Trust Leeds Charity number 1182738 A company limited by guaranlee numt*r 11331021 Annual Report and Financlal Statements for the year ended 31 March 2024 TRUST LEEDS Nurturing business. Growing ideas. WYCAS CONk¢UNITY iccèur4Tir40 Trust Leeds Annual Report and Financlal Statements for the year ended 31 March 2024 Contents Page Trustees, report 2to8 Examineffs report Statement of finanaal activities 10 Balance sheel Notes to the accounts 12to18 Prepared by West Yorkshire Community Accountancy Service CIO Trust Leeds Trustees. report for the year ended 31 March 2024 Rgference and adminlstrntlve detalls of the Charity, its trustees and advlsors The trustees during the financial year and up tr) and including the dale the report was approved were.. Nam8 Position Dates Sandra Needham Chair from Janwy 24 Appointed 26 October 2023 Cath Follin Vice Chair Gary Wilson-Poe Treasurer Salty-Anne Greenfidd Yann Nichdas ¢hoiniere Natasha Babar-Evans Tim Sinclair Malcolm Hall Compary secretary Chair lo January 24 Resigned g January 2024 Resigned 26 October 2023 Charlty number Company numbèr 1182738 Registered in England and Wales 11331021 Registered in England and Wales Flnanclal Conduct Authorlty numb•r 973871 R&g￿t•r•d and prlnclpal •ddrgSS 47-49 Austhorpe Road Leeds LS15 88A BJnkgr¥ Tric*Jos Deantsyy Road Bristol BS1 SAS Independent examlner Alan Dodd FCCA West Yorkshlre Communlty Accounlancy SeThilce CIO Stringer House 34 Lupton Street Leeds LS10 2QW Structure. governance and management The charity is a eompany limrted by guar*)tee 8nd was fomied on 26 April 2018. It Is govemed by a memorandum and articles of association. The only persons eligib￿ lo be memters of the charity are ils trustees. The liability of the members in the event of the company being wound up is limited lo a sum not exceeding £1. Method of rfjcrultment and appointrnent of trustees The Iruslegs of the charty arg also the directors for the wrposes of company law and are appointed by a resolution passed al a properly convened meet¢ng of the Tfuslees. Trust Leeds Trustees. report (continued) for the year ended 31 March 2024 Objectlves and actlvltles The charity's objects The objects of the charity are the furtherance of such charitable purposes (charitsble under the law of England and Wales) lor the ￿nefit of the public as the Trustees see fit fr(yn time to lime in the area of benefit in paTbcular but not lirnited to". lal the prevention or relief of wverty,. Ib) supporting the work of charities or furtheriThJ charitable purp95es vthich advance good citizenship or community development in particular womoting community capacty building and urban and rural regeneration including the provision of financi81 assistance. lechnical assistance or business advice or consultancy in ¢yder to provide training and employrnenl opportunibes unem ￿0Yed people in cases of financial or other charitable need through help.. lil in setting up their own busi￿$$.. or lill lo existing businesses. Icl the advancement of educalion by provKling support lo community groups that seek lo advance the education and skills of persons at risk of financial exclusion and povety". and Idl the relief ol thosg in need by reason of age. ill-heallh. disats'lity, financial hardship, unemployment or other di￿dVantag8. Thè charlty'8 maln •rtlvltl•8 Trust Leeds work5- and walks- along¥ide peoF4e. hdping them to improve thelr lives by building financlal independence, confidence and skills. We do thi8 in three ways.. Nurturing community Seif-Relianl Groups (SRGsl *hich Lwild C•yffiden¢e, skills. savings aTrJ enterpri thinking in peer supwrt groups. Energising 'Be Your Own Boss. SeW-Rellant Groups, which support unemployed ar*d under-employed people.. lo think through the personal. financial and operats'onal consideTalion5 of becoming self- employed., lo have the key features of their business pkqn in pl8ee', and to grow a cohort of peer8 and business ¢oaches to build their conffide￿e and business. Providing small, ethical personal loans for bUsI￿sS wrposes for enwnsing people who txe money or credit prO￿emS. Publlc benefit statement In setting our objeelives and planning our xkn"viiies our Trustees have given seriou$ consideration to the Charty Commission's general guKlance on Wb1￿ benefil and in particular the allewation of povèrty. Our Brand Nurturing confidence. Growng enterprise. Our Purpos Trust Leeds addresses poverty, scdal isolation and ffinartial exclusion by wDrking- and walking - alongside enterprising people and Communities. We use the global modds of ￿f-R￿IanI Grou￿ and micrt>finance to help people to improve thelr lives. By supporting people lo develop skills, confidence and financial in(*ndence they imFyove their c>wn health. wealth and wellbwng. Our Values Ambitious, collaborative, compassionate. emFowering. Trust Leeds Trustees. report (continued) for the year ended 31 March 2024 The charlty'5 main objfjctives for the period were: To ￿lId the network of Self-Relianl Groups by." a. Completing our new pilot Self-Relkgnt Gr¢YJP development yogramrne. SRG Minds, in partnership wrth Forum Central. the NHS and charty partners in the Transforming Mentsl Health strategy. b. Delivering and evaluating the Supem)arket Savers self-rdianl group model. Commence regulated lending athity. Build on the successful SRG Facilitator training programme arKI delNer fLWther training session$ for members, and communty & mental health SUPFQrt VKsrkers. 8tructurg and Management W8 achieved Financial Con(Juct Authority approval for consumer credit le￿Ir￿j in April 2023 ,agre8ing lo Postpone lending and slowly lay the fountlations of relatiefiships to promote our specrfic loans throughout this year, with a view lo re-launchtng the muo-finance ￿nthng operation from April 2024. This decision wa8 driven by the achievement of three new prq.ect funds lo develop the self-reliant group model. The Board's hvo commlttee$ {Finan¢e & Loans. and Govemance. HR & fundraising) Gontinued underpln the quarterly Board meetings. A governance focus this year w88 to man4e the smc4Xh handover of the role of Chair of Trustees from founding Chair Tim Sinclair to new Truslee Sandy Needham, OBE, DL. Tim's leadership of Trust Leeds, from concept through establishment sts9e then and to developmenl'era. was ackn￿edged by Trustee5 who Ihanked him for his ambibous and I￿U$$ed leadership. The Board wa5 thrilled to welcome Sandy who has a wealth of experience as a Company Director and tharity Trustee induding being.. a founding Director of Community Development FInar￿la1 Inslitulion the Business Enterprise Fund where she played g strategic and governance role for over 20 years. and a Director and Chair of the YorkshiTe & Humber Chamb¢r$ of Commerce where she demonslraled qualities ol stskehokler engagement and leadership. The Board also welcomed Sarah Blythe as 'SRG Adwsor lo Ihe Board,. Sarah had been 8 memkr of the first self-relianl group in Leed$. the Glitter Fairies SRG, and then com ￿ete￿ the 'Be Your Own Boss SRG. programme before setting up her own kitchen-tsble business pfovhding balloons for all occasions. Sarah's contributions al Board meetings, alongside Twslee visrts lo SRG events and aetivities. ond our forrnal and informal impact evduation programme, sefve lo ensure that the voieEs of INed experience of our members and borrowers is heard and incorporated into Tnlst Le6Ys' strategic d￿￿10r￿maklng. Membership of Responsible Finance Ilhe trade associati'on Community Development Financial Irtslilulionsl, the National Counal for Voluntary Action and other intrastruclure b(xJies, along with f￿MaY and informal training. a partnership with three olher charilies developiNJ the self-relAnl group model, and professional experu'se from Wesl Yorkshire Communty Acc(NJnting Service, help the Board lo maintsin appropriate skills. perspectives and kn￿edg9-base to fuffil thar tr)¥eman￿ arKI leadership roles. Pay and Rèmuneration All Trustees give their time treely and rton8 reC￿ved remuneration. Trustee5 are encouraged lo daim appropriate expenses. and the costs of Board meetings ￿ere kept low by the use of free meetiTha space courtesy of Clarion Solicitors and by eonducting committee meetir4J$ online. Twst Leeds had 1.3 lull-time equivalent employees during this period, and their remuneration was sel by the Board. The Governance & HR Committee monit￿ed and supw)rted the Annual Review programme, aTrJ undertook ex(t intemews with stsff %then c￿tracts ended. Trust Leeds Trustees. report Icontinued) for the year ended 31 March 2024 Achlevements and perforniance The Key Performance Indicators arKI achievements I￿u￿9￿". To aehleve fundraising income of £107,000. Pr ress. £99,000 of fundraising income was xhieved. with a further £8.[￿10 commiited through a grant programme vknich crosse5 inlo the nexi financial year. To nurture 7 new Self-Rellant Groups. Etowss.. We supported 9 potential groups of people ￿shIng to set up their 5elf-relianl group, of which S flourished lo form their own idenlty and purpose, meet regulady, and saved, shared & learned together. Furthermore. we also ran our innovalive'Be Your Own Boss ' prc4ramme for a further self-reliant groups wtho. cffl Com￿etion of thi$ 12 week introduCt￿n to startlng up kitGhen-table business, be¢ome members of the monthly Be Your Own Bo88 group. To Invest 3 mlcro-loans and 3 honour lo#ns. ress.. Trust Leeds had been successful in achieving fundiro for three new Self-Relianl Group projects, so decided lo focus on delivering these and move the relaunch of lending activity lo 202415. H¢)wever, 4 new honour loans were made lo membeTS in support of thwr enterprising endeavour¥, of 3 have alr•aty been repaid. To traln and support 26 pooplè In the SRG mod•l. Pro res L. Trust Leeds trained 35 people in the role aThJ value of sell-relianl groups, enabling 3 of them to nurture new SRGS in their own ¢ommunitses. AJI of those we train become members of our monthly SRG Facilitstor zoom coffee club. wknere people gain inspiration. supwrt and encouragement lo adopt the model. The resource of the SRG Lending Library, SRG Gatherings and devdopment activities are available lo them. alon9 Wth expert and experiencod guidance from the Chief ExecLrtive and part-tsme staff. Trust Leeds Trustees. report (continued) for the year ended 31 March 2024 Plans for Future Perlod The Board will hold a Strategy Session in Summer 2024 to review ts performan￿ in ow'Developmenl Era, and18y the foundations for the next Ihree-year strategic plan. Objective8 for the financial year 2024r25 indude raisir#J £70.CN)O of CO￿ fundityj lo enable.. our lean and fflexi￿e charity to develop its lending operakn (V￿1h a tsrgel of 12 micro-finance loans Sn the yearl., and the continued growth and support of community development and support workers trained adopt the self-reliant group model and nurture new SRGS in their communities of geography, need or interest. Our ovm SRG development activity wll focu5 on unique 'Be Your Own Boss, SRG programme and on our Transforming Mental Health project to demonstrate how this empowerirvj. purposeful and conneding model can support people f&ing complex Ment￿ health needs. bl Flnanclal revl The net expendrture for the year was £6,724, indudiry income of £2.790 on wrestricted funds and net exwndilure of £9,514 on restricted funds, after transfers. Highlights of this year'8 finan¢lal perfomiance relate lo our fundraising S￿￿$Se$ to deliver our purpose. It was thanks lo funding from the Leeds Community Foundation (Jimbo's Fund and Transforming Mentsl Health programmel that we were able lo devek)p our serf-relianl 9rtrJp work around themed SRGS,. and our eighleen-monlh 'Be Your Own Boss, SRSG programme was made possible thanks lo funding from the Leeds UKSPF Hyper-local programme. This is funded by from the UK Government through the UK Shared Prosperity Fund. We continue lo be grateful to the Tudor Trust for ils fifth-year of core c051s Support. Thanks lo the Leed5 commun￿ Foundation, we were avrarded a Cognizanl Fund grant to focus on our new initiative. 'Trust Leeds Digital Heart,. wih the obje¢tive of enhancing the digtal skills of ourselves and our member3. Smaller grants and donations were exp)nentialty helpfvl in supporting core costs and ¥euflc elements of our work. For example.. the TP'JOY & Rectr3nl¢ion Fund, meant we ¢￿Id Sup￿1 individual members affected by the cost of Ilving crisis.. Pamela Hopkinson of Re.'Vamp Marketing land her brothers} completed the Thames Path Challenge sponsored walk, donats'ng over £2,000". the Multiply project, funded by the UK Shared ProsFenty Fund, supported skills development for members, recognisryJ that everyone has potential txrt it wll remain just that unless you do something it., and ongoirrfJ monthly gifts from Ihe followng people were greauy 8ppreaaled.' Jo & Derek Powell, Mk Banks & Steve Leach. Gary Wilson-Poe. Nichdas Choiniere, Annie Kellett. Nicc4a Melling and Rachel It is thanks to this support that Trust Leeds has teen able to support members aTrJ borrowers facing the challerEes of eovid, the cost of INing crisis. poverty arKi financial exdusion. The trustees have assessed the chanils ability to continue for al least 12 months from the dale that the accounts are approved, and ccmcluded that no matenal uneertaints'es exist that cast significant doubl on the charivs abilTty lo meet its liabilities as they fall due. Quarterty board meetings include 8 detailed review of.. budgets and foreca51s-, performance 8g8inst budgets and oulpulsnargels committed to funders and donors., and options and needs lo b81ance forecast irKome, fundraisirvJ opportunty assessments. aTrJ project development ambitsons. ## **Trust Leeds** ## **Trustees' report (continued) for the year ended 31 March 2024** ## **Reserves policy** The charity's free reserves, excluding fixed assets, at the year end were £31,706. A further £30,143 of restricted donations is held for the purpose of supporting the running costs of the micro­ finance operation. The Trustees have reviewed their reserves policy this year, and continue to agree a target for unrestricted reserves of between three and nine months of operating costs. This reserves target is currently in the range of £22,000 to £45,000. This includes: salaries, redundancy payments, project completion costs and a £3,000 allocation towards the costs of winding-down the lending operation over a 12-month period. This will allow Trust Leeds to provide continuity of charitable activities in the event of: variations and fluctuations in fundraising income and cash; emergencies; and in the case of winding down. 7 TRUST ILEEDS Nuturing confidence. Gfowing enterprlse. Improving lives in Leeds 01+ NLSrturiny Communtty Seif-ReTlant GrouE• nerglblng B• r 04Yn SeW4•ll•M FiThancial Hwlth & WÈllbèln9 Impact over the last two years 01. Nurturing Community Self-Reliant Groups {SRGs) 12 new Self-Rellant Groups facllltated WITH 83- 93% members women MEMBER'S FEEDBACK SHOWS 86% 70% 62/ 3￿/0 improved support networklfriends increased confKlen¢e improved mental health enhanced digital skills SRG Facilitator Training In our ambition to make Leeds a 'SRG City, we've trained 65 people to learn how to encourage & facilitate Self-Reliant Groups themselves. Feedback includes: 78% 100% rated their increase in knowledge as 5* rated the course as Excellent or Very Good •li Thanks again for such a brilliant two weeks. The energy ?. was fab throughout... I need to start to employ the learning asap so I don't forget. 02. Energising Be Your Own Boss Self-Reliant Groups have completed our 12-week'Be Your Own Boss, SRG programme to understand the basics of setting up their own business. OVER members cohorts OF THESE 'KITCHEN-TABLE ENTREPRENEURS,: 32/ 29% 39/ Ir are now trading are now test-trading developing plans for self-employment ta pjce and stale whlch works for them attested that the BYOB programme helped them to improve their business (or pre-business) performance to a great extent. commenting: 83% "Greater confidence to make my idea a reality, SUPPOrt of a regular group, bellef that I C8n learn new skllls that I didn't thlnk I was naturally good at." "Clarity on how to move mybuslness Idea forward. lots of great tools demystlfylng the trlckier admln blts, a better Idea of the amount of support that Is out there for small businesses." .,Inye5t Trust Leeds invests its energy. support and As one of our donors explained. micro-finance In supporting under-served members and kitchen-table entrepreneurs. We can do this thanks to those donors. funders and supporters who Invest in us through their grants and gifts. Ihance Yyfnrfeed excéijlioh'él *" '"'J..:x:,.. LENDlhlCi." MONEY We achieved registration with the Financial Conduct Authority We've coiitinued with our mini loans to SRG membeis. niaking 10 'tiny yet mighty, loans, averaging £28 each, all repaid over12 months. £1 ¢).47 • £22.30 • £118.95 • to the Wellbelng Warriors to buy materials to make key rings they sold at a Trust Leeds market stall. for Llndsays soap-making starter kf(- she's now selling to famity and friends. for Nikki to develop her beauty range to include shea butter products. Now. we can roll-out our micro-finance loans to people like Oz who couldn't get a bank or start-up loan. yet we trusted her enough to lend her £1.000 to develop her website and social media marketing for her new reiki business. NOW OUR MEMBERS AND BORROWERS ARE Generating incom¢ for themselves, their groups, and communities Supporting other charities and community groups Sharing their expertise with each other F8cilitsting their own SRGS Advocating. volunteering and fundraising for Trust Leeds LENDINC.. LIBRARY When money is tight. members find it hard to buy Items of equipment. materials and IT to underpin their enterprising endeavours. £3,500 50 jjj invested items by Trust Leeds to set up Lending Library of Things for members to borrow. In the library Includlng.. vlnyl cutter: prèsent8tlon stsnds,. PA system, knlttlng machlnè., gazebo.. Iro11ey." a glltter tsttoo klt., free WFI slms. Number Countdown 830 65• new SRG members people trained in facilitating SRGS 50 13¢ 12 items now In Lendlng Library of Things new partnerships created new Self-Reliant Groups facilitated 110 100 5 free sim cards provided tablets with WiFi lent to members SRG members travelled to meet groups in Manchester and Amsterdam 40 TftUST.LIi 1• market stalls held SRG resldentlals wonderful SRG 'Gathering of the Clan'l TRUST,LEEDS www.trustleeds.org.uk ## **Trust Leeds** ## **Trustees' report (continued) for the year ended 31 March 2024** ## **Statement of trustees' responsibilities** The trustees (who are also the directors for the purposes of company law) are responsible for preparing the Trustees report and the financial statements in accordance with the applicable law and UK Accounting Standards_ Company law requires the trustees to prepare financial accounts 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 the year_ In preparing these financial statements, the trustees are required to: select suitable accounting policies and apply them consistently[; ] observe the methods and principles in the Charities SORP; make[j] udgements and estimates that are reasonable and prudent[; ] state whether applicable UK accounting standards have been followed, sub[j] ect to any material departures disclosed and explained in the financial statements[; ] prepare the accounts on a going concern basis unless it is inappropriate to presume that the charitable company will continue in operation_ 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 accounts 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_ This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and FRS102)), and in accordance with the special provisions of the Reporting by Charities (Charities SORP[(] Companies Act 2006 relating to small companies_ **App coved by the board of on .... 1.1'./[/] . 'l** / **7-. !t ..... . �** Signed:-- ~~----------____~~[�] Trustee) ~~�~~ Name: ____ ..finance LCC Be Your Own Boss LCC Multiply Project LCF Cognizant Fund LCF JimtLI'8 FuThl Micro-finance 1 Micro•linance 2 Private donation to SLPPOrt the ethanty in devebping its miCr￿finance DTk. LCF Transforming Mental Heallh To fund delivery of the SRG MirKls Transftwming Mental Heallh project TP Recognition Fund To recognise and support members In need. Tudor Trust A core grant to support the running costs of Trust Leeds as il develops and grows. including match funding for the ERDF project. Transfer relates to purchase of equiwienl capitalised for the general use of the charity. 15 Trust Leeds Notes to the accounts continued for the year ended 31 March 2024 6 Tanglble assets Office equipment Total Cos At l April 2023 Additions Al 31 March 2024 1,049 1.049 1,049 1,049 Al 1 April 2023 Charge for year Al 31 March 2024 350 350 350 350 Net At 31 hAarch 2024 699 699 At 31 March 2023 7 Debtors and prepayments 2024 2023 Prgp8yYnents Accrued income 279 342 8,279 342 8 Cash at bank and In hand 2024 2023 Cash al bank Cash in hand 88,821 239 89,060 104,164 384 104,548 9 Credltors and accruals 2024 2023 Creditors Accruals other creditors 2,000 970 117 3,087 2.196 924 3,120 16 Trust Leeds Notes to the accounts contlnued for the year ended 31 March 2024 10 Deslgnatsd funds Baiance bff Incuning Outyoing Transfer8 Balance clf Loan F4)t 5,OC¥J 5,OL>O 5,000 5,000 Fund name Loan pot Reason lor deslgnatlon To fund a pilot programme of micn>financing I￿SIneSseS emergi from our Self-Reliant Groups. and the finanrially excluded. 11 Related party tran¥actlons Donatlons from trust98¥ and related p•rtles The lolal aggregate value of Unconditi(￿31 donations lo Ihe charity frc¥n the Irusteeg or related paruès wa5 £264 (2023. £224}. Trustee expènses During the year no trustees V4Ere in recei0 ol expenses {prev*)us year.. 1 trustee and £121 for travel expenses). Remuneration and b&nellts recelved by key management personnel The lolal employee benefits r￿e1Ved by key managernent personnel We￿ £40,411 (previous year.. £39.949} 12 Funds held as agent 8glance bff Incoming Oulgolng Balance clf Fund 1 Fund 2 Fund 3 Fund 4 Fund 5 Fund 6 Fund 7 Fund 8 Sara B1￿he Geralding Tolb¢X Grow Together Girfs Kenlmere Camp Kenlmere Youth Leeds Buttertlies Material Gids Nicola Sterling 105 90 105 90 30 57 65 S7 65 364 Trust Leed5 holds funds for Sdf-Rdianl Groups estst4i5hed through the tharity. 17 Trust Leeds Statement of Financial Activities including comparatives for all funds lincluding summary Income and expenditure account) for the year ended 31 March 2024 2024 2023 2024 2023 Unrestricted UnrestrifAed Restricted Restr￿ed funds lunds nds funds 2024 Total funds 2023 Tol81 funds InGome Grants and donats'ons Donated servi¢es Interest received Total Income 3.717 2,000 18.930 2.000 230 21.160 85.028 102,436 88.745 2,000 121,366 2,000 230 123.596 5.717 85.028 102,436 ,745 Expendlture Salaries Nl and pensions Travel Events. PR, markebng and V￿b$ll? Memberships Insurance Bank charges Professional fees Equipment IT and telephone Subsislen¢e Fundraising SRG events and 8clivltles Training Independent examinab'on General office costs Governance and tnjstee expenses Freelance interpreter and communic Finance support Volunteer expenses Depreciation Total expendbture Nel Income I lexpendltufel Transfers between funds Net movement In funds 3,262 59.944 3,776 2.814 2,290 1,549 53 2,586 1,086 3.363 836 78 S.426 1.170 970 1.938 48 3,180 1.355 1.031 49,956 2,838 2,631 2,109 1,038 27 5.688 1.581 395 59,944 3.803 2.814 2.474 1,549 53 4,836 1,086 3,476 838 168 5.435 1.170 970 2,455 163 3,180 1,614 1,093 350 97,469 16.7241 53,218 2,934 2,631 2,139 1,082 27 8,264 1,581 395 27 30 2,250 2.576 113 98 4,322 822 924 877 454 2.880 4.155 116 59 324 17 4,2C 763 600 517 115 454 2.880 4.155 259 62 350 3,976 1,741 6.524 14.636 93.493 18,4651 1,049 {9.5141 81,239 21,197 7,554 13,643 87,7e3 35,833 2.790 22,190 16,7241 35,833 Fund balances brought forward Fund balances carried forward 29.615 32.405 7,425 29.615 72.864 63,350 59,221 72,864 102.479 95.755 66,646 102,479 18