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2022-11-30-accounts

REGISTERED COMPANY NUMBER: 09106604 (England and Wales) REGISTERED CHARITY NUMBER: 1161638

Report of the Trustees and Audited Consolidated Financial Statements for the Period 1 June 2021 to 30 November 2022

for

Leicester Riders Foundation

Leicester Riders Foundation

Contents of the Financial Statements for the Period 1 June 2021 to 30 November 2022

Page
Report of the Trustees 1 to 7
Report of the Independent Auditors 8 to 11
Consolidated Statement of Financial Activities 12
Consolidated Balance Sheet 13
Company Balance Sheet
Consolidated Cash Flow Statement 14
Notes to the Consolidated Cash Flow Statement 15
Notes to the Financial Statements 16 to 29
Consolidated Detailed Statement of Financial Activities 30 to 32

Leicester Riders Foundation

Report of the Trustees for the Period 1 June 2021 to 30 November 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period 1 June 2021 to 30 November 2022. The trustees have adopted the provisions of 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

Objectives and aims

The Foundation has the following objectives:

  1. To promote community participation in sport and recreation by provision of services and facilities to improve people's health.

  2. To further or benefit people without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the people and organisations in a common effort to advance education and to provide facilities, in the interests of social welfare, for recreation and leisure time occupation with the objective of improving the conditions of life of those people.

  3. For the public benefit to promote education (including social and physical training) of people in such ways as the charity sees fit.

  4. To promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to integrate into society. For clarity, 'socially excluded' means being excluded from society, or part of society, as a result of being a member of a socially and economically deprived community.

  5. To promote equality and diversity for the public benefit by promoting activities to foster understanding between peoples of diverse backgrounds.

The aims of the Foundation are entirely consistent with the objectives described above.

Main activities

The charity is involved in a wide range of activities which include providing basketball playing opportunities to boys and girls of all ages and abilities, providing coaching to schools and universities, and delivering a wide range of projects, including to support the most disadvantaged in our community.

We work in partnership with the education sector, the local authorities, the Police and the Police & Crime Commissioner, the NHS, other sporting charities of the professional sporting clubs, as well as a range of public and third sector organisations.

While using physical activity to improve people's lives is at the core of much of the Foundation's activities, we are also involved in addressing mental health, anti-social behaviour, improving life skills, creating employment opportunities and running apprenticeship schemes. We work as well with the less able in our communities, developing bespoke programmes and projects.

We also run a residential facility in Loughborough for young people and provide scholarships and support to disadvantaged young people.

Strategies

The charity works in partnership with a wide range of organisations to deliver its charitable Objects in the most efficient and most effective ways. This includes local schools, colleges and universities but, also, we work in partnership under the United Leicester umbrella, involving the charitable arms of LCFC, Leicester Tigers and Leicestershire County Cricket Club.

We take particular advantage of the brand and reach of the Leicester Riders, one of the top male and female professional basketball clubs in the UK, to maximise our positive impact in the local communities we serve.

1

Leicester Riders Foundation

Report of the Trustees for the Period 1 June 2021 to 30 November 2022

OBJECTIVES AND ACTIVITIES

Criteria used to Measure Success

The charity focuses on improving physical and mental wellbeing of all the people we serve by targeted and well researched interventions, working with key players in each sector we serve.

The charity also aims to maximise the potential of all the young people we work with.

Significant activities

The Foundation secures grants and donations to deliver its community activities.

Other Foundation activities are part funded by the participants and/ or the education sector.

The Foundation runs a residential property to support its education and training delivery in Loughborough.

The Foundation's subsidiary undertaking, Leicester Community Sports Arena Limited, has constructed and manages the operation of a purpose built sports arena in Leicester. In 2022 the Arena built a 1200m2, £2.5m, 2 ball court extension.

Significance of volunteers

A number of the young people we engage with, and their parents, provide support and volunteering to the Foundation. This includes related to the organisation and delivery of our many projects and in general administration and support.

We have an established pathway for interested young people to receive training and qualifications leading to employment opportunities with the Foundation and related companies.

Public benefit

The activities undertaken during the year, as described above, demonstrate how the charity has met the public benefit requirements.

The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

2

Leicester Riders Foundation

Report of the Trustees

for the Period 1 June 2021 to 30 November 2022

ACHIEVEMENT AND PERFORMANCE Summary of main achievements

We have worked with a record number of educational establishments and young people over the period.

The period has also seen important new inclusion partnerships with Menphys and Vista for the less able.

We have significantly increased our engagement with the 3 universities, including expanding the opportunities for students to support the Foundation.

During the period, the Foundation increased its outreach through the National Citizens Service project with record numbers of young people participating.

During the period the Foundation was one of the top delivery agents of the national Sport England funded Ambassadors project by the Basketball Foundation.

The Ambassadors project led to a new Momentum project involving one of the Riders top players, engaging with young people about the common challenges they will face.

We have also expanded our work on anti-knife crime and antisocial behaviour activities, leading the Police to confirm significant reductions.

Progress towards objectives

Particularly with our inclusion work discussed above, our new initiatives with holiday food projects, and our increased engagement with students for training, volunteering and qualifications opportunities, we have materially expanded the footprint of the Foundation in its communities during the period.

Key performance indicators explaining output achieved by activities

For all our projects we maintain detailed records of the people we work with, and report the key metrics as dictated by the funders. Inevitably these vary project to project, but we have had consistently good to excellent feedback from all our stakeholders in the period.

Fundraising activities

The charity carried out only a few modest fundraising activities, such as a golf day.

3

Leicester Riders Foundation

Report of the Trustees

for the Period 1 June 2021 to 30 November 2022

FINANCIAL REVIEW Financial review

The trustees are satisfied with the financial position of the charity as shown in the attached financial statements.

Significant events that have affected performance during the period

The period was partly impacted by the continued effect of Covid which had some influence on how/ when we delivered our projects and leading to additional costs. By the end of the period these impacts were minimal.

The period was also characterised by significantly increased labour costs and shortages and increases in insurance, gas and electricity which has the largest impact on our residential property and on our subsidiary company which operates the arena. Mitigation actions were undertaken but were limited in their effectiveness. We also will be affected by where the Government goes with the NCS project - we anticipate much reduced investment by HMG in this project in future.

Principle risks and uncertainties and summary of strategy for managing these

The cost-of-living crisis impacts the Foundation in many ways as is the case for other small businesses. Our staff who are on modest wages struggle to work as flexibly as in the past, and we have limited ability to increase prices for our services.

We will be reviewing all aspects of our business to reduce overheads where possible and increase joint working with partners.

Factors likely to affect future performance

The impact of recent price rises across the board are anticipated to take some time to dissipate, and thus improved work processes will be key. We are also looking to diversify somewhat by launching a new partnership with Brooksby Melton College.

We also plan to bid for much bigger public sector projects in partnership with others.

Principle funding sources

The anticipated funding sources in the future are expected to bias to larger public sector grants. Securing these will need the Foundation to form the right partnerships.

Better planned use of the Arena through its subsidiary should also assist the Foundation to expand its footprint.

Reserves policy

The Foundation's policy on reserves is that sufficient reserves should be maintained to cover at least three months fixed operating costs.

FUTURE PLANS

Future plans including aims and activities planned to achieve them

We are undertaking a detailed review of our Business Plan to re-set our detailed objectives and delivery. This will include an aim to significantly improve utilization of our new, expanded venue and of our staff.

That review is anticipated to complete in third quarter 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is governed by its governing document, the Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee.

The charity was incorporated on 27 June 2014 and adopted its current Memorandum and Articles of Association on 8 April 2015; it became a registered charity on 7 May 2015.

4

Leicester Riders Foundation

Report of the Trustees for the Period 1 June 2021 to 30 November 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees

The Foundation has been established with trustees representing those involved with the running of the Leicester Riders Basketball Club, local businesses, local authority councillors and local education institutions.

We undertake a regular skills audit to ensure our Board is capable of responding to the ever-changing challenges of our communities, and the wider business environment. We are actively seeking greater diversity in our governance.

Our governance is currently being reviewed by BBL, on behalf of Sport England, in common with other BBL and WBBL clubs, to help guide our future direction.

Organisational structure and decision making

The charity is controlled by its Board of Trustees.

One of the trustees provides daily input to guide the management team on behalf of the Board, and to ensure there is close working with partners. The trustee is also involved in many discussions and meetings with external stakeholders. The Chairman also provides regular support and guidance to the General Manager.

Induction and Training of New Trustees

We have recently undertaken a review of key areas and intend to provide increased safeguarding training to a number of trustees in light of the importance of that function.

Key management remuneration

The remuneration arrangements of key personnel are agreed in consultation by a subgroup of the Board, including the two trustees who most closely interact with the Foundation team.

Related parties

There are two common members of the Boards of the related companies, who ensure there is close working and appropriate arrangements with related companies. One of those members is an accountant, and the companies share common internal financial resources, and secure external accounting support and advice from Torr Waterfield.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

09106604 (England and Wales)

Registered Charity number

1161638

Registered office

Morningside Arena 12 Memory Lane Leicester Leicestershire LE1 3UL

5

Leicester Riders Foundation

Report of the Trustees

for the Period 1 June 2021 to 30 November 2022

REFERENCE AND ADMINISTRATIVE DETAILS Trustees

K T Routledge S R Mugglestone R G Levenston M T Ellis Cllr A M D Clarke S Ismail (resigned 30.6.22) S W Winfield D Glover Mrs T S Hallam Ms D M Donnarumma Director (appointed 4.7.22) Mrs L Hathaway (appointed 25.1.23)

Auditors

Torr Waterfield Limited Statutory Auditor Park House 37 Clarence Street Leicester Leicestershire LE1 3RW

Solicitors

Edward, Hands & Lewis Solicitors Ltd 299 Main Street Bulwell Nottingham NG6 8ED

Bankers

National Westminster Bank 135 Bishopsgate London EC2M 3UR

Key Management Personnel

The Foundation is led by General Manager Laura Shephard supported by key trustees.

6

Leicester Riders Foundation

Report of the Trustees

for the Period 1 June 2021 to 30 November 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Leicester Riders Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Torr Waterfield Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

................................................................. K T Routledge - Trustee

7

Report of the Independent Auditors to the Members of Leicester Riders Foundation

Opinion

We have audited the financial statements of Leicester Riders Foundation (the 'charitable company') for the period ended 30 November 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

8

Report of the Independent Auditors to the Members of Leicester Riders Foundation

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes 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 charitable company'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.

9

Report of the Independent Auditors to the Members of Leicester Riders Foundation

Our responsibilities for the audit of the financial statements

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 a Report of the Independent 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

a) Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, the following approach was taken:

b) Audit response to risks identified

Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified:

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

10

Report of the Independent Auditors to the Members of Leicester Riders Foundation

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Other matters

In the prior year the trustees took advantage of Section 477 of the Companies Act 2006 for the financial statements not to be audited. As a result, the comparatives shown in these financial statements are not audited.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Morris FCA (Senior Statutory Auditor) for and on behalf of Torr Waterfield Limited Statutory Auditor Park House 37 Clarence Street Leicester Leicestershire LE1 3RW

Date: .............................................

11

Leicester Riders Foundation

Consolidated Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Period 1 June 2021 to 30 November 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
6
Residential training schemes
Community projects
Fieldhouse
Other trading activities
4
Investment income
5
Other income
7
Total
EXPENDITURE ON
Raising funds
8
Charitable activities
9
Residential training schemes
Community projects
Fieldhouse
Total
NET INCOME/(EXPENDITURE)
Transfer between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
As previously reported
Prior year adjustment
15
As restated
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
102,413
3,000
223,031
282,599
1,686,296
98,787
103,481
2,499,607
2,080,979
10,554
174,246
320,229
2,586,008
(86,401)
500,000
413,599
3,258,667
(20,608)
3,238,059
3,651,658		 Restricted
funds
£
641,390
79,707
205,318
-
-
-
-
926,415
-
76,807
341,108
-
417,915
508,500
(500,000)
8,500
26,954
52,300
79,254
87,754		 Period
1.6.21
to
30.11.22
Total
funds
£
743,803
82,707
428,349
282,599
1,686,296
98,787
103,481
3,426,022
2,080,979
87,361
515,354
320,229
3,003,923
422,099
-
422,099
3,285,621
31,692
3,317,313
3,739,412		 Year Ended
31.5.21
Total
funds
as restated
£
148,096
-
62,237
129,805
137,246
74,413
399,309
951,106
617,592
78,576
121,395
206,466
1,024,029
(72,923)
-
(72,923)
3,399,540
(9,304)
3,390,236
3,317,313

As permitted by Section 408 of the Companies Act 2006, the Statement of Financial Activities of the parent company is not presented as part of these financial statements.

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

12

Leicester Riders Foundation

Consolidated Balance Sheet 30 November 2022

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible fixed assets
16
6,944,273
CURRENT ASSETS
Stock
16,250
Debtors
18
304,132
Cash at bank and in hand
8,949
329,331
CREDITORS
Amounts falling due within one year
19
(2,390,809)
NET CURRENT LIABILITIES
(2,061,478)
TOTAL ASSETS LESS CURRENT
LIABILITIES
4,882,795
CREDITORS
Amounts falling due after more than one year 20
(1,231,137)
NET ASSETS
3,651,658
FUNDS
24
Unrestricted funds
Restricted funds
TOTAL FUNDS		 30.11.22
31.5.21
Restricted
Total
Total
funds
funds
funds
as restated
£
£
£
-
6,944,273
5,123,873
-
16,250
-
-
304,132
167,202
139,220
148,169
177,736
139,220
468,551
344,938
(51,466)
(2,442,275)
(853,998)
87,754
(1,973,724)
(509,060)
87,754
4,970,549
4,614,813
-
(1,231,137)
(1,297,501)
87,754
3,739,412
3,317,312
3,651,658
3,238,059
87,754
79,254
3,739,412
3,317,313

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

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. K T Routledge - Trustee

13

Leicester Riders Foundation

Company Balance Sheet 30 November 2022

Unrestricted
fund
Notes
£
FIXED ASSETS
Investments
17
1
CURRENT ASSETS
Debtors
18
467,045
Cash at bank and in hand
1,002
468,047
CREDITORS
Amounts falling due within one year
19
(312,182)
NET CURRENT ASSETS
155,865
TOTAL ASSETS LESS CURRENT
LIABILITIES
155,866
CREDITORS
Amounts falling due after more than one year 20
(34,891)
NET ASSETS
120,975
FUNDS
24
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
81,320
81,320
(51,466)
29,854
29,854
-
29,854		 30.11.22
31.5.21
Total
Total
funds
funds
as restated
£
£
1
1
467,045
354,676
82,322
136,077
549,367
490,753
(364,148)
(348,197)
185,219
142,556
185,220
142,557
(34,891)
(47,993)
150,329
94,564
120,975
15,310
29,854
79,254
150,329
94,564

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

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

............................................. K T Routledge - Trustee

14

Leicester Riders Foundation

Consolidated Cash Flow Statement for the Period 1 June 2021 to 30 November 2022

Period
1.6.21
to Year Ended
30.11.22 31.5.21
as restated
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 2,015,777 (93,943)
Interest paid (70,823) (24,850)
Net cash (used in)/provided by operating activities 1,944,954 (118,793)
Cash flows from investing activities
Purchase of tangible fixed assets (2,023,817) (77,097)
Finance income 23 -
Net cash (used in)/provided by financing activities (2,023,794) (77,097)
Cash flows from financing activities
New loans in year - 322,572
Loan repayments in year (18,973) -
HP repayments in year (57,209) (74,336)
Net cash (used in)/provided by financing activities (76,182) 248,236
Change in cash and cash equivalents
in the reporting period (155,022) 52,346
Cash and cash equivalents at the
beginning of the reporting period 2 174,836 122,490
Cash and cash equivalents at the end
of the reporting period 2 19,814 174,836

15

Leicester Riders Foundation

Notes to the Consolidated Cash Flow Statement for the Period 1 June 2021 to 30 November 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Period
1.6.21
to Year Ended
30.11.22
31.5.21
as restated
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 422,099 (72,923)
Adjustments for:
Finance income (23) -
Finance costs 70,823 24,850
Loss on disposal of fixed assets 6,995 -
Depreciation charges 196,422 114,209
Increase in stocks (16,250) -
(Increase)/decrease in debtors (136,930) 59,731
Increase/(decrease) in creditors 1,472,641 (219,810)
Net cash (used in)/provided by operations 2,015,777 (93,943)
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
30.11.22
31.5.21
as restated
£ £
Cash in hand 4,148 800
Notice deposits (less than 3 months) 144,021 176,936
Overdrafts included in bank loans and overdrafts falling due within one
year (128,355) (2,900)
Total cash and cash equivalents 19,814 174,836
3. ANALYSIS OF CHANGES IN NET DEBT
At 1.6.21 Cash flow At 30.11.22
£ £ £
Net cash
Cash at bank and in hand 177,736 (29,567) 148,169
Bank overdraft (2,900) (125,455) (128,355)
174,836 (155,022) 19,814
Debt
Debts falling due within 1 year (234,225) (27,979) (206,246)
Debts falling due after 1 year (304,860) (48,203) (256,657)
(539,085) 76,182 (462,903)
Total (364,249) (78,840) (443,089)

16

Leicester Riders Foundation

Notes to the Financial Statements for the Period 1 June 2021 to 30 November 2022

1. STATUTORY INFORMATION

Leicester Riders Foundation is a private company, limited by guarantee, registered in England and Wales. The registered number and registered office address can be found in the Report of the Trustees. The members, currently only the trustees, are liable to contribute an amount not exceeding £10 each towards the liabilities of the charity in the event of insolvency.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The charity extended its financial year end from 31 May 2022 to 30 November 2022 due to commercial reasons. These financial statements cover an 18 month reporting period whereas the comparative covers a 12 month reporting period.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

Expenditure incurred on support costs are allocated to activities based on management time spent.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

17

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

2. ACCOUNTING POLICIES - continued

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Donated goods

Donated goods, facilities and services are recognised when the charity has control over the items, it is probable that economics benefits will flow to the charity and the value can be reliably measured.

If it is impractical to measure the fair value of goods donated for resale or if the costs of valuation outweigh the benefit to users of the accounts and the charity of this information, the donated goods are recognised when they are sold.

Government grants

Government grants are recognised in accordance with the performance model.

Investments

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell on a first in first out basis.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective rate of interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Going concern

After reviewing the charity's forecasts and projections, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing the financial statements.

18

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

3. DONATIONS AND LEGACIES - GROUP

Donations
Grants		 Period
1.6.21
to
Year Ended
30.11.22
31.5.21
as restated
£
£
14,113
18,091
729,690
130,005
743,803
148,096

Government grants of £8,137 (£6,375) are included within grants which are not subject to any conditions.

Grants received, included in the above, are as follows:

Asian Sports Fund
ESF Community Learning and Skills
BBC
Local Apprenticeship Programme
National Lottery
The Big Issue
Leicestershire County Council
Police and Crime Commissioner for Leicestershire
Barclays Community Aid
Mencap
Mighty Creative
Sport England
Violence Reduction Network
National Lottery - I Will Fund
Sported Foundation
The Basketball Foundation
Mattioli Woods		 Period
1.6.21
to
Year Ended
30.11.22
31.5.21
as restated
£
£
-
8,300
-
11,330
19,600
7,300
16,072
-
-
9,700
12,000
60,000
8,137
6,375
-
17,000
100,000
-
1,525
-
24,756
-
-
10,000
35,000
-
3,200
-
400
-
9,000
-
500,000
-
729,690
130,005

19

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

4. OTHER TRADING ACTIVITIES - GROUP

Court hire
Food and beverages
Arena sponsorship
Other income
Ticket agency fees
Fundraising events
Ticket sales
Sponsorships
Raffles
Sale of donated items
5.
INVESTMENT INCOME - GROUP
Rents received
Solar feed income
Deposit account interest		 Period
1.6.21
to
Year Ended
30.11.22
31.5.21
as restated
£
£
678,843
74,628
875,051
33,266
45,000
26,750
10,507
72,414
2,602
-
844
-
292
-
4,200
-
10
-
(865)
-
1,686,296
137,246
Period
1.6.21
to
Year Ended
30.11.22
31.5.21
as restated
£
£
73,278
57,148
25,486
23
17,265
-
98,787
74,413

6. INCOME FROM CHARITABLE ACTIVITIES - GROUP

Student rent
contributions
Coaching and classes
Contributions from
attendees
Grants
Court Hire
Camps
Junior National League		 Residential
training
Community
schemes
projects
£
£
-
-
-
120,130
3,000
-
79,707
205,318
-
2,530
-
75,704
-
24,667
82,707
428,349		 Fieldhouse
£
282,599
-
-
-
-
-
-
282,599		 Period
1.6.21
to
Year Ended
30.11.22
31.5.21
as restated
Total
Total
activities
activities
£
£
282,599
129,805
120,130
9,398
3,000
-
285,025
24,550
2,530
-
75,704
-
24,667
28,289
793,655
192,042

20

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

6. INCOME FROM CHARITABLE ACTIVITIES - GROUP - continued

Grants received, included in the above, are as follows:

Ingeus
LCFC in the Community
Erasmus
7. OTHER INCOME – GROUP
Covid-19 Grants
Kick start Grants
Misc Income
8.
RAISING FUNDS - GROUP
Raising donations and legacies
Sundries
Fundraising events
Other trading activities
Purchases
Wages
Social security
Pensions
Other operating costs
Depreciation
Leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Loss on disposal of fixtures and fittings
Interest and finance charges

21

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

9. CHARITABLE ACTIVITIES COSTS - GROUP

Grant
funding of
activities
Direct
(see note
Costs
10)
£
£
Residential training schemes
76,807
-
Community projects
163,455
8,100
Fieldhouse
283,707
-
523,969
8,100
GRANTS PAYABLE - GROUP
Community projects
The total grants paid to institutions during the period was as follows:
Leicester Basketball Limited		 Support
costs (see
note 11)
£
10,554
343,799
36,522
390,875
Period
1.6.21
to
30.11.22
£
8,100
Period
1.6.21
to
30.11.22
£
8,100
8,100		 Totals
£
87,361
515,354
320,229
924,944
Year Ended
31.5.21
as restated
£
-
Year Ended
31.5.21
as restated
£
-
-

10. GRANTS PAYABLE - GROUP

11. SUPPORT COSTS - GROUP

Residential training
schemes
Community projects
Fieldhouse		 Support
team
£
-
303,047
15,410
318,457		 Finance
costs
£
3,652
10,958
7,306
21,916		 Governance
Overheads
costs
£
£
3,230
3,672
18,779
11,015
6,462
7,344
28,471
22,031		 Totals
£
10,554
343,799
36,522
390,875

22

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

11. SUPPORT COSTS – GROUP - continued

Activity Basis of allocation Support team According to relevant proportion of time spent Finance costs According to relevant proportion of time spent Overheads According to relevant proportion of time spent Governance costs According to relevant proportion of time spent

12. NET INCOME/(EXPENDITURE) - GROUP

Net income/(expenditure) is stated after charging/(crediting):

Period
1.6.21
to Year Ended
30.11.22
31.5.21
as restated
£ £
Auditors' remuneration 5,000 -

13. TRUSTEES' REMUNERATION AND BENEFITS - GROUP

There were no trustees' remuneration or other benefits for the period ended 30 November 2022 nor for the year ended 31 May 2021.

Trustees' expenses

There were no trustees' expenses paid for the period ended 30 November 2022 nor for the year ended 31 May 2021.

14. STAFF COSTS - GROUP

Wages and salaries
Social security costs
Other pension costs		 Period
1.6.21
to
Year Ended
30.11.22
31.5.21
as restated
£
£
981,993
456,785
62,532
30,091
11,658
7,176
1,056,183
494,052

23

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

14. STAFF COSTS – GROUP - continued

The average monthly number of employees during the period was as follows:

Period
1.6.21
to Year Ended
30.11.22
31.5.21
as restated
Other trading activities 19 16
Residential training scheme 13 9
Support team 13 11
45 36

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£60,000 was:
Period
1.6.21
to Year Ended
30.11.22
31.5.21
as restated
£ £
£60,001 - £70,000 1 -

The expense recognised in the statement of financial activities for defined pension contribution plans is £11,658. The expense is allocated between activities and funds on the basis of work performed by the employees across the categories.

Remuneration paid to key management personnel during the 18 month period was £47,760 (2021 - £28,247).

15. PRIOR YEAR ADJUSTMENT - GROUP

The comparatives have been restated to included £52,300 of grant income that met the income recognition criteria and interest payable of £20,607 which was previously not reflected in the statement of financial activities.

16. TANGIBLE FIXED ASSETS - COMPANY

TANGIBLE FIXED ASSETS - COMPANY
Computer
equipment
£
COST
At 1 June 2021 and 30 November 2022 859
DEPRECIATION
At 1 June 2021 and 30 November 2022 859
NET BOOK VALUE
At 30 November 2022 -
At 31 May 2021 -

24

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

16. TANGIBLE FIXED ASSETS - GROUP

COST OR VALUATION
At 1 June 2021
Additions
Disposals
At 30 November 2022
DEPRECIATION
At 1 June 2021
Charge for year
Eliminated on disposal
At 30 November 2022
NET BOOK VALUE
At 30 November 2022
At 31 May 2021
COST OR VALUATION
At 1 June 2021
Additions
Disposals
At 30 November 2022
DEPRECIATION
At 1 June 2021
Charge for year
Eliminated on disposal
At 30 November 2022
NET BOOK VALUE
At 30 November 2022
At 31 May 2021		 Leasehold
property
£
5,052,665
1,942,732
-
6,995,397
277,374
81,827
-
359,201
6,636,196
4,775,291
Motor
vehicles
£
49,261
-
-
49,261
49,261
-
-
49,261
-
-		 Plant and
machinery
£
2,623
28,684
-
31,307
655
6,734
-
7,389
23,918
1,968
Computer
equipment
£
115,080
15,125
-
130,205
60,932
37,534
-
98,466
31,739
54,148		 Fixtures
and
fittings
£
619,720
37,276
(17,624)
639,372
327,254
70,327
(10,629)
386,952
252,420
292,466
Totals
£
5,839,349
2,023,817
(17,624)
7,845,542
715,476
196,422
(10,629)
901,269
6,944,273
5,123,873

The Leasehold property has been pledged as security.

25

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

17. FIXED ASSET INVESTMENTS - COMPANY

FIXED ASSET INVESTMENTS - COMPANY
Shares in
group
undertakings
£
MARKET VALUE
At 1 June 2021 and 30 November 2022 1
NET BOOK VALUE
At 30 November 2022 1
At 31 May 2021 1

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

Leicester Community Sports Arena Limited

Registered office: 31 Charter Street, Leicester LE1 3UD Nature of business: Operation of a sports arena

%
Class of share:
holding
Ordinary
100
Assets
Liabilities
Capital and reserves
Turnover and other operating income
Expenditure
Profit/(loss)		 30.11.22
£
7,081,884
3,492,800
3,589,084
2,478,408
2,112,084
366,334		 31.5.21
£
5,204,958
1,982,208
3,222,750
467,853
617,584
(149,731)

18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - COMPANY

Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - GROUP
Trade debtors
VAT
Other debtors
Prepayments and accrued income		 30.11.22
31.5.21
as restated
£
£
26,624
28,762
276,327
226,901
156,051
99,013
8,043
-
467,045
354,676
30.11.22
31.5.21
as restated
£
£
67,035
56,202
63,387
-
158,268
99,013
15,442
11,987
304,132
167,202

18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - GROUP

26

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - COMPANY

Bank loans and overdrafts (see note 21)
Other loans (see note 21)
Trade creditors
Social security and other taxes
Other creditors
Rent deposits
Accruals and deferred income		 30.11.22
31.5.21
as restated
£
£
77,083
12,407
137,629
139,009
14,074
32,722
58,360
29,984
11,372
1,788
8,250
8,400
57,380
123,887
364,148
348,197

Accruals and deferred income includes deferred income of £55,640 (2021 - £106,922).

Deferred income includes grants received in advance of achieving performance related conditions of £41,318 (2021 - £104,003).

The remaining deferred income consists of income received for delivering services that take place following the year end.

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - GROUP

Bank loans and overdrafts (see note 21)
Other loans (see note 21)
Hire purchase
Trade creditors
Social security and other taxes
Other creditors
Rent deposits
Accruals and deferred income		 30.11.22
31.5.21
as restated
£
£
168,332
40,907
166,269
139,009
-
57,209
1,570,975
227,607
180,173
128,967
270,804
90,154
8,250
8,400
77,472
161,745
2,442,275
853,998

Accruals and deferred income includes deferred income of £55,640 (2021 - £142,489).

Deferred income includes grants received in advance of achieving performance related conditions of £41,318 (2021 - £104,003).

The remaining deferred income consists of income received for delivering services that take place following the year end.

20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - COMPANY

30.11.22
31.5.21
as restated
£ £
Bank loans (see note 21) 34,891 40,493
Other loans (see note 21) - 7,500
34,891 47,993

27

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - GROUP

Bank loans (see note 21)
Other loans (see note 21)
Other creditors
Amounts falling due in more than five years:
Repayable by instalments
Bank loans
Other loans		 30.11.22
31.5.21
as restated
£
£
111,275
161,326
145,382
143,534
974,480
992,641
1,231,137
1,297,501
-
1,700
30,827
21,479
30,827
23,179

Included in other creditors are loans totalling £974,481 (2021: £985,481) which are interest free and repayable with a minimum of 53 weeks notice.

21. LOANS - COMPANY

An analysis of the maturity of loans is given below:

Amounts falling due within one year on demand:
Bank overdrafts
Bank loans
Other loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Other loans - Repayable in 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years		 30.11.22
31.5.21
as restated
£
£
67,306
2,900
9,777
9,507
137,629
139,009
214,712
151,416
10,024
9,747
-
7,500
10,024
17,247
24,867
30,746

28

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

21. LOANS - GROUP

An analysis of the maturity of loans is given below:

22.

Amounts falling due within one year on demand:
Bank overdrafts
Bank loans
Other loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Other loans - Repayable in 1-2 years
Amounts falling due between two and five years:
Bank loans – 2-5 years
Other loans - Repayable in 2-5 years
Amounts falling due in more than 5 years:
Bank loans
Other loans
SECURED DEBTS – GROUP
The following secured debts are included within creditors:
Hire purchase contracts
Other loans		 30.11.22
31.5.21
as restated
£
£
128,355
2,900
39,977
38,007
166,269
139,009
334,601
179,916
40,224
39,947
28,639
36,139
68,863
76,086
71,051
119,679
85,916
85,916
156,967
205,595
-
1,700
30,827
21,479
30,827
23,179
30.11.22
31.5.21
£
£
-
57,209
174,021
143,194
174,021
200,403
71,051
85,916
156,967
-
30,827
30,827
30.11.22
£
-
174,021
174,021

The hire purchase contracts are secured over the assets so acquired.

The Other loans are secured by a fixed charge over the leasehold property and a floating charge over all other assets.

23. OTHER FINANCIAL COMMITMENTS - GROUP

The company has a financial commitment, not included in the balance sheet, of £4,720,000 (2021: £4,780,000).

This represents the ground rent payable, at £40,000 per year, under a lease which expires on 3 December 2140.

29

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

24. MOVEMENT IN FUNDS - COMPANY

Prior
year
At 1.6.21
adjustment
£
£
Unrestricted funds
General fund
35,918
(20,608)
Restricted funds
Erasmus
(2,900)
-
BBC Children in Need
-
7,300
National Citizen Service
12,149
-
Coach Core
6,375
-
European Social Fund
11,330
-
Carry a Basketball not a Blade
-
17,000
Tacking Inequalities Fund
-
8,300
National Lottery
-
9,700
Sport England
-
10,000
26,954
52,300
TOTAL FUNDS
62,872
31,692
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
708,728
Restricted funds
Erasmus
79,707
BBC Children in Need
19,600
National Citizen Service
191,663
Carry a Basketball not a Blade
-
Tacking Inequalities Fund
-
National Lottery
-
I Will Fund
3,200
Sport England
-
Big Issue
12,000
1967 Club
8,100
Hardship Fund 2022/23
4,000
Mighty Creative
24,756
Apprenticeship
16,072
Mencap
1,525
Violence Reduction
35,000
LCFC
1,500
United Leicester
12,155
British Basketball League
9,000
LCC
8,137
Mattioli Courts
500,000
926,415
TOTAL FUNDS
1,635,143		 Net
movement
in funds
£
105,165
2,900
(7,300)
-
-
-
(17,000)
(8,300)
(9,700)
(10,000)
(49,400)
55,765		 At
30.11.22
£
120,475
-
-
12,149
6,375
11,330
-
-
-
-
29,854
150,329
Movement
in funds
£
105,165
2,900
(7,300)
-
(17,000)
(8,300)
(9,700)
-
(10,000)
-
-
-
-
-
-
-
-
-
-
-
-
(49,400)
55,765
Resources
expended
£
(603,563)
(76,807)
(26,900)
(191,663)
(17,000)
(8,300)
(9,700)
(3,200)
(10,000)
(12,000)
(8,100)
(4,000)
(24,756)
(16,072)
(1,525)
(35,000)
(1,500)
(12,155)
(9,000)
(8,137)
(500,000)
(975,815)
(1,579,378)

30

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

24. MOVEMENT IN FUNDS – COMPANY - continued

Comparatives for movement in funds

Prior
year
At 1.6.20
adjustment
£
£
Unrestricted funds
General fund
27,060
(9,304)
Restricted funds
Erasmus
-
-
BBC Children in Need
-
-
National Citizen Service
-
-
Coach Core
-
-
European Social Fund
-
-
Carry a Basketball not a Blade
-
-
Tacking Inequalities Fund
-
-
National Lottery
-
-
Sport England
-
-
-
-
TOTAL FUNDS
27,060
(9,304)
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
388,698
Restricted funds
Erasmus
-
BBC Children in Need
7,300
National Citizen Service
24,550
Coach Core
6,375
European Social Fund
11,330
Carry a Basketball not a Blade
17,000
Tacking Inequalities Fund
8,300
National Lottery
9,700
Sport England
10,000
94,555
TOTAL FUNDS
483,253		 Net
movement
At
in funds
31.5.21
£
£
(2,446)
15,310
(2,900)
(2,900)
7,300
7,300
12,149
12,149
6,375
6,375
11,330
11,330
17,000
17,000
8,300
8,300
9,700
9,700
10,000
10,000
79,254
79,254
76,808
94,564
Resources
Movement
expended
in funds
£
£
(391,144)
(2,446)
(2,900)
(2,900)
-
7,300
(12,401)
12,149
-
6,375
-
11,330
-
17,000
-
8,300
-
9,700
-
10,000
(15,301)
79,254
(406,445)
76,808

31

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

24. MOVEMENT IN FUNDS - GROUP

Unrestricted funds
General fund
Restricted funds
Erasmus
BBC Children in Need
National Citizen Service
Coach Core
European Social Fund
Carry a Basketball not a
Blade
Tackling Inequalities
National Lottery
Sport England
Big Issue
Mighty Creative
Mencap
LCC
Mattioli Courts
TOTAL FUNDS		 Prior
year
At 1.6.21
adjustment
£
£
3,258,667
(20,608)
(2,900)
-
-
7,300
12,149
-
6,375
-
11,330
-
-
17,000
-
8,300
-
9,700
-
10,000
-
-
-
-
-
-
-
-
-
-
26,954
52,300
3,285,621
31,692		 Net
Transfers
movement
between
in funds
funds
£
£
(86,401)
500,000
2,900
-
(6,800)
-
30,000
-
-
-
-
-
(15,500)
-
(6,600)
-
(8,000)
-
(7,500)
-
5,000
-
13,000
-
500
-
1,500
-
500,000
(500,000)
508,500
(500,000)
422,099
-		 At
30.11.22
£
3,651,658
-
500
42,149
6,375
11,330
1,500
1,700
1,700
2,500
5,000
13,000
500
1,500
-
87,754
3,739,412

32

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

24. MOVEMENT IN FUNDS – GROUP - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Erasmus
BBC Children in Need
National Citizen Service
Carry a Basketball not a Blade
Tacking Inequalities Fund
National Lottery
I Will Fund
Sport England
Big Issue
1967 Club
Hardship Fund 2022/23
Mighty Creative
Apprenticeship
Mencap
Violence Reduction
LCFC
United Leicester
British Basketball League
LCC
Mattioli Courts
TOTAL FUNDS		 Incoming
resources
£
2,499,607
79,707
19,600
191,663
-
-
-
3,200
-
12,000
8,100
4,000
24,756
16,072
1,525
35,000
1,500
12,155
9,000
8,137
500,000
926,415
3,426,022		 Resources
expended
£
(2,586,008)
(76,807)
(26,400)
(161,663)
(15,500)
(6,600)
(8,000)
(3,200)
(7,500)
(7,000)
(8,100)
(4,000)
(11,756)
(16,072)
(1,025)
(35,000)
(1,500)
(12,155)
(9,000)
(6,637)
-
(417,915)
(3,003,923)		 Movement
in funds
£
(86,401)
2,900
(6,800)
30,000
(15,500)
(6,600)
(8,000)
-
(7,500)
5,000
-
-
13,000
-
500
-
-
-
-
1,500
500,000
508,500
422,099

33

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

24. MOVEMENT IN FUNDS – GROUP - continued

Comparatives for movement in funds

Prior
Net
year
movement
At 1.6.20
adjustment
in funds
£
£
£
Unrestricted funds
General fund
3,399,540
(9,304)
(152,177)
Restricted funds
Erasmus
-
-
(2,900)
BBC Children in Need
-
-
7,300
National Citizen Service
-
-
12,149
Coach Core
-
-
6,375
European Social Fund
-
-
11,330
Carry a Basketball not a Blade
-
-
17,000
Tacking Inequalities Fund
-
-
8,300
National Lottery
-
-
9,700
Sport England
-
-
10,000
-
-
79,254
TOTAL FUNDS
3,399,540
(9,304)
(72,923)
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
856,551
(1,008,728)
Restricted funds
Erasmus
-
(2,900)
BBC Children in Need
7,300
-
National Citizen Service
24,550
(12,401)
Coach Core
6,375
-
European Social Fund
11,330
-
Carry a Basketball not a Blade
17,000
-
Tacking Inequalities Fund
8,300
-
National Lottery
9,700
-
Sport England
10,000
-
94,555
(15,301)
TOTAL FUNDS
951,106
(1,024,029)		 Prior
Net
year
movement
At 1.6.20
adjustment
in funds
£
£
£
3,399,540
(9,304)
(152,177)
-
-
(2,900)
-
-
7,300
-
-
12,149
-
-
6,375
-
-
11,330
-
-
17,000
-
-
8,300
-
-
9,700
-
-
10,000
-
-
79,254
3,399,540
(9,304)
(72,923)		 At
31.5.21
£
3,238,059
(2,900)
7,300
12,149
6,375
11,330
17,000
8,300
9,700
10,000
79,254
3,317,313
Movement
in funds
£
(152,177)
(2,900)
7,300
12,149
6,375
11,330
17,000
8,300
9,700
10,000
79,254
(72,923)

34

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

24. MOVEMENT IN FUNDS

Details of Restricted funds

Erasmus

European Union funded programme to allow young athletes to experience other cultures.

BBC Children in Need

A project to help disabled children and young people in Leicester to have improved health and wellbeing.

National Citizen Service

A Government scheme targeted at students to undertake community engagement activities to build understanding of their responsibilities as citizens.

Coach Core

Apprenticeship scheme with councils and Leicestershire & Rutland Sport.

European Social Fund

A project to facilitate upward social mobility for disadvantaged young people from deprived areas of Leicester through supporting them to get and retain meaningful employment.

Big Issue

The Big Issue charity have provided several grants and loans to specifically address the Foundations' recovery from Covid. That has allowed the Foundation to invest in infrastructure and business processes, including marketing, to help build resources and to assist in the Foundation responding to other external grant opportunities.

Mighty Creative

This project was funded by national government to aid in the recovery of specified communities from Covid. It provided funding to specific cities via a London creative agency to engage young people in sport and culture activities, including rewarding them for reengagement and the most creative initiatives. The Morningside Arena and the Foundation was a key centre for this project in Leicester.

LCFC

Leicester City in the Community have provided funding for the Leicester Riders Foundation to support their delivery of their Kicks project, funding by the Premier League Foundation.

Mencap

Mencap is a charity supporting those with a learning disability. The Foundation has set up a number of sessions specifically for those young people which have proved immensely popular with the young people and their parents. The sessions are going to be expanded in terms of frequency and scope.

Vista

Vista is a charity supporting those with site loss. The Foundation has set up a number of sessions at the Arena specifically for those young people which were very popular with the young people.

United Leicester

UL is a partnership with Leicester City in the Community, Leicester Tigers Foundation and the community arm of Leicestershire County Cricket. We have secured a number of small grants from the Premier League Foundation, the NHS and from Everards charity to undertake activities with young people.

Ambassadors Project

This Project uses professional BBL Players to inspire young people to overcome their challenges and use education as opportunity for growth, via talks to schools' assemblies. It is called the Ambassadors project and is funded by Sport England via the Basketball Foundation, administered and managed by the BBL.

35

Leicester Riders Foundation

Notes to the Financial Statements - continued for the Period 1 June 2021 to 30 November 2022

24. MOVEMENT IN FUNDS - continued

LCC

This contract is to provide holiday activity camps alongside food provision for the most disadvantaged young people who qualify for free school meals. A similar contract has recently been won for the County Council.

Hardship Fund

Our Foundation is accessed by some of the most disadvantaged communities in Leicester and Leicestershire. Some of the young people can afford only a small or no contribution to running costs and may not have access to suitable footwear. We have set up a number of funding initiatives to provide services to these young people at no cost and to provide donated materials, including playing boots.

Transfer between funds

A grant of £500,000 was received from The Ian and Clare Mattioli Charitable Trust to help fund the arena extension built by the charity’s subsidiary company, Leicester Community Sports Arena Limited. The full £500,000 was spent during the period ended 30 November 2022 and the expenditure has been capitalised within Leasehold property. As there is no ongoing restriction on the building’s use, the asset has been transferred from the restricted fund to unrestricted.

25. RELATED PARTY DISCLOSURES

The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the period, the charity made a loan of £35,242 to Leicester Basketball Limited, a company controlled by two of the trustees. The total balance outstanding is £155,742 (2021: 120,500). This loan is interest free and repayable on demand.

Included within other creditors due in more than 1 year is a related party loan of £974,481 (2021: 985,481). The loan is interest free and repayable with a minimum of 53 weeks’ notice.

During the period, the charity received a £9,000 grant from The Basketball Foundation, a charity in which two of the trustees have significant influence.

36

Leicester Riders Foundation

Consolidated Detailed Statement of Financial Activities for the Period 1 June 2021 to 30 November 2022

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Grants
Other trading activities
Court hire
Food and beverages
Arena sponsorship
Other income
Ticket agency fees
Fundraising events
Ticket sales
Sponsorships
Raffles
Sale of donated items
Investment income
Rents received
Solar feed income
Deposit account interest
Charitable activities
Student rent contributions
Coaching and classes
Contributions from attendees
Grants
Court Hire
Camps
Junior National League
Other income
Covid-19 Grants
Kick start Grants
Misc Income
Total incoming resources		 Period
1.6.21
to
Year Ended
30.11.22
31.5.21
as restated
£
£
14,113
18,091
729,690
130,005
743,803
148,096
678,843
74,628
875,051
33,266
45,000
26,750
10,507
72,414
2,602
-
844
-
292
-
4,200
-
10
-
(865)
-
1,686,296
137,246
73,278
57,148
25,486
23
17,265
-
98,787
74,413
282,599
129,805
120,130
9,398
3,000
-
285,025
24,550
2,530
-
75,704
-
24,667
28,289
793,655
192,042
95,024
6,874
399,309
-
1,583
-
103,481
399,309
3,426,022
951,106

37

Leicester Riders Foundation

Detailed Statement of Financial Activities for the Period 1 June 2021 to 30 November 2022

EXPENDITURE
Raising donations and legacies
Sundries
Fundraising events
Other trading activities
Purchases
Wages
Social security
Pensions
Other operating costs
Depreciation
Leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Loss on disposal of fixtures and fittings
Interest and finance charges
Charitable activities
Wages
Social security
Pensions
Community basketball projects
Field House expenses
Coaching purchases
Junior National League expenses
Camp purchases
Erasmus
Room hire
NCS
Rates and utilities
Repairs and maintenance
Food purchases
Property management charge
Grants to institutions
Support costs
Support team
Wages
Social security
Pensions
Sundries		 Period
1.6.21
to
Year Ended
30.11.22
31.5.21
as restated
£
£
324
-
-
8
324
8
750,691
18,596
467,764
227,387
40,283
19,790
7,752
4,961
561,041
219,387
81,827
50,846
6,734
70,327
-
37,534
6,995
49,707
282
49,688
4,105
9,288
-
13,254
2,080,655
617,584
216,173
92,627
7,354
2,608
1,132
770
2,450
11,240
3,332
3,736
13,123
-
37,628
4,704
1,003
-
61,027
2,900
15,794
1,060
23,922
2,278
29,667
30,958
41,733
28,000
69,631
33,567
-
14,200
8,100
-
532,069
228,648
298,656
136,771
14,295
7,693
2,774
1,445
2,732
960
318,457
146,869

38

Leicester Riders Foundation

Detailed Statement of Financial Activities for the Period 1 June 2021 to 30 November 2022

Finance costs
Bank charges
Interest
Bank loan interest
Loan
Overheads
Rent
Rates and water
Insurance
Telephone
Postage and stationery
Sundries
Motor expenses
Travelling
Staff training
Uniforms and workwear
Governance costs
Auditors' remuneration
Professional fees
Total resources expended
Net income		 Period
1.6.21
to
Year Ended
30.11.22
31.5.21
as restated
£
£
800
281
-
12
1,856
-
19,260
11,303
21,916
11,596
600
-
5,807
5,752
524
274
1,652
-
-
12
1,847
790
-
796
13,894
3,235
912
-
-
-
28,471
7,624
5,000
-
17,031
11,700
22,031
11,700
3,003,923
1,024,029
422,099
(72,923)

39