LionHeart Supporting RICS professionals and their families The Royal Institution of Chartered Surveyors Benevolent Fund Limited IA Charitable Company Limited by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR FROM I APRIL 2023 TO 31 MARCH 2024 Company Number.. 980025 Charity Number.. 261245 The Royal Institution of Chartered Surveyors Benevolent Fund Limited ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR FROM I APRIL2023TO 31 MARCH 2024 Contents Chalrfs Foreword............ .. Strategic ReporL................................................................. . Trustees, Report............................................. Audltors. Report......................................... .18 Statement of Flnandal Actfvltles................................................... .21 Bafantè Sheet... .22 statement of Cashnow&..................................................... ... .23 Notes to Flnancial 5tatementL.-.-.-....-. LionHeart C+IAIR'S FOREWORD 2023-24 was on many levels a year of change at LionHeart. and yet In other ways it was very much buslness as usual, We said goodbye to our long-5erving CEO Davina Goodchild. after 12 years at the helm. Bein8 appointed as an 'agent of change, in 2011, Davina led the charity through a thorough transformation of governance, service delivery, and culture, and left with our very best wishes. Our Interim CEO. the highly experienced Sardh Keeton. hit the ground runnlng in the Autumn, dernonstrating leadership, insight, and competence in challenging times. Sarah did all that we asked of her, and more, keeping the show on the road until our new CEO, Phil Sparke, joined us in the Spring. After the departure of our Head of Finance for family reasons, David Homer has once a8ain stepped up, and l am very grateful to him ft)r putting in much of the heavy lifting In preparing this document. On the board, we lost 27 years, aggregate service when James Grierson, Dayle Bayliss ènd Andrew Carrick all 'rolled off, having each completed their maximum nlne-yeartemi. I can't overstate the input, Wisdom and sheer hours of graft that each of them brouglit to the board table. James and Dayle had l)oth Se￿e￿ as vice**Income From:**
Donations and Legacies
2
Investments
3
**Total Income**
**Expenditure on:**
Raising Funds
4
Investment Management Fees
4
Charitable Activities
5
**Total Expenditure**
Realised Net Gains on Investments
Unrealised Net Gains/ (Loss) on
Investments
**Net income/(Expenditure)**
**Transfers Between Funds**
**Other Recognised Gains/ (Losses):**
Actuarial Gains/ (Losses) on
20
Defined Benefit Pension Scheme
**Net Movement**in**Funds**
**Reconciliation of Funds**
Total Funds Brought Forward
**Total Funds Carried Forward**|**Unrestricted**
**Funds**

**£000**

813

907
**1,720**
42
81
2,392
**2,515**
0
2,113
**1,318**
0
52
1,370
25,818
**27,188**|**Year Ended**
**31 March**
**2024**
**Total**
**£000**
813
907
**1,720**
42
81
2,392
**2,515**
0
2,113
**1,318**
0
52
1,370
25,818
**27,188**|**Unrestricted**
**Funds**
**£000**
1,163
947
**2,110**
58
84
2,086
**2,228**
18
(1,406)
**(1,506)**
0
(57)
(1,563)
27,381
**25,818**
**Year Ended**
**31 March**
**2023**
**Total**
**£000**
1,163
947
**2,110**
58
84
2,086
**2,228**
18
(1,406)
**{1,506)**
0
(57)
(1,563)
27,381
**25,818**| |---|---|---|---| The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities. The notes on pages 24 to 39 form part of these financial statements. 21 ## **�lionHeart** ## **BALANCE SHEET AS AT 31 MARCH 2024 COMPANY REGISTRATION No. 980025 REGISTERED CHARITY No. 261245** |**BALANCE SHEET AS AT 31 MARCH 2024**
**COMPANY REGISTRATION No. 980025**
**REGISTERED CHARITY No. 261245**||| |---|---|---| |**NOTES**
**Fixed Assets**
Intangible Assets
Tangible Assets
Investments: Pooled
Investments: Social
**Total Fixed Assets**
**Current Assets**
Debtors
Cash at Bank and in Hand
**Total Current Assets**
**Creditors**
Amounts falling due within one year
**Net Current Assets**
**Total assets less current liabilities**
**Creditors**
Amounts falling due after one year
**Defined Pension Scheme Liability**
**Total Net Assets**
**Funds**
Restricted Funds
Unrestricted Designated Funds
Unrestricted Free Funds
Pension Reserve
**Total Charity Funds**
10
11
12
13
14
15
20
17|**31 March 2024**
**£000**
**£000**
253
806
**1,059**
(236)
10
18
26,168
54
**26,2SO**
**823**
**27,073**
0
115
**27,188**
0
24,559
2,514
115
**27,188**
**31 March 2023**
**£000**
**£000**
275
1,596
**1,871**
(256)
0
1
24,055
74
**24,130**
**1,615**
**25,745**
0
73
**25,818**
0
23,074
2,671
73
**25,818**|| |||**24,130**
**1,615**
**25,745**
0
73| ||**1,059**
(236)|| |||| |||**25,818**
0
23,074
2,671
73
**25,818**| The accounts are prepared in accordance with the Companies Act 2006 and Financial Reporting Standard 102 and with the special provisions of Part 15 of the Companies Act relating to small companies. Signed on behalf of the Board of Trustees and authorised for issue on 5 September 2024. Philippa Sampson-Bancroft FRICS Chair, Board of Trustees, Lion Heart The notes on pages 24 to 39 form part of these financial statements. 22 LionHeart STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2024 Year Ended 31 March 2024 Year Ended 31 March 2023 £(K)O Cash Flt>ws from Oper*lng Activltles.. Net Cosh Provlded by/{u5ed in) Operatlnq Actlvftles 22 11,658) (820) Cash Flows from Investing Actlvitles: Returns from Investments Purchase of Property, Plant. Equipment & Intangibles Proceeds from Sale of Investments Purchase of Investments Alet Cash Provided by/{used Inj InvestingArtivitle5 907 {391 947 97 544 Change In Cash and Cash EquiYJlents in the year Cash and Cash Equivalent5 at l April 2023 Cash and Cash Equivalents at 31 March 2024 {75￿1} 1,596 12761 1,872 1,596 ?3 LionHeart NOTES TO THE FINANCIAL STATEMENTS l. Accountlng Polides Charlty Informatlon LlonHeart is a registered charity (number 2612451 and company limtted by guarantee with no share capital, registered in England and Wales Inumber 9800251. Its registered office and principal place of business is I Cornwall Street, Birmingham B3 2DX. Basls ol preparatlon The financial statements have been prepared under the historical cost convention, except for investments which are included at fair value, and in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 issued on 16 July 2014 and the Companies Art 2(Xffi. The charity meets the definition of a public benefit entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounllng policy notes. Golng Concern The accounts have been prepared on a going concern basi5. Having rO￿led out a detailed review of LionHearYs resources and the challenges presented by the current economic climate, the Trustees are satisfied that the charlty has sufficient cash flows to meet its liabilities as they frdll due for at least one year from the datè of the appmval of the accounts. There are no significant financial uncertaintie5 which the Trustees consider a￿ a significant risk to the ability of the charity to trade as a going concern in the foreseeable future. Funds Structure LionHeart has one unrestricted and undesignated fund, three designated funds and no restricted funds. General funds are unrestricted funds which are available for use at the discretron of the Trustees in furtherance of the objectives of the charity and which have not been designated ft)r other purposes. Designated funds are unrestricted funds that have been set aside by the Tnjsteesfor particular purposes. These funds are reviewed annually. Restritted funds are fvnds which are to be vsed in accordance with specific restrictions imposed by donors or whlch have been raised by the Charity for particular purposes. Expenditure is charged to the Statement of Financial Activities when incurred. Income Donations received directly by LionHeart are accounted for on the day of re￿Ipt or when they become entitled to them. Donations collected by third parties are accounted for as cash in third partleg hands on the date of receipt by the third pèrty. Legacies are accounted for as 5(x)n as entitlement, pmbability and monetsry valije can be established. For investments. accounting entries are based upon the quarterty returns submitted by our investment managefflent companies. Expendhure and Irrecoverable VAT Liabilities are recognised as expenditure as soon as there is a legal or construtttve obligation committing the charity to the expenditure. All expendlture is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grants payable to beneficiaries are accounted for where etther we have agreed to pay the grant wtthout condition and the reciplent has a ￿asOnable expectation that they will receNe a granL or where any condltion attaching to the grant is fulfilled. We have taken the exemption available for charity trusts registered In England and Wales from providing the names of grant recipients and the amounts of the grants. LionHeart Irrecoverable VAT is charged against the category of expendtture for which It was incur￿d. Where possible costs are directly attributed to specific actlvities. Overhead and 5UPPOrt Costs which relate to more than one activity are apportioned between those activities. Tanglble Flxed Assets and Depreciatlon All assels Costing more than El,000 are ￿pItalISed and are valued at depreclated historic cost. Depreciatlon is charged on fixed assets on a 5traight-Ilne basis over their estimated useful lrfe. The useful life of LionHearY5 fixed a55ets is 3 years for office and computer equipment. Intanglble Assets and Amortisation Int?nEible5 are amort15ed over 3 years, with a full yearfs depreciation charged in the first year. Investments Investments are stated at fair value as at the balance sheet date. The Statement of Financial ActNities includes the net gains and losses arislng on revaluatlDn and disp)sals throughout the period. The fair value of the investments is the quoted bid price. Social Investments are loans to beneficiarles. Loans are partially provlded for In case of default. Penslons LionHeart operates defined benefit and defined contribution (money purchase) Schemes. Note 21 gives detalls of the defined benefit scheme. The calculations on the recognition of gains and losses and the notes are produced in accordance with FRS 102 requirements. For defined benefft retirement plans, the cost of providing benefits is detemiined using the projected vnit credit method. with artuarial valuations being carried out at each balance sheet date. Actuarial gains and losse5 arising are recognised immediately in the Statement of Financial Acttvities. Past service costs are recognised as an expense on a straight-line basis over the averdge period until the benefits become vested. To the extent that the benefits have already vested. the cost is recognised immediately in the Ststement of Financial Activities. The amount recognised in the balance sheet represents the p￿sent value of the defined benefit obligatlon. adjusted for unrecognised past service costs. and reduced by the fairvalue of plan assets. Any asset resulting from this calculation is limited to the lowerof the asset and any unretognised past servlce c05[ plus the present value of available refunds or reductions in future contributions to the plan. The rate used to discount the benefrt obligation515 based on market yields for high quality corporate bonds with tem)s and currencies consistent with those of the benefit obligations. Gains and losses on curtailmentslsettlements are recogDised when the curtailmentlsettlement occur5. Debtors Trade and other debtors are recognised at the settlement amount due after anytrade dlscounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at Bank and in Hand Cash at bank and cash in hand includes cash and monies on shorttem) deposit, at the bank and other short-term liquid investments with original maturities of three months or less. Creditors and Provlsions Creditor5 and provisions are recognised where the chartty has a present obligation resultlng from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Credttors and provlsions are norrnally recogni5ed at their settlement amount allowing for any trade discounts due. 25 LionHeart Flnancial Instruments The charity only has financial assets ènd liablllties of a kind that qualify as basic financial instruments and are not consideréd to be of a financial nature. Such financial instruments, except for investments classified at ftlr value through profit and loss, are initially recognised at transartion value and subsequently measured at their settlement value. Critical A¢tounting Estlmates and Areas of JudEement Estimates and judgement5 are continually evaluated and are based on historical experfence and other factors, includlng expectations of future events that are believed to ￿ reasonable under the circumstances. Trustees have deteTmined a level of provision against the loans made to beneficiaries, this 15 reviewed each year. 2. Donatlons and legacies Yeaf ended 31 March 2024 Year ended 31 March 2023 Donation5 from RICS members Other cash donations 591 443 247 Donatlons 1,034 Legacies Unrestricted grants 119 io io Total 813 1,163 3. Investment Income Year enfled 31 March 2024 Year ended 31 March 2023 Dividends from pooled investment funds 771 796 Investment income 136 151 Totsl 947 The above figures have been amended to show investment retum as Income instead of as a change in market value. ?6 LionHeart 4. Cost of Ralslng Funds Year ended 31 Marth 2024 Year ended 31 March 2023 Costs of actlvities Staff costs Totsl Investment Management Fee5 52 42 81 Total 123 142 ## **�LionHeart** ## **5. Charitable Expenditure by Activity** |**Grant Making to Individuals**
Grants approved
Staff costs
Depreciation
Other costs
Support & Governance
Total
**Advice and Beneficiary Support**
Staff costs
Depreciation
Other costs
Support & Governance
Total
**Engagement and Communications**
Staf costs
Depreciation
Other costs
Support & Governance
Total
**Workshops and Webinars**
Staf costs
Depreciation
Other costs
Support & Governance
Total
**Total**
Grants approved
Staf costs
Depreciation
Other costs
Support & Governance
Total|**Year ended**
**31 March**
**2024**
**£000**
581
127
2
0
143
853
223
3
64
252
542
263
4
11
258
536
174
3
83
201
461
581
787
12
158
854
2,392|**Year ended**
**31 March**
**2023**
**£000**
449
135
0
0
118
702
230
1
54
214
499
218
0
26
212| |---|---|---| |||456
164
1
35
229
429
449
747
2
115
773
2,086| All expenditure is from unrestricted funds. Support & Governance costs are also shown in note 6. 28 LionHeart 6. Analysls of Support and Governan￿ Costs Yearended 31 March 2024 Year ended 31 March 2023 Grant Maknng to Individuals Staff costs Consultancy Information and technology costs Other costs Governance Total 61 50 li 15 22 20 li 36 30 143 118 A(fvlce and Beneflclary Support Staff costs Consultancy Information and technology costs other costs Governance Total 107 io 20 91 19 28 39 37 51 252 214 Engagement and Comrnunlcatlon$ Staff costs Consultanry Informatlon and technology costs Other ¢osts Governance iii io 20 89 19 28 39 53 37 Total 258 212 Workshops and Webin3rs Staff costs Consultancy Information and technology costs Other costs Governance 87 97 21 30 41 16 49 41 Total 201 229 Total Staff costs Consultancy Information and Technology Costs Other costs Governance Total 366 33 67 213 175 327 70 ioi 141 134 854 773 All allocations are based on staff numbers. LionHeart 7. Net Income Is stated after charglrvg the following: Year Year Ended Ended 31 March 31 March 2024 2023 £il)O's £OOtrs Depreciation Auditor's remuneration Operating lease expenses incurred in the year Totsl 12 16 16 57 85 17 8. Employees Year ended 31 March 2024 Yearended 31 March 2023 Staff costs comprise.. Salaries Social security costs Other pension contributions I,(Y34 iii 122 999 Ic 125 Total 1,327 1,224 All expenditure is from unrestrtcted fvrKIs. The average number of employees during the year wa5 2912022-2023 291. Full time equivalents were 25.112022-2023 25.21. One employee earned emoluments in excess of £60.IJXI in the year {2022-2023 11 thi5 was in the band £ICK),(XJI to £110,00012022-2023 £80,IX)I to £90,(XXJI. Pengon contributK)ns of £7k were made for this employee12022-2023 £9k). Key management personnel of the charity are those having autlK)rity and responsibilitydelegated to them bythe Tnjstees for planning, directin& and contyolling the actbvitie5 of the charity. The total empk)yee benefits of the key management personnel of the charity were £271k12022-2023 £2(￿). There were changes within the Senior Leadership Team during the year. 9. Trustees, and CLFOpted Members, Remuneratlon and Expenses The Trustees and co-opted committee members receNed no remuneration during the year12022-2023 nil}. Some of the Trustee5 and co-opted member5 clairn travelling and subsistence expenses and during the year a total of £5,662 was paid to 13 Trustee5 and co-opted committee members {2022-2023 £4,618 to 12). 30 LionHeart 10. Intangible Fixed Assets Year ended 31 March 2024 Software Development Cost At l April 2023 Additions Disposals At 31 March 2024 88 15 DepreCIa￿on At l April 2023 Dlsposals Charge for year At 31 March 2024 88 93 Net book value At 31 March 2024 io At 31 March 2023 11. Tangible Flxed Assets Yeai ended 31 March 2024 Offi¢e Equipment Cost At l April 2023 Additions Disposa15 At 31 March 2024 24 14) D¢pre¢iatlon At l April 2023 Disposals charge foryear At 31 March 2024 62 141 Net bookvalue At 31 March 2024 18 At 31 March 2023 31 LionHeart 12. Fixed Asset Investments Year ended 31 March 2024 Yearended 31 March 2023 Market value brought forward Add additions to investments at cost Less disposals at carrying value Add net gain Ilossl on revaluation Market value as at 31 March 24,055 25,041 500 -80 -1,406 24,055 2,113 26,168 Flxed Asset Investments by Type Year Ended Year Ended 31 March 31 Marth 2024 2023 £OOO's £(th's Pooled Investment Funds 26.168 24,055 Total 26,168 24,055 During the previous financial year, a second Investment Managerwas appointed in CCLA, and 50% of the Sarasin Endowment Fund was transferred to a CCLA COIF Ethical Investment Fund. 13. Soclal Investments Year Year Ended Ended 31 March 31 March 2024 2023 £(MJYs £¢XIO's Interest Free Loans with no Flxed Repayment Date Pald to Beneficlarles Loans Outstanding at 1st April Loans Repaid During the Year Loans Outstanding at 31st March 205 -20 210 185 205 Provision for Bad Debts on Loans Provision at 1st April Provision Released in the Year Provision at 31st March Net Loans Outstanding at 31si March -131 -131 -131 -131 74 32 ## **�LionHeart** ## **14. Debtors** |Taxation Recoverable
Prepayments and Accrued Income
Other Debtors
**Total**
**15. Creditors**
Trade creditors
Grant commitments
Accruals
Taxation and social security
Other creditors
**Total**
**Grant Commitments**
Balance 1 April 2023
Additions
Paid
**Balance 31 March 2024**|**Year Ended**
**Year Ended**
**31 March**
**31 March**
**2024**
**2023**
**£000's**
**£OOO's**
52
56
201
176
0
43
**253**
**275**
**31 March**
**2024**
**£000**
20
128
53
24
11
**236**
**31 March**
**2024**
**£000**
83
571
(526)
**128**|**31 March**
**2023**
**£000**
73
83
65
26
9
**256**
**31 March**
**2023**
**£000**
54
439
(410)
**83**| |---|---|---| ## **15. Creditors** ## **16. Net Assets** |Fixed Assets
Investments
Net Current Assets
Provisions
**Total**|**31 March**
**2024**
**Unrestricted**
**£000's**
28
26,222
823
115
**31 March**
**2024**
**Total**
**£000'5**
28
26,222
823
115
**31 March**
**31 March**
**2023**
**2023**
**Unrestricted**
**Total**
**£000'5**
**£000's**
1
1
24,129
24,129
1,615
1,615
73
73| |---|---| ||**27,188**
**27,188**
**25,818**
**25,818**| 33 LionHeart 17. Movement In Funds In the Year Balance at l Aprll 2023 Income Expenditure Transfers Gainsl Ilosse51 £￿0 Balance at 31 March 2024 £000 Free reserve5 Irbcome fund Development fund Pension reserve Fixed asset fund Restricted fund Total 2,671 22,373 7(X) 73 1,681 12.4931 655 45 (7(K)I 2.514 24.531 2,113 {ioi 1121 52 115 28 39 25,818 1,720 (2,5151 2,165 27.188 Balance at l April 2022 Income Expenditure Transfer5 Gains / 11055es1 £000 Balance at 31 March 2023 Free reserves Income fund Development fund Pension reSe￿e Fixed asset fund Restricted fund Totsl 2,884 23.349 I,cKJo 145 2.110 (2,2111 {112) 412 13C()I 2,671 22,373 700 73 11,388) 1151 121 {571 27?81 2,110 (2.228) 11,445 25￿18 Designated Funds The Income Fund has been designated by the Trustees to provide fvture income forthe charlty to continue its activities indefinwtely. This is predominantly made up of investment holdings. The Development Fund was set up in 2019 to utilise some reseNe5 lo facilitste funding the objectlves of the ffve-year strategy. Monie5 were transferred from the Income Fund ft)r this. The Penslon Reserve has been designated by the Trustees to set aslde funds against any deficit on the defined benefit pension scheme. The balance at close on the 31 of March 2024 reflects the 5urplu5 on the scheme. The Tangible fixed Asset Fund has been designated by the Tru5tee5 to set aside funds for the future depreclatlon on fixed assets. Restrlcted Fund There are CLJrrently no restricted funds. Transfers Between Funds Funds have been tr7nsferred to (from) free reserves to match the necessary levels of designated funds. 34 LionHeart 18. Commltments Under Operatlng Leases At 31 March 2024. the charity had one operating lease wtth a commttment of E37k within one year12023 £37kl and E37k greater than one year, but less than five year$12023 £74kl. 19. Capltsl Commltments At 31 March 2024, the charity had no capital comm￿Ments(2023 £nill. 20. Staff Pension Schemes Three C￿r￿nt employees are members of the Local Government Penslon Scheme which is administered by the London Pensions Fund Authority. There is also one pension member and a further three deferred members. The Local Government Pension scheme15 a defined benefft {final salary) scheme. LionHeart as the employer, although not a local authority, is classified as an admitted body into the scheme. LionHeart has no influence over how the scheme operates or kts investment perfom)ance. Contribution leve15 are set by reference to actuarial assessments that are formally reviewed by the LPFA every three years. Pension costs are accounted for on the basis of spreading the tost of pensions over employees, working lives with LionHeart. The stheme was closed to new members on 9 December 2010. Following thi5 date new employees are offered a contribution to stakeholdef pension plans. The current pension offered is operated by Royal London. The Financial Reporting Standard 102 (FR5 1021 disclosures are provided bythe London Pensions Fund Authority ILPFAI on an agreed statutory basis over which LionHeart has no control. The methodology and assumptions prescribed for the purposes of FRS 102 mean that the disc105ures will be inherently volatile, varying greètly according to investment market conditions at each accounting date. FRS 102 requires disclosure of the charitys share of the assets and liabillties of the LPFA defined beneflts scheme. A qualified independent actuary, appointed by LPFA, has made a valuation on 31 March 2024 based on the followlng assumptions: Assumed life expectations from age 65 are". 31 Maych 2024 31 March 2023 Llfe expectancy from age 65 (years) Retiring today Males Females 21.6 23.7 21.9 23.9 Retiring in 20 years Males Females 22.9 25.5 23.1 25.8 The estimated Macauley duration of the employer as of the 31SI of March 2024 is 15 year5. The financial a55UmPtions used to calculate the resufts are as follows- 31 March 2024 31 March 2023 Financial assumptions %pa 4.80% 2.90% 3.90% Discount rate Pension increases Salary increases 4.90% 2.95% 3.95% 35 LionHeart Based on these assumptions the LPFA actuary values the charitvs share of the fvnds is as follows: 31 March 21Y24 31 March 2023 Present value of the defined benefit obligation Falr value of fund assets (bid value) Deficit l {Surplusl Impatt of asset ceiling Net defined benefrt liabillty I lasset} 1,415 2,679 (1,264} 1,149 11151 1,361 2.452 11,091) 1,018 1731 The analysi5 of the assets of the scheme is as follows: 31 March 2024 31 March 2023 Equities Target return funds Infrastructure Property Cash Total 1,622 462 1,442 456 310 241 245 42 2,679 2.452 Reconciliation of defined benefit obligation: Opening defined benefrt obligation Current service ¢05t Interest cost Contributions by members Estimated benefits paid, net of transfers in Change in financial assumptions Experience gain I Ilossl on defined benefit obligation Past Service cost5 including curtailments Change in demographic assumptions Closlng dellned benefit obllgatlon 1,361 30 65 2.259 45 59 12SI (ioi 1231 1704) {330) 1161 1,415 48 1.361 Reconciliation of fair value of employer assets: Opening fair value of employer asset5 Interest on assets Contributions by members Contributions by employer, including unfunded Return on assets less interest Administration expenses Estimated benefits paid plus unfunded transfers in Other actuarial galns Closing fair value of employees assets 2,452 118 2,404 63 17 iii 27 131} iii 1231 {251 2.679 2,452 The total return on fund assets for the year to 31 March 2024 was £229k12022-2023 £32kl. 36 LionHeart Amounts recogni5ed In the Statement of Financial Actlvltles in respert of dellned benefit schemes are as follows.. Year ended 31 Marth 2024 Year ended 31 Ma￿h 2023 £cM)o Servlce cost Net Interest on the defined liability Administration expenses Total loss I Iprofrtl 30 141 45 141 27 42 Remeasurements In other comprehensive Income: Year Ènded 31 March 2024 Yearended 31 Marth 2023 £ooD {31) Remeasurement of the net assets I Idefined liability) Return on Fund assets in excess of interest Other actuarial Eains I1105ses) on a55ets Change in financial assumptions Change In demographic assumptions Experien￿ galn I Ilossl on defined benefit obligation Changes in effect of asset ceiling Remeasurement of the net assets / Idefined liability) iii io 16 {31 1821 52 704 1481 330 11.018 1571 Reconclliation of asset celllng: Year ended 31 Marth 2024 Year ended 31 March 2023 Openlng Impact of asset celllng Intere51 on asset ceiling Attuarial1055e51 Igain51 Closing impact of asset celli 1.018 49 82 1,018 1,018 1,149 The asset ceiling is the present value of any economic benefit available to LioDHeart in the fomi of refunds or reduced future employer Contrib￿l0￿S. The approach taken was to restrict the surplus with an asset ceiling. The asset ceilii)g Is calculated as the difference between the accounting surplus attributable to Lionheart and the surplus Ilmlt. The surplus limit is calculated as the future cost of accrual. calculated In line with the discount rate, minus the present value of the certified contributions payable by LionHeart. 37 LionHeart Projerted penslon expense for the perlod to 31 March 2025 Analysis of projected amount to be charged to the Statement of financial actNities for the year to 31 March 2025: l April 2024 to 31 Marth 2025 SeThice cost Net interest cost Administration expenses Total charge 29 16} Estimated employerfs contributions 17 Estimated employerfs contributions at 15% from l April 2023 {previous rate 25.7%). 21. Related Party Transactions No related party transactlons have been identtfied in the year. 22. Reconcillatlon ol Income / {Expenditure) to Net Cashflow fr(Mn Operatln8 Actlvities Year Ended 31 March 2024 Year Ended 31 March 2023 Net Income I lexpendlturel for the year Depreciation and amortisation Disposal of social investment (Gainsl I losses on investments Change of provislon- bad debts Defined benefit pension scheme adjustment Returns on Investments (Increase) / decrease in debtors Increase I Idecreasel in creditors Net cash provided by / (used by) ¢)peratlng artl¥itles 1,318 12 20 {2,113} (1,506) 1,388 io {9071 22 1201 11,658) 15 {9471 124 98 {820) 38 LionHeart 23. Flnanclal Instruments 31 March 2024 31 Marth 2023 Nnanclal assets Financial assets measured at fair value through income and expenditure Financial assets that are debt instruments measured at amortlsed cost 26,168 24,055 1.091 1,909 27,Z59 25,964 Flnan¢lal liabilities Financial liabilities measured at amortlsed cost (236) 12561 Financial assets measured at fair value through income and expenditure comprises Investments in UK listed and unlisted securities. Financial assets measured at amortised cost comprise social investments. cash at banK other debtors, and accrued Income. Financial liabilities measured at amortised cost comprise grant commttments, accruals, and other creditor5. The charitvs income, expensei gains, and losses In respert of financial instruments are summari5ed below.. 31 March 2024 31 March 2023 £000 Total Investment income for financial assets measured at fair value through income and expenditure 947 907 Net gainsl11055es1 on financial assets measured at falr value through income and expenditure 2,113 11.3881 24. Reconclllatlon of Net Debt i Aprfl 2023 £(￿,$ 31 March 2024 £(￿l'S Cashflows £ix)trs Cash 1.596 {7901 Finance Lease Obligations Totsl 1,596 (790) 806 39