearsl Erika Sloddart Page 2
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Objectlves and actlvltles a. Pollcles and objectlves The administrative information of the Charitable Company is sel out on Page 1 of the accounts. The Charity's objects and its principal activities continue as per last year. The objeols read.. A) To promote social inclusion for the public benefit by preventing young people and others from becoming socially excluded in terms of accommodation and support services To provide a range of accommodation and social housing lo meet the needs of vulnerable or homeless people To undertake other activities and services within the Regulators regulatory framework to support the work of the organisation and provide services for its clients B) c) 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 lo vulnerable people at risk. b. Objectives We aim to: Provide affordable social housing for vulnerable people Offer quality support services focusing on developing and encouraging independent living skills Encourage independence in vulnerable people by promoting high quality sustained opportunities into education, training and employment Provide a range of accommodation and support seNices to meet the requirements of all vulnerable people To support vulnerable people to move on to independent, long-term accommodation Improve the health and wellbeing of vulnerable people Safeguard vulnerable people at risk of harm Maintain suitable accommodation at the highest level possible Increase the provision of supported accommodation and, thus, expand the work of the Charity Harness, through partnerships, the skills and resources of privale, slatutory and voluntary organisations for the benefit of vulnerable people Secure financial resources to support delivery of Ihese objectives Page 3
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Oblectlves and activities (continued) c. Publlc Benefit Through our actions we will aim to.. Reduce street homelessness amongst vulnerable people Reduce institutionalisation for our most vulnerable people Improve community cohesion and reduce barriers between vulnerable people and local residents thus promoting social inclusion Reduce lenancy breakdowns and evictions which in turn reduces legal costs to social housing providers Offer excellent training opportunities to all employees improving the local skills base Reduce anti-social behaviour within the local community Deliver a quality service whilst evidencing good value for money Improve the local housing stock through physical improvement and belter management Provide a value-for-money service to the Local Authority as a preferred provider of housing and support services for vulnerable people wlio ¢ire ideritified as homeless or al risk of liomelessness Reduce crime and improve community safety Providing a variety of volunleering opportunities and training to improve employability skills Value for Money Trustees with a wealth of experien volunteer time lo ensure that LEAP has strong governance and leadership Trustee expenses were not claimed by any Trustee during this financial year Bad debts for the year stood al 0.77 /0 {larget set at 20/0) evidencing the active collection of all monies due. 93°/0 of vulnerable people who left LEAP moved on in a planned way 41 % of all the people housed engaged into some form of Employment and 390/0 engaged in some form of Training or Education 15,/0 engaged in volunteering Aocommodated 140 individuals, 6 young parents and 8 families during the year 272 people utilised the Advice service in Gainsborough and 55 people attended workshops around financial capability Page 4
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance a. Property Portfolio Lincoln Properties No.Bedspaces Description Dispersed Houses Barlow House Homer House Adam Heath House TOTAL 16 5 HMO houses dispersed across the city All self-contained units Re-opened 8 bedspaces in Feb 2024 6 x one-bed flats., 1 x iwo-bed flats, 2 x 2 bed family flats Rental income for the bedspaGes is negotiated annually through Housing Benefits. 10 40 Galnsborough Propertles No.Bedspaces Descrlption Dispersed Houses- {Owned by LEAP) Dispersed Houses {Leased) Dispersed Family (Houses - Leased) TOTAL 28 10 HMO houses dispersed aGross the South Wesl Ward of Gainsborough 3 HMO houses in the SWW of Gainsborough 10 1 Family home 40 Rental income for the bedspaces is negoliated annually through Housing Benefits b. Marketing and Fundraising Marketing Gontinues 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 £13,815 for the year. An amount raised through the generosity of our supporters and local events. In October a Sleep-for-LEAP fundraising evenl was held raising over £4,000. As per the last fwo year, with the cosl-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 cosl-of-living crisis for its beneficiaries partlGularly for Ihe 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 2025 Achievements and performance (continued) . 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 lo 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°/o 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 Rents Receivable Lincoln Rents Receivable Gainsborough Rooiiis available fur lel Bad debt write-offs as a '/0 of rent debt /0 of planned move-on from service Total number of Clients in Employment Total number of Clients in Training and Education 40 % Total number of clients engaging in support 85°/0 Emergency repairs carried out with 24 hours 95% Target 2023124 95/0 86% 95% 0.39/0 93.5% 57°/0 34°/0 91% 100°/0 2024125 97/0 93°/0 95.4 % 0.77 10 93% 41% 39°/0 900/0 92% 95% Homer House Homer House offers a combination of purpose-built accommodation, recreational areas and office space located in the East Wing, whilst the West Wing is leased to the NHS offering a secure tenant to the Charity until May 2025. Additionally, the roof of Homer House home two mobile Masts bringing in additional income to the charity. The bullding also houses a large array of solar panels producing electricity and hot water which provides additional cost savings. The inoome generated supports LEAP'S charitable activities. West Wing With the NHS lease due to end, negotiations on a new lease have commenced and there is an understanding they they wish lo renew. A new lease should be in place by June 2025 for 10-years with a break clause at 5- years. East Wing Eight self-conlained units at Homer House re-opened in February 2024 following a refresh of the facilities. Since opening, they have been fully occupied and operating well. The long-term goal, however, is to refurbish the building into flats fit for the future. Homer House Development Plan During the year, it was agreed that we should develop a long-lerm plan for Homer House, and it was agreed that Ihis plan should be to expand OL(r property portfolio. A Planning Application was submitted in September 2024 and full planning has been received for the Easl and West Wing. Work has commenced with the City Council and Homes England, and the development scheme is a pipeline project, and il is hoped that refurbishment work on the East Wing will commence early 2027. The West Wing will be redeveloped as and when the NHS vacate the building. Page 6
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and pèrformance {continued) d. Strateglc Revlew In January 2024, A review of the Stralegic Plan for LEAP took place with many new targets. Significant Achievements in 2024125 Lincoln: Gained planning to convert the office at Barlow House into another unit of accommodation. Refurbished unit and generating income by June 2024. Lincoln maintained an average occupancy of 97.5°/o for the year and 960/0 of residents had a planned move into secure accommodation. Worked with a local architect to redesign Homer House into one and two bed flats, summiled a planning application and gained approval for the conversion. Gained funding to install solar panels to the roof lops of six town houses in Lincoln lo increase the EPC rating. Gainsborough: Funding lo provide Advice and Guidance from Ihe Mercers Company has been very successful that during the 3 years of delivery Ihat they have agreed to a further 3 years funding. The new funding commenced in April 2025 providing an invaluable service to the local Gommunity. Agreement signed with the local authority to deliver a crash pad facility for people for people with emergency naeds. 91°/o of occupants engaged in the support service delivered improving their independent living skills. Corporate Achlevements: Undertook a Gomplete review of LEAP'S Governance framework, improving systems with all Trustees and senior leaders receiving in depth training. Undertook an audit of the Regulator of Social Landlords standards, implemented and Action Plan for any improvements required and completed the improvements within 12 months. Developed an Environmental Plan including reaching Net Zero by 2025. Page 7
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance (contlnued) PolicylProcedure Review Operational Policies and Procedures conlinue to function successfully and are regularly updated and reviewed in line with new legislation and the needs of the organisalion. LEAP is a member of the Federation of Small Business who provide assistance in matters of employment law and health & safety. This process is on- going and improving performance. The Board has responsibility for overseeing the policy review programme. Financial review Going concern After making appropriate 8nquiries, the Trustees have a reasonable expectation that the company has adequate resources lo 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 Ihe accounting policies. b. Reserves policy Following the annual review of the Reserves Policy, Trustees agreed to continue to maintain free reserves equivalent to 50 /0 of the current year's operational expenditure should be established. The reserves are lo 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 lo the 50°/o over the next two to three years. 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 2025. It has been a good year planning for the refinancing of our loans ensuring that the Charity is mortgageable and in a stable position to obtain the bést deal possible in May 2025. Increased costs generally and the increases in employer National Insurance have been factored into budgets for 2025-2026 placing greater strain on cashflow. Nevertheless, LEAP continues to grow and develop as a Charity at the heart of the communities it serves striving lo 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 IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management . Governing Document The Charity is controlled by its governing document, a deed of trust, and oonstitutes 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 2024 and approved by the Charily Commission in April. The alleralions were minor with the last significant changes being approved in 2020 allowing 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, on- going 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 ils Risk Assessment procedures. b. Recruitment and appointment of new trustees During the year we have had one new Trustee join the LEAP Board. Nick Worboys was unanimously voted into position in July. There were two resignation including Allison Webb and Hannah Spencer. Our heartfelt thanks go to each of them for their time and contribution to LEAP. Page 9
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management (continued) 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 commiltees and two Steering Groups: Finance, Risk and Audit Committee Property Development and Maintenance Committee Gainsborough Area Steering Group Lincoln Area Steering Group They all meet quarterly as a minimum lo support the role of the main Eloard. The senior management team meets monthly to closely review and manage the day-to-day activities. Erika Stoddart has undertaken the role of Chair since December 2023. She 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 guidance and leadership has been invaluable throughout the financial year. 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. The Assistant CEO support CEO as well as being the Company Secretary for LEAP and ensuring that we meet all governance requirements. The Operations Manager continues to oversee the Area Teams in Lincoln and Gainsborough. Each team has a Housing & Support Manager (HSM) that coordinate the day-to-day affairs within their team. The HSM is supported by Housing & Support Officers who manage caseloads and the running of the houses., caretakers 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. d. Risk Management This year the format for the Risk Register was revised and improved. 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 responsibilily. Control measures and action plans have been developed for each of the identified risks and these are monilored on a quarterly basis also by the Fin2nce. Risk and Audit Commitlee. Page 10
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Disclosure of information to auditors EaGh of Ihe persons who are Trustees at the time when this Trustees, Report is approved has confirmed thal.. so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all Ihe steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Auditors To evidence good practice and value for money, the Trustees undertook a formal tendering process inviting submissions from suilably qualified companies able to provide audit services and, as a result, appointed Streets Chartered Accounlanls Ltd for three years (plus two} from April 2021. This report is prepared in accordance with special provisions of Part Vll of the Companies Act 1985 relating to small companies. Approved by order of the members of the board of Trustees on 16 July 2025 and signed on their behalf by.. E Stoddart Chair of Trustees kinson Trustee and Chair of Finance and Audit Committee Page11
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED IA Company Limited by Guarantee) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 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 statemants in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Ganerally Accepted Accounting PraotlGe). 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 falr 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.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP {FRS 102)., make judgments and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards (FRS 102) 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 company will continue in business. 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 16 July 2025 and signed on ils behalf by.. Erika Stoddart Chair of Trustees s Julia Wilkinson Trustee and Chair of Finance and Audit Committee Page 12
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 'charilable companl) for the year ended 31 March 2025 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 Slandards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practi). In our opinion the financial statements.. give a true and fair view of the stale of the charitable companls affairs as at 31 March 2025 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; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in acoordance with International Standards on Auditing (UK) {ISAs {UK}l 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 slalemenls 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 slatements, 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 colleclively, may cast significant doubl on the charitable company's ability to Gontinue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page13
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LINCOLNSHIRE EiVIPLOYMENT ACCOMMODATION PROJECT LIMITED (CONTINUED) Other information The other information comprises the information included in the Annual Report other th2n 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 Ihereon. Our responsibility is lo 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 othetwise appears lo 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 misslalement 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 lo reporl 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: the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and ils 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 lo which Companies Act 2006 requires us lo 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 Ihe financial statements are not in agreement with the accounling records and returns,. or 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 Trustees were not enlilled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic 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 ICONTINUEDI Responsibilities of trustees As explained more fully in the Trustees, Responsibililies Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparalion of the financial statements and for being satisfied thal they give a true and fair view, and for such internal control as the Trustees détermine is necessary to enable the preparation of financial statemenls that are free from material misstalement, whèther due to fraud or error. In preparing Ihe financial statements, the Trustees are responsible for assessing the Gharilable companvs 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 lo liquidate the charitable company or to cease operations, or have no realistic alternative bul lo do so. 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) 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 accordanc8 With ISAS {UK) will always detect a material misstatement when il 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 stalemenls. 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.. the engagement partner ensiired that Ihe engage.me.nt tpam r.nllp.r.livp.ly hAd thp. 2pprnpri2le. e.ompptence, capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the charity and sector in which it operates., we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, SORP 2015 (FRS 102), Housing SORP (2019), taxation legislation, data protection, anti-bribery, employment, environmental and health and safely legislation., we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondenoe., and identified laws and regulations were communicated within Ihe audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as lo where they considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud. and considerlng the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures lo identify any unusual or unexpected relationships., tested journal entries lo identify unusual Iransaclions., assessed whelherjudgemenls and assumptions made in determining the accounting estimates sel out in Note 3 were indicative of potential bias- and investigated the rationale behind significant or unusual transactions. reviewed Trustee meeting minutes for evidence of appropriate decision-making and management controls. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation- reading the minutes of meetings of those charged with governance- and enquiring of management as lo actual and potential litigation and claims. 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) There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing slandards also limit the audit procedures required to idenlify 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 delect 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 slatements is localed on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibililies. This descrtption forms part of our Auditors, Report. Use of our report This report is made solely to the charitable companvs 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 slate lo the charitable companls members those matters we are required to stale to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not acpt or assume responsibility to anyone olher Ihan the Charitable company and its members, as a body, for our audit work, for this report, or for Ihe opinions we have formed. Robert Anderson (Senlor Statutory Auditor) for and on behalf of streets Audit LLP Chartered accountants and statutory auditor Tower House Lucy Tower Street Lincoln LN1 IXW Dale- 0810912025 Page 17
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 2025 Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Charitable activities 41,736 1,220,041 161,585 34,758 76,494 1,220,041 161,585 36,246 992, 760 757,287 Investments Total income 1,423,362 34,758 1,458,120 1,186,2g3 Expenditure on: Charitable activities 1,136,396 35,277 1,171,673 1, 749,636 Total expenditure 1,136,396 35,277 1,171,673 1,149,636 Net movement in funds before other recognised gainsl{lossesl 286,966 {519} 286,447 36,657 Other recognised gainsl(lossesl: Losses on revaluation of fixed assets (72,404) Net movement In funds 286,966 {519} 286,447 (35, 747) Reconciliation of funds: Total funds brought foNard Net movement in funds 2,278,803 286,966 2,271 {519} 2,281,074 286,447 2,316,821 (35, 747) Total funds carried forward 2,565,769 1,752 2,567,521 2,281,074 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 22 to 39 form part of Ihese financial statements. Page 18
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 02908711 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible assets Investment property 12 13 3,169,500 812,998 3.232, 800 812,998 3,982,498 4,045, 798 Current assets Debtors 14 88,791 636,846 101,979 345,040 Cash at bank and in hand 725,637 447,019 Creditors= amounts falling due within one year 15 (321,270) (376,453) Net current assets 404,367 70,566 Total assets less current liabilities 4,386,865 4, 116,364 Creditors.. amounts falling due after more than one year 16 (1,819,344) (1,835,290) Net assets excluding pension asset 2,567,521 2,281,074 Total net assets 2,567,521 2,287,074 Page 19
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER." 02908711 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 2025 2024 Note Charity funds Restricted funds Unrestricted funds 17 17 1,752 2,565,769 2,271 2,278,803 Total funds 2,567,521 2,281,074 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable lo entities subject lo the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees on 16 July 2025 and signed on their behalf by.. E Stoddart Chair of Trustees J Wilkinson Trustee and Chair of Finance and Audit Committee The notes on pages 22 to 39 form part of these financial slatemenls. Page 20
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED {A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating activities Nel cash used in operating activities 256,661 (149,864) Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets 161,585 157,287 (71,004) Net cash provlded by Tnvesting actlvltles 161,585 86,283 Cash flows from financing activities Repayments of borrowing {126,440) (756, 152) Net cash used In flnancing actlvltles (126,440) (156,1521 Change in cash and cash equivalents in the year Cash and cash equivalents 8t the beginning of the year 291,806 {219,733) 564, 773 345,040 Cash and cash equivalents at the end of the year 636,846 345, 040 The notes on pages 22 to 39 form part of these financial statements Page 21
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 charily is Homer House, Monson Street, Lincoln, Lincolnshire, LN5 7RZ. The principal objective of the charity is set out in the Trustee's report. 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 lo 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 benefil entity under FRS 102. Assets 2nd 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 Charily's ability lo 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 lo 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 bul not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of enlillement of receipt, its recognition is dèferred and included in creditors as deferred income. Where entitlement occurs before income is rec8ived, 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 inveslmenl income is receivable. Page 22
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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. Tha 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 whlGh are not attributable to a single activity are apportioned between those activities on a basis Consistent with the use of resources. Central staff cosls are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expendilure on charitable activilies is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support cosls. 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 subsequenl accumulated impairment losses. RevaluaÉions 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 lo estimate fair value using an income or depreGiated replacement cost approach. Gains and losses on revaluation are recognised in the Slalement of Financial Activities, with a separate revalualion reserve being shown in the Statement of funds note. Assets in the course of construction are included at costs incurred to date. Deprecialion on these assets is not charged until they are brought into use. Page 23
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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.. Freehold property Fixtures and fittings Computer equipment 20/0 Straight line 25 % slraighl line 33.33 % straight line Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued lo its fair value at each reporting dale 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 Ba12nce 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 il will pay to settle the debt or the amount it has received as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required lo 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 Ihe 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 inslrumenls are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. Page 24
LINCOLNSHIRE EMPLOYIVIENT ACCOMMODATION PROJECT LIMITED {A Company Limiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounling policies {continuedl 2.10 Pensions The Gompany operates a defined contribution pension scheme and the pension charge represents the amounts payable by Ihe company to the fund in respect of the year. 2.11 Fund accounting General funds are unrestricted funds which are available for use at Ihe 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. Crltical accountlng estlmates 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 lo be reasonable under the circumstances. Critical accounting estimates and assumptions: The company makes estimates and assumplions 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 carrwng amounts of assets and liabilities within the next financial year are discussed below. Critical areas of judgment: Tangible fixed assets are reGognised 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 25
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Tolal funds 2024 Donations Grants 13,815 27,921 13,815 62,679 5,507 30, 739 34,758 Total 2025 41,736 34,758 76,494 36,246 Total 2024 34,065 2,181 36,246 Income from charitable activities Unrestricted funds 2025 Total funds 2025 Total funds 2024 Income from charitable activities - Housing Support 1,220,041 1,220,041 992, 760 Investment income Unrestricted funds 2025 Total funds 2025 Total funds 2024 Rents received from NHS Telephone mast income Deposit account interest 130,170 21,810 9,605 130,170 21,810 9,605 730,170 21,715 5,402 Total 2025 161,585 161,585 157,287 Page 26
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2025 Restricted funds 2025 Total 2025 Tolal 2024 Housing Support Corporate Overheads 687,054 449,342 34,758 519 721,812 449,861 757, 109 392,527 Total 2025 1,136,396 35,277 1,171,673 1,149,636 Tolal 2024 7,147,955 1,681 7, 149,636 Analysis of expenditure by activities Activities undertaken dlrectly 2025 Support costs 2025 Total funds 2025 Total funds 2024 Housing Support Corporate Overheads 658,131 355,105 63,681 94,756 721,812 449,861 757, 109 392,527 Total 2025 1,013,236 158,437 1,171,673 1, 749,636 Total 2024 1,044, 164 105,472 1,149,636 Page 27
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities Icontinuedl Analysis of direct costs Housing Corporate Support Overheads 2025 2025 Total funds 2025 Tolal funds 2024 Staff costs Depreciation Rent, rates and water Insurance Light and heat Property Repairs Household and Cleaning TV Licences 310,921 64,170 68,399 5,845 59,226 76,820 24,023 206,747 3,772 517,668 67,942 68,399 15,447 59,226 92,847 29,102 480, 958 15,287 74, 600 14,226 .5.?,n6.fj 209,566 24, 243 274 9.602 16,027 5,079 Bad debt write off Professional fees Mortgage Interest 9,265 2,880 36,582 9,265 2,880 150,460 3, 683 15,573 152,689 113,878 Total 2025 658,131 355,105 1,013,236 1,044,164 Total 2024 727,657 316,507 1,044, 164 Page 28
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities (continued) Analysis of support costs Housing Corporate Support Overheads 2025 2025 Total funds 2025 Total funds 2024 Telephone Household and Cleaning Client Broadband Sundry expenses Employee costs Computer costs Bank charges Audilors, remuneration Professional fees 4,040 632 5,027 9,067 632 7, 934 431 8,377 3,512 6,216 22,010 889 7,200 38,747 4, 039 6,117 8,278 2.580 598 5,629 746 8,278 6,919 5,909 18,356 1,204 7,200 59,007 2,493 39,372 4.339 5.311 12,727 458 7,200 59,007 687 Travel costs Donations made 1,806 39,372 Total 2025 63,681 94,756 158,437 105,472 Total 2024 29,452 76, 020 105,472 Governance costs - Audltors, remuneratlon 2025 2024 Fees payable lo the company's auditor for the audit of Ihe companys annual aGGounts 7,200 7,200 Page 29
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Staff cost5 2025 2024 Wages and salaries Social security costs Contribution to defined contribution pension schemes 468,868 35,229 13,571 440,084 30, 235 10,639 517,668 480,958 The average number of persons employed by the company during the year was as follows: 2025 2024 Total staff 22 22 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2025 2024 In the band £60,001- £70,000 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NILJ. Page 30
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Tangible fixed assets Freehold Fixtures and property fittings Computer equipment Total Cost or valuation Al 1 April 2024 3,257,437 64,405 3,891 3,325,733 At 31 March 2025 3,257,437 64,405 3,891 3,325,733 Depreciation At 1 April 2024 Charge for the year 24,637 63,300 64,405 3,891 92,933 63,300 At 31 March 2025 87.937 64,405 3,891 156,233 Net book value Al 31 March 2025 3,169,500 3,169,500 At 31 MarGh 2024 3, 232,800 3,232,800 The majority of land and buildings were revalued at 31 March 2024 by Brown & Co on an open market existing use basis. No subsequent valualion has taken place within Ihe year ended 31 March 2025. The directors have Gonsidered the current valuations of the properties to be aGGurately stated as at 31 March 2025. 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.. 2025 2024 Cost Accumulated Depreciation 3,327,235 (766,006) 3.309,895 (690,961) 2,561,229 2,618,934 Page 31
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Investment property Long term leasehold investment property Valuation At 1 April 2024 812,998 At 31 March 2025 812,998 The majority of land and buildings were revalued at 31 March 2024 by Brown & Co on an open market existing LFse basis. No subsequent valuation has taken place withln the year ended 31 March 2025. Th8 directors have considered the current valuations of the properties to be accurately slated as at 31 March 2025 14. Debtors 2025 2024 Due within one year Trade debtors Prepayments and accrued income 72,792 15,999 87,535 14,444 88,791 iot,979 Page 32
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Creditors: Amounts falling due within one year 2025 2024 Bank loans Trade creditors Other creditors 129,188 19,205 9,255 163,622 239,682 6,271 8,856 121,644 Accruals and deferred income 321,270 376,453 2025 2024 Deferred inGome at 1 April 2024 Resources deferred during the year Amounts released from previous periods 56,721 56,870 156,721) 52,549 56,721 (52, 549) 56,870 56,721 Deferred income being Garried forward pertaining Telephone mast income received in advance and LPFT rent received in advance. Page 33
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Creditors: Amounts falling due after more than one year 2025 2024 Bank loans 1,819,344 1,835,290 The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is- 2025 2024 Payable or repayable by instalments 1,215,778 1,213,028 1,215,778 1,213,028 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 freehoSd and investment property. Specifically.. -36 Newark Road and its associated assets -32 Manby Street, Lincoln and its associated assets -Homer House, Monson Slreel, Lincoln and its associated assets -5 Craven Street, Lincoln and its associated assets -11 Francis Street, Lincoln and its associated assets -40 Graflon Street, Lincoln and its associated assets -42 Horton Street, Lincoln and its associated assets. A further loan was drawn down during April 2025 that was agreed in March 2024 which is payable by quarterly inslalmenls at 1.770/0 over base rate. The bank loan is secured on the Development al the former Garage Sile, Gaunt Street, Lincoln. Loan of £500,000 was drawn down during March 2021, which is payable by monthly installments over the next 5 years, the first inslallmenl was due on April 2022. Page 34
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Income Expenditura Unrestricted funds General Funds 2,278,803 1,423,362 {1,136,396) 2,565,769 Restricted funds Alley Cats Funding Bauer cash for kids 1,771 500 (191 (500) {34,758) 1,752 BNA- Solar panels 34,758 2,271 34,758 (35,277) 1,752 Total of funds 2.281,074 1,458,120 (1,171,673) 2,567,521 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 assels, 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 lo be spent on supporting disadvantages children 8nd yOL5ng people up to and including 18 years old. BNA - Solar panels: Restricted funding received for the purchase of solar panels to be fitted to properties in Lincoln. Page 35
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Statement of funds {continuedJ Statement of funds - prior year Balance al 31 March 2024 Balance al 7 April 2023 Transfers in/out Gains/ (Losses) Income Expenditure Unrestricted funds General Funds 483, 689 1, 113,108 (1,132,668) (156, 152) 307,977 Investment Property Property Reserve Loan Reserve 941,380 (128,382) 812,998 3,121,105 (2,237, 124) 71,004 {15,287J 55,978 3, 232,800 (2.074,972) 156, 152 2,3t5,050 1,184,112 (1, 147,955) (72,404) 2, 278,803 Restricted funds Alley Cats Funding Bauer cash for kids Lincs Co-op community champions Groundworks t, 771 1,771 900 (400) 500 770 (770) (511) 511 1, 771 2,181 (1, 681) 2,271 Total of funds 2,316,821 1, 186,293 {1, 149,636) (72,404) 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 2025 18. Summary of funds Summary of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Income Expenditure General funds Reslricted funds 2,278,803 2,271 1,423,362 {1,136,3961 34,758 135,2771 2,565,769 1,752 2,281,074 1,458,120 (1,171,673) 2,567,521 Summary of funds - prior year Balance al 31 March 2024 Balance at l April 2023 Transfers in/ou¢ Gains/ (Losses) Income Expendilure General funds 2.315,050 1,771 1.184,112 (1,747,955) 2,181 (1,687) (72,404) 2.278,803 2,271 Restricted funds 2,316,821 1, 186,293 (1, 149,636J (72,404) 2,281,074 19. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Investment property Current assets Creditors due within one year Creditors due in more than one year 3.169,500 812,998 723,885 (321,2701 11,819,344) 3,169,500 812,998 725,637 {321,2701 {1,819,344) 1,752 Total 2,565,769 1,752 2,567,521 Page 37
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Analysis of net assets between funds {continued) Analysis of net assets between funds - prior year Unreslricted funds 2024 Restricted funds 2024 Total funds 2024 Tangible fixed assels Investment property Current assets 3, 232, 800 812,998 444, 748 (376,453) (1, 835,290) 3,232,800 812,998 447,079 (376,453) (7,835, 290) 2,271 Creditors due wilhin one year Creditors due in more than one year Total 2, 278,803 2,271 2,287,074 20. Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Net income for the year las per Statement of Financial Activities) 286,447 36,657 Adjustments for. Depreciation charges Dividands, interests and rents from investments Decreasellincreasel in debtors Decrease in creditors Repayment of Borrowings 63,300 15,287 (161,5851 (157,287) 13,188 (t8,48t) 171,1291 (182, 192) 126,440 156, 152 Net cash provided byllused inl operating activities 256,661 (149,864) 21. Analysis of cash and cash equivalents 2025 2024 Cash in hand 636,846 345,040 Total cash and cash equivalents 636,846 345,040 Page 38
LINCOLNSHIRE EMPLOYMENT ACCOMMODATION PROJECT LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. Analysis of changes in net debt Other non. cash At 31 March changes 2025 At 1 April 2024 Cash flows Cash at bank and in hand Debt due within 1 year Debt due after 1 year 345,040 (239,682) {1,835,290) 291,806 126,440 636,846 {129,188) (1,819,344) {15,9461 15,946 (1,729,932) 418,246 {1,311,686) 23. Pension Commitments The Charity operates a defined Conlribution 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 lo the fund and amounted to £13,571 (2024 - £10,639). 24. Operating lease commitmenls At 31 March 2025 the company had commitments lo make future minimum lease payments under non- cancellable operating leases as follows.. 2025 2024 Not later than 1 year Later than 1 year and not later than 5 years 729 1.239 1,568 941 1,670 2,807 25. Related party transactions Hannah Spencer {resigned on 0410912024), trustee for LEAP, is a director of LAGAT Ltd. During the year LEAP engaged LAGAT Ltd for training for a total oost of £75 (2024: £75). This transaolion was 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 2025. Page 39