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2020-08-31-accounts

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REGISTERED COMPANY NUMBER: 02039817 (England and Wales) REGISTERED CHARITY NUMBER: 1048705

LONDON YOUTH GAMES FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

Cox Costello & Horne Chartered Accountants and Statutory Auditors 26 Main Avenue Moor Park HA6 2HJ

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LONDON YOUTH GAMES FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

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 12
Statement of Financial Activities 13
Statement of Financial Position 14
Statement of Cash Flows 15
Notes to the Financial Statements 16 to 26

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LONDON YOUTH GAMES FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2020

TRUSTEES Mr S J Burnside Director
Mr M K Campbell Director
Mr S H Fitzgerald Director (resigned 23.4.20)
Cllr J E Ryan Director (resigned 23.4.20)
Mr N Daugherty Director
Mr T H Gallico Director
Mr P Moreton Director
Ms A Rissen Director
Ms C A S Webster Director (appointed 23.1.20)
Mr B A Ackim Director (appointed 23.1.20) (resigned 4.9.20)
Mr P T Fortune Director (appointed 23.4.20)
Ms J E Garrard Director (appointed 23.4.20)
Ms M L Hall-Ramsay (appointed 27.1.21)
Ms J K Leigh Director (appointed 23.4.20)
Ms K S Sheth Director (appointed 23.4.20)
Mrs R Wood (appointed 16.2.21)
COMPANY SECRETARY Kerry Secretarial Services Limited
REGISTERED OFFICE 26 Main Avenue
Moor Park
Northwood
HA6 2HJ
REGISTERED COMPANY NUMBER 02039817 (England and Wales)
REGISTERED CHARITY NUMBER 1048705
AUDITORS Cox Costello & Horne
Chartered Accountants and Statutory Auditors
26 Main Avenue
Moor Park
HA6 2HJ
BANKERS Barclays Bank PLC
54 High Street
Ruislip
Middlesex
HA4 7AT
SOLICITORS Bird & Bird LLP
12 New Fetter Lane
London
EC4A 1JP
CHIEF EXECUTIVE OFFICER Mr A Dalby-Welsh
WEBSITE www.londonyouthgames.org

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LONDON YOUTH GAMES FOUNDATION (REGISTERED NUMBER: 02039817)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2020. The trustees have adopted the provisions of 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) (effective 1 January 2019).

OUR VISION

To create the world's largest and most inclusive city focused Youth Games accessible to all

OUR MISSION

Use the power of competitive sport to create life changing opportunities for all young Londoners.

OUR BELIEFS

Sport is a right for all

Sport improves physical and mental well-being Sport is a key driver of social-integration

OBJECTIVES AND ACTIVITIES

Objectives and aims

A Challenging Context

It is a challenging, yet hugely exciting time for the London Youth Games.

Like every organisation working in the sports and activity sector, we had to adapt our delivery in line with the restrictions imposed by the pandemic in 2020. We remain conscious that there is a potential long-term impact from COVID-19, with thousands of young people losing up to a year of access to structured activity and this is reflected in the refreshed approach in our incoming strategy.

2020 also saw the very real issues raised by the Black Lives Matter (BLM) movement gather momentum. We listened and are acting by further building on inclusivity as an organisational priority. COVID-19 and the BLM movement alongside the backdrop of inactivity, obesity and the rise of mental health issues among young Londoners presents LYG with a challenging context.

Rates of inactivity in London among children and young people in particular are still far too high. According to Sport England, 53.2% of children and young people in London are not meeting the Chief Medical Officers' recommended average of 60 minutes or more of sport or physical activity per day. These rates are even higher among those from the most deprived socio-economic backgrounds, the disabled community and those of Black Asian Ethnically Diverse (BAED) backgrounds.

Studies also reveal that 4,000 young Londoners are currently caught up in 'County Lines' gangs, with some as young as 11 years old being exploited. The most recent survey of the mental health of children and young people in England also found that 12.5% of 5 to 19-year-olds had at least one mental health disorder when assessed. So, along with physical activity, we face mental health and social challenges among the young people whom we exist to support. These physical and mental challenges have only been exacerbated through the Covid-19 pandemic.

Yet, the holistic benefits of physical activity are abundantly clear - not just on the individual, but on the community and ultimately, on society. Sport England, in their 'Active Lives Children and Young People Survey', find that sport and physical activity can have a positive impact on mental wellbeing, individual development, social and community development and economic development.

Similarly, the UK Chief Medical Officers, who have previously claimed: "If physical activity were a drug, we would refer to it as a miracle cure, due to the great many illnesses it can prevent and help and treat", have stated in their most recent 'Physical Activity Guidelines (September 2019)' that: "Physical activity is not just a health issue. It brings people together to enjoy shared activities and contributes to building strong communities whilst supporting the economy to grow."

Furthermore, Public Health England says that healthier pupils in school are likely to achieve better academically, and by working to support and enable each other's participation through volunteering, young people are able to gain vital life skills and experience.

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LONDON YOUTH GAMES FOUNDATION (REGISTERED NUMBER: 02039817)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020

OBJECTIVES AND ACTIVITIES

Objectives and aims - continued

A Strategic Approach

We recognise that we work in a challenging environment, but also in the enormous impact we can have in the lives of young Londoners and the communities they inhabit. In 2020, we launched our new five-year strategy "Every Young Londoner's Games", where we will meet the challenges head on. Our strategy sets us on pathway to meet our vision to "Create the world's largest and most inclusive city focused Youth Games." Our strategy is driven by our beliefs that:

The London Youth Games programme will provide an outlet for every young Londoner to fulfil their potential as a participant, volunteer, coach or official. Historically, we have had some notable success, but we have some way to go. As an example, we still have some work to do with the ethnic diversity of our participants. Our data shows 60% of London schools children are of BAED background, but only 42.87% of our participants from the 2019 programme match the same groups.

To be effective in reaching and engaging young Londoners, we understand that we need to be relevant to them. As part of our strategy, we will "Deliver Sport As Young People Want It", a critical strand of this is the creation of LYG33, a vehicle drawing on young people from across every London borough and local authority area to formally advise the Games leadership at board and borough level on our event delivery and our digital activity.

Another key priority in our strategy is to deliver a "1st Class Experience" at our events. We play a different role on the sporting pathway for many of our participants. In some sports, the London Youth Games provides one of the earliest experiences of competitive sport, for others it is a developmental milestone and for some it is part of an elite pathway. But for every participant, we will work to deliver a high-end experience to attract participants, but - critically - to retain their ongoing participation in sport and physical activity.

We will review the user journey on a sport-by-sport basis to deliver best practice with all touchpoints pre, during and post competition for all participants. This process has already begun, and working with Borough Team Organisers (BTOs), National Governing Bodies, Team Managers, and young people it is clear some sports may not assist us in achieving our strategic objectives, whereas some just need a clearly redefined purpose.

Finally, a strategic priority is a "Long Term Sustainable Financial Model" and although we have a solid financial platform (See FINANCIAL REVIEW), we will be seeking to strengthen our position. This means working closely with our existing network of partners to deliver return on investment and retain their support. We will also develop further funding opportunities to become more financially independent, including charitable activities, grants, commercial opportunities, membership schemes which will - in turn - deliver better value for all our stakeholders.

Public benefit

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. In reviewing our aims, objectives and planning future activities, the Trustees have taken into account the Charity Commission's general guidance on public benefit. The Trustees ensure that activities undertaken are always in line with the charitable objectives and aims of the Charity.

Grantmaking

This year, due to the Pandemic's impact on the traditional season, we created a grant programme. Fully paid-up members could apply for a 'Give back' grant. Enabling Boroughs to use their grant to provide opportunities for young people to take part in sport at a local level.

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LONDON YOUTH GAMES FOUNDATION (REGISTERED NUMBER: 02039817)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020

ACHIEVEMENT AND PERFORMANCE Review of the year

The Foundation's activities and event programme are conducted in a cycle in line with its financial year, which in turn reflects the school year, from the 1st September to the 31st August.

The London Youth Games programme is a diverse, inclusive and free programme relevant to thousands of young Londoners, helping them to fulfil their potential as a participant, volunteer, official or coach. In giving young Londoners such a breadth of opportunities, we can help improve their physical and mental wellbeing and this in turn develop social integration at borough and city-wide levels.

In a typical London Youth Games year, this consists of around 50 event days, nearly 100 different competitions, across 35 different sports and disciplines which engage over 115,000 young people. Our programme consists of two distinct branches. This includes the School Games programme, funded by Sport England, which we deliver on behalf of the London organising committee that leads to London-wide finals, and the "open" competition where borough teams are made up of young people who either live or go to school in that borough.

Both the open and schools programmes include qualifying rounds and finals competitions for disabled and non-disabled participants and several take place in some of the city's most iconic sporting venues, including Lord's Indoor Cricket Centre, the National Sports Centre - Crystal Palace, National Tennis Centre - Roehampton and the Copper Box Arena - Queen Elizabeth Olympic Park.

Our continued successful event operations are only possible through the collaboration with the network of School Games Organisers and Borough Team Organisers whom we work closely with on local delivery and recruitment of participants. Much of this success has also been built on our successful GamesForce volunteer programme, in which nearly 4,000 people contribute their invaluable time and efforts to deliver our programme.

Of course, 2020 was not a typical London Youth Games year. It was not a typical year for anyone, as the pandemic dominated our lives.

We were fortunate to have delivered some events by the time the pandemic reached us. Our exciting Open Games Cross Country event that takes place at Parliament Hill kicked off our season as it usually would and young Londoners got the opportunity to represent their Borough and take part in the cricket competition. Culminating in the very special experience of playing at Lords, the home of cricket. The School Games also got off to a great start with numerous events having taken place before we understood the full impact the pandemic was going to have on the rest of our season.

So, after initially postponing London Youth Games events in March 2020, by the following month the traditional programme was cancelled for the first time in the event's 43-year history. It was not a decision taken lightly, but the only course of action. We were therefore left with a partial delivery of our programme. But, in response to the pandemic, lockdown and social distance guidelines and restrictions, we created and delivered an innovative Virtual Games programme which was a huge success.

Launched on 8th June, the Virtual Games took place across four weeks, featuring 13 different sport-related challenges set by young Londoners, all with a connection to the London Youth Games. From a standing start, the Virtual Games had an incredible 40,522 entries from all 33 London boroughs, including 15,221 in the event's last week, climaxing on what would have been the year's finals weekend. Camden emerged as winners and such was its success that the Virtual Games will remain part of the London Youth Games programme in the future.

The 2020 season results were:

OPEN
Boccia (Mixed) - Bexley, Lewisham, Hammersmith & Fulham, Richmond (Qualifiers - Finals not
staged)
Cricket (Female) - Redbridge
Cricket (Male) - Hillingdon
Cross Country (Male) - Southwark
Cross Country (Female) - Havering
SCHOOLS
Dance (KS3) - Townley Grammar, Bexley
Dance (KS4) - Greig City Academy, Haringey
Rugby (Female U13) - Robert Clack School, Barking & Dagenham
Rugby (Female U15) - St Helen's School, Hillingdon
Rugby (Female U18) - Robert Clack School, Barking & Dagenham
Volleyball (Female Y10) - Graveney School, Wandsworth
Volleyball (Male Y10) - Ernest Beven, Wandsworth

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LONDON YOUTH GAMES FOUNDATION (REGISTERED NUMBER: 02039817)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020

ACHIEVEMENT AND PERFORMANCE Review of the year - continued

OVERALL
Jubilee Trophy - not contested
School Shield - not contested
Inner London Trophy - not contested
Para-Games Trophy - not contested
Regatta Trophy - not contested
Respect the Games Trophy - not contested
Most Improved Borough - not contested
Virtual Games - Camden

Sponsorship and Future Development

We were incredibly grateful to have continued financial support from the London Boroughs, the Greater London Authority, and from the National Lottery, through Sport England. This support is critical for us to be able to deliver the Games for young Londoners.

We are also hugely grateful for the ongoing support of Nike, who were in the second year of their headline sponsorship of the Games. With any sports event, 2020 was a hugely challenging year, but with all our partners support and reach, we were still able to engage tens of thousands of young Londoners in competitive sport and physical activity, particularly in the Virtual Games. Nike's brand resonates with our demographic of young Londoners and with our partners support, we were able to support the physical and mental wellbeing of young Londoners across every London borough through the year.

FINANCIAL REVIEW

Financial position

The charity's results and financial position for the year are reflected in the attached financial statements.

The financial statements as set out cover the period September 2019 to August 2020.

The Statement of Financial Activities for the year ended 31 August 2020 and the Statement of Financial Position as at 31 August 2020 are set out on pages 13 and 14. The Statement of Financial Activities shows that the charity had net a surplus of £202,483 in the year ended 31 August 2020 (2019: £7,380). Total reserves are calculates as follows: unrestricted funds £98,679 and restricted funds £352,518.

Restricted funds represent money which can only be used for specified purposes. Unrestricted funds are funds available to be spent within the objects of the charity which can legally be spent wholly at the discretion of the trustee.

Income

The charity income is made up of income from grants, sponsorships, local authority contributions, other income, donations, and investment income. Total income in the year was £989,521, which is 2% lower than the previous year (2019: £1,013,453).

As mentioned in this report, the COVID situation affected the activities of the charity, not least of which hampered the charity's ability to run event days.

Other income includes £21,146 of grant income derived from the government coronavirus job retention scheme.

Expenditure

The charity expenditure is made up of charitable activities and exceptional cost.

Total expenditure in the year was £787,038, which is 22% lower than the previous year (2019: £1,006,073).

The variance is mainly due to a decrease in games costs included within charitable activities. As mentioned in this report, the COVID situation affected the charity's ability to run event days, resulting in significant number of events been cancelled.

The grant payable to London Boroughs and City of London cost of £148,500 is a direct consequence of the impact of the COVID situation (see note 6 for further details).

Principal funding sources

The majority of the charity's funding for this Games Year derived from the following sources: membership fees from individual London boroughs; the National Lottery through its distributor Sport England, Nike and the Greater London Authority.

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LONDON YOUTH GAMES FOUNDATION (REGISTERED NUMBER: 02039817)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020

FINANCIAL REVIEW

Investment policy and objectives

Under the Articles of Association, the Foundation has the power to invest monies which are not immediately required for its purposes, in or upon such investments or property as may be thought fit. At the present time the trustees' policy is to maintain all such monies in liquid cash form, on deposits earning a market rate of interest. The trustees consider that this is the most appropriate form of investment in the current climate, given the operational context and considering the amount.

Reserves policy

We aim to keep reserves to a level that if we were to lose any or a number of funders having committed to a Games year, we would still be able to deliver a reduced Games programme. We will take into account both monies in restricted and unrestricted reserves. As some monies currently held in our restricted reserves are connected to delivering the Games. We have calculated the cost of a reduced Games season to be £663,000

With the status of our partnership with Nike being unknown beyond year 3 of the partnership and the challenging financial climate due to the pandemic we aim to achieve an optimum reserves position of being able to hold a reduced Games programme at the cost identified below.

The difference between the actual level of reserves and required level of reserves is £211,803.

The London Youth Games are currently writing a fundraising strategy. The plan will identify potential ways of diversifying income and raising unrestricted funds to assist in building the reserves position to the level identified.

Purpose

The following reserves policy exists in line with guidance issued by the Charity Commission, and to enable the Foundation's Board to:

Procedures

The Board may retain unrestricted reserves to cover the Foundation's financial responsibility as follows:

Thanks to the commitment and support of our partners we have added to our reserves from this Games year. This is critical due to the unknown long-term impact of Covid-19. We are entering the final year of our existing relationship with Nike and whilst we are optimistic of securing their support for a further three years, it underpins the importance of a strong reserves position.

The trustees keep the financial situation under constant review, including ongoing operational costs with the risk to income streams and the potential of additional funding streams.

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LONDON YOUTH GAMES FOUNDATION (REGISTERED NUMBER: 02039817)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020

FUTURE DEVELOPMENTS

2020 has been a year like no other, presenting unprecedented challenges. But in a post-pandemic existence, the London Youth Games is in a strong position financially, strategically and - with our network of partners - in a great operational place to deliver.

The success of the Virtual Games also demonstrated our ability to innovate and to deliver, even in the most challenging of circumstances. The Virtual Games model adds a new stream to our activities and in the revival and refreshing of our whole programme, we are looking forward with huge optimism.

2021 offers a first opportunity to bring our new strategy to life in partnership with Nike, the London Boroughs, with Sport England and to really tap into the LYG33 to ensure our programme is relevant to needs of young Londoners and meets our strategic priorities.

2020 has been a year like no other, presenting unprecedented challenges. But in a post-pandemic existence, the London Youth Games is in a strong position financially, strategically and - with our network of partners - in a great operational place to deliver.

The success of the Virtual Games also demonstrated our ability to innovate and to deliver, even in the most challenging of circumstances. The Virtual Games model adds a new stream to our activities and in the revival and refreshing of our whole programme, we are looking forward with huge optimism.

2021 offers a first opportunity to bring our new strategy to life in partnership with Nike, the London Boroughs, with Sport England and to really tap into the LYG33 to ensure our programme is relevant to needs of young Londoners and meets our strategic priorities.

Among the many developments, is a significant stepping up of our digital abilities. For participants, we will improve the digital user journey, and be committed to conversations with young people, rather than purely information distribution around events. Working with Trust Impact, we will be implementing systems that allow us to gain a much deeper quantitative and qualitative insight into the impact London Youth Games makes on the physical and mental wellbeing of young Londoners and our contribution to social integration.

We will fully utilise the networks we have, and our unique position at the centre of youth sport in London to work with National Governing Bodies of Sport and other deliverers, to find innovative ways of encouraging young people to challenge themselves to achieve more. This is about young people defining their own success and being encouraged to reach for it, rather than being defined by what others think.

For decades, volunteering has underpinned the successful delivery of the London Youth Games programme. Working closely with the LYG 33 our new youth Ambassadors programme, we will be relaunching our GamesForce volunteer programme. Our priorities are to implement ways in which we can help young people acquire training and support to give them the skills to enhance their employability and join the workforce.

We will be running a training programme for our volunteer Team Managers. This will build their knowledge and understanding of the softer skills needed to support young people. We want to continue developing our relationships with the London Marathon and other organisations to provide our volunteers with a broad mixture of volunteering opportunities throughout the course of the year. For example, we will be launching the "Inclusive Coaches" project in partnership with Nike to increase the number of disabled young people benefitting from athletics.

We will not stand still as a charity. We will continue to improve and deliver the Games programme, but we will also look to build innovative and exciting new partnerships with organisations with similar values and objectives such as Street Games, The Change Foundation, Dame Kelly Holmes Trust and Disability Sports Coach to create more life changing opportunities for all young Londoners.

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LONDON YOUTH GAMES FOUNDATION (REGISTERED NUMBER: 02039817)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT Company structure

The London Youth Games Foundation is a charitable company limited by guarantee and not having share capital, as defined by the Companies Act 2006, established under a Memorandum and Articles of Association and incorporated on 22 July 1986. The Memorandum and Articles of Association have been amended by special resolution on 4 July 1995 and, most recently, 21st February 2019.

The Foundation registered as a charity on 16 August 1995.

Membership of the company

Provisions governing membership of the Foundation are set out in the Articles of Association. The members are London Boroughs and the City of London, and the independent trustees.

Financial statements

The audited financial statements comply with the Charities Statement of Recommended Practice - Accounting and Reporting by Charities FRS 102 effective January 2019, the Charities Act 2011, the Companies Act (2006) and the Charities (Accounts and Reports) Regulations 2008. The 'report of the trustees' and 'financial statements' are submitted to the Charity Commission and Companies House respectively, following approval by the membership at the AGM.

Indemnity insurance

Under the terms of the Articles of Association the trustees shall be indemnified out of the assets of the charity against any liability incurred by him/her in defending any proceedings in which judgement is given in their favour. To mitigate any potential costs arising from such proceedings, the charity has obtained the necessary indemnity insurance.

Trustees and board

Trustees for the Foundation for the purposes of the Charities Act 2011, who are also the Directors of the company for the purposes of the Companies Act 2006, fall into two categories: 75% (up to 9 people) of the board is made up of independent trustees and 25% (up to 3 people) of member representatives. There is a maximum of 12 people sitting on the board at any one time. Member representative trustees are appointed by a majority decision of the London Borough Authorities present at any general meeting at which the appointment of London Borough trustees is considered, whether due to retirement, expiry of term of office or disqualification. Independent trustees are appointed by resolution of the board of trustees.

All trustees serve for a term of four years, upon expiry of which they are eligible for reappointment for a maximum of one further term. New trustees are briefed by the chairman and the chief executive as to their duties and obligations as part of an induction process.

The board of the Foundation is led by the chair, Mark Campbell, and is responsible for setting the strategic direction of the Foundation and for oversight of delivery against it. It is also responsible for ensuring there is an effective governance regime in place for the organisation as a whole.

The Board had one standing sub-committee during the year which was the Finance, Audit, Risk and Governance (FARG) committee. The Board and CEO introduce working groups to the Board where appropriate to draw on expertise of the Board. For example, during the year a strategy plan working group was formed to develop the strategic plan for the London Youth Games for the next five years and to propose this to the full Board.

The trustees who held office during the financial year 2019-20 were:

Stuart Burnside Mark Campbell
Neil Daugherty Stephen Fitzgerald
Cllr Peter Fortune Jane Garrard
Tim Gallico Cllr Jessica Leigh
Paul Moreton Anna Rissen
Cllr Joyce Ryan Benjamin Ackim
Charlie Webster Cllr Krupa Sheth

Induction and training of new trustees

The Trustees offer a wide range of skills and experience essential to the good governance of the charity. New Trustees are invited to take part in an informal induction programme. On an informal basis, new Trustees undergo orientation to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association and decision-making process, meet key persons of the charity, and become familiar with the business plan and recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role and other aspects of London Youth Games Foundations work. The Trustees review their written procedures in line with all other procedural documents on a regular basis.

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LONDON YOUTH GAMES FOUNDATION (REGISTERED NUMBER: 02039817)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management

The Foundation has a strong process for the identification and management of major threats and opportunities to the organisation's ongoing success and financial health, overseen by the Finance, Audit, Risk and Governance (FARG) committee and the full Board. Currently, the key risks to the organisation are either ongoing operational/delivery risks related to the impact of Covid-19 such as, its long-term impact on our ability to deliver the Games. Another significant risk to the Foundation' relates to its ongoing financial sustainability. The trustees have put in place increased oversight through income generation being rigorously analysed and discussed at every board meeting.

The management of operational delivery risks, around ensuring a safe environment for young people who take part at all LYG events, has also been improved through rigorous risk assessment of every event and venue. The Foundation continues to work with professional consultants, venue management and the emergency services as appropriate to make sure that our events are as safe as possible for the young people taking part and this will very much be continued in a post-Covid world.

The Covid-19 Pandemic has greatly impacted the organisation's ability to deliver its traditional programme. The ongoing impact of Covid-19 has been built into our risk assessment framework and is assessed alongside all other organisational risks with mitigating actions put in place to minimise the impact of a particular risk occurring.

AUDITORS

The auditors, Cox Costello & Horne, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

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Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ Mr M K Campbell - Trustee

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LONDON YOUTH GAMES FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2020

The trustees (who are also the directors of London Youth Games Foundation for the purposes of company law) are responsible for preparing 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:

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.

In so far as the trustees are aware:

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LONDON YOUTH GAMES FOUNDATION

Opinion

We have audited the financial statements of London Youth Games Foundation (the 'charitable company') for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. 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).

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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our report of the independent auditors 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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:

Matters on which we are required to report by exception

In the light of the 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:

Page 11

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LONDON YOUTH GAMES FOUNDATION

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our report of the independent auditors.

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

Michael F Cox FCA (Senior Statutory Auditor) for and on behalf of Cox Costello & Horne Chartered Accountants and Statutory Auditors 26 Main Avenue Moor Park HA6 2HJ � 2 ����������� Date: .............................................

Page 12

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LONDON YOUTH GAMES FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020

Notes
INCOME FROM
Charitable activities
4
London Youth Games
Other charitable income
2
Investment income
3
Other income
Total
EXPENDITURE ON
Charitable activities
5
London Youth Games
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.8.20
Unrestricted
Restricted
Total
funds
funds
funds
£
£
£
-
450,000
450,000
4,002
513,271
517,273
1,102
-
1,102
21,146
-
21,146
26,250
963,271
989,521
-
768,267
768,267
-
18,771
18,771
-
787,038
787,038
26,250
176,233
202,483
72,429
176,285
248,714
98,679
352,518
451,197		 31.8.19
Total
funds
£
485,995
526,986
472
-
1,013,453
986,852
19,221
1,006,073
7,380
241,334
248,714

The notes form part of these financial statements

Page 13

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LONDON YOUTH GAMES FOUNDATION (REGISTERED NUMBER: 02039817)

STATEMENT OF FINANCIAL POSITION 31 AUGUST 2020

Notes
FIXED ASSETS
Tangible assets
12
Investments
13
CURRENT ASSETS
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
PROVISIONS FOR LIABILITIES
17
NET ASSETS
FUNDS
19
Unrestricted funds
Restricted funds
TOTAL FUNDS		 31.8.20
£
17,767
1
17,768
162,852
543,753
706,605
(228,176)
478,429
496,197
(45,000)
451,197
98,679
352,518
451,197		 31.8.19
£
15,773
1
15,774
215,661
242,518
458,179
(178,239)
279,940
295,714
(47,000)
248,714
72,429
176,285
248,714

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: �������������

............................................. Ms J E Garrard - Trustee

The notes form part of these financial statements

Page 14

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LONDON YOUTH GAMES FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020

Notes
Cash flows from operating activities
Cash generated from operations
21
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in 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		 31.8.20
£
314,953
314,953
(14,820)
1,102
(13,718)
301,235
242,518
543,753		 31.8.19
£
182,267
182,267
(23,659)
472
(23,187)
159,080
83,438
242,518

The notes form part of these financial statements

Page 15

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LONDON YOUTH GAMES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Preparation of the financial statements on a going concern basis

The trustees have prepared the financial statements on the going concern basis. The trustees have a reasonable expectation that the charitable company has adequate resources to continue its activities for the foreseeable future, and at least one year from the date of approval of the financial statements. Accordingly, the trustees continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees Responsibilities included within the Trustees Report.

The charity has been impacted by the new "Corona" virus in the year 2020. Some of the 2021 face to face events had to be cancelled but in some cases were replaced by virtual events. The direct and indirect consequences of the new "Corona" virus and a corresponding global pandemic wave on the charity sector cannot yet be conclusively assessed. Various sectors and locations within the charity community will show different exposure and vulnerability to potential public shut-downs or other measures taken to contain the further spreading of the virus. We'll consistently monitor this development and the impact on our charity in a very diligent, prudent and transparent way.

Preparation of consolidated financial statements

The financial statements contain information about London Youth Games Foundation as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Under the Charities Act 2011 and Charities Act 2011 (Group Accounts) Regulations 2015, a parent charity must prepare consolidated accounts including all its subsidiary undertakings where their preparation is either a requirement of company law or where the gross income of the group after consolidation adjustments, the parent charity and its subsidiary undertakings together, exceeds the threshold set by the regulations, currently £1,000,000. The Board of Trustees consider there is no statutory requirement to prepare group accounts and the results of the subsidiary undertaking are excluded from these financial statements.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income received in advance of a service is deferred until the criteria for income recognition are met. Income arises in the United Kingdom.

Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Government grant funding has been received in the year in relation to the Coronavirus Job Retention Scheme and is recognised within other income in the period in which amounts become receivable.

Gifts in kind are valued at estimated value to the charity. They are included in the charity's financial statements if the estimated value is in excess of £500.

Interest receivable on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Unrestricted charitable donations are recognised in the financial statements when the charitable donation has been received, or if, before receipt, there is sufficient evidence to provide the necessary certainty that the donation will be received and the value of the incoming resources can be measured with sufficient reliability.

Page 16

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LONDON YOUTH GAMES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020

1. ACCOUNTING POLICIES - continued

Income

Donated professional services and facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Expenditure

Liabilities are recognised as expenditure as soon as there is legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of obligation can be measured reliably. Expenditure is recognised on an accruals basis as a liability is incurred, and includes irrecoverable VAT where applicable. Expenditure is classified under the following activity headings:

Expenditure on raising funds comprises those costs relating to activities where the primary aim is to raise funds, along with an apportionment of support costs.

Expenditure on charitable activities comprises those costs relating to activities where the primary aim is congruent with the objects of the charity, along with an apportionment of support costs.

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.

Charitable activities

Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs associated of an indirect nature necessary to support them.

Allocation and apportionment of costs

Costs are allocated in the following ways: direct, shared and support. Direct costs attributable to a single activity must be allocated direct to that activity. Shared costs which contribute directly to more than one activity must be apportioned between those activities. Support costs which are not attributable to a single activity must also be apportioned between the activities being supported.

The methods adopted for cost apportionment are usage of a resource or activity in terms of time taken.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment - 33% on cost Furniture - 33% on cost Computer equipment - 33% on cost

All assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation. The cost of an asset initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, representing amortised cost, as follows:

Financial instrument Measurement on initial recognition
Cash Cash held
Debtors Settlement amount after any trade discount
Creditors Settlement amount after any trade discount
(assuming normal credit terms apply
)

Taxation

The charity is exempt from corporation tax on its charitable activities.

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LONDON YOUTH GAMES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020

1. ACCOUNTING POLICIES - continued

Financial instruments

The charity is registered for VAT but has sources of income which are considered to be exempt from VAT. For this reason it is unable to recover all input VAT it suffers on purchased goods and services and the cost is included as an individual item of expense.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Transfers between unrestricted to restricted funds can be made to cover any overspends on restricted projects during the year where cost will not be met by the funder. Transfers between restricted funds and from restricted to unrestricted funds are made with the permission of the funder.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

Pension costs

The charity contributes towards personal pension schemes of staff. The contributions payable by the charity and staff are deposited in the respective pension funds within 30 days following the deduction. Once the contributions have been paid, the charity as employer, has no further payment obligations. The charity's contributions are charged to the Statement of Financial Activities in the period to which they relate.

2. OTHER CHARITABLE INCOME

Sponsorships
Local Authority contributions
Other donations
Other income		 31.8.20
£
265,000
231,000
4,581
16,692
517,273		 31.8.19
£
275,000
224,320
7,892
19,774
526,986

Government grants

The charity received government support through the Coronavirus Job Retention Scheme. The grant income is recognised in the period to which the underlying furloughed staff costs relate to. The payroll liability has been incurred by the charity, and it has therefore met the conditions to claim for that payroll accounting period. During the year amount received included in other income £21,146 (2019:£nil).

3. INVESTMENT INCOME

INVESTMENT INCOME
31.8.20 31.8.19
£ £
Deposit account interest 1,102 472

Page 18

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LONDON YOUTH GAMES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020

4. INCOME FROM CHARITABLE ACTIVITIES

Activity
Grants
London Youth Games
Grants received, included in the above, are as follows:
Greater London Authority
Sport England
Nike		 31.8.20
£
450,000
31.8.20
£
50,000
400,000
-
450,000		 31.8.19
£
485,995
31.8.19
£
50,000
400,000
35,995
485,995

London Youth Games received a grant of £400,000 (2019: £400,000) from Sport England to CSP school sport funding of £270,000 and £130,000 to provide support to London Youth Games to engage new young people through competition and transform their ability to capture information to better understand young people and help sustainability of the organisation.

The following table illustrates what the money was awarded for and that it has been used for these purposes:

CSP school sport funding
Support for the London Youth Games
5.
CHARITABLE ACTIVITIES COSTS
London Youth Games
6.
GRANTS PAYABLE
London Youth Games
The total grants paid to institutions during the year w
London Boroughs and City of London
Nike		 Grant received Grant received Grant Spent Grant Spent
£ £
270,000 270,000
130,000 130,000
Direct
Costs
£
326,128
as as follows:		 Grant
funding of
activities
(see note
6)
£
148,500		 Support
costs (see
note 7)
£
293,639
31.8.20
£
148,500
31.8.20
£
148,500
-
148,500		 Totals
£
768,267
31.8.19
£
36,596
31.8.19
£
4,601
31,995
36,596

Included in charitable activities is contributions receivable from local authorities. Contributions are receivable year on year for running the London Youth Games.

The Covid-19 pandemic resulted in the unprecedented closure of all schools and sporting facilities throughout London and nationally. Consequently, a significant number of school competitions were cancelled. In recognition of the exceptional impact of the Covid-19 pandemic, the Board of Trustees have agreed to set up a grant scheme for Borough specific activities relating to the cancelled competitions. The Board of Trustees have determined the amount of contributions to be returned are £148,500. The liability is included within other creditors.

During the year total grants payable or paid to institution's £148,500 (2019: £36,596).

Page 19

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LONDON YOUTH GAMES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020

7. SUPPORT COSTS

SUPPORT COSTS
Management
£
Other resources expended
18,771
London Youth Games
237,437
256,208		 Information
Finance
technology
£
£
-
-
20,593
35,609
20,593
35,609		 Totals
£
18,771
293,639
312,410
All individual costs are based on actual apart from the following: Basis of allocation
Wages Staff time
Social security Staff time
Pensions Staff time
Depreciation Estimated useful life
Irrecoverable VAT % of non-allowable income
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Other operating leases
Auditors remuneration - audit fees		 31.8.20
31.8.19
£
£
12,826
7,886
15,155
18,535
7,150
7,150

8. NET INCOME/(EXPENDITURE)

9. TRUSTEES' REMUNERATION AND BENEFITS

The Memorandum of Association of the charity makes provision for trustees to receive reimbursement for any services rendered to the charity.

No trustees' remuneration or other benefits were paid either for the year ended 31 August 2020 or the previous year.

No trustee received payment for professional or other services supplied to the charity.

No trustees' expenses were paid, either for the year ended 31 August 2020 or the previous year.

Trustees' expenses

During the year insurance was purchased to indemnify the charitable company from loss arising from neglect or defaults of its trustees, employees or agents. The cost of the indemnity insurance cannot be accurately calculated as it forms part of a multiple insurance policy.

10. 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:
Charitable activities
Management and administrative support		 31.8.20
£
258,674
26,726
7,457
292,857
31.8.20
5
2
7		 31.8.19
£
338,529
32,373
10,190
381,092
31.8.19
8
2
10

Page 20

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LONDON YOUTH GAMES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020

10. STAFF COSTS - continued

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

31.8.20
£70,001 - £80,000
-
£80,001 - £90,000
1
1		 31.8.19
1
1
2

Key Management Remuneration

The key management personnel of the charity, comprise the senior and the Chief Executive. The total employee benefits, excluding pension contributions, of the key management personnel of the charity were £133,578 (2019: £108,404).

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME FROM
Charitable activities
London Youth Games
Other charitable income
Investment income
Total
EXPENDITURE ON
Charitable activities
London Youth Games
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
-
-
472
472
-
-
-
472
71,957
72,429		 Restricted
funds
£
485,995
526,986
-
1,012,981
986,852
19,221
1,006,073
6,908
169,377
176,285		 Total
funds
£
485,995
526,986
472
1,013,453
986,852
19,221
1,006,073
7,380
241,334
248,714

Page 21

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LONDON YOUTH GAMES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020

12. TANGIBLE FIXED ASSETS

12. TANGIBLE FIXED ASSETS
Office Computer
equipment Furniture equipment Totals
£ £ £ £
COST
At 1 September 2019 2,074 3,724 33,626 39,424
Additions - - 14,820 14,820
At 31 August 2020 2,074 3,724 48,446 54,244
DEPRECIATION
At 1 September 2019 2,074 3,724 17,853 23,651
Charge for year - - 12,826 12,826
At 31 August 2020 2,074 3,724 30,679 36,477
NET BOOK VALUE
At 31 August 2020 - - 17,767 17,767
At 31 August 2019 - - 15,773 15,773
13. FIXED ASSET INVESTMENTS
Unlisted
investments
£
MARKET VALUE
At 1 September 2019 and 31 August 2020 1
NET BOOK VALUE
At 31 August 2020 1
At 31 August 2019 1
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
LYG (Trading) Limited
Registered office:
Nature of business: Dormant
%
Class of share: holding
Ordinary 100
31.8.20 31.8.19
£ £
Aggregate capital and reserves 1 1

The subsidiary company has been dormant throughout the 2020 and 2019 financial years.

Page 22

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LONDON YOUTH GAMES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
VAT
Prepayments and accrued income
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
16.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
Within one year
17.
PROVISIONS FOR LIABILITIES
Provisions		 31.8.20
£
118,841
82
9,788
34,141
162,852
31.8.20
£
63,201
6,252
-
153,427
5,296
228,176
31.8.20
£
25,980
31.8.20
£
45,000		 31.8.19
£
156,263
1,008
-
58,390
215,661
31.8.19
£
16,513
7,726
4,550
2,523
146,927
178,239
31.8.19
£
16,380
31.8.19
£
47,000
The provisions comprises the estimated future cost of redundancy and reorganisation £nil (2019:£47,000) of redundancy and reorganisation £nil (2019:£47,000) of redundancy and reorganisation £nil (2019:£47,000) of redundancy and reorganisation £nil (2019:£47,000)
Further provision made during the year £45,000(2019: £nil) due to changes in funding from a key partner.
18. ANALYSIS OF NET ASSETS BETWEEN FUNDS
31.8.20 31.8.19
Unrestricted Restricted Total Total
funds funds funds funds
£ £ £ £
Fixed assets 17,432 335 17,767 15,773
Investments 1 - 1 1
Current assets 81,246 625,359 706,605 458,179
Current liabilities - (228,176) (228,176) (178,239)
Provision for liabilities - (45,000) (45,000) (47,000)
98,679 352,518 451,197 248,714

Page 23

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LONDON YOUTH GAMES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020

19. MOVEMENT IN FUNDS

Unrestricted funds
General fund
London Youth Games
Restricted funds
London Youth Games
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
London Youth Games
Restricted funds
London Youth Games
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
London Youth Games
Restricted funds
London Youth Games
TOTAL FUNDS		 At 1.9.19
£
72,428
1
72,429
176,285
248,714
Incoming
resources
£
22,249
4,001
26,250
963,271
989,521
At 1.9.18
£
71,957
-
71,957
169,377
241,334		 Net
movement
At
in funds
31.8.20
£
£
22,249
94,677
4,001
4,002
26,250
98,679
176,233
352,518
202,483
451,197
Resources
Movement
expended
in funds
£
£
-
22,249
-
4,001
-
26,250
(787,038)
176,233
(787,038)
202,483
Net
movement
At
in funds
31.8.19
£
£
471
72,428
1
1
472
72,429
6,908
176,285
7,380
248,714		 At
31.8.20
£
94,677
4,002
98,679
352,518
451,197
26,250
176,233
202,483
At
31.8.19
£
72,428
1
72,429
176,285
248,714

Page 24

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LONDON YOUTH GAMES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020

19. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 471 - 471
London Youth Games 1 - 1
472 - 472
Restricted funds
London Youth Games 1,012,981 (1,006,073) 6,908
TOTAL FUNDS 1,013,453 (1,006,073) 7,380

Purposes of restricted funds

The funds have arisen due to income received in advance of the 2020/2021 London Youth Games (Event). Funds are restricted to cover the Event's direct costs and associated support costs incurred by the charity, as and when incurred.

20. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 August 2020.

21.
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.8.20
£
Net income for the reporting period (as per the Statement of Financial
Activities)
202,483
Adjustments for:
Depreciation charges
12,826
Interest received
(1,102)
Decrease in debtors
52,809
Increase in creditors
47,937
Net cash provided by operations
314,953		 31.8.19
£
7,380
7,886
(472)
4,906
162,567
182,267

22..

ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.19 Cash flow At 31.8.20
£ £ £
Net cash
Cash at bank 242,518 301,235 543,753
242,518 301,235 543,753
Total 242,518 301,235 543,753

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continued...

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LONDON YOUTH GAMES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2020

23. COMPANY LIMITED BY GUARANTEE

The charitable company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the company in the event of its being wound up, for payments of the debts and liabilities of the company, such amount as may be required, not exceeding £1.

24. FINANCIAL INSTRUMENTS

The charity has the following financial instruments:

The charity has the following financial instruments:

Note		 31.08.20 31.08.19
£ £
Financial assets measured at amortised cost
15		 662,677 420,790
Financial liabilities measured at amortised cost
16		 221.924 23,463

25. MATERIAL EVENTS AFTER THE REPORTING DATE

The outbreak of Coronavirus (SARS-COV-2), a virus causing potentially deadly respiratory tract infections spreading all over the world, may negatively affect economic conditions regionally and globally, disrupt operations, affect supply chains or otherwise impact our charity. This is clearly concerning and we are monitoring developments very closely; however, the extent and impact of this pandemic on the course of operations in 2020 and 2021 cannot yet be conclusively assessed. The safety and well-being of our charity partners has been the overriding priority. We are also doing all we can to ensure operation continuity. However, there is a certain risk that we will see an adverse impact on the charity sector, and therefore may affect the charity's operations. To this point of time the charity cannot estimate the impact it may have on our sector and our operations.

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