LOCAL INFORMATION UNIT LIMITED (Company limited by Guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registration Number: 1872218 (England and Wales) Charity Registration Number.. 1113495 AEA02FGY 2910812025 COMPANIES HOUSE
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LOCAL INFORMATION UNIT LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 CONTENTS Page Legal and administration Trustees, report Independent auditor's report 17 Consolidated statement of financial activities 20 Group and Charity balance sheets 21 Consolidated cash flow statement 22 Notes to the financial statements 23
LOCAL INFORMATION UNIT LIMITED LEGAL AND ADMINISTRATION YEAR ENDED 31 DECEMBER 2024 Reglstered Name of charlty Local Information Unit Limited Other names used by the charity LGIU Trustees Cllr Abdul Jabbar Cllr Alexander Hollingsworth Cllr Jayne Mccoy Cllr Michael Payne (Chair) (stood down 15 October 2024) Mike Short Cllr Neil Nerrfa (appointed as Chair 15 October 2024) Cllr Tudor Evans Cllr Amanda Jayne Hopgood Cllr Linda Joy Taylor Cllr Tracey Dixon (appointed 15 October 2024) Cllr Mark Nuti (appointed 15 October 2024) Cllr Roddy Hogarth (appointed 15 October 2024) Cllr Ray Morgon (appointed 15 October 2024) Chlef Executlve &'Cofftpany 'J Carr-west Secretary Reglstered offlce 251 Pentonville Road London N19NG Company Reglstratlon Number 01872218 (England and Wales) Charity Registration Number 1113495 Auditor Haysmac LLP 10 Queen Street Place London EC4R 1AG Bankers National Westminsler Bank PLC 23 Brunswick Place Southampton S015 2AQ
LOCAL INFORMATION UNIT LIMITED LEGAL AND ADMIIYISTRATION (continued) YEAR ENDED 31 DECEMBER 2024 Subsidiary undertakings: LGIU International Ltd Directors J Carr-west A Johnston E Coll L Slack H Muirhead - resigned 121h July 2024 H Yedigaroff V De Blasi Company Registered Number 07132669 (England and Wales) Local Energy Limited Dlrectors J Carr-west H Yedigaroff Company Reglstratlon number 07092950 (England and Wales) LGIU Enterprlses Llmited Directors J Carr-west H Yedigaroff A Hollingsworth N Nerva Company Registratlon number 07073661 (England and Wales) LGIU Ireland Llmlted Directors J Carr-west H Yedigaroff S O'Riordain Company Registration number 597961 (Ireland)
LOCAL INFORMATION UNIT LIMITED TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2024 Objectives and activities Introduction The Local Government Information Unit (LGIU) is a membership organisation and think tank. The object of the organisation is the promotion for the public good of efficient public administration of local government by the provision of information, advice, research and training and the publication of research. LGIU operates internationally through LGIU International. a wholly owned trading subsidiary. Publlc benefit The LGIU must be able to demonstrate Ihat its aims and activities are for the public benefit. The Trustees have reviewed the guidance issued by the Charity Commission and have prepared this report with the guidance in mind. Mission The LGIU - Local Government Information Unit- is a not-for-profit, non-partisan membership organisation. We are for local government and anyone with an interest in local democracy and finding local solutions to the challenges that we all face. Our resources, innovative research and connections. are'relied on by councillors and council officers across the globe-. As LGIU becomes increasingly international in focus, our aim is to be the preeminent global hub for the best information, ideas and insight about local government and local democracy and to create a global network of local authorities, public servants and politicians supporting each other to strengthen local democracy, improve public services and meet the complex challenges of the 21st century. Activities, speciflc objectives and relevant pollcies To fulfil our charitable mission. we support innovation in local government working with our members and others to provide: The practical support, on tap, that council staff and elected representatives need for theirjobs every day, including.. in depth policy briefings, country-specific daily news roundups. case study bank,. analysis and commentary. Opportunities to be involved with our Local Democracy Research Centre's original research projects. A global network of local government professionals and other stakeholders coming together to collaborate, share and innovate. A significant member discount on LGIU training. A programme catering specifically to the needs of local government staff and elected representatives, delivered by sector experts. Supportive and productive forums for exploring the challenges and emerging opportunities in an ever changing local government landscape. A voice for the international local government community, which grows stronger with each new member.
LOCAL INFORMATION UNIT LIMITED TRUSTEES, REPORT YEAR EIYDED 31 DECEMBER 2024 We are a critical friend to councils but we are unwavering in our advocacy of local government as the foundation of the places we live and work. Volunteers Generally the LGIU does not use volunteers- internships are occasionally provided to people seeking work experience, and are paid at the London living wage. The LGIU group Since 2015 the LGIU has been expanding its international operations with the launch of LGIU Scotland, LGIU Ireland and LGIU Australia. In 2024 we reached an agreement with NILGA to bring all 11 Northern Irish Councils in to membership. We believe that if local government is at its best when it is informed, engaged and networked, then all our members will gain value from global perspectives, lessons and relationships. These international operations are trading subsidiaries wholly owned by LGIU. 16iu LGIU LwlEnrnLknhd LOIU Lfjlu: ALthllb* JV Jo, LGIU Enterprises and LGIU International have boards which report to the main LGIU Board. The relationship beeen subsidiaries is set out in a Resource Sharing Agreement and governed by conflict of interests policy.
LOCAL IPIFORMATION UNIT LIMITED TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2024 These arrangements are currently being reviewed by a working group drawn from all 3 boards with advice from DAC Beachcroft LLP. LGIU International and LGIU Ireland are audited separately. Achievements and performance 2024 Highllghts 270+ member organisations 200+ conversations with local government leaders 265 global policy briefings 280 articles and interviews 8 inlernational research reports 75+ training sessions 50+ events. workshops, panels, and platforms 2,900+ press appearances 381 nominations for our annual awards for councillors 33,750 global subscribers Sector Impact We gave evidence to the LUHC Select Committee on financial distress in local government. We partnered with the BBC (across all platforms) on the launch of our annual Slate of Local Government Finance report. We were featured in a Panorama documentary on LG finance. Our work was cited in a Parliamentary 'Elections and their refom, briefing. Our most read briefing of 2024 was on the Budget with 2,111 reads from 1,185 users. We were featured 2.921 times in local and national press.
LOCAL INFORMATION UNIT LIMITED TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2024 LGIU in 2024 2024 was a year of developmenl for LGIU. We continued to work towards the two key ambitions set out in our five-year 2020-25 strategy: 1. To be the preeminent global hub for the best information, ideas, and insight about local government and local democracy. 2. To act as a global network of local authorities, public servants, and politicians supporting each other to strengthen local democracy, improve public services, and meet the complex challenges of the 21st century. Local government continues to operate within a challenging financial context and with acute pressures on key services. The election of a new national government creates a new policy environment which has offered opportunities but which also creates challenges. The Devolution White Paper published at the end of the year heralds the biggest reorganisation in local government for..half a century with significant impact upon.our membership. For 2024, we developed a single organisational plan based around seven key workstreams, each with a set of objectives and associated actions, 1. Ensure that our services are designed to meet user needs and lo maximise readershiplusage through ongoing engagement and feedback mechanisms. 2. Deliver a research, content, and engagement program building on LGlU@40 that speaks to members across all core countries, demonstrates thought leadership, and enables us to advocate for the sector. 3. Launch a new international offer incorporating at least one new product. 4. Set out our digital strategic direction, meeting user needs through unlocking data insights and creating the technical foundations for future product offerings. 5. Ensure long-term financial sustainability. 6. Leverage technology and data to improve our security standing, our corporate governance, and compliance Ihrough clearly defined processes and employee policies. 7. Ensure that the LGIU is a place that people love to work, with a positive working culture and supportive governance and employee policies.
LOCAL INFORMATION UNIT LIMITED TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2024 Key results were specified under each of these objectives.. 21125 (600/0) of our Key Results were successfully achieved. 3 are being carried forward for completion in 2025 (website rebuild, data dashboard, and CRM audit). 3 of our financial sustainability metrics (objective 5) were not met. We will have an increased focuslnew approaches in these areas over 2025. The findings of our international market research meant that our intended direction of travel (in terms of having a 'light' version of the LGIU membership offer for non-core countries) was not viable. This meant that 5 of our intended outcomes under Objective 3 became redundant and were put on hold.
LOCAL INFORMATION UNIT LIMITED TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2024 Financial Review Results for the Year 2024 was an investment year in which we took advantage of financial SucsS in previous years by drawing down on reserves to invest in the future. There is a deficit of £170.050 before adjustments for pension costs. The total deficit to reserves is £170,050. giving total reserves of £652,631. LGIU'S finances reflect the Board's ambition to create a sustainable financial model for the LGIU. There is now a structural surplus built into the relationship between our main financial lines- affiliate income and salaries. Levels of reserves now allow us to invest in future growth while still maintaining a robusl position to deal with unforeseen fluctuations in income or costs. The 2025 budget continues to invest in the future, drawing down from reserves with a £56k loss in LGIU whilst the LGIU Group as a whole is forecast to end the year with a deficrt of £71 k. These figures do not include the results of the FRS17 annual pension fund report, Reserves Policy The trustees recognise the need to.hold reserves.to protect against unforeseen fluctuations in.income,. assist long-term strategic planning, and to provide a fund to deal with costs arising should the organisation cease to trade. General funds of the group ai 31 December 2024 were £652,631 (2023- £822,681), and there was no pension reserve deficit (2023 £nil). The pension is a defined benefit scheme, and we are part of a pool within the Camden Council LGPS. Such schemes typically show large deficits, but the pension deficit is not taken into account against reserves and is dealt with from future budgets. LGIU budgets are, and have always been, prepared on this basis. The level of contribution that LGIU makes to the pension fund is set every three years. We are currently halfiNay through one of Ihe periods, and we have retained enough space in the budget lo be able to increase the contribulion in future if necessary. The Trustees are satisfied that we will be able to meet future commitments. The 2024 reserves represent approximately 17 weeks, expenditure. In 2025 we are budgeling a deficit of £56k for LGIU, deficit of £15K for LGIU International with combined group deficit of £71 k. This includes investment in digital, research, and the development of our international offer + Investment policy Any surplus cash is held in either our deposit account, or in short term bonds specifically designed for charities who want to retain liquidity and attract a reasonable rate of return.
LOCAL INFORMATION UNIT LIMITED TRUSTEES. REPORT YEAR ENDED 31 DECEMBER 2024 RSsk Management The most significant risk faced by the LGIU is the loss of income, primarily from the resignation of members. Strategies are in place to retain existing members and to recruit new ones. In the last two years, we have seen an unusual amount of volatility; in 2024, we received 20 member resignations taking effect from January 2025. However. this was partially offset by the recruitment of 15 additional members for 2025. The local government reorganisation announced in the Devolution White Paper also presents risks and opportunities for LGIU. Many of our exisling county and district members may disappear, but there will be a significant number of new unitary councils as potential customers. The Executive Board is regularly updated aboul these issues, together with actions b8ing taken to ameliorate the risk. The LGIU believes that there will be further pressure on the finances of local authorities in the UK over the coming years, but that our active engagement with members and the value of our services, especially in a fast-moving and challenging environment. will mitigate the risk of substantial decline in membership income.. Expansion'into other local government markets around the world also offsets that risk. The LGIU also faces the organisational risks that would be expected in a small company, such as loss of key staff. Strategies are in place to anticipate and reduce these risks, and staff movement in 2024 has not led to any significant problems. We maintain a risk register, and this is regularly feviewed by the Board.
LOCAL INFORMATION UNIT LIMITED TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2024 Governance, Structure, and Management Governance The LGIU is a registered charity (Charity Registration Number 1113495) and is constituted as a company limited by guarantee (Company Registration Number 01872218). st is governed by its memorandum and articles of association, which were most recently modified in July 2009. The charity was registered with the Charity Commission in England and Wales on 30 March 2006. The Local Information Unit Limited (which trades as the Local Government Information Unit) was registered as a company limited by guarantee on 17 December 1984 and has been operating since that date. The trustees of the charity are also directors of the company for the purposes of the Companies Act. Each affiliate of the LGIU nominates a representative to be part of the Members, Assembly, the body which debates the general policy direction of the organisation. The Members, Assembly elects the Executive Board (Board of Directors) from within their ranks. Directorsltrustees serve a three-year set term before being required to stand for re-election. INhere directorsltrustees resign or become ineligible, a replacement is sought at the next Members, Assembly meeting to complete that three- year term. The memorandum and articles of association specify a minimum number of places on the Board from different types of affiliates, such as District Councils, London Boroughs, and Trade Unions. etc. This is to ensure balanced representation of the membersh'ip, New trustees are given relevant documentation on their duties and responsibilities, including the Charity Commission publication designed for this purpose. The LGIU has several nominated contacts that trustees can contact if they have any specific queries. Trustees are offered the opportunity to take part in various training opportunities, and the LGIU is always prepared to buy in specific training as and when necessary. Structure and Management Reportlng The day-to-day running of the organisation is delegated to the staff under the leadership of the Chief Executive. The Executive Board meets about six times per year, primarily to discuss issues of strategic direction in relation to the running of the organisation. They approve the annual budget before the start of the year and Ihen monitor its progress through regular updates. In addition, the Executive Board has a business and policy planning weekend each September, together with senior staff. Remuneration The Board has a Remuneration Committee with a membership of four Board members which has oversight of pay strategy across the organisation and direct responsibility for the Chief Executive's pay and appraisal. Current membership of the Remuneration Committee is Mike Short, Neil Nerva, and Jayne Mccoy and two vacancies. 10
LOCAL INFORMATION UNIT LIMITED TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2024 Trustees The following trustees were in office al 31 December 2024, and served throughout the year, except where shown.. Trustees 01 January 2024 - 31st July 2025 Cllr Abdul Jabbar Cllr Alex Hollingsworth Cllr Jayne Mccoy Mike Short Cllr Neil Nerva (Chair) Cllr Tudor Evans Cllr Amanda Hopgood Cllr Roderick Hogarth (appointed 15 October 2024) Cllr Mark Nuti (appointed 15 October 2024) Cllr Tracey Dixon (appointed 15 October 2024) Cllr Raymond Morgon (appointed 15 October 2024) Michael Payne (resigned 15 October 2024) Linda Taylor (resigned 15 October 2024) LGIU Enterprise Board Heather Yedigaroff Jonathan Carr-west Cllr Alex Hollingsworth Cllr Neil Nerva LGIU International Board Andy Johnston Jonathan Carr-west Liz Coll Lucy Slack Heather Yedigaroff Vicki DeBlasi Hannah Muirhead (resigned 12 July 2024)
LOCAL INFORMATION UNIT LIMITED TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2024 Plans for the Future A single integrated plan for 2025 has been developed building on the 2024 plan. Key organisational priorities are.. Launch our Strategic Partnership Programme Deliver a Devolution and Reorganisation Programme, including Mayoral offer A focus on Australia membership growth The Digital Improvemenls Project Our 'Future Local, Programme The plan has six overarching objectives, each with a set of activities and key results. Objective 1.. Deliver 8 research, content, and engagement programme that speaks to members across all core countries, demonstrates thought leadership, and enables us to advocate for the sector Develop country-specific influencelthought leadership plans on the things we want to influence and how we will do it. Support English members to undersland what devolution and reorganisation means for them and work with them to have a voice in the debate. Deliver the Future Local Lab programme with weekly outputs of new content, global events, and thought leadership. Establish a new international comparisons project. Deliver research projects in Ireland and Australia. Objective 2.. Ensure that our seThices are designed lo meet user needs and to maximize readership/usage through ongoing engagement and feedback mechanisms Embed core country teams with stronger focus on benchmarking page views, registrations. and open content to maximize readershiplusage. Return to the LGIU messaging and embed changes. Diversify the way we connect with members. e.g., social medialLinkedln newsletters. Put in place structures and mechanisms to gather information and member needs via 'user groups,. Develop a champions programme structured by our persona. Relender the Daily News contract and appoint provider. Use facts and figures (and other highly performing content) to drive engagement with other Content and services. Objective 3.. Create stronger technical foundations for our core services through the Digital Improvements Project, and strengthen our reporting Gapabilities, data processes, and secunty standing. Improved member/ intemal user experience including overall website usability and acc8ssibility Conduct tender for the Digital Improvements Project and appoint provider to redesign website 12
LOCAL INFORMATION UNIT LIMITED TRUSTEES. REPORT YEAR E]YDED 31 DECEMBER 2024 and mailings. Implement the Improvements Project and conduct post-Project implementation website survey. More efficient business processes Launch the new website events and training module - and ensure all data is captured in CiviCRM. Improve our use of CiviCRM working towards our ambition of Civi as our 'single-source-of- truth, for our contacts. Implement a membership dashboard and scorecard in CiviCRM. Increased agility, improved confompance. and reduced risk to system and data Continue to implement our ongoing security plan. Implement data management and retention processes and ensure removal of data. Finalize database audit and ensure data management processes are updated and data is maintained. Develop plan for Cyber Essentials Accreditation. Develop Business Continuity Plan. Objective 4.. Ensure long-term financi81 sust8inability Review LGIU'S membership tiers and pricing across all core countries. Stabilise English membership through targeted retention. recruitment, and member rep engagement. Scope a model for LGIU Wales. Deliver our tailored Australia plan with the alm of expanding Australia membershlp. .Launch strategic partners programme and sign up founder members. Increase training income and attendance through new course offerings, partnership working, and new marketing methods. Launch a new membership offer for Engllsh Mayoral and Comblned Authorities. Set a new direction of travel for future expansion outside current core countries (in line with the Membership Vision Objective 5.. Ensure that the LGIU is a place that people love to work, with a positive working cultu and supportive govemance and employee policies. Continue with our quarterly workload and wellbeing surveys and annual staff survey. and implement the actions arising from the results. Put in place personal skills and development plans for all employees Complete a governance review with input from the Intl and Exec Boards and get agreement to implement recommendations at the 2025 AGM. Continue internal education and adoption of the revised IT and GDPR policies to ensure compliance and conduct our annual audit. Implement internal policy actions 13
LOCAL INFORMATION UNIT LIMITED TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2024 Objective 6: Safeguard the future of the LGIU through the development of a new set of strategic goals for 2026 onwards. Define a process for Board approval by April 2025, and bring forward proposals in line with that process. Some revision to this plan has been nessitated by the changes proposed in the Devolution White Paper. We are expanding our research team and focusing on actionable insight for members. Refocusing member support from Australia to England and investing in digital capacity that allows more personalized delivery to users. Local government in the UK, Ireland, and Australia continues to operate in a challenging environment. While LGIU is not insulated from these challenges, this also makes the insight and innovation support we provide more important than ever. We are confident that the sector will continue to benefit from and recognize this value. 14
LOCAL INFORMATIOIY UNIT LIMITED TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2024 Trustees, liability In the event of the charity being wound up the trustees, are required to contribute an amount not exceeding £1. Statement of Trustees, responsibllitles The trustees (who are also directors of Local Information Unit Limited for the purposes of company law) are responsible for preparing the trustees, report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources, including the income and expenditure, of the group for that period. In preparing these financial statements, the trustees are required to: • select suitable accounting policies and then apply them consistently; • observe the methods and principles in the Statement of Recommended Practice (Accounting and Reporting by Charities) (the Charities, SORP)., • make judgements and estimates that are reasonable and prudent., • state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the trustees confirms that.. • so far as the trustee is aware, there is no relevant audit information of which the charity's auditors are unaware. and • the trustee has taken all the steps that helshe ought to have taken as a trustee in order to make himselflherself aware of any relevant audit inforrnation and to establish that the charity's auditors are aware of that information. 15
LOCAL INFORMATION UNIT LIMITED TRUSTEES, REPORT YEAR E]YDED 31 DECEMBER 2024 This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. The trustees are responsible for the maintenance and integrity of financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the trustees on 21 August 2025 and signed on their behalf by.. NGII NGrva Neil Nerva Trustee 16
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LOCAL INFORMATION UNIT LIMITED Opinion We have audited the financial stalements of Local Information Unil Limited for the year ended 31 December 2024 which comprise the Consolidated Ststement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Consolidated Cash Flow Stalement and related to the financial statements, including summary of significant accounting policies. The financial reporting framework that has been applied in their preparalion is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK 8nd Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the group's and of the parent charitable company's affairs as at 31 December 2024 and of the group's and parent charrtable company's net movement in funds, including the Income and expenditure, for the year then ended- have been properly prepared in accordance wrth United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnion We conducted our audit in accordance wrth International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilrties under those standards are further described in the Audrtorfs responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements thal are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we havefU11led ourother ethical responsibilities in accordance with these requirements. We believe that the audit evidence-we.have obtained is sufficienl and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the group's ability to continue as a going concern for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Responslbllltles of trustees for the financlal statoments As explained more fully in the Iwstees, responsibilities stalemenl sel out on page 13, Ihe trustees {who are also the directors of the charitable company for the purposes of company law) 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 determine is necessary to enable the preparation of financial 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 the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the group or tho parent charitable company or lo cease operations, or have no realistic alternalive but to do so. 17
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LOCAL INFORMATION UNIT LIMITED Other information The trustees are responsible for the other information. The other infomiation comprises the information included in the Trustees, Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially rnisslated. If we identify such material inconsistencies or apparent material rnisstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement ofthe other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that facl. We have nothing to report in this regard. 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, Annual Report (which incorporates Ihe directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Trustees, Annual Report (which incorporates the directors, report) has been prepared in accordance with applicable legal requirements. Matters on which we aro requlred to report by exceptlon In the light of the knowledge and understanding of the group and the parent charitable company and its environment. obtained-in the course of the audit, we have not identified-material misstatements in the Trustees. Annual Report (which incorporates the directors, report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company., or the parent charitable company financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are nol made., or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and lake advantage ofthe small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Audltor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's reportlhal includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material 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. Irregularities, including fraud, are instances of non-compliance with laws and regulation5. We design procedures in line with our responsibilities, outlined above, lo detect material misslatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the parent charty and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to company and charity law. and we considered the extent lo which non-compliance might have a material effect on the financial stalements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP and Companies Act 2006. 18
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LOCAL IiYFORMATION UNIT LIMITED We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements {including the risk of override of controls) and determined that the principal risks were related to management override. Audit procedures perfomied by the engagement team included: Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud., Evaluating management's controls designed to prevent and delect irregularities; Identifying and testing journals, and Challenging assumptions and judgements made by management in their critical accounting estimates including the defined benefit pension scheme. A further description of our responsibilities for the audit of the financial statemenls is located on the Financial Reporting Council's website at., www.fr kl This description forms part of our auditor's report. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law 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 is also greater regarding irregularities occurring due to fraud rather Ihan error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Uso 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 slate lo them in an Auditor's report and for no olher purpose. To the fullest extent permitted by law, we do nol accept or assume responsibilrty to anyone otherthan 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. Lee Stokes (Senior Statutory Auditor) For and on behalf of Haysmac LLP, Statutory Auditors 10 Queen Street Place London EC4R IAG Date.. 21 August 2025 19
LOCAL INFORMATION UNIT LIMITED CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES INCORPORATING THE INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Total unrestricted funds 2024 2023 INCOME AND EXPENDITURE Notes INCOME Charitsble actlvities Affiliation fees & subscriptions Consultancy and project income 1,718,559 185,494 1,698,900 224.717 Incom• from: Investment income, bank and other interest 33,371 33,209 Total incoma 1,937,424 1,956,826 EXPENDITURE Expendlture on charitable actlvltles Services to affiliates & subscribers Conferences, seminars and training Consultancy Publications Trading activities 440,834 295,816 267,868 296,592 806,364 589,520 276,344 190,936 264,192 660,102 Total expenditur8 2,107,474 1,981,094 Net Incomel (expendlturn) before addltlonal penslon costs Service cost and other mvements on pension provision (170,050} 124,268> 17 98,000 161,000 Net incomel lexpendilurel before other rocognlsed gains and losses Actuarial gainsl (losses) on defined benefrt pension scheme (72,050) 136,732 17 (98,000) (161.000) Not movement In funds (170,050) (24,268) Fund balances brought forward at 1 January 2024 822,681 846,949 Fund balances carried forbvard at 31 December 2024 652,631 822,681 All of the group's activities derNed from continuing operations during the above two financial periods. All recognised gains and losses are included in the Statement of Financial Activities. All comparative figures were also unrestricted and have been presented on the Statement of Financial Activities. 20
LOCAL INFORMATION UNIT LIMITED COMPANY NUMBER: 01872218 GROUP AND CHARITY BALANCE SHEET AT 31 DECEMBER 2024 2024 2023 Charlty Group Charlty Group Notes Fixed assets Tangible assets Intangible assets Investments 2,474 7,865 2,474 7,865 4,581 30.929 4,581 30.929 10,342 10,339 35.513 35,510 Current assets Debtors due within one year Short term deposits Cash at bank and in hand 10 177,638 113,076 570,587 200,451 113,076 885,515 135.998 330.152 408,969 128.084 330,152 608,453 861,301 1,199,042 875.119 1,066.689 Creditors.. amounts falling due within one year (468,380) (556,750) (228,415) (279,518) Net current assets 392,921 642,292 646,704 787,171 Nel assets oxcludlng pension Ilablllty 403,263 652,631 682,217 822,681 Pension liabilrty 17 Nel assets Includlng penslon Ilablllty 403,263 652,631 682.217 822,681 Represented by". Funds and reserves Income funds.. Unreslricted funds General funds Pension resenie 14 17 403,263 403,263 682.217 682,217 403,263 403,263 682,217 682,217 Non-charitable trading funds 14 249.388 140,464 403.263 652,631 682,217 822,681 The parent charity's income for the year was £1,620,666. Net movement in funds before the pension costs was £ {278,954). Net movement in funds after pensions was £ (278,954). The financial Statements were approved and authorised for issue by the Trustees on 21 August 2025 and were signed on their behalf by.. NGII NGrva Neil NèNa Director of Local Information Unit Limited 21
LOCAL INFORMATION UNIT LIMITED COMPANY NUMBER: 01872218 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED31 DECEMBER 2024 2024 2023 Charlty Group Charlty Group Cashflow frorn operatlng activitiés Net incomellexpendrture) for the year (278,954) (170,050) (103,430) (24,268) Adjustments for Movemenls on defined benefit pension scheme Depreciation of tangible and intangible assets Interest received Decrease l {increase) in debtors Increasel (decrease) in creditors 26,135 (33,371> (41,640) 239,965 26,135 (33,371) 172,367> 277,232 35,447 (33,209) 97,010 (275,213) 35.447 (33,2091 183,521 (332,0871 Net cash generated from operatlng actlvttles (87,865) 27,579 (279,395) (170,5961 Cashflow from Investlng activities Net purchase of fixed assels Interest received {984) 33,371 {9641 33,371 (2,1 $9) 33,209 (2,159) 33,209 32,407 31,050 31,050 Net Increasel(decrea8e) In cash 155,458) 59,986 (248,345) (139,5461 Net cash and cash equivalents at the start of the year 739,121 938,605 987.466 1,078,151 Net cash and cash equlvalents at the end of tho year 683,663 998,591 739,121 938,605 Cash and cash equlvalents consists of: Short Term deposits Cash at bank and in hand 113,076 570,587 113,076 885.515 330,152 408.969 330,152 608,453 Cash and ¢a$h equivalents at 31 De¢emb•r 683,663 998,591 739.121 938,605 22
LOCAL INFORMATION UNIT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of accounting The financial statements have been prepafed in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP 2015) (Second Edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Local Information Unit Limited meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheise slated in the relevant accounting policy notels). Going Concern The truslees have assessed whelher the use of Ihe going concern basis is appropriate and have considered possible events or conditions that might cast signrficant doubt on the ability of the charitable group to continue as a going concern. The trustees have made this assessment for a period of at leasl one year from the dale of approval of the financial slalements which is to 3111 July 2026. The majority of the LGIU'S income comes from membership income which is fixed from 30 June in the preceding financial year. This allows Trustees to be confident that expenditure budgets are appropriate. In considering going concern the trustees have reviewed cash flows and are confident that the Charity Can meet ongoing liabilities, including contributions lo the pension scheme. After making enquiries the trustees have concluded that there is a reasonable expectation that the charitable group has adequate resources to continue in operational existence for the foreseeable future. The charitable group therefore continues to adopt the going concern basis in preparing its financial statements. Basis of consolidatlon These financial statements consolidate the results of the charity and its wholly owned subsidiaries. Local Energy Limited, LGIU International Ltd, LGIU Enterprises Limited and LGIU Ireland Limited on a line by line basis. A separate slatement of financial activities is not prepared by the charity itself following the exemption afforded by section 408 of the Companies Act 2006. Ineom• Income is recognised in the period in which the charity and the group are entitled to receipt and the amount can be measured with reasonable certainty. Income is deferred only when the charity and the group has to fulfil conditions before becoming enlilled to il or where the donor or funder has specified that the income is to be expended in a future accounting period. Flnanclal Instruments Financial assets such as cash and debtors are measured at their present value of the amounts receivable, less an allowance for the expected level of doubttul receivables. Financial liabilrties such as Irade creditors, loans and finance leases are measured at the present value of the obligation. 23
LOCAL INFORMATION UNIT LIMITED ]YOTES TO THE FINANCIAL STATEMENTS {conlinued) FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES (continued) Expenditure and the basis of apportioning costs Expenditure is included in the statement of financial activities when incurred. Expenditure which can be allocated directly to the charity and the group's charitable activities are charged against the applicable activity. All other costs are treated as support costs and are allocated to activitl8s on the basis of staff time spent on those activities. Expenditure comprises the following.. The costs of charitable activities comprise expenditure on the charity's primary charitable purposes as described in the trustees, report. Such costs include: Staff costs Premises costs Office costs Other costs Tanglble flxed assets All assels costing more Ihan £500 with an expected useful lrfe exceeding one year are capitalised. Tangible fixed assets are capitalised and d8preciated at the following annual rates in order to wrrte them off over their estimated useful lives.. Furniture and general office equipment Computer equipment and website Over 6 years on a straight line basis Over 3 years on a straight line basis Intanglblo flxed assets All assets costing more than £500 with an expected useful life exceeding one year are capilalised. Intangible fixed assets are capitalised and depreciated at the following annual rates in order to wrrte them off over their estimated useful lives.. Website Over 3 years on a Straight line basis Flxed asset investments The investments in the subsidiary undertakings, Local Energy Limited, LGIU Internalional Ltd, LGIU Enterprises Limited and LGIU Ireland Limited, are stated at cost. Fund accounting General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity's charitable objects. Leased assets Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged on a straight-line basis over the lease term. Penslon costs Defined beneflt penslon scheme Pension scheme assets are measured using market values. Pension scheme liabilities are measured using the projected unit actuarial method and are discounled at the current rale of return on a high quality corporate bond of equivalent term and currency to the liability. Any increases in the present value of the liabilities within the charity's defined benefit scheme expected to arise from employee service in the period are charged to the statement of financial activities. The expected retum on the scheme's assets and the increase during the period in the present value of the scheme's liabilities arising from Ihe passage of time are included in the statement of financial activities. Actuarial gains and losses are recognised in the statement of financial activities as other recognised gains and losses for the period. Pension scheme surpluses, to the extent that they are considered recoverable. or deficits are recognised in full and presented on the face of the balance sheet. 24
LOCAL INFORMATION UNIT LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES (continued) Penslon costs Deflned benefit pension scheme Local Information Unit Limited has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including.. life expectancy, salary increases. asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet as advised by an independent actuarial adviser. The assumptions reflect historical experience and current trends. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities ofthree months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Judgements and key sources of estimation uncertainty In the application of the company's accounting policies, the directors 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 experience and other factors Ihat are considered to be relevant. Actual results may differ from these eslimales. The estimates and-underlying. assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future penods where the revision affects both current and future periods. The most significant estimates and assumptions which affect the carrying amount of assets and liabilities in the accounts relate to.. Useful economic lives The annual depreciation charge for property, plant and equipment and intangible assets is sensitive to change in the estimated useful economic lives and residual value of assets. These are reassessed annually and amended were necessary to reflect current circumstances. Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost ofany unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonslrably committed to terminate the employment of an employee or to provide termination benefits. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to seltle the obligation can be measured or estimated reliably. Credrtors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Functional currency and presentation currency The individual financial statements of each group entty are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the sUItS and financial position are presented in Sterling 1£). 25
LOCAL INFORMATION UNIT LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES (continued) Transactions and balances In preparing the financial statements of the individual entities, transactions in currencies other than the functional currency of the individual entities (foreign currencies) are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the dale of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that dale. Non-monetary items that are measured in tenns of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in profil or loss in the period in which they arise. However, in the consolidated financial statements exchange differences arising on monetary items that form part of the net investment in a foreign operation are recognised in other comprehensive income and are not reclassified to profit or loss. Translation of group companies For the purpose of presenting consolidaled financial statements, the assets and liabilrties of the group's foreign operations are translated from their functional currency to Sterling 1£) using the closing exchange rate. Income and expenses are translated using the average rale for the period, unless exchange rates fluctuated significantly during that period. in which case the exchange rates al the dates of the transactions are used. Exchange differences arising on the translation of group companies are recognised in other comprehensive income and are not reclassified to profit or loss. COST OF ACTIVITIES IN FURTHERANCE OF THE CHARITY'S OWECTS Setvl¢es Conference seminarn Trading & tralning Consultan¢y Publicat10 A¢tlvltio8 2024 Total Funds aifiliates Staff costs Other d1ct costs Allocation of support costs (note 3) 83,847 44,110 113,871 96,999 250 106,168 434,121 175,208 835,OQ 219,568 312,877 181,945 170,619 190,424 197,035 1,052,WO 440,834 295,816 267.868 296.592 806,364 2,107,474 S•Thlc•• Conferenc• sernlnarn Trndlng & tralnlng Consultancy Publl¢atlonB Acllvltle• 2023 Total lund8 afflllatss Staff ts)sts Other direct cthts Allocation of support costs (note 3) 262,844 72.238 136,578 81,115 121.304 265,489 161.088 867,330 233,326 254,438 139,766 109,821 142.888 233,525 880.438 589,520 276,344 190,936 264,192 660.102 1,981.094 26
LOCAL INFORMATION UNIT LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 SUPPORT COSTS The support costs and the basis of their allocation were as follows.. 2024 2023 Governance costs Basis of appointment Auditor's remuneration - statutory audit Staff time Other governance costs Staff time 15,900 7,302 17,600 7,784 23,202 25,384 Other support costs Basis of appointment Staff costs Premises costs Office costs Other costs Time spent Staff time Staff time Staff time 388,664 101,652 334,181 205,201 212,062 81,913 313,278 247,801 1,029,698 855,054 Total 1,052,900 880.438 ' NET INCOME Total Funds 2024 Total Funds 2023 This is stated after charging.. Staff costs (note 51 Auditors, remuneralion statulory audit services Depreciation Operaling lease rentals 1,223,670 1,079,392 15,900 26,135 63,505 17,600 35,447 41,022 EMPLOYEES AND STAFF COSTS 2024 2023 Staff costs during the year were as follows.. Wages and salaries Social security costs Other pension costs Other 925,452 98,036 197,456 2,726 796,126 84,843 195,374 3,049 1,223,670 1,079,392 In addition, consultants were used during the year at a cost of £79,016 (2023.. £69,324). 27
LOCAL INFORMATION UNIT LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 5. EMPLOYEES AND STAFF COSTS (continued) . The average monthly headcount of persons employed by the LGIU during the year were.. 2024 Number 2023 Number Charitable activities Support 14 16 16 18 The number of employees who earned £60.000 per annum or more (including taxable benefits but excluding employer pension contributions) during the year was as follows.. 2024 Number 2023 Number £100,001 £110,000 £120,001 £130,000 £130,001- £140,000 The total employee benefits including pension contributions of the key management personnel were £339,009 (2023.. £330,976). The Key Management Personnel are defined as the Leadership team which is made up of 2 people consisting of the chief executive and chief operating officer in post in year. 6. TRUSTEES, REMUNERATION An honorarium was paid lo the Chair of Trustees of £6,544 (2023 £4,362). None of the olher trustees received any remuneralion in respect of their services during the year {2023 - £nil). During the year expenses amounling to £nil (2023 - £nil) were reimbursed to O truslees {2023 - £nill. The cost of refreshments at Trustee meetings and Ihe accommodation costs for the overnight Executive Board business planning meeting are met directly by the LGIU. In 2024 this amounted to £nil12023 - £nill. The trustees of the charity are members of local councils which pay membership subscriptions to LGIU. Membership fees to these organisations are charged on an arm's length basis. TAXATION Local Information Unit Limited is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable aclivities, as it falls within the various exemptions available to registered charities. Any taxable profits generated by the subsidiary companies will be donated to the parent charity. 28
LOCAL INFORMATION UNIT LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR E]YDED 31 DECEMBER 2024 FIXED ASSETS Total Fixed Assets 2024 2023 Tangible Fixed Assets la) Intangible Fixed Assets (b) 2,474 7,865 4,581 30,929 10,339 35,510 a) Tangible Fixed Assets Flxtures and Flttings Computers Total Charlty and Group Cost or valuatlon At 1 January 2024 Additions 4,177 56,102 964 60,279 964 At 31 December 2024 4,177 57,066 61,243 Depreclatlon At 1 January 2024 Charge for the year 4,177 51,521 3,071 55,698 3,071 At 310ecember 2024 4,177 54,592 58,769 Net book values At 31 December 2024 2,474 2,474 At 31 Oecember 2023 4,581 4,581 29
LOCAL INFORMATION UNIT LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 . FIXED ASSETS Icontinued) b) Intangible Fixed Assets Website Total Charity and Group Cost or valuation At 1 January 2024 Additions 126,214 126,214 At 31 December 2024 126,214 126,214 Depreciation At 1 January 2024 Charge for the year 95,285 23,064 95,285 23,064 At 31 December 2024 118,349 118,349 Net book values At 31 December 2024 7,865 7,865 'At 31 December 2023 30,929 30,929 9. Investments Shares in subsSdSary companies Total Charity Cost al 1 January 2024 & 31 December 2024 Local Information Unit Limited owns the entire called up share capital of LGIU Enterprises Limited, a company registered in England and Wales, which has been dormant since incorporation. LGIU Enterprises Limited was dormant during the year and owns the entire called up share capital of Local Energy Limited and LGIU International Ltd, which are trading companies registered in England and Wales. In addition LGIU International Ltd is the parent of LGIU Ireland Limited a company registered in Ireland. The Company Registration Numbers and incorporation dates ofthe subsidiary companies are given below.. Company Registration number Date of incorporation LGIU Enterprises Limited Local Energy Limited LGIU International Ltd LGIU Ireland Limited 7073661 7092950 7132669 Ireland (597961) 12 November 2009 2 December 2009 21 January 2010 8 February 2018 30
LOCAL INFORMATION UNIT LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 9. INVESTMENTS Icontinued) A summary of the trading results of the group's trading subsidiaries for the year ended 31 December 2024 are given below. Any taxable profits generated by the subsidiaries will be Gift-Aided to the parent charity. 2024 2023 Local Energy Limited Profit & loss Account Tumover Cost of sales {2,723) (727) Operating loss before Gift Aid (2,723> (727) GiftAid Loss for the financial year (2,7231 1727) Balance Shoet Current assets Current liabilrties (119,668) (116,946) Net Liabilities (119,668) (116,946) 2024 2023 LGIU Int•rnatlonal Ltd Proflt & Loss Account Turnover Cost of sales 820.854 (740,2601 772,242 (702,756) Operating profiV(loss) Gift Aid 80,594 (80,594) 69,486 (69,486) Corporation Tax payable ProfiV(loss> for the financial year 8alance Sheet Current assets Current liabilities 98,691 (64,549) 88,788 (54,646) Net Assets 34,142 34,142 31
LOCAL INFORMATION UNIT LIMITED NOTES TO THE FINANCIAL STATEMENTS (eontinued) FOR THE YEAR ENDED 31 DECEMBER 2024 c) INVESTMENTS (continued) LGIU International Ltd Statement of income and retained earnings Total equity brought forward Total comprehensive income for the year Gift aid distribution to parent charity 34,142 80,594 (80.594) 34,142 69,486 (69,486) Total equty carried fornard 34,142 34,142 LGIU Ireland Limited 2024 2023 Profit & Loss Account Turnover Cost of sales 81,778 (50,745) 57.447 {47,044) Operating profit Gift Aid 31,033 10,403 Profit for the financial year 31,033 10,403 Balance Sheet Current assets Current liabilities 243.327 (192,6871 140,920 (106,313) Net Assets 50,640 34,607 As at 31 December 2024 the capital and reserves for each company was as follows.. Issued share capltal Retained profiU(losses) Total LGIU Enterprises Limited Local Energy Limited LGIU International Ltd LGIU Ireland Limited (119,668) 34,141 50,639 (119,667) 34,142 50.640 32
LOCAL INFORMATION UNIT LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 10. DEBTORS: due withln one year 2024 2023 Charity Group Charity Group Trade debtors Amounts due from subsidiary undertakings Prepayments and accrued income Other Debtors VAT 70,719 1,543 83,606 81,383 58,876 38.135 24.585 104 14,298 73,058 96,732 24,585 104 30,337 21,770 22,336 177.638 200,451 135,998 128,084 11. CREDITORS: amounts falling due within on8 year 2024 2023 Charity Group Charlty Group Trade creditors and accruals Other creditors Deferred income (note.12) Amount due to Subsidiaries 219,300 210,458 38,622 252,830 242,065 61,855 199,866 19,260 .9,.289 222,559 33,455 23,504 468,380 556,750 228,415 279,518 12. DEFERRED INCOME 2024 2023 Charity Group Charity Group Deferred Income Brought FoNiard Deferred in the year Released in the year 9.289 38,622 (9,289) 23,504 61,855 (23,504) 22,607 9,289 {22,607) 35,845 23,504 (35,845) Deferred Income Carried Forward 38,622 61,855 9,289 23,504 33
LOCAL IIYFORMATION UNIT LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS General funds and non- Charitable trading funds 2024 Total Group Fund balances at 31 December 2024 are represented by: Fixed assets Current assets Creditors.. amounts falling due within one year Net pension liability 10,339 1,199,042 10,339 1,199,042 1556,750) {556,750) Totsl net assets 652,631 652.631 General funds and non- Charltable tradlng funds 2023 Total .Group. Fund balances at 31 December 2023 are repre$•nt•d by: Fixed assets Current assets Creditors. amounts falling due within one year Net pension liability 35,510 1,066,689 35,510 1,066,689 1279,518) (279,518) Total net assets 822,681 822,681 14. MOVEMENT IN FUNDS 2024 Actuarlal Gains BIFwd Income Expenditure CIFwd General Funds 682,217 1.034,792 (1,313,746) 403,263 Pension Reserve 98,000 (98,000) Total net (liabilities) (charity) 682,217 1.034,792 (1,215,746) (98,000) 403,263 Non-charrtable trading funds 140,464 902,632 1793,728) 249,368 Total net (liabilities) group 822,681 1,937,424 {2,009,474) (98,000) 652,631 34
LOCAL INFORMATIOIY UNIT LIMITED NOTES TO THE FIIYANCIAL STATEMENTS (continued) FOR THE YEAR EIYDED 31 DECEMBER 2024 14. MOVEMENT IN FUNDS {continued) 2023 Actuarial Gains BIFwd Income Expenditure CIFwd General Funds 785,646 1,127,138 (1.230.567) 682,217 Pension Reserve 161,000 (161,000) Total net assets (charty) 785,646 1,127,138 (1,069,567) (161,000) 682.217 Non<haritable trading funds 61,303 829.688 (750,527) 140,464 Total net assets (group) 846,949 1,956,826 {1,820.094) <161,000) 822,681 15. FINANCIAL COMMITMENTS Operating leases The group had commitments under non-cancellable operating leases as follows: Land and buildings 2024 2023 Charity and Group Amounts due: Less than one year Within to five years 63,505 142,888 63,505 190,515 206,391 254,020 16. LIABILITY OF MEMBERS The charity is constituted as a company limited by guarantee. In the event of the charity being wound up members are required to conlribute an amount not exceeding £1. 17. PENSION COMMITMENTS The charity is one of several employing bodies included within the Camden Local Government Pension Scheme (Camden LGPS). The Camden LGPS is a funded defined benefit scheme, with the assels held in separate trustee administered funds. Contributions to the scheme are determined by a qualified actuary on the basis of triennial valuations using the projected unit method. A full actuarial valuation of the scheme took place in 2010. The results of the valuation have been made available to the employers and show a smaller increase in future employer contribution rates than previously expected. The following information 1$ based upon a full actuarial valuation of the fund at 31 March 2025, updated to 31 December 2024 by a qualified independent actuary. 35
LOCAL INFORMATION UNIT LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 17. PENSION COMMITMENTS Icontlnued) 2024 2023 2022 The major assumptlons used by the actuaries were: Rate of increase in salary Rate of increase in pensions in payment Discount rate Inflalion assumption 3.25 2.75 5.50 2.50 3.35 2.85 4.55 2.50 3.45 3.05 4.75 2.50 Following the Chancellorfs budget statement in June 2010, the measure of inflation used by the actuary changed from the Retail Price Index (RPI) to the Consumer Price Index ICPI). Literature provided to scheme members specifically linked pension benefil increases to the RPI. The trustees therefore consider the change to CPI to be an augmentation of benefits, rather than a change in actuarial assumptions. The mortalty assumptions used were as follows.. 2024 Years 2023 Years Longevlty at age 65 for ¢urr•nt pensloners -men - Women Longevlty at age 65 for future pensloners -men - Women 22.1 24.0 22.2 "24.1 23.2 25.5 23.3 25.5 The assets of the scheme and the weighted average expected rate of return were.. Long term rate of Value at return 31 expected December 2024 2024 £'ooo Long temi rate of Value at return 31 expected December 2023 2023 £'ooo Long term rate of return expected 2022 Value at 31 December 2022 £'ooo Equities Bonds Property Cash 7,255 3,502 1,501 250 6,605 2,780 1,854 348 6,124 2,111 1.900 422 Total market value of assets 12,508 11.587 10,557 Presenl value of scheme liability (9,7731 {11,089) (9,314) Net pension surplusllliabillty) 2,735 498 1,243 36
LOCAL INFORMATION UNIT LIMITED NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 17. PENSION COMMITMENTS (continued) The amount included in the balance sheet in respect of the defined benefit pension plan is as follows.. 2024 £'ooo 2023 £'ooo Fair Value of plan assets Present value of plan liabilities Surplus restriction 12,508 19,773) 12,735) 11,587 (11,089) (4981 Net Pensions Ilability Under FRS 102, a surplus on a defined benefit pension scheme can only be cogniSed as an asset on the balance sheet where the entity has the right to recover that surplus either through a refund, or reduced future contributions. Given the uncertainty regarding recoverability, the pension asset has been restricted to £nil al 31 December 2024. None of the fair values of the assets shown above include any of the charity's own financial instruments or any property occupied by, or other assets used by, the charity. The equity investments and bonds which are held in scheme assets as al 31 December 2024 are quoted, and are valued at the current bid price following the adoption of the amendment of FRS102. The expected long term relurn on cash is equal to bank base rates. The expected return on bonds is determined by reference to UK long dated gilt and bond yields. The expected rate of return on equities and property have been delermined by setting an appropriate risk premium above gilubond yields having regard to market conditions. Total expenditure recognised in the Statement of Financial Activities 2024 £'ooo 2023 £'ooo Current senlice cost Interest cosl Interest income on plan assets Contributions paid 107 498 (5221 1181) 91 436 (4971 (1911 Total expenditure recognlsed in SOFA (981 (1611 Net profit l (loss) recognised in the SOFA 2024 £'ooo 2023 £'ooo Acluarial profil l {loss) on scheme assets and liabilities 2,139 (906) The cumulative amount of acluarial gains and losses recognised in the SOFA to 31 December 2024 is a net gain of £nil {2023'. gain of £nil). 37
LOCAL INFORMATION UNIT LIMITED NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED JI DECEMBER 2024 17. PENSION COMMITMENTS (continuod) Reconciliation of opening and closing balances of the present value of the charity's share of scheme 2024 £'ooo 11.089 107 498 45 (1.504) {462) 2023 £'ooo 9,314 91 436 47 1,619 (418) Scheme liabilities at 1 January 2024 Current service cost Interest cost Contributions by scheme participants Actuarial (gains) I losses Benefits paid Scheme liabilitles at 310ecember 2024 9,773 11,089 Reconciliation of opening and closing balances of the present value of the charity's share of scheme assets: 2024 £'ooo 2023 £'ooo Fair value of scheme assets at 1 January 2024 Interest income on plan assets Relurn on assets excluding amounts included in net interest Contributions by employer Contributions by scheme partlCiP8nts Benefits paid 11,587 522 635 10,557 497 713 181 45 (4621 191 47 (418) Fair valu• of scheme a$s•ts at 31 December 2024 12,508 11,587 Contributions The total contributions made by the employer in the year were £181,000. The level of contribution were reviewed as a result of the triennial valuation of the scheme as at 31 March 2019 and maintained. The best estimate of contributions to be paid by the employer to the scheme in the next financial year is £192,000. History of experience gains and losses 2024 £'ooo 2023 £'ooo 2022 £'ooo 2021 £'ooo 2020 £'ooo Fair value of assets Present value of scheme liabilities Surplusl{Deficit> in scheme Experience adjustment on scheme assets Experience adjustment on scheme liabilities 12,508 (9,773) 11,587 (11,089) 10,557 (9,314) 11,786 (15,138) 10,442 (15,463) 2,735 498 1,243 (3,352} (5,021) 38