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## 

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





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|||||Unrestricted|Unrestricted||Endowment|||
|---|---|---|---|---|---|---|---|---|---|
|||||||||Total|Total|
||||Note|Designated<br>8|General<br>6|Restricted<br>8|Expendable|2023<br>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<br>activity - Freeman||||||||||
|Street Market<br>Interest receivable<br>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<br>on:||||||||||
|Freeman<br>Centre<br>Freeman Street Market<br>Investment<br>management<br>costs<br>Investment<br>properties<br>Governance<br>and support costs<br>Share of NELC income<br>Dividends<br>payable|||6.1<br>6<br>7<br>8<br>9<br>21|(4,000)|(55,755)<br>(432,059)<br>(40,291)<br>(29,707)<br>(2,869)|(7,994)|(14,549)|(59,755)<br>(440,053)<br>(14,549)<br>(40,291)<br>(29,707)<br>(2,869)|(83,172)<br>(383,904)<br>(16,327)<br>(46,477)<br>(23,868)<br>(1,343)<br>58|
|Total Expenditure||||(4,000)|~560,681|(7,994)|(14,549)|(587,224)|(555,033)|
|Realised gains on investment||||||||||
|properties<br>Realised gains/(losses)|on||||||19,400|19,400|14,955|
|quoted<br>investments<br>Revaluation<br>ofquoted|||||||(41,698)|(41,698)|52,924|
|investments|||||||~61,145|~61,145|7,019|
|Net (expenditure)/income<br>Gross transfers<br>between|funds|||(4,000)<br>(3,904)|9,379<br>3,904|(1,874)|(97,992)|(94,487)|56,867|
|Other recognised<br>gains and||||||||||
|losses||||||||||
|Release of impairment||||||||||
|provision|||||||||792|
|Revaluation<br>of Programme||||||||||
|related investment<br>in||||||||||
|subsidiary|||||||~10,903)|(10,903)|(11,183)|
|Net movement<br>in funds||||(7,904)|13,283|(1,874)|(108,895)|(105,390)|46,476|
|Reconciliation<br>offunds||||||||||
|Total funds brought<br>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|





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## 

## 

|||||Unrestricted|Unrestricted|Unrestricted||Endowment||
|---|---|---|---|---|---|---|---|---|---|
||||||||||Total|
||||Note|Designated<br>6||General<br>f|Restricted<br>6|Expendable|2022<br>6|
|Income and Endowments|||from:|||||||
|Freeman<br>Centre||||||51,564|||51,564|
|Income from investment<br>properties||||||164,996|||164,996|
|Trading<br>activity - Freeman<br>Street Market||||||286,071|2,942||289,013|
|Investment<br>income||||||31,429|||31,429|
|Total Income||||||534,060|2,942||537,002|
|Expenditure<br>on:<br>Freeman<br>Centre||||||(56,579)||(26,593)|(83,172)|
|Freeman Street Market||||(8,148)||(373,289)|(2,467)||(383,904)|
|investment<br>management||costs||||||(16,327)|(16,327)|
|Investment<br>properties||||||(46,477)|||(46,477)|
|Support costs||||||(23,868)|||(23,868)|
|Share ofNELC income<br>Dividends<br>payable<br>Total Expenditure|||21|~78|58<br> DDD|(1,343)<br>~501 558|~2,487|~42,520|(1,343)<br>58<br>~5550337|
|Realised gains on investment<br>properties||||||||14,955|14,955|
|Realised gains/(losses)<br>quoted<br>investments|on|||||||52,924|52,924|
|Revaluation<br>ofquoted<br>investments||||||||7,019|7,019|
|Net (expenditure)/income||||(8,090)||32,504|475|31,978|56,867|
|Gross transfers<br>between||funds||(4,212)||4,212||||
|Other recognised<br>gains||and||||||||
|losses||||||||||
|Release of impairment<br>provision||||||||792|792|
|Revaluation<br>of Programme<br>related<br>investment<br>in subsidiary||||||||(11183)|(11 183)|
|Net movement<br>in funds||||(12,302)||36,716|475|21,587|46,476|
|Reconciliation<br>offunds||||||||||
|Total funds brought<br>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<br>related investments<br>in group <br>interests<br>Other investments<br>Cash held as part ofquoted<br>investment|||||undertakings<br>poiffoiio|and participating|16<br>16<br>16|978,257<br>1,366,709<br>28,373|989,160<br>1,484,195<br>23,133|
|||||||||7053,612|7226,230|
|Debtors|||||||17|||
|- due within one|year|||||||149,228|107,446|
|- due after one year<br>Cash at bank and<br>in hand|||||||18|658,131<br>177,162|571,334<br>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<br>income||funds||||||||
|Designated<br>funds<br>General funds|||||||21|49,381<br>59,043|57,285<br>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<br>to cash flows <br>Depreciation|from non-cash|items|||67,721|63,509|
|Investment<br>income|||||(38,369)|(31,429)|
|Profit on disposal oftangible|fixed assets||||(19,400)|(14,955)|
|Loss/(profit)<br>on disposal ofinvestments<br>Revaluation<br>ofinvestments|||||41,698<br>72,045|(52,924)<br>4,165|
||||||18,305|14,842|
|Working capital adjustments|||||||
|Increase<br>in debtors<br>Increase/(decrease)<br>in creditors<br>Net cash flows from operating<br>activities||||17<br>19|(128,579)<br>18,448 <br>~91,826|(95,876)<br> ~29,887<br>~(119,921|
|Cash flows from investing|activities||||||
|Interest receivable<br>and similar income||||5|410|110|
|Purchase<br>oftangible<br>fixed assets||||15|(35,552)|(206,225)|
|Sale oftangible<br>fixed assets|||||36,700|52,430|
|Purchase ofinvestments|||||(346,800)|(262,698)|
|Sale of investments|||||361,446|533,703|
|Income from dividends<br>Movement<br>in cash investment|deposit||||37,959<br>(5,240)|31,319<br>~9,689|
|Net cash flows from investing|activities||||48,923|138,970|
|Net (decrease)/increase<br>in cash and cash equivalents|||||(42,903)|28,049|
|Cash and cash equivalents<br>at 1 March|||||220,065|192,016|
|Cash and cash equivalents<br>at 28 February|||||177,162|220,065|
|Reconciliation<br>ofnet cash|flow to movement||in net funds||||
|(Decrease)/increase<br>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|





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





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## 

|||||Unrestricted||||
|---|---|---|---|---|---|---|---|
|||||||Total|Total|
|||||General<br>8|Restricted<br>8|2023<br>F|2022f|
|Salaries and wages||||121,872|6,420|128,292|88,901|
|Pension costs - Contribution<br>personal<br>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,<br>printing<br>and postage||||3,323||3,323|3,445|
|Sundry expenses|||||549|549||
|Sundry expenses||||4,585||4,585|2,197|
|Cleaning<br>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<br>off||||7,735||7,735|476|
|Professional<br>fees - payroll||&VAT||6,460||6,460|6,150|
|Professional<br>fees - property||and|other|7,487||7,487|8,215|
|Marketing<br>and publicity||||15,314||15,314|6,997|
|Depreciation,<br>amortisation<br>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<br>Car park costs|||||||1,213<br>20,391|1,213<br>20,391|1,686<br>19,843|
|Insurance cost<br>Roof repairs||||||4,000|6,733|6,733<br>4,000|4,588|
|Property expenses|||||||2,280|2,280|1,858|
|Property<br>management|||charges||||4,565|4,565|4,055|
|Promotional<br>site costs|||||||2,287|2,287||
|Other site costs<br>Professional<br>fees|||||||1,660<br>11,901|1,660<br>11,901|48,723|
|Depreciation,<br>amortisation||||and|other similar|||||
|costs|||||||4 725|4 725|2,419|
|||||||4,000|55,755|59,755|83,172|
|7<br>Investment<br>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<br>Expenditure<br>on||Investment|||properties|||||
||||||||Unrestricted|||
|||||||||Total|Total|
||||||||General|2023|2022|
||||||||6|||
|Insurance<br>Repairs and maintenance|||||||3,150<br>2,226|3,150<br>2,226|2,823<br>1,013|
|Sundry expenses|||||||23|23|540|
|Management<br>costs<br>Professional<br>fees - general<br>property<br>Professional<br>fees - administration|||||||17,713<br>15,553<br>1,626|17,713<br>15,553<br>1,626|15,917<br>24,613<br>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,<br>amortisation<br>Share ofofficials salaries||and other similar costs||839<br>8,487|839<br>8,487|211<br>10,973|
|Trustee<br>Indemnity|insurance|||610|610|782|
|Telephone,<br>printing<br>Professional<br>fees|and postage|||2,060<br>8,329|2,060<br>8,329|1,334<br>5,034|
|Sundry expenses<br>The audit ofthe charity's||annual|accounts|2,229<br>2,224|2,229<br>2,224|2,645<br>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<br>Profit on disposal oftangible<br>fixed assets<br>Loss/(profit)<br>on disposal ofinvestments<br>Depreciation<br>offixed assets|||4,250<br>(19,400)<br>41,696<br>67,721|4,074<br>(14,955)<br>(52,924)<br>63,509|



## 



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## 

|||||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||f|f|
|Salaries and wages|||||||||141,587||100,564|
|Socialsecurity<br>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<br>average|number|of persons||(including||senior management||team) employed|by|the charity|during<br>the|
|year was as follows:||||||||||||
|||||||||2023|||2022|
||||||||||No||No|
|Average<br>number ofemployees||||||||||10||
|No employee<br>received|emoluments||of more||than f60,000 during the year|||||||
|13Auditors'<br>remuneration||||||||||||
||||||||||2023||2022|
|Audit offinancial<br>statements|||||||||4,250||4,074|





## 

## 

## 

|14Intangible<br>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<br>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<br>Disposais|6,558<br>(4,164)|28,994<br>(19,900)|(17,300)|35,552<br>(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<br>Eliminated<br>on disposals|24,460<br>~4, 164)|43,261<br>(19,900)||67,721<br>(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|



## 



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## 

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



|Programme<br>related investments<br>in group undertaking|s<br>and participating<br>interests||
|---|---|---|
||Subsidiary||
||undertakings<br>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|





## 

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## 

## 

|<br>  <br>are as follows:|<br>  <br>are as follows:|y||ore ote nomna<br>value ofa|ny class ofshare ca|pital|
|---|---|---|---|---|---|---|
|Undertaking<br>Country <br>incorporation<br>number||of<br>and Co|Holding|Proportion ofvoting<br>rights and shares<br>held|Principal<br>activity||
|Subsidiary<br>undertakings|||||||
|Pastures<br>Development<br>Company<br>Limited|UK 7336611||Ordinal|100%|Property/project<br>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<br>af|ter more than one year.||
|---|---|---|---|---|---|
|||||2023<br>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<br>March 2022|Incoming<br>resources<br>6|Resources<br>expended|Other<br>recognised<br>gains/(losses)<br>6|Balance at 28<br>February<br>2023<br>F|
|Unrestricted<br>funds|||||||
|General|||||||
|Unrestricted<br>general|fund|45,760|570,060|(560,681)|3,904|59,043|
|Designated|||||||
|Fixed asset fund<br>Special repair fund<br>Unclaimed<br>dividend|fund|3,406<br>41,058<br>12,821<br>57,285||(4,000) <br>~4000)|(1,087)<br> ~2,8(7<br>(3,9D4)|2,319<br>37,058<br>10,004<br>49,381|
|Total unrestricted<br>funds||103,045|570,060|~564 681||108,424|
|Restricted funds|||||||
|Restricted<br>fund<br>Kickstart scheme<br>Market warm spaces||24,430<br>1,500|4,920<br>1,2D~|(1,025)<br>(6,420)<br> ~549||23,405<br>651|
|Total restricted funds||25,930|6, 120|~7994||24,056|
|Endowment<br>funds|||||||
|Expendable<br>Endowment<br>fund<br>Totalfunds||7927,349<br>7,927,349<br>8,D56,324|576,180|~14,549) <br>~(4,549 <br>(587,224)|~94346<br> ~94,346<br> ~(94.346|7818454<br>7,818,454<br>7,950,934|





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



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|22 Anal|ysis ofnet assets|between funds|||||
|---|---|---|---|---|---|---|
|||||||Total funds|
||||||Endowment|at 28|
|||Unrestricted<br>General<br>6|funds<br>Designated<br>8|Restricted<br>funds|funds<br>Expendable<br>6|February<br>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<br>General<br>8|funds<br>Designated<br>8|Restricted<br>funds<br>8|funds<br>Expendable<br>f|February<br>2022|
|Tangible|fixed assets||3,406|24,430|4,701,906|4,729,742|
|Fixed asset investments|||||2,473,355|2,473,355|
|Current <br>Current|assets<br>liabilities|114,511<br>~i68,751|53,879|1,500|752,088|921,978<br>(68,751)|
|Total net assets||45,760|57,285|25,930|7,927,349|8,056,324|



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