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2023-08-31-accounts

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Company registration number 07810498 (England and Wales) Charity registration number 1145829

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees David Lewis Jean Sengelow Ian Campbell Claire Cox (Appointed 20 October 2022) Susan Campbell (Appointed 20 October 2022) Diane Reynard (Appointed 20 October 2022) Secretary Ian Campbell Charity number 1145829 Company number 07810498 Registered and principal office Carlton House 3-5 Alma Road Headingley Leeds England LS6 2AH Auditor Azets Audit Services Carlton House Grammar School Street Bradford BD1 4NS Bankers Lloyds Bank Plc 25 Gresham Street London EC2V 7HN

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

CONTENTS

Page
Trustees' report 1 - 5
Statement of trustees' responsibilities 6
Independent auditor's report 7 - 9
Statement of financial activities 10
Balance sheet 11 - 12
Statement of cash flows 13
Notes to the financial statements 14 - 29

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2023

The trustees present their annual report and financial statements for the year ended 31 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's [governing document], the Companies Act 2006 and "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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity's objects are specifically restricted, to advance the employability and relieve those in need by reasons of youth, age, ill health, disability, financial hardship or other disadvantage for the public benefit, and in particular, but without prejudice to the generality of the foregoing by raising funds, producing resources, employment opportunities and facilities to young people with autistic condition and learning difficulties in the wider community.

Our aim is to support young adults, aged 16-25, who are autistic, have a Learning Difficulty or other support need, to develop the social and employability skills they need to secure paid employment or meaningful volunteering.

Pre-covid statistics revealed that just 6% of young adults with a learning disability and 16% of those who are autistic are in employment. These figures will have worsened due to the global pandemic, particularly in areas such as hospitality and retail, two areas where people with learning disabilities have previously been successful in finding jobs.

We know that many more young people want to be in work but lack access to specialist support to help overcome the barriers they may face in seeking paid work. Our activities are designed to help address these and other issues through a series of tailor-made programmes that range from one-off support preparing for a job interview, through to a full 10-month internship.

We use a range of teaching and learning methods with a focus on 'experiential learning' and learning by doing as we find that this approach helps our students develop the skills and self-confidence they need to succeed.

In setting our objectives and planning our activities our Trustees have given careful consideration to the Charity Commission's public benefit guidance.

We have detailed below what we have done to carry out these purposes for the public benefit by working with young people with additional needs, their families and carers and local employers.

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance

Lighthouse Futures Trust has been a Specialist Post 16 Institution since 2018. We have seen our numbers grow from 3 in September 2018 to 54 in September 2022. The core eligibility requirements are that: students need to be aged 16-25; have an Education Health & Care Plan (EHCP); and want to move into paid employment.

2022-23 was a very busy year for us as we enrolled 54 interns - almost double the size of the prior year, as well as expanding our staff team by 10. We continue to focus on our two core programmes.

World of Work: this was introduced in 2020-21 aimed at younger students, from local specialist schools, who were able to experience an employability programme for 1 day a week. We welcomed over 25 students during the year who joined both our core programme or Branching Out.

We were also able to further develop our PAES Lab (Practical Assessment Exploration System). The programme was developed in the USA and is being piloted by us in the UK. This focuses on helping students learn 100+ different practical skills in a range of sectors such as Consumer, Retail, Business & Marketing.

This year also provided us with the opportunity to move premises and we vacated Moorfield House, in July 2023, moving from no 11 Alma Road to Carlton House, at 3-5 Alma Road. This property is over 4 floors with some amazing garden space and enables us to remain in our chosen location of Headingley, with all the benefits that provides. This is now the base for our pre-internship team, and some of our core staff. The Supported Interns have a separate base, just five minutes' walk away, on Otley Road.

We continue to achieve excellent results which we attribute to our talented staff, committed employers and the amazing students who we are privileged to work alongside. In 2021-22, we had 20 interns graduate from the SI programme, of which 75% went into paid work and 6% into other positive destinations. This success rate of 81% is compared to a national average of 15% of people who are autistic moving into paid employment. In 2022-23, we had 29 graduates and we have already supported 62% into paid employment/positive destinations and continue to work with the remaining students to help them meet their personal targets.

Alongside our core curriculum, we also support students to sit Functional Skills qualifications in both English and Maths. Thanks to a team of creative tutors, we are to engage interns in these key areas – sometimes for the first time in their lives - with really encouraging results. A key part of our focus is on helping to deliver social skills, achieved through various activities during the day and by running after-college clubs in areas such as singing, film night and the popular Dungeons and Dragons.

We have been active, in Leeds, with the Leeds Autism & Learning Disability Employment Task Group which is a cross-sector collaborative partnership designed to improve outcomes for jobseekers with learning disabilities. The employer sub-group is chaired by our CEO and was launched, in June 2022, with over 100 people from 80+ different employers in attendance. The group now meets quarterly and is called the Leeds Inclusive Employers Network (LIEN) and now has over 250 members.

We continue to support the development of the National Send Employment Forum (NSEF) that our CEO founded in 2017. This group meets virtually, every two months, and consists of 50+ different providers who share ideas and experience on a regular basis.

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

In Summer 2023, the government announced funding for an initiative called “Internships Works” which aims to double the number of supported internship places by 2025. We have worked closely with Leeds City Council and other partners to support this initiative, helping with commissioning films and sharing our expertise more widely.

Fundraising

Our core funding comes from the Education & Skills Funding Agency and the local Councils in Leeds, Bradford and North Yorkshire and underpins the work we do with our interns.

Thanks to our charitable status, we can access other funding to enable us to run an enhanced programme which, in 2022-23 included:

Financial review

The net income for year was £19,087 (2022 £59,319), including net income of £67,505 (2022 £78,462) on unrestricted funds and net expenditure of £48,418 (2022 £19,143) on restricted funds.

The Trust's reserves policy is that funds should be maintained at a level equivalent to between three and six month’s expenditure. This would equate to between £300,000 and £600,000 based on forecast expenditure of £1,200,000. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The charity's free reserves, excluding fixed assets, at the year end were £289,598 (2022 £213,123).

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Plans for future periods

We continue to experience considerable growth and are preparing to welcome 24 pre-interns and 35 Supported Interns in September 2023. Our plans for the year include:

We are very proud of our tremendous achievements in 2022-23. We simply couldn’t do this without an extremely talented and dedicated team of staff and volunteers who, every day, work tirelessly to help deliver our objectives and put the interns at the very heart of what we do. They are supported by a very engaged board of trustees, whose oversight and support is vital. We are very fortunate to work with a team of inclusive employers who are flexible and understanding and, so often, go out of their way to support their interns. And the last word goes to our interns who, every day, make us very proud to be associated with Lighthouse Futures Trust with their resilience, positive attitude and incredible achievements.

Structure, governance and management

The Trust is a company limited by guarantee and was formed on 14 October 2011. It is governed by a memorandum and articles of association as amended by special resolution on 10 January 2021. The liability of the members in the event of the company being wound up is limited to a sum not exceeding £10.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

David Lewis
Jean Sengelow
Ian Campbell
Claire Cox (Appointed 20 October 2022)
Susan Campbell (Appointed 20 October 2022)
Diane Reynard (Appointed 20 October 2022)
David Inglis (Resigned 1 March 2023)
Navtej Chohan (Resigned 20 October 2022)

The trustees of the charity are also the directors for the purposes of company law and are appointed by the trustees at a properly convened meeting of the trustees.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

Auditor

During the year Azets Audit Services Limited, trading as Azets Audit Services were appointed as auditors following their acquisition of Naylor Wintersgill Limited, on 1 May 2023.

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

David Lewis Trustee

2 February 2024

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LIGHTHOUSE FUTURES TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2023

The trustees, who are also the directors of Lighthouse Futures Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust 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 Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LIGHTHOUSE FUTURES TRUST

Opinion

We have audited the financial statements of Lighthouse Futures Trust (the ‘Trust’) for the year ended 31 August 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going 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 performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

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LIGHTHOUSE FUTURES TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LIGHTHOUSE FUTURES TRUST

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the Trust for the purpose 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 Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to 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 report that 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LIGHTHOUSE FUTURES TRUST

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Whalley (Senior Statutory Auditor) for and on behalf of Azets Audit Services

2 February 2024

Chartered Accountants Statutory Auditor

Carlton House Grammar School Street Bradford BD1 4NS

Azets Audit Services is eligible for appointment as auditor of the Trust by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and
legacies
3
10,497
-
Charitable activities
4
1,064,843
98,791
Other trading
activities
5
1,526
-
Investments
6
34
-
Total income
1,076,900
98,791
Expenditure on:
Raising funds
7
1,715
-
Charitable activities
8
1,001,730
147,209
Total expenditure
1,003,445
147,209
Net income/(expenditure)
for the year/
Net movement in funds
73,455
(48,418)
Fund balances at 1
September 2022
282,273
101,514
Fund balances at 31
August 2023
355,728
53,096		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
10,497
10,415
-
1,163,634
519,846
258,645
1,526
1,173
-
34
34
-
1,175,691
531,468
258,645
1,715
398
-
1,148,939
452,608
277,788
1,150,654
453,006
277,788
25,037
78,462
(19,143)
383,787
203,811
120,657
408,824
282,273
101,514		 Total
2022
£
10,415
778,491
1,173
34
790,113
398
730,396
730,794
59,319
324,468
383,787

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

BALANCE SHEET

AS AT 31 AUGUST 2023

2023
Notes
£
Fixed assets
Tangible assets
13
Current assets
Stocks
14
881
Debtors
15
68,346
Cash at bank and in hand
493,195
562,422
Creditors: amounts falling due within
one year
17
(133,664)
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
18
Net assets
Income funds
Restricted funds
19
Unrestricted funds		 £
60,180
428,758
488,938
(80,114)
408,824
53,096
355,728
408,824		 2022
£
2,162
55,136
360,834
418,132
(89,265)		 £
69,150
328,867
398,017
(14,230)
383,787
101,514
282,273
383,787

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

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BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2023

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 2 February 2024

David Lewis

Trustee

Company registration number 07810498

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

Notes
Cash flows from operating activities
Cash generated from operations
23
Investing activities
Purchase of tangible fixed assets
Repayment of investment loans and
receivables
Investment income received
Net cash used in investing activities
Financing activities
Repayment of borrowings
Repayment of bank loans
Net cash generated from financing
activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
(49,706)
-
34
105,500
(4,616)		 £
81,149
(49,672)
100,884
132,361
360,834
493,195		 2022
£
(60,160)
1,375
(1,341)
-
18,845		 £
93,199
(60,126)
18,845
51,918
308,916
360,834

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

Charity information

Lighthouse Futures Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Carlton House, 3-5 Alma Road, Headingley, Leeds, West Yorkshire, LS6 2AH, England.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Trust's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The Trust is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.

1.4 Income

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings Over the life of the lease Fixtures and fittings Over 5 years Computers Over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 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 of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.10 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any 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 Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

2 Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, the trustees 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 that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to 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 periods where the revision affects both current and future periods.

3 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 10,497 10,415

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

4 Charitable activities

Unrestricted
Income
Restricted
Income
2023
2023
£
£
Services provided
under contract
1,063,843
-
Performance related
grants
1,000
98,791
1,064,843
98,791
Analysis by fund
Unrestricted funds
1,064,843
-
Restricted funds
-
98,791
1,064,843
98,791
Performance related grants
Children in Need Youth
Futures Foundations
-
-
Co-op Local
Community Fund
-
1,651
Department of
Education
-
34,313
DfE 16-19 Bursary
Fund
-
3,236
Department of Work
and Pensions (DWP)
-
-
Key Fund Investments
-
-
Leeds Community
Foundation
-
-
Leeds Health and
Care Academy
-
3,155
Screwfix Foundation
-
-
Social Enterprise
Support Fund
-
-
Volition Leeds
-
-
Other Funding
-
-
ESF
-
628
ESFA Senior Mental
Health Lead
-
1,200
DfE NPQ
-
200
Land Securities
1,000
-
Barnardos
-
14,118
WYCA Green Fund
-
20,000
Leeds City Council
-
19,900
Leeds City of Culture
-
390
1,000
98,791		 Total
2023
Unrestricted
Income
Restricted
Income
2022
2022
£
£
£
1,063,843
519,846
4,593
99,791
-
254,052
1,163,634
519,846
258,645
1,064,843
519,846
-
98,791
-
258,645
1,163,634
519,846
258,645
-
-
15,250
1,651
-
303
34,313
-
18,933
3,236
-
4,800
-
-
1,500
-
-
6,925
-
-
9,635
3,155
-
126,821
-
-
4,500
-
-
35,645
-
-
4,740
-
-
25,000
628
-
-
1,200
-
-
200
-
-
1,000
-
-
14,118
-
-
20,000
-
-
19,900
-
-
390
-
-
99,791
-
254,052		 Total
2022
£
524,439
254,052
778,491
519,846
258,645
778,491
15,250
303
18,933
4,800
1,500
6,925
9,635
126,821
4,500
35,645
4,740
25,000
-
-
-
-
-
-
-
-
254,052

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

5 Other trading activities

6
7		 Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Sales of goods
1,526
1,173
Investments
Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
34
34
Raising funds
Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Fundraising and publicity
Other fundraising costs
341
398
Trading costs
Other trading activities
1,374
-
1,715
398		 Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Sales of goods
1,526
1,173
Investments
Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
34
34
Raising funds
Unrestricted Unrestricted
funds
funds
2023
2022
£
£
Fundraising and publicity
Other fundraising costs
341
398
Trading costs
Other trading activities
1,374
-
1,715
398
-
398

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

8 Charitable activities

Internships Internships Internships Internships
2023 2022
£ £
Staff costs 659,757 369,178
Project costs 61,693 77,613
Vehicle costs 3,422 2,735
Agency staff 8,249 -
Student costs 28,529 21,882
Property costs 216,119 185,782
Staff expenses & other staff related costs 17,051 3,351
Staff training & consultancy costs 17,181 10,911
Bad and doubtful debts 1,885 (13,100)
1,013,886 658,352
Share of support costs (see note 9) 129,113 69,044
Share of governance costs (see note 9) 5,940 3,000
1,148,939 730,396
Analysis by fund
Unrestricted funds 1,001,730 452,608
Restricted funds 147,209 277,788
1,148,939 730,396

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

9 Support costs

Depreciation
Finance costs
Office costs
Professional fees
Payroll
Accountancy and legal
Insurance
Audit fees
Independent examination
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
58,677
-
1,500
-
37,267
-
1,854
-
2,775
-
23,608
-
3,432
-
-
5,940
-
-
129,113
5,940
129,113
5,940		 2023
£
58,677
1,500
37,267
1,854
2,775
23,608
3,432
5,940
-
135,053
135,053		 Support
costs
Governance
costs
£
£
21,496
-
1,606
-
26,004
-
2,551
-
2,551
-
12,150
-
2,686
-
-
-
-
3,000
69,044
3,000
69,044
3,000		 2022
£
21,496
1,606
26,004
2,551
2,551
12,150
2,686
-
3,000
72,044
72,044

Governance costs includes payments to the auditors of £5,950 (2022- £Nil) for audit fees.

10 Trustees

No Trustees claimed expense reimbursements during the year. No other remuneration or benefits were paid (2022: none).

11 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
31
2023
£
607,197
42,921
9,639
659,757		 2022
Number
17
2022
£
345,390
20,816
2,972
369,178

There were no employees whose annual remuneration was more than £60,000.

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13 Tangible fixed assets

Leasehold
land and
buildings
Fixtures and
fittings
Computers
£
£
£
Cost
At 1 September 2022
68,017
4,482
29,665
Additions
32,941
3,220
13,545
Disposals
(56,136)
-
(398)
At 31 August 2023
44,822
7,702
42,812
Depreciation and impairment
At 1 September 2022
18,124
2,896
11,994
Depreciation charged in the year
8,964
1,009
10,293
Eliminated in respect of disposals
(18,124)
-
-
At 31 August 2023
8,964
3,905
22,287
Carrying amount
At 31 August 2023
35,858
3,797
20,525
At 31 August 2022
49,893
1,586
17,671
14
Stocks
2023
£
Raw materials and consumables
881
15
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
9,754
Prepayments and accrued income
58,592
68,346		 Total
£
102,164
49,706
(56,534)
95,336
33,014
20,266
(18,124)
35,156
60,180
69,150
2022
£
2,162
2022
£
14,175
40,961
55,136

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

16
Loans and overdrafts
Bank loans
Other loans
Payable within one year
Payable after one year
17
Creditors: amounts falling due within one year
Notes
Bank loans
16
Other borrowings
16
Other taxation and social security
Trade creditors
Accruals and deferred income
18
Creditors: amounts falling due after more than one year
Notes
Bank loans
16
Other borrowings
16		 2023
£
14,229
105,500
119,729
39,615
80,114
2023
£
4,615
35,000
11,143
36,281
46,625
133,664
2023
£
9,614
70,500
80,114		 2022
£
18,845
-
18,845
4,615
14,230
2022
£
4,615
-
7,022
62,485
15,143
89,265
2022
£
14,230
-
14,230

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Balance at
Incoming
Resources
Balance at		 1 September
resources
expended
1 September
resources
expended
31 August		 2021
2022
2023		 £
£
£
£
£
£
£		 Lowell:employability programme, skills development
8,060
-
(8,060)
-
-
-
-		 National Lottery Community Fund: Connections social events
5,735
-
(5,735)
-
-
-
-		 Sodexo Foundation: mental health services for students
3,193
-
(1,938)
1,255
-
(1,255)
-		 Anonymous: Talent City recruitment and Beacon Cities project
74,819
-
(74,819)
-
-
-
-		 DfE Capital Fund: Building capital works and refurbishments
10,485
18,933
(29,418)
-
-
-
-		 ESF/Groundwork UK; Employability programme
7,810
-
-
7,810
628
(8,438)
-		 Youth Futures Foundation/Children in Need:Self employment academy
4,860
15,250
(20,110)
-
-
-
-		 WYCA: Educational resources for special schools
4,000
-
(4,000)
-
-
-
-		 BAM Nutall: PAES Construction lab
1,695
-
(1,695)
-
-
-
-		 Leeds Health & Care Academy: careers in Health and social care
-
126,821
(92,234)
34,587
3,155
(37,742)
-		 Anonymous Donor: mental health and wellness project
-
25,000
(15,170)
9,830
-
(9,830)
-		 Social Enterprise Support Fund: trading services
-
35,645
(3,929)
31,716
-
(31,716)
-		 KeyFund loan: refurbishment of office buildings
-
6,925
(6,925)
-
-
-
-		 Volition: work in relation to the employment task group
-
4,740
(920)
3,820
-
(1,343)
2,477		 Leeds Community Foundation: Job Coach training pilot
-
9,635
(3,600)
6,035
-
-
6,035		 DWP Kickstart Fund: employment of young person
-
1,500
(1,500)
-
-
-
-		 Co-op Community Fund: wellness resources
-
303
-
303
1,651
(1,954)
-		 ESFA: Bursary and tuition fees for students
-
4,593
-
4,593
-
(4,593)
-		 ESFA: Vulnerable groups bursary
-
4,800
(3,235)
1,565
3,236
(3,742)
1,059		 Screwfix Foundation: equipment for PAES Lab
-
4,500
(4,500)
-
-
-
-		 DfE Capital Fund: Building capital works and refurbishments
-
-
-
34,313
(25,106)
9,207		 ESFA: training for college mental health lead
-
-
-
-
1,200
(1,200)
-		 Leeds City Council: support for internships Work programme
-
-
-
-
19,900
(19,900)
-		 Leeds City Council: City of Culture Project
-
-
-
-
390
(390)
-
19

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

(Continued) 200 14,118 20,000 53,096
(147,209)
200 14,118 20,000 98,791
- - - 101,514
- - - (277,788)
- - - 258,645
- - - 120,657
Restricted funds NPQ: staff training Barnardo's: barriers for Young people WYCA: green skills
19

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

20
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 31
August 2023 are
represented by:
Tangible assets
60,180
-
Current assets/(liabilities)
428,758
-
Long term liabilities
(80,114)
-
408,824
-		 Total Unrestricted
funds
Restricted
funds
2023
2022
2022
£
£
£
60,180
69,150
-
428,758
328,867
-
(80,114)
(14,230)
-
408,824
383,787
-		 Total
2022
£
69,150
328,867
(14,230)
383,787

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

Balance at 31 August 2023 £ 53,096 355,728 408,824
Resources expended £ (147,209) (1,003,445) (1,150,654)
Incoming resources £ 99,791 1,076,900 1,176,691
Balance at 1 September 2022 £ 101,514 282,273 383,787
Resources expended £ (277,788) (453,006) (730,794)
Incoming resources £ 258,645 531,468 790,113
Balance at 1 September 2021 £ 120,657 203,811 324,468
Funds Restricted funds General funds
21

DocuSign Envelope ID: A44189BC-BAD5-413D-B235-8B58DF6B9366

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

22 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023 2022
£ £
Aggregate compensation 115,058 110,707
23 Cash generated from operations 2023 2022
£ £
Surplus for the year 25,036 59,319
Adjustments for:
Investment income recognised in statement of financial activities (34) (34)
Loss on disposal of tangible fixed assets 38,410 -
Depreciation and impairment of tangible fixed assets 20,267 21,496
Movements in working capital:
Decrease/(increase) in stocks 1,281 (1,587)
(Increase) in debtors (13,210) (2,425)
Increase in creditors 9,399 16,430
Cash generated from operations 81,149 93,199
24 Analysis of changes in net funds
At 1 September Cash flows At 31 August
2022 2023
£ £ £
Cash at bank and in hand 360,834 132,361 493,195
Loans falling due within one year (4,615) (35,000) (39,615)
Loans falling due after more than one year (14,230) (65,884) (80,114)
341,989 31,477 373,466