Charity Registration No. 1078271 Company Registration No. 03761954 (England and Wales) LEICESTER CHARITY ORGANISATION SOCIETY TRUSTEES REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 SOMERBYS LIMITED CHARTERED ACCOUNTANTS 30 NELSON STREET LEICESTER LE17BA
LEICESTER CHARrrY ORGANISATION SOCIETY CONTENTS Page Legal and administrative details Trustees, report Auditor's report 9-12 Consolidated Statement of Financial Activities 13-14 Consolidated Balance Sheet 15 Company Balance Sheet 16 Consolidated Statemént of Cashflows 17 Notes to the accounts 18-33
LEICESTER CHARtrY ORGANISATION SOCIETY LEGAL AND ADMINSTRATNE DETAILS Trustees A H Jarvis (Treasurer) G Oliver (Chaim78n) C A Pharoah C E Smith Prof S M Sharma CTSaul C E Shevas H Sahota Chief Ex•cutlve Officer (CEO) Mrs S McEniff Secretary and Deputy CEO J A Munton Charlty numbèr 1078271 Company number 03761954 Reglst•red office and prlncipal address 20a Millstone Lane Leicester LE15JN Audltor Somerbys Limited Chartered Accountanls Statutory Auditor 30 Nelson Street Leicester LE17BA Bankers Lloyds Bank PLC 7 High Street Leicester LE19FS Invesbnent Advisors Rowley-Turton (IFA) Limited Charnwood House Harcourt Way Meridian Business Park Leister LE19 1WP Subsidiary Undertaking The Goods Depot Limited Sandown Court Stalion Road Glenfield Leicester LE38
LEICESTER CHARITY ORGANISATION SOCIETY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 The truslees present Iheir report and financial statements of the charty for the year ended 31 March 2024. The Irustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting arKI Reporting by Charities, (FRS 102) in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordan with the accounting policies set out in the notes to the accounts and comply with the charity's goveming documents, the Charities Act 2011 and Accounting and Reporting by Charities. Statements of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Administration Details Leicester Charty Organisalion Society. known as Charity Link, is a registered Charity and 8 Company limtted by guarantee. The liability of Members is limited to £1 per m8mbor in the event of wirKling up. Its registered office is as shown on Page 1. The Directors, who act as Trustees, are shown on Page 1 logether with th8 names of the principal external advisors. structure. Govemance and Management The goveming document of the Charity is the Memorandum and Articles of Association incorporated on 28 April 1999 and amended by a special resolution on 30 October 2006. Organisation A board of Trustees. who meet quarterly, administer the Charity. A Chief Executive Offic8r (CEO) is appointèd by the Truslees to manage the day-to-day operations of the Charity. Govemanc8 The board of Twstees are committed to good govemance and has adopted the Charty Goveman Code. The Trustees believe that slrong govemance is essential for the effective operation of the Charty and the trust of donors and beneficiaries. As part of the commitment, the Trustees have taken steps to comply with the principles and recommendations outlined in the Code and will continualty assess and improve governan practices in line with the Code. Policies andprocedures forinduction and training of Trustees The Chair would like to express his deep appla110 for the dedication and expertise of all trustees. particular5y those who have served for over nine years. Their long-temi commitment has been instrumental in guiding the charity through various challenges and opportunities. and their contributions are greatly valued. The breadth of their experience has provided invaluable continuity and insight into Ihe charity's strategic direction. In recognition of the need for fresh perspectives and additional expertise. the Board of Trustees is actively recruiting new trustees to complement the existing skill sel and strengthen governance further. This ongoing process ensures that the Board Temains well*quipped to meet the charity's future needs while maintaining a high standard of govemance and accountability. The charity has established a process for Ihe induction and training of newly appointsd trustees. This process ensures that all trustees are fully infonned of their legal obligations under charity law and company law. as well as the govemance and operational responsibilities associated with their role. Each new trustee has access to induction materials, which includes the charty's goveming documents. recent financial statements. key policies, and procedures. as well as information on the charity's strategic objectives and currenl activities. Furthermore, new Irustees attend a series of briefings with senior staff and existing trustees to familiarise themsefves with the charivs structure, operations, and key risks.
LEICESTER CHARITY ORGANISATION SOCIETY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 Ongoing training opportunities are provided to trustees to ensure that their skills and knowledge remain up to date. enabling them to effectivety fulfil their duties. Employees The Irustees would like to extend their sincere thanks to all members of staff for Iheir hard work, dedication, and professionalism throughout the year. The success of the charity in meeting its charitable objectives is a direct result of Ihe commitment and passion demonstrated by our staff. Their efforts have ensured that the charity continues to deliver hIghualIty seNices and support to our beneficiaries, even in the face of challenges. The trustees remain committed to supporting and empowering stsff, fostering a positive and productive working environment where they can thrive and contribute to the charity's mission. Together. we will continue to work lowards achieving the charty's long-term goals and delivering meaningful impact in the communities we serve. Relatedparties The Charity has common key personnel with R D8phne Plunk8t Charitable Trust, LeicBster Indigent Old Age Society and the Mansion Trust (UK). Charity Link administers these charities. Atl other rèlated parties and transactions can be found in note 19 of the Financial Statements. Risk factors The trustees are committed to ensuring that effective risk management systems are in place to identfy. assess. and manage the key risks facing the charty. The major risks to which the charity is exposed. as idantified by the trustees, have been reviewed, and systems or procedures have been estsbllsh8d to manage those risks. This includes regular assessments of both operational and financial risks, which are documented in a risk register. The risk register is reviewed quarterly to ensure that appropriate actions are taken to mitigate the identified risks. By maintaining robust internal controls and reviewing the effects'venèss of risk management strategies, the trustees aim to protect the charity's assets. reputation, and the delivery of its charitable objectives. Remunardtion The trustees have established a remuneration policy that ensures salaries and benefits for the charity's staff are fair, compets'tive, and aligned with Ihe charity's values and objectives. The Finance and Remuneration Sub-committee review remuneration annualty, taking into account market benchmarks. the charity's financial performance. and the need to retain and attract skilled staff. Recommendations are made to Ihe Board of Trustees and the Board of Trustees is responsible for adopting those recommendations. In light of the CufTent economic dimate and cost of living. the Trustees have reviewed salary levels to include an inflationary uplift of salaries to offer a fair salary, retain staff and support Ihe delivery of the Charity's aims and objectives. Cost of Irving pay increases were awarded to slaff reflecting rising livrng costs. whilst maintaining budgetary controls. The Trustees believe this demonstrates their commitment to the staff team. but also helps maintain a motivated and stable workforce. ultimately contributing to the continued success of our charitable endeavours. Objectives and Activities The Charrvs objects are to relieve povety and the distress arising therefrom but not exclusively by: the provision of charitable and other grants. the provision of weffare benefrts and budgeting advice. the provision of information and training for other agencies regarding welfare benefit claims. the provision of services (including trust administration) to assist chartties in conducting their affairs.
LEICESTER CHARITY ORGANISATION SOCIETY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 to facilitate co-operation between charities and other weffare agencies. to influence social policy makers and seNice providers. ChariVs aims Our vision.. Everyone, ittespective of circumstances, has the opportunty to fulfil theirpotential in life. Ourpurpose.. To provide timely. targeted and appropriate assistance in times of crisis or hardship. Ourbeliefs.. Everyone has a right to a standard of living where they are dry. warm, clean. safe and can feed themselves Financial orpractical support at a time of crisis orhardship can make a difference to people s well-being. health and their fvture Well be most effective and effluent by worting in collaboration wth other organisations Strntegies to achieve main obioctives for the year. Thé strategies employed to assist the Charity to meet these objectives included the following: providing charitable grants to individuals in need providing Charitab grants lo projects working with disadvantaged people working in partnership with olher agencies to maximise financial help available to beneflaries modemising and streamlining systèms and processes outreach and community development Criteria by which Cha17ty MeasUS its success. The Chaiity measures its success in the reporting period by reference to the achievement of grant income. expenditure control. the number of referrals and the social impact which its work has on beneficiaries and delivery of KPIS relating to partnership projects. Grant making policy. The Charity receives referrals from health. social care and educatlonal agencies. charities, and individuals. It raises grants to meet the needs of Ihe most needy and vulnerable people in the community by raising funding from an in-house porifolio of funds, national charities. benevolent and occupational funds. Significance of volunteerstaff Volunteers play a significant role in the success of the Charity and the Trustees are immensely grateful for the dedication and commitment of our volunteer staff. Although numbers have not retumed to pre- pandemic times, a number of volunteers have supported the work of the charity. including taking part in the intemship programme with De Montfort University. Publ benefft The Trustees confimi that they have complied with the duty in Section 4 of Ihe Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefrt. They have referred to that guidance when reviewing aims and objectives and in planning future activities. In particular. the Trustees consider how planned activities will contribute to the aims and objeclives they have set. The
LEICESTER CHARITY ORGANISATION SOCIETY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 Trustees ensure that these activities are carried out for the public benefit by delivering services that are valued by the people we support and enable those with responsibility in the sectorto develop and adopt best practice, thereby promoting a transparent and efficiently managed charity that engenders public confidence and trust. Achievemonts and Perforniance The principal focus of the Trustees over the last year was to deltver the Charity's objectives as the cost- of- living crisis continued, creating considerable need among Servi users. In order to do so. the Charity had to remain financially stable while, simultaneously, meeting the need from service users. This was achieved with an effective team response from trustees, stsff and volunteers. Grants to individuals in need were £1,612,639 in the year, compared to £1,653,835 in the prior year, the total number of grants made increased to 7,953 from 7.918 in the year to March 2023, a slight increase year on year. These grants helped disadvantaged individuals and families, as well as institutions working with such people. A grant programme was funded for a fourth ye8r by Octopus Energy as part of the Warm Homes Initiative. The Charity also assistad L8icester City Council and Leicestershire County Council deliver its Household Support grants schema. This combinalion of grant programs supported the response to the cost-of- living crisis and ensured that the charity has actively and successfully delivered on ts core objective and positively impacting on 6,500 beneficiaries. Our thanks go to all those charities, local authorities. companies, and individuals which helped us support the most vulnerable members of our communty through another challenging period. In achieving our objectives, the Charity closèly monitors performances agalnst targets for funding reiVed under grant agreements with the local authorities and Integrated Care Board; mainlains Servi standards for trusts under our administration. actively drives foNard the development of our IT systems, continues to modernise systems and processes in order to improve efficiencies to increase the overall impact of our work. Extsrnal factors and risks are the continued insecurity over funding from the local authorities and the NHS Leicester, Leicestershire and Rutland Integrated Care Board and reduced income from donations. The trading ann, The Goods Depot Limited, which, opened in 2019 to supply Iow-¢OSt domestic appliances to the Charity's beneficiaries, remained operational throughout th8 year. The objectives of The Good Depot Limited are to assisl a greater number of service users, 8xpand business to business extemal sales and improve the Charivs environmental impact. Any profits from the subsidiary company will be gifted to the Charity to contribute to bng-term sustainability. Fundraising activities The Charity is registered with the Fundraising Regulator. Fundraising activity includes subscriptions, individual donations, events, legacy giving, community fundraising. trust fundraising, corporate giving and through merchandise sales. A fundraising targel of £250,000 for the general administration of the Charity was set for the year. This was not achieved during the financial year. as donations and subscriptions decreased by 100/0 and fundraising income decreased by 40/0, as a direct resuh of the difficult economic climate.
LEICESTER CHARrrY ORGANISATION SOCIETY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 Investmentpolicy The Trustees have the power to invest in such assets as they deem appropriate. As pennitted by the Charity's Memorandum and Articles of Association, the Trustees have given the investment managers discretion to manage the porffolio within an agreed risk profile. Investment income The income from the Leister Children's Aid Association investments is distributed by the Charity to assist children in need in the area of benefit of the Association. thus meeting its charitable objects. Those fijnds contribut6 to the relief of povety objective of the Charity through the provision of grants to assist poor children and young people in Leicester through educational and other awards. Financial Revlow Accounting Year The Charity has prepared accounts to 31 March 2024. Review of activities During the year the Charity had total incoming resources of £1,835,882 (2023: £2,126,269) and there was a net decrease in funds of £270 (2023: £232,355 net increase). However, 2023 was an exceptional year where income increased by £263.000 against the 2022 year*nd. The lotal restricted funds at the end of the period amounted to £214,038 (2023.. £286,662). endowment funds amounted to £75,987 (2023: (£72,958) and unrestricted ndS (not designated for specific purposes) amounted to £366,330 (2023: £322.005). Nole 16 to the accounts shows unrestricted fixed assets of £127.839 (2023: £143,095); free resees, as defined by SORP 2015. were. therefore, in surplus by £238,491 after taking account of the pension deficit liability of £11,000 (2023". £178.910 - deficit after pension deficit liability of £25,000). Reseryes policy It is the policy of the Charty that free r8s8nies should be maintained at a level equivalent to six months unrestricted expenditure. The Trustees consider that reserves at this level will ensure that. in the 8vent of a significant drop in fijnding. they will be ablé to continue the Charitys current activities while consideration is given to ways in which additional funds May be raised. It is the aim of the Charity that a sum be added to a designated propety fund in each year provided that a Sufflent operating surplus or free reserves warrant this. This fund is to be used for the purpose of purchasing freehold office accommodation for the Charity when the lease on its current premises comes to an end in 2034. The Trustees consider that. in this financial year. unrestricted funds are sufficient to allow an amount of £25,000 to be transferred. Principal fvnding sources Aside from funds secured on behalf of service users, the principal sources in the year were income from fundraising and grant aided arrangements with Leicester City Council. Leicestershire County Council and th6 NHS Leicester. Leicestershire and Rutland Integrated Care Board. Grants were also reiVed from a number of bcal and national Charities to assisl with the running costs of the Charity. In meeting the key objectives of the Charty some £1,283,011 was paid by way of grants lo service users and a further 197 grants tolalling £329,628 were remitted directly by the donor charity to individual senlice users following referral by ourselves.
LEICESTER CHARITY ORGANISATION SOCIETY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 Plans for Future Years The Trustees have carefully considered the charitys strategic direction and are committed to building on the successes of the past year while addressing new and emerging opportunities. as well as challenges. In the coming years, the charrty plans to expand its services in the East Midlands, continue the expansion of the Trust Administration Service. scale up the trading of The Goods Depot Limited to achieve sustained profitability so both services become a net contribLrtor to the Charity's operating income. Continued further development of strategic partnerships with other organisations to increase reach within marginalised communities and enhance the overall impact on beneficiaries and within the wider communities Ihat we serve. The charity will continue to ft)cus on sustainable growth, ensuring that the organisallon is modernised and using technology to streamline service provision across all araas of operation to maximise charitsble outcom8s. As part of this strategy, the trustees have identified key priorities, including income generation, innovative s8rvice development, cyber-security and embedding equality. diversty, and inclusion for a fair and equitable working environment. In addition, the trust8es are dedicated to strengthening the charity's governance. risk managemant, and financial stability to support its long-tem objectives. The charity will continu8 to monitor extemal factors, such as economic conditions and chang@s in ragulatory requirements, to adapt its plans as ne$Sary. Statement of Trustees. Responslbllltl•s The Trustees (who are also directors of Leicester Charity Organisation Society for th8 purposes of company law) are responsible for pr8paring the Trust88s' Report and the financial stat8ments in accordance with applicable law and United Kingdom Accounting Standards (Unitsd Kingdom G8neralty Accepted Accounting Practi) Company law requires the Trustees to prepare ffinancial ststements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources. including the income and expenditure. of the charitable company and the group for the year. In preparing these financial statements. the Trustees are required to." select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP 2015 IFRS 102). make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounling Standards have been followed, subject to any material departures disclosed and explained in the financial ststem8nts; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company and the group will continue in operation. The Trustees are responsible for keeping proper accounting records that disGlose with reasonable accuracy at any time the financial position of the charitable company and the group and enable them to ensure that the financial statements compty with the Companies Act 2006. They are 8180 responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant audit information of which the group's auditor is unaware; aTKI the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that infomiation. The Trustees are responsible for the maintenance and integrity of the corporate and financial InfOatIOn included on the group's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may drffer from legislation in other jurisdictions.
LEICESTER CHARITY ORGANISATION SOCIETY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 Audltor A resolution proposing that Somerbys Limited be re-appointed as auditor of the charitable company and the group will be put to the Annual General Meeting. This report has been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006. On behalf of the board of TTUStees. GOliverlNov29.202411'.16 GMT) G Oliver 26 November 2024
LEICESTER CHARITY ORGANISATION SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTER CHARrrY ORGANISATION SOCIErY Oplnlon We have audited the financial statements of Leicester Charity Organisation Society (the parent company and its subsi(liary) for the year ended 31 March 2024 which comprise Ihe Consolidated Statement of Financial Activiiies. Consolidated and Parent Charitable Company Balance Sheet, Consolidated Statement of Cash Flows and related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UKand Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stste of the group's and parenl charitable company's affairs as at 31 March 2024, and of its incoming resources and applicalion of resources induding its incom8 and expenditure, for the year then ended. have been property 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 W8 conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibiliti8s in accordance with these requirements. We believe that the audit evidence we have obtsinéd is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to going concern In auditing the financial statements, we have concluded that the Irustees, use of the going ConrTh basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charty's abilty to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concem are described in the relevant sections of this report.
LEICESTER CHARITY ORGANISATION SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTER CHARITY ORGANISATION SOCIEfY (CONTINUED) Other Infonnatlon The trustees are responsible for the other information. The other information comprises the infomiation included in the tTUStees' annual report. other than Ihe financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other informalion and. except to the extent otherwise explicitty stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and. in doing so. consider whether Ihe other information is materially inconsistent with the financial statemenls or our knowledge obtained in the audit or otherwise appears to be materially misstat9d. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatemenl of Ihe other infomialion. If, based on the work we have perfomied, we conclude that there is a material misststement of this other infomiation, we are required to report that fact. We hav8 nothing to r8POrt in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the vrfork undertaken in the course of the audit.. the informalion given in the trustees, report (incorporating Ihe directors. report) for the financial year for which the financial statemants are prepared is consistent with the financial statements; and the Irustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to rèport by exception In the light of our knowledge and understsnding of the group and parent charitable company and Its environment obtained in the course of the audit. we have not identified material misstatements in the trustee's report. Wè havè nothing to report in respect of the following matters in relalion to which the Companies Act 2006 rèquir8s us to report to you rf. in our opinion: adequate accounting records have not been kept by the parent charitable company or the group, or returns adequate for our audit have not been recerved from branches not visited by us: or the parent charitable company's and group's financial statemenls are not in agreement with the accounting records and retums: or certain disclosures of directors, remuneration specified by law are not made; OT we have not received all the infomiation and explanations we require for our audit; or the trustees were not entitled to prepare the financial slatements in accordance with the small companies, regime and take advanlage of the small companies, exemption in preparing the trustees. report. Responslbllltles of trustees As explained more fulty in the trustees. responsibilities statement set out on page 7, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of financial statements and for being salisfied that they give a true and fair view. and for su¢h internal control as the trustees detennine is necessary to enable the preparation of financial ststements that are free from material misstatement, whether due to fraud or error. 10
LEICESTER CHARrrY ORGANISATION SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTER CHARITY ORGANISATION SOCIETY In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing, as applicable, matters related to going cOnM and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic altemative but to do so. Audltor's r•sponslbllltles for Ihe audit of th• financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guaranteé that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered rnaterial rf, individually or in the aggregale, they could reasonably bé expected to influence the economic decisions of usèrs taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misststements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecting irregularities. including fraud, is detsiled b810w. The risk of not detecting a material misstatem8nt resulting from error is considered to be low. The risk of not detecting a material misstatement resulting from fraud is higher, as fraud msy invofve collusion, forgery, intentional omissions. misrepresentations, or the override of intemal controls. In the context of Leicester Charity Organisation Society. we have not identified any specific laws and regulations other than general commercial laws and regulations, such as: Companies Act 2006., Charities Act 2011. Charity Commission guidance. Health and Safety legislation. GDPR and employment law. Our understanding of the legal and regulatory framework applicable to Leicester Charity Organisation Society and how th8 charitable company has complied with its obligations has been obtained by enquiry of management and Ihose charged with governance. As part of our enquiries, we have discussed policies and PTOC8dures on compliance with laws and regulations and whether any instances of non-compliance have occurred. Our undérstanding of the charitable companvs policies and procedures on fraud risk has been obtained through enquiry with management as to the control activities, operational syst8ms in place and whether there is knowledge of any actual. suspected or alleged fraud. We consider that the audit team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. During our audit work there were no significant instances of non-compliance identified. In response to the audit risks identified in respect of irregularity and fraud. we have undertaken the following procedures: Enquiry of management, and those charged with governance around actual and potential litigation and claims. Enquiry of management to identify any instances of non-compliance wilh laws and regulations. Enquiry of management to identify any subsequent events that have occurred after the year end relating to this financial year. Reviewing legal expenses during and after the year end for evidence of non-compliance with laws and regulations. Reviewing financial statement disclosures and testing to supporting documentation lo assess compliance with applicable laws and regulations. 11
LEICESTER CHARITY ORGANISATION SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTER CHARITY ORGANISATION SOCIETY (CONTINUED) Auditing the risk of management override of controls, induding thn)ugh testing journal entries and other adjustmènts for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solety to the charitable company's members. as a body. in accordance with Chapter 3 of Part 16 of the Companias Act 2006. Our audit work has been undertaken so that we might state to the charitable MpanY'S members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charttable company and the charitsble company's members as body, for our audit work, for this report, or for the opinions we have form8d. Marcus Dockerty FCA FCCA (Sonlor Statutory Audlto For and on b•half of Somerbys Limlted Chartered Accountants Statutory Auditor 30 Nelson Str8ét Leicester LE17BA 12
LEICESTER CHARITY ORGANISATION SOCIETY GROUP STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 MARCH 2024 Curront year Unrestrfct•d Funds Restrlcted Funds Designat•d Endowment Funds Funds Total 2024 Notes Income from: Voluntary Income Adminislration fees Investment income 271,288 111,283 39,783 1.210.924 1,482,212 111,283 43,390 3.607 Incoming resources from charltable actlvltles 145,417 23,835 169,252 (Xher tradlng Income 29,745 29,745 Total Income 597,516 1.238.366 1,835,882 Ex ndlture on: Raising funds 91,511 461 91,972 Charltablo Actlvlty Relief of poverty 436.290 1,310,529 1,746,819 Total expenditure 527.801 1,310.990 1,838.791 Realised galnl{lossl on Investment assets Unreallsed gainl{loss) on investment assets (1,017) (1.017) 16 4,046 Net Incomel(expendlturo) 69.715 <72,624) 3,029 120 Transfers ben funds Taxation 20 {25,000) 390 44.325 25,000 390 (270) (72.624) 25,000 3.029 Net movement In funds 44.325 (72,624) 25,000 3,029 {270} Fund balances at 31 March 2023 322,005 286.662 200,000 72,958 881,625 Fund balances at 31 March 2024 £366,330 £214.038 £225,000 £75.987 £881,355 All income and expenditure is derived from continuing activities. The statement of financial activities includes all gains and losses recognised during the year. See page 14 for corresponding figures for 2023. 13
LEICESTER CHARITY ORGANISATION SOCIETY GROUP STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 MARCH 2024 Prior y•ar Unrestrlcted Funds Restrfctgd Funds Designated Endowment Funds Funds Totsl 2023 Notas Incom• from: Voluntary Income Adminlstration fees Investrnent Inrne 327,869 87,324 19,628 1,504.863 1,832,732 87,324 22,479 2,851 Incomlng resources from charltsble a¢tiviti•s 145,684 27,690 173,374 Othor tradlng Income 10,360 10,360 Total Income 590,865 1,535,404 2,126,269 ndFture on: Raising funds 84,237 435 84,672 Charltable Activity Relief of povety 420,311 1,385,897 1.806.208 Total expendtture 504.548 1.386,332 1,890,880 Realised gainl{loss} on Investment assets Unrealised gainl(loss) on investment ass8ts {3,928} (3,928) 16 894 894 Net Incomel{oxp8ndlture) 86.317 149,072 (3.034) 232.355 Transfers beeen funds 20 0,000 26.317 60.000 60.000 149,072 (3,034) 232,355 26.317 149,072 60,000 (3,034) 232,355 Fund balances at 31 March 2022 295,688 137,590 140,000 75.992 649,270 Fund balances at 31 March 2023 £322.005 £286,662 £200.000 £72.958 £881,625 All income and expenditure is derived from continuing actrvities. The ststement of financial activities includes all gains and losses recognised during th8 year. 14
LEICESTER CHARrrY ORGANISATION SOCIErY CONSOLIDATED BALANCE SHEET AT 31 MARCH 2024 Group Notes 2024 2023 Flxed assets Tangible assets Investments 127.839 73,724 143,095 70.851 10 201,563 213,946 Currant assets Stock Debtors Cash at bank and in hand 11 21,003 102.361 740,960 18.034 202,314 644,268 12 864,324 864,616 Creditors: amounts falling due within one year 13 (184.532) 679.792 (185.937 Net current assets 881,355 678,679 Credltors.. amounts falllng due ar ono yaar 14 (11,000) Total assets 881.355 £881.625 Capitsl fund Endowment Designated funds 17 18 75,987 225.000 72,958 200.000 Income funds Restricted funds Unrestricted funds 15 214,038 366,330 286,662 322,005 881,355 £881,625 These financial statements have been prepared in accordan with the provisions to companies subject to the small companies. regime. These accounts were approved by the Trustees on 26 November 2024 Signed on behalf of the Trustees. G Oliver IN¢vlg.1024 11..L6 GMT) G Oliver Chairnian Cornpany Reglstralion No. 03761954 15
LEICESTER CHARITY ORGANISATION SOCIETY BALANCE SHEET AT 31 MARCH 2024 Company Notes 2024 2023 Fixed assets Tangible assets Investments Investment in subsidiary 127,839 73,724 100 143.095 70,851 100 10 10 201,663 214.046 Current assets Debtors Cash at bank and in hand 12 120.126 696,377 244,404 607.727 816.503 852,131 Credltors: amounts falling due within one year 13 {136,811) 154,001 Net current assets 679,692 698.130 Cr•ditors: amounts falllng due after one year 14 (11.000) Tolal assels 881,355 £901,176 Capltal fund Endowmant Designaled funds 17 18 75,987 225,000 72,958 200,000 Income fvnds Rèstricted funds Unrestricted funds 15 214,038 366,330 286.662 341.556 £881,355 £901,176 These financial statements have been prepared in accordance with the provisions to companies subject to the small companies regime. These accounts were approved by the Trustees on 26 November 2024. Signed on behalf of the Trustees, GOliverlNov19.1024 IL-.16GMYI G Oliver Chaimian Company R•gistratlon No. 03761954 16
LEICESTER CHARITY ORGANISATION SOCIETY STATEMENT OF CONSOLIDATED CASHFLOWS YEAR ENDED 31 MARCH 2024 Notes 2024 2023 Cash flow from operatlng activiti•s Cash generatedl(used) in operdtions 23 53.146 388.872 Net cash flow from op6rating activities 53.146 388,872 Cash fiow from investing activities Payments lo acqulre assets Payments to acquire investments ReIpts from sales of investments Investment income reiVed (8.351) (66.834) 68,169 22.479 {30.513> 30.669 43.390 Net cash flow from Investlng actFviti•s 43.546 15,463 Net increase In cash and cash equivalents 96,692 404,335 Cash and cash equivalents at 31 March 2023 644.268 239,933 Cash and cash equivalents at 31 March 2024 740.960 644,268 Cash and cash equivalents ¢onslsts of: Cash at bank and in hand 740,960 644,268 Cash and cash equlvalents at 31 March 2024 £740,960 £644.268 17
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 1.1 Accounting ¢onv•ntion The charty ¢onslitLrtes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Account and Reporting by Charities: Slatement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard appIbla In the United ngdorn and Republic or Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements of the group are prepared under the historical cost convenlion. modified to include listed investments at fair value. The financial stat8mènts are presented in sterling which is the functional cUencY of the charity and the group. The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all years presented unless other4vise stated. There have been no changes to accounting eslimates during the reporting year. The Charity has taken advantage of the small company provisions of the Companies Act 2006. 1.2 Going concem The financial statements of the chaiity have been prepared on a going concem basis. The trustees have considered the expected level of income and expenditure for 12 months from authorising these financial statements. The trustees consider that the budgeted income and expenditure is sufficient with thè18vel of reserves for the charity to be able to continue as a going concem. Subsidiary The financial statements of the Goods Depot Limited have been prepared on the going concem basis. Thè financial statements have been prepared on this basis on the assumption of continued support of the Charity. 1.3 Recognition of income Incoming resoUe5 are included in the Statement of Finanaal Activiti6s (SOFA) when the charity is legally entitled lo the income after any perfomiance conditions have been mè( thé amount can be measured reliably. and it is probable that the income will be received. For donations to be recognised, the charity will have been notffied of the amounts and the settlement date in writing. If there are conditions attached lo the donation and this requires a level of performance before entitlement can be obtained, then income is defwed until those c£)nditions are fully met or the fulfilment of those conditions is within the control of the charity and is probable that they will be fulfilled. Grants and voluntary income are recognised as incoming resources when receivable. Deferred income represents amounts received for future periods and is released to incoming resources in the year for which it has been received. Income from trading activities indudes income earned from fundraising events and trading activities to raise funds for the charty. Income is reiVed in exchange for supplying goods and services in order to raise funds and is recognised when enlitlement has occurred. Income from local govemment grants are cOgnised at fair value when Ihe charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entlement is not met then these amunts are deferred. 18
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2024 For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. Investment income is recognised when the amount can be measured reliabty. Income of subsldlary Tumover is recognised at the fair value of the consideration received or receivable for goods and seNices provided in the normal course of business and is shown net of VAT and olher sales related taxes. Th8 fair value of consideration takes into accounls trade discounts, settlement discounts and volume rebates. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with Ihe transaction will flow to the entity and the costs incurred or to be incurred in respect of the Iransaction can be measured reliabty. 1.4 Expenditurn recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all Costs ralated to the category. Expenditure is recognized where there is a legal or constructive obligation to make payments lo third parties, it is probable that the settlement will be required, and the amount of the obligation Can be measured reliably. It is categorized under the following headings: Costs of raising funds, which are the costs of generating incoming resources from all sources other Ihan from charitable activities. Charitable activities, which are all the costs applied by the charity in undertaking its work to meet its charitable objectives. Grants payable to third parties are within the charity's objectives. Where unconditional grants are offered, this is ac¢wed as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled are outside of the control of the charity. 1.5 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life. as follows: Leasehold property Fixtures, fittings & equipment Motor vehicles Straight line over the period of the lease 330/0 per annum of Cost 33 % per annum of cost 1.6 Impaimient of fixed assets At each reporting period end date. the charitsble company reviews the carrying amounts of tangible assets to determine whether Ihere is any indication that Ihose assets have suffered an impaiment loss. If any such indication exists. the recoverable amount of the assel is estimated in order to detennine the extent of the impairnient loss (if any). Where it is not possible lo estimale the recoverable amount of an individual asset. the company estimates the recoverable amount of the cash generating unit to which the asset belongs. 19
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2024 1.7 Fixed as$•t Investments Investments are stated at fair value at the balance sheet date. The SOFA indudes the net gains and losses arising on revaluations and disposals throughout the year. 1.8 stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cosl comprises direct materials and. where appliable, direct labour costs and those overheads that have been InCued in bringing the stocks to their presenl location and condition. Stocks held for distribution at no or nominal consideration are measured al the lower of cost and replacement cost, adjusted where applicable for any loss of service polential. 1.9 Cash and cash èquivalents Cash and cash equrvalents include Ish in hand. deposits held at call with banks. other short-temi liquid investments wilh original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 D•btors and Credltors recelvablelpayable within one year Debtors and creditors with no ststed interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impainnent are recognis8d in 8xpenditure. 1.11 Pensions The Charity partakes in a multi*mployer pension scheme for the benefft of its employeès which is independently administered by The Pensions Trust. The assets and liabilities of tha fund are detailed at mte 14. In addition. the Group also operates a defined contribution pension scheme for the benefrt of its employees which is independently administered. The expenses of the scheme are charged to the SOFA as and when they fall due. 1.12 Taxation The charty is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore meets the definition of a charitable company for UK corporation tax purpose. 1.13 Funds Unrestricted funds are arfailable for use at the discretion of the TrLJStees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific reslrictions imposed by the donors or which have been raised by the Charity for specific purposes. The costs of administering such funds are charged against the specific fund. The aim and use of each reslricled fund is set out in the notes to the financial statements. Endowment funds are retained for the benefft of the charity as a capital fund. The fund consists of investments that are used for the purpose of the charity. 20
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS {CONTINUED) YEAR ENDED 31 MARCH 2024 Designated funds are funds which are set aside from the unrestricted funds by the trustees for specifically designated purposes. The aim and use of each designated fund is set out in the notes to the accounts. 1.14 Employee Beneflts When employees have rendered service to the charity, short-term employee beneffts to which the employees are entitled are recognised at the discounted amount expected to be paid in exchange for that seNice. 1.15 Leases Rentals payable under operating leases, including any lease incentives received, are charged to profrt or loss on a straight-line basis over the term of the relevant lease except where another more systematic basis is more representative of th8 time pattem in which economic benefits from the leases asset are consumed. 1.16 Government grants Government grants are recognized at the fair value of the asset received or r8c8ivable when there is reasonable assurance that tha grant conditions will be met and the grants will be received. A grant that specifies perfonnance conditions is recognized in income when the performance conditions are met. Where a grant does not specify performance conditions il is recognized in income when the proceeds are received or receivable. A grant received before the r8cognition crrteria are satisfied Is recognized as a liability. 1.17 Critical accountlng estlmatss and Judgements In th8 application of the group's accounting policies, the trustees are required to make judgements, estimatés and assumptions aboutthe Carrying amount of assets and liabilities that are not readily apparent from other sourc85. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised where the revision affects onty Ihat year, or in the year of the revision and future years where the revision affacts both current and future periods. Useful econom1¢ lives of tanglble assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economi¢ lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates. based on technological advancement. future investments, economic utilisalion and physical condition of the assets. See accounting policy note (above) for the useful economic lives for each class of assets Support cost allo¢ations: Support costs are apportioned as they relate to more than one cost category (see note 5). 21
LEICESTER CHARITY ORGANISATION SOCIErY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2024 2 Voluntsry Incoma Unrestrl¢ted funds Restrlcted funds 2024 2023 Core grants Donations, subscriptions and discounts received Income from fundraising Legacies 1.210.424 500 1,210,424 58,458 1.504,363 64,813 57.958 213.325 213.325 223.099 40.457 £271,288 £1.210,924 £1,482 212 £1.832,732 3 Investment income Unrestrf¢ted funds Restrlcled funds 2024 2023 Rental income Income from listed investrnents Interest receivable 14,800 1,132 23.851 14,800 4,536 24.054 14,800 3.772 3.907 3.404 203 £39.783 £3,607 £43,390 £22.479 4 Incoming resources from charltable actlvities 2024 2023 Grants recelvable for charltable activities UnrgStrl¢ted funds: Leicester City Council LeiStershire County Councll Wami Homes Initiative 79,500 14,069 51,848 89,362 14,711 41,611 145.417 145,684 Restricted funds: Leicester City Council Leicestershire County Council LeicesterlLeicestershire Integratsd Care Board 13.883 5.931 4,021 12,380 11,289 4,021 23.835 27.690 £169,252 £173,374 The Charity receives income from local govemment to assist individuals in identfying support funding to which they are entitled. 22
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2024 Total resources expended The trust allocates its support costs as shown in the table below. Support Costs are allocated on a basis of staff time. Staff Depr•ciation Costs (note 7) Other Costs (note 8) Total 2024 Total 2023 (nole g) Costs of generatlng funds: Fundraising and publicty 79,405 12,567 91.972 84,672 Charltablo Adfvlty- Relief of Poverty: Donations in kind Inter-group transactions Grants payable (note 6) Employment costs Administration costs 415,373 (575,862) 1,286.694 415.373 (575,862) 1,286,694 492.655 127.959 314,631 (441,118) 1,358,207 430.036 144.452 492,655 15.256 112.703 492,655 15,256 1.238.908 1,746,819 1.806,208 £572.060 £15,256 £1.251.475 £1.838.791 £1.890,880 6 Grants payable Grants to institutions - 10 {2023- 2 grants) Grants to individuals - 7,756 (2023- 7.792 grants) 2024 3.683 1,283.011 2023 304 1,378,557 £1,286,694 £1,378,861 Grants to Institutions 2024 2023 Parkinsons Disease Society Kemp Hospi¢e Cancer Research Yorkshire Cancer Research Loros Hospic8 Barnsley Hospi Kartherine House Hospice CILink - Justgiving For Charlie CILink- Asbestos Support Pink Ribbon Donation Dementia Uk Grants refunded 654 150 170 65 115 245 110 1.300 500 500 178 500 (500) £3,683 £304 In addition to the above granls administered through the Society. a further 197 awards totalling £329.628 were secured on behalf of individuals and institutions. These grants were remitted directly by the donors to the beneficiaries. 23
LEICESTER CHARITY ORGANISATION SOCIErY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2024 2024 2023 7 Employoes Number Number Nurnr of employoos The average monthly number of employees during the year was: The number of part tlme employees was 22 18 18 Employment costs Wages and salaries Soclal security costs Other pension Costs 493,746 35,158 43.156 430,735 29,449 40.282 £572,060 £500,466 The numb8r of employees whos8 annual r8muneration was more than £60,000 per annum or was: 2024 Number 2023 Number £60,000 to £70,000 The Charity considers its key management personnel to consist of the CEO, Deputy CEO. Operations Manager and Finance Manager. The remuneration and benefrts paid to Ihese personnel totalled £170.433 {2023 - £153.839). None of the Trustees (or any person connected with them) received any remuneralion during this year. A trustee was reimbursed for travel exp8nses during the year to th8 arnount of £nil {2023- £35). 24
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2024 8 Other costs Fundralslng and publlclty 2024 2023 Promotion expenses Investment management fees 12.106 461 13,807 435 £12,567 £14,242 Administratlon costs Rent and rates Insuran Llght and heat Repalrs and maintenance Printing & stallonery T818phone and fax Trav811ing expenses Legal and professional Sundry expenses Recruitment expenses Subscriptions Bank charges Cleaning Computer expenses Health and safety Staff traSnlng Postage Audltorfs remuneration 16,704 5,879 5,773 3.497 5.732 6,314 11,014 5,523 2.341 2.047 2,719 1,490 5,804 18,547 1,705 1,981 4,392 11,241 16,045 4,655 6,122 5,219 6,904 5,259 13,335 22,592 2,070 2,576 1,442 1,595 6,455 17.067 592 1.153 4.205 11,910 £112.703 £129,196 25
LEICESTER CHARITY ORGANISATION SOCIErY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2024 Group Tanglble fixed assets Leasehold property Flxtures Fittings & equipment Motor Vehicle Total Costsvaluation At 31 March 2023 Additions Disposal 237.500 46.984 16,640 301,124 At 31 March 2024 £237,500 £46,984 £16,640 £301,124 Depreciation At 31 March 2023 Charge for the year Eliminated on disposal 100.000 12,500 41,389 2,756 16.640 158.029 15,256 At 31 March 2024 £112.500 £44 145 £173,285 Net book value At 31 March 2024 £125,000 £2.839 £Nil £127.839 At 31 March 2023 £137.500 £5.595 £Nil £143,095 Company Tanglble flxed assets Leasehold property Fixtures Flttlngs & equlpment Total Costlvaluation At 31 March 2023 Additions Disposal 237,500 46.984 284.484 At 31 March 2024 £237.500 £46.984 £284.484 Depreclatlon At 31 March 2023 Charge for the y8ar Eliminated on disposal 100,000 12,500 41,389 2,756 141,389 15,256 At 31 March 2024 £112,500 £44,145 £156.645 Net book value At 31 March 2024 £125,000 £2.839 £127.839 At 31 March 2023 £137.500 £5.595 £143.095 26
LEICESTER CHARITY ORGANISATION SOCIErY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2024 Charity Llsted Investments Market value at 31 March 2023 Acquisitions at cost Disposals at opening book value Net unrealised gain on revaluation 70,851 30,513 (31,686) 4,046 Mark•t value at 31 March 2024 £73 724 Historical cost: At 31 March 2024 £69.167 Historical Cost: At 31 March 2023 £69.967 All investments were held in the United Kingdom. The Trustees consider that there were no individual materlal Investments held at the end of the year. Listed investments are valued at market value at the year end. Subsidiaries Details of th8 company's subsidiary at 31 March 2024 are as follows: Name of undertaking Registered office Company No Class of shares held 'h Held The Goods Depot Limited UK 11581108 Ordinary 100 Results for tho year Income Expenditure 605.607 {553,798} Profit before taxation £51.809 Total Assets £81,915 Total Liabillties £81.815 27
LEICESTER CHARrrY ORGANISATION SOCIErY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2024 11 Stocks Group 2024 Charlty 2024 2023 2023 Goods ft)r resale £21.003 £18,034 12 Debtors Group 2024 Charity 2024 2023 2023 Trade debtors Income tax recoverable Amount OW8d by subsidiary undertaking Prepayments 91.198 343 186.948 3.581 87,373 343 31,870 540 186,777 3,581 53.257 789 10,820 11,785 £102.361 £202,314 £120,126 £244,404 13 Creditors: amounts falling due wlthln one year Group 2024 Charity 2024 2023 2023 Trade creditors Taxes and social security costs Other creditors Amount owed to subsidiary company Accruals and deferred incom8 Pension deficit 104.953 16,113 8,622 125,908 19.169 5.922 64,125 15,619 111,903 7.000 160 2.223 43.844 11.000 43.844 11,000 20,938 14,000 20,938 14,000 £184,532 £185,937 £136.811 £154,001 28
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2024 14 Ponsion costs Th• Charity The Charity operates a defined contribLrtion pension scheme for all qualifying employees. The assets of the schemes are held separately from those of the charity in Independently administered funds. The chaiity participates in a multi - employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is nol possible for the charity to obtain sufficient infomiation to enable it to account for the scheme as a defined benefft scheme. Therefore. it accounts for the scheme as a defined contribution scheme. Participating employers ar818gally required to meet their shar8 of th8 scham8 deficit on an annuity purchase basis on withdrawal from the scheme. The scheme is classified as a 'last man stsnding arrangernent,. Therefore. the charity is potentially liable for other participating employer's obligalions if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. The last full actuarial valuation for the scheme was carrled out 30 September 2020 showing a deficit and the trustees asked the participating employers lo pay additional contributions. Section 28.11 A of FRS 102 requires deficit recovery payments to be recognised as a liability. The movement in the provision is set out below. 2024 25,000 1,000 (14,000) (1,000) Liability at 1 April 2023 Unwinding of the discount factor (interest expense) Deficit contributions paid Re-measurements - impact of any change in assumptions Re-measurements - amendment to the contributions schedule 39,000 1,000 {14,000) (1,000) Balance sheet liability at 31 March 2024 Du8 within 1 year Due after 1 year £11,000 £25,000 £11,000 £14.000 £11.000 Amounls payable by instalments after 5 years This liability represents the net present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions. set by reference to the duration of the deficit recovery payments.. Mah 2024 March 2023 March 2022 March 2021 Discount rate applied to future recovery plan contributions due 5.31 /0 5.520/ 2.350/ 0.660/0 On the basis that it would not be practical to split the cosl of the deficit reduction payments beeen current and historical restricted and unrestricted funds, all of the costs have been charged to unrestricted funds for this year and for previous years. The subsldlary Th8 Goods Depot Limited operates a defined contribution pension scheme for all qualifying 8mploy8es. The assets of the scheme are held separately from those of Ihe company in an independently administered fund. 29
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2024 15 Restrlctsd funds 2024 Movement In funds Balance 1 Aprll 2023 Incomlng Resource R•sources Balance Expended 31 March 2024 Carfton Hayes Mental Health Charity 5.088 36,000 38,183 2,905 Funds held for other charitable institutions 2.424 2,000 3,683 741 Leicester Children's Aid Association 3,004 4,108 4,452 2,660 other funds held for distribution to the needy 276.146 1.172.423 1.240.837 207,732 Local authorltles and CCG 23,835 23,835 £286.662 £1.238.366 £1,310,990 £214,038 2023 Movement in funds Balance Incoming Resource Resources Expended Balance 30 March 2023 2022 Cadton Hayes Mental Health Charity 3,763 36,000 34.675 5,088 Funds held for other charitable instilutions 1,420 1,308 304 2,424 Leicester Children's Aid Association 3,837 3.351 4,184 3,004 Other fijnds held for distribution to the needy 128.570 1.467.055 1.319.480 276.146 Local Authorities and CCGS 27,690 27.690 £137.590 £1.535.404 £1.386,332 £286,662 30
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2024 15 Restrlcted funds (continued) The Carlton Hayes Mental Health Charity makes grants for people in need living in Leicestershire and Rutland who are experiencing mental health problems The funds held for other charitable institutions are block grant arrangements with companies and individual donors which help institutions engaged in charitable activities Leister Children's Aid Associats'on assists children and young people resident in the city of Leister under the age of 18 with grants to promote their education and vRlfare. Leicester City Council and Leicestershire County Council support the activities of the charity in order to reduce poverty and distress in Ihe city of Leister and county of Leicestershire respectively. The three Clinical Commissioning Groups operats'ng in Leicestershire and Rutland support the activities of the charity in seeking out funding for equipment, aids and adaptions that help disabled people to retain their Independence. 16 Analysis of net assets betwèen funds Group Unrestrictad fund Restricted Fund Deslgnated Funds Endowment Funds Total Funds 2024 Totsl Funds 2023 Fund balances at 31 March 2024 ar• r•presented by: Tangible fixed 127.839 assets Investments Current assets Cr8ditors'. amounts falling due withln one year Creditors: amounts falling due after on8 year 127.839 143,095 73,724 2,263 73,724 864,324 (184,532) 70,851 864,616 {185,937) 359,620 (121.129) 277,441 {63,403) 225.000 (11,000) £366.330 £214,038 £225,000 £75.987 £881,355 £881,625 Company Fund balance5 at 31 March 2024 are representsd by: Tangible fixed 127.839 assets Investments Current assets Creditors: amounts falling due within one year Creditors: amounts falling due after one year 127.839 143,095 100 311,797 {73.406) 73.724 2,263 73,824 816.501 (136,809) 70,951 852,131 (154.001) 277,441 (63.403) 225.000 (11.000) £366,330 £214,038 £225.000 £75,987 £881,355 £901.176 31
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2024 Endowment Funds 2024 Total Funds 2024 Total Funds 2023 Unrealised gainsl(losses) Included abovo: On investments (see below) 4,558 4,558 Roconciliation of movements In unreallsed Galnsl(losses) on Inveslment assets Unrealised gains at 1 April 2023 883 883 9,915 Deduct in r8spe¢t of disposals in year (371) (371) (9,915) 512 4,046 512 4.046 Net increase arising in year 883 Unrealised gain 31 March 2023 £4,558 £4,558 £883 17 Endowment funds The Endowment Funds relate to Leicester Children's Aid Association which was transferred Into the Charity on 29 October 2007 together with the net fijnds of Connection. another locally based Charity which merged with Leicester Children's Aid Association in 2008. 18 Designated funds The designated property fvnd is to be used for the purpose of purchasing freehold office accommodation for the Charitywhèn the lease on its current premises comes to an end in 2034. During the year£25,000 was transferred to the fund. 19 Related Party Transactlons During the year, administration fees and grants W8r8 received from the following charities in which some or all of the Trustees of L8i¢ester Charity Organisation Society are also Trustees: _ 2024 2023 Leicester Indiggnt Old Age Society The Mansion Trust {UK) The Nicholson Memorial Fund (Ros8hill Trust) R Daphne Plunket Charitable Trust Edward Wood Poor Widows Alderman Newton's Educational Foundation 7.112 3.606 11.680 73.786 1.793 17,798 7,065 3.088 15.914 104,283 4,636 24.875 32
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2024 At the year end the charity was owed £2,095 by the Mansion Trust (UK). £1 by R Daphne Plunket Charitable Trust (2023 - £2,436) and £nil by The Nicholson Memorial Fund (2023 - £1,469) There was no trustee's remuneration paid. 20 Transfer between funds During the year. Leicester Charity Organisation Soclety transferred £25,000 from the unrestricted fund to the designated property fund to be used for the purpose of purchasing freehold office accommodation for the Charity when the lease on Its current premises comes to an end in 2034. 21 Lease commllments The Group At the reporting end date the group had outstanding commltments for futur8 minimum lease payments under non-cancellable operating leases, as follows: 2024 2023 £49,896 £34,996 The Charity At the reporting end date, th8 company had outstanding commitments for future minimum18ase payments under non-¢an¢ellable operating18ases, as foll0v-. 2024 2023 £25,945 £11,045 22 Flnancial Guarante88 The Charitable company has guaranteed the lease payments of The Goods Depot Llmited on the leasehold premises from which that company operates. At 31 March 2024 the lease commitment amounted to £8,451. 23 Reconclllatlon of net Income to net cash flow from operations 2024 2023 Net movement in funds Depreciation of tangible fixed assets Loss on investments Investment income {In¢rease)ID8crease in stock Deceasel{Increase) in debtors (Decrease) in creditors (270) 15,256 (3.029) (43,390) (2,969) 99,953 {12.405 232.355 15,256 3,034 (22,479) {4.171) 209,593 44,716 Net cash inflowl{oufflow) from op8rations £53.146 £388,872 24 Anatysis of changes in net funds The charity had no debt during the year. 33