**REGISTERED COMPANY NUMBER: 00489136 (England and Wales) REGISTERED CHARITY NUMBER: 226121** Audited Financial Statements for the Year Ended 31 December 2023 for Prosper Wakefield District Ltd (A Company Limited by Guarantee) Slade and Cooper Chartered Certified Accountants Beehive Mill Jersey Street Manchester M4 6JG Prosper Wakefield District Ltd Contents of the Financial Statements for the Year Ended 31 December 2023 |||Page|| |---|---|---|---| |Reference and Administrative Details||1|| |Report of the Trustees|2|to|9| |Statement of Trustees' Responsibilities||10|| |Report of the Independent Auditors|11|to|13| |Statement of Financial Activities||14|| |Statement of Financial Position||15|| |Statement of Cash Flows||16|| |Notes to the Financial Statements|17|to|27| Prosper Wakefield District Ltd Reference and Administrative Details for the Year Ended 31 December 2023 |**TRUSTEES**|T Hawkes (resigned 4.5.23)| |---|---| ||S K Russell (resigned 24.8.23)| ||V Silver (resigned 4.5.23)| ||C Thompson (resigned 26.9.22)| ||Mrs C Bernard| ||C Longley (appointed 4.5.23)| ||M Holt (appointed 1.2.24)| ||S A Topham (appointed 13.1.23)| |**COMPANY SECRETARY**|Mrs K Lindley| |**REGISTERED OFFICE**|35 Peterson Road| ||Wakefield| ||West Yorkshire| ||WF1 4DU| |**REGISTERED COMPANY**
**NUMBER**|00489136 (England and Wales)| |**REGISTERED CHARITY**
**NUMBER**|226121| |**AUDITORS**|Slade and Cooper Chartered Certified Accountants| ||Beehive Mill| ||Jersey Street| ||Manchester| ||M4 6JG| |**SOLICITORS**|Wrigleys Solicitors LLP| ||19 Cookridge Street| ||Leeds| ||LS2 3AG| |**BANKERS**|Barclays Bank Plc| ||Trinity Walk Shopping Centre| ||Teal Way| ||Wakefield| ||WF1 1QS| ||Handelsbanken| ||Unit 10| ||Navigation Court| ||Wakefield| ||WF1 9FQ| |**KEY MANAGEMENT**
**PERSONNEL**|Kathryn Lindley (CEO)| Page 1 Prosper Wakefield District Ltd Report of the Trustees for the Year Ended 31 December 2023 The trustees who are also directors of the charity for the purpose of the Companies Act 2006, present their report and financial statements for the year ended 31 December 2023. The Trustees' Report incorporates the Directors' Report and the Strategic Report for Companies Act 2006 purposes. The Charity went through a rebrand in 2022 and finally changed its name to Prosper Wakefield District Ltd in July 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statement and comply with the charity's articles, the Companies Act 2006 and "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)" (as amended for accounting periods commencing from 1 January 2016). ## **Public Benefit** The trustees have complied with section 2(1)(b) of the Charities Act 2011, having due regard to the Charity Commission's guidance on public benefit when reviewing the Charity's aims and objectives, when setting the grant-making policy and in making awards. ## **OBJECTIVES AND ACTIVITIES** ## **Aims** The objects of the Charity are for public benefit such exclusively charitable purposes (according to the law of England and Wales) as the trustees of the Charity in their absolute discretion think fit from time to time. The board of trustees are satisfied with the performance of the charity during the year and the position on 31st December 2023. ## **Mission Statement** To build communities where organisations work together to improve health and reduce health inequalities, especially for the most disadvantaged people, groups and communities. As as independent grant maker we provide financial and practical support to help build sustainable change across the district. ## **Vision** To create a stronger, healthier and more equal Wakefield district built on VCSE, organisations and other partners working together to support people to thrive. ## **Values** We strive to be: Effective Transparent Strategic Trusted Professional Purposeful Listening Flexible Responsive ## **Volunteers** The charity currently has no volunteers, other than the amazing Board of trustees who offer their services for no charge. Page 2 Prosper Wakefield District Ltd Report of the Trustees for the Year Ended 31 December 2023 ## **STRATEGIC REPORT** ## **Achivement and performance** During this period, the Board has worked hard to improve its structure, processes and procedures in terms of governance. A number of strategy sessions have been held involving the full Trustee Board and the staff team, during which clear strategic objectives have been agreed and established. They are reviewed and, if necessary, amended at each strategy session. Development of the strategic objectives has helped to develop improved and effective processes, providing a framework for both governance and operations. The current strategic objectives are: 1. The charity has clear and effective processes around governance and a shared operational plan for deliveriy of all activities. 2. There is a clear plan for the maintenance and future development of the buildings, working alongside tennants. 3. The charity delivers on its grant making ambitions and demonstrates good practice in grant making in Wakefield. The 4 main priorities are: - a. Children & young people - b. Households on the edge - c. Connectivity - d. VCSE capacity building 4. The charity's communications are supported with a good flow of case studies and feedback which is linked to the Monitoring process, and the impact grants make on local communities. 5. The charity demonstrates strong financial management of budget and investments. 6. Trustee recruitment reflects the needs of the charity and EDI. 7. There is closer collaboration with Wakefield Community Foundation, other VCSE organisations, the Public and Business sector. 8. There is commitment and action to leverage investment. 9. To nurture innovation and pioneering projects. 10. We remian connected to the needs of Wakefield through research and insight. 11. We embrace digital innovation to support all aspects of our work. In addition, a Finance Committee has been established to ensure the effective oversight of both operational budgets and the investment portfolio. All trustees have worked hard to increase their knowledge and understanding of factors that may impact our investment portfolio and have attended numerous sessions aimed at creating an improved understanding of our investment strategy, delivered by our current investment managers. A key focus for the Trustees is to ensure that an investment strategy is followed that will work to recoup some of the losses in recent years, whilst still providing a strong income to support grant-making and operational costs. The Grants Committee has also been re-established during this period. We are proud of our approach to grant-making, working with trusted partners to distribute the Prosper Together Fund and an expert panel (including some trustee representation) to distribute our small grants scheme rather than depending solely on Trustees. We are working to continually improve this approach to grant making, empowering our beneficiaries and ensuring that grass roots, expertise is at the heart of decision making. Trustees are in agreement that wherever possible, our grant making should be used to leverage additional income into the Wakefield District and we continue to seek partnerships to achieve this. Trustees are currently content to work with a deficit budget, whilst partnerships and investments are developed, but we are working towards reducing this deficit in future years. Page 3 Prosper Wakefield District Ltd Report of the Trustees for the Year Ended 31 December 2023 ## **STRATEGIC REPORT** After a lengthy absence, the CEO returned to work in February. It was a year of signifcant change in the trustees' board in March, 2 trustees resigned, and later in the year the chair stood down. Cath Longley returned as Chair, and Simon Topham was appointed to the Board. Trustee recruitment remains a priority for the charity. Through UKSPF funding, we appointed a Philanthropy and Partnerships Manager in August. This appointment has allowed the charity to expand its reach with the business sector, not only in the Wakefield district, but accross the region. We are We Are Wakefield Ambassadors, and also support the Unsung Hero Awards and WACCL event with sponsorship. Environmental and economic factors continued to be challenging for many people and families across the district in October, we delivered the second year of the Prosper Together fund, supporting Households on the Edge. Funding remains a key priority for all VCSE organisations in the district, and a welcome shift in pooling funds with Nova Wakefield District enabled us to deliver a shared 'pot' of funding of £230,000 in a Small Grants Round, (£180,000 from Propser and £50,000 from Nova). We also introduced an Emergency Fund, to support VCSE organisations in crisis. ## **OUR CHARITABLE ACTIVITIES** ## **Grant Making** The charity's main purpose remains its grant making activities. ## **Grant Making Policy** Trustees are responsible for grant making policy and the Grants Committee is tasked with developing the policy and presenting it to the full Board of Trustees for approval. It is currently the policy of the Trustees to review its grant making programme annually and plan the grant making programme for the following year based upon any available evaluations and impact reporting, together with the performance of Prosper investments. Trustees allocate funding for grant making programmes based upon the resources available from investment income and identified needs and oppotunities with the Wakefied District. At the Trustees discretion, funding allocated to grant making programmes may on occasion exceed investment income available. In such circumstances funding allocated to grant making programmes may be derived from reserves or directly from investment income should the need or opportunity necessitate this. The potential to leverage additional funds into the Wakefield District through match funding and activities and partnerships with external organisations that generate investment is the main driver for this approach. It is the intention of Trustees that any funds allocated above the investment income received will be temporary. From 1st January 2023 to 31st December 2023, we delivered two significant funding round ## **The Prosper Together Fund** Acting on still relevant evidence from the research project, we continue to deliver our highly innovative Prosper Together Fund, (PTF). Round 1 was launched in October 2022, completing in March 2023. Round 2 was launched in October 2023 and will come to an end in May 2024. £115,000 was allocated. The PTF supports Households on the Edge’, a group who are at risk of falling into poverty, due to low incomes and other factors. The fund is unique in the Wakefield district; for the first time ever, we gave money directly to community hub leaders, to be used to support individuals and families who identified as ‘Households on The Edge’ in ways that they saw fit. Local leaders and their community teams are the people who understand the needs of their local communities and people best and can respond quickly and efficiently when help is needed. Page 4 Prosper Wakefield District Ltd Report of the Trustees for the Year Ended 31 December 2023 ## **OUR CHARITABLE ACTIVITES** When we launched Round 2 of PTF in October 2023, we recognised the role that local community hubs played in distributing the funding in local communities and increased the management fee from 10% to 15%. In October 2023, we invited some new VCSE organisations to become our ‘trusted partners’. This enabled us to reach more people in need, especially those belonging to disadvantaged groups such as blind / partially sighted people, and veterans. We held regular ‘surgeries’ for trusted partners, and this helped sustain the peer network of support for VCSE organisations taking part. 18 organisations took part. Depending on the size of the organisation they received between £1,150 and £9,500. PTF support has helped to provide all sorts of support including beds for children, food, childcare, and even vets’ bills. ## **Trusted Partners** - Bless Community Support Wakefield District Sight Aid Eastmoor Comunity project Havercroft & Ryehill Community Learning Centre Next Generation Red Roof Centre Rycroft Leisure The Well Project Spectrum People St Catherines Church Centre St Georges Lupset St Marys Community Centre The Old Quarry Adventure Playground Home Start Wakefield - 5 Towns Veterans Support Hub - Wakefield & District Society for Deaf People Community Foundation Wakefield District Wakefield District City of Sanctuary ## **The Small Grants Programme** The need for small grants is a constant across the Wakefield district. In 2023 we worked with our local partners Nova and ‘pooled’ resources, (Prosper contributed £180,000 whilst Nova contributed £50,000). We took the ‘best bits’ from our respective application forms, to simplify the process for applicants, and embarked on a shared comms campaign to promote the fund. Pooling resources enabled both organisations to help far more local VCSE organisations and gave us a strategic insight into what organisations needed grants for. The majority were once again for running and core costs, due to the Cost-of-Living Crisis and rising fuel bills, and staffing costs. In total 18 organisations received grants totalling £260,400 but the number of requests we received amounted to a staggering £1.3m. This is an indicator of the gaps in resourcing the sector in the Wakefield district. Grants ranged between £500 and £38,400 We arranged a joint panel, for the first time, including Prosper staff, trustees, Nova staff and a representative from the local authority. It was a collaborative and effective approach and enabled us to support as many VCSE organisations as possible, addressing geographic and thematic needs. Some of the successful applicants were: - Co-active Arts Learnest Leeds GATE - Leeds Gypsy and Traveller Exchange Solace - The Youth Association Portobello Community Forum Page 5 Prosper Wakefield District Ltd Report of the Trustees for the Year Ended 31 December 2023 Humanity 1st Carers Wakefield Kidz Aware Open Country ## **Infrastructure Support Grants** We have a commitment to support local infrastructure and in 2023 we awarded £25,000 to Nova and £25,000 to Young Lives, (this grant was rolled over from 2022). ## **Match Funding with Haribo** We matched a sum of £30,000 with local confectionary manufacturer, Haribo. This was distributed in smaller grants to support intergenerational projects. ## **Emergency Fund - £20,000** In 2023 we created an Emergency Fund, (reallocating £20,000 from the Small Grants pot). This was in response to some requests for help from VCSE organisations who were facing short term challenges in their budgets. ## **Philanthropy and Partnerships Manager (UKSPF funded post)** In August 2023, we appointed Julie Booth as our Philanthropy and Partnerships Manager. This post is funded through UKSPF funding until the end of March 2025. Julie’s input has been focussed on developing sustainable relationships with businesses and through local and regional networks to encourage more investment and support into the VCSE in Wakefield district. As well as providing financial support in the form of donations, businesses have offered space, skills, volunteers, and resources, to a wide range of community groups and charities across the district. Julie is also making connections with high worth individuals, through legacy programmes, and with individual donors. ## **Partnership Working and Match Funding** We are part of the We Are Wakefield network and attend their events and workshops. We are WAW Ambassadors and launched a steering group in 2024, to bring together business leaders who are interested in doing more philanthropic work to help the communities of Wakefield. Through WAW we have connected with lots of business leaders and attended several other events. In December 20203 we sponsored WACCL – the Wakefield Annual Charities Christmas Lunch – and in 2024 we have committed to match funding whatever is raised through this event, to be donated to charities and groups supporting children and young people across the district. The CEO is part of several high profile and strategic networks and boards, including the Residents First Group, the Health and Wellbeing Board, the Wakefield Partnership Summit, Wakefield Funders Forum, the Bishops Breakfast, Citizen’s Coin Board and the HDRC Shadow Board. Working at a strategic level with other leaders raises awareness of the work of Prosper and amplifies our voice. It also enables us to have a broad, strategic overview of the issues across the district that require our funding. The CEO is also a trustee of the Yorkshire Funders Board, and this gives us insights into regional and national that impact on our grant making activities. Whilst we are a non-political organisation, we have fostered good links with local politicians, including the leader of the council, the mayor’s office, and with local MPs. ## **Communications and PR** Throughout much of 2023, our communications were outsourced to a local agency, until we employed a part time worker for 5 months to develop our social and digital presence. However, the lack of dedicated comms support is not sustainable, and trustees identified this as a priority appointment for 2024 We created promotional merchandise to assist the Philanthropy Manager in connecting with local businesses, and work was done to develop the website. We also produced a leaflet explaining the role of Prosper and how businesses could become Prosper Partners. New signage was erected at Prosper House and 35 Peterson Road. ## **Monitoring and Evaluation** The second round of the Prosper Together Fund will be evaluated in an Impact Report. We are keen to support new ways of monitoring and evaluation to demonstrate the impact of our grants. Community Journalists based in the community hubs, continue to provide powerful and compelling stories that demonstrate the impact our Prosper Together Fund grants have on individuals and households. We held an evaluation and celebration day for Community Hub leaders and Community Journalists in July 2023 to share their feedback on being part of PTF. Page 6 Prosper Wakefield District Ltd Report of the Trustees for the Year Ended 31 December 2023 ## **Health Detreminnants Research Programmed (HDRC)** In 2023 Wakefield was announced as one of 15 places selected to be part a HDRC in the second trench of National Institute of Health Research (NIHR) funding. Prosper and St George’s are the local VCSE partners, delivering the Community Insights Workstream, alongside colleagues form the council, and research partners from Sheffield Hallam and Leeds Beckett University. This is an exciting opportunity to change the way decisions about people’s health and social care are made. The partners spent a lot of time in 2023 getting to know each other, building relationships, scoping the detail of the programme, and agreeing governance and reporting systems. ## **Yorkshire Funders** Proper is a member of Yorkshire Funders, and the CEO is on the board. The network offers a range of training and development opportunities to staff and trustees. ## **Prosper House, Tenants, Buildings** Safe Places and the Recovery College services are delivered from Prosper House. The intended building and development work including the installation of a lift, was put on hold, due to massive increases in costs. ## **Plans for Future Periods** The agreed stategic objectives, outlined above, continue to set the direction for the team at Prosper in line with our vision and mission and these are reviewed at Trustee strategy sessions that take place twice a year. During the next year there are plans to address the future of our buildings to ensure we are maximising assets and making best use of time and resources available to the charity. The HDRC project will bring with it opportunities for collaboration and renewed research into the needs of the people of Wakefield and additional staffing that will sit within the Prosper Team. This is a great opportunity as the funding extends over 5 years. We also hope to strengthen our Trustee Board with additional Trustees that have the skills, knowledge and experience in key areas where we need support. Collaboration will be key to our work and focusing on using our networks, grants and funding to leverage additional income into the district will be a major focus. Working in partnership locally, regionally and nationally we will endeavour to bring about the best outcomes for the people in need in the district. ## **STRATEGIC REPORT** ## **Financial review** The Charity's income for the year amounts to £723,137 (2022: £142,845) and total expenditure for the year amounted to £658,630 (2022: £758,704). The loss for the year after accounting for the losses on investments of £192,857 (2022: £1,572,836) and gains on the revaluation of fixed assets of £100,000 was £28,350 (2022:£2,188,695). ## **Reserves Policy** The trustees have agreed and approved that the designated reserves equivalent to 3 months full running costs and redundancy liabilities will be set aside in an interest-bearing account (Flagstone). Currently salary and running costs are approx £31,000 per month. For 3 months = £93,000 (3 x £31,000 = £93,000). As of 30.06.2024 the redundancy liability is £14,405.58. The total designated reserves are £107,405.58 (£93,000 + £14,405.58 = £107,405.58). Page 7 Prosper Wakefield District Ltd Report of the Trustees for the Year Ended 31 December 2023 ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** Prosper Wakefield District Ltd is governed by the Memorandum of Association and Articles of Association, which established the charity. The charity is a company limited by guarantee as defined by the Companies Act 2006. The charity was incorporated on 6th December 1950 and registered as a charity on 25th September 1963. The Charity is registered in England. The organisation changed its name to Prosper Wakefield Distict from Wakefield and District Health and Community Support Ltd on the 17th July 2023 and changed its Articles of Association on 24th September 2012, by Special Resolution. Prosper follows a thorough and robust recruitment process for new Trustees. This includes meetings with the Chair and other Trustees, a formal application, interview and probation period. The induction process for new Trustees is equally robust involving meetsings the chair, the provision of relevant documentation and reports as well as training if necessary. The governing document of the Charity allows for up to 10 Trustees. Trustees are appointed for a 3 year term, and they may serve up to 3 consecutive terms. The quorum at metting of the Trustees is 3 unless there are 7 or more Trustees then it is 4. The Board of Trustees are responsible for all decision making at Prosper and a scheme of delegation is in place to facilitate the operational team to make necessary decisions to continue the day-to-day opertaion of the Charity. Between Board Meetings, committees of Trustees and staff meet to manage specific areas of the work of Prosper. Currently there is a Grants Committee, Finance Committee and Buildings Committee, each chaired by a Trustee. Committees make recommendations that are then presented to Trsutees for decision making. The Chair and CEO meet at least monthly for supervisions and more regularly as issues arise. Arrangements for setting pay and remuneration are made annually at the Finance Committee and presented to the Board for decision. Pay arrangements are based on existing obligations, available resources, team performance and extenuating circumstances such as high levels of inflation. Increases are made at Board discreation taking account of benchmarking with other charities across the Wakefield District and the wider region. Prosper is proud of its independence, however Trustees recognise the value of collaboration, and we enter into partnerships and collaborations for specific purposes and projects that align with our vision and strategic priorities. Prosper has recently undergone a comprehensive risk analysis exercise led by Trustees with the support of the operational team. A detailed risk register is in place that classifies risks in a R A G (Red, Amber, Green system). The risk register is examined and updated at each meeting of the Board of Trustees. Trustees are therefore satisifed that all risks relevant to Prosper are recognised and well managed. ## **Fund-Raising Standards** Propser is a grant making charity, distributing funds predominatly from its investment income. Therefore, very little activity involves any actual fundraising beyond partnership work in collaboration with organisations across the district. Consequently, Prosper is not registered with the Fundraising Regulator. However any limited fundraising activities that may take place in future will be in line with the fundraising codes of practice. ## **Prosper Trustees** Catherine Longley appointed 04.05.23 Simon Topham appointed 13.01.23 Cynthia Bernard appointed 21.07.21 Mike Holt appointed 01.02.24 (Consultant to the board from June 2023) Tessa Hawkes resigned 04.05.23 Stewart Russell resigned 24.08.23 Victoria Silver resigned 04.05.23 ## **Prosper Staff** Kathryn Lindley CEO Julie Booth Philanthropy & Partnerships Manager Helen Fahey Administrator Vicky Burnley Cleaner Page 8 Prosper Wakefield District Ltd Report of the Trustees for the Year Ended 31 December 2023 ## **STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS** Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. This report is prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. ## **AUDITORS** The auditors, Slade and Cooper Chartered Certified Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 15 August 2024 and signed on the board's behalf by: C Longley - Chair of Trustees Page 9 Prosper Wakefield District Ltd Statement of Trustees' Responsibilities for the Year Ended 31 December 2023 The trustees (who are also the directors of Prosper Wakefield District Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Company law requires the trustees to prepare financial statements 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 that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standardsand statements of recommended practice have been followed, subjectto any material departures disclosed and explainedin the financial statements. - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitablecompany will continue in business. 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 statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 10 Report of the Independent Auditors to the Trustees of Prosper Wakefield District Ltd ## **Opinion** We have audited the financial statements of Prosper Wakefield District Ltd (the ‘charitable company’) for the year ended 31 December 2023, which comprise the Statement of Financial Activities (including the income and expenditure account), the Statement of Financial Position, the Statement of Cash Flows and the related notes. 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: give a true and fair view of the state of the charitable company’s affairs as at 31 December 2023, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with requirements of the Companies Act 2006. ## **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 Auditor’s 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 UK, including the FRC’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. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees, other than the financial statements and our auditor’s report thereon. 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. In connection with our audit of the financial statements, 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 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. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Trustees (incorporating the Directors' Report and the Strategic Report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 11 Report of the Independent Auditors to the Trustees of Prosper Wakefield District Ltd ## **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 Report of the Trustees. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not vistied by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees’ remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the Report of the Trustees. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement set out on page 10, 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. ## **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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: enquiry of management and those charged with governance around actual and potential litigation and claims. - enquiry of the charity's staff, management and those charged with governance to identify any instances of noncompliance with laws and regulations reviewing minutes of meetings of those charged with governance. - reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. Page 12 Report of the Independent Auditors to the Trustees of Prosper Wakefield District Ltd Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 auditor’s 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 the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Christy Yun Hing Lau FCCA DCha CTA Senior Statutory Auditor Slade & Cooper Limited Statutory Auditors Beehive Mill Jersey Street Manchester M4 6JG 27 September 2024 Page 13 Prosper Wakefield District Ltd ## Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2023 |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3
**Charitable activities**
5
Charitable activities
Other income
Investment income
4
**Total**
**EXPENDITURE ON**
Raising funds
6
**Charitable activities**
7
Charitable activies
**Total**
Gains on the revaluation of fixed assets
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
600
712
39,494
570,005
610,811
2,500
543,804
546,304
100,000
(192,857)
(28,350)
11,223,753
11,195,403|Restricted
funds
£
-
112,326
-
-
112,326
-
112,326
112,326
-
-
-
-
-|31.12.23
Total
funds
£
600
113,038
39,494
570,005
723,137
2,500
656,130
658,630
100,000
(192,857)
(28,350)
11,223,753
11,195,403|31.12.22
Total
funds
£
-
391
-
142,454
142,845
20,020
738,684
758,704
-
(1,572,836)
(2,188,695)
13,412,448
11,223,753| |---|---|---|---|---| ## **CONTINUING OPERATIONS** All income and expenditure has arisen from continuing activities. The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities also complies with the requirements for an income and expenditure account under Companies Act 2006. The notes form part of these financial statements Page 14 Prosper Wakefield District Ltd Statement of Financial Position 31 December 2023 |Notes
**FIXED ASSETS**
Tangible assets
13
Investments
14
**CURRENT ASSETS**
Debtors
15
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
16
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
LIABILITIES
**NET ASSETS**
**FUNDS**
18
Unrestricted funds
Revaluation reserve
**TOTAL FUNDS**|Unrestricted
funds
£
952,298
9,821,980
10,774,278
60,550
398,050
458,600
(37,475)
421,125
11,195,403
11,195,403|Restricted
funds
£
-
-
-
-
-
-
-
-
-
-|31.12.23
Total
funds
£
952,298
9,821,980
10,774,278
60,550
398,050
458,600
(37,475)
421,125
11,195,403
11,195,403
11,095,403
100,000
11,195,403|31.12.22
Total
funds
£
852,958
10,014,837
10,867,795
13,536
456,251
469,787
(113,829)
355,958
11,223,753
11,223,753
11,223,753
-
11,223,753| |---|---|---|---|---| The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The financial statements were approved by the Board of Trustees and authorised for issue on the 15 August 2024 and were signed on its behalf by: C Longley - Chair of Trustees The notes form part of these financial statements continued... Page 15 Prosper Wakefield District Ltd ## Statement of Cash Flows for the Year Ended 31 December 2023 |Notes
**Cash flows from operating activities**
Cash generated from operations
19
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Dividends received
Net cash provided by investing activities
**Change in cash and cash equivalents in the**
**reporting period**
**Cash and cash equivalents at the beginning**
**of the reporting period**
**Cash and cash equivalents at the end of the**
**reporting period**|31.12.23
£
(578,633)
(578,633)
(1,573)
-
-
74
521,931
520,432
(58,201)
456,251
398,050|31.12.22
£
(741,221)| |---|---|---| |||(741,221)| |||(3,726)
(10,126,263)
10,128,698
49
126,697| |||125,455| |||| |||(615,766)
1,072,017| |||456,251| The notes form part of these financial statements Page 16 Prosper Wakefield District Ltd Notes to the Financial Statements for the Year Ended 31 December 2023 ## **1. ACCOUNTING POLICIES** ## **Charity information** Prosper Wakefield District Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 35 Peterson Road, Wakefield, WF1 4DU. The Company registration number is 00489136. ## **Accounting convention** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable by charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), second edition - October 2019 (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Comapnies Act 2006 ad UK Generally Accepted Accounting Practice. The charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principle accounting policies adopted are set out below. ## **Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **Incoming resources** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. continued... Page 17 Prosper Wakefield District Ltd Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **1. ACCOUNTING POLICIES - continued** ## **Resources expended** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |Freehold land and buildings|-|10% on cost| |---|---|---| |Fixtures and fittings|-|33% on cost| |Computer equipment|-|33% on cost| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Freehold land and buildings are revalued using the revaluation model. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year. ## **Fixed Asses Investments** Fixed asset investments initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. ## **Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **Taxation** As a charity the company is exempt from tax on income falling within part II of the Corporation Tax Act 2010 and on gains falling within s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to charitable objectives. No tax charges have arisen in the charity. ## **Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdraft. Bank overdrafts are shown within borrowings in current liabilities. ## **Financial instruments** The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. continued... Page 18 Prosper Wakefield District Ltd Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **1. ACCOUNTING POLICIES - continued** ## **Financial instruments** Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## **Basic financial assets** Basic financial assets, which include trade debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivables within one year are not amortised. ## **Basic financial liabilities** Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## **Derecognition of financial liabilities** Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. ## **Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination payments are recognised when the charity is committed to terminate the employment of employees or when termination benefits have been offered. The liability is recognised as the best estimate of the cost at the reporting date. ## **Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **Company status** Prosper Wakefield District Ltd is a Registered Charity and incorporated as a company limited by guarantee and not having share capital. On a winding up each company member may, if required to do so, to meet any debts and liabilities of the company, be called upon to make a contribution not exceeding £10. Any surplus on winding up, to be passed to another like organisation with similar objects. continued... Page 19 Prosper Wakefield District Ltd Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS** In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. And the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **3. DONATIONS AND LEGACIES** |Donations
**4.**
**INVESTMENT INCOME**
Rents received
Dividend income
Deposit account interest
**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
Complimentary Therapy Room
Other grants||31.12.23
£
600
600
31.12.23
£
48,000
521,931
74
570,005
31.12.23
712
112,326
113,038||31.12.22
£
-| |---|---|---|---|---| |||||-| |||||31.12.22
£
15,708
126,697
49| |||||142,454| |||||31.12.22
600
-| |||||600| continued... Page 20 Prosper Wakefield District Ltd Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **6. RAISING FUNDS** ## **Investment management costs** |**Investment management costs**||| |---|---|---| ||31.12.23|31.12.22| ||£|£| |Investment management expenses|2,500|20,020| ## **7. CHARITABLE ACTIVITIES COSTS** |**£**
**£**
Community research project
Grant funding of activities (see note 8)
Share of support costs (see note 9)
Share of governance costs (see note 8)|**Grant**
**making**
**2023**
-
-
361,600
288,530
6,000
656,130|**Grant**
**making**
**2022**
22,912| |---|---|---| |||22,912
451,418
256,614
7,740| |||738,684| continued... Page 21 Prosper Wakefield District Ltd Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **8. GRANTS PAYABLE** |**Grants to institutions:**
Star Bereavement Support
Community Foundation
Wakefield District Sight
Learnest CIC
Leeds Gypsy & Traveller
Coactive Arts
Wakefield District Citizens Advice Bureau
Bless Community Services
Youth Association
Solace Surviving Excile
Kidzaware
Wakefield & District Society For Deaf People
Homestart Wakefield & District
The Old Quarry Adventure Playground
Eastmoor Community Centre
St Marys Community Centre
St Georges Lupset
Spectrum People CIC
Red Roof Centre CIC
The Well Project
Ryecroft Leisure CIC
Inspiring Community CIC
St Catherines Church
Havercroft & Ryehill
Wakefield & District City of Sanctuary
Wakefield Street Kitchen
MJ Languages Polish Centre CIC
Five Towns Veteran Support
Wakefield Community Foundation
Mayors Charity
Community Media CIC
Pontefract Colleries FC
Young Lives Consortium
Nova
Bring Me To Life
Disability Sport Yorkshire CIC
Reflections Yorkshire
Lightwaves
Stanbridge Lane Development
Grow Wakefield
Open Country
Kingsley & Fitzwilliams
Soup4em
Bronte Barbicans ARLFC
Oasis Christian Centre|**Grant**
**making**
**2023**
**£**
55,202
30,000
22,781
19,765
19,739
18,000
17,428
17,065
16,374
15,610
13,142
11,390
11,250
10,925
9,775
9,775
9,775
6,325
5,750
5,750
5,175
5,175
5,175
4,600
4,025
4,000
2,529
2,300
2,300
500
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
361,600|**Grant**
**making**
**2022**
**£**
38,400
-
22,750
-
43,750
-
-
5,500
-
-
4,000
21,211
11,000
11,000
11,000
11,000
5,500
5,550
5,500
5,500
5,500
5,500
5,500
-
-
8,816
4,000
-
-
44,468
32,000
25,000
25,000
24,279
20,209
15,930
11,000
5,500
4,997
4,000
3,664
2,000
1,244
1,200| |---|---|---| |||426,418| ## **Conflicts of Interest** Trustees are recruited from (amongst others) the Wakefield VCSE sector and two trustees have roles at VCSE organisations which have applied for and received grants from Prosper in the current and previous financial year. Simon Topham is a trustee of Nova and CEO of Citizens Advice Wakefield District. Mike Holt is a trustee of St.Georges Lupset. Trustees declare conflicts of interest at the start of meetings and do not take part in meetings where items are discussed relating to COI. Trustees with COI do not take part in grants panels discussing awards to organisations they have any relationships to. continued... Page 22 Prosper Wakefield District Ltd Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **9. SUPPORT COSTS** |**£**
Staff costs
Depreciation
Premise costs
Room hire
Travelling expenses
Office costs
Training
Legal and professional
Subscriptions
Advertising and Branding
Sundry expenses
Bank charges
Audit Fees
Accountancy
Analysed between
Charitable activities
**£**
Staff costs
Depreciation
Premise costs
Room Hire
Travelling expenses
Office costs
Training
Legal and professional
Subscriptions
Advertising and Branding
Sundry expenses
Bank charges
Audit Fees
Accountancy
Analysed between
Charitable activities|**Support**
**costs**
**£**
135,006
2,233
61,435
2,179
3,479
7,048
954
28,248
5,258
33,614
1,586
284
-
7,206
288,530
288,530
**Support**
**costs**
**£**
132,623
1,942
65,736
2,084
6,112
4,598
2,480
6,272
2,196
24,590
1,356
265
-
6,360
256,614
256,614|**Governance**
**costs**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
6,000
-
6,000
6,000
**Governance**
**costs**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
7,740
-
7,740
7,740|**2023**
135,006
2,233
61,435
2,179
3,479
7,048
954
28,248
5,258
33,614
1,586
284
6,000
7,206| |---|---|---|---| ||||294,530| ||||294,530| ||||**2022**
132,623
1,942
65,736
2,084
6,112
4,598
2,480
6,272
2,196
24,590
1,356
265
7,740
6,360| ||||264,354| ||||264,354| Support costs are allocated directly wherever possible, where this is not possible costs are allocated based on staff time and staff numbers. Governance costs includes payments to the current auditors of £6,000, (2022- £7,740) for audit fees. continued... Page 23 Prosper Wakefield District Ltd Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **10. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): ||31.12.23|31.12.22| |---|---|---| ||£|£| |Auditors' remuneration (net)|5,000|7,740| |Depreciation - owned assets|2,233|1,942| ## **11. TRUSTEES' REMUNERATION AND BENEFITS** ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. ## **12. STAFF COSTS** |**STAFF COSTS**||||| |---|---|---|---|---| |Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Management & Office||31.12.23
£
117,621
7,433
9,952
135,006
31.12.23
4||31.12.22
£
115,411
6,433
10,779| |||||132,623| |||||31.12.22
4| continued... Page 24 Prosper Wakefield District Ltd Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **13. TANGIBLE FIXED ASSETS** |**TANGIBLE FIXED ASSETS**|||||| |---|---|---|---|---|---| |**COST**
At 1 January 2023
Additions
Revaluation
At 31 December 2023
**DEPRECIATION**
At 1 January 2023
Charge for year
At 31 December 2023
**NET BOOK VALUE**
At 31 December 2023
At 31 December 2022|Freehold
land and
buildings
£
850,000
-
100,000
950,000
-
-
-
950,000
950,000|Improvement
to
property
£
4,692
-
-
4,692
4,223
469
4,692
-
469|Fixtures
and
fittings
£
27,472
-
-
27,472
26,995
235
27,230
242
477|Computer
equipment
£
8,118
1,573
-
9,691
6,106
1,529
7,635
2,056
2,012|Totals
£
890,282
1,573
100,000| ||||||991,855| ||||||37,324
2,233| ||||||39,557| ||||||952,298| ||||||952,958| Cost or valuation at 31 December 2023 is represented by; ## Vaulation in 2023 Freehold land and buildings £ 950,000 The valuation of thefreehold property is based on a valuation by David J Martindale, MRICS on 11 December 2023. Under the historical cost (transferred at 'deemed' cost, previous valuation by David J Martindale, MRICS on 12th December 2017), a book value of £850,000. ## **14. FIXED ASSET INVESTMENTS** |**MARKET VALUE**
At 1 January 2023
Revaluations
At 31 December 2023
**NET BOOK VALUE**
At 31 December 2023
At 31 December 2022|Listed
investments
£
10,014,837
(192,857)
9,821,980
9,821,980
10,014,837| |---|---| There were no investment assets held outside the UK (2022: Nil). continued... Page 25 Prosper Wakefield District Ltd Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **14. FIXED ASSET INVESTMENTS - continued** Cost or valuation at 31 December 2023 is represented by: |Listed
investments
£
Valuation in 2021
11,590,108
Valuation in 2022
(1,575,271)
Valuation in 2023
(192,857)
9,821,980
**15.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
31.12.23
31.12.22
£
£
Trade debtors
3,264
-
Other debtors
16,194
843
Prepayments and accrued income
41,092
12,693
60,550
13,536
**16.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
31.12.23
31.12.22
£
£
Trade creditors
18,599
1,642
Social security and other taxes
4,174
2,765
Other creditors
720
40,025
Accruals and deferred income
13,982
69,397
37,475
113,829
**17.**
**RELATED PARTY DISCLOSURES**
**Remuneration of key management personnel**
The remuneration of key management personnel is as follows:
**2023**
**2022**
**£**
**£**
Aggregate compensation
76
,363
70,387
**18.**
**FUNDS**
1 Jan 2023
Income
Expenditure
Investment
gains/(losses)
Gains on the
revaluation of
fixed assets
31 Dec 2023
£
£
£
£
£
£
**Unrestricted**
General Funds
11,223,753
610,811
(546,304)
(192,857)
11,095,043
Revaluation
-
-
100,000
100,000
-
**Restricted**
UK SPF Grant
-
62,326
(62,326)
-
-
NHS West
Yorkshire ICB
-
50,000
(50.000)
-
-
Total
11,223,753
723,137
(658,630)
(192,857)
100,000
11,195,043
1 Jan 2022
Income
Expenditure
Investment
gains/(losses)
Gains on the
revaluation of
fixed assets
31 Dec 2022
£
£
£
£
£
£
U**nrestricted**
General Funds
13,412,448
142,845
(758,704)
(1,572,836)
11,223,753||Listed
investments
£
11,590,108
(1,575,271)
(192,857)| |---|---|---| |||9,821,980| |||| |||| continued... Page 26 Prosper Wakefield District Ltd Notes to the Financial Statements - continued for the Year Ended 31 December 2023 ## **19. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**Net expenditure for the reporting period (as per the Statement of**
**Financial Activities)**
**Adjustments for:**
Depreciation charges
Losses on investments
Interest received
Dividends received
Increase in debtors
Decrease in creditors
**Net cash used in operations**|31.12.23
£
(128,350)
2,232
192,857
(74)
(521,931)
(47,014)
(76,353)
(578,633)|31.12.22
£
(2,188,695)
1,942
1,572,836
(49)
(126,697)
(11,683)
11,125
(741,221)| |---|---|---| ## **20.** ## **ANALYSIS OF CHANGES IN NET FUNDS** |**Net cash**
Cash at bank and in hand
**Total**|At 1.1.23
£
456,251
456,251
456,251|Cash flow
£
(58,201)
(58,201)
(58,201)|At 31.12.23
£
398,050
398,050
398,050| |---|---|---|---| Page 27