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##
|e|ordinary shares ofthe charitable
|company
are as follows:|||
|---|---|---|---|---|
|||R1 ordinary|shares||
|||At 31 March 2023|At 1|April 2022|
|Mr|lan Brady, Chair|1||1|
|Mr|Simon Dow|1||1|
|Mr|John Stebbing|1||1|
|Ms|Clare Miller|1||1|
|Mr|Jeremy Swain|1||1|
|Ms|Eleanor Stringer|1||1|
|Mr|Derek Joseph|1||1|
|Mr|Nick Hardwick|1||1|
|Ms|Elly Shepherd|1||1|
|||9||Q|
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||||||||Total|Unrestricted|Unrestricted|
|---|---|---|---|---|---|---|---|---|---|
|||||||||Funds||
|||||||Note|2023||2022|
||||||||||F|
|INCOME:||||||||||
|Investments||||||2|638|923|585908|
|TOTAL INCOME|||||||638|923|585908|
|EXPENDITURE ON:||||||||||
|Raising funds||||||||||
|Investment
management||fees|||||15|248|15248|
|Charitable
expenditure||||||||||
|Organisational
Strengthening|||||||||83,282|
|Criminal Justice System||Interface|||||50,000||66,884|
|Research and Specials|||||||||28,222|
|Agencies Support|||||||646,539||677,485|
|Charitable
Contributions||||||8|~56600||~76914|
||||||||639|939|779209|
|TOTAL EXPENDITURE||||||5|655|187|794457|
|NET INCOMEi(EXPENDITURE)||||FOR THE YEAR BEFORE||6|~76 264||~208 046|
|OTHER RECOGNISED||GAINS||OR|(LOSSES)|||||
|Gains/(losses)
on investment|||assets|||11|(1,257,465)||294,414|
|Actuarial
(losses)/gains/on||defined|||benefit pension scheme|19|~11462||~66242|
|NET MOVEMENT
IN FUNDS|||FOR||THE YEAR||(1,285,|191)|20,123|
|Fund balances
brought|forward||||||15821|734|15801 611|
|FUND BALANCES CARRIED||||FORWARD|||~14 3('t~|||
|All amounts
relate to continuing||||activities.||||||
|The notes on Pages 20-36 form||||part|ofthese financial statements.|||||
##
|||||2023||2022||
|---|---|---|---|---|---|---|---|
|FIXEDASSETS||Note|E|||||
|Investment
in subsidiary||10|||100||100|
|undertaking||||||||
|Quoted investments||||13|029 248|14|816290|
|||||13,029,348||14,516,390||
|SOCIAL INVESTMENTS||||||||
|Depaul UK||18|||423,525||476,533|
|CURRENT ASSETS||||||||
|Debtors||12|71,101|||87,984||
|Cash at bank and in hand|||1 188|331||951 307||
||||1,259,432|||1,039,291||
|CREDITORS: amounts|falling due|||||||
|within one year||13|~56764|||~81 480||
|NET CURRENT ASSETS||||1,202,670|||957,811|
|LONG TERM LIABILITIES||||||||
|Pension scheme deficit||21|||119000||129000|
|NET ASSETS||||~35 543||||
|CAPITAL AND RESERVES||||||||
|Called up share capital||14|||9||9|
|Unrestricted
funds General||||14,349,377||15,624,568||
|Designated||19|||68,157||68,157|
|Pension|Reserve|19||~14|119000
36 43|129000
~~4||
##
##
##
##
|||||2023|2022|
|---|---|---|---|---|---|
|Cash flows from operating|activities:||Note|||
|Net cash (used in) / provided|by operating||(a)|684484|~883 114|
|activities||||||
|Long term assets||||||
|Loan advances||||53,008|53,008|
|Cash flows from investing
activities:||||||
|Dividends
and interest from|investments|||638,923|585,908|
|Proceeds from sale of investments||||428,515|100,984|
|Purchase
of investments||||~198938||
|Net cash (used in) / provided|by investing|||921 508|739900|
|activities||||||
|Change
in cash and cash equivalents||in the||237 024|63214|
|reporting
period||||||
|Cash and cash equivalents|at the beginning||(b)|~17||
|ofthe reporting
period||||||
|Cash and cash equivalents|at the end|ofthe|(b)|1 188331||
|reporting
period||||||
|a)
Reconciliation
of net|income (expenditure)||to net cash|flow from operating|activities|
|Net income/(expenditure)
for the reporting||||(16,264)|(208,049)|
|period (as per the Statement|of Financial|||||
|Activities for:||||||
|Dividends
and interest from|investments|||(638,923)|(585,908)|
|(Increase)/decrease
in debtors||||16,883|(9,627)|
|(Decrease)/increase
in creditors||||(24,718)|25,712|
|FRS102pension scheme costs||||||
|Contribution
to pension scheme
deficit||||~21 462|~25 242|
|Net cash (used in) / provided|by operating|||684484|803 114|
|activities||||||
|b)
Analysis
of cash and|cash equivalents|||||
|Cash on fixed term deposit||||||
|Cash at bank and in hand||||1 188331|951 307|
|||||1 188331|951 307|
|Total cash and cash equivalents||||||
|Analysis
ofchanges
in net debt||||||
|Cash and cash equivalents|at 1.4.22|||951,307|1,014,521|
|Cash Flows
Cash and Cash Equivalents|at 31.3.23|||237 024
~1:Q1|~63214|
||||19|||
##
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##
##
##
##
##
##
|||Grants
(Note|Grants
(Note||Project
costs|Direct
Costs|Support
costs|Governance
costs|2023
Total|
|---|---|---|---|---|---|---|---|---|---|
||||20)|||||||
|||E|||E|||||
|Costs ofraising||||||||||
|funds
Investment||||||15248|||15248|
|management||||||15248|||15248|
|Charitable||||||||||
|expenditure
Grant making
Agencies support||315,500|||110560|-|79,513
79513|27 426
27 427|422439
217500|
|(Projects)
TOTAL||315
~31|500
5 0||110560
~56|~12|159026
~15|54 853
~3|639939
~17|
|EXPENDITURE||||||||||
|Comparative||||||||||
|Expenditure|For|||||||||
|2022||Grants|||Project
Costs|Direct
Costs|Support
Costs|Governance
Costs|2022
Total|
|||||E|E|E|E|E|E|
|Cost ofraising||||||||||
|funds
Investment||||||15248|||15248|
|Management
Charitable||||||15248|||15248|
|expenditure
Grant making
Agencies Support||344,202|||241 133||72,703
72 703|24,234
24 234|441,139
338070|
|(Projects)
TOTAL||344 202|||241 133|15248
~1|145406|48468|779209
~74 7|
|EXPENDITURE||||||||||
##
##
|||2023|2022|
|---|---|---|---|
|Support costs comprise:||K||
|Overheads,
secretarial
and accounting||95,665|83,038|
|services
Legal fees
Subscriptions
Bank charges
Interest costs (DB||44
630
692
2,250|48
893
3,756
750|
|pension scheme)
Staff costs||59745|56 921|
|||~15|~1454|
|Governance
costs comprise:
Overheads,
secretarial
and||31,888|27,679|
|accounting
services
Legal fees
Subscriptions
Bank charges
Interest costs (DB pension scheme)
Staff costs||14
210
2,076
750
19915
~54|16
298
1,252
250
18973
~468|
##
|NET EXPENDITURE|NET EXPENDITURE||||
|---|---|---|---|---|
|Is stated|after charging:||2023
E|2022
E|
|Auditor's|remuneration|- audit|~12||
|TAXATION|||||
##
|work ofagencie|
s
in|supporting
homeless
persons:|||
|---|---|---|---|---|
||||2023f|2022f|
|Leadership||Programme|13,200|27,514|
|Homelessness
Awards|||43400|49400|
|Totals|||56600|76914|
|These amounts|are|deducted
from the total spend on these projects to reflect the||amount
of|
|LHF committed|during the year. The net totals are shown||in Note 5for expenditure|on these|
|projects during|the|year.|||
##
|NVEST|ME|NT
IN SU|BSIDIARY UNDERTAKIN|G|||
|---|---|---|---|---|---|---|
|||||Charitable|Company||
|||||2023
f||2022|
|Shares|in|subsidiary|undertaking|J11Q||1K|
##
##
|11|QUOTED INVESTMENTS|QUOTED INVESTMENTS||||
|---|---|---|---|---|---|
|||||2023|2022|
|||||E|E|
||Market value at 1 April 2022|||14,516,290|14,322,860|
||Disposal Proceeds|||(428,515)|(100,984)|
||Purchases|||198,938||
||Net (loss)/gain
on investment||assets|~1257455|306 141|
||Market value at 31 March 2023|||1302 2 8|~4'~Q|
||Historical cost at 31 March 2023||||12782 838|
||Historical cost at 31 March 2022|||||
||These investments
comprise:|||||
||Property
Funds|||450,272|533,796|
||UK government
stock|||1,.214,076|1,777,683|
||Bond Funds|||3,374,553|3,635,769|
||Direct Bond Investment|||875,759|860,810|
||Equity Funds|||6,399,626|6,816,180|
||Direct Equity Investment|||714962|892 052|
|||||~13 2L248|14~1~2|
|12|DEBTORS|||||
||Amounts
receivable|within|one year:|||
|||||2023|2022|
|||||E|E|
||Other debtors|||30,014|53,209|
||Accrued income and prepayments|||41 087|34775|
|13|CREDITORS|||||
||Amounts
falling due|within|one year:|2023|2022|
|||||E|E|
||Due to subsidiary
undertaking|||100|100|
||Other creditors|||46,164|36,279|
||Accruals|||10500|45 101|
|||||6764|81480|
##
|Allotted,|called up and fully paid:|
|---|---|
|At beginning
ofyear||
|Shares|cancelled
during year|
|Shares|issued during year|
|At end|ofyear|
##
##
##
##
##
##
##
##
||2023|2022f|
|---|---|---|
|Balance at start ofyear|68,157|68,157|
|Less: Spend during year|||
|Balance at end ofyear|68 157|68 157|
##
|NSION RESERV|E||||
|---|---|---|---|---|
||||2023f|2022f|
|Balance at start of|year||129,000|88,000|
|Less: Contributions|to past|deficit|21,462|25,242|
|Add: Increase/(Decrease)||in deficit valuation|~I1 462|~66 242|
|Balance at end of|year||~1190 0||
##
##
##
##
##
##
|||31 March 2023|31 INarch 2022|
|---|---|---|---|
|||(f000s)|(f000s)|
|Fair Value of plan assets||515|647|
|Present|value ofdefined benefit obligation|634|776|
|Surplus|(deficit) in plan|(119)|(129)|
|Unrecognised
surplus||||
|Defined|benefit asset (liability) to be recognised|(119)|(129)|
|Deferred|tax|||
|Net defined
benefit asset (liability) to be recognised||||
##
||||||Period ended|Period ended|
|---|---|---|---|---|---|---|
||||||31 March 2023|31 March 2022|
||||||(f000s)|(FOOOs)|
|Defined benefit obligation|at start||of period||776|850|
|Current service cost|||||||
|Expenses|||||2|2|
|Interest expense|||||21|16|
|Member
contribution|||||||
|Actuarial losses (gains) due||to scheme||experience|48|(4)|
|Actuarial losses (gains) due||to change||in demographic|(2)|(16)|
|assumptions|||||||
|Actuarial losses (gains) due||to changes||in financial|(168)|(31)|
|assumptions|||||||
|Benefits paid and expenses|||||(43)|(41)|
|Liabilities acquired
in a business|||combination||||
|Liabilities extinguished
on|settlements||||||
|Losses (gains) on curtailments|||||||
|Losses (gains) due to benefit changes|||||||
|Exchange rate charges|||||||
|Defined benefit obligations||at end|of period||634|776|
##
|Reconciliation
ofOpening
a
of Plan Assets|nd Clos|ing Balance|s ofthe Fair Value||
|---|---|---|---|---|
||||Period ended|Period ended|
||||31 Nlarch 2023|31 March 2022|
||||(K000s)|(E000s)|
|Fair value of plan assets at start of period|||647|762|
|Interest income|||16|15|
|Experience
on plan assets (excluding||amounts|(131)|(116)|
|included
in interest income) —gain(loss)|||||
|Employer
contributions|||24|27|
|Member contributions|||||
|Benefits paid and expenses|||(43)|(41)|
|Assets acquired
in a business|combination||||
|Assets distributed
on settlements|||||
|Exchange rate changes|||||
|Fair value of plan assets at end of period|||515|647|
##
|Defined Benefit Costs Recognised|in Statement ofComprehensive|in Statement ofComprehensive|in Statement ofComprehensive|||
|---|---|---|---|---|---|
|Income (SOCI)||||||
||||Period|from|Period from|
||||31 March|2023|31 March 2022|
||||(K000s)||(E000s)|
|Current service cost||||||
|Expenses||||||
|Net interest expense||||||
|Losses (gains) on business
combinations||||||
|Losses (gains) on settlements||||||
|Losses (gains) on curtailments||||||
|Losses (gains) due to benefit changes||||||
|Defined benefit costs recognised
in statement|||of|||
|comprehensive
income (SoCI)||||||
|Defined Benefit Costs Recognised|in Other||Period ended||Period ended|
|Comprehensive
Income|||31 March|2023|31 March 2022|
||||(E000s)||(E000s)|
|Experience
on plan assets (excluding|amounts|||(131)|(116)|
|included
in net interest cost) —gain(loss)||||||
|Experience
gains and losses arising on the||plan||(48)||
|liabilities —gain(loss)||||||
|Effects of changes
in the demographic|||||16|
|assumptions
underlying
the present value of the||||||
|defined
benefit obligations
—gain(loss)||||||
|Effects of changes
in the financial
assumptions||||168|31|
|underlying
the present value ofthe defined||||||
|benefit obligation —gain(loss)||||||
|Total actuarial gains and losses (before
restriction
due to some ofthe surplus
not being|||||(65)|
|recognisable) —gain(loss)||||||
|Effects ofchanges
in the amount ofsurplus||that||||
|is not recoverable
(excluding
amounts|included|||||
|in net interest cost) —gain (loss)||||||
|Total amount recognised
in other|||||~65|
|comprehensive
income —gain(loss)||||||
##
##
|Assets|||||
|---|---|---|---|---|
||||31 March 2023|31 March 2022|
||||FOQOs|ROQQs|
|Global E uit|||10|124|
|Absolute
Return
Distressed 0||rtunities|16|26
23|
|Credit Relative|Value||19|22|
|Alternative
Risk|Premia|||21|
|Fund ofHed e|Funds||||
|Emer
in
Markets Debt||||19|
|Risk Sharin|||38|21|
|Insurance-Linked||Securities|13|15|
|Pro ert|||22|17|
|Infrastructure|||59||
|Private
Debt
0
ortunistic
llli||uid Credit|23
22|17|
|Cor orate Bond||Fund||43|
|Hi
h Yield|||||
|0
ortunistic
Credit|||||
|Cash|||||
|I.i uid Credit|||||
|Lon
Lease Pro||ert|15|17|
|Secured Income||||24|
|Over 15Year Gilts|||||
|Index Linked
All Stock Gilts|||||
|Liabilit
Driven|Investment||236|181|
|Currenc
Hed|in||||
|Net Current Assets|||||
|Total Assets|||515|647|
##
|Key Assumptions||||
|---|---|---|---|
|||31 March 2023|31 March 2022|
|||%per annum|%per annum|
|Discount Rate||4.92|2.75|
|Inflation (RPI)||3.19|3.94|
|Inflation
(CPI)||2.56|3.36|
|Salary Growth||3.56|4.36|
|Allowance for commutation|ofpension forcash|75%of maximum|75%ofmaximum|
|at retirement||allowance|allowance|
##
|he mortality|ass|umptions
adopted
at 31 March 20|23 imply the following
life expectancies:|
|---|---|---|---|
||||Life expectancy at|
||||age 65|
||||(Years)|
|Male retiring|in|2023|21.0|
|Female retiring||in 2023|23.4|
|Male retidng|in|2043|22.2|
|Female retiring||in 2043|24.9|