REGISTERED COMPANY NUhlBER: 08295130 (England and Wales) REGISTERED CHAIUTY NUTrIBER: 1151222 rt of the Trustees and Audited Financial Statements for the Year Ended 31 March 2024 for Lisieuk Trust Limited Curo Professional Services Lid. Statutory Auditors Curo House Greenbox Westonhall Road Bromsgrove Worcestershire B60 4AL
Lisieux Trust Lin]ilcd Contents of the Financial Siaiements for the Year Elided 31 March 2024 Page Report of the Trustees Report of the Independent Auditors 9 to 12 Statenient of Financlal Activities 13 Balance Sheet 14 Cash Floiv Statement 15 Note5 to the Cash Flow Sialement 16 Notes to th¢ Financial Statements 17 to 26
Lisieux Trust Limited stered number: 08?95130 ort of the Trustees for the Year Ended 31 March 20?4 The trustees who are also directors of the charity for the purposes of the Companies Act 2006. present their report with the fmancial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accountiiig and Reportino by Charities.. Statement of Reeomrnended Practice applicable to charities preparing their accounts in accordance ivith the Financial Reporting Standard applicable in the UK and Republic of Irelaiid (FRS 102) (effective l January 2019). The aim of Lisieux Trust (tlie Chartty) is lo support people ii'ith a learning disability ]d autistic people. einpowering Ihern with the confidence to'choose tbe life th¢ywanttD live, and to n)ake At happen. Established in 1984 Lisieux Trust now supports i5 local people with learning disabilities and autistic people. in residential care honies and in supported accommodation. All support is provided in properties based iii Nortli Birmingham across the Erdington and Sutton Coldfield area5. The values of Li5ieux Trust are: We are WELCOMtNG: We are welcoming and approachable by nature. Our Care, kindness and sense of fun is radiated throughout our organisation and people. We can be TRUSTED.. We know what we are doing. We have been supportino people with leaming disabilities and autism for over 30 years, and through releniless commitment to high-quality care. families can InL8t us to look after Ilieir loved ones. We are all about tNSPIRATION: Every day is beautifvl. We inspire our people to live tlieir best lives, and every day we are inspired by the people ive support. - We are FUN.. Fun happens naturally because our team love and believe in what they do. Our approach to care promotes ainbition and opportunity, which mak-es everyone happy. We proniote CHOICE: We believe our people should live life as they choose- full of the things they love to do. We are on a journey together, and we're dedicated to supponing our people to thrive. The Truslees. Ivho are directors under conipany law, present their report with the financial Siatements of the company for the year ended 31 March 2024. Tlie Tntstee5 have adopted th¢ provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparinu their accounts in accordance ivith the FinaT)cial Reporting Standard applicable in tlie UK and Republic of Ireland (FRS 102) (effective l January ?015). OBJECTIVES AND ACTtVlTIES Aims and objectives The Charity's objects, as stated within the Mernorandum & Arttcles of Association are to relieve rhe needs of people with disabilities An particular, but not exclusively, learning disabilities in Warwickshire. Solihull, Walsall, Staffordshire and Birmingham City. as the TTUStees shall detemiine. The niission of the Charity is to support people ivith a learning disability, autism, or both, and empower them with the confidence to clioose the life ihey want to live. and make it l)appen. Volunteers Otlier than the trustees, there was one other volunteer during the year. Public benefjt Tlie Trustees have ref¢ed to the guidance contained in the Charity Commission's general guidance on public b¢nefii wlien reviewing the Charity's aims and objecttves and in planning future activities. In particular. tlie Trustees Consider how planned activities will conlribute to the aims and objecltves they have set. Page I
Lisi¢ux Trust Limil¢d l5tered number= 08?95130 ort of thc Trustees for the Year Ended 31 March 20?4 OBJECTIVES AND ACTIVITIES Hoiv our activities provide public benefIt All of Ihc Charity's activiti¢s focus upon the provision of support and accommodation for people with disabilities and are undertaken to fijrther ihe organi5ation's ¢harilable purposes for the public benefit. Achievement and Performance Charitable activities Lisieux Trust provide5 24-hour residential accommodation and sUPIM)rted living projects that offer fjjll tenancy righfs. Support wiihin residential and supported living accommodation is always tailored to each persoi) based on what they tell the Charily about themselves and their wishes and needs. It ranue5 from promotion of daily living skills, indepeiident 'avel, access to work. fiher education. iTainino and leisure aclii'ilies. The residential services and the services provided in Il)e supported livino propertie5 are reoistered willi tlie Care Quality Com111ission, enabling LisieLtx Trust to provide personal care to tlie residents and tenants should tliey requtre it. At the year end all Trust registered services were jud. d as being 'overall good, by die regulator with the exceptioll of one, Vesey Road, which lias not yet been inspected by CQC. Vesey Road was purchased in July 2022 and tlie previous provider had received a rating of 'lnadequate' from CQC. Li5ieux Trust as the new provider has not yet received a rating forn) CQC for this service. All of tlie residential and supported living service5 are audited on a re.(wlaE basis by Lisieux Trust managenient and periodically by Birniingham City Council and CQC. These audits identify issues to be resolv¢d, areas of high perfonnance. and areas ivhere changes can be made lo enhance the service offered. The audits play a critical role in the culture of continuous iTnprovement which the Twslees see as vital to the ongoing su5taiJ]ability and success of the Charity. Francis House iva5 last visited by CQC in February 20?2. Lisieux House ivas also visited by CQC in February 2022 die last CQC visit for Supported Living was in September 2019. Lisieux Trust continues to receive positive feedback from the people it supports. their f]711Y members and friends, and external professionals, includintr through the Charitys annual qualitv audit questionnaire. The Trustees consider that this would not bc the case without the dedication and commitment of Ihe Charitys einployees and volunteers. Lisieux Trust believe5 in valuing and supporting cinployees through regular fomial and infomial reviews aiid throuoli a range of traiiiing and dei'elopment opponunities. Robust recruitment processes ensure tliat Lisieux Trust employs only those people who can demonstrate a commitment to the Charitys values. In the year ending March 2024, L]sieX Tnt supportgd 29 adults in residential services in Boldmere and Sutton Coldfield and ?8 adult5 in supported living projects based across North Birniingham. All of the people supported are autistic or have a learning disability. P2ge 2
Lisieux Trust Limil¢d ReStered number: 08?95 IJO ort of the Trustees for the Year Ended 31 Mawh 2024 ACHIEifEMENT AND PERFORMANCE Strategic plan and progress In March ?0?3, the board 5¢t a new strate.ry for the period ?023-?0?7 with the following strategic goals: l. We will be a moTe diverse oruanisation. 2. We will 0w. recognising that iyithout growth there is an inherent risk to our financial and operdtional viability. 3. We will continuously iinprove the way we worL focusing on sustainability and imiovation. Substantial progress has been made against all three goals- l. Diversity.. The board agTeed to en2age extemal Consultants to carry out a ivide-ranging review of liow th¢ organi5ation approaches Equality, Diversity and Inclusion. Several organisations provided proposals - Work on this project will commence in 2025-2026 2. Growth Support Solulions was engaged to carry out a rent and housing benefit revlew - Followtng this, more competitive rents could be offered to prospective landlords 3. Three new 5UPPOrted livin properti were identified during year ending 20?4. Leases have been agreed following the year end which will resuli in 14 additional supported living placements by year ending 2025. This achieves the (rrowth targets set for the 2023-2027 Strategic period. Additional largeLS will be set for the Trmainder of the pertod. Continuous Improvement Work" continued on the project to ensure the resideuts in the care homes have aeeess for more accessible acconiinodation. Durints the year ending 20?4, the board of trustees agreed to redevelop a supporied living site into a more accessible care home. This new site will replace one of the existing eare homes wliich provides limited accessibility. A digital care records system, Ni ourish, 'aS implemenied during the year meaning all records relating to tlie delivery of care and support are now held digitally. This improv¢s access to data. trends and reporting. A property consultant was engaged to conduct a review of the propety Portfolio. This review identified the curTeiit condition of ihe properties And any future risks and opportunities for each one. This sUPPOrt5 tlie delivery of plaiined preventaiive inaintenanee and provides options for maximising the use of current properties. In addition to the achievements listed above, in May 2023 the charity purchased a four-bedroom supported living property in Sutton Coldfield. The Charity had leased the property since 2006. The Trnstee5 decided to purchase ihe property when the owier indicated they wtshed lo sell.
Lisieux Trust Limited Reaistered number.. 08?95130 ort of Ihe Trustees for the Year Ended 31 March 20?4 Risk revieiv The Trustees have assessed the major risks to Nvhich the Charity is exposed and have systems in place to manage those risks. The Charity'5 risk register is reviewed quarterly. and key rt5ks and mitigations discussed by the Trustees via the Finance and Risk sub-¢ommittee. The Charity continues lo annually review and enhance its Systems of internal control, including reviewing key policies and procedure5, service audit processes and reportino fomRts. health and safety procedures and audits and property maDagement PTocesses. The most si71f1Cant risks being managed durin? the yeaT ending March 2025 are: l. The oiYner5 of a 5upponed livin property served 12 months, notice on the lease. The Property houses seven tenants. Folloiving further discussions M'ith the oivners, a neiv lease was agreed during yekr ending March 2024 securing the property for 3 years This additional time enables the oiyners to search for a buyer for the property as a going concern or time for Lisieux Trust to source alternaiive accommodation for the seven tenants. 2. Interest rate5. The charity secured a CBILS loan in 2021. The repayment of this loan ha5 been affected by tncreasing interest rates. Whilst the charity Continues lo be able lo make the required repaynieiits 011 Ibis loan- the high iiiterest rates have reduced the level of sutTrlus available lo reinvest into the Charis activities. 3. Cost of living. Lisieux Trust continues lo pay all employees above the National Liiiing Wa¢Te. Across the care sector. fees received for care packages make it difficult for proi'iders Éo offer attractive pay rates it) comparison with other sectors. such as retail. Combined wirh the cost-of-livinu crisis during the last two years, this has had a significant impact on the recruitment and retention of employees in the care sector. These risks are assessed and managed by the Finance and Risk sub-committee via the risk register. FINANCIAL REVIEW Financial position The Charity has continued io receive annual increases on the 5UPPOrt packaues provided which have resulred in an iinprovement in the Charity's overall income position. During Ilie ycar ending March 2024, Birniinuham City Council brought direct payments ill Eine witli their other funding strearn5 whicli now means direet paynient Iiolders receive an annual uplifi in their funding. Principal funding sources 800/9 of the Charity's funding 15 obtsined through contracts with local authorities and the NHS. in particular through adult social care funding. Page 4
Lisieux Tnt Limited istered number.. 08?95 IJO ort of the Trustees for the Year Ended ) l March 2024 FINANCIAL REVIEW Reserves policy The TTUStees have reviewed the Reserves Policy and amended both the method of calculatino free reserv¢s and the level of free reserves required. this is due to the Charity purchasing a pioperty by taking on a secured loan. The Charity now ainjs to maintain unrestricted fiu)ds. whi¢h are the free rrYeS of the Cbarity, at a level that equates to tbree to Six inonths of the next yeals forecasted UDreslricted expenditure. (2023 - 4.7 months). The Trustees are confident that tbis level of reserves are sufficient to cover any unforeseen decline or delay in funding, or other unexpected circumstance and that the impletnentation of 2023-?027 strategy will improve the level of reserves in tlie rnedium term. The reserves levels are carefully TnonitOTed throughout the year. The free reserves are now calculated using total red assets less any sewred loan. In the year ending 2024. the free reserves held were equivalent to 3.65 months of expenditure. The budgeted level of free reserves for the year ending 2025 is 3.2months of expenditure. Designated funds Trustees revieiv the designated funds of the Chartty on an annual basis. considering new development opporMnities and risk management plans for th¢ organi5ation that have arisen during the year. Lisieux Trust has no designated funds as at 31 March 20?4. STRUCTURE, GOVERNAN'CE AND mANAGEmE'T Governing document Lisle Trust Limited is a company limited by .ouarantee (registered number 08?95130) which was incorporated on 15 November 2012 and achieved charitable status on 13 January 2013 (registered Thumber 1151222). The Trust was eslablished under a Memordndum of Association which esfablished the objects and powers of the Tnjst and is governed und¢r its Articles of Associalio In the event of the Tnt being wound up members are required io contribute an amounl nol exceeding £1. Recruitment and appointment of neiv trustees The Director5 of the company are also the Charity Trustees for the purpose of Charity law. The Charity is administered by the Trustees, who meet quarterly as a board to provide oversight and review of ihe operation of tlie Charity. These meetings are recorded. All tstee appointnients are made with due regard to the ranqe of skills required by the Board and the relevant experience and knowledge offered by ihe potential trttslee. In ?023-?4 no neiii tnteeS were appointed. Organisational structure The day-to-day business operation of Lisieux Trust Limited is delegated by the Board under ratified job description5, to the following personnel: - Chief Executive supported by the senior managernent tram. comprised of the Head of Operdtions. the Head of Finance, Head of Estates and the Head of Hunian Resources and Administration The Head of Finance is responsible to Chief Executii'e. Management accounts and all aspects of finaiicial governance are reviewed on a quarterly basis. both by the Finance and Risk Sub-committee of the Board and by tlie Board itself in minuted meeting5 - Daily operational fill)etion is overseen by the Head of Operations. There are a arn of Reotstered Managers each of whoin directly manage5 a team of employees. There is a Quality and Compliaiice Coordinator who reports directly to the He2d of Operations. Tlie Head of Human Resources and Administration oversees recruitment. employee relations activity. aiid adniini5tration The Head of Estates leads all property-related matters including delivery of the property strate_oy, repairs and maintenance, management of leases, acquisitions and disposals. This role has been introduced in Ni Tov¢mber 2024. Page 5
Lisicux TTUSt Limited Reryistered number: 08295130 Re ort of the Trustee5 for tlie Year Ended 31 March 2024 STRUCTURE, GOVERN.4NCE AND MANAGEMENT Induction and training of new trustees Any new individual interested in becomina an active directorl truste¢ is uiv¢n the latest publication of the Charity Conunission booldel "Trnst¢e Responsibilities" and an inforniation pack regarding the work of the Trust. The Chief Executive invites candidates to view the operntional activities of the Trnsi ftom Head OtTice fuiiction througli to tlje support delivered at the properties. Tbe interested party is interviewed by an interview panel of exi5tina TTuslees. Following a successful interview, the party is iiilroduced to all Board members, and a vote is laken at the Board whether to appoint. Training is available throughout the year on any relevant Charitable and operational matters supported by discussion withiii Board ineetings. Wider nehvork A larue percei)tage of tlie Charity operational incorne 15 dependent on conlracts ivith local authorities. As a re5uIt, close working relationships are forged iviih visiting professionals such as local authority Social Workers. as well as the family meinbers and friends of residents and tenanfs. Allied to Iliis. niuch of the Charity activity is goTrerned by legislation and standards set by a variety of local govemrnent departments. The Charity's work is regularly inspected by extemal ageiicies. Consultanls working in 5pecialised areas outside of the ChariW5 actiTrity are engaged as and when necessary. lil the year ending March 2024. consultants ivere utili5ed to support the organisalion in areas such as fire safety. water safety, health aiid safety, employment laiy, plarmin(F legal adi'ice and building desi.cryJ. The Charity ha5 re.tsular contact with other national and local organisations where there 15 a shared aifinity for providing high quality support for peopl¢ wtth disabilities. REFERENCE AND ADMINISTRATIVE DETAtLS Registered Company number 08295130 (England and Wales) Registered Charity number 115l222 Registered office 79 Marsh Lane Biriniiigham West Midlaiids B23 6HY Trustees K R Naglc Miss P M Lucas Miss E A Fruer G Harris Ms S A Moore Mrs A Nafe¢s N H Do15
Lisieux Trnst Limited Re(vistered number- 08?95130 ort of the Trustees for the Year Ended 31 March 20?4 REFERENI CE AND ADMINISTRATIVE DETAILS Auditors Curo Professional Services Ltd, stalOry Auditors Curo House Greenbox Westonhall Road Br0rn5grove Worcestershire. B60 4AL Bankers The Co-operative Bank PIC Birmiiigbam Business Centre POBox82 118-120 Colmore Row Birniingham B3 3BA Chief Eiecutii'e Officer Jessica Alsop-Greenacre TRUSTEES, RESPONSIBILITY STATEMENT The trustees (who are also the directors of Lisieux Trust Limited for the purposes of company law) are responsible for preparing the Report of Ihe Trustees and the financial slatenients in accordance ivith applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practtce). Company law requires the trustees to prepare financial statements for each financial year which ¢Fiv¢ a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expendIre, of the charitsble company for that period. In preparing those fmancial statements. the trustees are required to select suitable accounting policies and then apply Iliem consistenily: observe the methods and principle5 in the Chariry SORP" make judgeinents and estimates that are reasonable and prudent. prepare the financial stalem¢nts on the gointr concem basis unless it is inappropriate to presume that the charitable company will continue in busine5S. The trustees are responsible frir keeping proper accounting records which disclose with reasonable accuracy at any time tlie financial position of the charitable company and to enable them to ensure that the financial statements eornply wilh the Companies Act ?006. They are also responsible for safeguarding the assets of the chxritable company and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. In so far the tnte¢S are aware.. there is no relevant audit infonnation of ivhich the charitable company's auditors are unaware- and the trustees have taken all 5t¢ps that they ought to ha&e taken to make themselves aware of any relevant audit infonnalion and io establish that the auditors are aware of that inforniation. AUDITORS The auditors, Curo Professional Services Ltd, Stamtory Auditors. llryll be proposed for re-appointment at the fortheoming Amiual General Meeting. Page 7
Lisicux TTUSI Limited istered number- 08295130 ort of the Trustees for thc Year Ended 31 March 20?4 This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to siiTrll coinpanies. Approved by order of the board of trustees on .. I)j>t - and signed on its behalf by.. K R Nagle- TTU5tee Page 8
ort ofthe Inde endent Auditors to the Members of Lisieux Tnt Limited Opinion We have audited the financial statennIS of Lisieux Tn Liiluted (the 'ehaTitable company,) for the year ended 3 l March 2024 which cornprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements. includin(F a sun]mary of si.wiificant accounting policies. The financial reporting frainework that has been applied in their preparation is applicable law and United Kingdom Accountiiig Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements= give a true and fair view of the state of the charitable compan$ affairs as at 31 March 2024 and of its llicoming re50ur¢es and applicaiion of resources, including its income and expenditure, for tlie year then ended- "have bèen )roperlY prepared Tn a¢¢oTdaiice wilh United KingdoLM Generally A"cctpied Acco[ting Pra¢tice-"and'-' have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with InteTnatioDal Standards on Auditing (UK) (ISAs {UK)) and applicable law. Our responsibilities under those standards are fitrther described in the AuditOTS' responsibilities for the audit of the financial siaternents section of our report. We are independent of the charitable company in accordance ivith the etliical requirements that are relevant to our audit of the financial statements ID the UK, ineluding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance iyith these requirements. We believe that tlie audit evidence we have obtained 15 sufficient and appropriate to provide a b&sis for our opinion. Conclusions relating to going Concern lil auditing ihe financial slaleinents. Ive have concluded that the trustees. use of the going concem basis of accounting in the preparaiion of the financial statements is appropriate. Based on the ivork iv¢ have perforn]ed, we have not identified any material uncertainties relatintr to eveiils or conditions that, individually or colleclively, may cast significant doubt on the charitable compansls ability to contiiiue as a going coiicern for a period of at least tivelve months from ivhen Ibe fmancial statements are authorised for issue. Our responsibilities and the responsibilities of the Injstees ivith respect to tsoing concem are described in the relevant sections of this report. Other information The trustees arc rcsponsible for the other infomlation. The other infomiation comprises Ilie information iiicluded in the Aniiual Report, other than the financial staiements and our Report of the Independent Auditors ther¢on. Our opinion on the finaiicial statements does not cover the other infomiation and, except to the extent oth¢rwise explicitly stated in our repoo we do not express any fomi of assurance conclusion thereoTh. In connection ivith our audit of the financial statements. our responsibility is to read the other infonnation and, in doing so, consider ,hether the other inforn]ation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenvise appears to be materially misstated. Jf we identify such material inconsis¢encies or apparenl rnaterial misstatements. we are required to determine ivhether this gives rise to a material misslaiement in the financial staternents themselves. If. based on the u'ork ive have perfornied. we conclude that there is a material misstatement of ihi5 Other infonnaiion. we are required to report that fact. We have nothing to report iii this regard. Opinions on Dther matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infomiation given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial Statents. and th¢ Report of the Trustees has been prepared in accordance with applicable legal requirnents. Page 9
ort of the Inde endent Auditors to Ihe Members of Lisieux Trust Limited Matters on Ivhlch Ive are required to report by eiceptioD In the light of the knowledge and under5tandÉng of the charitable company and Tts environment obtained in the course of the audit, Ivc bave not identified material misstatements in thc Rcport of the Trustccs. We have nothing lo report in respecl of the following matters where the Companies A¢t 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received froin br&llclies not visited by us. or tlie fiiiancial statements are not in agreement with the accounting records and returns. or ertain disclosures of trustees. remuneration specified by law are not made. or we liave not received all tlie information and explanations we require for our audit; or the trustees ivere not enliiled to take advantage of the Small companies exemption froin the requiremeiit to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustees As explained more fijlly in the Tnlees, Responsibilities Sialen)ent. Ihe InleeS (who are also tlie directors of the cliaritable coinpany for tlie purposes of company laiv) are responsible for the preparatioii of tlie financial slalements and for being satisfied that they give a true and fair vieiv, and for such internal control as tlie trustees delerniine is necessary to enable the preparation of financial slalements that are free from material misstatement, Ivheiher due to fraud or error. In preparing the financial statements, the tru51ees are responsible for assessintr the charitable company's ability to coiitinue as a going conceni, disc105ing, as applicable, matters related to goints eonceni and using the goin(F concern basis of accounting unless the trnstees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Paoc 10
ort of the Inde endent Auditor5 to the Members of Lisieux Trust Lin)iled Our responsibilities for the audit of the finaD¢ial statements Our objectives are to obtain reasonable assurdnce about whether the financial statements as a wbole are free from material inisstatemenl, whether due to fraud or eor. and to issue a Report of the Independeiil Auditors 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 alivays detect a Material misstatement ivhen it exists. Misststements can arise from fraud or error and are considered rnaterial if, individually or in the aggregate, they could Te&50nably be expected to influeiice the econoniic decisions of users tak.en on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, includinu fraud is detailed beloiv: Irregularities include fraud and other instances of non•compliance ivith laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material tnisstalements in respect of irregularities. Tlie extenl to which our proceduTes are capable of detecting itregularities 15 detailed below: Identifying 2nd responding to risks of material misstatement due to fraud The level of risk and abiliry lo detect Irre.UlaTitieS due to fraud was considered duriDU the plan]iing stage of the audit. A risk assessment was undertaken. taking into consideration the Charitable Companys policies, procedures aiid enquiries with management. We communicated identified fraud risks throughout the audit leam and remained alert to any indications of fraud throughout the audit. As required by auditing 5tand2rds and considering our overall knowledoe of the control environment, we perforrned procedures to address the risk of management oveIde of controls and the risk of fraudulent transactions. in particular the risk that manaaernent may be in a position to make inappropriate accounting entries. We perfonned procedures including: Evaluating the bu5ine5s purpose of jounlal entries and comparing the identifjed entries to supporting documentation. Evaluating the business purpose of signifi¢ant bank payments and receipts and comparing these to supporting docwllentaiion. Walkthrough and further substantive testino on sales and purchases to identify weaknesses and override of inteTnal coiitrols. Usiiig analytical procedur¢s to idenlify any unusual or unexpected variances. Identif)'ing and responding to risks of material misstatement due to non•compliance Ivith laii's and regulations The level of risk and ability to detect irre.(rularities due to non-conipliance ivith laivs and regulations was considered during the planning stage of the audit. A risk assessment ivas undertaken. tsking into consideration the conipany's policies, PTocedures and compliance with laws and regulations. We conllnunicated identified laws and re.oulations throughout our leam and remained alert to any indications of non-cornpliance throughout the audit. The Charitable Company is subject to laivs and regulations that directly affect the financial statements including financial reporting and taxation legislation. We assessed th¢ extent of con)pliance ivith these laivs aiid regulations as part of our procedures on the related financi21 statement items. The Charitable Company is also subject to many oiher laws and regulation5 where the eonsequences of non-compliance could have a material effecl on amounts or disclosiires in the financial stalements. Auditing slandards limit the required audit procedures to identify non-compliance ivith iliese laws and regulations to enquiry of the directors and inspectioii of regulatory and legal correspondence, if any. Therefore. if a bleach of operational regulations is not disclosed to us or evideni from relevant correspondence, an audit will not detect that breach.
ort of the Inde endent Audiiors to the Members of Lisieux Trust Limited Context of the ability of the audit to detect fraud or breaches of laiTr or regulation 0i14ng to the inherent limitations of an audit, tbere is an unavoidable risk that we inay not have delected some material misstatements in the financial statements, even though we have properly planned and perforn]ed our audit in accordance with auditing standards. For example, there is a higher risk of non41etection of fraud. a5 these may involve collusion, for<rery, intentional oinissions, misrepresentations or the override of internal controls. Our audit procedures are designed to detect Iaterial misslaleinent. We are not responsible for preventing non-compliance or fraud and cannot be expected to delecl non-coinplianc¢ with all laws and regulations. A further description of our responsibilities for the audit of the financial statement5 is located on the Finaiicial Reporting Council's website at www.frc.org.uklauditorsre5ponsibilities. This description fomLS part of our Report of die Indepeiideiit Auditors. Use of our report This report is made solely to the charitable companvs members, as a body. in accordance ivith Chapter 3 of Part l 6 of the Companies Act 2006. Our audit iyork has been undertaken so that ive miglit state to tlie charitable coinpany's meinbers those matters we are required lo state to them in an auditors. report and for no other purpose. To tlie fullest extent pennitted by laiv. we do not accept or assume responsibility to anyone other than the charitable company ai)d the haritable company's members as a body, for our audit work, for ihis reporL or for the opinion5 ive have fomied. enior tAtutory Audilor) for and on behalf of Curo Professional Services Ltd statOry Auditors Curo House CJreeiibox Westoiihall Road Brollisgroe Worcestershire B60 4AL Date.. Page 12
Lisle Trust Limited Statement of Financial Activities for the Year Ended 31 March ?0?4 2024 Totsl fimds Unrestricted fijnds Restricted funds Total funds Noles INCOME AND ENDOWMENTS FROM Donations and legacies 116,280 116.280 52.9?9 Charitable activities ' Service contract in¢om¢ Other charitable activities - • 3,2iO.466 3,042'1I0'"" 12,911 8.651 12,911 Investment income 44,729 44.729 42,946 Total 3.424.386 3,424,386 3,146.706 EXPENDITURE ON Raising funds Other trading activities 3,914 3,914 ChAritable activities Wages. salaries. atsency fees and associated costs Property nll]ning costs Residents activities 2nd alloivances Depreciation and disposal charges Professional fees Office administration and running costs 2.3?5,119 461,309 46,820 44,069 2,325,119 461.309 46,820 44.069 69.361 292,262 2,234,590 474.590 49,403 35,314 96,967 193,355 292,26? Total 3 ?)8.940 3,238,940 3,088,133 N¢t gainsl(losses) on investment5 2.895 2.895 (122,483) NET INCOIMEI(EXPENDITURE) 188.341 188.341 (63,910) RECONCILIATION OF FUNDS Total finds brought forward 2,387.752 2.387,752 2.451,662 TOTAL FUNDS CARRIED FORWARD 2,576.093 2.576.093 2,387,752 The notes fonn part of these financial stst¢ments Page 13
Lis1¢ Trust Limited istered number= 08295130 Balance Sheet 31 March 2024 2024 Total funds 2023 Total funds Unrestricted nds Restricted funds Notes FIXED ASSETS Tangible assets Investments 12 13 2279,498 814,384 2,279,498 814.384 1,980,361 795,959 3,093.882 3.093,882 2,776,320 CURRETr4T ASSETS Debtors Casli at bank and in hand 14 3?3,681 14J.488 323,681 143,488 267,790 387.104 467.169 467.169 654,894 CREDITORS Aniowits falling due within one year 15 1?60,411) (260.411) (275,763) NET CURREINT ASSETS 206,758 206,758 379,131 TOTAL ASSETS LESS CURRENT LIABILITIES 3,300,640 3,300,640 3,155,451 CREDITORS AmoLllits falling due after more than on¢ year 16 (724.547) (724,547) (767,699) NET ASSETS 2.576.093 2,576,093 2,387,752 FUNDS Unrestricted funds 20 2,576.093 2,387,752 TOTAL FUINDS 2.576.093 2,387,752 These financial statem¢nt5 have been prepared in accordance iviih tlie provisions applicable to charitable companies subject to the small coiiipanies regime. The financi statements were approved by ihe Board of Trustees and authorised for issue . and were signed on its behalf by.. on Na21e - Tnistee The notes forni part of these financial statements Page 14
Lisieux Tst Limited Cash Floiv Statement for the Year Ended 31 March 2024 20?3 Notes Cash flojvs from operating activities Cash generated from operations Interest paid 20,375 (35.526) (69,635) Net ¢&sh provided byl(used in) operating activities 70.390 (15,151) Cash floiys from investing aetlvities Purcbase of tangible fixed assets Purchase of fixed a55et investments Sale of tangible fixed assets Sale of fixed asset investments Interest received (34J,?05) ()6,167) {992,843} {37,522) 2.200 150,000 42,946 20,637 44,729 Nel cash used in investing activities (314,006) (835.219) Change in cash and eash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (243,616) {850.370) 387,104 1.237,474 Cash and cash equivalents at the end of the reporting period 143,488 387,104 The notes forn) part of these financial statements Paue E5
Lisieux Trust Limit¢d Notes to the Cash Flow Statement for thc Year End¢d 31 March 2024 RECONCILIATIOII, OF NET IP*'COMEI(EXPEINDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 r4et income1(ePend1lure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: DepT¢ciation charues (Gain)Iloss¢s on inveslmcnls Profit on disposal of [ed assets Interest received Interest paid Increase in debtors {Decrease}lincrease in creditors 188,341 (63,910) 44.069 (2,895) 37,514 122.483 (?,200) {42,946) 35,526 (85,243) 19,151 (44,729) 69.635 (55.891) (58,i05) Net cash provided by operations 140,025 20,375 AIYALYSJS OF CHANGES IN NET DEBT At 1.4.93 Cash flow At 31.3.24 Net ¢Ash Cash al bank and in hand 387,104 (243.616) 143,488 387,104 (243,616} 143,488 Debt Debis falling due within l year Debi.q falling due after l year (102,302) (767,699) (6,6221 43,152 (108,924) (724,547) (870.001) 36,530 (833,471) Total (482,897) (207.086) (689,983) The note5 forni part of these financial statements Page 16
Lisle¥ TTUSt Limited Notes to the Financial Siatements for the Year Ended 31 March 20?4 ACCOUNTING POLICIES Basis of preparing the financAal statements The financial ststements of the charitable company, which 15 a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 10?) 'Accountints and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparino tbeir accounts iii accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January ?019)', Financial Reporting Standard 102 'The Financial Reporting Stwidard applicable in the UK and Republic of Ireland, and the Companies Act ?006. The financial slaternents have been pr¢par¢d wider ihe hislorical cost, Conventio with the exception of investnients which are included at market value. The presentation currency of the financial statements is the Pound Sterling (£). The fmancial statements are rounded to the nearest £1. Ineome All income is recognised in the Statement of Financial Activities once the charity has entitlenient to the funds, it is probable that the income will be received and tbe amount can be measured reliably. Allocation and apportionment of costs Expenditure is accounted for on an accruals basis and has been Classified under headings that aggregate all cost related to the caleoory. Where cost5 cannot be directly attributed to particular lieadings they have been allocated to activities on a basis consistent with the use of resources. Tangible fixed asset$ Depreciation is provided at the folloing annual rates in order to wrffite off each asset over its eslimated useful life. Freehold land and buildinos Short leasehold property improvements Fixtures and fitting5 Motor vehicles Computer equipment not provided over period of lease 25 /0 on cost 250/9 on cost 33 % on cost Iii the opinion of the Trusi¢¢s, the market value of th¢ freehold land and buildings is in excess of tlie net book value and therefore it is not Considered appropriate to depreciate those assets. Taxation The Charity has applied for exemption from corporation tsx on its charitable activities. Fund Accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted fjjnds can only be used for particular re5tri¢ted puOseS within the objects of the charity. Restrictions arise when specified by the donor or when funds arc raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included iii the notes to the financial statements. Pension Costs and other post-retiretnent benefits The charitable company operates a defined contribution pension scheme. Contributioiis payable to tlie cliaritable company's pension scheme are charged to the Sthteii)ent of Flliancial Activities in the period to which they relate. Fiaancial assets Basic finan¢ial assets, which include debtors and cash and bank balances. are initially nieasured at transaction price including Iran5action costs and are subsequently carried at amortised cost using tlie effective interesi method unless the arrangenient consiimtes a financing transaction. ii'here the trai)saction 15 iiieasured at the present value of the future receipts discounted ai a market rate of inresL Financial assets classified as receivable ivithin one year are not aniortised. Page 17 conlinu¢d...
Lisieux Trust Limited Notes to the Financial Statement5 - continued for the Year Ended 31 March 2024 ACCOUTrITlING POLICIES- continued Financial liabilities Basic financial liabilities, includin(y creditors are initially recoanised at transaction price unless the arrangement constitutes a financing transaction, Ivhere the debt instnjment is measured at the present value of the future payments di5¢011nted at a market rate of interest. Financial liabilitt.es classified as payable within oi)e year are not amortised. Going concern The financial stRlements have been prepared on the going concern basis on the grounds that the trustees believe that there is sufficient funding in place to supporr the cbarity for the next twelve months froni the dale of approval of tlie financial stateinents. Investment5 Inveslnients are slated at rnarkel value at the balance sheet date. The Stalement of Finaiicial Activities includes the net oains and losses arising on rei'aluations and di5POsals throughout the year. Financial instrument5 The Company only enters into basic financial instruments transactions tbat result in the recognition of finaiicial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, I0)S to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or Teceivable ivitliin oiie year), including loan5 aiid other accounts receivable and payable, are initially measured at present value of the fjjture cash floivs and subsequeiitly at amortised cost using the effective InteSt method. Debt instruments that are payable or receivable withtn one year, typically trade debtors and creditors, are measuretL initially and subsequently, at the uiidiscounted aniount of the cash or oiher consideration expected to be paid or received. Hoivever, if the arrangeillents of a shorl-term instrument conslitute a fitwi¢ing transaction. like the payment of a trade debt deferred beyond normal busiiiess tenns or financed at a rate of interest that is not a market rate or in case of an out-right short-tenn loan not at market rate. the financial asset or liability is measured. initially. at the present value of the future cash flow discounted at a market rate of inierest for a sitnilar debt instrument and subsequently at aniortised cost. Financial assets that are measured at Cost and ainortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective eirydence of impaimient is found. an impairnient loss is recognised in the Statement of Coinprehensive Income. For financial assets measured al anrtised cost, the impairment loss is measured as tlie difference between an asset'5 carrying amount and the present value of estsblished casli flows discounted at the assel's origiiial effective interest rate. If a financial asset has a variable int¢re5t rate. the discount rate for measuring any impairnient10sS is the ruent effectivc interest rate deterniined under the contract. Financial assets and liabililies are offset and the net amount reported in tlie Balance Sheet wlien there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset settle the liability simultaneously. Provision5 & Contingencies Provisions are made wh¢re an event has taken place that gives the Company a legal or constructive obligation that probably rcquires settlement by a transfer of economic benefiL and a reliable estimate can be made of the amount of the obligation. Provisi011s are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation. and are measured at the best estirnate at the Balance Sheet date of the expenditure required to settle the obligation, taking inio account relevant risks and uncertainties. When payments are eventually made. they are charged to the provision carried in the Balance Slieel. Pa2e 18 continued...
Lisieux Trust Limited Notes to the Financial Statements - contiDued for the Year Ended 31 March 2024 ACCOUNTING POLICIES- continued Conlingent liabilities are recognised as a provision when ihe likelihood of economic outflow is assessed as probable. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resouTces or that the aK)llnt cannot be reliably measured at the reporting date or (li} when tbe existence will be eonfwmed by the occurrence or non-oc¢urrence of uncertain future eveiits not wholly within the company's control. Contingent liabilities are not recOlsed as a provision but are instead disclosed in the financial statements when the likelihood of economic settlement is deemed possible and not probable. Contingent liabilities are not recognised as a disclosure when lh¢ probablity oran oufflow of resource5 is remote., DONATIOINS AIND LEGACIES 2024 2023 Donations Grants 2,005 50.924 95.337 116,280 52,929 Grants received. included in the above, are as follow5: ?024 ?023 Binningl)am City Council Grant 95,337 50,9?4 INVESTMENT INCOME ?024 2023 Deposit account interest Dividends received 1,912 42,817 1,438 41,508 44,729 42,946 INCOME FROM CHARITABLE AcfIviTIES 2024 ?023 Activity Service contract income Other charitable activities Service contracts Other income 3,250,466 12,911 3,042,180 8,651 3,263,377 3.050,831 OTHER TIL4DING AcrtvrriES 2024 2023 Bad debts 3,914 Page 19 continued..
Lisieux Trust Limited Notes to the Financial Statements - continued for the Year Ended 31 March 20?4 CHARtTABLE AcfiviTIES COSTS Support osts (see note 7) Direct Costs Totals Wages. salaries. agency fees and associated costs Property running costs Residents activities and &llow7nces Depreciation and disposal charges Professlonal fees oirice administration and running costs 1.909,476 396.804 46,820 415,643 64,505 2.325,119 461,309 46,820 44,069 69,361 292,262 44,069 23.440 182,418 45.921 109.844 508,865 730,075 3,238.940 SUPPORT COSTS Inforn]ation technology Governance costs Management Other Totals Wa(Fe5, salaries. agency fees and associated costs Property ruiinintr costs Depreciation and disposal charges Professional fees Office administration and ninning costs 409.229 64.505 6.414 415,643 64,505 44,069 3.758 44,069 23,440 8,384 11.298 55,651 69.635 57.132 182,418 537.769 69.635 111,373 11,298 730,075 NET INCOMEI(EXPENDITURE) Net income/(expenditurel is stated after ¢hargingl(crediting)= 2024 2023 Audiior5' Teniuneration Audiiors, remuneraiion for non audit work Depreciation - owned assets Other operating leases Surplus on disposal of fixed assets 6,350 4.948 44.068 128,407 5,775 4,196 37,515 146,263 (?,200} Page 20 continued...
Lisieux Tnt Limited Notes to the Flnancial Statement5 - continued for the Year Ended 31 March 20?4 TRUSTEES, REMUNEIL4TION AND BE,EF1Ts There were no trustees. remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trust¢es' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March ?023. io. STAFF COSTS 2024 2023 Wages and salaries Social security costs Pension costs 2,028.036 164.255 57.379 1,840,320 150,987 52.088 2.249.670 2.043,395 The average weekly numb¢r of employees during the year was 98 (?023: 96). OThe employee received remuneration between £70.000 10 £80,000 iii the year (?023: Nil). ii. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Unrestricted funds Restricted fidS Total funds INCOME AND ENDOWMENTS FROM Donations and leoacies 52,929 52,929 Charitable activities Service contract income Other charitable activities 3,042.180 8.651 3,042,180 8,651 Investrnent income 42.946 42,946 Total 3,146,706 3,146,706 EXPENI DITURE Oh, Raising funds Oiher trading activities i.914 3,914 3.914 3,914 Charitable aetivities Wages, salaries, agency ftes and associated osls Property runnintr costs Resident5 activities and alloivance5 Depreciation and disposal charges Professional fees otYLce administralion and running costs 2,234,590 474.590 49.403 35,314 96.967 193.355 2,234,590 474,590 49,403 35,314 96,967 193,355 TotAI 3.088.133 3,088,133 Net gain(lOsSeS) on investments (122.4831 ( l22,483) Page 21 ontinued...
Lisieux Trust Lirniled Notes lo the Financial Statcments - continued for the Year Ended 31 fvlarch 20?4 ii. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrcstricted Restricted T)ds funds Total funds NET INCOIllEI(EXPETr4DITURE) (63,910) {63.910) RECONCILIATION OF FUNDS Total fui)ds brought foni'ard 2,451,662 2,451,662 TOTAL FUNDS CARRIED FORWARD 2.387.752 2.387,752 12. TANGIBLE FIXED ASSETS Improvemeiits to property Fixtur¢5 and fittings Freehold property Computer equipment Totals COST At l April 2023 Additions 1.781.761 308.736 239,680 10,496 128.339 17.711 17,391 6,262 2,167.171 343,205 At 31 March 2024 2,090.497 250.176 146.050 23,653 2,510,376 DEPRECIATION Al l April 2023 Charge for year 129,363 5,917 50,817 30,268 6,630 7.883 186.810 44.068 At 31 March 2024 135 ?80 81.085 14,513 230,878 NET BOOK VALUE At 31 March 2024 2.090.497 114.896 64,965 9,140 2,279,498 At 31 March ?023 ,781.761 110.317 77.52? 10,761 1,980,361 13. FIXED ASSET INVESTMEt4TS Listed investments MARKET VALUE At l April 2023 Addition5 Disposals Change in market value 795,959 36,167 (20,637) 2,895 Ai 31 March 2024 814,384 NET BOOK VALUE At 31 March 2024 814,384 At 31 March 2023 795.959 There ivere no investment assets outside the UK. Page 22 contiiiued...
Lisieux Trust Limited Notes to the Financial Statements - continued for the Year Ended 31 imarch 20?4 14. DEBTORS." AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments and accrued income 295,035 28.646 238,051 ?9.739 323.681 267,790 15. CREDITORS: AMOUNTS FALLING DUE M'ITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 17) Trade creditors Social security and other taxes Other creditors 108,924 17.413 38,674 95.400 102,302 44,111 36,704 92,646 260,411 275.763 16. CREDITORS: AIMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 20?4 2023 Bank loans (see note 17) 724,547 767,699 17. LOANS An analysis of the maturity of loans is given below. 2024 2023 Amounts falling due within one year on demand: Bank loans 108.924 102,302 Amounts falling between one and two years: Bank loans - l-? years 108,924 102,302 Amounts falling due between ttvo and fiv¢ years: Bank loans - 2-5 years 615,623 306,906 Amounts falling due in more than five years: Repayable by inslalments: Bank loans more 5 yr by instal 358,491 Page 23 eontinued...
Lisieux Trust Limit¢d Notcs lo the Financial Statements- continued for the Year Ended 31 Imarch 20?4 18. LEASING ACREE.MEINTS Minimum lease payments under non-cancellable operating leases fall due as follows: ?024 2023 Wiihin one year Between one and five years In more than five year5 85.173 143,917 144,375 109.120 201,590 171,875 373,465 482.585 Non-cancellable operating leases entered into after the year end fall due as folloivs.. 2024 Wiihin one year Bettveen one and ftve years In more than five year5 148,640 781,140 450,970 1.380,750 l9. SECURED DEBTS The following secured debt5 are included within crediiots.. 2024 2023 Bank loans 833,471 870,001 The bank loans are Secured by freehold land and properties held by the Tt. The bank liold legal charges over five properties oMry]ed by the Tt which are included in note I l above. 20. MOVEMENT IN FUNDS Net moveinent in funds At 31.3.24 Ai 1.4.23 Unrestricted funds General fund 2,387.752 188.341 2,576,093 TOTAL FUNDS 2,387.752 188.341 2,576,093 Page 24 continued...
Lisieux Trust Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 20. MOVEMENT IN FUNDS- continued Net movement in nds, included in the above are as follows". Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds Gencral ftmd ,?3&,940} ¥• .-•. 188,)41 TOTAL FUNDS 3,424.386 (3,238.940) 188,341 Comparatives for movement in funds Net movement in fimds Transfers between funds At 31.3.23 At 1.4.22 Unrestricted funds General fund Designated propety fimd 1.701.662 750.000 (63,910) 750,000 {750,000} 2.387,752 2,451.662 (63.910) 2,387,752 TOTAL FUNDS 2.451.662 (63.910) 2,387.752 Comparative nel movement in fiJnd& in¢luded in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 3.146.706 (3.088.133) (122,483) (63,910) TOTAL FUNDS 3,146.706 (3.088.133) (122,483) (63,910) A current year 12 months and prior year12 months combined position is as follows: Net movement in fi]nds Transfers bettveen funds At 31.3.24 At 1.4.22 Unrestricted funds General fund Desiated property fvnd 1,701,662 750.000 124.431 750.000 (750,000) 2,576,093 2.451.662 124.431 2,576,093 TOTAL FUNDS 2.451,662 124.431 2,576,093 Page 25 continued...
Lisieux Trust Limited Notes to the Fin]ela1 Statements - continued for thc Year End¢d 31 imarch 2024 20. MOVEMELYT IN FUNDS - continued A current year 12 months and prior year 12 montbs combined net movement in funds, included in the above are as follows: Incoming resource5 Resources expended Gains alld losses Movement in fullds Unrcstrictcd funds General fund 6.571,092 {6.3?7.073) (119,588) 124,431 TOTAL FUNDS 6.571,09? (6,327.073) (119,588) 124,431 21. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 March 2024. Page 26