INSPIRE COMMUNITY TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Reglstored Charfty No: 1107820 Roglstsred Company No: 05296168 {England and Wales) INSPIRE COMMUNITY TRUST CONTENTS CONTENTS Page No Legal and Administrative Details Trustees, Report Independent Auditors, Report 9-12 Consolidatéd Statement of Financial Activities 13-14 Balance Sheets 15-16 Consolidated Cashflow Stsiement 17 Notes to the Consolidated Accounts 18-37 INSPIRE COMMUNITY TRUST LEGAL AND ADMINISTRATIVE DETAILS TrustOOS Ranjit Bhamra Ichairl Hugh Miller (Treasurer) Vinod Khanna (Chief Executive) Anne Bramley Mark Lloyd Secretary Vinod Kh8nn8 Key Management Personnel Vinod Khanna Gemma Micallef Charity Numbèr 1107820 Company Number 05296168 Reglstered office 130-136 Maidstone Road Sidcup, Kent England DA14 5HS Independant Audltors Azets Audit Services First Floor, River House 1 Maidstoné Road Sidcup DA14 5RH 8anker8 National Westminster Bank 1 Townley Road Bexleyheath DA6 7JG Sollcltors Cripps Harries Hall LLP Wallside House 12 Ephraim Road Tunbridge Wells Kent TN1 1EG INSPIRE COMMUNITY TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present hereknAlh their report and the consolidated financial statements for the year ended 31 March 2024. The Trustees have adopted the provisions of the Slalemenl of Recommended Practice ISORPI Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statements of the charity. The Consolidated financial slalements have been prepaied in accordance with the accounting poli￿e8 set out in notes lo the accounts and comply wth Ihe charily's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Slalement of Recommended practi￿ applicable to ¢harilies preparing their a¢¢ounts in accordance ￿rith the Financial Reporting Standard applicable in the UK and Republic of Ireland published in Oclober 2019. Objectives and activities The objectives for ￿lch the Trust is established are the relief of persons pemianently or lemporanly resident, or for the time being resident in England, "who are of necessilous circumstances, suffer from. are recovering or ¢onvales¢ing from some physical or mental illness or disability, or are elderfy people, or are younger people, adolescents or child￿ n.. Our Strategic Objectives are lo". be the provider of thoice be a great company to work for improve our financial St￿ngth Inspire has continued to develop and provide a range of setvi¢es in accordance with the seNice specification and a¢tion plan agreed with the comrnissionerslfunders of services. They Indude.. Advocacy and Support wth CommunicAtion Day Activity and Skill and Support Servi Short Breaks and Have a Go Accommodatic>n Inlegraled Community Equipment Service {ICESI Pressure Relieving Equipment Equipment Demonstration. "Try & Buy. Living SolutlOlls- Equipment and Mobility Shop in Sidcup High Street Information and Advice Transport Advice and Information (Blue Badge, Freedom Pass, Taxicardl Physical Disability Registration Sensory Support for People with Hearing and Sight Difficulties Wheelchair Servi Residential Care for older people wth dementia Community-based services such as Care Act Assessments, less complex equipment assessments and case reviews elc. Publi¢ bènéfit statèmènt Under the Charities Act 2011, charities are required lo demonslr8le that their aims are for the public benefit. The two key prinuples ￿lch musl be met in this context are, fi￿tIY. that there must be an identifiable benefit or benefits, and, secondly, that the benefit must be lo the public, or a section of the public. Charity Trustees musl ensu￿ that they carry out their charity's aims for the public benefit. musl have regard lo the Charity Commission's guidance and must report on public benefit in their Annual Report. Inspire's Board of Trustees regularfy rnonilor and review the success of the organisation in meeting its mission. values and objectives which are supported by the business plan. Inspire's mission is lo wort( in partnership with communFties lo enable, empo¥her and enhance the lives of older people and people wth disabilities. It aims to-. Promote independence for older people and people wth disabilities., Encourage them lo lake control of their lives,. and Support them, when required, to meet Iheir individual needs. INSPIRE COMMUNITY TRUST TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Publi¢ benefit statèment l¢ontinu¢dl 11 achieves its aims by". Providing a wide range of servi￿5 of the highest $18ndaid by working in partnership wlh people who have disabilities, local Being ffexible and providing choiee5, Recognising the importance of cultural diversity., Raising awareness and promoting social inclusion., Investing in staff to develop their skills and potential Developing innovative projects and services. The Trustees ¢onfimi that they have referred to the guidance contained in the Charity Commission's gener81 guidance on public benefit when reviewing the Foundation's aims and objedives and in planning future activities. Disabl•d èmployèès Inspi￿ is committed to equality of employment and its policies reflecl a that. Where appropriate and possible seek to employ people wth disabi11ties and make positive adjustments lo ensure people wth disabilities can carry out their duiies. VolLFnteers sin￿ it establishment in 2004 Inspire and ils service users have been fortunate to benefit from volunteers uh)0 supported our Servi￿5. Initially, the majority of the volLJnleers supported our day Servi￿5 by organi5ing social events foT our service users. Ho￿￿ver, with due their age and personal arcumstances they moved away from post Covid 2019 Pandemic. However. knrith Inspire taking on the running of three libraries in the London Borough of Bexley have a total of nine volunteers support our activity. Fundraising Since its establishTnent in 2004, Inspi￿,$ main source of Income has been from the contracts wth the Local Authorities and the NHS Commissioning bodies. In addition, the Trust also generates income from spot purchases by the Commissioning Bodies and private Customers using their Direct Payment Funding by the local authorities and their private funds. Strategic Report Review of the year Inspire has continued lo follow the action plan, Incorporating developTnenls, as agreed ￿th the Commissioning bodies and in accordanc£ wth its business plan. The action plan has been rllonitored and kept under review through regular meetings wlh Inspire staff and the Commissioning bodies and the Board of Trustees. Our key achievements this year have included.. Delivered services in accordance wth comrnissioners, speuficalions, Revie￿ed policies and procedures with the view lo maximising efficienryes and effectiveness of services. Developedlenhanced partnership working wlh the local voluntary sector lo be able lo palriuate In developments as the needs and opportunities arise to support the local COTnmunities with the health and social care needs. Completed the development of the property acquired in December 2019 at Maidstone Road Sidcup for the integration of all community services on one sile. Built innovative decontamination solution to complement existing services, enhance health and provide further financial stability through business development. Is.￿ over activity largels in ICES service with achievement rale of 96.40A wlhin KPI Secijred new contracts wlh key strategic partner5 Extension secured lo largest comtnunily contract wlh London Borough of 8exley for an additional 2 years Facts and Figures,. Sepvice Day Support SeNice (Per annumj Integrated CommunAty Equipment SeNice (ICESJ (Per annum) Target Outtum Comments 3,840 3,056 36,500 47,868 15% above the tsrget duts lo hwher demand Pressu￿ Reliewr>g EquIp￿￿t Blue Badges(Per annumj 2,200 4,500 2, 186 5,916 31% above the target due to hwher demand No quantitative targets. 98% cases contscled within 48hrs Sensory Support for People with Hearing 8nd Swhl Diffi¢uth"8s Wheelchair SeNice 18 week delivery 94% Exception report shows mityaling circumstances INSPIRE COMMUNITY TRUST TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 onitoring sefrvice delivery and quality assurance Inspire Community Trust has robust Servi￿ Tnonitoring in terms of service volume5 and largels as well as quality monitoring systems in place. The data gathered regarding Servi￿ volumes is produced on a rnonthly basis in preparation for quarterfy contract monilonng tlleetings wlh the ¢ommi55ionerlfunders of services. Thi5 data is also reported al Board rlleetings. The Trust has robust quality assurance systems in place, which include". spol checks customer satisfaction surveys monitoring visits and meetings bylwth commissioners I lunders of services individual client reviews undertaken by Inspire Community Trust staff complaints pro￿dure ensuring a fast and effective means of followng up and resolving any difficulties experienced by Servi￿ users. feedback from servicÈ users and other stakeholders al regular forums Audit and review of services Inspire has invested In two subsidiaries, namely Inspire Medicare Ltd and 81055oms fare Home Ltd. Services provided by both these subsidiaries falls wthin the Inspire's Memorandum of Artides and Association. Inspire Medicare, initially registered as Inspire Community Enterprises Ltd, changed ils name lo Inspire Medicare In February 2020, vhen Inspire took over the local operation of one of its subcontractors Apex Medical Ltd for the provision of health and sooal care equipment for people in need. As regards Blossoms Care Home Ltd. Inspire acquired a ￿SIdential c2re home for people wth dementia in order to diversify its business activity. Both, Inspire Medicare Ltd. and 810ssorns care Home Ltd. Aim to successfully delivered services and generate steady income for Inspire. Unfortunately, due lo downturn in placements over the Covid 19 Pandemic and high maintenance and staff ¢os15 made a loss for the previous two accounting periods. However, for 2023-2024 11 has generated an income of £31,563. As regaids Inspire Medicare Ltd, il has steadily made Surplus each year. thich was donated to the Trusl. Financial revièw Group income for the year was £4.528,853 12023." £4.421.3541. Group expenditLJre amounted 10 £4,295,197 {2023'. £4,579.7361. The resulting surplus w35 £233.656 {2023'. defiat £158,3821. The Group Balance Sheet shows a positive position of £8,036,861 12023". £7,740,047), and the Balance Sheet for Inspire Community Trust has improved from £8,024,166 to £8,333,189. Investment policy The Trust requires adequate sums in its current account for running costs. One of the Trust's key strategies for investment has been lo Invest in propetylproperties to run ils services as opposed to renting or leasing property. The Tnjstees. strategy is lo hold the remaining funds in an inlerest-bearing instant access account as they become surplus lo the working capital requirement. This action has led in the past to a substantial increase in interest income, bul due to interest rates continuing lo be at an all-time low action was taken to try and improve interest on these reserves by investing in fixed term deposits. The level in 2023-2024 was £24,416 Inspire has also invested in the Trust owned propety. vthich offer opportunity for the Inspire operate from its own premises rather than Incurring rental costs and raising rental income from the property that is surplLJS to the Ttusl's requirement for running exiting services. Reserves poli¢y The Trustees have examined Snspire Community Trust's requirements for reserves in the light ol the predotnin8nt risks lo the organisation. It is the Trustees, view that the building maintenance and development reserve will enable Inspire lo maintain its existing capilal assets and use it lo modemise premises and develop future services in order lo achieve the Trust's mission and nieel the challenges arising from the National and local policy developmentslchanges in the field of Adult Sooal Gare. These challenges, in particular. are in relation to de-commissioning of bloeJ( service contracts by local authorities and promotion of direct payments, personalised budgets and individual budgets. The Board have agreed lo.. build and maintain general reserves al a level for running costs and adequate redundan¢y Costs. set aside appropriate sums for creditors within the general fund. build sufficient reserves for further freehold premises development and improvements to the existing premises. meel unfunded costs from the Service Development Fund to meet future demands lor improved services. INSPIRE COMMUNITY TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reserves policy {continuedl Trustees have therefore deemed that unrestricted reserves should equate 10 3 months operating expenditure thich amounts lo £1.1 m. The Trust's level of unrestricted reserves as at 31 Mar¢h 2024 was £1,842,730 12023 £1,529,568). Restricted funds at 31 March 2024 amounted lo £56,554 12023.. £56,554). Further information can be found in note 19 to Ihe finanoal st81emenls. Designated funds at 31 Marth 2024 amounted to £6.151.52812023.. £6,185,538). Further infom)alion can be found in note 20 lo the financial statements. Going Concèm The Trust has a strategy lo ensu￿ that there are sufficient funds raised through the block contracts supplemented by spot pijrchase and the rental income from the Trust owned properties. These ftjnds are kept in secure intèresl-bearing bank awunl (Reserve AccoLJntl. There are current ao¢ounls for meeting the Trust and subsidiaries current day to day worf(ing capital. Any pressures caused by delayed credits are managed through its cash ￿serVeS. The natu￿ of the Trust's activities are such that there can be considerable unpredictable variation in the timing of cash inflows. The ITuslees have prepared projected cash flow information for the period ending 31 March 2024 and beyond. On the basis of this cash flow information, the trustees consider that the Trust knAII continue to meet its obligations from its cash reserves. On this basis, the trustees consider it appropriate to prepare the accounts on the going concern basis. Principal risks and uncertainties The Board of Tmstees has considered the risks lo vhich the charity is exposed lo in terms of the business. operational and financial nsks. Change5 in the Government regulations and local authorities, cost reduction programme for soual care servi(Ys. Greater emphasis by local authorities for funding social care through direct payments and less emphasis on and a move away from block service contracts wth the independent providers. New Procurement Regulations Dependen¢y on major incorne SoUr￿lS limited lo just one local aLJthority and one NHS Commissioning body. The ending of contrad term for the e￿lIng service contract ￿rith the London Borough of 8exley and the G￿enWiCh NHS Commissioning body. Changes in adult social care arising from local Council's agenda. Local authorities, focus on procuring Ser￿￿S under "Framework contracts. The lifespan of Inspire's Block contracts wlh end dales in AugLJSt 2026. Workin9 capital required for meeting the gaps in funding and being able to make payrnents to outstanding ueditors in the event of any major delay in the income from the commissioners of Inspire's services. Redundancy and olher related staff cos15 arising from.. any significant reduction in existing income ending of grant funding for particular projectslservic£ agreernents Increases in the staff and other running costs ￿lch may rise progressively due to the agreements wth staff transferred from Bexley Council to the Trust and an NHS organisalion under Transfer of Undertaking and Protection of Employment ITUPEI regulations. Breakdown of the Information and Communication Tethnology IICTI systems. Issues arising from an eventls of 8 major incident or emergency. Increase in the building an(5 property Costs for rent as well as for planned refU￿1$hment and improvements. Impact of finanaal constraints on local aulhorilies. spot Purchasing Contrads. as opposed to Blod The CEO along wlh the management team has cx)ntinued to review and iritroduee procedures and reporting regimes to manage and miligale identified risks. Having considered the issues faced by the Trusl, the CEO has been focusing on assessing and idenlifw.ng steps to be taken to manage the above nsks. This has helped to fom)ulate a risk management strategy and a reserves policy. Inspire intends to continue working positively knrilh the relevant stakeholders in connedion with the above issues and develop appropriate services in partnership with the commissioners and servic£ users. INSPIRE COMMUNITY TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Principal risks and uncertaintl&s Icontinu8dl The charity's financial strategy is lo". Provide setw1￿S as efficiently and effectively as possible and reducÉ costs through effiaenaes. To spread the risk Mrith regards lo funding by developing new independent seNi¢es over the coming years and to instigate a diversification plan in order to rnaintain Inspire's financial viability, and lo enable the Charity to continue to deliver an ex￿lIent standard of services that represents good value for money. Be proadive in developing a range of new and innovative services to take on the opportunities for the 'Third Se¢tor° arising from Ihe changes in the Govemment regulations with ￿gard$ lo social care services. To take necessary steps to minimise the possibilily of health and safety related daims by ensuring that.. staff are appropriately trained to deal wth health and safety related matters in accordance wth Inspire's policies and procedures. appropriate investment is made for assessing health and safety related risks areas of improvements recommended by health and safety specialist audits are acted upon. uninsurable health and safely losses are provided lor in the business planning process. To continually review the charity's risk and reserves policy and to ensure adequate reserves are held to meet unfvnded costs andlor any likety funding gaps_ Work continues lo review and Introduce procedLj￿s and reporting regimes lo manage and reduce identified risks. Plans for the future Since its establishment in 2004, Inspire's main source of income has been from the contracts with the Local Authoritr"es and the NHS Commissioning bodies. In addition. the Trust also geneiales income from spot purchases by Ihe Commissioning Bodies and private ¢ustomers using their Direct Payment Funding by the local authorities and their private funds. The Trust will also continue to seek lo wden ils Lustomer base and seNices by". Contracting with other health and social care organisations to provide physical and sensory impairment services. Contracting wth other organisations to provide services to people who are disadvantaged due to disability, deprivation and social isolation. Bidding for National, Regional and Local Framework for provision of servI￿S in accordance with the Tfust's M&A's. Developing and providing a range of services direclly to the wder communrty. Inspire wll continue to adhere to this strategy and continue to expand It5 area of operation in temis of the range of services provided as ￿ell as the nLJmber of commissioning bodies it Can develop partnerships wlh. The Trust's portfolio of disability friendly properties offers a greal opportunity for developing new services such as developing further ￿SIdential care support for people wth disabilities. Building on the spe￿alISt Service area of pressure relieving equipment, induding decontamination of healthlpersonal care related equipment, brought under the Trust's operation follo¥ring the acquisition of Apex Medical Ltd company's local operation in February 2020. This offer opportunitie5 for developing more innovative and efficient Vdys of providing this service. Enhanang f(s businesslsale of the disability equipment shovffoomlshop by online sales. We wll continue to.. Promote social indusion, raising awareness. changing attitudes. Work with stakeholders lo enable people to access mainstream services. Work wlh stakeholdersto improve accessibility to buildings and transport. Promote outreach services closer lo where people live. Develop services for disabled children and young people. Offer support to younger people and parents Mitlh physical and sensory impaim)ent. Structure, governance and management Inspi￿ Community Trust was formed in and incorporated by guarantee on 24 November 2004 and is registered charity and company limited by guarantee. Inspire has no share capital. The guarantee of eath member is limited to £1. The goveming document is the Articles of Association of the company and members of the Board of Trustees are the members and non- executive Diredors of the Company. INSPIRE COMMUNITY TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management {continued) The Trustees, are also the directors for the purpose of Company law, and seNed during the year were.. Ranjit Bhamra (Chairl Roland French {resigned 8 September 20231 Hugh Miller (Treasurer) Anne Bramley Vinod Khanna (Chief Executive) Mark Lloyd (appointed 8 September 20231 Appointment and recruitment of Trnstees The Board continualty keeps under review its membership and the breadth of skills and expertise lo ensure proper govemance. When requi￿d. it seeks lo appoint new Trustees. Prior lo appointment, potential Trustees will meet wth Ihe Chaim)an and Chief Executive and Trustees. When new Trustees are appointed, each Trustee is provided wlh information, including the organisation's principal policies and procedures and Charity Commission Guidance. New Trustees meel with the Chairnian and the Chtef Executive and are invited to visit the offices and services. Committ6& structure. induction and training The Board of Trustees continues to be supported by a number of Committees, indude Trustees ¥Mth relevant skills. They include the followng". Development Finance and IHRI Sub-committee However, due to the number of cUr￿nt trustees, unfortunalety, il has not been practirable lo run the above committees. The development and Finan¢e and HR matters are considered al the Board meeting. This is evidenced by the 8oard minutes and its supplementary appendI￿S. Day to day management Day-to-day responsibility for the management of Ihe organisation's business is delegated lo the Chief Executive as detailed in Standing Orders. The Chief Executive is the principal adviser to the Board of Trustees and reports to them on the organisalion's perftsmance against the Strategic and Operational plans approved by the Board each year. The Trust's structure has been designed to provide dear direction to the Trust, with the Chief Executive working dosely ulth the non-executive Board of Directors to sel the slralegi¢ framework for the Trust and lo ensure the Executive Team wns the Twst professionally and in accordance wth its rules, objective5 and standing orders. The Chief Executive has responsibility for developing and delivering servi¢es in accordan￿ with the service specifitralions of the Commissioning Authorities such as the Local Authorities and the NHS Clinical Commissioning bodies. and the strategies agreed by the Board of Trustees. He ensures thal the staff teams are recruited and supported lo provide the skills and expertise needed lo njn a successful organisation and that the values of the Trust are observed, and services are delivered effiaently and effecliveiy in accordan￿ with the contracts with the commissioners of seTviceslfunders. During this financial period the Chief Exewlive was supported by a team induding a Comrneraal and Operations Director, Head of Finan￿ and Operational Managers for each of the seTvice area. The Commeraal and Operations Director also has the responsibility of assisting the Chief Executive wth strategic developments and undertakin9 delegated management responsibilities in the absence of the Chief Executive, as required. During the period ol this report the Tnjst employed appmximately 80 staff and had revised its managernent Structu￿ for effective operational management of the Trust. The Trust engages agency and freelance staff in order to meet ils staffing requirement, as appropriate. The Chief Executive also has the delegated responsibility for commissioning and managing appropriate Human Resources IHRI and Infomiation and Communication Technology IICTI support required by the Tnjst. One of the core values of the Trust is investing in staff to develop their skills and potential. Henee. the Trust provides appropriate training and development opportunities in order to ensure Ihat they are fully equipped lo perfomi their duties. Staff training needs are systematirally identified by the line managers in discussion wlh each member of slaff as part of their perfomiance appraisal and developrnent review each year. This leads to preparing a training plan and commissioning appropriale training for individual members of staff or as a group, where appropriate. The training plan is implemented in partnership ￿rith the key commissioners. Inspire staff also a￿sS training Co-ordinated by the local voluntary Service Counal - Bexley Voluntary Service Counal. INSPIRE COMMUNITY TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Day to day management In addition, fa￿ to face training days for mandatory training requirement such as moving and h8ndling. a￿ held al Inspire during the year for all staff lo enable them lo ftJn¢tion safely and effectively. As part of our contracts for the delivery of services on behalf of local authorities and the NHS Commissioning bodies The are reqUI￿d lo demonslrale lo them that Inspire has robust health and safely management systems and prO￿$se$ in place. To this end we have arrangements in place for the professional support for developing, implementing and monitoring systems and procedural manuals to ￿mplY ￿rith legislation and our ISO accreditation. Currently we commission the prolessional support from Citation and a speoalisl ¢onsullant lo". review our health and safety management systems., provide oul-50urced Human Resources support for the Trust provide support to managers for.. health and safety IH&SI related matters., Quality Management", Environmental Management., and assist the Chief Executive wth the annual review, ISO 9001, ISO 14001 and CHAS accredit8lions. Pay policy for key management personnel The Trustees consider the senior management tearn comprise the key management personnel of the charity in charge of direding and controlling, running and operating the Trust on a day-lo-day basis. All Tmstees give of their time freely and no Iruslee ieceived remuneration in the year for undertaking the Company duties. The senior staff salaries are sel taking into account the market rates. Appropriate annual pay increase for all staff, induding the senior staff is deuded by the Board of trustees. In addition, the trust has reward scheme based on staff appraisals. Trustees responsibilities The Tru51ees are responsible for preparing the Trustees, Report and the financial slalemenls in accordance knlth applicable law and regulations. Company law requires the Trustees to prepare financial statement5 for each Iinancial year in accordance wth United Kingdom Generally Accepted Accounting Practice Iunited Kingdom AccoLJnting Standards) and applicable law. Under company law the Tnjstees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable ¢ompany and tsf ils net incoming or outgoing resources for that period. In preparing these finanaal statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., make judgernents and estimates that are reasonable and prudent., state whether applicable accounting standards have been follo￿Ed, subject to any material departures disdosed and prepare the financial statements on the going concem basis unless it is inappropriate to presurre the charitable company ill Continue in business. The Trustees are responsible for keeping proper accounting records Ihat are sufficient to show and explain the charitable companls transactions and disclose yAth reasonable accuracy at any time the financial position of the charitable company and enable Ihern to ensure that the financial stalernents comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the p￿ventiOn and detection of fraud and other irregularities. The Trustees give strategic direction to the Trust and ensure that.. the management team runs the Trust professionally and in aecordant£ wth ils rules and objectives. il meets ils slatutory. financial and legal ￿sponsibl1111e5. Disclosure of infomiation to auditors Insofar as each of the Trustees of the company at the date of approval of this report is aware, the￿ is no relevant audil infomiation linfomiation needed by the company's aLJditor in conneclion wth preparing the audit report) of vknich the company's auditor is unawa￿. Ea¢h Trustee has taken all of the steps that helshe should have taken as a Trustee in order to make himselflherself aware of any relevant audit infoTYnation and to establish that the companls auditor is aware of that inlomiation. By Order of the Board of Trustees Date.. 313125- Vinod Kumar Khanna Chief Executive and Company Secretary INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF INSPIRE COMMUNITY TRUST Qualified opinion We have audited the financial statements of Inspire Community Trusl Ithe parent charitable company) and ils subsiéiaries Iihe group) for the year ended 31 March 2024 which eomprige the Consolidated Slalement of Financial Aclwilies, the Consolidated Balance Sheet, the Charitable Company BalancE Sheet, the Consolidated Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK (United Kingdom Generally A¢￿pted Accounting Practice). In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our give a true and fair view of the slate of the group and parent charitable company's affairs as al 31 March 2024, and of the group's incoming resources and applicalion of reSoUr￿s, including its income and expenditu￿, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally A￿pted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for qualified opinion We were not appointed as auditor of the charitable company until after 31 March 2023 and thus did not obseNe the counting of physical inventones at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held al 31 March 2023, which are included in the Balance Sheet al £94,841 by using other audit pr0￿dUreS. Consequently we were unable lo determine whether any adjustments to this amount was necessary. We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the Iinancial statements section of our report. We are independent of the group and 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 qualified opinion. Key audit matters EX￿p1 for the matters described in the basis for qua1rf1ed opinion section, we have determined that there are no key audit matters to be communicated in our report. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going con￿rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncErtainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for 2 period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Tnjslees with respect to going con￿rn are described in the relevant sections of this report. INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF INSPIRE COMMUNITY TRUST Other Informatlon The other infomiation comprises the information included in the Trustees Annual Report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other infomiation contained within the annual report. Our opinion on the finanaal statements does not cover the other information and, ex￿pt to the extent otherwise explicitly stated in our report, we do not express any fom of assuran￿ conclusion Ihereon. Our responsibility is to read the other Information and, in doing so, Consider whether the other information is materially inconsislenl with the finanaal statements or our kno￿edge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise to a material misslalement in the financial slalemenls themselves. If. based on the work we have perfomied, we conclude that there Is a material misstatement of this other information. we are required lo report that fact. As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves Con￿rning the inventory quantities of £94,841 held at 31 March 2023. We have concluded that where the other infomiation refers to the inventory balan￿ or related balances such as cost of sales, il may be materially misstated for the same reason. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, report lincorporaling the strategic report and the directors, report) for the financial year for which the financial statements are prepared is consistent with the finanaal statements", and the strategic report and the directors, report have been prepared in accordan￿ with applicable legal requirements. Matters on which we are required to report by exception EX￿p1 for the matter described in the basis for qualified opinion section of our report, in the light of our knowledge and understanding of the group and charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors, report. Arising solely from the limitation on the scope of our work relating lo inventory, referred lo above.. we have not obtained all the information and explanations that we considered ne￿SSary for the purpose of our audit", and we were unable lo determine whether adequate accounting records have been kept. We have nothing to report in respect of the followng matters where the Companies Act 2006 requires us lo report to you, in our opinion". returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns.. or certain disclosures of directors, remuneration specified bylaw are not made. Responsibilities of trustees As explained more fully in the Trustees, responsibilities stalement set out on page 8, the Tmstees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees detemine is necessary to enable the preparation of financi81 statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and charitable company's ability lo continue as a going cOn￿rn, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or charitable company or to cease operations. or have no realistic alternative bul lo do so. 10 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF INSPIRE COMMUNITY TRUST Audltor's rosponsibllitles for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial staternenls as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordants with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Extent to which the audit was considered capable of detecting irregularities. including Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above 2nd on the Financial Reporting Council's website, lo detect material misstatements in respect of irregularities. including fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments. including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design 2nd perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary lo applicable laws and regulations, including fraud. Extent to which the audit was considered capable of detecting irregularities. including fraud In response to the nsk of irregularities and non-compliance with laws and regulations, including fraud. we designed procedures which inciuded". Enquiry of management and those charged wth governance around actual and potential litigation and daims as well as actual, suspected and alleged fraud,. Reviewing minutes of meetings of those charged )fvith governance", Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the Company through enquiry and inspection., Reviewng financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations", Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustrnents for appropriateness, evaluating the business rationale of significant transactions outside the nomial course of business and reviewing accounting estimates for Indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularilies, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more Ihat compliance with a12w or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intenb'onal omissions, misrepresentations, or the override of internal control. As part of an audit in accordance wth ISAS IUKI, we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. design and perform audit procedLJres responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not delecling a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable company's internal control. 11 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF INSPIRE COMMUNITY TRUST Extent to which the audlt was considered capable of detecting irregularities, including fraud Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going COn￿M basis of accounting and, based on the audit ev1dern￿ obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitsble company's ability to continue as a going concern. If we conclude that a material uncertainly exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. ftjture events or conditions may cause the charitable company to cease lo continue as a going concern. Evaluate the overall presentation, stnjcture and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view). We communicate wth those charged with govemance regarding, among other matters, Ihe planned scope and timing of the audil and significant audit findings. including any significant deficiencies in Internal control that we identify dLJring our audit. 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 state to the charitable company s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do nol accept 01 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. Michelle Wilkes FCA {Senior Ststutory Auditor) for and on behalf of Azets Audit servI￿s Stalulory Auditor Dale. 17 March 2025 First Floor, River House 1 Maidstone Road Sidcup Kent DA14 5RH 12- INSPIRE COMMUNITY TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Note Unrestricted Restricted Fund• Funds 2024 Total 2023 Total Income from: Donations 3,769 7,250 11,019 1,057 Charrtable activities 4,418.493 4,418,493 4,344,636 Investmenl income Rental income Interest receivable 74,918 24,416 74,918 24,416 68,487 7,101 Other 73 Totsl Income 4,521,603 7,250 4.528,853 4,421,354 Expondituro on: Charitable activities 4,287.947 7.250 4,295,197 4,S85.579 Corporation tax trading Total expenditure 15,8431 4,579,736 4,287,947 7,250 4,295, 197 Net in¢om•l{expondlturo1 boforn transfers 233,656 233,656 1158,3821 Other recognised gains l {losse81: Remeasuremenl 9ain on defined benefit pension schemé Not movfrmont In funds 17 63,158 296,814 63.158 296,814 40,879 1117,5031 Reconciliation of fund$: Fund balances at 1 April 2023 7,683,493 56,554 7,740,047 7,857,550 Fund balances at 31 March 2024 7,980,307 56,554 8,036,861 7,740,047 All transactions are derived from continuing activities. All recognised gains and losses are included in the Ststemenl of Financial Aclivilies. 13- INSPIRE COMMUNITY TRUST CONSOLIDATED BALANCE SHEET AS A T31 MARCH 2024 Note 2024 2023 Flxed assets Intangible assets Tangible assets Investments 10 11 12 147,855 5,883,056 177,426 5,887.495 8,03Q,911 6,084,921 Current assets Stock Debtors Cash at bank and in hand 13 14 92,493 1,010,442 1,681,444 2,784.379 94.841 1,574,060 947,564 2,616,465 Creditors: amounts falllng due within one year 15 742,1071 (904,0171 Net currènt assets 2,042,272 1,712.448 Total assets les8 currènt liabllitlos 8,073,183 7,777,369 Creditors.. amounts falllng due after mor• than one yèar 16 136,322} 8,036,881 137,3221 7,740,047 Definèd beneflt ponslon Ilablllty 17 Nètfunds 8,036.861 7,740,047 Funds Restricted funds 19 56,554 56,554 Unrestricted funds". Designated funds Other charitable funds Non-charitable funds 20 6,151,528 1,842,730 {13.951) 8.036,861 6,185,538 1.529.268 131,3131 7.740.047 12 21 The accounts were approved by the Board on ... l 3..13 /2a2< Mr Ranji Trustee amra (Chairl Mr Hugh Miller (Honorary Treasurer) Trustee Company Number: 05296168 15 INSPIRE COMMUNITY TRUST CHARITY BALANCE SHEET AS A T31 MARCH 2024 Note 2024 2023 Flxed assets Tangible assets Investments 5,261,235 1,070, 100 6,331.335 5,252,982 1.070,100 6,323.082 12 Current assets Stock Debtors Cash al bank and In hand 13 14 94,841 2,070,751 811.937 2,977,529 1,907,274 1,567,818 3,475,092 Cradltors: amounts falllng duo wlthln one year 15 11.436,9161 11,239, 1231 Nèt currant assets 2.038,176 1,738.406 Totsl asaets less current liabilitie8 8,369,511 8,061,488 Creditors: amounts falllng duo aftèr more than one year 16 136,3221 8,333,189 137,3221 8,024,166 Dèfinèd benefit ponslon Ilablllty 17 Net funds 8,333,189 8.024,166 Fund$ Restricted funds 19 56,554 56,554 Unrèstricted funds". Designated funds.. Other charitable funds 20 6,451,952 1.824,683 8,333,189 6,443,699 1,523,913 8,024,186 21 The ac￿Unts were approved by the Board on . 1.I.1.3.1 Ao2 g- Mr Ranjit Bh8mra (Chairl Trustee Mr Hugh Miller (Honorary Treasurer) Trustee Company Number: 05296168 16 INSPIRE COMMUNITY TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUND FOR THE YEAR ENDED 31 MARCH 2023 Comparative information only Note Unrestricted Restricted Funds Funds 2023 Total 2022 Total as reststed Income from.. Donations 1,057 1.057 182 Charitable activities 4,344.636 4,344,636 5,055,064 Investment income Income from investments Interest receivable 68.487 7,101 68,487 7,101 57,491 1,376 Other 73 73 27,623 Total Incorne 4.421,354 4,421.354 5,141.736 Expenditure on: Charitable activities 4,585,579 4,585,579 5,029,565 Corporation tax- trading Total expenditure 15,843) 4,579,736 {5,8431 4,579,736 5,029,565 Net incomel{expenditurel before transfers 1158,3821 1158,3821 112.171 Other recognised gains l {losses): Remeasurement gain on defined benefit pension scheme Net movement in funds 17 40,879 1117,5031 40,879 {117,5031 112,171 Reconciliation of funds.. Fund balances at 4 April 2022 as restated 7.800,996 56,554 7,857,550 7,745,379 Fund balances at 31 March 2023 7.683,493 56,554 7,740,047 7,857,550 All transactions are derived from continuing activities. All recognised gains and losses are included in the Statement of Financial Activities. 14- INSPIRE COMMUNITY TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Note 2024 2023 Nat cash flow from oporatlng activitla8 22 902,735 {19,621 Cash flow from Investlng a¢tlvliies Payments to acquire tangible fixed assels Interest and investment income received Net cash flow from investing activities (177,8911 24,416 1153,4751 {865,3931 7,101 1858,2921 Nat Increasè in cash and cash equlvalents 749,260 1877,9131 Cash and ¢a$h equlvalent8 at 1 April 2023 932,184 1.810,097 Cash and cash equivalent8 at 31 March 2024 1,681,444 932,184 Cash and cash equlvalents ¢on$lsts of: Cash at bank and in hand Bank overdraft 1,681.444 g47,564 (15,3801 Cash and cash equlvalents at 31 March 2024 1,681,444 932,184 17 INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies la) Basis of accounting Inspire Community Trust is a registered charitable company in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity Information on page 1 of these financial stalemenls. The natLJre of the charity's operations and principal activities is to provide residential care, therapy and education for children and young people who have faced deprivation, cruelty or neglect, and who may have emotional, behavioural or educational difficulties. The charity constitutes a public benefit entity as defined by FRS 102. The financial staternents have been prepared in accordance with Accounting and Reporting by Charities." Ststement of Recommended Practice applicable to charities preparing their accounts In accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 201 g, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021. the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historic31 cost convention, modifsed to include certain items at fair value. The financial statements are prepared in sterling which is the function21 currency of the charity. The significant accounb'ng policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. {b} Consolidation In the opinion of the rnember of the committee, the charitable company and its subsidiary undertakings comprise a sm211 group. The consolidated financial st2tements incorporate the results of the charity and its trading subsidiaries, Inspire Medicare Limited and Blossoms Care Home Limited, for the year ended 31 March 2023. As a consolidated Statement of Financial Activities is published, a separate Statement of Financial Activities for the parent company is omitted from the group statements by wrtue of Section 408 of the Companies Act 2006. {c) Fund accounting Unrestricted general ￿ndS are ￿ndS which can be used in accordance wth the charitable objects at the discretion of the trustees. Restricted funds are funds that can only be used for particular restricted purposes within the objects of the charitable company. Restriction arises when specified by the donor or when fijnds are raised for particular restricted purposes. Designated funds represent funds invested in fixed assets. The designated fund balance has been represented to ensLire that the fund balance accurately reflects the designation policy adopted by the trustees. {d) Income recognitlon All income is induded in the Statement of Financial Activities ISOFAI when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income wll be re￿ived. Voluntary income, including donations, gifts and grants that provide core funding or are of a general nature, is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. 18- INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 1 Accounting policies {¢ontlnu¢dl {d} Income recognition The main income is derived from supporting people with physical and sensory impairments to meet their individual needs and to promote and encourage them to live more independendy. This income is included in the Statement of Financial Activities when receivable., Rebates as a result of a block contract agreement wth the London Borough of Bexley are accounted for when re￿1Vable. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 1021. Further detail is given in the Tnjstees, Annual Report. Investment income includes dividends, interest and rent. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established. {e) Expendlture recognition 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 recognised where there is a legal or constructve obligation to make payments to third parties, it is probable that the settlement Mrill be required and the amount of the obligation can be measured reliably. It is categorised under the follo￿ng headings". Expenditure on charitable activities comprises those costs incurred by the Foundation in the delivery of its activities and services for benefia8ries. It includes both costs allocated directly to such activits'es and those costs of an indirect nature necessary to support them. Irrecoverable VAT is charged as an expense against the ath.vity for which expenditure arose. {fj Support costs allocation Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred direcuy in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Other costs have been allocated on the basis of staff time spent. The analysis of these costs is included in note 5. {gl Intangiblè fixed assets Goodwill on consolidation is amortised over a period of 10 years following year of acquisition. {hl Tangible fixed assets and depreciation Tangible fixed a$sets are stated at cost less accumulated depreciation and any recognised impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Assets costing £500 or more are capilalised as tangible fixed assets and are carried at cost, nel of depreciation and any provision for impaimient. Depreciation is provided on all tangible assets, at rates calculated to write off the cost, less estimated residual value, of each 8sset on a systematic basis over its expected useful life, as follows.. Freehold land Not depreciated Freehold buildings & improvements 2 /0 straight line Fixtures, fittings & equipment 25Yd straight line Rental assets 250/0 Straight line Motor Vehicles 25 /0 straight line 19 INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 A¢counting pollcles Icontinuedl li} Fixed asset investments Inveslments in SLJbsidiaries are measured at cost less impairment. Ul Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impaimient are recognised in expenditure. {kl Employee benefits When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchanqe for that service. Retirement benefits to employees of the Trust are provided by the Local Government Pension Scheme {'LGPS'I. These are defined benefit schemes. The charity also operates a defined contribution plan for the benefit of ils employees. Contributions are expensed as they become payable. The LGPS is a funded scheme and the assets are held separately from those of the Trust in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rale of return on high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained al least triennially and are updated al each balance sheet date. The amounts charged to operating surplus are the current service costs and the costs of scheme introductions, benefit changes. settlements and curtailmenls. They are included as part of slaff costs as incurred. Nel interest on the nel defined benefit liabililylasset is also recognised in the Statement of Financial Activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of Ihe period by the rate used lo discount the benefit obligations. The difference between the inleiesl income on the scheme assets and the 2Ctual return on the scheme 2ssels is recognised in other recognised gains and losses. Actuarial losses are recognised immediately in other recognised gains and losses. Actuarial gains are recognised up to 2 maximum of the previously recognised losses in other recognised gains and losses. {ml Tax The charity is an exempt charity wthin the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the defjnition of charitable company for UK corporation tax purposes. -20- INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 1 Aecounting policies (continued) {nl Judgements and key sources of estimation uncertainty Accounting eSt￿MateS and judgements are continually evalLJaled and are based on historical experience and other factors, induding expectstions of future events that are believed lo be reasonable under the circumstances. The FoLJndalion makes eslimales and assumptions Con￿rning the future. The resulting accounting eslimales and assumptions will, by definition, seldom equal the related actual results. The eslimales and assumptions that have a significant risk ol causing a material adjuslmenl lo the carrying amounts of assets and 5iabilities within the next financial year are discussed below. Key judgements Pension contribution rebates Included Imthin incorne is rebates of employers pension conlributson tecovered under a block contract with London Borough of Bexley whereby any amount payable in eX￿sS of 60k Is recoverable by the Trust. This has not been offset against the pension contributions payable. Key estimates Useful economic lives of tangible assels The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect CLJrrenl estimates, based on technological advan￿Ment, future investments, economic ulilisation and the physical condition of the assets. See note 11 for the Carrying amount of the fixtures and fittings and motor vehicles, and note 1 (h) for the useful economic lives for each class of assets. LGPS The present value of the Loc31 Government Pension Scheme defined benefit liability depends on a number of factors that are delemined on an actuarial basis usino a variety of assumptions. The assumptions used in detemiining the net cost lincomel for pensions include the discount rate. Any changes in these assumptions, which are disdosed in note 17, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the lalesl full actuarial valuation perfomed at 31 March 2022 has been used by the actuary in valuing the pensions liability 8131 March 2024. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability. Bad debt provision The value of trade debtors is sensitive to the recoverability in full of any invol￿S issued to each customer. on￿ the debt becomes overdue il is chased ané periodically reviewed to ensure it is recoverable in full. If a provision is deemed necessary this is included on an annual basis. No provision for bad and doubtful debts is currently included in the accounts. {ol Going concem The Trust has a strategy to ensure that there are sufficient funds raised through the block contracts supplemented by spot purchase and the rental income from the TTUSI owned properties. These funds are kept in secure interest- bearing bank account (Reserve Account). There are cUr￿nt accounts for meeting the Trust and subsidiaries current day lo day working capital. Any pressures caused by delayed credits are managed through its cash reserves. The nature of the Trust's activities are such that there can be considerable unpredictable variation in the timing of cash inflows. The trustees have prepared projected cash flow inform81ion for the period ending 31 March 2024 and beyond. On the basis of this cash flow information. the trustees consider that the Trust will continue lo meet ils obligations from its cash reserves. On this basis, the trustees consider il appropriate lo prepare the accounts on the going Gon￿rn basis. (pl Government grants Government grants are recognised al the fair value of the asset reeeived or ￿CeiVable when there is reasonable assuran￿ that the grant conditions will be mel and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant dtses not specify performance conditions il is recognised in income when the proceeds a￿ received or re￿1Vable. A grant re￿IVed before the recognition criteria are satisfied is recognised as a liability. 21 INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 2 CHARITABLE ACTIVITIES Unrestricted funds Restrlcted funds Total 2024 Total 2023 SLA Contract Other income Care home Apex- equipment sales 2,520,288 123,209 808,233 966,763 4,418,493 2,520,288 123,209 8Q8,233 966,763 4,418,493 2,221,934 86,436 814.235 1,222.031 4,344,636 3 OTHER INCOME 2024 2023 Blue badge holders RADAR keys 17 56 73 4 EXPENDITURE Staff Costs Dirnct Costs Support costs Total 2024 Total 2023 Charftsble actlvltles Provision of community care Care home Taxation Total charitsble activities 1,801.836 528,049 712,826 126,187 1,008,027 118,272 3,522,689 772,508 3,766,761 818,818 15,8431 4,579.736 2,329,885 839,013 1,126,299 4,295,197 Totsl expenditure 2,329,885 839,013 1,126,299 4,295.197 4.579,736 -22- INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 S SUPPORT COSTS Provision of communtty ear• Total 2024 Total 2023 Carè Hom• Staff Iraining Equipment Repairs and maintenance Rent and rates Light and heat Insurance Travel and subsistence Vehide expenses Communications IT support and maintenance Legal and professional costs Professional and consultancy fees Bank charges Deprecation Amortisation Loss on disposal of fixed assets Leaflets and publication5 Provision for doubtful debts Subscriptions General Offi￿ expenses Governan 12.171 2,351 97,924 87,498 90,170 55.024 1fj,944 113,563 27,521 136.026 3.951 3.966 16.137 2,351 144,633 89,866 94,128 56,434 16,944 113,563 28,469 136,026 3.951 19,076 2.644 280,819 149,197 91,805 34.338 8.915 152.709 25,240 127,355 29,819 33.587 8,511 174,045 29,571 639 12,592 104 7,970 77.805 118,571 1,385.312 46,709 2,368 3,958 1,410 948 2,709 166,844 29.571 1.304 15,484 4,013 182,328 29,571 16381 19851 89,564 77.819 1,008,027 16381 5.949 91.466 111.108 1.126,299 6,934 1,902 33,289 118.272 6 GOVERNANCE COSTS 2024 2023 Stsff costs Auditors, remuneration Auditors, remuneration- p￿vIOuS auditors Auditor5, remuneration- Subsidiaries Accountancy services Accountancy services- subsidiaries Legal fees 28,575 7,848 54,314 13.491 74,169 38.443 6,061 16871 585 118,571 6,880 111,108 Govemance costs are included within support Costs detailed abovè and have been allocated on the basis ol time spent in respe¢t of staff costs and direct apportionment basis for other costs. NET MOVEMENT IN FUNDS 2024 2023 This is stated after ch3rging Depreciation of tangible fixed assets Amortisation Auditors, remuner8tion (including subsidiary) 182,328 29,571 82,889 174.045 29.571 112,612 8 TRUSTEES, REMUNERATION AND REIMBURSED EXPENSES The Chief Executive Officer ICEOI is also a Trustee of Inspire Community Trust. He received a salary of be￿een £120.001 and £130,00012023". £130,001- £140,000). The Charity Cornrrission gave consent on 17 June 2005 to tha CEO being remunerated under dause 5.2.5 of the charitable compan¥s Memorandum and Artides of Associations as arnended by written resolution on 14 Janu8ry 2025. None of the olher Trustees lor any persons connecled with them) received rernuneration during the year, Of were reimbursed expenses12023'. nill. 23- INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 9 EMPLOYEES Employmont costs 2024 2023 Wages and salary costs Social Security costs Pension costs - defin6d contribution 2,044,993 178,833 106,059 2,329.885 1,904,150 172,905 7g,294 2,156,349 Nurnbèr of employees The number of employees, by headcount, during the year was.. 2024 Numbor 66 25 91 2023 Number 65 26 91 Provision of community care Blossoms Caré Home The numbér ofemployees whose annual emoluments were £60,000 or more were". 2024 2023 £70,001- £80,000 £120,001-£130,000 £130,001- £140,000 Of thé employees whose emoluments exceed £60,000, 2 12023.. 11 have retirement benefits a￿rUIng under defined contribution schemes. The senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the TrLkSt on 8 day to day basis and are détailed on page 1. The aggregale remuneration paid to the key management personnel totalled £258,85612023'. £231,401). 10 INTANGIBLE ASSETS Group Goodwlll Total Cost I deemed cost As al 1 April 2023 and al 31 March 2024 295,710 295,710 Amortisation As al 1 April 2023 Charge for year At 31 March 2024 118,284 29,571 147,855 118.284 29,571 147,855 Not book valu•s At 31 March 2024 147,855 147,855 At 31 March 2023 177,426 177,426 -24- INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 11 TANGIBLE ASSETS Fixtures, Land and Improvoments fittings and buildings to buildings equipment & rental assets Motor Vehicles Totsl Group Cost I deemed cost As at 1 April 2023 Additions At 31 March 2024 3,452,959 2,991,610 168,271 3.159,881 550,486 9,620 560,106 37,007 7,032,062 177,891 7,209,954 3,452,959 37,007 Depreciation As at 1 April 2023 Charge for period At 31 March 2024 522,232 46,344 568,575 143,388 61,192 204,580 441,944 74,792 516,736 37,007 1,144,571 182,328 1,326,898 37,007 Net book values At 31 March 2024 2,884,383 2,955,301 43.370 5,883,056 At 31 March 2023 2,930,727 2,848,222 108,542 5,887,491 Included in land and buildings is freehold land at a value of £837,900. Land is not depreciated. Fixtures, Land and Improvements fittings and buildings to buildings equipment & rental assets Motor Vehicles Total Charity Cost I deemed cost As at 1 April 2023 Additions At 31 March 2024 2,802.139 2,991,610 168,271 3,159,881 474,343 6,825 481,168 37,007 6,305,099 175,096 6,480,196 2,802,139 37,007 Depreciation As at 1 April 2023 Charge for period Al 31 March 2024 491.504 37,038 528,542 143,388 61,192 204,580 380,219 68,614 448,833 37,007 1,052,118 166.844 1,218,961 37,007 Net book values At 31 March 2024 2,273,596 2,955,301 32,336 5,261,235 At 31 March 2023 2,310,635 2,848,222 94,125 5,252,981 Included in land and buildings is freehold land at a value of £837,900. Land is not depreciated. -25- INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 12 FIXED ASSET INVESTMENTS Shares in subsidiary undertaking Total Group Market value at 1 April 2023 and at 31 March 2024 Hlstorlcal Cost: Al 31 March 2024 At 31 March 2023 Charfty Market value al 1 April 2023 and at 31 March 2024 1,07Q,100 1,070,100 Hlstorlcal cosl: At 31 March 2024 1,070,100 1,070,100 At 31 March 2023 1,07Q,100 1,070.100 Sharo8 In 8ubsldlary undertaklngs 100QA of 100 share capital of £1 each in Inspire Medicare Ltd 1000/0 of 100 share capital of Blossoms Care Home Limited. The charity acquired the subsidiary on 15 November 2019 for a consideration of £1,070,000. Holdlngs of moré than 20Q The charity holds more than 20¥0 of the sharé capital of the followsng company." Proportion of votlng rlghts and ordinary sharo capltal Prlncipal held actlvlty Day care centre and medical care lo the elderiy and disabled people of tre community Country of règistration or Incorporation England and Wales Subsidiary undertaklng Inspire Medicare Ltd Blossoms Care Home Ltd England and Wales 1 OOU/o Care home -26- INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 12 FIXED ASSET INVESTMENTS The prinapal activity of Inspire Medicare Limited is the provision of a day care centre 2nd medical care lo the elderly and disabled people of the community The Investment is measured at cost less impaiment on the basis that they represent shares in enlilies that are not publicly traded and the fair value cannot otherwise be measured reliably. The trading results of Inspire Medicare Limited for the year ended 31 March 2024 are as follows.. 2024 2023 Turnover Cost of sales Adminislralion costs Operating surplus for the year Corporation tax Distributions lo parent charity under gift aK Retsined surplus for the year 4,002.950 1557.2591 {3,459.8921 114,2011 2,616,625 {2,545,6201 71,005 110.0681 135,1321 25,805 114,2011 The assets and liabilities of the subsidiary at 31 March 2024 were". Fixed assets Current assets Current liabilities Aggregate share capitsl and reserves 2,795 1.896,815 11,799,787) 99.823 1,379,092 11.265,068) 114,024 Share capital Profit and Ioss reserve 100 99,723 99.823 100 113,924 114,024 The prtncipal activity of Blossoms Care Home Limited is the provision of a care home. The investment is measured al cost less impaimenl on the basis that they represent shares in entities that are not publie6y Ifaded and the fair value cannot otherwise be measured reliably. The trading results of Blossoms Care Home Limited for the year ended 31 March 2024 are as follows". 2024 2023 Turnover Other operating income Cost of sales Administration costs Operating surplus for the year Corporation tax Dislribulions lo parent charity under gift aid Retained {deficill for the year 804,071 779,231 {23,103} 749,2931 31.675 11121 141.4551 777.3631 {39,5871 15,911 31,563 123.6761 The assets and liabilities of the subsidiary al 31 March 2024 were.. Fixed assets Current assets Current liabilities Aggregate Sha￿ Capital and reserves 619.026 1,565,534 12.298,1341 1113.5741 634,510 1.090,462 1.870,1091 {145.1371 Share capital Profil and loss reserve 100 1113,6741 1113,5741 100 {145,2371 1145.1371 -27- INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 13 STOCKS Group 2024 Charity 2024 2023 2023 Finished goods 92,493 94,841 94.841 14 DEBTORS Group 2024 Charity 2024 2023 2023 Trade debtors Other debtors Amounts due from subsidiary undertaking Prepayments and accrued income 502,362 299,585 1,020,320 408,396 15,754 299.585 1,560,195 31,740 1,907,274 437,283 408,396 1,167,834 57,238 2,070,751 208,495 1,010,442 145,344 1,574,060 15 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2024 Charity 2024 2023 2023 Bank overdraft Amounts due to subsidiary undertaking Capital grant Trade creditors Taxes and social security costs Other creditors Accruals 15,380 15,380 665,102 1,000 177,566 28,276 62,869 288,929 1,239,123 1,188,903 1,000 28,549 30,148 15,884 172.432 1.436.916 1,000 138.031 36,753 240,631 325.691 742,107 1,000 179,248 33,190 276,737 398,461 904,017 16 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 2024 Charity 2024 2023 2023 Original grant 50,000 50,000 50.000 50,000 Grant released brought forward Grant release Revaluation of fixed assets held under grants (11,678) 11.0001 112.678) {10,6781 11,0001 {11,678) 111,6781 {1,0001 112,6781 110,6781 11,0001 111,6781 Capital grant 37,322 38,322 37,322 38,322 Group 2024 Charity 2024 2023 2023 Debt due in one year or less In more than one year but not more than years 1.000 36,322 37,322 1,000 37,322 38,322 1,000 36,322 37,322 1,000 37,322 38,322 Previously capital grants received were netted off the cost of housing properties in the Balance Sheet and depreciation was applied to the net cost. Under FR8102. housing properties are staled gross and depreciation was applied to the gross cost. The ￿pItal grants received are included in creditors and are amorilised over the same period over which the structure of housing properties is depreciated. The grant is repayable indefinitely and is repayable in the event that the propety is handed back to the donor or the usage of the bulding as specified by the donor in the grant contract is no longer met. The contingent liability for the full grant is £50,000. 28- INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 17 PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS The Trust's employees belong to the following pension schemes,: the NHS Pension Scheme and the Local Government Pension Scheme ILGPS), which is managed by London Borough of 8exley. Both are multi*mployer defined benefit schemes_ In addition. the Trust operates a defined contribution stakeholder scheme and contribute into personal pension schemes. The pension costs are assessed in accordance with the admce of independent qualified actuaries. The latest actuarial valLJation of the NHS Pension Scheme related to the period ended 31 March 2020, and that of the LGPS related to the period ended 31 March 2022. In February 2025, the Trust was admitted into the LGPS lo accommodate staff previously employed by London Borough of Bexley being transferred lo the Trust under TUPE provisions. The LGPS transferred these employees to the Trust on 1 March 2005 and a further group of staff in August 2010 when the Integrated Community Equipment Service transferred. The minimum contribution rates for the year was 21.10/0. Under the terms of the new block contract wth the London Borough of Bextey, which commenced on 1 September 2016, the Tnjst recovers all but 6010 of the Employer's contribution. In April 2011, the Trust became a Direction Employer for the NHS Pension Scheme when staff were transferred under TUPE provisions trom South London Healthcare NHS Trust to operate the Wheelchair Service. The employerfs contributions were paid at the rate of 14.4010. Under the terms of the new block contract with the London Borough of Bexley, which commenced on 1 September 2016, the Trust recovers all bul 6Qh of the Employerfs contribution. In December 2019. the Trust also look on NHS staff transferred under TUPE provisions from 0￿e8S NHS Foundation Trust and we await approval as a Direction Employer for these staff. NHS Pension Scheme Introduction Past and present employees are covered by the provisions of the NHS Pension Schemes. Details of the benefits payable and rules of the schemes can be found on the NHS Pensions website at www.nhsbsa.nhs.uklpensions. Both the 199512008 and 2015 schemes are accounted for, and the scheme liability valued, as a single combined scheme. Both are unfunded defined benefit schemes that cover NHS employers, GP practices and other bodies, allowed under the direction of the Secretary of State for Health and Social Care in England and Wales. They are not designed lo be run in a way that would enable NHS bodies to identify their share of the underlying scheme assets and liabilities. Therefore, each scheme is accounted for as if it were a defined contribution scheme.. the cost to the NHS body of participating in each scheme is taken as equal to the contributions payable to that scheme for the accounting period. In order that the defined benefit obligations recognised in Ihe financial statements do not differ materially from those that would be detemiined at the reporting date by a formal actuarial valuation, the FReM requires that °the period between formal valuations shall be four years, with approximate assessments in intervening years An outline of these follows". Accounting valuation A valuation of scheme liability is carried out annually by the scheme actuary {currently the Govemment A¢tuary's Department) as al the end of the reporting period. This utilises an actuarial assessment for the previous accounting period in conjunction wth updated membership and financi21 data for the current reporting period. and is accepted as providing suitably robust figures for financial reporting purposes. The valuation of the scheme liability as at 31 March 2024, is based on valuation data as 31 March 2023, updated to 31 March 2024 with summary global member and accounting data. In undertaking this actuarial assessment. the methodology prescribed in IAS 19, relevant FReM interpretations, and the discount rate prescribed by HM Treasury have also been used. -29- INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 17 PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS {Contlnued) NHS Pension Scheme (continued) The latest assessment of the liabilities of the scheme is contained in the report of the scheme actuary, which fomis part of the annual NHS Pension Scheme Accounts. These accounts Can be viewed on the NHS Pensions website and are published annually. Copies can also be obtained from The Sl81ionery Office. Full actuarial (funding} valuation The purpose of this valuation Is to assess the level of liability in respect of the benefits due under the schemes (taking into account recent demographic experien￿1, and to recommend contribution rates payable by employees and employers. The latest actuarial valuation undertaken for the NHS Pension Scheme was completed as at 31 March 2020. The results of this valuation set the employer contribution rate payable from April 2024. The Department of Health and Social Care has recently laid Scheme Regulations confirming the employer contribution rate will increase to 23.7 /0 of pensionable pay from 1 April 2024 Ipremously 20.60/01. The core cost cap cost of the scheme was calculated to be outside of the 30/ts cost cap corridor as al 31 March 2020. However, when the wider economic situation was taken into account through the economic cost cap cost of the scheme, the cost cap corridor was not similarly breached. As a result. there was no impact on the member benefit structure or contribution rates. Under the definit10ns set out in FRS 102, the NHS Pension Scheme is an unfunded multi*mployer pension scheme. The Trust has accounted for ils Contributions to the scheme as if it were a defined contribution scheme. The Trust has set out above the infomiation available on the scheme. Pension contributions amounling to £1,379 12023.. £574} were unpaid to the NHS Pension Scheme at 31 March 2024. London Borough of Bexley Pension Fund The LGPS is a funded defined benefit pension scheme, with the assets held in separale trustee-administered funds. The total contribution made for the year ended 31 March 2024 was £86,309 12023.. £53,535) of which employer's contributions totalled £63,15812023". £40,879) and employees, contributions totalled £23,151 12023.. £12,656). The employer's contributions are effectively shown as a gain on the LGPS asset, in the absence of full disdosure of the LGS assevliability. The primary contribution rate for future years are 21.10/0 {from 1 April 2022) then increasing to 24.14/0 (from 1 April 20231 for employers and 5.54/0 to 12.5Qlo for employees. There is also a secondary contribution rale due to the Trust's share of the LGPS being in surplus which amounts to -21.1 /0 lfrom l April 2022) and -24. 1 /0 {from 1 April 20231- Pension contributions amounting lo £3,573 12023.. £8931 were unpaid to the London Borough of Bexley Pension Fund at 31 March 2024. -30- INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 17 PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS {Continued) Principal actuarial assumptions 2024 2023 Rate of increase in salaries Rate of increase In pension payment Discount rate Inflation accumption - CPI 4.20 2.70 4.90 2.70 4.20 2.70 4.90 2.70 The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are.. 2024 2023 Retiring today Males Females 22.9 25.7 22.4 25.4 Retiring in 20 years Males Females 21.8 24.0 21.4 23.7 Sensiliirity analysis Scheme liabilities would have been affected by changes in assumptions as follows". 2024 +298 -116 -15 2023 +320 -99 -16 Discount rate +0.5010 Mortality assumption + 1 year Long temi salary +0.250/ Defined benefit pension scheme net asset 2024 2023 Scheme assets Scheme obligalions Net asset Restnction on scheme assets 6,004 {4,7451 1.259 {1,2591 5.836 (4,6941 1,142 {1,1421 The Trust'$ share of the assets in the scheme were: 2024 2023 Equities Bonds Propety Cash Other assets Total market value of assets Restriction on scheme assets Net assets recognised 2,167 1,039 757 696 1,345 6,004 11,259 4,745 1,868 1,692 817 467 992 5,836 11,1421 4,694 Amount recognised in the Statement of Flnanclal A¢tivlties 2024 2023 Current service cost Net interest cost Administration expenses Total operating charge 72 1561 76 21 84 31 INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 17 PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS {Contlnued) Changes in the present value of defined benefit obligations were as follows: 2024 2023 At 1 Aprll 2023 Current service cost Interest cost Change in financial assumptions Change in demographic assLJmptions Experience loss on defined benefit obligation Estimated benefits paid Contributions by Scheme partf"cipants At 31 March 2024 4,694 72 224 6,875 76 188 (2,3941 11871 470 1347} 13 4,694 (631 41 {2461 23 4,745 Changes in the fair value of charity's share of scheme assets: 2024 2023 At 1 April 2023 Interest on assets Return on assets less interest Other actuarial gains Administration expenses Employer contributions Contributions by Scheme participants Estimated benefits paid At 31 March 2024 Restriction on scheme assets Net assets recognised 5,836 280 6,659 182 116 (51 16691 {21 23 {246) 6,004 {1,2591 4,745 13 13471 5,836 {1,1421 4,694 Included withir) the pension assets above is an °asset ceiling adjustment The asset ceiling is the present value of the economic benefits that the employer can recover trom the plan, such as reduced contributions or cash refunds. It is deemed for the Trust that the future costs expected for thè employers contributions wll OU￿e1gh the future ser￿￿ costs and therefore there is no economic benefit to the Trust and therefore the assel value is redU￿d to zero. 32- INSPIRE COMfvIUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 17 PENSION AND OTHER POST.RETIREMENT BENEFIT COMMITMENTS Other defined ¢ontribution schemes Icontinuedl The Trust has staff auto enrolled, as appropri81e. into the Government's NEST scheme. The Trust ¢ontribules up to 60A for employees from the old scheme and those having a permanent contract as 81 July 2014 and 20/0 for new employees post July 2014. Some staff have opted out of the above scheme and some are ineligible due lo the level of remuneration. In February 2020 the Trust took over certain services from Apex Medical and 23 staff were TUPE'd over. These staff are members ofthe NOW Pension Scheme. 2024 2023 Contributions payable by the company for the year 28,591 25,477 Pension contributions amounting lo £5,081 12023.. £5.4951 were unpaid lo the stakeholder schemes at 31 March 2024. 18 COMPANY STATUS The charity is a company limited by guarantee. In the event of a winding-up the liability of each member will not excEed £1. 19 RESTRICTED FUNDS The income fund5 of the charity indude restricted fund5 comprising the following unexpended balan￿S of donations and grants held on trust for specific purposes.. Transfers be￿een funds Balance at 1 April 2023 Balance at 31 March 2024 CURRENT YEAR Income Expenditure Day services and sensory support serVi￿S Bexley library 56.554 56,554 7,250 7.250 17,2501 17,2501 56,554 56,554 Transters between Balance at 31 funds March 2023 Balance at 1 April 2022 COMPARATIVE YEAR Income Expenditure Day services and sensory support serVi￿S 56.554 56,554 56,554 56,554 Day servi￿$ and sensory support services Bexley Village Community library Funds received specifically for day services lactivilies and Iransportl and sensory support Servi￿5. Grant to manage library on behalf of Bexley Council. -33- INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 20 DESIGNATED FUNDS The income funds of the group include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.. Balance at New l April 2023 designations Designations releasèd Transfersl Balanee at 31 Gains March 2024 GROUP- CURRENT YEAR Business development Fixed asset fund Dilapidations fund 20,617 6,064,921 100,000 6,185,538 20,617 6,030,911 100,000 6,151,528 134.0101 134,0101 Balance at New 1 April 2022 designations Designations released Transfersl Balance at 31 Gain$ March 2023 GROUP - COMPARATIVE YEAR Business development Service development Dilapidations fund 20,617 20,617 6,064,921 100,000 6,185,538 6.064,921 100,000 120,617 6,064,921 Balance at 1 New Designations April 2023 designations released Transfersl Balance at 31 Gains March 2024 CHARITY- CURRENT YEAR Business development Fixed asset fund Dilapidations fund 20,617 6,323,082 100,000 6,443,699 20,617 6.331,335 100,000 6,451,952 8,253 8,253 Balance at 1 New April 2022 designations Designations released Transfersl Balance at 31 Gains March 2023 CHARITY- CURRENTYEAR Business development Fixed asset fund 20,617 20,617 6,323,082 100,000 6,323,082 Dilapidations fund 100,000 Business development servi￿ development Dilapidations fund Publicity and marketing of existing andlor new services. Pump priming new servi￿5 for future sustainability of the organisation. Repairs required to the premises and equipment should the contract cease or our leasehold properties are handed back to the lessor. represents the nel book value of fixed assets held net of any associated borrowings. Fixed asset fund 34- INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 21 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Designated funds funds Restricted funds Total GROUP CURRENT YEAR Fund balances al 31 March 2024 8re represented by.. Intangible fixed assets Tangible fixed assets Investments Current assets Creditors". amount falling due WTthin one year Creditors.. amount falling due after more than one year Defined benefit pension 147,855 5,883,056 147,855 5,883,056 2,727,825 1742,1071 136,3221 56,554 2.784,379 1742,1071 136,3221 COMPARATIVE YEAR Unrestricted Designated funds funds Restricted funds Total GROUP CURRENT YEAR Fund balances al 31 March 2023 a￿ represented by". Intangible fixed assets Tangible fixed assets Investments Current assets Creditors. amount falling due within one year Creditors". amount falling due after more than one year Defined benefit pension 177,426 5,887.495 177,426 5,887,495 2,559,911 1904,0171 {37,3221 56,554 2,616,465 {904,0171 137,3221 CHARITY ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted funds Designated funds Restricted funds Total CURRENT YEAR Fund balances at 31 March 2024 are represented by.. Tangible fixed assets Investments Current assets Creditors.. amount falling due within one year Creditors." amount falling due after more than one year Defined benefit pension 5,261,235 1.070,100 120,617 5.261,235 1.070,100 3,475,092 11,436,916) 136,322 3,297,921 11,436,916} 136.3221 56,554 1,824,883 6,451,952 56,554 8.333,189 COMPARATIVE YEAR Unrestricted Designated funds funds Restricted funds Totsl Fund balances at 31 March 2023 are represented by". Tangible fixed assets Investments Current assets Creditors.. amount falling due within one year Creditors." amount falling due after more than one year Defined benefit pension 5,252,982 1,070,100 120,617 5,252.982 1,070,100 2,977,529 11,239,123) (37,3221 2,800,358 11,239,123> (37,3221 56,554 1,523,913 6,443,699 56,554 8,024,166 35- INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 22 RECONCILIATION OF NET EXPENDITURE TO NET CASHFLOW FROM OPERATING ACTIVITIES 2024 2023 Nel incomellexpendilurel for year Interest and investment income receivable Depreciation of tangible fixed assets Amortisalion of goodwill Loss on disposal of fixed assets {Increaselldecrease in stod< Iln¢reasellde¢rease in debtors Increaselldecreasel in Creditors Nel cash flow from operating activities 296,814 {24,4161 182,328 29,571 (117,5031 17,1011 174,045 29,571 639 2,687 140.6971 161.2621 119,6211 2,348 563,618 1147,528 902,735 At 1 April 2023 Cash flow Non-cash At 31 March changes 2024 23 ANALYSIS OF CHANGES IN NET DEBT Cash at bank and in hand Bank overdrafts 947,564 115,38Ql 932,184 733.880 15,380 749,260 1,681,444 1.681.444 24 FUTURE COMMITMENTS Operating leases Total future minimum lease payments under non-cancellable operating leases are as follows.. Group Land and buildings 2024 2023 Other 2024 2023 Within one year Between hvo and five years In over five years 13,451 53,804 1,437.414 1,504.669 35,185 50,000 1,348.322 1,433.507 15,296 58,970 25,723 99,989 9.917 39.328 2,422 51,667 Charity Land and buildings 2024 2023 Other 2024 2023 Within one year Between kn and five years In over five years 13,451 53,804 1,437.414 1,504,669 35.185 50,000 1,348.322 1,433,507 13.990 55,294 25,723 95,007 36- INSPIRE COMMUNITY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 25 RELATED PARTIES During the year, the Trust rented a room al its premises to Ranjil Bhamra ITrusleel at a value of £4.800 per annum. During the year the income amounted to £9,60012023.' Nill. The Trust has a number of transactions with its subsidiaries. Inspire Blossoms Medlcare Ltd Caro Home Ltd 2024 Totsl From the Trust: Recharge of costs 2.344.339 2,344.339 Amounts owed fromlltol.. 1,188,903 1,560,195 371.292 26 CAPITAL COMMITMENTS The charity had capital commitrnenls al the year end as follows. 2024 2023 Maidstene Road 77,019 77,019 37-