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2024-03-31-accounts

Registered number: 04182567 Charity number: 1179502

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 12
Independent auditors' report on the financial statements 13 - 16
Statement of financial activities 17
Balance sheet 18
Statement of cash flows 19
Notes to the financial statements 20 - 38

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees

Mark Bowman, Chief Executive Sean Balmer, Trustee Derick Pattinson, Trustee George Beveridge, Chairman Jane Wilding, Trustee Samuel Lyon, Trustee (resigned 9 January 2024) Ruth Harrison-Palmer, Trustee Stephen Sankson, Trustee (resigned 31 July 2023) Robert Scott, Trustee Arun Kumar, Trustee (appointed 24 May 2024) Alison Robinson, Trustee (appointed 24 May 2024)

Company registered number 04182567 Charity registered number 1179502 Registered office Castle View Gillan Way Penrith 40 Business Park Penrith Cumbria CA11 9BP

Company secretary David Emerson Chief executive officer Mark Bowman Independent auditors Armstrong Watson Audit Limited Chartered Accountants & Statutory Auditors James Watson House Montgomery Way Rosehill Carlisle Cumbria CA1 2UU

Page 1

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements of Inspira (01) for the year 1 April 2023 to 31 March 2024. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

INTRODUCTION FROM THE CHAIR AND CHIEF EXECUTIVE

Welcome to our Trustees report for 2023/24. We are delighted that we have directly supported over 32,500 people to achieve better employment, education and training outcomes. We have indirectly supported thousands more.

The last year has been very important for Inspira, there has been much change in both national and local government arrangements, the external landscape has been challenging but ultimately positive. We have worked hard to translate national policy into relevant working solutions, designing bold programmes that resonate with beneficiaries, employers and commissioners. Doing this has enhanced our reputation and we are a significant regional presence in the Careers and Employability landscape with a reputation that is respected nationally.

All of this work would not be possible without a great team of people. We really understand the need for a resilient and motivated workforce. Our most recent survey shows that 97% take pride in being part of Inspira.

In a year of change locally, successfully tendering for key local government contracts such as Targeted Careers Information advice and guidance, Careers Hubs, Employability programmes and Multiply has been fundamental to our success. Winning new nationally tendered work such as Adult Education Budget and gaining extensions to nationally delivered contracts such as Restart and National Careers Service means the regional offer we put forward for beneficiaries is comprehensive and as seamless as possible. We deliver locally to the communities who need it the most. We are constantly looking for opportunities to help improve our charitable objectives.

To continue to innovate and deliver timely relevant programmes we need good governance. The trustees follow the Charity Governance Code as a framework and work towards its recommendations. To make sure we are serving all of the communities in our geographical footprint we are reviewing our Equality, Diversity and Inclusion (EDI) strategy. An initial action plan has been produced that supports and promotes EDI across the charity. We continue to innovate with new technologies to help both staff and beneficiaries.

We are proud of the work that we do and we have invested in making sure people know about it both within the charity and with stakeholders. Videos showing both beneficiary and staff stories have been produced and media interaction has been high.

We are pleased with the progress we have made over the last year and are very much focussed on the change that a new government will bring and how ultimately we can support more people.

George Beveridge – Chair Mark Bowman – Chief Executive

Page 2

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED) (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

a. Policies and objectives

Mission and Vision

Inspira works to connect people with education and employers.

Our mission is to empower young people and adults to help them reach their potential in life, work and society.

Our Values are

Our Charitable Objects

The Charity’s objects are restricted specifically (in each case, only for the public benefit) to the following:

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

The Trustees have agreed a strategic planning framework based on the following principles:

Following its charitable objects, Inspira exists to help young people and adults reach their full potential, in work, life and society. The services, programmes and ultimately the benefits that Inspira can offer are chosen to help fulfil the mission.

c. Main activities undertaken to further the charity's purposes for the public benefit

Statement on Public Benefit

The Trustees have taken into consideration the Charity’s Commission guidance on Public Benefit in preparing their statements on public benefit contained within this Trustees Annual Report.

Page 3

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Over the financial year covered by this report the charity has worked with over 25,000 young people helping them develop their skills and capabilities and preventing them from becoming socially excluded. It has worked with nearly 7,500 adults, providing advice and skills to relieve unemployment, advancing their skills and capabilities to find employment. Working with over 700 employers we have helped over 3300 adults find employment or further training.

Trustees Assessment of Public Benefit

As well as overseeing the services and programmes the Charity delivers, the Trustees scrutinise key elements of operations such as Safeguarding and Health and Safety, receiving reports at every trustees meeting.

The Trustees see a full range of performance indicators at every Trustees meeting which helps satisfy them that the Charity is providing public benefit and achieving its charitable objects.

The full range of programmes that Inspira delivers provide crucial services to the communities that we work in. All programmes are carefully selected to ensure they meet the objects of the Charity and provide added value to its beneficiaries.

With a growing geographical footprint the Trustees are confident that not only is Public Benefit being provided, it is being provided to a growing number of beneficiaries.

Achievements and performance

c. Key performance indicators

Financial Review and Results for the Year:

The Statement of Financial Activities shows total income of £5,337,343 (2023: £6,296,725) and total expenditure of £5,164,373 (2023: £5,931,959) leading to an operating surplus, for the 12 month period of £172,970 (2023 £364,766).

Following the end of the previous National Citizen Service contract in 2022/23, total income decreased during 2023/24. There was also a corresponding reduction in expenditure during the year. During the year new contracts have been won and income is expected to return to 2022/23 levels.

d. Review of activities

We are experienced in providing inspiring and powerful programmes to change an individuals life so that they are supported as they broaden their horizons and reach to achieve their potential. The programmes we manage and deliver have a positive impact on people’s lives.

As a charitable company working in the employability skills field, we are driven by our BOLD, RESILIENT and RELEVANT values.

We ensure young people and adults have access to and experience the working world and have the knowledge and skills to succeed. By doing this, we help build stronger, bolder local communities that are resilient to changes in the economy and relevant for the modern world and workplace.

Our major programmes at a glance

We are experienced in providing inspiring and powerful programmes to change an individual's life so that they are supported as they broaden their horizons and reach to achieve their potential.

The programmes we manage have a positive impact on people's lives:

Page 4

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The Key

The Key offers skills support for adults in Cumbria who are unemployed and inactive in the labour market. Designed to match jobseekers with live local job opportunities, the programme aims to update and improve the skills of participants so that they can compete effectively in the labour market.

The Link

Employer encounters are vitally important for all young people. Through The Link we have built a network of SME employers to work with young people across Cumbria to understand the world of work and the skills that are valued in the workplace.

Targeted Careers Information, Advice and Guidance (TCIAG).

Inspira has been commissioned to provide TCIAG and support with progression planning to priority groups of young people. We also manage the September Guarantee to ensure all young people have a suitable offer of post-16 learning.

Multiply

Multiply is a government-funded programme to help adults improve their numeracy skills. It is aimed at people aged 19 and over and don’t have maths GCSE at grade C (or equivalent). They can access free numeracy courses through Multiply to build their confidence with numbers and gain a qualification.

Lancashire Careers Hub

Lancashire Careers Hub is a collaboration of 154 secondary schools and colleges across the whole region who work together to deliver the Gatsby benchmarks. Collaborating with business partners, the public, education and voluntary sectors, they help improve careers outcomes for young people.

National Careers Service

National Careers Service provides careers information, advice and guidance, targeted at adults. We can help our clients to make decisions on learning, training and work at all stages of their career with enhanced support for priority groups.

Education, Training, Employment

ETE helps men on probation with gaining new skills, qualifications, training and funding or maintaining work. Our advisers provide a number of interventions including mentoring, disclosure advice and support with literacy and numeracy.

Launchpad

Launchpad offers NEET young people aged 16-24 across Cumbria a range of personalised support, tailored development opportunities, experiences and encounters with employers to help them progress into mainstream labour market opportunities, education and apprenticeships.

Restart

The Restart Scheme offers Universal Credit claimants who have been out of work for at least 9 months and have multiple barriers to employment enhanced support to find jobs in their local area. This is achieved through personalised one to one support and bespoke employer engagement.

Page 5

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The Adult Education Budget (AEB)

The Adult Education Budget is a fund that has been set up by the government to help support the delivery of education and training to people aged 19 and over.

Our Stories

We believe that our beneficiaries are best placed to talk about the work we do.

Experiencing peoples stories first hand can be incredibly powerful. This year we commissioned two videos to highlight the impact of our work.

As you watch, you’ll see how Inspira’s support can truly be described as life changing.

Or visit https://www.youtube.com/watch?v=G1tonR-Yr1w

Page 6

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Or visit https://www.youtube.com/watch?v=RvcN7HwOO3Q

e. Pension schemes

The Charity operates a defined contribution scheme for employees, managed on the Charity’s behalf by Aviva. Total combined employee and employer contributions exceed minimum percentage level requirements.

f. Investment policy and performance

In the current economic climate investment returns are improving and the Charity continues to generate interest through its interest-bearing accounts held with its bank. The Charity has no other financial investments held in stock market or banking related products. The Charity owns its head office premises and generates rental income from part of the property.

g. Factors relevant to achieve objectives

Our People:

Our people drive the outcomes we achieve for both beneficiaries and commissioners. During the year we have had a dedicated team who, whatever their role in the charity are focussed on providing high quality services to get the best possible outcomes. We work hard to develop the team and alongside a host of formal sector based and statutory qualifications, we have delivered 430 training modules resulting in 2339 CPD hours. We bring the whole team together twice a year to celebrate success and tackle issues that are important to the team. This year we had a focus on Artificial Intelligence (AI).

We are always looking at ways to improve communication and engagement and have set up a series of ‘lunch and learn’ sessions as an informal way to provide peer support and improve outcomes. We have delivered 75 sessions. We make sure we ask the teams opinions, this year in our annual survey 97% of the team would recommend Inspira as an employer and 95% believed we live our values.

Page 7

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

This year we also asked the whole team to complete an anonymous Mental Toughness Questionnaire (MTQ) and each colleague received a personalised report and the anonymised company profile has provided rich data to help us support staff in a more focussed way.

The quality of our work is a key factor in our success. We have produced an initial self assessment and are preparing for a monitoring visit from Ofsted.

We have been re-accredited with the Matrix Standard which gives assurance of the quality of Information, Advice and Guidance the Charity delivers.

The Trustees receive a safeguarding update at every Board meeting and a full annual review. Following this years review we have also undertaken a ‘deep dive’ with all staff and subcontractors to give further assurance.

We are a disability confident employer and amongst other accreditations hold the ISO27001 Information Security Standard.

Partnerships

Partnerships and collaboration is important to avoid duplication and to make sure public and charitable money is spent in the best possible way. As well as delivering our major programmes we collaborate and participate in numerous strategic and operational partnerships.

We work closely with all of local councils and unitary authorities in our footprint. We work with schools, colleges, universities, Multi Academy Trusts (MATs) and Pupil Referral Units (PRU’s) to deliver outcomes to young people.

To help people get jobs, now or in the future we need to have excellent partnerships with local employers. This year we have worked with over 700 employers to help them fill vacancies and inspire the future workforce. We are actively working in partnerships, supporting a diverse range of employers, creating inspiring, innovative and sector specific employment programmes that help them fill their workforce needs and help local people into work.

We are members of a number of national trade associations and practitioner bodies such as Careers England (CEO is current Chair), Employment Related Services Association (ERSA), Careers Development Institute (CDI) and the Institute of Employability Professionals (IEP).

The Trustees regularly review the Charity’s approach to stakeholder engagement and to deliver maximum impact to its beneficiaries.

We deliver contracts on behalf of: Blackpool council Cumberland Council DWP Education & Skills Funding Agency EDT G4S Lancashire County Council Maximus Seetec Westmorland and Furness Council

Page 8

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

We have also received funding from : BAE Cavendish Nuclear Cumbria Community Foundation Cumbria LEP Energus GDF Community Partnership REACT Foundation RE:Vision

h. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

i. Reserves policy

Inspira needs free reserves to enable it to fulfil its charitable obligations and commitments that it enters into. The Charity also requires reserves to ensure continuance of these obligations in the event of any unexpected revenue shortfall.

Free reserves are defined by the Charity Commission as unrestricted funds available to spend on the general purposes of the charity and therefore excluding those designated for particular purposes and those already utilised in purchasing tangible fixed assets. Free reserves should not be mistaken for cash reserves.

Inspira’s policy in the long term is to aim to hold reserves equal to not less than three months normal running costs. The directors/trustees believe that the reserves should be built up to the desired level in stages consistent with the charity’s overall financial position and its need to maintain and develop its charitable objectives. The charity’s short term objective is to ensure that the combination of cash and realisable fixed assets is sufficient to meet current and anticipated obligations.

At 31 March 2024, free reserves stood at £1,246,000, this fell approximately 10% short of the three months running costs stated in this policy.

Structure, governance and management

j. Constitution

The Charity was incorporated on 19 March 2001 and commenced trading on that date.

The Charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 21 March 2018.

The Charity is constituted under a Memorandum of Association dated 21 March 2018 and its registered charity number is 1179502.

On the 8th February 2024 Inspira Cumbria Limited changed its name to Inspira (01). It continues to trade as Inspira.

Every member undertakes to contribute an amount not exceeding £1 in the event of the Charity being wound up. As at 31st March 2024 the Charity had 7 members, individuals who are the trustees.

There have been no changes to the charitable objects since the last annual report.

Page 9

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

k. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. Potential trustees are identified via widespread advertising and by partner organisations or serving directors/trustees and have the necessary skills and experience to complement the current Board.

On appointment each new director/trustee receives an induction pack which outlines the role and responsibilities of becoming a director/trustee to the organisation, terms and conditions of the appointment, background details of the Charity and information relating to the conduct of the Board, including matters reserved, standing orders and specific policies and procedures.

In May 2024 two new Trustees have been appointed.

l. Policies adopted for the induction and training of Trustees

Every year Trustees carry out an annual Board evaluation which includes an online survey and analysis or results at the subsequent Board meeting. The evaluation covers areas such as:

The Charity has also benchmarked against the Charity Governance code and uses this as a tool for improvement.

m. Pay policy for senior staff

The pay policy for senior staff is based on industry benchmarks.

The Chair of the Board is responsible for the Chief Executive's performance development review and the Board determine an annual pay review, with the employment contract and policies of the organisation.

n. Organisational structure and decision making

The Company was established in March 2001. In August 2018 we became a registered charity.

The Chief Executive, under the delegation from the Board is responsible for the day-to-day management of the Company. The Senior Management Team is comprised of the CEO, delivery Director, Head of employability and Chief Financial Officer. The responsibility of the SMT is to manage and develop the Company as effectively as possible.

The Board of Trustees meets at least six times a year. The Chair is a non-executive chosen by the Board. Committees have delegated authority to review business areas such as Finance and Growth, People and Performance and related areas. Committees meet at least three times a year.

o. Risk management

The Trustees have identified the major risks to which the charity is exposed, and how these risks are managed and are satisfied that the systems and procedures put in place effectively mitigate these.

Senior management monitors the key risks on a day to day basis and assesses the controls used for managing those risks. The Board formally reviews and documents the principal risks facing the business. The Charity has a

Page 10

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

policy of being risk aware as opposed to risk averse.

The principal risks and uncertainties facing the Charity are as follows:

Future development

The Charity has a main aim of supporting as many people as possible to reach their full potential. This remains the key driver, but we are acutely aware that to achieve this we must maintain financial sustainability. Strategic plans are in place to help this happen which include growth, both geographically and in the charitable activities that we deliver.

In May 2022 the Trustees agreed the continuation framework for a refreshed five-year strategy. Based on the success of the previous strategy it covers

It was agreed in May 2024 that work would begin to develop a new strategic planning framework that will enhance the ambition of the Charity.

Plans for future periods

As a new government is elected there will be inevitable change which we expect will lead to opportunity. We have stability of a number of contracts which means we can focus on expanding our offer. We are concentrating on our young people, younger adults and longer term unemployed people as our priority beneficiaries within that group.

We will also focus on those with care experience, special educational needs and experience of the criminal justice system. We believe our experience and infrastructure makes us uniquely placed to deliver the best and most comprehensive offer in the region.

Future Public Benefit

Demand for employability services from both a beneficiary and employer perspective continues to grow. We have seen a growth in the number of beneficiaries we support and we expect this to continue. We expect a growth in support to young people.

The Trustees will ensure that the Charity continues to benefit the public by providing strong governance and the Senior Management Team will provide strong management responding where appropriate to any requirements laid down by the Charity Commission.

Page 11

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED) (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

M Bowman

M Bowman (Aug 22, 2024 10:34 GMT+1) ................................................ Mr M Bowman Trustee

Date: 22/08/2024

Page 12

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

Opinion

We have audited the financial statements of Inspira (01) (formerly known as Inspira Cumbria Limited) (the 'charity') for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council'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.

Page 13

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED) (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our 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 Trustees' report.

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

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, 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.

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INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED) (CONTINUED)

Auditors' 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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Auditor’s 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Page 15

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED) (CONTINUED)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Auditors' report.

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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Lauren Graham (Aug 22, 2024 13:51 GMT+1)

Lauren Graham (Senior statutory auditor)

for and on behalf of

Armstrong Watson Audit Limited

Chartered Accountants & Statutory Auditors Carlisle

Date: 22/08/2024

Page 16

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
Income from:
Charitable activities
3
Exceptional income
4
Investments
5
Other income
6
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net income/(expenditure) before net
gains on investments
Fair value gain on investment property
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Defined benefit pension scheme
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
4,525,266
-
27,571
79,182
4,632,019
4,444,853
4,444,853
187,166
59,000
246,166
-
246,166
1,898,945
246,166
2,145,111		 Restricted
funds
2024
£
705,324
-
-
-
705,324
719,520
719,520
(14,196)
-
(14,196)
-
(14,196)
27,950
(14,196)
13,754		 Total
funds
2024
£
5,230,590
-
27,571
79,182
5,337,343
5,164,373
5,164,373
172,970
59,000
231,970
-
231,970
1,926,895
231,970
2,158,865		 Total
funds
2023
£
6,161,005
75,639
29,667
30,414
6,296,725
5,931,959
5,931,959
364,766
-
364,766
686,000
1,050,766
876,129
1,050,766
1,926,895

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

The notes on pages 20 to 38 form part of these financial statements.

Page 17

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED) (A company limited by guarantee) REGISTERED NUMBER: 04182567

BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
12
Investment property
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
16
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 931,412
1,173,954
2,105,366
(845,612)		 2024
£
490,111
409,000
899,111
1,259,754
2,158,865
-
2,158,865
13,754
2,145,111
2,158,865		 530,496
1,607,133
2,137,629
(1,009,122)		 2023
£
489,050
350,000
839,050
1,128,507
1,967,557
(40,662)
1,926,895
27,950
1,898,945
1,926,895

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

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

M Bowman

M Bowman (Aug 22, 2024 10:34 GMT+1) ................................................

Mark Bowman

Chief Executive Officer

Date: 22/08/2024

The notes on pages 20 to 38 form part of these financial statements.

Page 18

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 20 to 38 form part of these financial statements		 2024
£
(329,972)
62,230
(43,762)
18,468
(121,675)
(121,675)
(433,179)
1,607,133
1,173,954		 2023
£
298,934
13,582
(67,824)
(54,242)
(32,328)
(32,328)
212,364
1,394,769
1,607,133

Page 19

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Inspira (01) (formerly known as Inspira Cumbria Limited) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

On 8 February 2024 the charity changed its name from Inspira Cumbria Limited to Inspira (01).

1.2 Company status

The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

1.3 Going concern

At the balance sheet date, the charity had net current assets of £1,259,754, net assets of £2,158,865 and a strong cash position of £1,173,954.

The trustees have reviewed the financial position together with the post year end performance of the charity, and have deemed the going concern basis appropriate. Management and the trustees continue to monitor the cash position, and have confirmed that there is sufficient cash to pay liabilities as they fall due for at least 12 months from signing these financial statements.

1.4 Income

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

Where contract income requires the charity to deliver on set performance criteria, income is recognised once the required conditions have been achieved.

Where the charity receives an upfront delivery fee in respect of a contract with attached performance conditions, delivery fee income is released once outcomes have been achieved over the life of the contract.

Grants are received from donors and other sponsors. For those that are to fund specific projects, these are held as restricted funds. Where a project is not finished within the financial year, the balance of grants, net of expenditure to date, is carried forward as restricted funds.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 20

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

1. Accounting policies (continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out centrally.

Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

1.6 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.

1.7 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.

1.8 Interest income

Interest income is recognised in the Statement of financial activities using the effective interest method.

1.9 Finance costs

Finance costs are charged to the Statement of financial activities over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

1.10 Borrowing costs

All borrowing costs are recognised in the Statement of financial activities in the year in which they are incurred.

1.11 Pensions

Defined contribution pension plan

The charity operates a defined contribution pension scheme for certain employees and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

Page 21

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

1. Accounting policies (continued)

1.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.13 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property - 40 years
Leasehold improvements - in line with the lease term
Computers - 3 years
Equipment - 3 years

1.14 Investment property

Investment property is carried at fair value reviewed by the directors annually. The directors have engaged with a professional surveyor to help them to assess the fair value at the balance sheet date. The value is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of financial activities.

1.15 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.16 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.

1.17 Provisions for liabilities

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

1.18 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 22

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

1. Accounting policies (continued)

1.19 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

Key sources of estimation uncertainty

Valuation of investment property

The charity carries its investment property at fair value, with changes in fair value being recognised in the Statement of Financial Activities. Management engaged an independent valuation specialist to determine fair value. The valuer used a valuation technique underpinned by rental yields, based on the open market value of the property.

Page 23

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

3. Income from charitable activities

Unrestricted
funds
2024
£
Young People
2,207,970
Adults & Employability
2,068,680
Other
248,616
Total 2024
4,525,266
Unrestricted
funds
2023
£
Young People
3,321,039
Adults & Employability
2,208,493
Other
237,838
Total 2023
5,767,370		 Restricted
funds
2024
£
-
624,439
80,885
705,324
Restricted
funds
2023
£
-
-
393,635
393,635		 Total
funds
2024
£
2,207,970
2,693,119
329,501
5,230,590
Total
funds
2023
£
3,321,039
2,208,493
631,473
6,161,005

Page 24

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

4. Exceptional income Income from non charitable trading activities

VAT rebate
Unrestricted
funds
2023
£
VAT rebate
75,639
5.
Investment income
Unrestricted
funds
2024
£
Rental income
27,571
Unrestricted
funds
2023
£
Rental income
29,667		 Total
funds
2024
£
-
Total
funds
2023
£
75,639
Total
funds
2024
£
27,571
Total
funds
2023
£
29,667

Page 25

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

6. Other incoming resources

Other income
Interest receivable
Other income
Interest receivable		 Unrestricted
funds
2024
£
16,952
62,230
79,182
Unrestricted
funds
2023
£
16,832
13,582
30,414		 Total
funds
2024
£
16,952
62,230
79,182
Total
funds
2023
£
16,832
13,582
30,414

7. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Direct costs
4,444,853
Unrestricted
funds
2023
£
Direct costs
5,552,912		 Restricted
funds
2024
£
719,520
Restricted
funds
2023
£
379,047		 Total
2024
£
5,164,373
Total
2023
£
5,931,959

Page 26

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

8. Analysis of expenditure by activities

Direct costs
Direct costs
Analysis of direct costs		 Activities
undertaken
directly
2024
£
4,564,455
Activities
undertaken
directly
2023
£
5,184,866		 Support
costs
2024
£
599,917
Support
costs
2023
£
747,093		 Total
funds
2024
£
5,164,372
Total
funds
2023
£
5,931,959
Direct Costs
2024
£
Wages and salaries
3,716,762
Subcontractor costs
308,283
Direct project costs
99,864
Irrecoverable VAT
55,245
Travel and motor expenses
81,566
Vehicle leasing charges
96
Advertising, conventions and shows
21,710
Bank charges
2,861
Property costs
238,159
Meeting room hire and refreshments
30,282
Quality and performance management
9,627
4,564,455		 Total
funds
2024
£
3,716,762
308,283
99,864
55,245
81,566
96
21,710
2,861
238,159
30,282
9,627
4,564,455

Page 27

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

8. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Wages and salaries
Subcontractor costs
Recruitment and staff training
Travel and motor expenses
Vehicle leasing charges
Advertising, conventions and shows
Bank charges
Property costs
Meeting room hire and refreshments		 Direct Costs
2023
£
4,273,017
336,633
97,678
154,027
171
37,714
2,953
210,659
72,014
5,184,866		 Total
funds
2023
£
4,273,017
336,633
97,678
154,027
171
37,714
2,953
210,659
72,014
5,184,866

Analysis of support costs

Wages and salaries
Depreciation
Office expenses
Interest payable
Audit and accountancy fees
Legal and professional fees
Trade subscriptions
Sundry expenses
Irrecoverable VAT		 Support
Costs
2024
£
100,576
61,371
256,154
1,597
15,075
29,743
300
83,085
52,016
599,917		 Total
funds
2024
£
100,576
61,371
256,154
1,597
15,075
29,743
300
83,085
52,016
599,917

Page 28

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

8. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Wages and salaries
Depreciation
Office expenses
Interest payable
Audit and accountancy fees
Legal and professional fees
Trade subscriptions
Sundry expenses
Irrecoverable VAT
9.
Auditors' remuneration
Fees payable to the charity's auditor for the audit of the charity's annual
accounts
Fees payable to the charity's auditor in respect of:
All non-audit services not included above
10.
Staff costs
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 Support
Costs
2023
£
100,006
52,118
292,123
5,093
23,530
14,051
22,786
184,792
52,594
747,093
2024
£
14,800
4,500
2024
£
3,288,946
294,187
234,206
3,817,339		 Total
funds
2023
£
100,006
52,118
292,123
5,093
23,530
14,051
22,786
184,792
52,594
747,093
2023
£
14,000
3,150
2023
£
3,634,457
329,416
409,151
4,373,024

Page 29

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

10. Staff costs (continued)

The average number of persons employed by the charity during the year was as follows:

2024 2023
No. No.
Employees 114 145

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

2024 2023
No. No.
In the band £80,001 - £90,000 1 -
In the band £90,001 - £100,000 - 1

Key management personnel for the year was comprised of 4 people (2023 - 5). The aggregate remuneration of key management personnel in the year was £314,520 (2023 - £419,721).

11. Trustees' remuneration and expenses

No Trustees received payment for their role as a Trustee.

One trustee received remuneration amounting to £89,464 in the current year (2023 - £93,025) for their services as Chief Executive Officer.

During the year ended 31 March 2024, £nil (2023 - £84) expenses were reimbursed to trustees for their role as a trustee.

Page 30

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

12. Tangible fixed assets

Cost or valuation
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Freehold
property
Long-term
leasehold
property
improvements
£
£
473,951
213,767
-
5,425
473,951
219,192
87,201
196,959
10,575
3,836
97,776
200,795
376,175
18,397
386,750
16,808		 Fixtures and
fittings
£
96,836
40,304
137,140
81,400
9,887
91,287
45,853
15,436		 Computer
equipment
£
420,026
16,997
437,023
349,970
37,366
387,336
49,687
70,056		 Total
£
1,204,580
62,726
1,267,306
715,530
61,664
777,194
490,112
489,050

13. Investment property

Valuation
At 1 April 2023
Surplus on revaluation
At 31 March 2024		 Freehold
investment
property
£
350,000
59,000
409,000

The fair value is based on the valuation undertaken by Hyde Harrington, a firm of Chartered Surveyors in March 2024. The basis for valuation is on an open market value.

Page 31

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

14. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
475,773
363,309
92,330
931,412		 2023
£
125,123
367,304
38,069
530,496

15. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2024
£
-
86,815
175,010
194
583,593
845,612		 2023
£
30,250
15,428
68,583
31,914
862,947
1,009,122

Total deferred income of £608,693 was brought forward of which £278,773 was released in year. At the balance sheet date there was £407,558 of deferred income included within accruals and deferred income.

During the year, the bank loan relating to the head office premises was repaid in full.

16. Creditors: Amounts falling due after more than one year

Bank loans
Included within the above are amounts falling due as follows:
Between one and two years
Bank loans		 2024
£
-
2024
£
-		 2023
£
40,662
2023
£
40,662

Page 32

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

17. Statement of funds

Statement of funds - current year

Unrestricted funds
General funds
Restricted funds
Self employment project
Selnet
UKSPF - Copeland
UKSPF - W&F
UKSPF - Cumberland
Multiply - Lancs
Multiply - Cumbria
Eden Youth
NEET PDP
Total of funds		 Balance at 1
April 2023
£
1,898,945
6,769
4,457
16,724
-
-
-
-
-
-
27,950
1,926,895		 Income
£
4,632,019
-
(172)
14,722
183,346
144,000
117,428
181,509
49,491
15,000
705,324
5,337,343		 Expenditure
£
(4,444,853)
(6,769)
(4,285)
(31,446)
(183,346)
(144,000)
(117,428)
(181,509)
(45,521)
(5,216)
(719,520)
(5,164,373)		 Gains/
(Losses)
£
59,000
-
-
-
-
-
-
-
-
-
-
59,000		 Balance at
31 March
2024
£
2,145,111
-
-
-
-
-
-
-
3,970
9,784
13,754
2,158,865

Page 33

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

17. Statement of funds (continued)

Eden Youth Project

The Eden Youth project is funded by Westmorland & Furness Council to proactively engage with individuals within the Eden area through a programme of engagement/activity. Budgeting & Debt Advice Employer Recruitment group sessions, open drop in, mentoring, job and life skills training. Clients who are Disengaged, Disadvantaged and are isolated young people in the margins of the community and society where engagement is required prior to any conversation around work needs can take place, which can only be beneficial after the removal of barriers identified. The work will include clients living in the outlying towns in Eden where transport into Penrith is a challenge and digital isolation is an issue.

Copeland Community Fund - Self-Employment

Funded through the Copeland Community Fund and working in partnership with the “Money Education Support Service” Inspira run a support programme to help candidates in Copeland explore selfemployment as a sustainable career option. The 4 week class room based programme will help individuals set up a business plan, explore financial planning and marketing, set up a website or Facebook page, understand the legal side of starting up a small business and educate people in sales and customer service. The programme will then support people for an additional 4 months on a one to one basis managing budgets and benefit payment until the business is at a financial viable stage.

Selnet

Funded by the Building Better Opportunities Programme, via Selnet Limited, the project aims to engage and inspire the most disadvantaged young people resident in the Lancashire LEP area. It will target 16-24 year olds who are unemployed or economically inactive with multiple social, emotional and economic barriers. It will provide a personalised approach to address a wide range of needs and barriers to move participants closer to employment.

UK Shared Prosperity Funds

Funded by the UKSPF, via local councils, the project addresses several issue and needs impacting upon the local labour market and the economic prospects of residents by providing unemployed/economically inactive participants with focused, practical support to boost their employability and help them move quickly into jobs. Each programme is tailored to the needs of an individual employer or local growth sector.

Multiply

Multiply is the Government’s numeracy programme delivered through the UK Shared Prosperity Fund. The Local approach is to enable local areas to deliver bespoke adult numeracy interventions and carry out Evaluation – Build the evidence base on “what works” in improving functional adult numeracy.

NEET PDP

Funded by the Cumbria Community Foundation, this programme provides support and personal development opportunities for NEET young people to help improve their confidence and resilience and to re-engage and move them towards training and/or work.

Page 34

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General funds
Pension reserve
Restricted
funds
Eden youth hub
Self employment
project
Ready for work -
Blackpool (CRF)
Selnet
UK Shared
Prosperity Funds
Total of funds		 Balance at
1 April 2022
£
1,553,825
(686,000)
867,825
5,641
2,663
-
-
-
8,304
876,129		 Income
£
5,903,090
-
5,903,090
48,409
13,896
93,741
74,981
162,608
393,635
6,296,725		 Expenditure
£
(5,552,912)
-
(5,552,912)
(54,050)
(9,790)
(98,799)
(70,524)
(145,884)
(379,047)
(5,931,959)		 Transfers
in/out
£
(5,058)
-
(5,058)
-
-
5,058
-
-
5,058
-		 Gains/
(Losses)
£
-
686,000
686,000
-
-
-
-
-
-
686,000		 Balance at
31 March
2023
£
1,898,945
-
1,898,945
-
6,769
-
4,457
16,724
27,950
1,926,895

Page 35

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

18. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
490,111
Investment property
409,000
Current assets
2,053,373
Creditors due within one year
(807,372)
Total
2,145,112
Analysis of net assets between funds - prior period
Unrestricted
funds
2023
£
Tangible fixed assets
489,050
Investment property
350,000
Current assets
2,109,679
Creditors due within one year
(1,009,122)
Creditors due in more than one year
(40,662)
(1)
Total
1,898,944		 Restricted
funds
2024
£
-
-
51,994
(38,240)
13,754
Restricted
funds
2023
£
-
-
27,950
-
-
-
27,950		 Total
funds
2024
£
490,111
409,000
2,105,367
(845,612)
2,158,866
Total
funds
2023
£
489,050
350,000
2,137,629
(1,009,122)
(40,662)
(1)
1,926,894

Page 36

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Fair value gain on investment property
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Irrecoverable VAT
Net cash provided by/(used in) operating activities
20.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
21.
Analysis of changes in net debt
At 1 April
2023
£
Cash at bank and in hand
1,607,133
Debt due within 1 year
(30,250)
Debt due after 1 year
(40,662)
1,536,221		 2024
£
231,970
87,600
(62,050)
(59,000)
(376,336)
(204,172)
52,016
(329,972)
2024
£
1,173,954
1,173,954
Cash flows
£
(433,179)
30,250
40,662
(362,267)		 2023
£
364,766
52,118
(13,582)
-
264,269
(421,231)
52,594
298,934
2023
£
1,607,133
1,607,133
At 31 March
2024
£
1,173,954
-
-
1,173,954

22. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge in note 10 represents contributions payable by the charity to the fund. At the balance sheet date £194 was payable to the fund and is included in other creditors.

Page 37

INSPIRA (01) (FORMERLY KNOWN AS INSPIRA CUMBRIA LIMITED)

(A company limited by guarantee)

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

23. Operating lease commitments

The charity had no commitments under non-cancellable operating leases at 31 March 2024.

24. Related party transactions

The charity also paid £4,000 membership subscription costs to Careers England, a charitable company where a trustee is also a director (2023 - £2,000).

The charity paid £4,400 for services provided by Cartmell Shepherd, a legal firm where a former trustee was also an employee.

Other related party transactions are disclosed in notes 9 and 10.

25. Controlling party

The ultimate controlling party of the charity is the Board of Trustees.

Page 38

31338NF - 2024-03-31 - Inspira Cumbria Limited - Final Accounts preparation

Final Audit Report

2024-08-22

Created: 2024-08-22 By: Sandra Smith (sandra.smith@armstrongwatson.co.uk) Status: Signed Transaction ID: CBJCHBCAABAA8_-USSTr9loG3zDH6OJYfAko7QmQGb0d

"31338NF - 2024-03-31 - Inspira Cumbria Limited - Final Accoun ts preparation" History

Document created by Sandra Smith (sandra.smith@armstrongwatson.co.uk)

2024-08-22 - 09:25:14 GMT- IP address: 62.89.135.74

Document emailed to mark.bowman@inspira.org.uk for signature

2024-08-22 - 09:28:03 GMT

Email viewed by mark.bowman@inspira.org.uk

2024-08-22 - 09:29:32 GMT- IP address: 78.32.74.18

Signer mark.bowman@inspira.org.uk entered name at signing as M Bowman

2024-08-22 - 09:34:18 GMT- IP address: 78.32.74.18

Signature Date: 2024-08-22 - 09:34:20 GMT - Time Source: server- IP address: 78.32.74.18

Email viewed by Lauren Graham (lauren.graham@armstrongwatson.co.uk)

Document e-signed by Lauren Graham (lauren.graham@armstrongwatson.co.uk)

Signature Date: 2024-08-22 - 12:51:33 GMT - Time Source: server- IP address: 82.47.69.11

Agreement completed.

2024-08-22 - 12:51:33 GMT