Charity Registration No. 1086045 THE LEONARDO TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 . HILLOSBORNE CHARTERED ACCOUNTANTS & BLISINESS ADVISERS THE LEONARDO TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustèes B. Da¥is A.L. Dixon L.J. Olivei B Cole S. Clifford N. Beckley J. Menhenrtt M. Sohorye {Appoinled 5 September 20231 (Appointed S September 20231 (Appointed 5 September 20231 Charity number 1086045 Prlncipal address 5 Dunyeals Road Broadstone Dorset BH188AA Independent èxaminer Hill Osborne Tower HoLFse Park5tone Road Poole Doiset BH15 2JH THE LEONARDO TRUST CONTENTS Page Trvslees, report Statement of truslees. responsibililies Independent examinè¢s report Statement of finanryal activit￿￿9 Balaneè sheet Notes lo the finan(ial statements 9-16 THE LEONARDO TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their ￿port and finanryal Statèments for the year ended 31 March 2023. The financial 5tatetnents have been prepared in accordance wilh the accounting poliaes set out in note 1 to the financial slalemenls and comply with the chaiity's deed of trust, the Charities Act 2011 and "Acwunting and R6POrting by Gharitie5". Statement ol Recommended Piactice applicable to charities preparing Iheir 8¢counts in accordance with the Financial Reporting Standard applicable in the UK and Rèpublic of Ireland IFRS 1021 leffective 1 January 20191". Objectives and actÉvities The objects dause In the ttU5t deeds is as follows.. To relieve the stress or olh8r charilable need of car8ts by the prnvis￿n, or th8 aksistance An the pffjwsic>n. of respite and othèrhelp forthem and/orthose for whom they affè caring." The recent censu5 undertaken in 2021 shows that there are currently 49.322 unpaid carer5 In Dorset who are looking after a family meTnber. friend. or neighboui_ This Can be due lo long-temi physical or rnenlal ill health, disabilrty. or problems relating to old age. The figure has risen by 17°A since 2001 when there were 42,000 unpaid careTS in Dorset. The effects of the cost-of-living crisis have had a direct impact on carers. The high cost of electricity and gas along with increased mortgage rates and food inflation ha5 been challenging. Many caTers are having lo make difficult choices about whether to eal or heat their homes. and some are getting into debt to manage their living eosls. A UK-wide 5Utvey of 3,300 carers ￿nduct&￿ by Carers UK in 2022 revealed.. l 6 unpaié carers a￿ in Llebt as a ￿sUIt of their CariAJg fole and financial srtuabon. The proportion of unable lo afford th8iF utilily bills has mor8 than doubled sinGe last yèar Nearfy 8% of unpald Ca￿rS in Tr￿¢pl of Catsrs Allowan￿ are now using food banks lo Gope (Carers UK. State of Caring SuNey Feb 2022}. The impact of the cosl-of-liwng uisis has caused applications from caieis for help and support across all our service5 to more than double. Overall. we have been able to provide 713 grants to carers during the period repiesenting a large increase of almost 48°/o on the figure of 462 awards during the previous ye81. Thè average value of individual grants decreased by just under 26°1ts from £316.29 to £235.58. This decrease reflected our need to reduce the size of each indiwdual grant to enable us to continue to support as many carers 3s possible. Our laigest service is now our Counselling 4 CaTefS Service. Due to the unprecedented increase in the number ol applications received from caiers seeking counselling support the cost of this Service has grown by 211¢A over the 185t yeai. The cost of this increase was oftset by loGal authority lunding meaning that the overall Increase in cost was ieducèd to around 160°kn. Our holiday horne continues to be a re50unding success. 11 has been fvll during the whole of the holiday 5ea50n enabling 70 carers to benefit from a mucKneeded short break al an average cost of £193.72 per carer. This was the 5eeond full year that we have been able to provide this facilty to carers. The feedbad( we have re￿iVed shows that the prowsion of this 5enrice has had a positive impact on the physical and mental well-being of carers. We were pleased lo be able to introduce a new Benefits Application Service to 5UPPOrt carers in applyin9 for eligible 5t3te benefits during this accounting period. Attendan￿ Allowanee in pariicular has historically been underclaimed by elderly people but rft can make a significant difference in people's lives During our pilot programme. we enabled 35 carers to successfully claim state benefits fof themselves, or for those they (xre for, at an average cost of £73.50 per carer. We wll be extending this service lo help many more carers. The lolal spending of the charity on management and adminisiTation infftased on the prewous year by 9.4°￿. There were iedLJCtions in certain areas but the main Ghange on the prewous year was a 24'k Inorease in Staff costs. The two main elements here wère the recnJitmeTrt of a fourth member to the team in support of our, achieved, aim to help More caieis and the award of pay increases to our staff knlly in line with cost-of-living increases. which the trustees felt to be important. 11 is pleas¥ng to record a ftjrther increase of £16.196 In direct grant funding expenditure during the yeai, representing an Increase of 10.601ts on the 2022 figure. As prewously. the trustees continue to closely tnonitor the administratwe costs of the tharity with a view to keeping these costs at an acceptable level. but also ali9ned to our prionties to provide an extensive grant making programmè and to deliver direct services to carers. THE LEONARDO TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The Iiustèes would again like to take this opportunty of expressing our sincere gratitude lo our Staff, volunteers, donors and supporters who have madè this work possible. Cost of liwng pressures are still extremely high at the dale ol this report though, thankfully, inflation levèls have fallen a lrttle from the double-digil figures at the lime of our prewous report. Many carers ale amongst those least able to cope with these extrerne finanual pressures and it is therefore so very pleasing that out team has been able to. again, Increase our support during these very difficult times. Public Benefit The Iwstees have paid due iegard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The paiagraphs in Ihis report set oul our activtties. achievements. and performance during the year. which are directty related to the objedives and purpose5 foi which the charity exists. The charity achieves ils principal objectives and purposes through services to any members of the public in Dorset who are. or have recently been. unpaid carers and who have needs arising frtsm, or relating lo. their caring activitie5. Identically namod Trust In 2016. The Iru5tees became awarè. via public shale dealings di5d95ed on the internet. of a second organisation named The Leonardo Tnjsl. The Trustees made enquiries at Ihat lime and understand that this is a non-chaiitable family trust constituted in 2015 under Isle of Man law. The trustee5 would like to darify that this Isle of Man trust has no ￿nnect￿n whatsoevei wrth the chaiity or its activffjues. Achievements and perfornianc• Financial review The tolal Income for the chanty was £358,74212021r22". £ 314.5961. There was a net decreasÉ in funds for the period of £26.81312021122'. net increase of £34.3381. un￿alised losses on charty investments of £41,166 was a major contributor to the decrease In funds. The results for the year and the state of the charity's affairs are shown in the attached Statement of Finanaal ActMties_ Reserves Polity The nel assetslunrestricted funds of the Charity stood at £1,054,384 at 31st March 2023. a decrease of 2.5°/o on the figure of £1,081.197 at 31st March 2022. During the yeai. approximately 82°A of the income ol the charity arose from a donation from a single benélador and Ihe S￿e and consistency ol this annual support has allowed the trustees to continue to make the very significant resoufce commitments mentioned earlier In this report and also to plan. in the Short to medium tetm. for the mainlenanfje ol actiwty at these levels. The truslees have been made aware that Iheie will not be a further substantial donation from this benefactor during the year ending 311t March 2024. This will. obvioLJsly. have an impad on the financial posibon ol the charity. at least over the short tts mediurn term. As a result. the tmstees have undèrtaken a cornprehensive review of our activities and a programrne of ralionalisalion of their future operations 15 now under way to ensure that the Charity can continue to apply resources as extensively and effectively as possible. With these Ghanges, the trustees believe that they continue to maintain their current level of financial support to carefs over that short to rnedium lem. Based upon outgoings in this year under re￿ew. and projected incotne and outgoings foi the 2023124 yeai, rt is their opinion that there are suffiaent reserves within the charity to prowde operational funds foi a minimum period of operab.on between a further 2 and 3 years. The Trustees keep this réserves policy under quarterly review and this OPiT)ion on that minimum peiiod has not changed from that expressed in Ihe 2022 accounts. The nel outgoing funds for the year of £26,81312022". Incoming funds of £34.3381 have been deducted from the general reserves. The trustees are of the opinion that the charity's contributK)n towards the support and wellbeing of carers across the whole of Dorset is continuing 10 9row and is a very itnportant contributor to that overall SYPPDrt. The trustees remain ready to consider adapta1￿On5 to our future levels of support should it become dear that becomes necessary. However, the trustees are now vÈry actively engaged In Identifying. securing and adrninislrating future source5 of significant funding with a view to secunng future financial resources in support of Dorset carers and to maintain that support for as long as possible into Ihe fuiure. THE LEONARDO TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Sources of Funding The charty has been very significantly supported by annual donats.ons from a single benefactor since 2015 and a further donation of quoted shares worth £294.115 was re￿iVed from the benefactor in Seplernbèr 2022. Since the oharity is unlikely to receive a further annual donation in the 2024 year. the trustees are now very actively engaged in securing the longer-terrn fLrture of the Chanty as recognised in the Reserves Policy seditsn above. In the me3ntime, hopefully shorter-terrn iationalisation measures are being put in place until such time as the outcome of the trustee funding review 15 dearer. Risk assessment The Charity Manager is designated a5 heath and safety officer. and maintains the various iegisters required to record and rnonitor risks. The pnnupal risks to the actiwties of the Gharity that have been identified by the Iruslee5 relale to.. al Voluntsry income falling below foreca5L' The Leonardo Trust is almost exdusively dependent upon the charity founder and benefactor foT ongoing income. This income. In the form of share donations. has been prowded at various times SIn￿ the establishment of the Charity in 2001 and, in recent years. such donations have been made on an annual basis and often commensurate with the annual outgoings ol the charty. Future similar donations cannot be guaranteed. In the event of such irTrcome ceasing In the lutuie. the chanty would be able to rely upon existing reserves. and limited other incorne. to continue adivibes at the current level for a further 2 to 3 years, after which aclivilies would either need lo cease or be considerably reduced from current leve15. The tru5tee5 anticipate that they will lake remedial action to limrt the future oulgoings of the chatrty rf and when rt might become apparent that further 5UPPOrt from the benefactor is unlikely. bl General incidence of negative publicity.. INhilsl there Is aknays a potential risk of negative publicrty from the media and other indiwduals reporting on charities, The Leonardo Trust is proud of the qualty of support we prowde. We do, from time to time, undertake ventures alongside or in partnership with olher charities and organisalions. Any significant commitment of our fvnds to such joint ventures will be accompanied by due diltgence reviews of both the proposed nature of the service and the other charity or or9anisation involved in an attempt to limit any reputational damage to the Leonardo Tiust. cl Negative outcomes from servicè provision= Thè Charity continues lo develop direct seN¢ès to carers. We have irnplemenled robust safeguarding and monitoring systems which we will continue to develop as services are expanded. The Charty Manager 15 the designated Safeguarding Officer. Struciure, governance management The Charity Is constiluled under a deed of trust dated 6th February 2001 as amended by a supplemèntsl deed dated 23rd March 2001. Leonardo Tnjst has been registered with the Charrty Commission since 2001. The IfLislees who served durin9 the year and up to the d*e of signature of the financial statement5 were." B. Davis A.L. Dixon L.J. Oliver D. Thistlelfvwaile B.Cole S. Clifford N. Beckley J. Menhellitt M. Sohorye (Resigned 15 November 2022) (Appointed 5 Septetnber 20231 (Appointed 5 September 20231 (Appointed 5 Septembei 2023} THE LEONARDO TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Trustees shall be appointèd by a resolution ol trustees passed al a special meeting. If for any reason trustees cannot be appointed in accordance with the foregoing provisions the slalutory power of appointing new or additional trustees shall be exercisable. None ol the tnjstees have any beneficial interest in the trLJsI assets. New trustee5 are appointed following a review of skills by the existing tIU5tees and any recornmendations of the charity manager. Trustee decisions on the recruitment and appointment of new trustees are guided pnmarily by a requirement to prowde as wide a range as possible of skills. experience and knowledge across the sectors within which the charity operates. Final decisions on appointments are taken at a special meeting of the trustees. New iruslees ale given copies of existing Charity Commission documentation and booklets conceming ttustee duties and are required to undergo a trustee induction. Both new and existing trustee5 are encouraged to undertake fom31 training and professional development to enable them to better perfom their duties. The Iruslees maintain their opinion that the uJrTenl sltucturè of the charity is surtable for the majar part of their activities based upon their current funding model and the current scale and type ol activities. A ieview is now under way to consider whether future funding options and opportunibes being investigated by the trustees might beller be served by changes lo this structure. Remuneration Policy Trustees do not receive any rernuneration, other than reirnbufsemenl of neixssary expense5 Incurred on charity activities. The remuneration of staff is set by the iJustees having regard to lo(xl market rates. experience needed and the degree of responsibility held. Annual salary adjustment5 are ¢utrendy aligned to changes in the Consumer Pnces Index. Employéè involvement The Gharrty Manager is seconded to boaTd meetings wrth the trustees on a quartety basis and these meetings are treated as a means of consuttation, dissemination of information, financial scrutiny and governance. In addition, the charity rnanager liaises with vanous truslees on an ongoing basis regarding specific issues. financial managèment, legal cornpliance, and human iesource mallers. Equality & Diversity Ststemènt The Charity 15 committed to ensuring diversity. a￿t￿dISCriminal0ry practice and providing equal opportunrties for all our employees and clients. This means that the charity is cornmitted to ensunng that all its employees. potential èmployees. volunteers. and clients are treated no less favourably and not unlawfully discriminated against on the grounds of possessing a protected characteristio The protected chaTacteri5tics are., colour, race. nationality, elbnic or national origin. religion or belief. sexual orientats"on, gender linduding gender reassignmenll. maritallciwl partnership status, age, disability. trade ¢Jnion rnernbership or partifixed teTm employment slalus. The charity will ensure that il complies wilh all relevant ￿rTe￿I legislation covering Sex Discrimination, Race Relations. Disability Discrimination. Data Protection. the Human Rights Act. and the Equality Act. Thè charity aims io ensuie that Its employees achieve their full poiei)tial and that all etnployment decisions are taken without reference lo irrelevant or discrirninalory criteria. The st ortwa veil by Ihe Board of Trusteès. DavSs Trustee LJ. iver Tnjstee Dated.. 01 io THE LEONARDO TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The Iruslees are respon51ble for preparing the Trustees. Report and the financial sl*emènts in accoidance with applicable law and United Kingdom Accounting Standards (Untied ￿ngdorn Generally Ac¢eptèd Accounting Practi¢el. The law applicable to charitie5 Tn England and Wales requires the tnjstees to prepare financial statements foi each financial year which give a tiue and fair view ol the state of affairs ol the charity and of the incoming resourcès and application of resources of the charity for that yeai. In pieparing these financial statements. the trustees are required lo- seled 5Ultable accounting poliaes and then appty ihem consistentty." - observe the melh(>ds and principles in the Chattties SORP., make iudgÈments and estimates that ale ￿aSonable and prudent.. state whether appluble a(*ounting slandaids have been followed, subject to any material departures disdosed and explained in the finanual statements.. and prepare the finan￿81 statements on the going concem basis unless rt is inappropriate to presume that the charity will continue in opeialion. The trustees are responsible for keeping sufficient accounb.ng record5 that disclose with reasonable accuracy al any time the financial position of the chanty and enable them to ensuie that the financial statements comply with the Charities Act 2011. the Chanty (Accounts and Reporisl Regulations 2￿8 and the provis￿On5 of the trust deed. They are also respon51ble for safeguarding the assets of the charrty and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. THE LEONARDO TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LEONARDO TRUST I report lo the Iruslees on my examination of the financial statements of The Leonardo Trust (the charity) for the year ended 31 March 2023. R•sponsibilities and basis of report As the Iru51ee5 of the charity you are responsible for the preparation of the financial statements in accordan wrth the requiremen15 of the Charities Act 2011 Ilhe 2011 Acil. I report In respect ol my examination of the charity's finanual statements carried out under section 145 of the 2011 Act. In carrying Out my examination I have ft)Ilowed all the applicable Directions given by the Charity Commission under section 145lSllb) of the 2011 Act. Independ•nt examinerfs ststement sin￿ the ch8rrty s gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confimi Ihat l arn qualified to undertake the exarnination because l am a member of ICAEW, which is one of the listed bodies. Your attention is drawn to the fad that the charrty has prepaTed finanual statements in accordance with Accounting and Reporting by Charities pieparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 In preference to the AcGouNting and Reporting by Charilie5". Statetnent ol Recommended Prathce issued on 1 Aprtl 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for financial statemenls to provide a true and fair view i accordance with Generally Accepted Accounting Practice effective for Teporting periods beginning on or after 1 January 2015. I have completed my examination. I confim Ihal no matters have come to my attention in connection wrth thè examination giving me cause to believe that in any material iespecl.. accounting records were not kept in respect of the d)artty as required by section 130 01 the 2011 Act." OT the financial slatements do not accord wlh those recofds., or the financial statements do not compty with the applicable requiremènts concerning the forrn and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts gwe a true and fair view which is not a matter consideied as part of an independent examination. I have no eoncems and have come aeross no othev matters in connociion with thg èxamination to which attention should bè drawn in this report in older to enable a proper understanding of the financial statements to be reached. L.Ball FCA Hill Osbome Chartered Accountsr Tower House Pafk5tone Road Poole Dorsel BH152JH Daled..ILI.,-..J.ZDL THE LEONARDO TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestrietèd Unresliicted funds funds 2023 2022 Notés Income from= Donations and legacies Charitable aclivities lllve5tments 32S.182 7,018 22,542 301,821 12.775 Totsl income 358.742 314,596 enditure on.. Management and administratson 334.646 304.164 Net gainslllossesl on investments 11 {68.5701 23,449 Net loutgoingllincoming rèsources 144.4741 33,881 othÈr rncognised gains and losses Other gains or losses 12 17,661 457 Net movèment in funds 126.8131 34.338 Fund balances at 1 April 2022 1,081.197 1,046.859 Fund balances at 31 March 2023 1.054.384 1.081,197 The staternenl ol financial activitses indudes all gains and losses re¢tsgnised in the year. All income and expendrture derive from coniinuing actiwties. THE LEONARDO TRUST BALANCE SHEET AS AT31 MARCH 2023 2023 2022 Notes Fixed assets Tangible assets Investments 13 14 31.107 578.233 35.139 909.060 609.340 944.199 Current assets Debtors Cash at bank and in hand 15 7,257 446.008 11,019 133,585 453.265 144.604 Creditor5-. amounts falling due within one year 16 (8,2211 (7.6061 Net current assets 445.044 136,998 Total assets less current liabslities 1,054.384 1,081,197 Income funds Unrestricted funds 1.054,384 1.081,197 1.054.384 1,081,197 Thèfi lements 8pproved by the Ttustees on .. avis Trustee Trustee THE LEONARDO TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies 1.1 Accounting convention The financial slaletnent5 have been prepared in al￿rdance wilh the charrty's deed of ITUSt. the Ghaiities Act 2011 and "Accounting and Reporting by CharilE5." Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Iieland {FRS 102} (effective 1 January 2019)" The d)artty is a Public Benefrt Entity as defined by FRS 102. The chaiity has taken advantage of the prowsions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial Statements have deparled from the Chartties (Accounts and Reports) Regulation5 2008 only to the extent required lo provide a true and fair wew. This departure has Invtslved following the Statement of Recommended Practi￿ for charities applying FRS 102 rather than the version of the Slaletnent of Recommended Practice which is referred lo in the Regulations but which has since been withdrawn. The financAal sl3letnent5 are prepared in slerfing. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded lo the nea￿st £. The financial statements have been prepared under the historical (x)st convention. modified to indude the valuation of investments and ￿rtain finanual instruments al fair value. The principal accounting poliaes adopted are sel out below. 1.2 Going concem At the time of approving the firlaniial statements, the trustees have a reasonable expectation that the charity has adequaté resources to continue in operational existen￿ for the foreseeable fLrture. Thus the trustees continue to adopt the going concern basis of accountino in p¥epaiing the finanual slatements. 1.3 Charitable funds Unreslricled ftjnds are available for usè at the discretion of the twslees in furtheran¢e of their charitable objectives. 1.4 Income Income Is reeognised when the charity Is legally entitled lo it after any performance condrtions have been met, the amounts can t)e measured reliatAy. and it 15 probable ihai income will be re(Eived. Gash donations are recognised on receipt. Othef donations are recognised once the chanty has been notified ol the donation, unless performance conditions require deferral of the amount. Assets for di51ribylion a￿ recognised onty when distributed. Assèts given for use by the Gharity are recognised when receivaiAe. 1.S Expenditure All expenditure is accounted for gross on an accxuals basis. Direct tharitable expendslure Includes direct C051s of the activities of Ihe charitable trust and depre￿ation on the related assets. THE LEONARDO TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Continuedl 1.6 Tangible fixed assets Tangible fixed xssÈts are iniiialty measured at cost and subsequendy measured al cost or valuation, nel of dèpreuation and any impaiment losses. Depreciation is recognisèd so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Leasehold improvernents Fixtures and fith.ngs Computers Caravan 25°A straight line 25°k straight line 33°A straighl line 15 years straight line The gain or loss arising on the disposal of an asset is detemiined as the difference befv4een the sale proceeds and the carrying value of the a55et. and is recognised in net incomellexpendilurèl for the year. 1.7 Fixed asset investments Fixed asset investments a￿ Initially measured at transacts.on price exduding tran5actitsn costs, and are subsequÉntly measured at fail value al each reporting dale. Changes in fair value ale reGognised in net income1lexpenditu￿) for the yeai. TTansaction costs are expensed as incurred_ 1.8 Financial instruments The charity has elected to apply the prowsions of Section 11 'Basic Financial Instruments, and Sedion 12 'Other Finanaal In51tutllents Issues. of FRS 102 to all of its finanGial instruments. Financial instruments are re￿gniSed in the charity's balance sheet when thè charity becomes party to the contractual provisions of the instnjment. Financial asset5 and liabilities are off5el. wrth the nel amounts presented in the financial statemen15. when there Is a legally enforceable righl lo set off the recognised atnounts and there 15 an intention to settle on a nel basis or to realise the asset and settle the liability simultaneou51y. Basic finèrteial assets Basic financial assets. which include debtOTS and cash and bank balances. are ￿nItIallY measured al transaction pnce including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement ￿nstItuteS a financing transaction, where the IransaGtion is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets da551fied as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilitie5. including crettrtOTS and bank loan5 3Te inthally recognised at transaction price unlèss the arrangetnent constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments di5COUnted at a mathet rale ol inte￿St. Finanryal liabilities dassified as payable within one year are not amortised. Debt instruments are subsequentty carried at amortised (x)st. using the effective sntèrest rate method. Tradè creditors are obligations lo pay for goods or services that have been acquiied in the ordinary wurse of operations from suppliers. Amounts payable are dassified as curtent liabilities if payment is dLJe within one year or less. If not, they are piesented as non-current liabilities. Dereeognition of financial liabilities Financial liabilities are dereco9nised when the charify's contractual obligations expire or are discharged OT cancelled. 10- THE LEONARDO TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Icontinuedl 1.9 Employee benefits The cost ol any unused holiday entitlement is rÈcognised in the period in which the employee's serVI￿S are received. 1.10 Retirement benefits Payments to defined contribulion retirement benefft schemes are tharged as an expense as they fall due. Critical accounting estimate$ and judgements In the application of the charity's accounting poliryes. the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experien￿ and other factor5 that are considered to be relevant. ActLJal results may dtffer from these eslimale5. The Èstimates and Ljnderfying a55umplions are reviewed on an ongoing basis. Revisions to accounting Èstimates ale recognised in the period in which the estimate is revised where the rew510n affects only that peiiod. or in the period of the revision and future periods where the ievision affeGts both cuirenl and future periods. Donations and legacies unrestrict￿ Unrestricted funds funds 2023 2022 Donations and gifts Lega￿e5 r￿1Vable Grant5 receivable 319.182 10,000 299.374 2.447 329.182 301,821 Charitable activities rime to Talk 2023 2022 Services provided under contracl 7,018 THE LEONARDO TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 InvÈ5tments Unrestricted Unrestricted funds funds 2023 2022 Investment and Othèr Inctsme Interest re￿1vable 22,329 213 12.294 481 22,542 12.775 Management and administration 2023 2022 Staff costs (see note 101 Rent and SeThice Charge Rates Light and Heat Telephone Computer and Website Costs Postage, Stationery & Equipment Repairs and Maintenance Insurance Bank Charges Investment Managèment Fees Legal & Professional Fees Advertising and Promotion Recruitment and Training Travel Expenses Sundries Depreciation of Computer Equipment Depreciation of FMtures and Fittings Depreaation of Leasehold improvements Depreaation of Caravan Profivloss on disposal of tangible fixed assets Caravan running costs Covid response expenses 87.833 19.778 614 6.155 4.215 2,312 3,048 3.731 1.919 325 3.986 1,215 2,204 3,192 t,190 1,194 505 2.141 863 2.666 70.842 19.918 953 6.282 1.169 3.548 10,053 3,414 1,961 307 4,048 643 810 2.104 1,506 1,438 731 2.198 591 2.666 1.203 11.820 70 13.081 162.171 148.275 Grant funding of actwities Isee note 71 Share of govemance cosls (see note 81 168,647 3,828 152,451 3.438 334,646 304,184 12- THE LEONARDO TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Grants payable 2023 2022 Grants to individLJals 168,647 152,451 168,647 152.451 Support costs Support Governance costs costs 2023Support costs Governance Q051s 2022 Indèpendènt Èxaminab"on fees 3,828 3,828 3.438 3,438 3.828 3.828 3.438 3.438 Analysed between Charitable activities 3.828 3.828 3.438 3.438 Trustees Reimbursed tiustee expenses for the year were £44 {2022'. £341 for expendrture incurred on the Irusl's behalf in relation to travel and postage. The numbèr ol trustees that had expenses paid by the Charity was 1 12022.. Employee5 The average monthly number of employees during the yearwas". 2023 Number 2022 Number Employment costs 2023 2022 Wages and salaries Other pension costs 85.561 2,272 67,041 3,801 87,833 70,842 There were no employees who received total iemuneratson of more Ihan £60,000. 13- THE LEONARDO TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 11 Net gainslllosses} on inve$lments Unrestricted Unrestricted fund5 funds 2023 2022 Revaluation of investments Gainlllossl on sale of inveslments 141.1661 127.4041 18,425 5,024 168,5701 23,449 12 Othèr galns or Ilosses) Unrestricted Unrestricted funds funds 2023 2022 Foreign exchange Ilossesl Igains 17.661 457 13 Tangible fixed assets L￿￿khOld Fixtures and Comput*¥ impiovemonts fiwngs ¢avavan Total Cost Al 1 April 2022 Additions Disposals 2.364 1.092 9.634 1,055 136) 4.327 39,995 56,320 2,147 1361 At 31 March 2023 3,456 10.653 4.327 39.995 58,431 Depreciation and impaim)ent Al 1 April 2022 Depreciation charged IN the year Eliminated in respect of disp05als 1,773 863 7.641 2.141 1321 3.768 505 7.999 2,666 21,181 6,175 1321 Al 31 March 2023 2.636 9.750 4.273 10.665 27,324 Carying amount At 31 Maich 2023 820 903 29.330 31,107 At 31 March 2022 591 1.993 559 31,996 35,139 14- THE LEONARDO TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 14 Fixed asset investments Investments Valuation At 1 April 2022 Additions Valuation changes Disposals 909.060 74.049 141,1661 1363,7101 Al 31 March 2023 578,233 Carrying amount At 31 March 2023 578.233 Al 31 March 2022 909.060 Cost At 1 April 2022 Additions Disposa15 750.777 74.049 1370,0831 At 31 March 2023 454,743 Fixed asset investments revalued Investments are InGluded at market value. 1S Debtors 2023 2022 Amounts falling due withÈn onè year: Othei debtors Prepayments and accrued income 1,050 6.207 2,430 8,589 7.257 11,019 q6 Creditors: amounts falling due within one year 2023 2022 Trade creditors Other oreditois Accruals and defer￿d income 14 3.564 4.643 10 3.716 3.880 8.221 7,606 15- THE LEONARDO TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 17 Rètirement benèfit schemes Defined contribution schemes Thè charity operates a defined contribution pension scheme for all qualrfying employees. The assets of the scheme are held sèparately frorn those of Ihe Chartty in an independen￿Y administered fund. The charge to profit or loss in respÈci ol defined contrlbution s¢hemes was £2.272 12022 - £3,801). 18 Operating leasè commitments At the reporting end date the charily had outsianding commitments ft>r future minimum lease payments under non