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 ac￿pt 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