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2024-08-31-accounts

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees David Lewis Jean Sengelow Ian Campbell Susan Campbell Diane Reynard Karen Cardow (Appointed 1 March 2024) 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: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

CONTENTS

Page
Trustees' report 1 - 2
Statement of trustees' responsibilities 3
Independent auditor's report 4 - 6
Statement of financial activities 7
Balance sheet 8 - 9
Statement of cash flows 10
Notes to the financial statements 11 - 26

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2024

The trustees present their annual report and financial statements for the year ended 31 August 2024.

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.

2024 statistics reveal that just 4.8% of autistic adults or those with a learning disability are in employment. Nationally, 36% of young adults who have been on a supported internship move into positive destinations. In 2024 Lighthouse Futures Trust had 85% move to positive destinations.

This year has seen many positive changes. We increased the number of students to 59 and moved into new premises, Carlton House, in Headingley. In May 2024 we purchased the building funded by a loan from The Charity Bank and a grant/loan from The People’s Postcode lottery.

We continue to welcome new employers to run Supported Internships and continue to build wider links with employers in the City. We were chosen as the provider for Leeds to run the national pilot of Non EHCP Supported Internship programme (one of twelve nationally). Following the success of this first phase we are running another cohort in 2025 which is proving to be as successful. The pilot comes to the end this year and will be evaluated nationally.

We aim to improve digital skills for both our students and staff and continue to introduce Assistive Technology and Digital Badges.

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.

Achievements and performance Financial review

The net income for year was £417,434 (2023 £25,037), including net income of £416,509 (2023 £73,455) on unrestricted funds and net income of £925 (2023 net expenditure £48,418) 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 £196,402 deficit (2023 £295,548 surplus).

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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 (Resigned 26 February 2025) Susan Campbell Diane Reynard Karen Cardow (Appointed 1 March 2024)

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.

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

4 April 2025

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2024

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: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

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 2024 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:

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

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: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

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

4 April 2025

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: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and
legacies
3
8,471
-
Charitable activities
4
1,466,140
252,110
Other trading
activities
5
531
-
Investments
6
4,954
-
Total income
1,480,096
252,110
Expenditure on:
Raising funds
7
1,145
-
Charitable activities
8
1,062,442
251,185
Total expenditure
1,063,587
251,185
Net income for the year/
Net movement in funds
416,509
925
Fund balances at 1
September 2023
355,728
53,096
Fund balances at 31
August 2024
772,237
54,021		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
8,471
10,497
-
1,718,250
1,064,843
98,791
531
1,526
-
4,954
34
-
1,732,206
1,076,900
98,791
1,145
1,715
-
1,313,627
1,001,730
147,209
1,314,772
1,003,445
147,209
417,434
73,455
(48,418)
408,824
282,273
101,514
826,258
355,728
53,096		 Total
2023
£
10,497
1,163,634
1,526
34
1,175,691
1,715
1,148,939
1,150,654
25,037
383,787
408,824

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: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

BALANCE SHEET

AS AT 31 AUGUST 2024

Notes
Fixed assets
Tangible assets
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
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
Designated funds
20
General unrestricted funds		 2024
£
£
968,639
-
68,142
582,642
650,784
(134,570)
516,214
1,484,853
(658,595)
826,258
54,021
213,000
559,237
772,237
826,258		 2023
£
£
60,180
881
68,346
493,195
562,422
(133,664)
428,758
488,938
(80,114)
408,824
53,096
-
355,728
355,728
408,824

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2024

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 2024, 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 4 April 2025

David Lewis

Trustee

Company registration number 07810498

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024

2024
Notes
£
£
Cash flows from operating activities
Cash generated from operations
24
432,701
Investing activities
Purchase of tangible fixed assets
(940,151)
Investment income received
4,954
Net cash used in investing activities
(935,197)
Financing activities
Repayment of borrowings
86,172
Repayment of bank loans
505,771
Net cash generated from financing
activities
591,943
Net increase in cash and cash equivalents
89,447
Cash and cash equivalents at beginning of year
493,195
Cash and cash equivalents at end of year
582,642		 2023
£
(49,706)
34
105,500
(4,616)		 £
81,149
(49,672)
100,884
132,361
360,834
493,195

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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.

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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:

Freehold land and buildings Over the estimated life of the property 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.

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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
2024 2023
£ £
Donations and gifts 8,471 10,497

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

4 Charitable activities

Unrestricted
Income
Restricted
Income
2024
2024
£
£
Services provided under
contract
1,466,140
-
Performance related
grants
-
252,110
1,466,140
252,110
Analysis by fund
Unrestricted funds
1,466,140
-
Restricted funds
252,110
-
1,718,250
-
Performance related grants
Vulnerable Groups Bursary
-
8,061
Co-op Local Community
Fund
-
-
Department of Education
-
-
DfE 16-19 Bursary Fund
-
40,654
Peoples Postcode Lottery
Property Purchase Grant
-
125,000
Leeds City Council Non
Education Health Care
Plan Pilot Scheme
-
26,859
Wades
-
2,600
Leeds Health and Care
Academy
-
-
Groundworks
-
19,500
ESF
-
-
ESFA Senior Mental Health
Lead
-
-
DfE NPQ
-
Land Securities
-
Barnardos
-
150
WYCA Green Fund
-
Leeds City Council
-
7,300
Leeds City of Culture
-
Sodexo Foundation: Mental
Health Services
-
5,000
ESFA: Bursary and Tuition
-
8,176
ESFA: Free School Meals
-
8,810
-
252,110		 Total
2024
Unrestricted
Income
Restricted
Income
2023
2023
£
£
£
1,466,140
1,063,843
-
252,110
1,000
98,791
1,718,250
1,163,634
98,791
1,466,140
1,064,843
-
252,110
-
98,791
1,718,250
1,163,634
-
8,061
-
-
-
-
1,651
-
-
34,313
40,654
-
3,236
125,000
-
-
26,859
-
-
2,600
-
-
-
-
3,155
19,500
-
-
-
-
628
-
-
1,200
-
-
200
-
1,000
-
150
-
14,118
-
-
20,000
7,300
-
19,900
-
-
390
5,000
-
-
8,176
-
-
8,810
-
-
252,110
1,000
98,791		 Total
2023
£
1,063,843
99,791
1,163,634
1,064,843
98,791
1,163,634
-
1,651
34,313
3,236
-
-
-
3,155
-
628
1,200
200
1,000
14,118
20,000
19,900
390
-
-
-
99,791

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

5
6
7		 Other trading activities
Unrestricted Unrestricted
funds
funds
2024
2023
£
£
Sales of goods
531
1,526
Investments
Unrestricted Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
4,954
34
Raising funds
Unrestricted Unrestricted
funds
funds
2024
2023
£
£
Fundraising and publicity
Other fundraising costs
261
341
Trading costs
Other trading activities
884
1,374
1,145
1,715		 Other trading activities
Unrestricted Unrestricted
funds
funds
2024
2023
£
£
Sales of goods
531
1,526
Investments
Unrestricted Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
4,954
34
Raising funds
Unrestricted Unrestricted
funds
funds
2024
2023
£
£
Fundraising and publicity
Other fundraising costs
261
341
Trading costs
Other trading activities
884
1,374
1,145
1,715
1,374
1,715

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

8 Charitable activities

**Internships ** Internships
2024 2023
£ £
Staff costs 696,108 536,919
Project costs 40,136 61,693
Vehicle costs 9,572 3,422
Agency staff 23,624 8,249
Student costs 30,124 28,529
Property costs 90,500 216,119
Staff expenses & other staff related costs 21,336 17,051
Staff training & consultancy costs 26,847 17,181
Bad and doubtful debts 1,352 1,885
939,599 891,048
Share of support costs (see note 9) 367,608 251,951
Share of governance costs (see note 9) 6,420 5,940
1,313,627 1,148,939
Analysis by fund
Unrestricted funds 1,062,442 1,001,730
Restricted funds 251,185 147,209
1,313,627 1,148,939

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

9 Support costs


Staff costs
Depreciation
Finance costs
Office costs
Professional fees
Payroll services
Accountancy and legal
Insurance
Sundry expenses
Audit fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
227,755
-
31,692
-
11,717
-
69,040
-
5,350
-
3,216
-
13,923
-
2,724
-
2,191
-
-
6,420
367,608
6,420
367,608
6,420		 2024

£
227,755
31,692
11,717
69,040
5,350
3,216
13,923
2,724
2,191
6,420
374,028
374,028		 Support
costs
Governance
costs
£
£
122,838
-
58,677
-
1,500
-
37,267
-
1,854
-
2,775
-
23,608
-
3,432
-
-
-
-
5,940
251,951
5,940
251,951
5,940		 2023
£
122,838
58,677
1,500
37,267
1,854
2,775
23,608
3,432
-
5,940
257,891
257,891

Governance costs includes payments to the auditors of £6,420 (2023- £5,950) for audit fees.

10 Trustees

Diane Reynard was paid £18,800 for her work in the year as a consultant and Executive Principal. No other trustees claimed expense reimbursements during the year and no other remuneration or benefits were paid. (2023: none).

11 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
38
2024
£
837,421
69,616
16,826
923,863		 2023
Number
31
2023
£
607,197
42,921
9,639
659,757

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

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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

13
Tangible fixed assets
Freehold land
and buildings
£
Cost
At 1 September 2023
-
Additions
857,500
Reclassification transfer
-
At 31 August 2024
857,500
Depreciation and impairment
At 1 September 2023
-
Depreciation charged in the year
-
Reclassification transfer
-
At 31 August 2024
-
Carrying amount
At 31 August 2024
857,500
At 31 August 2023
-
14
Stocks
Raw materials and consumables
15
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income		 Leasehold
land and
buildings
Fixtures and
fittings
£
£
44,822
7,702
25,104
35,199
(69,926)
69,926
-
112,827
8,964
3,905
13,567
3,611
(22,531)
22,531
-
30,047
-
82,780
35,858
3,797		 Computers
£
42,812
22,348
-
65,160
22,287
14,514
-
36,801
28,359
20,525
2024
£
-
2024
£
17,763
50,379
68,142		 Total
£
95,336
940,151
-
1,035,487
35,156
31,692
-
66,848
968,639
60,180
2023
£
881
2023
£
9,754
58,592
68,346

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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		 2024
£
520,000
191,672
711,672
53,077
658,595
2024
£
1,662
51,415
16,205
19,805
45,483
134,570
2024
£
518,338
140,257
658,595		 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

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

19 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 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
2022 2023 2024
£ £ £ £ £ £ £
PPL: Purchase of Carlton House - - - - 125,000 (125,000) -
Wades: Activities for students - - - - 2,600 (2,600) -
Sodexo Foundation: Mental health services for students 1,255 - (1,255) - 5,000 (5,000) -
LCC: Internships Work - - - - 300 (300) -
ESF/Groundwork UK: Employability programme 7,810 628 (8,438) - 19,500 (1,253) 18,247
LCC: Non EHCP Pilot - - - - 26,859 (26,859) -
LCC: NDTO Innovation Fund - - - - 5,000 (5,000) -
LCC: TSI Training - - - - 2,000 (2,000) -
Leeds Health & Care Academy: Careers in health and social care 34,587 3,155 (37,742) - - - -
Anonymous Donor: Mental health and wellness project 9,830 - (9,830) - - - -
Social Enterprise Support Fund: Trading services 31,716 - (31,716) - - - -
Volition: Work in relation to the employment task group 3,820 - (1,343) 2,477 - (2,477) -
Leeds Community Foundation: Job Coach training pilot 6,035 - - 6,035 - (2,385) 3,650
Co-op Community Fund: Wellness resources 303 1,651 (1,954) - - - -
ESFA: Bursary and tuition fees for students 4,593 - (4,593) - 8,176 (4,420) 3,756
ESFA: Vulnerable groups bursary 1,565 3,236 (3,742) 1,059 8,061 (7,940) 1,180
ESFA: Free School Meals - - - - 8,810 (4,689) 4,121
DfE Capital Fund: Building capital works and refurbishments - 34,313 (25,106) 9,207 40,654 (33,296) 16,565
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) - - - -
NPQ: Staff training - 200 - 200 - (200) -
Barnardo's: Barriers for young people - 14,118 - 14,118 150 (14,268) -
WYCA: Green skills - 20,000 - 20,000 - (13,498) 6,502
101,514 (98,791) 147,209 53,096 252,110 (251,185) 54,021

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

19 Restricted funds

(Continued)

The grants listed above also show the activity they have funded.

Funding from the People's Postcode Lottery to be used towards the purchase of the Carlton House Property. Funding for student activities provided by Wades.

Metal health services for students was funded by Sodexo.

Finding from Leeds City Council for work on the Internships programme.

The Employability programme was funded by ESF/Groundwork UK.

Funding from Leeds City Council to provide Supported Internships to those young people without Education Health Care Plans, who would benefit from the scheme. Finding from Leeds City Council towards Innovation.

Funding from Leeds Cuty Concil to be used towards additional TSI training.

Support for young adults 16-25 who are interested in a career in the health and care sector was funded by Leeds Health and Care Academy. The Wellness project was funded by an anonymous donor.

The Social Enterprise fund was to help increase trading income, employability and job coach training. Employment task group was funded by Volition.

The Job Coach project was funded by Leeds Community Foundation. Wellness resources were funded by by Co-op Community Fund.

Bursary and tuition fees fund for students was funded by ESFA Bursary Fund.

Bursary for students in certain vulnerable groups who meet particular criteria with costs towards attending college was funded by DfE 16-19 Bursary Fund. Funding towards lunches for those who were eligible for free school means, provided by ESFA.

Building and capital works and refurbishments in college were funded by the DfE Capital Fund. Training for staff to attend mental health training was funded by the ESFA.

Work in connection with the national Internships Works programme was funded by Leeds City Council. Work to run a history project in association with Leeds 2023 City of Culture was funded by Leeds City Council. Funding for staff to attend professional training was funded by NPG.

Funding to look at the barriers for young people and parent/carers was funded by Barnardo’s.

A project to look at the potential for new skills required to meet the requirements of the growth of the green economy was funded by West Yorkshire Combined Authority (WYCA).

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

20 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement
in funds
Incoming
resources
Balance at
1 September
2023
£
£
Property value
-
-
-
-		 Transfers
Balance at
31 August
2024
£
£
213,000
213,000
213,000
213,000		 Transfers
Balance at
31 August
2024
£
£
213,000
213,000
213,000
213,000
213,000

During the year the Trustees have transferred an amount to designate part of the property value.

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

21 Funds

Balance at
1 September
2022
Incoming
resources
Resources
expended
Balance at
1 September
2023
Incoming
resources
Resources
expended
£
£
£
£
£
£
Restricted funds
101,514
8,670
(100,613)
53,096
252,110
(251,185)
Designated funds
-
-
-
-
-
-
General funds
282,273
1,076,900
(1,003,445)
355,728
1,480,096
(1,063,587)
383,787
1,085,570
(1,104,058)
408,824
1,732,206
(1,314,772)		 Transfers
Balance at
31 August 2024
£
£
54,021
213,000
213,000
(213,000)
(559,237)
-
826,258

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

22
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
Total Unrestricted
funds
Restricted
funds
2024
2024
2024
2023
2023
£
£
£
£
£
Fund balances at 31
August 2024 are
represented by:
Tangible assets
755,639
-
968,639
60,180
-
Current assets/(liabilities)
378,205
138,009
516,214
428,758
-
Long term liabilities
(658,595)
-
(658,595)
(80,114)
-
475,249
138,009
826,258
408,824
-
23
Related party transactions		 Total
2023
£
60,180
428,758
(80,114
408,824

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024 2023
£ £
Aggregate compensation 139,901 115,058

Transactions with related parties

During the year the Trust entered into the following transactions with related parties:

Services Received
2024 2023
£ £
Weightmans LLP - Legal Advice on Leases and Property Purchase 9,996 6,808
Diane Reynard - Executive Principal and Consultancy 18,800 -
28,796 6,808

Docusign Envelope ID: A3F924C0-A782-4BD0-80C5-470C8D0F7A3B

LIGHTHOUSE FUTURES TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

24 Cash generated from operations 2024 2023
£ £
Surplus for the year 417,434 25,036
Adjustments for:
Investment income recognised in statement of financial activities (4,954) (34)
(Gain)/loss on disposal of tangible fixed assets - 38,410
Depreciation and impairment of tangible fixed assets 31,692 20,267
Movements in working capital:
Decrease in stocks 881 1,281
Decrease/(increase) in debtors 204 (13,210)
(Decrease)/increase in creditors (12,556) 9,399
Cash generated from operations 432,701 81,149
25 Analysis of changes in net debt
At 1 September Cash flows At 31 August
2023 2024
£ £ £
Cash at bank and in hand 493,195 89,447 582,642
Loans falling due within one year (39,615) (13,462) (53,077)
Loans falling due after more than one year (80,114) (578,481) (658,595)
373,466 (502,496) (129,030)