##
##
##
|Trustees||Henry Thompson|||
|---|---|---|---|---|
|||Elaine Halford|||
|||Edward Rogers|||
|||Timothy
Morton|||
|||Bethan
Lloyd|||
|||Geoffrey Stagg|||
|||Michael Moreton|(appointed|on 03/04/23)|
|Secretary||Angela Wright (Chief Officer)|||
|Charity number||1139537|||
|Company|number|04029394|||
|Registered|office and principal address|Business Box|||
|||3Oswin Road|||
|||Braunstone|||
|||Leicester|||
|||LE3 1HR|||
|Auditor||Thomas
Mayfield|BAACA||
|||Mayfield &Co.|||
|||2 Merus Court|||
|||Meridian
Business Park|||
|||Leicester|||
|||LE191RJ|||
|Bankers||Unity Trust Bank Pic|||
|||Nine Brindley Place|||
|||Birmingham|||
|||812HB|||
|Solicitors||Excello Law|||
|||Gresham
Works|||
|||38Market Street|||
|||Leicester|||
|||LE1BOP|||
##
|||||Page|
|---|---|---|---|---|
|Trustees report||||1 —15|
|Trustees
Responsibility||Statement||16|
|Independent|auditor's|report||17 —19|
|Consolidated|statement|offinancial|activities|20-21|
|Consolidated|balance sheet|||22-23|
|Charity balance sheet||||24-25|
|Consolidated|statement|ofcash flows||26|
|Notes to the|accounts|||27-48|
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|Henry Thompson||
|---|---|
|Elaine Halford||
|Edward Rogers||
|Timothy Morton||
|Bethan
Lloyd||
|Geoffrey Stagg||
|Michael Moreton (appointed|on 03/04/23)|
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##
##
||||2023|||2022||
|---|---|---|---|---|---|---|---|
|||Notes|6||6|||
|Fixed assets||||||||
|Tangible assets||12||1,225,096|||1,227,054|
|Investment
properties||13||7,890,000|||7,890,000|
|||||9,115,096|||9,117,054|
|Current assets||||||||
|Debtors||15|74,025||86,646|||
|Cash at bank and in|hand||1,065,845||1,225,571|||
||||1,139,870||1,312,217|||
|Creditors: amounts|falling due within one|||||||
|year||16|(261,436)||(365,821)|||
|Net current assets||||878,434|||946,396|
|Total assets less current liabilities||||9,993,530|||10,063,450|
|Provisions for liabilities||17||(531,000)|||(524,000)|
|Net assets||||9,462,530|||9,539,450|
|Capital funds||||||||
|Endowment
funds||19||5,000,000|||5,000,000|
|Income funds||||||||
|Restricted funds||20||67,136|||57,840|
|Unrestricted
funds||||||||
|Designated
funds||22|463,137||465,288|||
|General unrestricted|funds|21|4,119,265||4,196,334|||
|Revaluation
reserve|||343,988||343,988|||
|Pension reserve|||(531,000)||(524,000)|||
|||||4395394|||4,481,610|
|||||9,462,530|||9,539,450|
##
##
##
##
##
|||||2023|||2022||
|---|---|---|---|---|---|---|---|---|
|||Notes|||||||
|Fixed assets|||||||||
|Tangible assets||12|||1,225,096|||1,227,054|
|Investment
properties||13|||7,890,000|||7,890,000|
|Investments||14|||1|||1|
||||||9,115,097|||9,117,055|
|Current assets|||||||||
|Debtors||15|77,306|||119,463|||
|Cash at bank and in|hand||948,809|||1,087,512|||
||||1,026,115|||1,206,975|||
|Creditors: amounts|falling due within one||||||||
|year||16|(147,682)|||(260,580)|||
|Net current assets|||||878,433|||946,395|
|Total assets less current liabilities|||||9,993,530|||10,063,450|
|Provisions for liabilities||17|||(531,000)|||(524,000)|
|Net assets|||||9,462,530|||9,539,450|
|Capital funds|||||||||
|Endowment
funds||19|||5,000,000|||5,000,000|
|Income funds|||||||||
|Restricted funds||20|||67,136|||57,840|
|Unrestricted
funds|||||||||
|Designated
funds||22|463,137|||465,288|||
|General unrestricted|funds|21|4,119,269|||4,196,334|||
|Revaluation
reserve|||343,988|||343,988|||
|Pension reserve|||(531,000)|||(524,000)|||
||||||4395394|||4,481,610|
||||||9,462,530|||9539450|
##
##
##
##
##
||||Notes|2023||2022||
|---|---|---|---|---|---|---|---|
|||||6|6|6||
|Cash flows from operating|activities|||||||
|Cash (absorbed
by)/generated
from operations|||||(167,665)||(5,982)|
|Income taxes paid|||||||(107)|
|Net cash inflow from operating
activities|||||||(6,090)|
|Investing activities||||||||
|Investment
income received||||7,939||405||
|Net cash generated
from/(used
in) investing||activities|||7,939||405|
|Net cash used in financing|activities|||||||
|Net (decrease)/increase
in|cash and cash equivalents||||(159,726)||(5,685)|
|Cash and cash equivalents|at beginning
ofyear||||1,225,571||1,231,255|
|Cash and cash equivalents|at end ofyear||||1,065,845||1,225,571|
##
##
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##
##
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##
##
##
##
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##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||Unrestricted|Restricted|Total|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|---|---|
||||funds|funds||funds|funds||
||||2023|2023|2023|2022|2022|2022|
||||E|f|E|E|f|E|
|Donations
and gifts|||15,184||15,184|7,806|371|8,177|
|Grants|||122,835|211,417|334,252|91,008|234,009|325,017|
||||138,019|211,417|349A36|98,814|234,380|333,194|
||||Unrestricted|Restricted|Total|Unrestncted|Restricted|Total|
||||funds|funds||funds|funds||
||||2023|2023|2023|2022|2022|2022|
||||E|E|E|E|E|E|
|Donations|||||||||
|General donations|||15,184||15,184|7,806|371|8,177|
||||15,184||15,184|7,806|371|8,177|
|Grants Receivable|||||||||
|Big Lottery Reducing|Isolation||||||||
|Fund|||||||12,695|12,695|
|Big Lottery Community||Fund|||||||
|Work Live Leicestershire|||93,261||93,261|63,256||63,256|
|Garfield Weston
Fund|||||||||
|Job Retention
Scheme||||||6,441||6,441|
|Power to Change Grant||||90,656|90,656||145,999|145,999|
|Masonic Foundation|||||||19,817|19,817|
|Leicester City Covid||||||21,311||21,311|
|Barclays Community|Football||||||||
|Foundation||||500|500||||
|Action Homeless|||||||10,000|10,000|
|Police Crime Commissioner||||31,960|31,960||12,014|12,014|
|Football Foundation|||||||16,319|16,319|
|NHS England
(LLR CCG)||Getting|||||||
|Help In Neighbourhoods||Grant||49,790|49,790||||
|Leicester City Council|Public||||||||
|Health
—Vaccine Confidence||||13,916|13,916||||
|HAF Holiday
Hunger Scheme||||24,595|24,595||13,038|13,038|
|Leicester City Council|Ward||||||||
|Grant Extension
Project|||5,484||5,484||||
|LVSRA Reaching People|||20,700||20,700||||
|Capacity Building grants|||2,390||2,390||||
|Other sundry grants|||1,000||1,000||4,127|4,127|
||||122,835|211,417|334,252|91,008|234,009|325,017|
##
##
##
##
|||2023|2023|2023|
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
|Services Provided|Under Contract|362,509||362,509|
|Other Income||82,604|9,553|92,157|
|Advertising
Income||2,837||2,837|
|Rent 8 Room Hire||984,351||984,351|
|||1,432,301|9,553|1,441,854|
|||2022|2022|2022|
|||Unrestricted|Restricted|Total|
|Services Provided|Under Contract|362,509||362,509|
|Other Income||83,274|942|84,216|
|Advertising
Income||840||840|
|Rent & Room Hire||934,277||934,277|
|||1,380,900|942|1,381,842|
##
|||2023|2023|2023|
|---|---|---|---|---|
|||Unrestdicted|Designated|Total|
|Interest|received|3,486|4,453|7,939|
|||3,4&6|4,453|7,939|
|||2022|2022|2022|
|---|---|---|---|---|
|||Unrestricted|Designated|Total|
|Interest|received|169|236|405|
|||169|236|405|
##
##
##
##
|6.
Charitable
act|iv|ities|||||||
|---|---|---|---|---|---|---|---|---|
||||Charitable|Charitable||Charitable|Charitable||
||||Activities|Activities|Total|Activities|Activities|Total|
||||Unrestricted|Restricted|2023|Unrestricted|Restricted|2022|
|Staff costs|||634,496|110,327|744,823|586,150|131,287|717,437|
|Depreciation
and|||||||||
|impairment|||1,958||1,958|2,300||2,300|
|Premises costs|||388,265|33222|421,487|384,430|50,397|418,508|
|Motor and travel|||3,784|76|3,860|2,857||2,857|
|l.egal and professional||fees|8,721||8,721|16,892||16,892|
|Project activity and|||||||||
|equipment
costs|||138,645|63,323|201,968|94,190|53,862|148,052|
|Supplies and services|||9,647|3,837|13,484|11,316|4,402|15,718|
|Irrecoverable
input|VAT||55,296|889|56,185|41,254|3,498|44,752|
|Bank charges||||||3,545||3,545|
|Bad debts|||1,081||1,081|1,076||1,076|
|Rebates due to tenants||||||39,771||39,771|
||||1,241,893|211,674|1,453,567|1,183,781|243,446|1,427,227|
|Share ofgovernance||costs|||||||
|(see note 9)|||88,829||88,829|81,536||81,536|
||||1,330,722|211,674|1,542,396|1,265,317|227,127|1,508,763|
|Analysis
by fund|||||||||
|Unrestricted
funds|||1,297,803||1,297,803|1,163,654||1,163,654|
|Designated
funds|||32,919||32,919|101,663||101,663|
|Restricted funds||||211,674|211,674||243,446|243,446|
||||1,330,722|211,674|1,542,396|1,265,317|227,127|1,508,763|
##
##
##
##
##
##
|||||||||Total|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||||Unrestricted|Restricted|2023|2022|
|||||||E|E|E|f|
|Staff costs||||||146,780||146,780|138,749|
|Premises|costs|||||138,754||138,754|99,065|
|Motor and||travel||||234||234||
|Legal and||professional|fees|||2,530||2,530|2,623|
|Supplies|and services|||||38,455||38,455|40,160|
|||||||326,753||326,753|280,597|
|Support costs||||||||||
|||||Support costs|Governance|2023|2022|||
||||||costs|||||
|Staff costs|||||63,829|63,829|59,536|||
|Audit and||accountancy|fees|||||||
||||||25,000|25,000|22,000|||
||||||88,829|88,829|81,536|||
|Analysed|between|||||||||
|Charitable||activities|||88,829|88,829|81,536|||
##
##
##
##
##
|Employment
costs|2023|2022|
|---|---|---|
||E|E|
|Wages and salaries|757,499|734,111|
|Social security costs|55,397|52,899|
|Other pension costs|142,536|127,437|
||955,432|915,722|
||||Unrestricted|Total|
|---|---|---|---|---|
||||Funds||
||||2023|2022|
||||E|E|
|Revaluation|ofinvestment|properties||1,145,000|
##
##
##
##
||||land and buildings|Fixtures, fittings|Total|
|---|---|---|---|---|---|
|||||gr equipment||
||||E|E||
|Cost||||||
|At 1April 2022|||1,214,000|399,808|1,613,808|
|Revaluation||||||
|At 31March|2023||1,214,000|399,808|1,613,808|
|Depreciation|and impairment|||||
|At 1April 2022||||386,754|386,754|
|Depreciation|charged|in the year||1,958|1,958|
|At 31March|2023|||388,712|388,712|
|Carrying amount||||||
|At 31March|2023||1,214,000|11,096|1,225,096|
|At 31March|2022||1,214,000|13,054|1,227,054|
##
|Investment
property
(Grou|p and Charity)||
|---|---|---|
|||2023|
|||E|
|Fair value|||
|At 1April 2022||7,890,000|
|Net gains or losses through|fair value adjustments||
|At 31March 2023||7,890,000|
##
##
##
##
||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|
||||2023|2022|2023|2022|
|Amounts|falling due within one year:||6||||
|Trade debtors|||74,025|86,646|40,391|57,689|
|Amounts|due from subsidiary|undertakings|||36,915|61,774|
|Other debtors|||||||
||||74,025|86,646|77,306|119,463|
##
##
##
##
##
##
##
||31/03/2023|31/03/2022|
|---|---|---|
||(f000s)|(6000s)|
|Fair value of plan assets|2,338|3,516|
|Present value ofdefined benefit obligation|2,869|4,040|
|Surplus (deficit) in plan|(531)|(524)|
|Unrecognised
surplus|||
|Defined benefit asset (liability) to be recognised|(531)|(524)|
|Deferred tax|||
|Net defined benefit asset (liability) to be recognised|(531)|(524)|
||||||31/03/2023|
|---|---|---|---|---|---|
||||||(6000s)|
|Defined benefit obligation at start of period|||||4,040|
|Current service cost||||||
|Expenses||||||
|Interest expense||||||
|Member Contributions||||||
|Actuarial
losses (gains)|due to scheme|experience|||(3)|
|Actuarial
losses (gains)|due to changes|in demographic||assumptions|-(7)|
|Actuarial
losses (gains)|due to changes|in financial|assumptions||(1,187)|
|Benefits paid and expenses|||||(89)|
|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|||||(2,869)|
##
||||Period from 31|
|---|---|---|---|
||||March 2022to|
||||31March 2023|
||||(E000s)|
|Fair value of plan assets at start of period|||3,516|
|Interest income|||98|
|Experience on plan assets (excluding amounts|included|in interest||
|income)
—gain (loss)|||(1,303)|
|Employer Contributions|||116|
|Member Contributions||||
|Liabilities acquired
in a business combination|||(89)|
|Assets acquired
in a business combination||||
|Assets distributed
on settlements||||
|Exchange rate changes||||
|Fair Value of plan assets at end of period|||2,338|
|||||Period from|31|
|---|---|---|---|---|---|
|||||March 2022to 31||
|||||March 2023||
|||||(E000s)||
|Current service cost||||||
|Expenses||||||
|Net interest expense|||||13|
|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)|||||17|
##
##
##
|||||||Period from|Period from|
|---|---|---|---|---|---|---|---|
|||||||31March|2022|
|||||||to 31March||
|||||||2023||
|||||||(E000s)||
|Experience on plan assets (excluding amounts
included
in|||net interest cost)—|||||
|gain (loss)||||||(1,303)||
|Experience gains and losses arising on the plan liabilities - gain||||(loss)||||
|Effects ofchanges
in the|demographic
assumptions|underlying||the|present|||
|value ofthe defined benefit obligation
—gain (loss)||||||||
|Effects ofchanges
in the|financial
assumptions
underlying||the|present value of||||
|the defined benefit obligation
—gain (loss)||||||1,187||
|Total actuarial gains and|losses (before restriction|due to|some|ofthe surplus||||
|not being recognisable)|—gain (loss)||||||(106)|
|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)||||(106)|
##
##
|18.
Defined Benefit Pension Scheme Continued|||
|---|---|---|
|ASSETS|||
||31/03/2023|31/03/2022|
||(E000s)|(E000s)|
|Global Equity|44|675|
|Absolute
Return|25|141|
|Distressed
Opportunities|71|126|
|Credit Relative Value|88|117|
|Alternative
Risk Premia||116|
|Fund of Hedge Funds|||
|Emerging
Markets Debt|13|102|
|Risk Sharing|172|116|
|Insurance-Linked
Secunties|59|82|
|Property|101|95|
|Infrastructure|267|250|
|Private Debt|104|90|
|Opportunistic
llliqu&d Credit|100|118|
|I-ligh Yield||30|
|Opportunistic
Credit||13|
|Cash|17|12|
|Corporate
Bond Fund||235|
|Liquid Credit|||
|Long Lease Property|71|90|
|Secured Income|107|131|
|Liability
Driven Investment|1,077|981|
|Currency
Hedging||(14)|
|Net Current Assets||10|
|Tote IAssets|2,338|3,516|
##
|EYASSUMP|TIONS||||
|---|---|---|---|---|
||||31March 2023|31March 2022|
||||%per annum|%per annum|
|Discount|Rate||4 87%|2.79%|
|Inflation|(RPI)||319%|357%|
|Inflation|(CPI)||2.75%|3 19%|
|Salary Growth|||3.75%|4.19%|
|Allowance|for commutation|of pension for cash at|75%of maximum|75%of maximum|
|retirement|||allowance|allowance|
##
##
||||Life expectancy|
|---|---|---|---|
||||etage 65|
||||(Years)|
|Male retiring|in|2023|21.0|
|Female retiring||in 2023|23.4|
|Male retiring|in|2043|22.2|
|Female retiring||in 2043|24.9|
##
|||As At|Movements|As At|As At|Movements|As At|
|---|---|---|---|---|---|---|---|
|||01/04/2021||31/03/2022|01/04/2022||31/03/2023|
|Capital|Endowment|5,000,000||5,000,000|5,000,000||5,000,000|
|||5,000,000||5,000,000|5,000,000||5,000,000|
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##
##
##
##
##
##
|Name of|undertaking||Registered|Nature ofbusiness|Class of|%|Held|
|---|---|---|---|---|---|---|---|
||||Office||shares held|Direct|Indirect|
|8-Inspired|(Trading)|Ltd|England|Rental ofoffice space|Ordinary|100.00||
##
|8-Inspired
(Trading) Ltd||||
|---|---|---|---|
|||2023|2022|
|||E|E|
|Income||463,094|440,263|
|Expenditure||(463,094)|(440,263)|
|Net profit/(loss)||||
|The aggregate ofthe assets, liabilities|and funds was:|||
|Assets||150,670|166,985|
|Liabilities||(150,669)|(166,984)|
|Funds||||
##
##
|27.
Cash generated|from operations|from operations|from operations||||||
|---|---|---|---|---|---|---|---|---|
||||||||2023|2022|
||||||||6|6|
|Surplus for the year|||||||(69,920)|1,071,081|
|Adjustments
for:|||||||||
|Taxation|||||||183||
|Investment
income|recognised||in statement||offinancial|activities|||
||||||||(7,939)|(405)|
|Fair value gains and|losses on|investment||properties|||||
|||||||||(1,145,000)|
|Depreciation
and impairment||oftangible||fixed assets|||||
||||||||1,958|2,300|
|Movements
in working capital:|||||||||
|(Increase)/decrease|in debtors||||||37,449|(29,968)|
|Increase/(decrease)|in creditors||||||(99,655)|30,869|
|Increase/(decrease)|in deferred||income||||(29,741)|65,141|
|Cash (absorbed by)/generated|||from operations||||(167,665)|(5,982)|