Charity Reglstration 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 2025 SOMERBYS LIMITED CHARTERED ACCOUNTANTS 30 NELSON STREET LEICESTER LE17BA
LEICESTER CHARITY ORGANISATION SOCIETY CONTENTS Page Legal and administrative details Trustees, report 3-10 Auditorfs report Consolidated Statement of Financial Activities 15-16 Consolidated Balance Sheet 17 Company Balance Sh881 18 Consolidated Statement of Cashfiows 19 Notes to the accounts 20-38
LEICESTER CHARITY ORGANISATION SOCIErY LEGAL AND ADMINSTRATIVE DEfAILS Trustees A H JaNis (Treasurer) G Oliver (Chainnan) C A Pharoah C E Smith Prof S M Shama CTSaul C E Shevas H Sahota B Sturgess (appointed 10 September 2024) Chief Exècutive Officer (CEO) Mrs S McEniff Secretary Mrs S McEniff Charlty number 1078271 Company number 03761954 Registered office and principal address 20a Millstone Lane L8iC8St8r LE15JN Auditor Som8rbys Limited Chartared Accountants ststutory Auditor 30 Nelson Street Leicester LE17BA Bankers Lloyds Bank PLC 7 High Street Leicester LE19FS Investm•nt Advlsors Rowley-Turton (IFA) Limited Charnwood House Harcourt Way Meridian Business Park Leicester LE19 1WP Subsidlary Und•rtaking The Goods Depot Limited Sandown Court Slation Road Glenfield Leicester LE3 8BT
LEICESTER CHARITY ORGANISATION SOCIETY LEGAL AND ADMINSTRATIVE DETAILS Linked Charity . The Edward Wood Fund 208 Mlllstone Lane Leicester LE15JN
LEICESTER CHARITY ORGANISATION SOCIETY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their report and financial slatements of the charty for the year ended 31 March 2025. The trustees have adopted the provisions of the Ststement of Recommended Practice (SORP) 'Accounling and Reporting by Charities, (FRS 102) in preparing the annual report and financial ststements of the charity. The financial ststements have been prepared in accordance with the accounting policies set out in the rteS to the accounts and comply with the charlty's goveming documents, the Charities Act 2011 and Accounting and Reporting by Charities. Statements of Recommended Practice applicable to charitres preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Administrallon Detsils Leicester Charty Organisation Society, known as Charity Link. is a ragistered Chaiity and a Company limbted by guarantee. The liability of members is limited to £1 per m8mber in the event of winding up. Its registered office is as shown on Page 1 . The Directors, who act as Trustees, are shovm on Page 1 together with the names of thè princtpal external advisors. Structure. Govemance and Management Th8 goveming document of the Charity is the Memorandum and Articles of AssoGiation incorporated on 28 April 1999 and amended by a special resolution on 30 October 2006. Organlsation A board of Trustees, who meet quarterly, administer the Charity- A Chief Executive Officer (CEO) is appointed by the Trustees to manage the day-to4ay operations of th8 Charity. Gov•rnance The Board of Trustees is committed to good governance and has adopted the Charity Governance Code. The Trustees believe that strong govemance is ess8ntial for the effective operation of the Charity and the trust of donors and beneficiaries. As part of this commitment, the Trustees have taken steps to comply with the principles and recommendations outlined in the Code and will continually assess and improve govemance practices in line with the Code. Progress continues to be made to comply with the Code, and this progress is assessed by the Strategy & Govemance Working Group and presented to the Board of Trustees on an annual basis. Linked Charlty The Edward Wood Fund was established by Sir Edvmrd Wood's will. proved on 23rd January 1918 and the goveming scheme on the 8 July 1966. as amended by section 74c resolution dated 26th January 2010. The Edward Wood Fund indudes two funds: Ihe Edward Wood Poor Widows House Renl Assistan Fund (209464-1), which supports poor w5dows living in the City of Leicester whose youngest child has not reached the age of 16 years, by way of annual pensions, and the Leicester Charity Organisation Society Fund, to apply the income forthe general purpose of Leicester Charity Organisation Society (1078271). In 2009, the tnjsteeship transferred to Leicester Charity Organisation Society (209464>, and on 20th December 2024, the Edward Wood Fund was fomially linked with Leicester Ch8rÉty Organisation Society {1078271) as approved by the Charity Commission. The yearond 31st March 2025 results of the Edward Wocmj Fund have been consolidated within the group accounts of Leicester Charity Organisalion Society (1078271). The Trustees have ensured that the activities. achievements, and performance of the Edward Wood Fund are appropriately reflected in the
LEICESTER CHARrrY ORGANISATION SOCIETY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 consolKlated accounts and narrative reporting. The Fund continues to operate in accordance with its original objectives. Policies andpmc•dures for Induction and training of Truste The Chair would like to express deep appreciation for the dedication and expertlse of all ttustees. especially those who have serrfed for over nine years. Their long-term commbtment has been instrumental in guiding the charity through various challenges and opportunities. and their contributions are greatly value¢J. The breadth of their experience has provided invaluable continuity and insight into the charity's strategic direclion. In recognition of the need for fresh perspectives and additional expertise. the Board of Trustees is actively recruiting new trustees lo complement the existing skill set and strerothen governance futher. This ongoing process ensures that the Board remains well-equipped to meet the charivs future needs while maintaining a high stsndard of govemance and accounlabilty. The Trustees have agreed lo a transparent and open recruitment process to encourage equality, diversty. and inclusTon within the Board of Trustees. Additionalty, the Board acknowledges the importance of succession planning to ensure a smooth transition and continuty in leadership. The charty has established a process for the recruitment. inducllon. and training of newly appointed trustees. This process ensures that all trustees are fulty informed of their legal obligations under charity law and company law, as well as the govemance and operational responsibilities associated with their role. Each new truslee has access to induction materials, which include the charitvs goveming documents, recent financial stat8ments, key policies. and procedures, as woll as information on the charty's strategic obiectives and current activities. Furthemiore, new trustees attend a series of briefings wtth senior staff to familiarÉse themselves with the charity's structure, operations, and key risks. Employ•es The trustees are hugely grateful for the hard work, dedication, and commitment of all m8mbers of slaff throughout the year in achiaving the charitsbk objects and mission. As the charty navigates a peritsj of succession. transformation, and modemisation to better senie our beneficiaries. the staff m8mb8rs have embraced this era of change and innovation. The trustees remain committed to supporting and empowering staff, fostering a positive and productive working environment where they can thrive and contribute to the charity's mission. Together, we will continue to work towards achieving the charitys long-temi goals, respond to challenges and opportunities, and deliver meaningful impact in the comrnunities we serve. Relatedparties The Charity has common key personnel with R Daphne Plunket Charitable Trust, Leicester Indigent Old Age Society and the Mansion Trust (UK). Charity Link administers these charities. All other related parties and transactions can be found in nole 19 of the Financial Ststements. Risk factors The trustees are committed to ensuring that effective risk management systems are in ptace to identify. assess. and manage the key risks facing the charity. The major risks to which the charity is exposed. as idenlified by the trustees. have been reviewed, and systems or procedures have been established lo 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 lo mitigate the identified risks. By maintaining robust int8mal contrds and reviewing the effectiveness of risk management stralegies, the trustees aim to protect the charity's assets, reputation, and the delivery of its charitable objectives.
LEICESTER CHARITY ORGANISATION SOCIETY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 Remuneration The trustees have established a remuneration policy that ensures salaries and benefits for the chaiity's staff are fair. competitive. and aligned with the charity's values and objectives. The Finance and Remuneration SUCoMmittee review remuneration annualty. tsking into account markel benchmarks. the chaiity's financial perfOrnan. anij the need to retain and attract skilled staff. Recommendations are made to the Board of Trustees and the Board of Trustees is responsible for adopting those recommendations. As the cost of living continues to rise, Ihe Trustees have reviewed salary levels to include an infiationary uplift in salaries which would ensure that all staff members are above the Real Living Wage. The Trustees believe Ihis demonstrates their commitment to the stsff team, but also helps maintsin a motivated and stable workforce, ultimately contributing to the continued success of our charitabl8 6ndeavours. Objectives and Adivltlos The Charitys objécts are to relieve povety and the distress arising therefrom, including but not exclusively by: the provision of charitable and other grants. the provision of welfare beneffts 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 charities in conducting their affairs. to facilitate c(Foperalion between charities and other welfare agencies. to influence social policy makers and service providers. Charitys aims Our wsion.. Everyone, irrespective of circumstances. has th8 Opportunity to fvifil theirpotentlal in lrfe. OUrpu0$e.' To provide timely. targ8ted and appropriate as&'stance in times of crisis or hardship. Our beliefs.. Everyone has a right to 8 Standard of living where they are dry, wam7, Clean, safe and can feed themselves Financial or practlC81 support at a time of crisis or hardship can make a difference to people's well- being, health and th6ir future We'll be most effective and efftient by w01ng in collaboration w.th other organisations Strategies to achieve main objectives for the year The strategies employed to assist the Charty to meet these objectives included the following: providing charitable grants to individuals in need providing charitable grants to projects working with disadvantaged people working in partnership wilh other agencies to maxirnise financial help available to beneficiaries modernising and streamlining systems and processes outreach and Gommunty development
LEICESTER CHARITY ORGANISATION SOCIETY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 Griteria by which Charity measures its succe&s. The Charity measures its Success in the reporting period by reference to the achievement of grant income. expanditure control, the number of referrals and the social Impact which ts work has on beneficiaries and delivery of KPIS relating to partnership projects. Grant making policy. The Charity receives referrals from health. social care and educational agencles, charities. and individuals. It raises grants to meet the needs of the most needy and vulnerable people in the community by raising funding from an in-house portfolio of funds, and accessing grants from national charities. benevolent and Ixcupational funds. Significance of volunteer staff 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. During this period, the charity was pleased to support three work-placement volunteers who contributed to the vital work and gained valuable insighl into the sector, The Trustees would also like to Ihank Iwo regular volunteers who made significant contributions to the work of the charity. Additionalty, the charity would like to extend its gratitude to all the volunteers who support events, particularly the L8icestershire Three Peaks challenge, making this event such a success. Public benefft The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. 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 thé aims and objectives they have set. The Trustees ensure that these activities ara carried out for the public ban8fit by delivering services that are valued by the people we support and enable those with responsibility In the sector to develop and adopt besl practice, thereby promoting a transparent and efficiently managed charity that engenders public confidence and trust. Achievements and Performanc• The Trustees, primary focus is to ensure the delivery of the Charity's objectives and mission during a period of change and uncertainty. To achieve this, th8 Charity musl remain financially stable while being able to respond to the needs within the community and wider external factors. In previous years, the Charity has been supported and distributing the Household Support grants scheme on behalf of Leicester Cty Council. However, due to uncertainty regarding the continuation of the scheme. il was managed solely by Leicester City Council during the period. This had a direct impact on the overall grants awarded, which amounted to £1,094,908 at the year end of 2025, compared to £1,612.639 in th8 previous year. The number of direct charitable awards to individuals decreased to 6,559 during the period, compared to 7,953 in the previous year. It should also be noted that the grant programme funded ft)r a fth year by Octopus Energy as part of the Warm Homes Initiative saw funding increase to respond to the ongoing cost of living crisis and needs within the community. Ourthanks go to all those charities, local authorities, companies, and individuals which helped us support the most vulnerable members of our community Ihrough another challenging period.
LEICESTER CHARITY ORGANISATION SOCIETY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Charity has achieved significant milestones in the past year. We closely monitored performance against targets for funding received under grant agreements with local authorities and the Integrated Care Board. Our proactive approach in driving for*vard a digital roadmap and modemising systems and processes has improved effiGiencies and increased the overall impact of our work. Despite external challenges such as the continued insecuiity over funding from local authorities. the NHS Leicester, Leicestershire and Rutland Integrated Care Board, and a difficu fundraising landscape. the Charity has made notable progress. The charity actively advanced a Casework strategy to increase awareness and reach targeted beneficiaries. Additionally, we initiated two collaborative projects during the period to influence trauma-informed welfare provision and facilitate a pilot lo improve the exchange of information and support the beneficiary journey. Ttr trading arm, Th8 Goods Depot Limited. which, opened in 2019 to supply Iow-COSt domestic appliances to the Charity's b8neficiaries. remained operational throughout the year. The objectlves of The Goods Depot Limited are to assisl a greater number of Servi users, expand businoss to business extemal sales and improv8 the Charty's environmental impact. Profits from the subsidiary company are gifted to the Charity to contribut8 to long-term suslainability. The Twst Administration S8rvice activety implemented a successful business plan to enhance awareness and client base, enabling not-for-profit clients to benefft from its expert services in charty management, govemance, derkship, and grant management support. This initiative was aimed at Istering the sustainability of th8 charity. As a result, administration fees for the period amounted to £132,198, compared to £111,283 in 2024. 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 targét of £250,000 for the general administration of the Charity was set for the year. This was achieved during the financial year due to the dedicated efftjrts of our fundraising team and the generous support of our donors and community partner5. Investment policy The Trustees have the power to invest in such assets as they deem appropriate. As pemitted by the Charivs Memorandum and Articles of Association, the Trustees have given the investment managers discretion lo manage the portfolio within an agreed risk profile. The Finance & Remunerations Sub- Committee meet every 6-months to monitor the investment portfolio perfonnance. Investment income The income from the Leicester Children's Aid Association investments is distributed by the Charity to assist childTrn in need in the area of benefit of the Association. thus meeting its charitsble objects. Those funds conlribute 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.
LEICESTER CHARITY ORGANISATION SOCIETY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 Financial Révi•w Accounting Year The Charity has prepared accounts to 31 March 2025. Review of activities During the year the Charity had total incoming resources of £1,682,692 {2024.' £1,835,882) and there was a net increase in funds of £323,020 (2024: decrease £270) largely due to the introductlon of Ihe Edward Wood Fund into the Charity. Th& total restricted funds at the end of the period amounted to £465.108 (2024: £214,038), endowment funds amounted lo £76,930 {2024: <£75,987) and unrestricted funds (not designated for specrfic purposes) amounted to £412,337 (2024: £366,330). Note 16 to the accounts shows unrestricted fixed assets of £112,583 (2024: £127.839),' free reserves, as defined by SORP 2015, were, therefore, in surplus by £299,754 after taking account of the pension deficit liabilty of £21,500 (2024: £238,491 - deficit after pension d8ficÈt liability of £11.000). ReseNes policy It is the policy of the Charity that free reserves should be maintained at a level equivalent to slx months, unrestricted expenditure. The Truslees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able lo continue the Charity's current activities while consideration is given to ways in which additional funds may be raisad. It is the aim of the Charty that a sum be added lo a designatsd propety nd in each year provided thal a Sufflent operating surplus or free resetves warrant this. This fund is to be used for the purpose of purchasing freehold office accommodation for the Charty when the18ase 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 funding sources Aside from funds secured on behalf of service users, the principal sources in the year were income from fundraising and grant alded arrangements wth Leicester City Council, L8icestershire County Council and the NHS Leicester, Leicestershire and Rutland Integrated Care Board. Grants were also received from a number of local and national charities to assist with the running costs of the Charity. In meeting the key objectives of the Charity some £755,133 was paid by way of grants to service users and a further 205 grants totslling £339,775 were remitted directly by the donor charity to individual service users following referral by ourselves. Linked Cha17ty- The Edward Wood Fund The income of the Charity for the year was £7,738 compared with £8,734 in the prior year. There was a net increase in restricted funds amounting to £2,360 with the result that total funds available for distribution at 3181 MarGh 2025 amounted to £14.892. There was a net gain on the capital value of the investment portft)lio of £2,283 during the year. Total funds at the year-8nd stood at £197,557.
LEICESTER CHARITY ORGANISATION SOCIETY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 Plans for Future Years The Trustees have carefully considered the charitrfs strategic direction while addressing new and emerging opportunities and challenges in these uncertain times. During the year, the charity successfulty implemented a succession plan, strengthening the senior leadership team to meel strategic objectives and priorities. The Board of Trustees recognises Ihe commitment and dedication of long-standing Trustees. the importance of succession planning. and the need to balance this with new expertise and skills to enhance govemance structures. The Board of Trustees will offer an open and transparent recruitment path to associate members to attract candidates from a broader range of backgrounds. fostering personal development, further enhancing fresh perspectives and diversity of thinking. In the coming years, the charity plans to extend its Servi in the East Midlands, commencing with a small pilot project in Nottingham Cty to reach out to more beneficiaries who can access vital seNices. The charity is operatlng in challenging times, with The Goods Depot and Trust Administration Servlce being key to fiJture financial sustainability. While the fundraising climat8 and risks from the cessation of local authority funding present challenges, the charty will continue to grow the Trust Administration Service and Sle up the trading of The Goods Depot Limited to achieve sustainèd profrtability, ensuring both services continue to be net contributors to the Charity's operating incoma. The charity will build on the success of collaborative projects and a proactive Casework strategy to further develop strategic partnerships with other organisations. This approach aims to increase its reach wsthin marginalised communities and enhance the overall impact on beneficiaries and the wider communities we serve. The charity will continue to prioritise sustainable growth, modemising its operations and lev8raging téchnokjgy to streamline service provision across all areas to maximise charitable outcomes. As part of this strategy. the trustees have identtfied key priorities, including income generation, innovative sèrvice developmént, cyber-security. and embedding equality, diversity, and inclusion to create a fair and equitab18 working environment. Additionalty. the trustses are dedicated to strengthening the charitws governance, risk management, and financial stability to support its long-term objectives. The charity will continue to monitor external factors, such as economic conditions and changes in regulatory requirements, to adapt its plans as necessary. ststement of Trustees. Responsibilities The Trustees (who are also directors of Leic8Ster Charity Organisation Society for the purposes of company law) are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Apted Accounting Practice) Company law requires the Trustees to prepare financial statements for each financial year. which gNe a true and fair view of the state of affairs of the charitable o)mpany and the group and of the incoming resources and application of resources. including Ihe 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 (FRS 102>,. make Judgements and estimates that are reasonable and prudent:
LEICESTER CHARrrY ORGANISATION SOCIErY TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 stste whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial ststements. prepare the financial ststements on the going COnM basFS 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 disclose 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 comply wilh the Companies Act 2006. They are also 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 Trust88s are aware.. there is no relevant audit infomiation of which the group's audilor is unaware. and the Trustees hav8 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 infomation. The Trustees are responsible for the maintenance and integrty of the corporate and financial information included on the group's website. Legislation in the United lfjngdom goveming the preparation and dissemination of financial ststèments may differ from legislation in otherjurisdictions. Audltor A resolution proposing that Somerbys Limitsd b8 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 behaff of the board of Truste8S. George Oliver (Dec 1, 2025 13'.56.'33 GMT) G Ollver 25 Novemb•r 2025 10
LEICESTER CHARITY ORGANISATION SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTER CHARITY ORGANISATION SOCIETY Opinion We have audited the financial statements of Leicester Charity Organisation Society (the parent company its subsidiary and linked charity) for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, Consolidated and Parent Charttable Company Balance Sheet, Consolidated Statement of Cash Flows and related notes to the financial statements. including a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Finandal Reporting Stsndard 102 The Finanual Reporting Standard appJiGable in the UK and Republic of Iland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a Irue and fair view of the state of the group's and parent charitsble company's affairs as at 31 March 2025, and of its incoming resources and application of r8sources 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. Basls lor opinion We conducted our audit in accordan 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 audil of the financial statements section of our report. We are independent of the Charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial statements, we have concluded thal the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on Ihe charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 11
LEICESTER CHARITY ORGANISATION SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTER CHARITY ORGANISATION SOCIETY (CONTINUED) Other inforniation The trustees are responsible for the other informalion. The other information comprises the information included in the trustees. annual report. other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and. except to Ihe extent otherwise explicitly slated in our report, we do not express any fOn of assurance conclusion thereon. In connection with our audil of the financial statements, our responsibility is to read the other inforniation and. in doing so. consider whether the olher infomiation is materially inconsistenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misststements, we are required to detennine whether there is a material misstatement in the financial slatements or a malerial misstatement of the other informalion. If. based on the work we have performed. we conclude that there is a material misstalement of this other informalion, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companles A¢t 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trusteas, report (incorporating the directors. report) for the financial year for which Ihe financial stat8m8nts are prepared is consistent with the financial statements; and the trustees, report has been prepared in accordance viith applicable18gal réqulrements. Matters on which we are required to réport by exception In the light of our knowledge and understanding 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. We have nothing to report in respecl of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept by the parent charitable company or the group. or returns adequate for our audit have not been reiVed from branches not visited by us- or the parent charitable company's and group's financial ststements are not in agreement with Ihe accounling records and returns- or certain disclosur8s of directors, remuneration specified by law are not made; or we have nol receFved all the informalion and explanations we require for our audit; or the trustees vrfere not entitled to prepare the financial statements in accordance with the small companies. regime and take advantage of the small companies, exemption in preparing the trustees, report. 12
LEICESTER CHARrrY ORGANISATION SOCIETY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTER CHARITY ORGANISATION SOCIETY Responslbllltles of trustees As explained more fully in the trustees, responsibilities slatement set out on page 9 and 10, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of financial ststements and for being satisfied that they give a true and fair view. and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatemenl. whether due to fraud or error. In preparing the financial statements, Ihe trustees are responsible for assessing the charitable company's ability to continue as a going concem, discbsing, as applicable, matters related to going concern and uslng the going concem basis of accounllng unless the trustees either intend to liquidate the charitable Company or to cease operations. or have no realistic alternatNe but to do so. Auditorfs responslbllltles for the audlt of the financlal statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whéther due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misststement when it exists. Misststements can arise from fraud or error and are considered material if, individualEy or in the aggregate. Ihey could reasonably be expected to influence the economic decisÈons of users laken on the basis of these financial statements. Irregularities, including fraud, are inslances of non•compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatsments in respect of irregularities. induding fraud. The extent to which our procedures are capable of detecting irregularities. including fraud, is detailed below. The risk of not detecting a material misststement resulting from error is considered to be low. The risk of not détècting a material misstatement resulting from fraud is higher. as fraud may involve collusion. forgery, intentional omissions. misrepresentstions, or the override of internal controls. In th& context of Leicester Charity Organisation Society, we have not identrfied any specific laws and regulations olher than general commercial laws and regulations, such as: Companies Act 2006; Charities Act 2011: Charity Commission guidance; Health and Safety legislation; GDPR and èmployment law. Our understsnding of the legal and regulatory framework applicable to Leicester Charity Organisation Society and how the charitable company has complied with its obligations has been obtain8d by enquiry of management and those charged with governance. As part of our enquiries. we have discussed policies and procedur8s on compliance with laws and regulations and whether any instsnces of non-compliance have occurred. Our understsnding of the charitsble companvs policies and procedur8s on fraud risk has been obtained through enquiry with management as to the control activiti8s, op8Tational systems 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 wtlh lavrfs and regulations. During our audit work there were no significant instan¢es of non-compliance identified. In response to the audit risks identified in respect of irregularty and fraud, we have undertaken the following procedures: Enquiry of managemènt, and those charged with governance around aclual and potential litigation and claims. 13
LEICESTER CHARITY ORGANISATION SOCIErY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTER CHARITY ORGANISATION SOCIETY (CONTINUED) Enquiry of management to idenlify any instances of rbon-compliance with 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 lo supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, including through testing joumal entries and other adjustments for appropriateness. and evaluating the business rationale of significant transaclions outside the normal course of buslness. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's vb$ite at: www.frc.org.uklauditorsresponsibilities. This description fonns part of our auditorfs report. Use of our report This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitabb company's members those matters we are required lo stale to them in an auditorfs report and for no other purpose. To Ihe fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Marcus Dockerty FCA FCCA {Senlor Statutory Audltor) For and on behalf of Somerbys Llmlted Chartered Accountants Statutory Auditor 30 Nelson Street Leicester LE17BA 14
LEICESTER CHARITY ORGANISATION SOCIETY GROUP STATEMENT OF FINANCIAL ACTivmES INCLUDING INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 MARCH 2025 Current year Unrestrlctod Funds Restrlct Funds Deslgnated Endowm•nt Funds Funds Total 2025 Notes Income from: Volunlary Income Administralion fees Investrnent inrne Funds from Linked Charity Incoming resources from charilable acllvltles 312.911 130.344 49,711 804.770 1,117,681 130,344 60,734 193,870 11.023 193,870 121.547 23,606 145,153 other tradlng income 34,910 34,910 Totsl Income 649.423 1,033,269 1,682,692 ndlture on: Raising funds 106,968 499 107.467 Charitablo Activity Relief of poverty 449,948 783.983 1.233,931 Total expendlture 556.916 784,482 1,341,398 Reallsed gainl(loss) on Investm8nt assets Unrealised gainl(loss) on investment assets 16 2.283 943 3.226 Net Incomel{expendlture) 92.507 251.070 344.520 Transfers between funds 20 25,000 67,507 25,000 25,000 251,070 943 344.520 Other recognlsed galns and losses Pension deficit adlustment 14 (21,500) (21.500) Net movement In funds 46,007 251,070 25,000 943 323,020 Fund balances at 1 April 2024 366,330 214.038 225,000 75,987 881,355 Fund balanus at 31 March 2025 £412.337 £465.108 £250.000 £76,930 £1,204,375 All income and expenditure is derived from contirbuing activities. The statement of financial activities includes all gains and losses recognised during the year. See page 16 for corresponding figures for 2024. 15
LEICESTER CHARITY ORGANISATION SOCIETY GROUP STATEMENT OF FINANCIAL ACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 MARCH 2025 Prior year Unrnstricted Funds Restricted Funds Doslgnated Endowment Funds Funds Total 2024 Notes Income from: Voluntary Income Administration fees Investrnent income 271.288 111.283 39.783 1,210,924 1.482.212 111,283 43,390 3.607 Incoming resources from charilable a¢tlvltles 145,417 23.835 169.252 Other tradlng actlvities 29,745 29.745 Total income 597,516 1.238,366 1.835,882 nditure on: Raising funds 91.511 461 91,972 Charltsble Actlvity Relief of poverty 436.290 1,310.529 1,746,819 Total expenditure 527,801 1.310.990 1.838,791 R8alised gainl(loss) on Investment ass8ts Unrealised gainl(loss) on investment assets {1.017) (1,017) 16 4,046 Net In¢omel(expendlture) 69,715 (72,624) 3,029 120 Transfers between funds Transaction 20 (25,000) 90 44.325 25,000 390 (270) <72,624) 25,000 3,029 Other reGognlsed galns and105ses Pension deficit adjustment Net movement In funds 44.325 (72,624) 25.000 3.029 (270) Fund balances at 1 April 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 expenditur8 is derived from continuing activities. The statement of financial adivities includes all gains and losses recognised during the year. 16
LEICESTER CHARITY ORGANISATION SOCIETY CONSOLIDATED BALANCE SHEEr AT 31 MARCH 2025 Graup Notos 2025 2024 Fixed assets Tangible assets Investments 112,583 255,576 127,839 73,724 10 368.159 201,563 Current assets Stod( Debtors Cash at bank and in hand 19,518 38.399 919.286 21,003 102,361 740,960 12 977,203 864,324 Creditors: amounts falllng due within on• year 13 127.487) (184,532) Net current assets 849,716 679,792 Cr•dltors: amounts falling due after one year 14 (13.500) Total assets £1,204.375 £881.355 Capital fund Endowment Designated funds 17 18 76,930 250.000 75,987 225,000 Income funds Restricted funds Unrestricted funds 15 465,108 412,337 214,038 366.330 £1.204,375 £881,355 Thèse 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 25 November 2025 Signed on behalf of the Trustees, G Ollver Chalrman George Oliver IDec 1, 2025 13'.56.'33 GMT) Company Registratlon No. 03761954 17
LEICESTER CHARITY ORGANISATION SOCIETY BALANCE SHEET AT 31 MARCH 2025 Company Notes 2025 2024 Fixed assets Tangible assets Inveslments Investment in subsidiary 112.583 74.667 100 127,839 73.724 100 10 10 187,350 201,663 Current assets Debtors Cash at bank and in hand 12 29.557 872.048 120,126 696,377 901,605 816,503 Creditors: amounts falling due within one year 13 172.697) (136,811) Net current assets 728.908 679,692 Creditors: amounts falllng due after one year 14 (13,500) Totsl assets £902,758 £881,355 Capital fund Endowment Designated funds 17 18 76,930 250,000 75,987 225,000 Income funds Restricted funds Unrestricted funds 15 267.551 308,277 214.038 366.330 £902,758 £881,355 These financial statements have been prepared in accordance with the provisions to companies subjecl to the small companies girne. These accounts were approved by the Trustees on 25 November 2025. Signed on behalf of the Trustees. George Oliver {Dec 1, 2025 13'.56'.33 GMT) G Oliver Chalmian Company Registratlon No. 03761954 18
LEICESTER CHARITY ORGANISATION SOCIETY STATEMENT OF CONSOLIDATED CASHFLOWS YEAR ENDED 31 MARCH 2025 Notes 2025 2024 Cash flow from operatlng actlvltles Cash generatedl(used) in operations 23 117.592 53.146 Net ¢ash flow from operating activities 117,592 53,146 Cash flow from Investing activities Payments to acquire investments Receipts from sales of investments Investment incom8 r6c8ived (30,513) 30,669 43,390 60,734 Net cash flow from investing actfvttles 60.734 43,546 Net Increase in Cash and cash equivalents 178.326 96.692 Cash and cash equivalenls at l April 2024 740,960 644.268 Cash and cash equivalents al 31 March 2025 £919,286 £740,960 Cash and cash equlvalents conslsts of: Cash at bank and in hand 919.286 740,960 Cash and cash equivalents at 31 March 2025 £919.286 £740,960 19
LEICESTER CHARrrY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2025 1. Accounting Policies Charjty Inforniation Leister Charity Organisation Society Limited (the Charitable Company} is a charity incorporated in England and Wales. The Registered Office is 20a Millstone Lane, Leicester, LE15JN. The group consists of Leicester Charty Organisation Limited and its subsidiary undertaking, The Goods Depot Limited. 1.1 Accounting conventlon The charity constitutes a public ben8fit entity as defined by FRS 102. The financial ststements have been prepared in accordance with Account and Reporting by Charilies: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the Unit8d Kingdom and Republic or Ireland (FRS 102), the Companies Act 2006 and UK Generalty Accepted Accounting Practice. The financial statements of the group are prepared under the historical cost convention. modif18d to include listed investments at fair value. The financial statements are presented in sterling which ts the functional currency of the charity and Ihe group. The principal accounting policies adopted in the preparalion of tha financial stslements are set out below. These polictes have been consistently applied to all years presented un18ss otherwise stated. There have been no changes to accounting estimates during Ihe reporting year. The Charity has taken advantage of the small company provisions of the Companies Act 2006. 12 Golng concern The financial statements of the charity have been prepared on a going concern basis. The trustees have considered the expected level of income and expenditure for 12 months from authorising these finanaal 51atements. The trustees Consider that the budgeted incom6 and expenditure is sufficient with the level of reseNes for the charity to be able lo continue as a going concem. Subsidiary The financial statements of the Goods Depot Limited have been prepared on the going concem basis. The financial statements have baen prepared on this basis on the assumption of continued support of the Charity. 1.3 Recognition of income Incoming reSoUrS are included in the Statement of Financial Activities (SOFA) when the charty is legally entitled to the income after any performance conditions have been met, the amount can be measured reliabty, and it is probable that the income will be received. For donations to be recognised, the charity will have been notrfied of the amounts and the Settment date in writing. If there are conditions attached to the donation and this requires a level of perforniance befo entitlement can be obtained, then income is deferred unlil those conditions are fully met or the fuffilment of those conditions is wlthin the control of the charty and is probable that Ihey will be fulfilled. Grants and voluntsry inoome are recognised as incoming resouices when receivable. Defeffed income represents 20
LEICESTER CHARITY ORGANISATION SOCIErY NOTES TO THE ACCOUNTS {CONTINUED) YEAR ENDED 31 MARCH 2025 amounts received for future periods and is released to incoming resources in the year for which it has been received. Income from trading activities includes income earned from fundralsing events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raFse funds and is recognis8d when entitlement has occurred. Income from local govemment grants are recognised at fair value when the charity has entitlement after any perfomiance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. For legacies, entitlement is the earlier of the charity being notified of an impending distribution OT the legacy being received. At this point income FS re¢ognised. Investment income is recognised when the amount can be measured reliably. Income of subsidiary Tumover is recognised at the fair value of the consideration reIVed or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into accounts Irade discounts, settlement discounts and volume rebates. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of Ihe goods have passed to th8 buy8r (usually on dispatch of the gc)ods), the amount of revenue can be measured reliabty, it is probable that th8 economic benefrts associated with the transaction will flow to the enlity and the costs incurred or to b8 incurred in respect of the transaction can be measured reliably. 1.4 Expenditure recognltlon All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognized where there is a legal or constructive obligation to make payments to third parties. it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorized under the following headings: Costs of raising funds, which are the costs of gènerating incoming resources from all sources other than from charitable activities. Charitable activities, which are all the costs appli8d by the charity in undertaking its work to meet its charitable objectives. Grants payable to third parties are within the charty's objectives. Where uncondltional grants are offered. this is accrued as soon as the recipient is noiified of the grant, as this gives rise to a reasonable expectstion that the recipient will receive the grants. Where grants are conditional relating lo performance then the grant is only accrued when any unfulfilled are outside of the control of the charity. 1.5 Tangible flxed assets and depreclatlon 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 propety Fixtures. fittings & equipment Motor vehicles Straight line over the period of the lease 33/0 per annum of cost 330/0 per annum of cost 21
LEICESTER CHARITY ORGANISATION SOCIErY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 1.6 Impalrnient of fixed assets At each reporting period end date, the charitable company reviews the canying amounts of tsngible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists. Ihe recoverable amoLAnt of the asset is estimated in order to determine the exlent of the impairment loss (if any)- Where it is not possible to estimate the recoverable amount of an individual asseL the cornpany estimates the recoverable amount of the cash generating unit to which the asset belongs. 1.7 Fixed asset Investments Investments are stated at fair value at the balance sheet date. The SOFA includes 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 priceless costs to complete and sell. Cost comprises direct materials and. where appliable. direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are m8asured al the lower of cost and replacement cost, adjusted where applicable for any loss of service pot8ntial. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tenn liquid investments with original maturtties of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in cuThent liabilities. 1.10 Dèbtors and creditors receivablelpayable wlthin one y•ar Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction pric8. Any losses arising from impaimient are recognised In expenditure. 1.11 Penslons The Charity partakes in a multiomployer pension scheme for the benefrt of its employÉes which is independently administered by The Pensions Trust. The assets and liabilities of Ihe fund are detailed at note 14. In addition. the Group also operates a defined conlribution 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 sthedule 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 available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imp)sed by the donors or which have been raised by the Charity for specific purposes. The Costs of administering such 22
LEICESTER CHARrrY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 funds are charged against the sp8cific fund. The aim and use of each restricted fund is set out in the notes to the financial ststemenls. Endovrfment funds are retained for the benefit of the charity as a capital fund. The fund consists of investments that are used for the purpose of the charity. Designated funds are funds which a 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 Benefits When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the discounted amount expected to be paid in exchange for that seniice. 1.15 Leases Rentsls payable under operating leases. including any lease incentives received. are charged to profit or loss on a straight-line basis over Ihe term of the relevant lease except where another more systematic basis is more representative of the time pattem in which economic benefrts from the leases asset are consumed. 1.16 Governm•nt grants Government grants are recognized at the fair value of the asset r8c8iV8d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A granl Ihat specifies perfonnance conditions is r6cognized in income when the performance conditions are met. Where a granl does not specify performance conditions it is recognized in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognized as a liability. 1.17 Crltlcal accounting esllmatss and Judgements In the application of the group's accounting policies, the Irustees are required to make judgements. estimates and assumplions aboul the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual resutts 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 affects both current and future periods. Useful economic lives of tsngible assets The annual depreciation charge for langible assets is sensitive to changes in the estimated usefijl eGonomic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended wh8n necessary to reflect current estimales. based on technok)gical advancement. future inveslments, economic utilisation and physical condition of the assets. See accounting policy note {above) for the useful economic lives for each class of assets Support cost allocatlons: Support Costs are apportioned as they relate to rnore than one cost category (see note 5). 23
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 2 Voluntary Income Unrestrlcted funds Rèstrlcted funds 2025 2024 Core grants Donatlons, subscriptions and discounts received Income from fundraising Legacies 804.270 500 804.270 62,850 1.210,424 58,458 62,350 250.561 250,561 213.325 £312,911 £804,770 £1,117,681 £1,482.212 3 Investsnent in¢ome Unrestrlcted funds Rostricted funds 2025 2024 Rental income InGome from listed inveslmenls Interest receivable 14,800 219 34.692 14,800 11,199 34.735 14.800 4.536 24.054 10,980 43 £49.711 £11.023 £60.734 £43.390 4 Incomlng resources from charitable activitlOS 2025 2024 Grants recelvable for charitable actlvltles Unroslrlctod funds: L8icester Cty Councll L8ic8Stershire County Council Lloyds bank l Quetzal Wam) Homes Initiatlve 33.095 14.138 11,000 63,314 79.500 14,069 51,848 121,547 145.417 Restricted funds.. Leicester City Council Leicestershire County Council Lel¢esterlLeicestershire Integrated Care Board 13.723 5.862 4,021 13.883 5,931 4,021 23.606 23,835 £145,153 £169.252 The Charity receives income ffom local government lo assist individuals in identifying support funding to which they are entitled. 24
LEICESTER CHARrrY ORGANISATION SOCIErY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 Expenditure Staff Costs (note 7) Depreclatlon Other Costs (note 8> Totsl 2025 Total 2024 (note 9) Costs of generatlng funds: Fundraising and publicity 92,147 15,320 107,467 91,972 Charltable Activity- Relief of Poverty: Donations In klnd Inter-group transactions Grants payable (note 6) Employm8nt costs Administration costs 422,969 (638,419) 756,043 422,969 {638,419) 756.043 512,109 181,229 415,373 (575,862) 1,286,694 492.655 127.959 512,109 15.256 165.973 512.109 15.256 706.566 1,233,931 1,746,819 £604.256 £15,256 £721,886 £1.341,398 £1.838,791 6 Grants payable Grants to institutions- 4 (2024- 10 grants) Grants to individuals- 6,346 (2024 - 5,591 grants) Grants to Individuals- 8- Linked Charlty 2025 910 753,133 2,000 2024 3,683 1.283.011 {Link8d Charity) £756,043 £1.286.694 Grants to institutions 2025 2024 KEMP Hospice Pink Ribbon Donation P Hepworth- Just giving D Swannick - Just giving Cancer Research Yorkshlre Cancer Research LOROS Hospice Barnsley Hospi Katharlne House Hospice CILink - Just Giving For Charlle CILink- Asbestos Support D8mentia UK 200 410 200 100 170 178 65 115 245 110 1,300 500 500 500 £910 £3,683 In addition to the abov8 grants administered through the Society, a further 205 awards totalling £339,775 were secured on behalf of individuals and institutions. Th8S8 grants were remitted directly by the donors to the beneficiaries. 25
LEICESTER CHARITY ORGANISATION SOCIErY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 2025 2024 7 Employees Number Number Number of employees The average monthly number of employees durfng the year was: The number of part time employees was 22 18 22 18 Employment Costs Wages and salaries Social securty costs other pension costs 520,636 38,293 45,327 493,746 35,158 43,156 £604.256 £572,060 The number of employees whose annual remuneration was more than £60,000 per annum or was: 2025 Number 2024 Number £60,000 to £70,000 The Charity considers its key management personnel to consist of the CEO, Deputy CEO, Operations Manager and Finan Manager. The remuneration and benefits paid to these personnel totslled £167.846 (2024 - £170.433). None of the Trustees (or any person connected with them) received any remuneration during this year. Reimbursed expenses to trustees during the year amounted £nil (2024 - £nil). 26
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS {CONTINUED} YEAR ENDED 31 MARCH 2025 8 Other costs Fundralslng and publlclty 2025 2024 Promotion expenses Investment management fees 14,821 499 12,106 461 £15,320 £12.567 Administration costs Rent and rates Insurance Light and heat Repairs and maint8nan¢e Stationery Telephon8, intemet and fax Travelling expenses Legal and professlonal Sundry expenses RrUitMent expenses Subscriptions Bank charges Cleanlng Computer expenses Health and safety Staff training Postage AudIto8 remuneration 18.335 10,627 10.929 42.663 5,801 5,366 14,304 2,189 3,075 749 4,839 907 7.582 17.534 3,892 1.379 6.531 9.271 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 £165,973 £112,703 27
LEICESTER CHARITY ORGANISATION SOCIErY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 9 Group Tangible fix•d assets Leasehold property Flxtures Flttings & equipment Motor Vehicle Tolal Costlvaluation At 31 March 2024 Revaluationladditions Disposal 237.500 46,984 16.640 301,124 At 31 March 2025 £237,500 £46,984 £16,640 £301,124 Depreclatlon At 31 March 2024 Charge for the year Eliminated on revaluation Disposal 112,500 12,500 44.145 2.756 16,640 173.285 15,256 At 31 March 2025 £125.000 £46.901 £16.640 £188,541 Net book value At 31 March 2025 £112,500 £83 £Nil £112.583 At 31 March 2024 £125.000 £2,839 £Nil £127,839 Company Tangible fixed assels Leasehold property Flxlures Flttings & equlpment Total Costlvaluation At 31 March 2024 R8valuationladditions Disposal 237.500 46,984 284,484 At 31 March 2025 £237,500 £46,984 £284.484 D•pre¢latlon At 31 March 2024 Charge for the year Eliminated on disposal Disposal 112,500 12,500 44,145 2,756 156,645 15,256 At 31 March 2025 £125.000 £46,901 £171.901 Net book value At 31 March 2025 £112.500 £83 £112.583 At 31 March 2024 £125,000 £2,839 £127,839 28
LEICESTER CHARITY ORGANISATION SOCIEr NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 10 Investments Fixed ass•t Investments Group 2025 Group 2024 Charity 2025 Charity 2024 Investments 255,576 73,724 74.667 73,724 Movements In flxed asset investments Group Cost or valuation At 1 April 2024 Additions Net unrealised gain on revaluation Cost or valuation 31 March 2025 Investsngnts 73,724 178,626 3,226 £255,576 Historfcal cost 1 April 2024 and 31 March 2025 £236,732 Charity Cost or valuatlon At 1 April 2024 Net unrealised gain on revaluation Cost or valuation 31 March 2025 73,724 943 £74.667 Historical Cost 1 April 2024 and 31 March 2025 £69,167 29
LEICESTER CHARITY ORGANISATION SOCIErY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 All Investments were held in the Unlted Klngdom. The Trustees consider that there were no individual malerlal investrnents held at the end of the year. Listed investments are valued at market value at the year end. Subsidiary Details of the company's subsidiary at 31 March 2025 are as follows: Name of undertaking Registered office Company No Class of shares held % Held The Goods Depot Limited UK 11581108 Ordinary 100 Results for tho yoar Income Expenditure 673,329 (569,265) Profrt before taxation £104,064 Total Assets £123,027 Total Liabililies £18,863 11 Stocks Group 2025 Charity 2025 2024 2024 Goods for resale £19,518 £21,003 12 Debtors Group 2025 Charity 2025 2024 2024 Trdde debtors Income tax recoverable Amount owed by subsidiary undertaking Prepayments and accrued income 29,947 91,198 343 27.638 87,373 343 31.870 540 8,452 10,820 1,919 £38.399 £102.361 £29.557 £120.126 30
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 13 Credltors: amounts falling due wlthln one year Group 2025 Charity 2025 2024 2024 Trade creditors Taxes and social security costs VAT on sales Other creditors Amount owed to subsidiary company Accruals and deferred income Pension deficit 69,969 10,383 104,953 16,113 62.300 64,125 15,619 10,122 2,405 64.077 25.793 8.000 13,342 8.622 2.223 43,844 11,000 25.793 8,000 43,844 11,000 £127,487 £184,532 £172,697 £136,811 14 Penslon costs The Charlty The Charty operates a defined contribution pension scheme for all qualifying employees. The assets of the schemes are held separately from those of the Gharty in independently administered funds. The charity participates in a multi - employer scheme which provKles benefits to some 521 non-associated participating employers. The scheme is a defined benefft scheme in the UK. It is not possible for the charity to obtain sufficient informats'on to enab it to account for the scheme as a defined benefit scheme. Therefore. it accounts for the sch6me as a defined contribution scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. The scheme is classified as a 'last man standing arrangement.. Therefore. the charity is potentially liable for other participating employer's obligations rf those employers are unable to méet their share of the scheme deficit following withdrawal from the scheme. The last full actuarial valuation for the scheme was carried out 30 September 2023 showing a deficit and the trustees asked the participating employ8rs to pay additional contributions. 31
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 Seclion 28.11A of FRS 102 requires deficit recovery payments to be recognised as a liabilty. The movement in the provision is set out below. 2025 11,000 1.000 {12.000) 2024 25.000 1.000 {14,000) (1,000) Liabilty at 1 April 2024 Unwinding of the discount factor (interest expense) Deficit contributions paid Re-measurements- impact of any change in assumptions R&measurements - amendment to the contributions schedule 21.500 Balance sheel liability at 31 March 2025 Due within 1 year Due after l year 21,500 £11.000 8,000 £11,000 13,500 Amounts payable by instslments after 5 years This liabilty 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 Ihe def11 recovery payments: March 2025 March 2024 hlarch 2023 March 2022 Discount rate applied lo future recovery plan contributions due 4.84°/. 5.310 5.520 2.35°/0 32
LEICESTER CHARrrY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 15 Restrict•d funds Group 2025 Movement In funds Resources Expended Balance 1 April 2024 Incomlng Resource Galn on Investm•nts Balance 31 March 2025 Edward Wood Poor Widows. House Rent Assistance Fund and the Edward Wood Leicester Charfty Organisation Society Fund 201,608 6,334 2.283 197,557 Carlton Hayes Mental Heatth Charity 2.905 27,000 28.097 1,808 Covenants 741 610 910 Leicester Children's Aid Association 2.660 3.785 4.024 2,421 other funds held for distribution to the needy 207,732 776.660 721,511 262,881 Local authorities and ICBS 23,606 23.606 £214.038 £1.033.269 £784.482 £2.283 £465,108 33
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 15 Restrlcted funds Group 2024 Movement in funds Balance InGomlng 1 April 2023 Resource Resources Expended Balance 31 March 2024 Carfton Hayes Mental Heslth Charfty Funds held for other charitable institutions Leicester Children's Aid A$sratIOn Other funds held for distribution to the needy Local aLrthorities and ICBS 5.088 36,000 36,183 2,905 2,424 2.000 4.108 3,683 4,452 741 2.660 276,146 1.172.423 1,240,837 207.732 23,835 23,835 £286.662 £1,238.366 £1,310.990 £214,038 Charity 2025 Movement In funds Incoming Resources Resource Expended Balan¢e 1 Aprll 2024 Balance 31 March 2025 Carlton Hayes Mental H8alth Charity Funds held for other charitable Instltulions Ldcester Children's Aid Association (Xher funds held for distribution to the needy Local Authorities and ICBS 2.905 27.000 28,097 1,808 741 2,660 610 3.785 910 4,024 441 2,421 207.732 776,660 721,511 262,881 23,606 23,606 £214,038 £831,661 £778,148 £267,551 34
LEICESTER CHARITY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 Charity 2024 Movement In funds Incomlng Resources Resource Expended Balanc• Balance 31 March 2024 2023 Carlton Hayes Mental Health Charity Funds held for other charitable institutions Leicester Children's Aid Association Other fvnds held for distribution to the needy Local Authorities and ICBS 5.088 36,000 38,183 2,905 2.424 2,000 3,683 741 3,004 4.108 4.452 2,660 276,146 1,172.423 1,240,837 207.732 23,835 23,835 £286,662 £1,238,366 £1,310,990 £214,038 On the basis that it would not b8 practical to split the cost of the defictt reduction payments between current and historical restricted and unrestrictéd funds, all of the costs have been charged to unrestricted funds for this year and for previous years. The Edward Wood Poor Widows House Rent Assistsnce supports poor widows living in the City of Leicester whose younggst child has not ached the age of 16 years by way of annual pensions. and the Leicester Charity Organisalion Society Fund. to apply the income for the general purpose of Leicester Charity Organisation Society. The Carlton Hayes Mentsl Health Charty makes grants for people in need living in Leicestershire and Rutland who are experiencing mental health problerns The funds held for other charitable institutions are block grant arrangements with companies and individual donors which help institutions engaged in charitable activities Leicester Children's Aid Association assists children and young people resident in the city of Leicester under the age of 18 with grants to promote their education and welfare. Loicester City Council and Leicestershi County Council support the actlvitles of the charity in order to reduce poverty and distr8ss in the city of Leicester and county of Leicestershlre respectively. The thre8 Clinical Commissioning Groups operating in Leicestershire and Rutland support the activities of the ¢h8rity in Seeking out funding for equipm8nt, aids and adaptions that help disabled people to retain their independence. 3S
LEICESTER CHARITY ORGANISATION SOCIErY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 16 Anatysis of net assets between funds Group Unre$trlct•d fund Restrlcted Fund Designat•d Funds Endowment Funds Total Funds 2025 Total Funds 2024 Fund balance$ at 31 March 2025 are reprèsonted by: Tangible fixed assets Investrnents Current assets Credltors: amounts falling due within one year 112,583 112,583 127.839 180,908 406.747 74,667 2,263 255,575 977,204 73.724 864.324 318,194 250.000 (4,940) (13,500) (122.547> (127,487) (13,500) (184,532) Creditors: amounts falllng due after one year £412,337 £465.108 £250,000 £76,930 £1,204,375 £881,355 Charlty Unristrlct8d fund Restricted fund Deslgnated Funds Endowment Funds Total Funds 2025 Total Funds 2024 Fund balancos at 31 March 2025 are represented by: Tangible fixed assets Inv8strn8nts Current assets Creditors: amounls falllng due within one year Creditors: amounts falling due after one year 112,583 112.583 127,839 100 259,244 (50,150) 74,667 2,263 74.767 901.605 (172,697) 73,824 816,503 (136,811) 390,098 (122,547> 250,000 (13,500) (13.500) £308,277 £267,551 £250,000 £76,930 £902,758 £881,355 36
LEICESTER CHARITY ORGANISATION SOCIErY NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 31 MARCH 2025 16 Analysis of net assets between funds Icontlnued) Restrlcted Funds 2025 Endowm•nt Funds 2025 Total Funds 2025 Total Funds 2024 Unrealised gainsl(los$es) Included above: On investments (see below) 13,343 5.501 18,844 4,558 Reconcillation of movements In unrealised Gainsl(losses) on Investment assots Unrealised gains at 1 April 2024 4,558 4,558 883 Addition 11,060 11.060 2.283 11,060 15,618 3,226 371 512 4.046 4.558 943 Net increase arlslng in year Unrealised gain 31 March 2025 £13.343 £5,501 £18,844 £4,558 17 Endowment funds The Endowment Funds r81ate to Lelcester Children's Aid Association which was transferred into the Charity on 29 October 2007 together with the net funds of Connection. another lo¢ally based Charity whlch merged with Leicester Children's Aid Assodation in 2008. 18 Deslgnated funds The designated property fund is to be used for the purpose of purchasing freehold office accommodation for the Ch8rfty whèn the18as8 on its current premises comes to an end in 2034. Durlng th8 year£25.000 was transferred to the fijnd. 19 Related Party Transactions During the year, administration fees and grants were rec8ived from the following charities in which some or all of the Truste8s of Leicester Charlty Organisation Society are also Trustees: . 2025 2024 Leicester Indigent Old Age So¢i8ty The Mansion Trust {UK} The Nicholson Memorial Fund {Rosehill Trust) R Daphne Plunket Charitable Trust Aldeman Newton's Educational Foundation 5.608 3,108 22.288 128.061 16,616 7,112 3.606 11,680 73,786 17.798 At the year end the charity was owed £698 by the Manslon Trust (UK) (2024 £1,364). and £1,101 by R Daphne Plunket Charitable Trust (2024 - £2,627). 37
LEICESTER CHARrrY ORGANISATION SOCIETY NOTES TO THE ACCOUNTS {CONTINUED) YEAR ENDED 31 MARCH 2025 20 Transfer between funds During the year. Le1$ter Charity Organisation Soctety transferred £25.000 from Ihe unrestricted fund to the designated propety 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 commitments The Group At the reporting end date the group had outstanding commltments for future minimum lease payments under nOnncelIable operating leases, as follows: 2025 2024 £44.640 £34,396 The Charity At the reporting end date, th8 company had outstanding commltments for future mlnlmum lease payments und8r non-cancellable operating leases, as follows: 2025 2024 £19.873 £25.945 22 Flnancial Guarantees The Charitable company has guaranteed the lease payments of The Goods Depol Limited on the leasehold prernises from which that company operates. At 31 March 2025 the lease commitment amounted to £24,767. 23 Reconcillation of net Income to net cash flow from operations 2025 2024 Net movement in funds Depreciation of tanglble fixed assets (Gains)Ilosses on inv8Stments Investment income Value of funds from Linked Charity Movements in worklng capltal Cash from Linked Charity Decreasel(Increase) In stock Deceaselllncrease) in debtors Increasel{Decrease) in creditors 323.020 15,256 (3,226) (60,734) {193,870) (270) 15.256 {3,029) (43.390) 15.244 1,485 63,962 43,545 (2,969) 99.953 12,405 Net cash inflowl(oufflow) from operations £117,592 £53.146 24 Analysis of changes In net funds The Charity had no debt during the y8ar. 38