Moore Thompson CharteNI h£wJntants THE LIGHTHOUSE PROJECT SPALDING {ALSO KNOWN AS"KARIS HOUSE") CHARITY COMMISSION REGISTERED NO. 1135706 FINANCIAL STATEMENTS for the year ended 31 March 2024
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THE LIGHTHOUSE PROJECT SPALDING Index for the year ended 31 March 2024 Summary of Trustees and Professional Advisers 2to4 Trustees. Annual Report Independent Examinerfs Report Statement of Financial Activities Statement of Assets 8t013 Notes to the Financial Statements
THE LIGHTHOUSE PROJECT SPALDING Summary of Trustees and Professional Advisers for the year ended 31 March 2024 Trustees Mrs J J Tedbury Mrs M Sandhu Mrs C Lovett Registered Office 57 West Road Pointon Sleaford NG34 ONA Independent Examiner Miss H Bright BA (Hons). FCA, CTA Moore Thompson Chartered Attountsnts Bank House Broad Street Spalding Lincs. PE11 1TB Page 1
THE LIGHTHOUSE PROJECT SPALDING Trustees. Annual Report for the year ended 31 March 2024 The Lighthouse Project Spalding was established by Mrs J J Tedbury in July 2007 and governed by trust deed dated 1 January 2009. It was registered wrth the Charity Commission on 28 April 2010. Its charity number is 1135706. The chanty is also known under the names" Yhe Lighthouse Project" and 'Karis House". Objects The objects of the charity are to advance in life and help young people through a) the provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life: b) providing support and activities vthich develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible adults. These aims are achieved by the charity promding the facilities and opportunity for the beneficiaries to participate in work experience opportunities such as providing lunches and running mother and toddler groups from the site of the Lighthouse PenteGostal Church. The beneficiaries are encouraged to team the processes and the management of projects thus developing working and communication skills. They also further develop as people which helps to integrate them back into the communrty. In April 2015. the charity opened a charity shop and café which is run by the beneficiaries to, once again, help their integration back into the wider society. During February 2016, a second hand fumiture charity shop was also opened to help raise further funds. Trustee5 The trustees who served the charity during the period were as detsiled on Page 1. New trustees are recruited from a group who have shown a keen interest in the work of the charity and have abilities required on the goveming body. Training is provided to keep trustees up to date with new legislation etc. on a regular basis. Public benefit The trustees have given due regard to the guidance published by the Charity Commission on public benefit, with Ghariws objectives of enabling vulnerable people to integrate back into the community being beneficial to themselves and the community as a whole. The trustees consider that the full details of the public benefrt have been disclosed within the activities, achievements and performance sections below. Activities, achievements and perfomiance The Lighthouse Project has grovm since it started as one home for homeless young people. It has added five more activities, each of which is listed below. Every activity within the main project provides great public benefit to both the young people it supports. by providing more than just a home and to the wider community in several ways. Firsly, the support and equipping of young people improves their self-esteem and helps them to undersland why they have created negative coping strategies in the past, such as alcohol or drug abuse and gets them into slable volunteering. Page 2
THE LIGHTHOUSE PROJECT SPALDING Trustees, Annual Report for the year ended 31 March 2024 Activities, achievements and perforniance (continued) Secondly, in helping the young people to acquire more daily living skills and offering work experience it enables them to reintegrate back into society, either through gaining employment or entering further education, thereby preventing them from being a drain on the benefit system. When the young people a reintegrated back into society they are no longer "hanging about on the street". fomiing gangs or committing crimes. Finally, the cafe creates a safe community meeting space to relax in comfortable, welcoming surroundings for local people. where they can buy low Cost drinks and snacks, whilst the furniture recycling store provides a free pick up service for the local community wishing to donate furniture and cheap second-hand furniture and other goods to those who cannot afford to pay a lot for their goods. KARIS HOUSE- Karis House is a life changing home and programme that supports young women who have a serious desire to recover from issues that are controlling their lives such as self-harm, eating disorders, addictive behaviours, depression or the effects of abuse. CAFÉ & SHOP- The Lighthouse Project Shop & Café provides a community hub in the market square. It sells donated items, handmade Crafts as well as food and drinks. It gives unemployed young people opportunity to experience a work environment and is a favourite local spot in the area. RECYCLE STORE - The Lighthouse Project Fumiture Recycling Store upcycles donated fumiture and resells it. It gives unemployed young people opportunty to experience a work environment and creates a uniqua community hub. SHINING STARS- Shining Stsrs is our lively parent and child group run by our qualrfied nursery nurse. supported by volunteers providing experience for local young people. It brings together a diverse selection of families from across our local area. LIME HOUSE- Lime House gives teenage mums vth bumps or babies, vtho are homeless or at risk of homelessness, a home for them and their little ones. We provide a home with a family feel, support and teaching to help vulnerable women team how to run their own life and become part of the community. HOME HOUSE - Home House provides supported accommodation for young people who are homeless or at risk of becoming homeless. We provide a home rather than a house, along with helping residents leam critical life skills to help them integrate into society. Volunteers The Lighthouse Project has no funding and relies heavily on donations to function. Volunteers donate their valuable time in all areas of the Charity and are an essential part of the project. Staffing is an expensive commodity but supporting young people and running several activities such as the shop, recycling store and toddle group requires many people to be involved. This is vthere the volunteers are so essential, as without them the project quite literalty could not function. Related parties During the period, the charity received a donation of £68,492 {2023 - £50,000) from The Lighthouse Project Limited. The sole director and shareholder of this company is Mrs J J Tedbury. who is also a trust88 of the charity. Results The results for the year and the chariws financial wsition at the end of the year are shown on pages 6 to 13. Page 3
THE LIGHTHOUSE PROJECT SPALDING Trustees. Annual Report for the year ended 31 March 2024 Reserves The trustees believe that an annual income of £175.000 will be required in order to fund the charitable work they wish to do. This will mainly be funded by unrestn'cted donations, but specific grants will be appliad for. if relevant. and thus shown as restn'cted funds. If sufficient excess cash is built up then the trustees will make a investment to help generate funds. For and on behalf of the trustees. Date: Mrs J J Tedbury Trustee Page 4
Independent Examiner's Report to the trustees of THE LIGHTHOUSE PROJECT SPALDING I report to the Charity tnJslees on my examination of the accounts of the charity for the year ended 31 March 2024, which are set out on pages 6 to 13 Responsibilities and basis of report As the charitys trustees you are responsible for the preparation of the accounts in accordance with the requirement of the Charibes Act 2011 ('the Acr). I report in respect of my examination of the charitys accounts carried out under section 145 of the Act and in carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b) of the Act. Independent examinerfs statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the Charity as required by section 130 of the Act. or 2. the accounts do not accord with those records. 3. the accounts do not comply with the applicable requirements conceming the fomi and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Yrue and fair view, which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. H Bright FCA, BA {Hons). CTA Moore Thompson Chartered Accountants Spalding 21.1 ILI Page 5
THE LIGHTHOUSE PROJECT SPALDING Statement of Financial Activities for the year ended 31 March 2024 2024 2023 Not• Income from: Donations and legacies Charitable activities 77,329 119,464 66,919 108.256 Total Income 196,793 175,175 Expenditure from: Charitable activities 193,349 154.561 Total expenditure 193.349 154,561 Net income 20,614 Fund balan¢es broughl forward 146,993 126,379 Fund balances carried foThiard 150,437 146,993 The charity has no recognised gains or losses other than the results for the year set out above. All of the activities of the charity are classed as continuing activities. All of the above income and expenditure is regarding unrestricted fvnds. The notes on pages 8 10 13 forni a part of these accounts. Page 6
THE LIGHTHOUSE PROJECT SPALDING Statement of Assets at 31 March 2024 2024 2023 Note Fixed assets Tangible assets 12,063 11,666 Current assets Debtors Stock Cash at bank 69,123 69,015 72,486 67,500 Total current assets 141,609 136,515 Current liabilittes Creditors 3,235 1.188 Total current liabilities 3,235 1,188 Net current assets 150,437 146,993 A¢cumulated Funds Unrestricted funds 150.437 146.993 150,437 146,993 We approve these financial statements and confimi that we have made available all levant records and information for their preparation. For and on behalf of the trustees=_ Date.. Mrs J J Tedbury Trustee The notes on pages 8 to 13 forn] a part of these accounts. Page 7
THE LIGHTHOUSE PROJECT SPALDING Notes to the Financial Statements for the year ended 31 March 2024 1. Accounting policies a) Basis of preparation of financial statements. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland (FRS 102). the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going ¢oncem basis and are presented in sterling which is the functional currency of the charity. b) Fixed Assets Tangible fixed assets are stste at cost less accumulated depreciation and accumulated impaimient losses. Cost indudes costs directly attributable to making the asset capable of operating as intended. c} Depreciation Depreciation is provided on all tangible fixed assets. at rates calculated to write off the cost, less estimated residual value. of each asset on a systematic basis over its expected economic useful lrfe as follows: Fixtures and fittings Log cabin Computer equipment Motor vehicles 100A reducing balance 50/0 on cost 250/0 reducing balance 250/0 reducing balance d) 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 impainnenl are recognised in expenditure. e) Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events Ihat are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised rf the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The useful economic life used to depreciate tsngible fixed assets relates to the expected future perfomiance of the assets acquired and management's estimate of the period over which economic benefit wll be derived from the asset. The residual value of an asset is the estimated fair value of that asset at the end of its useful economic life and therefore is also dependent upon the estimation of that life span. Cut-off is applied at the year end date. An estimation of income or expenditure applicable to the relevant period must be applied when the receipt or payTnent relates to a different period to the year end. Taxation The charity is an exempt charitywithin the meaning of schedule 3 of the Charities Act 2011. Page 8
THE LIGHTHOUSE PROJECT SPALDING Notes to the Financial Statements (continued) for the year ended 31 March 2024 1. Accounting policies (continued) gl Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reseNes for the charity to be able to continue as a going concem. h) Income recognltlon l incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any perfomiance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Income from govemment and other grants are recognised at fair value when the charity has entitlement after any perfomiance conditions have been met, it is probable that the income will be reGeived and the arnount can be measured reliably. If enlillement is not met then these amounts are deferred. For donations to be recognised the charity will have been notified of the amounts and the settlement date in wriling. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and il is probable that Ihey wll be fulfilled. Rentals receivable under operating leases are Charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Gifts in kind donated for resale are included at fair value, being the expected proceeds from sale less the expected costs of sale. Where it is impracticable to estimate fair value of the items due to the volume of low value items Ihey are not recognised in the financial ststements until they are sold. i) Expenditure recognition l 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 constructive obligation lo make payTnents to third parties. it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: Charitsble activities include the cost of the activities defined by the charitys aims for the benefit of the persons detailed in the charitys objectives. Support costs include those Gosts which do not directly link to the charitable activities of the charity but are neSSary running costs to enable the charity to generate funds and program delivery. Govemance costs include the costs that allow the charity to operate and lo generate the infomiation required for public acwuntsbility. The charity rents the Karis House leasehold property free of charge from the related company The Lighthouse Project Limited. As such, no rental Costs are shovm in the accounts. IeCOVerable VAT is tharged as an expense against the activty for which expenditure arose. Page 9
THE LIGHTHOUSE PROJECT SPALDING Notes to the Financial Statements {continued) for the year ended 31 March 2024 1. Accounting policies (continued) j) Funds Unrestricted funds: Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds: Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charty for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial ststements. k) Employee benefits The vRges cost represents wages for the hours worked for the charity by employees. The pensions cost represents the employer payments in to a defined contribution pension scheme for employees of the chartty. 2. Motor costs The charity had full use of the followng asset from the related company, The Lighthouse Project Limited, during the year, as well as its own vehicles. - Caravan In light of this, the charity has incurred the running costs of the above vehicle on behalf of The Lighthouse Project Limtted. Income 2024 2023 Donations and legacies Govemment grants- Kickstsrt Govemment grants- Shining Stars Donations 8.495 995 76,334 58,424 Total voluntary income 77,329 66,919 Charitable activities Rent receivable Fundraising events Shop sales Fumiture sales 34.271 1,189 37,032 46,972 30,672 687 33,181 43.716 Total charitable income 119,464 108,256 Page 10
THE LIGHTHOUSE PROJECT SPALDING Notes to the Financial Statements (continued) for the year ended 31 March 2024 4. Cost of charitable actlvltles 2024 2023 Karis House Wages Pensions Welfare costs Staff training and expenses Leasehold property rates Food purchases etc. Property repairs and renewals Travel costs Motor costs Depreciation 66,913 948 85 557 7,709 5.580 5,830 59,338 706 85 807 7,426 6,637 8,629 4.225 1,823 3.733 1,887 95,155 89,248 Shop and related flats Properties rent Property insurance Flat light and heat Shop light and heat Shop insurance Shop repairs and renewals Shop purchases 20,400 4,413 25,528 1,937 2,076 4,711 20,400 3,738 20,006 1,144 363 1,333 227 59,065 47,211 Fumiture shop Properties rent Shop light and heat Shop insurance Shop paIrS and renewals 9,600 3,925 311 1.149 9,823 1,512 286 1,049 14,985 12,670 Support costs Office costs Computer costs Telephone Advertising Legal and professional fees Bank charges Sundry costs 635 448 2.360 18.619 639 466 2,499 305 150 251 918 22,980 4,310 Governance costs Independent examination fee 1,164 1,122 Total cost of charitable activities 193,349 154,561 Page11
THE LIGHTHOUSE PROJECT SPALDING Notes to the Financial Statements (continued) for the year ended 31 March 2024 5. Tanglble Fixed Assets Fixtures and fittings Compuler Equiprnent Molor Vehicles Log Cabin Total Cost At 1 April 2023 Additions 14.593 2,220 7.150 1.817 19,910 43.470 2,220 At 31 March 2024 16,813 7.150 1,817 19,910 45,690 Depreciation At 1 April 2023 Charge for the year 8,797 801 3,934 358 1.672 37 17,401 627 31,804 1,823 At 31 March 2024 9.598 4.292 1.709 18,028 33,627 Net book value At 31 March 2024 7.215 2,858 108 1,882 12,063 At 31 March 2023 5.796 3.216 145 2.509 11,666 6. Debtors 2024 2023 Amounts due from related parties.. The Lighthouse Project Limited PAYE and NIC Prepayments and accrued Income 55,771 4,257 9.095 61,475 743 6,797 69,123 69,015 7. Creditors 2024 2023 Trade creditors Other creditors Accruals 646 649 1.940 108 1,080 3,235 1.188 8. Wages and salaries The average number of employees in the year was 6 {2023- 6>. No employees received total employee benefits in excess of £60.000 in the current or prior year. Page 12
THE LIGHTHOUSE PROJECT SPALDING Notes to the Financial Statements for the year ended 31 March 2024 g. Related party transactions The Lighthouse Project Limited works closely with this charity and the company usually makes donations out of profits each year and made a donab'on of £68,492 in the Gurrent financial period. Mrs J J Tedbury. is the sole director of the company. The company donates the cost of the chariws public liability insurance cover annually and thus the insurance cost regarding this is not shown in the accounts of the chartty. 10. Trustees. remuneration and expenses No remuneration or expenses. directly or indirectly out of the funds of the charity. was paid or payable for the year to any trustee. 11. Control relationshlp The charity is controlled by the trustees jointly and no individual can or does exert control over the Page 13