2021-03-31-accounts - Fusion21 Foundation

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Trustees		Ms AAstbury
		Mr T Cahill
		Mr E Livesey
		Mr C E C Murray
		Ms C Baxter
		Ms ATaylor
Secretary		Mr M Chadwick
Charity number		1164818
Company	number	7998339
Registered	office	Unit 2
		Puma Court
		Kings Business Park
		Knowsley
		Merseyside
		L34 1PJ
Auditor		BWM
		Suite 5.1
		12Tithebarn	Street
		Liverpool
		L22DT
Bankers		Barclays Bank PLC
		Lord Street
		Liverpool
		L2 1TD

		Page
Chair and chief executive report
Trustees' report		2-16
Statement oftrustees'	responsibilities	17
Independent auditor's	report	18-21
Statement offinancial	activities	22
Consolidated balance	sheet	23
Charity balance sheet		24
Statement ofcash flows		25
Notes to the financial	statements	26-51

					Unrestricted	Unrestricted
					funds	funds
					2021	2020
				Notes	6	8
nco es de	ow	tsfr
Other trading activities Investments					6,119,697 7,579	6,639,989 12,270
Other income					15,577	20,827
Total Income					6,142,853	6,573,086
x end'tore o:
Raising funds					3,896,093	3,359,489
Charitable activities					573,9S1	180,939
Other				13	327,171	(20,797)
Total expenditure					4,797,245	3,519,631
Net Incoming resources					1,345,608	3,053,455
Other recognised gains Other gains or losses		and losses		14	776,978
Net movement	in funds				2,122,5S6	3,053,455
Fund balances	at 1 April	2020			8,822,847	5,769,392
Fund balances	at 31 March 2021				10,945,433	S,S22,847
Net movement	in funds	forthe financial year is attributable	to:
-Parent charily - Non controlling	interest				1,930,718 191,868	3,053,455
					2,122,586	3,053,455

				2021	2021	2020
			Notes	8
Fixed assets
Goodwill			15		592,970
Other intangible assets			15		214,764		47,417
Total intangible assets Tangible assets Investments			16 17		807,734 975,339 437,207		47,417 962,910 644,896
					2,220,280		1,655,223
Current assets
Stocks			19	734,153
Debtors			21	2,478,493		2,882,710
Cash at bank and in hand				7,468,284		5,797,932
				10,680,930		8,680,642
Creditors: amounts one year	falling due within			(1,101,239)		(882,878)
Net current assets					9,579,691		7,797,764
Total assets less current		liabilities			11,799,971		9,452,987
Creditors: amounts more than one year	falling due after				(296,143)		(287,773)
Provisions for liabilities			nots 26 & 27		(558,395)		(342,367)
Net assets					10,945,433		8,822,847
Income funds
Unrestricted funds
Designated funds General unrestricted	funds		28	3,026,859 7,751,685		782,207 8,040,640
Funds attributable to	parent charity				10,778,544		8,822,847
Non controlling interest					166,889
					10,945,433		8,822,847
The financial statements		were approved	Dec23,2021 by the Trustees on .........................
Mr E Llvesey				Mr C EC Murray
Trustee				Trustee
Company Registration		No. 7998339

				2021		2020
			Notes	6
Fixed assets
Investments			17		371,916		371,916
Current assets
Debtors			21	311		2,857
Cash at bank and	In	hend		3,285,483		2,609,544
				3,295,794		2,612,401
Creditors; amounts one year		falling due within	22	(6,106)		(7,310)
Net current assets					3,289,688		2,605,091
Total assets less	current liabilities				3,661,604		2,977,007
Income funds
~Il ti t dl d
Designated funds General unrestricted		funds		3,026,859 634,745		782,207 2,194,800
					3,661,604		2,977,007
					3,661,604		2,977,007

Mr E Livesey	Mr CEG Murray
Trustee	Trustee

				2021		2020
			Notes	8		6
Cash flaws from operating activities Cash generated from operations Interest paid Income taxes paid			33		2,092,402 (9,603) (120,351)		2,114,951 (15,289) (134,460)
					1,962,448		1,965,202
Investing activities
Purchase of intangible assets				(194,347)		(30,580)
Purchase oftangible fixed assets Purchase ofinvestmens				(121,337)		(131,366) (371,916)
Purchase ofother investments						(1,654)
Amounts received from fixed	assets
Investments				7,639
Investment income received				7,579		12,270
Net cash used in Investing	activities				(300,466)		(523,246)
Financing activities Repayment ofbank loans				8,370		(37,612)
Net cash generated from/(used financing activities		in)			8,370		(37,612)
Net increase in cash and cash		equivalents			1,670,352		1,404,344
Cash and cash equivalents at beginning			ofyear		5,797,932		4,393,588
Cash and cash equivalents	at	end of	year		7,468,284		5,797,932

Investments
	Unrestricted	Unrestricted
	funds	funds
	2021f	2020f
Interest receivable	7.579	12,270

		Unrestricted	Unrestricted
		funtls	funds
		2021f	2020 E
Other	Income	15,577	2,250
Share	ofprofit from aJoint venture		18,577
		15,577	20,827

				Unrestricted	unrestricted
				funds	funds
				2021 6	2020f
Fun	raisin	and	ublici
Advertising					8,690
Iladdt
Other Staff	trading costs	activities		1,249,822 2,480,699	1,152,437 2,063,746
Depreciation		and	arnortlsation	165,572	134,616
Trading costs				3,896,093	3,350,799
				3,896,093	3,359,489

Charitable ac	tivities
		UnrestrlctedUnrestricted
		funds	funds
		2021	2020
		6
Staff costs		36,798	53,131
Letting costs		1,403	2,281
		38,201	55,412
Grant funding	ofactivities {seenote 8)	518,240	99,127
Share ofsupport costs {seenote 9) Share ofgovernance costs {seenote 9)		682 16,858	1,859 24,541
		573,981	180,939

Grants payable	Grants payable
			Unrestricted	Unrestricted
			funds	funds
			2021	2020
			E	2
Grants to institutions:
Grow Spake Real Change Tunza Pride	Wigan 8 Leigh		6,240	10,207 10,000 17,170
Manchester	Youth	Zone		24,000
New Horizon	Youth Zone		8,000	8,000
Groundwoks	Cheshire			1,000
Dream High One Ark			11.250	8,750 20,000
CAF			100,000
NET			100.000
Taros Trust			90,000
Social Enterprise Homes4Good		Coalition	20,000 50,000
Thriving Spaces HACT			8.000 30,000
Dream Donation			3,750
CPAG			21,000
The Princes	Trust		50,000
Business in	the Community		20,000
			518,240	99,127

9	Supportcosts		Support costs	Governance costs	2021	Support costs	Governance costs	2020
			8	8			8	F
	Office costs					77		77
	Travel and subsistence					1,631		1,631
	Computer 8 software costs		625		625	151		151
	Miscellaneous		14		14
	postage		8		8
	Audit fee ofthe parent charity Accountancy Legal and professional			2,880 2,520 11,458	2,880 2,520 11,458		1,960 780 21,601	1,980 780 21,601
				16,858	17,540	1,859	24,541	26,400
	Analysed between Charitable activities		682	16,858	17,540	1,859	24,541	26,400
10	Auditor's remuneration
	The analysis of auditor's remuneration isas follows; Fess payable tothe charity's auditor:						2021 8	2020 8
	Audit ofthe charity's annual	accounts					2,880	1,800
	Other services to the group -the audit oflhe subsidiaries						8,750	7,000
	Total audit fees						11,630	8,800
	Non-audit services
	All other non-audit services						5,900	5,760

Number ofemployees
The average monthly	number	ofemployees		during the year	was:	2021	2020
						Number	Number
Client facing Management Administration and support						22 6 25	18 4 20
						53
Employment costs						2021 E	2020 E
Wages and salaries Social security costs Other pension costs						2,159,817 240,841 116,839	1,792,708 222,084 102,085
						2,517,497	2,116,877
The number of employees		whose	annual	remuneration	was E60,000 or
more were:						2021	2020
						Number	Number
E60,000 —E70,000 E70,001 - E80,000 E80,001 - E90,000 E90,001 - E100,000 E100,001 -E110,000 E110,001 - E120,000						5 1 2	1 4 2 1 1 1
E140,001 - E150,000
E150,OO1 - E16O,OOO

Other
		Unrestricted	Unrestricted
		funds	funds
		2021	2020
Share of Taxatlon	loss from joint venture	(99,829)	13,168 183,035
Actuarial (gain) Iloss on defined bsfefit pension scheme Initial recognition ofdefined benefit scheme liability		427,000	(394,000) 177,000
		327,171	(20,797)

Intangible fixed ass	ets
		Goodwill	software	Oevelopment	Total
				coute
			Group
			8	8
Cost
At 1 April 2020 Additions - separately Additions - business	acquired combinations	622,633	132,330 7,225	187,122	132,330 194,347 622,633
Disposals			(55,000)		(55,000)
At 31 March 2021		622,633	84,555	187,122	894,310
Amortlsatlon and Impairment At 1 April 2020 Amortisatlon charged for the year Disposals			84,913 27,000 (55,000)		84,913 56,663 (55,000)
At 31 March 2021		29,663	56,913		86,576
Carrying amount At 31 March 2021		592,9?0	27,642	187,122	807,734
At 31 March 2020			47,417		47,417

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Fixed asset	Investments
Group		Shares in group	Other investments	Total
		undertakings
		and
		participating
		interest
		6
Cost or valuation
At 1 April 2020 Repayments Consolidation adjustments		201,654 (200,000)	443,192 (7,639)	644,846 (7,639) (200,000)
At 31 March	2021	1,654	435,553	437,207
Carrying amount At 31March 2021		1,654	435,553	437,207
At 31 March	2020	201,654	443,192	644,846
Charity				Total 6
Cost or valuation
At 1 April 2020 &31 March 2021				371,916
Additions
Disposals
At 31 March	2021			371,916
Impairment
At 1 April 2020 &31 March 2021
Impairment	losses
Disposals
At 3'I March	2021
Carrying amount At 31 March 2021				371,916
At 31March	2020			371,916

				id
18	Subsidiaries (Charity)			(contnue)
	The results ofthe trading subsidiary,	Fusion 21 Limited (company number 050902696)included		within the
	Consolidated Statement ofFinancial	Activities are as	follows:
				6
	Tunlavel'			6,119,696
	Cost ofsales			(2,095)
	Gross Surplus Administration expenses Other operating income			6,117,601 (3,454,991) 4,477
	Operating surplus Interest receivable and similar income			2,667,087 7,578
	Interest payable and similar expenses			(14,601)
	Surplus before taxation Taxation			2,660,064 (127,341)
	Surplus for the financial year			2,532,723
	Other comprehensive income Actuarial lasses on defined benefit pension schemes			(427,000)
	Initial regognition ofdefined benegt Tax relating to other comprehensive	pension scheme income	liability	166,630
	Total Comprehensive income for the year			2,272,353
	Reserves represented by: Fixed assets			2,343,283
	Current Assets			6,241,299
	Creditors due within 1 year Creditors due aller more than one year Provisions for liabilities			(907,293) (246,143) (23,795)
	Defined benefit pension liability			(534,600)
				6,872,751
19	Stacks (Group)		2021	2020
			6	6
	Home plots		734,153

20	Financial Instruments
	Group						2021 8		2020
	Carrying amount offinancial Debt instruments measured at		assets amortlsed	cost		8,388,555		7,345,375
	Equity instruments measured	at cost less		impairment			373,570		573,570
	Carrying amount offinancial Measured at amortlssd cost		liabilities				896,186		653,844
	Charity						2021 8		2020 8
	Carrying amount offinancial Debt instruments measured at		assets amortlsed	cost		3,295,483			2,609,544
	Carrying amount offinancial Measured at amortissd cost		gabllltles				6,108		7,310
21	Debtors				Group	Group	Charity		Charity
					2020	2019		2021	2020
	Amounts falling due within	one year:			8	6		8	8
	Trade debtors				778,137	1,298,257
	Corporation tax recoverable Amounts owed by associate	undertakings			60,540	177,910
	Other debtors				103,844
	Prepayments and accrued Income				1.535,972	1,406,543		310	2,857
					2,478,493	2,882,710		310	2,857
22	Creditors: amounts falling	due within		one year
					Group	Group	Charity		Charity
					2021	2020	2021		2020
					8	8		8	8
	Bank loans (secured)		24		40,183	40,183
	Corporation tax payable				137,683	120,351
	Other taxation and social
	security Deferred Income				362,890 623	396,456
	Trade creditors				142,735	87,191		83	2,558
	Other creditors				25,644
	Accruals end deferred Income				391,481	238,697	6.023		4,752
					1,101,239	882,878	6,106		7,310

23	Creditors: amounts	falling	due after more than one year	due after more than one year
				Group	Group	Charity	Charity
				2021	2020	2D21	2020
				6	6	6
	Bank loans (secured)		24	296,143	287,773
				296,143	287,773
24	Loans and overdrafts	(Group)				2021	2D20
						6	6
	Bankloans					336,326	327,956
	Payable within one year Payable after one year					40,183 296,143	40,183 287,773

assets ofth	e company da	ted 8June 2017.
Provisions	for gabilitles	(Group)			2020
Deferred tax liabilities			26	23,795	75,367
Retirement	benegt obligaiions		27	534,600	267,000
				558,395	342,367

Group		Liabilities 2021	Liabilities 2020
Balances:
Accelerated Retirement	capital allowances benefit obligations	23,795	34,137 41,230
		23,795	76,367
Charity		Liabilities 2021	Liabilities 2020
Balances:		2	fi
Acoelerated	capital afiowances
Retirement	benefit obligations
		Group	Charity
		2021	2021
Movements	in the year:	6	9
Liability at 1April 2020		75,367
Charge to other expenditure		(51,572)
Liability at 31 March 2021		23,795

Retirement benefit schemes (Group)					(con1inued)
					2021
Amounts recognised in the profit and loss account:
Net interest on net defined benefit liability					5,000
Other expenses					3,000
Total costs/(income)					8,000
					2021
Amounts taken to other comprehensive	income:				6
Actual return on scheme assets					(226,000)
Less: calculated interest element					33,000
Return on scheme assets excluding interest		income			(193,000)
Actuarial changes related to obligations					620,000
Total costs/(income)					427,000
The amounts included in the balance sheet		arising	from the charity's	obligations	in respect ofdefined
benefit plans are as follows:
					2021
Present value ofdefined benefit obtigaUons					2,322,000
Fair value ofplan assets					(1,662,000)
Deficit in scheme					660,000
Deferred tax asset					(125,400)
Total liability recognised					534,600
Movements ln the present value ofdefined		benefit	obligations:
					202'l
					6
Liabllllies at 1 April 2020					1,664,000
Benefits paid					(3,000)
Actuarial gains and losses					620,000
interest cost					38,000
Other					3,000
At 31March 2021					2,322,000


Retirement benefit schemes (Group)				(continued)
Movements in the fair value of plan assets:
				2021
				6
Fair value ofassets at 1 April 2020				1,397,000
interest Income				33,000
Return on plan assets (excluding	amounts	included	in net interest)	193,000
Benefits paid				(3,000)
Contributions by ths employer				42,000
At 31 March 2021				1,662,000
The fair value ofplan assets at the reporting		period	end was as follows:
				2021
				6
Equity instruments				265,000
Debt instruments				205,000
Property				77,000
Liability driven investments				422,000
Absolute return				92,000
Alternative risk permia				63,000
Secured income				69,000
Other categories				469,000
				1,662,000

						hllovement
						In funds
					Balance st	Incoming	Balance at	Transfers	Balance at
					1Apra 2010	resources	1April 2020		01 March 2021
					E	E	E	E	E
Corehaus	investment				347,707		347,707	22,293	370,000
Employment		skills,	health wsllbeing	&
deprivation					370,000		370,000	2,222,359	2,592,359
Social Investment			manager		64,500		64,500		64,500
					782,207		782,207	2,244,652	3,025,859

		2021	2020
		6
Aggregate	compensation	102,482	102,482

Analy	sis ofchanges in net funds
		At1 Aprll2020	Caah flcwaAt 21 INarch 2021
		6	6	6
Cash	at bank snd in hand	5,797,932	1,670,352	7,468,284
Loans	falling due within one year	(40,183)		(40,183)
Loans	falling due after more then one year	(287,773)	(8,370)	(296,143)
		5,469,976	1,661,982	7,131,958

Cash generated from operations	Cash generated from operations	Cash generated from operations			2021	2020
						6
Surplus for the year					2,122,586	3,053,455
Adjustments for:
Taxation charged					66,801	183,035
Investment income recognised		in statement		offinancial activities	(7,579)	(12,270)
Interest payable					9,603	15,289
Share of profit on Joint Venture						(18,577)
Share of loss on Joint Venture						13,168
Amorlisailon and Impairment	of	intangible	assets		56,663	35,340
Depreciation and impairment	oftangible		fixed assets		108,909	94,011
Consolidation adjustments					286,754
Movements ln working capitali
(Increase) in stocks					(734,153)
Decreasef(increase) in debtors					404,217	(1,050,051)
Increase in creditors					200,406	7,184
Increase in provisions					(422,428)	(205,634)
Increase in deferred income					623
Cash generated from operations					2,092,402	2,114,951