2023-02-28-accounts

Reference and Administrative Details	Reference and Administrative Details
Trustees' Report		2to 7
Statement ofTrustees'	Responsibilities
Independent Auditors'	Report	9to 11
Statement ofFinancial	Activities	12to 13
Balance Sheet		14
Cash Flow Statement		15
Notes to the Financial	Statements	16to 32

				Unrestricted	Unrestricted		Endowment
								Total	Total
			Note	Designated 8	General 6	Restricted 8	Expendable	2023 6	2022
Income and Endowments		from:
Freeman Centre			2		58,271			58,271	51,564
Income from investment
properties			3		163,168			163,168	164,996
Trading activity - Freeman
Street Market Interest receivable and	similar		4		310,252	6,120		316,372	289,013
income			5		410			410	110
Other income from fixed asset
investments			5		37,959			37959	31,319
Total Income					570,060	6 120		576 180	537,002
Expenditure on:
Freeman Centre Freeman Street Market Investment management costs Investment properties Governance and support costs Share of NELC income Dividends payable			6.1 6 7 8 9 21	(4,000)	(55,755) (432,059) (40,291) (29,707) (2,869)	(7,994)	(14,549)	(59,755) (440,053) (14,549) (40,291) (29,707) (2,869)	(83,172) (383,904) (16,327) (46,477) (23,868) (1,343) 58
Total Expenditure				(4,000)	~560,681	(7,994)	(14,549)	(587,224)	(555,033)
Realised gains on investment
properties Realised gains/(losses)	on						19,400	19,400	14,955
quoted investments Revaluation ofquoted							(41,698)	(41,698)	52,924
investments							~61,145	~61,145	7,019
Net (expenditure)/income Gross transfers between	funds			(4,000) (3,904)	9,379 3,904	(1,874)	(97,992)	(94,487)	56,867
Other recognised gains and
losses
Release of impairment
provision									792
Revaluation of Programme
related investment in
subsidiary							~10,903)	(10,903)	(11,183)
Net movement in funds				(7,904)	13,283	(1,874)	(108,895)	(105,390)	46,476
Reconciliation offunds
Total funds brought forward				57,285	45,760	25 930	7927,349	8 056324	8,009848
Total funds carried forward			21	49,381	59,043	24,056	7,818,454	7,950,934	8,056,324

				Unrestricted	Unrestricted	Unrestricted		Endowment
									Total
			Note	Designated 6		General f	Restricted 6	Expendable	2022 6
Income and Endowments			from:
Freeman Centre						51,564			51,564
Income from investment properties						164,996			164,996
Trading activity - Freeman Street Market						286,071	2,942		289,013
Investment income						31,429			31,429
Total Income						534,060	2,942		537,002
Expenditure on: Freeman Centre						(56,579)		(26,593)	(83,172)
Freeman Street Market				(8,148)		(373,289)	(2,467)		(383,904)
investment management		costs						(16,327)	(16,327)
Investment properties						(46,477)			(46,477)
Support costs						(23,868)			(23,868)
Share ofNELC income Dividends payable Total Expenditure			21	~78	58 DDD	(1,343) ~501 558	~2,487	~42,520	(1,343) 58 ~5550337
Realised gains on investment properties								14,955	14,955
Realised gains/(losses) quoted investments	on							52,924	52,924
Revaluation ofquoted investments								7,019	7,019
Net (expenditure)/income				(8,090)		32,504	475	31,978	56,867
Gross transfers between		funds		(4,212)		4,212
Other recognised gains		and
losses
Release of impairment provision								792	792
Revaluation of Programme related investment in subsidiary								(11183)	(11 183)
Net movement in funds				(12,302)		36,716	475	21,587	46,476
Reconciliation offunds
Total funds brought forward				69,587		9,044	25,455	7,905,762	8,009,848
Total funds carried forward			21	57,285		45,760	25,930	7,927,349	8,056,324

								2023	2022
							Note	8	8
Tangible assets							15	4,680,273	4,729,742
Programme related investments in group interests Other investments Cash held as part ofquoted investment					undertakings poiffoiio	and participating	16 16 16	978,257 1,366,709 28,373	989,160 1,484,195 23,133
								7053,612	7226,230
Debtors							17
- due within one	year							149,228	107,446
- due after one year Cash at bank and in hand							18	658,131 177,162	571,334 220,065
								984,521	898,845
Creditors: Amounts		falling	due	within	one year		19	~87,799	~88,781)
Net current assets								897322	830094
Net assets								7 950 934	8056 324
Funds ofthe charity:
Endowment								7,818,454	7,927,349
Restricted								24,056	25,930
Unrestricted income		funds
Designated funds General funds							21	49,381 59,043	57,285 45,760
Total unrestricted								108,424	103,045
Total funds							21	7,950,934	8,056,324

					2023	2022
				Note		9
Cash flows from operating	activities
Net cash (expenditure)/income					(105,390)	46,476
Adjustments to cash flows Depreciation	from non-cash	items			67,721	63,509
Investment income					(38,369)	(31,429)
Profit on disposal oftangible	fixed assets				(19,400)	(14,955)
Loss/(profit) on disposal ofinvestments Revaluation ofinvestments					41,698 72,045	(52,924) 4,165
					18,305	14,842
Working capital adjustments
Increase in debtors Increase/(decrease) in creditors Net cash flows from operating activities				17 19	(128,579) 18,448 ~91,826	(95,876) ~29,887 ~(119,921
Cash flows from investing	activities
Interest receivable and similar income				5	410	110
Purchase oftangible fixed assets				15	(35,552)	(206,225)
Sale oftangible fixed assets					36,700	52,430
Purchase ofinvestments					(346,800)	(262,698)
Sale of investments					361,446	533,703
Income from dividends Movement in cash investment	deposit				37,959 (5,240)	31,319 ~9,689
Net cash flows from investing	activities				48,923	138,970
Net (decrease)/increase in cash and cash equivalents					(42,903)	28,049
Cash and cash equivalents at 1 March					220,065	192,016
Cash and cash equivalents at 28 February					177,162	220,065
Reconciliation ofnet cash	flow to movement		in net funds
(Decrease)/increase in cash					(42,903)	28,049
Net funds at 1 March 2022					220,065	192,016
Net funds at 28 February 2023					177,162	220,065

3 Income f	rom i	n	vestment properties
					Unrestricted
						Total	Total
					General	2023	2022
					F		6
Ground rent					141,292	141,292	146,954
Rental property income Car park site income					21,876	21,876	17,810 232
					163,168	163,168	164,996
4 Freeman	Street		Market income
				Unrestricted
						Total	Total
				General	Restricted	2023	2022
				6	6	6
Government	grants				4,920	4,920	811
Stall rents Skills Centre ATM income	income			185,867 24,829 236		185,867 24,829 236	191,429 19,442 367
Electricity charges Solar Feed-in tariff		income		55,965 38,498		55,965 38,498	31,264 36,228
Grants - other agencies					1,200	1,200	2,942
Hub room rent Other income				2,583 2,274		2,583 2,274	4,545 1,985
				310,252	6,120	316,372	289,013
5 Investment income
					Unrestricted
						Total	Total
					General	2023	2022
						6	8
interest receivable		and similar income;
Bank and building			society		410	410	110
Other income	from	fixed asset investments			37,959	37,959	31,319
					38,369	38,369	31,429

				Unrestricted
						Total	Total
				General 8	Restricted 8	2023 F	2022f
Salaries and wages				121,872	6,420	128,292	88,901
Pension costs - Contribution personal pension schemes		into	employee's	3,185		3,185	4,117
Share ofofficials salaries				42,433		42,433	53,575
Rent				16,584		16,584	7,753
Rates, water and sewerage				12,889		12,889	2,068
Light, heat and power				52,475		52,475	31,480
Insurance				13,017		13,017	10,603
Repairs and maintenance	- designated						8,148
Repairs and maintenance				19,912		19,912	15,980
Security expenses				18,184		18,184	27,239
Telephone, printing and postage				3,323		3,323	3,445
Sundry expenses					549	549
Sundry expenses				4,585		4,585	2,197
Cleaning and waste disposal				20,173		20,173	42,630
The audit ofthe charity's	annual		accounts	2,223		2,223	2,183
Bank charges				8		8
Licences and IT support				3,068		3,068	868
Bad debts written off				7,735		7,735	476
Professional fees - payroll		&VAT		6,460		6,460	6,150
Professional fees - property		and	other	7,487		7,487	8,215
Marketing and publicity				15,314		15,314	6,997
Depreciation, amortisation costs		and other similar		61,132	1,025	62,157	60,879
				432,059	7,994	440,053	383,904

						Unrestricted	Unrestricted
								Total	Total
						Designated	General	2023	2022
						8			6
Light, heat and power Car park costs							1,213 20,391	1,213 20,391	1,686 19,843
Insurance cost Roof repairs						4,000	6,733	6,733 4,000	4,588
Property expenses							2,280	2,280	1,858
Property management			charges				4,565	4,565	4,055
Promotional site costs							2,287	2,287
Other site costs Professional fees							1,660 11,901	1,660 11,901	48,723
Depreciation, amortisation				and	other similar
costs							4 725	4 725	2,419
						4,000	55,755	59,755	83,172
7 Investment management					costs
							Endowment
								Total	Total
							Expendable	2023	2022
							6
Other investment	management				costs;
Costs ofobtaining		investment			advice		14,549	14,549	16,327
							14,549	14,549	16,327
8 Expenditure on		Investment			properties
							Unrestricted
								Total	Total
							General	2023	2022
							6
Insurance Repairs and maintenance							3,150 2,226	3,150 2,226	2,823 1,013
Sundry expenses							23	23	540
Management costs Professional fees - general property Professional fees - administration							17,713 15,553 1,626	17,713 15,553 1,626	15,917 24,613 1,571
							40,291	40,291	46,477

Governance costs
				Unrestricted
					Total	Total
				General	2023	2022
						6
Staff costs
Wages and salaries				4,105	4,105
Pension costs				55	55
Licenses and IT support				463	463	438
Depreciation, amortisation Share ofofficials salaries		and other similar costs		839 8,487	839 8,487	211 10,973
Trustee Indemnity	insurance			610	610	782
Telephone, printing Professional fees	and postage			2,060 8,329	2,060 8,329	1,334 5,034
Sundry expenses The audit ofthe charity's		annual	accounts	2,229 2,224	2,229 2,224	2,645 2,182
Bank charges				306	306	269
				29,707	29,707	23,868

Net outgoing	resources for t	he year include:
			2023	2022
			6	6
Audit fees Profit on disposal oftangible fixed assets Loss/(profit) on disposal ofinvestments Depreciation offixed assets			4,250 (19,400) 41,696 67,721	4,074 (14,955) (52,924) 63,509

										2022	2021
										f	f
Salaries and wages									141,587		100,564
Socialsecurity costs										6,433	3,069
Pension costs - contributions		into employee's			personal		pension schemes			823	2,470
Defined contributions	pension	costs								2,361	1,647
Totals									151,204		107,750
The monthly average	number	of persons		(including		senior management		team) employed	by	the charity	during the
year was as follows:
								2023			2022
									No		No
Average number ofemployees										10
No employee received	emoluments		of more		than f60,000 during the year
13Auditors' remuneration
									2023		2022
Audit offinancial statements									4,250		4,074

14Intangible fixed assets
			Goodwill	Total
			6	k
Cost
At 1 March 2022			10,000	10,000
At 28 February 2023			10,000	10,000
Amortisation
At 1 March 2022			10,000	10,000
At 28 February 2023			10,000	10,000
Net book value
At 28 February 2023
At 28 February 2022
15Tangible fixed assets
	Land and	Furniture and	Investment
	buildings	equipment	Properties	Total
			6	6
Cost
At 1 March 2022	1,111,379	868,072	3,670,845	5,650,296
Additions Disposais	6,558 (4,164)	28,994 (19,900)	(17,300)	35,552 (41,364)
At 28 February 2023	1,113,773	877,166	3,653,545	5,644,484
Depreciation
At 1 March 2022	529,821	390,733		920,554
Charge for the year Eliminated on disposals	24,460 ~4, 164)	43,261 (19,900)		67,721 (24,064)
At 28 February 2023	550,117	414,094		964,211
Net book value
At 28 February 2023	563,656	463,072	3,653,545	4,680,273
At 28 February 2022	581,558	477,339	3,670,845	4,729,742

16Fixed as	set investments
							2023	2022
							F	6
Programme related investments Other investments		in group undertakings	and	participating	interests		978,257 1,366,709	989,160 1,484,195
							2,344,966	2,473,355
Programme	related investments	in group undertakings		and participating		interests

Programme related investments in group undertaking	s and participating interests
	Subsidiary
	undertakings 8	Totalf
Cost
At 1 March 2022	1,072,312	1,072,312
At 28 February 2023	1,072,312	1,072,312
Provision for impairment
At 1 March 2022	83,152	83,152
Charge for year	10,903	10,903
At 28 February 2023	94,055	94,055
Net book value
At 28 February 2023	978,257	978,257
At 28 February 2022	989,160	989,160
Other investments
	UK Listed
	investments	Total
	6	6
Cost or Valuation
At 1 March 2022	1,484,198	1,484,198
Revaluation	(102,843)	(102,843)
Additions	346,800	346,800
Disposals	(361,446)	(361,446)
At 28 February 2023	1,366,709	1,366,709
Net book value
At 28 February 2023	1,366,709	1,366,709
At 28 February 2022	1,484,198	1,484, 198

are as follows:	are as follows:	y		ore ote nomna value ofa	ny class ofshare ca	pital
Undertaking Country incorporation number		of and Co	Holding	Proportion ofvoting rights and shares held	Principal activity
Subsidiary undertakings
Pastures Development Company Limited	UK 7336611		Ordinal	100%	Property/project management	and
					development

17Debtors
	2023	2022
	8
Trade debtors	117,918	100,025
Due from group undertakings	658,131	571,334
Prepayments	16,770	490
Other debtors	14,540	6,931
	807,359	678,780

Debt	ors i	ncludes	8658,131 (2022:8571,334)receivable af	ter more than one year.
				2023 F	2022f
Due	from	group	undertakings	658,131	571,334

18Cash and cash equiv	alents
		2023	2022
Cash on hand		17	17
Cash at bank		177,145	220,048
		177,162	220,065
19Creditors: amounts	falling due within one year
		2023	2022
		6
Trade creditors		24,164	20,086
Other taxation and social	security	3,823	3,016
VAT		10,890	5,968
Other creditors		9,123	5,675
Accruals		39,199	34,006
		87,199	68,751

21 Funds
		Balance at 1 March 2022	Incoming resources 6	Resources expended	Other recognised gains/(losses) 6	Balance at 28 February 2023 F
Unrestricted funds
General
Unrestricted general	fund	45,760	570,060	(560,681)	3,904	59,043
Designated
Fixed asset fund Special repair fund Unclaimed dividend	fund	3,406 41,058 12,821 57,285		(4,000) ~4000)	(1,087) ~2,8(7 (3,9D4)	2,319 37,058 10,004 49,381
Total unrestricted funds		103,045	570,060	~564 681		108,424
Restricted funds
Restricted fund Kickstart scheme Market warm spaces		24,430 1,500	4,920 1,2D~	(1,025) (6,420) ~549		23,405 651
Total restricted funds		25,930	6, 120	~7994		24,056
Endowment funds
Expendable Endowment fund Totalfunds		7927,349 7,927,349 8,D56,324	576,180	~14,549) ~(4,549 (587,224)	~94346 ~94,346 ~(94.346	7818454 7,818,454 7,950,934

Notes to the	F	inanc	ial Stateme	nts for the	Year Ended	28 February	2023 (cont	inued)
								Balance at
			Balance at				Other	28
			1 March 2021f	Incoming resources f	Resources expended f	Transfers f	recognised gains/(losses) f	February 2022f
Unrestricted funds
General
Unrestricted general fund			9,044	534,060	(501,556)	4,212		45,760
Designated
Fixed asset fund			4,493			(1,087)		3,406
Dividend fund					98	(98)
Special repair fund Unclaimed dividend		fund	49,206 15,888		(8,148) (40)	(3,027)		41,058 12,821
			69,587		(8,090)	(4,212)		57,285
Total unrestricted	funds		76,631	534,060	~500,6467			103,045
Restricted
Restricted fund Kickstart scheme			25,455	2,942	(1,025) (1,442)			24,430 1,500
Total restricted funds			25,455	2,942	(2,467)			25,930
Endowmentfunds
Expendable Endowment fund			7,905,762		(42,920)		64,507	7,927,349
			7,905,762		(42,920)		64,507	7,927,349
Total funds			8,009,848	537,002	(555,033)		64,507	8,056,324

22 Anal	ysis ofnet assets	between funds
						Total funds
					Endowment	at 28
		Unrestricted General 6	funds Designated 8	Restricted funds	funds Expendable 6	February 2023
Tangible	fixed assets		2,319	23,405	4,654,549	4,680,273
Fixed asset investments					2,373,339	2,373,339
Current	assets	146,242	47,062	651	790,566	984,521
Current	liabilities	(87,199)				(87,199)
Total net assets		59,043	49,381	24,056	7,818,454	7,950,934
						Totalfunds
					Endowment	at 28
		Unrestricted General 8	funds Designated 8	Restricted funds 8	funds Expendable f	February 2022
Tangible	fixed assets		3,406	24,430	4,701,906	4,729,742
Fixed asset investments					2,473,355	2,473,355
Current Current	assets liabilities	114,511 ~i68,751	53,879	1,500	752,088	921,978 (68,751)
Total net assets		45,760	57,285	25,930	7,927,349	8,056,324