2021-03-31-accounts - The Braunstone Foundation

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Secretary		Angela Wright	(Chief Officer)
Charity number		1139537
Company	number	04029394
Principal address		Business Box
		3 Oswin Road
		Braunstone
		Leicester
		LE3 1HR
Registered	office	Business Box
		3 Oswin Road
		Braunstone
		Leicester
		LE3 1HR
Auditor		David Mayfield	FCA
		Mayfield &Co.
		2 Merus Court
		Meridian Business Park
		Leicester
		LE191RJ
Bankers		Unity Trust Bank Pic
		Nine Brindley Place
		Birmingham
		812H8
Solicitors		Weightmans LLP
		71Princess Road West
		Leicester
		LE16TR

				Page
Trustees report				1—14
Trustees Responsibility		Statement		15
Independent	auditor's	report		16-18
Consolidated	statement	offinancial	activities	19-20
Consolidated	balance sheet			21-22
Charity balance sheet				23-24
Consolidated	statement	ofcash flows		25
Notes to the	accounts			26-47

8-Inspired	Target	Outcome
Number ofSign ups	50	74
Number ofMen	33	44
Numberof Women	17	30
Economically Inactive	10	10
Job Outcomes		24
Education Outcomes


The trustees, who are also the di	rectors for the purpose ofcompany law, and who served during the year are shown
below.
Pauline Hurd	(Resigned 30September 2020)
Henry Thompson
Keith Beaumont	(Resigned 2 February 2021)
Elaine Halford
Rev Keith Magee	(Resigned 20October 2020)
Edward Rogers	(Appointed	13July 2020)	(betimes
Mr T Morton	(Appointed	13July 2020)
Bethan Lloyd	(Appointed	13July 2020)
GeoffreyStagg	(Appointed	13July 2020)

		Unrestdicted	~Desi nated	Restricted	Endowment	Total	Total
		Funds	Funds	Funds	Funds
		2021	2021	2021	2021	2021	2020
	Notes	6	E	E	6		f
Income From
Donations 8 Legacies		374,508		193,088		567,596	575,904
Charitable Activities		1,280,366		1,036		1,281,402	1,425,292
Investments		220	192			412	3,105
Total Income		1,655,094	192	194,124		1,849,410	2,004,301
~Ch
Charitable activities		1,077,462	11,798	224,481		1,313,741	1,923,140
Cost ofgenerating funds		265,410				265,410	280,115
		1,342,872	11,798	224,481		1,579,151	2,203,255
Net Gains on Investments	12						315,000
Net Income/(expenditure)		312,222	(11,606)	(30,357)		270,259	116,046
Revaluation oftangible							139,988
Fixed assets
Actuarial (loss)/gain on defined		(419,000)				(419,000)	573,000
benefit pension schemes
Net Movement In Funds		(106,778)	(11,606)	(30,357)		(148,741)	829,034
Balance Brought forward		2,569,690	445,099	96,321	5,000,000	8,111,110	7,282,076
Balance cardied forward		2,462,912	433,493	65,964	5,000,000	7,962,369	8,111,110
as at31March 2021

			A8 income funds
			2021	2020
				6
Gross income			1,849,410	2,004,301
Gains on investments				315,000
Total income in the reporting		period	1,849,410	2,319,301
Total expenditure from	income funds		1,579,151	2,203p255
Net income/(expenditure)	for	the year	270,259	116,046

			2021		2020
		Notes	6		E
Fixed assets
Tangible assets		13		1,025,355		1,028,064
Investment properties		14		6,745,000		6,745,000
				7,770,355		7,773,064
Current assets
Debtors		16	62,812		252,921
Cash at bank and in	hand		1,231,255		810,526
			1,294,067		1,063,447
Creditors: amounts	falling due within one
year		17	(276,053)		(318,401)
Net current assets				1,018,014		745,046
Total assets less current liabilities				8,788,369		8,518,110
Provisions for liabilities				(826,000)		(407,000)
Net assets				7,962,369		8,111,110
Capitalfunds
Endowment funds		20		5,000,000		5,000,000
Income funds
Restricted funds		21		65,964		96,321
Unrestricted funds
Designated funds		23	433,493		445,099
General unrestricted	funds	22	3,148,924		2,836,702
Revaluation reserve			139,988		139,988
Pension reserve			(826,000)		(407,000)
				2,896,405		3,014,789
				7,962,369		8,111,110

				2021		2020
			Notes	g		E
Pined assets
Tangible assets			13		1,025,355		1,028,064
Investment properties			14		6,745,000		6,745,000
Investments			15		1		1
					7,770,356		7,773,065
Current assets
Debtors			16	81,235		239,428
Cash at bank and	in	hand		1,114,820		734,671
				1,196,055		974,099
Creditors: amounts		falling due within one
year			17	(178,042)		(229,054)
Net current assets					1,018,013		745,045
Total assets less current liabilities					8,788,369		8,518,110
Provisions for liabilities			18		(826,000)		(407,000)
Net assets					7,962,369		8,111,110
Capits Ifunds
Endowment funds			20		5,000,000		5,000,000
Income funds
Restricted funds			21		65,964		96,321
Unrestricted funds
Designated funds			23	433,493		445,099
General unrestricted		funds	22	3,148,924		2,836,702
Revaluation reserve				139,988		139,988
Pension reserve				(826,000)		(407,000)
					2,896,405		3,014,789
					7,962,369		8,111,110

Geoffrey	Stagg - Trustee
Company	Registration No. 04029394

							2020
				Notes	6		6
Cash flows from operating		activities
Cash (absorbed by)/generated			from	29		420,317		(251,510)
Income taxes paid								(35)
Net cash inflow from operating			activities			420,317		(251,545)
Investing activities
Interest received					412		3,105
Net cash generated from/(used			in) investing
activities						412		3,105
Net cash used in financing		activities
Net (decrease)/increase	in	cash and cash equivalents				420,729		(248,440)
Cash and cash equivalents		at beginning		ofyear		810,526		1,058,966
Cash and cash equivalents		at end ofyear				1,231,255		810,526

		Unrestricted	Designated	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	2021	2020
					general
					E
Donations and legacies		9,103				9,103	3,639
Grants receivable		365,405		193,088		558,493	572,265
		374,508		193,088		567,596	575,904
Forthe year ended 31
March 2020
		90,039		485,865			575,904
Donations and legacies
Sundry donations	received	9,103				9,103	3,639
		9,103				9,103	3,639
Grants receivable	for core	activities
Garfield Weston	Fund	40,000				40,000
lob Retention Scheme		97,266		13,751		111,017
Community Business Fund							232,996
Food Share		41,134				41,134
Masonic Foundation				19,321		19,321	19,703
Power to Change	Grant	30,000		123,014		153,014	190,296
Big Lottery Community
Fund Work Live		53,236				53,236	86,400
Leicester City Covid
Resoonse Grants		63,241				63,241
Big Lottery Reducing
Isolation Fund				37,002		37,002	41,378
Impact Growth							1,492
Other sundry grants		40,528				40,528
		365,405		193,088		558,493	572,265

		te21	202o
Local Authority	Rates Rebate		153,017
Services provided under contract		362,365	370,485
Other income		78,587	98,201
Advertising income and sundry income		2,969	3,295
Rent and room	hire	840,481	800,294
		1,281,402	1,425,292

	Unrestricted	Designated	Total	Total
	funds	funds
	2021	2021	2021	2020
			6	f
Interest receivable	220	192	412	3,105
Forthe year ended 31March 2020	1,559	1,546		3,105

				Charitable	Charitable	Total	Total
				Activities	Activities	2021	2020
				Unrestricted	Restricted
Staff costs				559,623	206,258	765,881	726,578
Depreciation and impairment				2,709		2,709	3,185
Premises costs				293,229	5,318	298,547	422,205
Motor and travel				968	42	1,010	5,148
Legal and professional		fees		10,870	2,250	13,120	30,618
Project activity and equipment			costs	105,036	9,496	114,532	461,231
Supplies and services							17,560
Irrecoverable input vat				46,104	1,117	47,221	43,049
Rates Rebate Due To	Tenants						153,017
Bank charges				447			400
Bad debts							2,966
				1,018,986	224481	1243467	1,865,957
Share ofgovernance	costs (see note 9)			70,274		70,274	57,183
				1,089,260	224,481	1,313,741	1,923,140
Analysis by fund
Unrestricted funds				1,077,462		1,077,462
Designated funds				11,798		11,798
Restricted funds					224,481	224,481
				1,089,260	224,481	1,313,741
Forthe year ended 31March 2O2O
Unrestricted funds				1,209,583			1,209,583
Designated funds				63,263			63,263
Restricted funds					650,294		650,294
				1,272,846	650,294		1,923,140

Cost ofgenerating fun	ds
				Total	Total
		Unrestricted	Restffcted	2021	2020
		6	6	6	6
Staffcosts		141,825		141,825	136,478
Premises costs		71,402		71,402	92,370
Motor and travel					65
Legal and professional	fees	2,160		2,160	2,580
Supplies and services		50,023		50,023	48,622
		265,410		265,410	280,115

Support	costs
			Support costs	Governance	2021	2020
				costs
			6	f
Staff costs				47,774	47,774	38,183
Audit and	accountancy	fees
				22,500	22,500	19,000
				70,274	70,274	57,183
Analysed	between
charitable	activities			70,274	70,274	57,183

The average	monthly number ofemployees during the y	ear was:
		2021	2020
		Number	Number
		43	38
Employment	costs	2021	2020
		6	E
Wages and salaries		769,799	715,605
Social security costs		58,244	55,097
Other pension costs		127,437	130,537
		955,480	901,239

2021	2020
Number	Number

Unrestricted	Total
funds
2021	2020
	315,000

			Land and	Fixtures,	Total
			buildings	fittings fA
				equipment
				E
Cost
At 1April 2020			1,010,000	399,809	1,409,809
At 31March	2021		1,010,000	399,809	1,409,809
Depreciation	and impairment
At 1April 2020				381,745	381,745
Depreciation	charged	in the year		2,709	2,709
At 31March	2021			384,454	384,454
Carrying amount
At 31March	2021		1,010,000	15,355	1,025,355
At 31March	2020		1,010,000	18,064	1,028,064

				2021	2020
Other investments		comprise:	Notes	6
Investments	in subsidiaries		27

			Group	Grollp	Charity	Charity
			2021	2020	2021	2020
Amounts falling due within one year:			6	6	6	g
Trade debtors			52,162	196,593	18,002	169,404
Amounts due	from subsidiary	undertakings			55,609	4,403
Other debtors			10,650	48,352	7,624	57,645
Prepayments	and accrued income			7,976		7,976
			62,812	252,921	81,235	239,428

		31/03/2021	31/03/2020
		(F000s)	(f000s)
Fair value of plan assets		3,328	2,943
Present	value ofdefined benefit obligation	4,154	3,350
Surplus	(deficit) in plan	(826)	(407)
Unrecognised surplus
Defined	benefit asset (liability) to be recognised	(826)	(407)
Deferred	tax
Net defined benefit asset (liability) to be recognised

						31/03/2021
						(E000s)
Defined	benefit obligation at start of		period			3,350
Current service cost
Expenses
Interest	expense					79
Member	Contributions
Actuarial	losses (gains)	due to scheme	experience			(97)
Actuarial	losses (gains)	due to changes	in demographic		assumptions	15
Actuarial	losses (gains)	due to changes	in financial	assumptions		859
Benefits	paid and expenses					(56)
Liabilities	acquired in a	business combination
Liabilities	extinguished	on settlements
Losses (gains) on curtailments
Losses (gains) due to benefit changes
Exchange	rate changes
Defined benefit obligation at end of period						4,154

			Period from 31
			March 2020to
			31March 2021
			(E000s)
Fair value of plan assets at start ofperiod			2,943
Interestincome			70
Experience on plan assets (excluding amounts	included	in interest
income) - gain (loss)			284
Employer Contributions			87
Member Contributions
Liabilities acquired in a business combination			(56)
Assets acquired in a business combination
Assets distributed on settlements
Exchange rate changes
Fair Value of plan assets at end of period			3,328

				Period from 31
				March 2020to31
				March 2021
				(E000s)
Current service cost
Expenses
Net interest expense
Losses (gains) on business combinations
Losses (gains) on settlements
Losses (gains) on curtailments
Losses (gains) due to benefit changes
Defined benefit costs recognised	in statement	ofcomprehensive	income
(SOCI)				13

							Period from	Period from
							31March	2020
							to31March
							2021
							(E000s)
Experience on plan assets (excluding amounts included in				net interest cost)—
gain (loss)								284
Experience gains and losses arising on the plan		liabiTities - gain			(loss)			97
Effects ofchanges in the demographic assumptions			underlying		the	present
value ofthe defined benefit obligation - gain (loss)								(15)
Effects ofchanges in the financial assumptions		underlying		the present value of
the defined benefit obligation —gain (loss)							(899)
Total actuarial gains and	losses (before restriction		due to	some	ofthe surplus
not being recognisable)	—gain (loss)						(493)
Effects ofchanges in the	amount ofsurplus that	is	not recoverable			(excluding
amounts included in net	interest cost) - gain (loss)
Total amount recognised	in other comprehensive		income- gain		(loss)		(493)

ASSETS
	31/03/2021	31/03/2020
	(6000s)	(6000s)
Global Equity	531	430
Absolute Return		153
Distressed Opportunities	96	57
Credit Relative Value	105	81
Alternative Risk Premia	125	206
Fund of Hedge Funds
Emerging Markets Debt	134	89
Risk Sharing	121	99
Insurance-Linked Securities	80	90
Property	69	65
Infrastructure	222	219
Private Debt	79	59
Opportunistic Illiquid Credit	85	71
High Yield	100
Opportunistic Credit	9]
Cash
Corporate Bond Fund	197	168
Liquid Credit
Long Lease Property	65	51
Secured Income	138	112
Over 15Year Gilts
Index Linked All Stock Gilts
Liability Driven Investment	846	977
Net Current Assets	20	13
Total Assets	3,328	2,943

EYASSUMP	TIONS
			31March 2021	31March 2020
			%per annum	%per annum
Discount	Rate		2.17%	2.38%
Inflation	(RPI)		3.28%	2.62%
Inflation	(CPI)		2.86%	1.62%
Salary Growth			3.86%	2.62%
Allowance	for commutation	ofpension for cash at	75%ofmaximum	75%of maximum
retirement			allowance	allowance

			l.ife expectancy
			at age 65
			(Years)
Male retiring	in	2019	21.6
Female retiring		in 2019	23.5
Male retiring	in	2039	22.9
Female retiring		in 2039	25.1

		Movement	Movement	in funds	in funds
		Balance at	Movements		Balance at
		1April 2020			31March 2021
		f		E	f
Capital	Endowment	5,000,000			5,000,000
		5,000,000			5,000,000

and grants	held on trust for specific purpose	s:
			Movement	in funds
		Balance at	Income	Expenditure	Balance at
		1April 2020			31March 2021
Sport England		223			223
Power to Change		61,111	123,014	(150,403)	33,722
Impact to	Growth	5,263			5,263
PCC		14,582		(2,325)	12,257
Community	Business Fund	(11,895)	13,751	(1,270)	586
Masonic Foundation		8,640	19,321	(23,925)	4,036
Reducing Isolation		18,397	38,038	(46,558)	9,877
		96,321	194,124	(224,481)	65,964

Unrestdcted	funds
			Movement in funds
		Balance at1	Income	Expenditure	Gains/Losses	Balance at 31
		April 2020				March 2021
		f
Unrestricted	funds	2,836,702	1,655,094	(1,342,872)		3,148,924
Revaluation	Reserve	139,988				139,988
Pension Scheme Provision		(407,000)			(419,000)	(826,000)
		2,569,690	1,655,094	(1,342,872)	(419,000)	2,462,912

					Movement	in funds
					Balance at1	Income	Expenditure	Balance at
					Apdl2020			21March 2e21
						f	f
Braunstone	Health	Centre	Dilapidation	Fund	445,099	192	(11,798)	433,493
					445,099	192	(11,798)	433,493

Analysis ofnet assets between funds
Unrestricted		Designated	Restricted	Endowment	Total
	Funds	Funds	Funds
			E	E
Fund balances at 31March 2021
are represented by:
Tangible assets	1,025,355				1p025,355
Investment properties	1,745,000			5,000,000	6,745,000
Current assets/(liabilities)	518,557	433,493	65,964		1,018,014
Provisions and pensions	(826,000)				(826,000)
	2,462,912	433,493	65,964	5,000,000	7,962,369
Analysis ofnet assets between funds	—Charity
Unrestricted		Designated	Restricted	Endowment	Total
	Funds	Funds	Funds
Fund balances at 31March 2021
are represented by:
Tangible assets	1,025,355				1,025,355
Investment properties	1,745,000			5,000,000	6,745,000
Investments	1				1
current assets/(liabilities)	518,556	433,493	65,964		1,018,013
Provisions and pensions	(826,000)				(826,000)
	2,462,912	433,493	65,964	5,000,000	7,962,369

Name of	undertaking		Registered	Nature ofbusiness	Class of	%Held	%Held
			office		shares held	Direct	Indirect
8-Inspired	(Trading)	Ltd	England	Rental ofoffice space	Ordinary	100.00

0-Inspired (Tra	ding)	Limited
			2021	2020
			E	E
Income			442,535	424,634
Administrative	expenses		(442,535)	(424,634)
Net profit/(loss)
The aggregate	ofthe	assets, liabilities and funds was:
Assets			153,621	110,314
Liabilities			(153,620)	(110,313)
Funds (representing		1ordinary share ofE1)

29.	Cash generated from operations	Cash generated from operations	Cash generated from operations	Cash generated from operations			2021	2020
							6	6
	Surplus for the year						270,259	116,046
	Adjustments for:
	Taxation						12	49
	Investment income	recognised		in statement		offinancial activities	(412)	(3,105)
	Fair value gains and	losses on	investment		properties			(315,000)
	Depreciation and impairment		oftangible		fixed assets		2,709	3,185
	Movements in working capital:
	(Increase)/decrease	in debtors					155,466	(133,337)
	Increase/(decrease)	in creditors					(7,717)	80,652
	Cash generated from/(absorbed			by) operations			420,317	(251,510)
30.	Analysis ofchanges	in net funds
	The charity had no debt during			the year.