Redthread Youth Limited Company no 03131121 Charity no 1051260
Annual Report and Accounts For the 17-month period ended 31 August 2024
Classification : Confidential
Contents
| About Redthread | 3 |
|---|---|
| Legal & administrative information | 4 |
| Introduction from the Chair | 5 |
| Trustees’ Report | 7 |
| Independent Auditors Report | 13 |
| Financial Statements | |
| • Statement of Financial Activities | 17 |
| • Balance Sheet | 18 |
| • Statement of cash fows | 19 |
| • Notes to the fnancial statements | 20 |
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About Redthread
Redthread is a multi-award-winning charity with over 20 years’ experience of delivering pioneering youth work in hospitals and other health settings. We work across 10 hospitals in London and Birmingham with 11-25 year olds who are affected by grooming, sexual and criminal exploitation, violence, emotional and physical harm, mental health issues, domestic violence and modern slavery. We also support children and young people in the online space to reduce the impacts of violence, and with those experiencing a range of health conditions, who are vulnerable and in need.
We also train NHS staff so that they can identify, and better support children and young people affected by violence. We amplify the voices of children and young people and use our evidence and insights from working with them to adapt and innovate our work, support service improvement, and influence regional and national policy and practice.
Our purpose
Redthread’s purpose is to be present where children and young people need us most. We support young people facing adversity related to mental health, sexual violence and exploitation as well as those who continue to be caught up in youth violence. We amplify their voices so that systems and services are better able to meet their needs and support them towards leading healthier, safer and happier lives.
Our vision
A society where all young people live healthy, safe, and happy lives.
Our mission
To empower young people to thrive as they navigate the challenging transition to adulthood by integrating trauma-informed youth work into the health sector.
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Legal & administrative information
| Company Name: | Redthread Youth Limited |
|---|---|
| Charity Number: | 1051260 |
| Company registration number: | 03131121 |
| Registered ofice: | 27 Pear Tree Street, London EC1V 3AG |
| Trustees: | Paula McDonald CBE (chair) |
| Lawrence Bate | |
| Emer Sutherland | |
| Andrew Canniford (appointed 12 August 2024) | |
| Jefrey Jacobs (appointed 12 August 2024) | |
| Kasuba Ng’ona (appointed 12 August 2024) | |
| Ufuoma Irene Sobowale (appointed 12 August 2024) | |
| Myles Bradshaw (resigned 12 August 2024) | |
| Miriam Bullock (resigned 12 August 2024) | |
| Natalie Carsey (resigned 31 July 2024) | |
| Chief Executive: | Lucie Russell (interim – 1 April 2023 to 4 June 2023) |
| Geethika Jayatilaka (5 June 2023 to 16 October 2023) | |
| Lucie Russell (17 October 2023 to 12 August 2024) | |
| Redthread Transition Director: | Kate Wareham (appointed 12 August 2024) |
| Auditors: | Buzzacott Audit LLP, 130 Wood Street, London EC2V 6DL |
| Bankers: | Lloyds Bank plc, Camberwell Green branch |
| Camberwell Green | |
| London SE5 7AB |
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“As we reflect on our work, we do so with immense pride in the impact we’ve had.”
Paul McDonald CBE Chair of Trustees, Redthread
Over the past three decades, Redthread has been a lifeline for thousands of children and young people affected by violence and experiencing some of life’s toughest challenges. From our earliest youth projects in London to pioneering the UK’s first hospital-based youth violence intervention services, our journey has always been driven by a simple but powerful belief: every young person deserves to live a safe, healthy, and happy life.
This year, as we reflect on our work, we do so with immense pride in the impact we’ve had—and with clarity about the challenges ahead. Redthread’s Youth Violence Intervention Programme has expanded across hospitals in London and Birmingham, our Young Women’s programme is providing specialist support to vulnerable young women and girls and our trauma-informed, youth-led approach continues to shape the thinking of both practitioners and policy makers.
Our work has attracted the attention of the media, including Channel 4 News who put the spotlight on Redthread’s groundbreaking Young Women’s Service. We have also hosted the Ministry of Justice’s Youth Justice team and the Chair of the Youth Justice Board – and as members of the Government’s Tackling Knife Crime Coalition, we’re playing a key role in shaping national policy.
Teachable, reachable moments
At Redthread we invented the concept of the teachable, reachable moment – working with young people when they’re at their most vulnerable. In doing so, we’ve not only been able to have significant immediate impact but also in many cases prevent those young people returning to a world of fear and risk.
A pivotal moment
Yet, like many charities in the current climate, we faced significant financial pressures that threatened our sustainability and ability to deliver our services. In response to these challenges we explored ways to protect the vital work we’re doing. That’s why this year marked a pivotal moment in Redthread’s history; we sought new delivery partnerships and following a competitive, best value assessment, we took the decision to merge with Catch22. We are delighted that this partnership will safeguard the future of Redthead’s services and strengthen our impact.
Catch22 shares our mission, values, and commitment to young people. We’ve already collaborated on powerful programmes such as The Social Switch Project where we’ve seen firsthand what’s possible when our strengths are combined. As part of Catch22, young people supported by Redthread will also be able to access the range of other Catch22 services, including employability programmes, drug and substance use services and community-based child exploitation support.
Retaining our identity
We know how strong the Redthread brand is, built over two decades through the life changing, essential work we do. For this reason, we will retain or trusted name and identity withing the Catch22 family. Ultimately, this merger is safeguarding what matters most: the services that young people rely on, and the frontline teams who deliver them.
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Meeting increasing need
We know that young people’s needs are growing more complex and more urgent; Recent figures show that half of teenagers in England and Wales have witnessed or been victims of violence. Redthread, as part of Catch22, is in a strong position to rise to this challenge with renewed energy and purpose. With the current Government prioritising violence reduction, we are ready to share our insight and help drive changes to the system that will benefit the young people we work with.
Nothing short of outstanding
Thank you to our dedicated staff, supporters, and partners who have stood by us this year. Thank you to our past CEO and executive of Redthread and the CEO and Executive Team at Catch22 who have worked collaboratively with the Board to steer through and navigate this merger, bringing together a diverse mix of skill and expertise and huge commitment.
Specifically, to Redthread staff, we want to personally thank you for everything you do. You help young people in their most vulnerable moments to navigate trauma, build trust, find their voice, and see a future filled with hope. Your expertise as youth workers in the hospital setting is unique and is valued highly by those you work with, for and by others across our sector. You really are nothing short of outstanding.
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Trustees’ report (incorporating Directors’ report) for the 17 months ended 31 August 2024
Overview
Following a year of transition in 2022-23, and the continuing challenges faced by charities and communities across the UK; including challenges in securing new sustainable funding, rising costs due to the impact of inflation and the increasing volume and complexity of needs of those we work with the trustees decided to review and reflect on the best way to protect our vital work with children and young people and came to the conclusion that the most sustainable way forward, in the current economic and social climate, would be to seek a new way of working, and to this end, after extensive consideration of a range of options, the trustees made the decision to merge with Catch22 Charity Ltd (Catch22), a charity which is focussed on building resilience and aspiration in people of all ages and communities across the UK.
Our two organisations have strongly aligned missions and values, and Redthread has previously worked in a successful partnership with Catch22 on influencing policy as well as establishing and co-delivering The Social Switch Programme.
Therefore, following a thorough process of discovery and due diligence, Redthread formally became part of the Catch22 group in August 2024. A new Transition Board, incorporating both existing and new trustees, was established to ensure that the merger progressed smoothly and with as little disruption as possible to the important work we continue to deliver. Whilst for now Redthread continues as a separate entity, the formal merger will take place in due course, and Redthread will be fully integrated into Catch22 before the end of the next financial period and Redthread will cease to operate as a separate entity, but its brand and work will continue.
We thank all of our funders and donors, all of whom have been kept informed during this process and who have been incredibly supportive of this decision.
The intention for the future is to use our collective strength to both maintain and grow the life changing work already taking place, and we look forward to realising the full potential of this new partnership.
Governance
Redthread Youth Limited is a registered charity and a company limited by guarantee in England and Wales, its objects and powers are set out in its Memorandum and Articles of Association. The members of the charitable company are also the directors/trustees. The charitable company operates under the name “Redthread.”
As part of the process of the merger, the financial reporting period of Redthread was revised to align with that of Catch22, so this report covers a 17-month period, from 1[st] April 2023 through to 31[st] August 2024. Before the end of the next financial year ending 31[st] August 2025, Redthread will have formally completed the merger with Catch 22 Charity Limited (registered charity no 1124127 and a company limited by guarantee 06577534). We are currently working with our funders and partners to manage the transfer of all of these key relationships to the new entity, and once this process is concluded the Redthread will be closed down.
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In the meantime, a transition board has been established to administer the charity and meets on a bimonthly basis. As part of the transition process, Catch22 has also been registered as a person with significant control and has the right to appoint or remove directors.
The transition board is chaired by Redthread’s chair of trustees, Paula McDonald CBE and comprises two trustees from the previous Redthread board – Emer Sutherland (Clinical Director for Emergency Care at King’s College Hospital) and Lawrence Bate (formerly Director of Strategy and Impact at the British Heart Foundation), two trustees from Catch 22’s board – Jeff Jacobs and Irene Sobowale and two members of Catch22’s senior management team – Andy Canniford and Kasuba Ng’ona,
In place of the Redthread Executive team, who left the organisation as part of the merger process, the trustees have seconded Kate Wareham, Catch22’s Strategic Director for Young People, Families and Communities to lead the team as Redthread’s Transition Director, and alongside other Catch22 seconded colleagues, she manages the day-to-day operations of the charity, alongside Redthread’s existing Service Leads, Programme Managers and Team Leaders.
To further enable Redthread to run effectively and efficiently, Catch22 now provide all essential support services to Redthread including finance, fundraising, marketing and communications, data & insights, policy and influencing, business development, and human resources.
The transition board has established appropriate controls and reporting mechanisms to ensure that the leadership team operates within the powers delegated to it.
The trustees, who are the directors for the purposes of company law, present their statutory report, including plans for the future, together with the Redthread’s financial statements for the period ending 31 August 2024.
The report has been prepared in accordance with applicable law and UK accounting standards (UK Generally Accepted Accounting Practice) and in accordance with the Charities Act 2011 and Part 15 of the Companies Act 2006.
The financial statements have been prepared in accordance with the accounting policies set out on pages 18-20. A full statement of trustees’ responsibilities can be found below.
The trustees’ report includes a description of the activities undertaken during the period to further Redthread’s charitable purposes, and the trustees are satisfied that such activities provide public benefit.
Activities and Impact
Our flagship programmes include our Youth Violence Intervention Programme (YVIP), our Young Women’s Service and our services with children and young people with multiple needs and vulnerabilities across eight emergency departments and major trauma centres in London, and Birmingham. For the majority of this period, we were also delivering a YVIP based within Queen’s Medical Centre in Nottingham, however funding for this service came to an end in April 2024.
Redthread also delivers a number of other health related programmes including a counselling service in Birmingham and a project working with young adults dealing with liver disease in South East London, as well as continuing its partnership working with Catch 22 on the Social Switch programme, which aims to switch the narrative on how social media’s relationship with violence affecting young people in understood, tackled and solved.
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During the 17-month period covered by this report, Redthread:
Worked with 1,439 children and young people
On our Youth Violence Intervention programme:
61% reduced their risk of further harm
26% were supported in managing their mental health
44% reported feeling more optimistic about their future
28% reported feeling better able to ask professionals for help
Financial Review
Total income received in the 17-month period from 1 April 2023 to 31 August 2024 came to £4,466,428 (year to 31 March 2023 - £3,661,909). Some £598,218 (13%) of this was unrestricted and included unrestricted grants from trusts and foundations, donations from individual and corporate donors, gift aid claims and bank interest. £188,362 in restricted grants for core costs was also received in this period, whilst restricted income from charitable activities came to £3,679,848 (82% of total income).
The largest funder during this period, providing just under 47% of our income for our charitable activities, was London’s Violence Reduction Unit, who continue to support Redthread’s vital work in hospitals, working with vulnerable young people who are victims of youth violence. In addition, the VRU funds the Social Switch programme, which we continue to deliver in partnership with Catch 22.
Overall, 67% (£3,868,210) of Redthread’s income during this period came from statutory and institutional funders (local government and NHS funders), whilst 32% (£1,433,015) came from a wide range of charitable trusts and foundations. Of the remaining amount, £52,624 came from individual and corporate supporters, and a small amount from other sources (e.g. bank interest).
Total expenditure came to £5,254,175 (year to 31 March 2023 - £3,882,436), leaving a deficit for the year of £787,747 (year to 31 March 2023 - £220,527).
At the end of August 2024, Redthread’s unrestricted reserves stood at £607,729, (giving a free reserve figure of £595,790) whilst a further amount of £281,560 remained in restricted funds, which will be applied to ongoing activities from September 2024 onwards.
Following the transfer of Redthread to become part of the Catch22 group with effect from 12 August 2024, and the subsequent transfer of most of the head office staff team to Catch 22’s employment, the monthly direct costs have been significantly reduced. Average monthly outgoings since 1[st] September have reduced to approximately £170k and will continue to reduce as we move through the next quarter. This means that the free reserves provide the equivalent of around 3.5 months of expenditure.
Currently Redthread remains a separate legal entity, however the current intention is for the formal merger to be completed by April 2025, and all remaining assets and liabilities will then be transferred to Catch22.
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Risk management
The trustees confirm that they have identified the main risks to which the Charity is exposed, including the volatility of sustainable income streams which ultimately led to the decision to proceed with the merger with Catch22. As part of the transition process, systems and procedures have been maintained and integrated with Catch22 in order mitigate other ongoing risks that have been identified as part of the due diligence and discovery processes that have taken place as part of the merger.
Statement on fundraising
At Redthread we have always greatly valued the support we receive from individuals, organisations, companies, and funders. Redthread is registered with the Fundraising Regulator and abides by the Code of Fundraising Practice. We continue to uphold the four values of the Code of Fundraising Practice; our fundraising is legal, open, honest, and respectful.
Redthread's fundraising and income generation is now led jointly by Catch22’s Director of External Affairs and Partnerships (voluntary income including trusts, foundations and individual giving) and the Director of Business Development (contracts and statutory funding) with support from colleagues and wider networks.
Our income comes from a wide variety of sources; however, our typical activities include:
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Applying for government funding and influencing opportunities for future funding and commissioning.
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Applying for funding from grant-making trusts, foundations or other organisations
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Advertising the impact of our work on social media, in mainstream print and broadcast media, on our website and through other appropriate channels
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Communicating with our supporters and individuals who have asked to be kept informed about our work
We do not:
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Conduct regular gift, face-to-face fundraising on the street
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Canvas door-to-door
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Send out direct marketing mail to people unknown to us
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Contact former service-users or their families regarding fundraising activity unless they have specifically asked to be contacted.
We check funding sources to ensure they are appropriate and in line with Redthread’s values. We have never received any complaints about our fundraising activities, and as part of the transition to the merger with Catch22 we will review our fundraising processes and activities to ensure they remain compliant.
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Public benefit
In setting objectives and planning activities during this transition period, the trustees confirm that they have complied with their duty under Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit.
Statement of trustees’ responsibilities
The trustees (who are also directors of Redthread Youth Limited for the purposes of company law) are responsible for preparing the trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice). 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 income and expenditure of the charitable company for that period.
In preparing these financial statements, the trustees are required to:
Select suitable accounting policies and then apply them consistently.
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Observe the methods and principles in ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting standard applicable in the United Kingdom and Republic of Ireland (FRS 102);
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable United Kingdom Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are also responsible for ensuring that adequate accounting records are kept that disclose with reasonable accuracy at any time the financial position of the charitable company and 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.
Each of the trustees confirms that:
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So far as the trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware: and
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The trustee has taken all the steps that he/she ought to have taken as a trustee to make himself/herself aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.
The confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
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The trustees are responsible for the maintenance and integrity of financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Paula McDonald CBE Chair of Trustees Date: 21 May 2025
Independent auditor’s report to the members of Redthread Youth Limited
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Opinion
We have audited the financial statements of Redthread Youth Limited (the ‘charitable company’) for the 17-month period ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the notes to the financial statements, including the principle 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).
In our opinion, the financial statements:
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Give a true and fair view of the state of the charitable company’s affairs as at 31 August 2024 and of its income and expenditure for the year then ended;
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Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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Have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of matter – financial statements prepare on a basis other than going concern
We draw attention to the accounting policy on page 18 of the financial statements which explains that the charity is intending to transfer all activities, assets and liabilities to Catch 22 Charity Limited in 2025. As a result, it is not appropriate to adopt a going concern basis of accounting in the preparation of the financial statements and as a result the financial statements need to be prepared on a breakup basis.
Other information
The other information comprises the information included in the Trustees’ Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 the 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
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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:
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the information given in the strategic report and the trustees’ report, which is also the directors’ report for the purposes of company law, for the financial period for which the financial statements are prepared is consistent with the financial statements; and
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the trustees’ report, which is also the directors’ report for the purposes of company law has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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The financial statements are not in agreement with the accounting records or returns; or
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Certain disclosures of trustees’ remuneration specified by law are not made; or
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We have not received all the information and explanations we require for our audit.
Responsibilities of directors
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 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
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or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011) and those that relate to data protection (General Data Protection Regulation); and
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Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
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We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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Making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and
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Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships
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Tested journal entries to identify unusual transactions;
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Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
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Used data analytics to investigate the rationale behind any significant or unusual transactions
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Tested authorisation controls on expenditure items, ensuring all expenditure was approved in line with the charitable company’s financial procedures; and
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Performed substantive testing on grant income to ensure the income recognised complied with the funding agreements.
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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Agreeing financial statement disclosures to underlying supporting documentation
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Reading the minutes of meetings of those charged with governance; and
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Enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of this report
This report is made solely to the charity’s trustees, 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 charity’s members those matters that 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 charity and the charity’s trustees as a body, for our audit work, or the opinions we have formed.
22 May 2025
Edward Finch (Senior Statutory Auditor)
For and on behalf of Buzzacott Audit LLP, Statutory Auditor
130 Wood Street, London EC2V 6DL
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Financial Statements
REDTHREAD YOUTH LIMITED
TRADING AS "REDTHREAD"
(a company limited by guarantee)
| Statement of financial activities | |||||
|---|---|---|---|---|---|
| For the 17 months ended 31 August | 2024 | ||||
| Unrestricted | Restricted | 31-Aug-24 | 31-Mar-23 | ||
| funds | funds | Total | Total | ||
| Notes | £ | £ | £ | £ | |
| Income | |||||
| Grants & donations | 2 | 595,344 | 188,362 | 783,706 | 561,091 |
| Charitable activities | 3 | - | 3,679,848 | 3,679,848 | 3,099,079 |
| Other | 4 | 2,874 | - | 2,874 | 1.729 |
| Total income | 598,218 | 3,868,210 | 4,466,428 | 3,661,909 | |
| Resources expended | |||||
| Charitable activities | 5 | 811,079 | 4,170,973 | 4,982,052 | 3,579,763 |
| Raising funds | 6 | 256,326 | 15,797 | 272,123 | 302,673 |
| Total resources expended | 1,067,405 | 4,186,770 | 5,254,175 | 3,882,436 | |
| Net incoming/(outgoing) resources for the period |
(469,187) | (318,560) | (787,747) | (220,527) | |
| Transfers between funds | (90,331) | 90,331 | - | - | |
| Net movement in funds | 7 | (559,518) | (228,229) | (787,748) | (220,527) |
| Total funds brought forward | 1,167,247 | 509,789 | 1,677,036 | 1,897,563 | |
| Total funds carried forward | 607,729 | 281,560 | 889,289 | 1,677,036 |
The notes on pages 20-31 form an integral part of these financial statements
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REDTHREAD YOUTH LIMITED
TRADING AS "REDTHREAD"
(a company limited by guarantee)
Balance sheet
| as at 31 August 2024 | |||||
|---|---|---|---|---|---|
| 31 August 2024 | 31 August 2024 | 31 March 2023 | |||
| £ | £ | £ | £ | ||
| Notes | |||||
| Fixed assets | |||||
| Tangible assets | 8 | 11,938 | 11,938 | 16,292 | |
| Current assets | |||||
| Debtors | 9 | 394,519 | 1,033,053 | ||
| Cash at bank and in hand | 10 | 609,569 | 1,112,860 | ||
| 1,004,088 | 2,145,913 | ||||
| Liabilities | |||||
| Creditors: amounts falling | |||||
| due within one year | 11 | (126,737) | (485,169) | ||
| Net current assets | 877 | 877,351 | 1,660,744 | ||
| Total assets less current liabilities | 889 | 889,289 | 1,677,036 | ||
| Total net assets | 889,289 | 1,677,036 | |||
| Funds | |||||
| Unrestricted funds | 12a | 607,729 | 1,167,247 | ||
| Restricted income funds | 12b | 281,560 | 509,789 | ||
| Total funds | 889,289 | 1,677,036 |
The financial statements were approved by the board and authorised for issue on 21 May 2025.
Paula McDonald CBE Chair of Trustees
The notes on pages 20-31 form an integral part of these financial statements
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REDTHREAD YOUTH LIMITED TRADING AS "REDTHREAD" (a company limited by guarantee)
| Statement of cash flows For the 17 months ended 31 August 2024 Notes 2024 Cash flows from operating activities £ £ £ Cash generated from operations A (504,578) Cash flows from investing activities Purchase of new ICT equipment (8,353) (17,401) Interest received 9,640 1,385 1,287 Net decrease in cash and cash equivalents (503,291) Cash and cash equivalents at beginning of year 1,112,860 Cash and cash equivalents at end of year B 609,569 A. Reconciliation of net movement in funds to net cash provided by operating activities 2024 £ Net movement in funds (as per the statement of financial activities) (787,747) Adjustments for: Depreciation charge 12,707 Interest receivable (9,640) (Increase) / decrease in debtors 638,534 Increase/ (decrease) in creditors (358,432) Net cash provided by operating activities (504,578) 2024 B. Analysis of cash and cash equivalents £ Cash at bank and in hand 609,569 |
2023 £ (258,431) (16,016) |
|---|---|
| (274,447) 1,387,307 |
|
| 1,112,860 | |
| 2023 £ (220,527) 7,068 (1,385) (153,795) 110,207 |
|
| (258,431) | |
| 2023 £ |
|
| 1,112,861 |
The notes on pages 20-31 form an integral part of these financial statements
19
REDTHREAD YOUTH LIMITED Notes to the financial statements for the year ended 31 August 2024
1. Principal accounting policies
The principal accounting policies are summarised below.
The accounting policies have been applied consistently throughout the period covered by these statements and the preceding period.
1.1 Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the charities SORP as specified in ‘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)and the Companies Act 2006.
The charity constitutes a public benefit entity as defined by FRS102. The financial statements are presented in sterling and are rounded to the nearest pound.
1.2 Critical accounting estimates and areas of judgement
Preparation of the accounts requires the trustees and management to make judgements, estimates and assumptions regarding the assets and liabilities of the charity. These estimates and associated assumptions are based on historical experience but also a consideration of the future funding landscape and an economic climate that continues to be challenging and other factors that are considered to be relevant, including the progress that has been made towards merging with Catch22.
The estimates and assumptions are reviewed on an ongoing basis and the trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above, with the exception of the potential costs associated with the process of finalising the transfer of Redthread’s assets to Catch22 that may arise between the balance sheet date and the date of transfer.
1.3 Going concern
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements and have made this assessment in respect of a period of at least one year from the date of approval of these accounts.
During the course of 2025 , the charity will transfer, in accordance with the transfer agreement signed by both parties, all activities, assets and liabilities as a going concern to Catch 22 Charity Limited (a company limited by guarantee, no 065577534 and a registered charity , no 1124127), and in these circumstances the trustees do not deem it appropriate to continue to adopt the going concern basis for the preparation of these financial statements.
1.4 Income recognition
All incoming resources are included in the statement of financial activities when the charity is entitled to the income, has met any performance conditions attached to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity are recognised when the charity becomes unconditionally entitled to the grant.
20
Classification : Official
REDTHREAD YOUTH LIMITED Notes to the financial statements for the year ended 31 August 2024
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Grant income that has been received to fund work to be undertaken by the charity over a specified time period is recognised in the statement of financial activities as the programme is delivered. For accounting purposes, the extent of completion of a project is equated to the proportion of expenditure incurred. Any amounts received for activities not yet delivered are treated as deferred income. Where no time period is defined, restricted funds are accounted for as income when they are receivable.
1.5 Expenditure and the basis of apportioning costs
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be recovered, as the charity is not registered for VAT and is reported as part of the expenditure to which it relates.
Charitable expenditure comprised 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 of an indirect nature necessary to support them.
In respect of apportioning overheads and other central costs to projects, Redthread operates a full cost recovery model wherever possible. This means that each project is required to contribute towards those central costs to ensure that the charitable company’s infrastructure is maintained at an appropriate level to ensure the sustainability of each project.
The contributions applied to each project are calculated using a range of methods:
-
for most projects, a contribution is applied that equates to 15% of the total remuneration of the staff team working on that project to cover management and administration costs, and a further 5-10% to cover overheads. The precise percentage applied may vary from project to project, following initial budget negotiations with specific project funders.
-
In addition, some project funding includes a fixed contribution to management and/or overhead costs as a specific part of the budget, especially where there is significant input from the members of the central team, or where members of the project team are based at head office. The amount is normally agreed as a fixed sum per quarter/annum.
-
During the period covered by these financial statements, a review of the methodology of apportioning central costs was undertaken, and, from April 2024 onwards a revised approach was introduced which recognised that a proportion of head office costs should be re-classified as direct costs and apportioned accordingly.
-
The costs of fundraising comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes and includes the entire cost of employing the Head of Fundraising and all other members of the fundraising team.
-
Governance costs are the costs associated with the governance of the charitable company and its assets, and the costs associated with any strategic, as opposed to the day-to-day management of the charity’s activities. These are allocated to charitable activities.
1.6 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the residual value of each asset over its expected useful life, as follows:
-
Computers and other ICT equipment – 33.3% per annum;
-
Depreciation is applied to any purchase of assets costing more than £1000 where the cost is not covered by the funder.
21
Classification : Official
REDTHREAD YOUTH LIMITED Notes to the financial statements for the year ended 31 August 2024
1.7 Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
1.8 Cash at bank and in hand
- Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of the acquisition.
1.9 Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charitable company anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.
1.10 Pension costs
The pension charge represents payments made to the automatic enrolment workplace pension scheme provided by The People’s Pension and is charged to the Statement of Financial Activities in the period to which it relates.
1.11 Redundancy and termination costs
Any payments due to employees as a result of either redundancy processes or termination of employment following a negotiated process are recognised as an expense in the Statement of Financial Activities and a liability on the Balance Sheet at the point in time where the charitable company is committed to making such payment.
1.12 Unrestricted and Restricted funds
The unrestricted funds comprise those which are freely available for application towards meeting the charitable objectives of the charitable company at the discretion of the trustees.
The restricted funds are those whose application is limited by funder-imposed conditions and/or their use is restricted to a specified purpose. Expenditure of projects includes both direct costs attributable to each project and appropriate contributions to support costs. Any deficit incurred on any individual restricted fund is written off by transferring the relevant amount from unrestricted funds in the year in which the deficit occurs.
22
Classification : Official
REDTHREAD YOUTH LIMITED
Notes to the financial statements for the year ended 31 August 2024
| 2. Income for core costs | 31-Aug-24 |
31-Mar-23 Unrestricted Restricted Total £ £ £* |
|---|---|---|
| Unrestricted Restricted Total £ £ £* |
||
| Trusts and Foundations: Supporters and Donations 3. Income from charitable activities Youth Endowment Fund – Evaluation Pilot Youth Endowment Fund – funds repayable Thread CRM – Digital Transformation Project Youth Violence Intervention Programme - London Major Trauma Centres (MTCs) YVIP - IDVA Management fee Young Women’s Service Youth Violence Intervention Programme - Midlands Youth Violence Intervention Programme - London A&Es King's Evaluation Project Guys & St Thomas' Charity) King's Adolescent Outreach Service King’s Young Adult’s Liver Service QE Hospital Woolwich Diabetes Transition Project Social Switch project Social Prescribing (Hackney and Nottingham) Direct Programme Support |
||
| 542,720 188,362 731,082 |
444,250 81,982 526,232 |
|
| 52,624 - 52,624 595,344 188,362 783,706 |
34,859 - 34,859 |
|
| 479,109 81,982 561,091 31-Mar-23 Unrestricted Restricted Total £ £ £ - 125,869 125,869 - 141,135 141,135 - 797,115 797,115 - 15,000 15,000 - - - - 613,417 613,417 - 1,051,471 1,051,471 - 30,000 30,000 - 65,467 65,467 - - - - 45,103 45,103 - 32,852 35,852 - 73,521 73,521 - 108,130 108,130 |
||
| 31-Aug-24 | ||
| Unrestricted Restricted Total £ £ £ - 147,215 147,215 - (61,109) (61,109) - 41,383 41,383 - 820,904 820,904 - - - - 131,842 131,842 - 483,820 483,820 - 1,549,820 1,549,820 - - - - 24,465 24,465 - 17,647 17,647 - 48,163 48,163 - 363,246 363,246 - 24,882 24,882 - 87,569 87,569 - 3,679,848 3,679,848* |
||
| - 3,099,079 3,099,079 |
*Sources of restricted funds are analysed in note 13
23
Classification : Official
REDTHREAD YOUTH LIMITED
Notes to the financial statements for the year ended 31 August 2024
| 4. Other income | 31-Aug-24 |
31-Aug-24 |
31-Mar-23 Unrestricted Restricted Total £ £ £ 1,385 - 1,385 355 - 355 - - |
|
|---|---|---|---|---|
| Unrestricted Restricted Total £ £ £ 9,640 - 9,640 408 - 408 (7,174) - (7,174) 2,874 - 2,874 |
||||
| Bank interest Other income Funding returned on cancelled project |
||||
| 1,740 - 1,740 31-Mar-23 Unrestricted Restricted Total |
||||
| 5. Costs of charitable activities - by project | 31-Aug-24 |
|||
| Unrestricted Restricted Total |
||||
| £ £ £ |
£ £ £ |
|||
| Thread CRM – digital transformation project | - 41,383 41,383 |
- 141,135 141,135 |
||
| Youth Violence Intervention Programme - London MTCs | - 1,001,523 1,001,523 |
- 814,511 814,511 |
||
| YVIP - IDVA Management | - - - |
- 15,000 15,000 |
||
| Young Women’s Service | - 95,325 95,325 |
- - - |
||
| Youth Violence Intervention Programme - Midlands | - 691,749 691,749 |
- 560,024 560,024 |
||
| Youth Violence Intervention Programme - London A&Es | - 1,542,477 1,542,477 |
- 996,749 996,740 |
||
| King's Evaluation Project (Guys & St Thomas' Charity) | - - - |
- 30,000 30,000 |
||
| King's Adolescent Outreach Service | - 24,465 24,465 |
- 65,467 65,467 |
||
| King’s Young Adult’s Liver Service | - 18,261 18,261 |
- - - |
||
| QE Hospital Woolwich Diabetes Transition Project | - 49,815 49,815 |
- 45,402 45,402 |
||
| Social Switch Project | - 287,512 287,512 |
- 51,306 51,306 |
||
| Social Prescribing (Hackney & Nottinghamshire) | - 32,783 32,783 |
- 73,521 73,521 |
||
| Direct Programme support | - 106,294 106,294 |
- 156,848 156,848 |
||
| Other support costs | 811,079 279,385 1,083,291 |
456,777 173,033 629,810 |
||
| 811,079 4,170,973 4,982,052 |
456,777 3,122,986 3,579,764 |
24
Classification : Official
REDTHREAD YOUTH LIMITED
Notes to the financial statements for the year ended 31 August 2024
| 6. Cost of fundraising | 31-Aug-24 31-Mar-23 |
31-Aug-24 31-Mar-23 |
|---|---|---|
| Unrestricted Restricted Total |
Unrestricted Restricted Total |
|
| £ £ £ |
£ £ £ |
|
| Staffing (salaries, NI, pension) | 200,751 11,961 212,712 |
243,048 52,787 295,835 |
| Other costs | 55,575 3,836 59,411 |
6,654 184 6,838 |
| 256,326 15,797 272,123 |
249,702 52,971 302,673 |
|
| 7. Net movement in funds | 31-Aug-24 31-Mar-23 |
|
| This is stated after charging: | £ £ |
|
| Staff costs_(see note 16)_ | 4,194,416 2,891,969 |
|
| Operating leases | - 80,338 |
|
| Depreciation | 12,707 7,068 |
|
| Auditor's remuneration: | ||
| - statutory audit services | 15,000 10,560 |
|
| - other services | - - |
25
Classification : Official
REDTHREAD YOUTH LIMITED
Notes to the financial statements for the year ended 31 August 2024
| 8. Tangible fixed assets Cost At 1 April 2023 Additions At 31 August 2024 Depreciation At 1 April 2023 Charge for the year At 31 August 2024 Net book value At 31 August 2024 At 31 March 2023 |
ICT £ 41,146 8,353 |
Vehicles Total £ £ 8,975 50,121 - 8,353 8,975 58,474 8,975 33,829 - 12,707 8,975 46,536 - 11,938 - 16,292 31-Aug-24 31-Mar-23 £ £ 84,870 544,421 30,996 86,560 264,623 379,626 14,030 22,446 394,519 1,033,053 31-Aug-24 31-Mar-23 £ £ 41,798 67,654 567,735 1,040,905 36 982 - 3,319 609,569 1,112,861 |
|---|---|---|
| 49,499 | ||
| 24,854 12,707 |
||
| 37,561 | ||
| 11,938 | ||
| 16,292 | ||
| 9. Debtors | ||
| Accounts receivable | ||
| Prepayments | ||
| Accrued income | ||
| Other debtors | ||
| 10. Cash & cash equivalents | ||
| Current Accounts | ||
| Interest-bearing account | ||
| Petty cash floats | ||
| Pleo Account(pre-paid expense cards) | ||
| 11. Creditors | 31-Aug-24 31-Mar-23 |
|
| £ £ |
||
| Accounts payable | 20,938 173,502 |
|
| Accruals | 10,424 17,259 |
|
| Deferred income | 88,042 286,811 |
|
| Allowances | 7,333 7,597 |
|
| 126,737 485,169 |
||
| Movement on deferred income: | 31-Aug-24 31-Mar-23 |
|
| £ £ |
||
| Deferred income at 1 April 2023 | 294,145 164,226 |
|
| Amounts deferred during the year | 97,417 286,812 |
|
| Amounts released to income duringtheyear | (303.520) (156,893) |
|
| Deferred income at 31 August 2024 | 88,042 294,145 |
Deferred income comprises grant income received in the period ending 31 August 2024 which is to be applied to fund expenditure in future years.
26
Classification : Official
REDTHREAD YOUTH LIMITED
Notes to the financial statements for the year ended 31 August 2024
| 12. Reconciliation of funds |
01-Apr-23 Incoming funds Outgoing resources Fund transfers 31-Aug-24 |
|---|---|
| £ £ £ £ £ |
|
| a. Unrestricted funds | 1,167,247 598,218 (1,067,405) (90,331) 607,729 |
| b. Restricted funds Support costs (includes cost of fundraising) Thread – digital transformation project Direct Programme Support Youth Endowment Fund – pilot Youth Violence Intervention Programme: London Major Trauma Centres London A&Es The Midlands Young Women’s Service Other Programmes: King’s Adolescent Outreach Service Woolwich Diabetes Project King’s Young Adult Liver Service Social Prescribing (London & Midlands) Social Switch Project |
01-Apr-23 Incoming funds Outgoing resources Fund transfers 31-Aug-24 £ £ £ £ £ 42,261 188,362 (230,623) - - - 41,383 (41,383) - - 25,000 35,351 (60,351) - - - 147,215 (147,215) - - 112,795 820,904 (977,714) 47,393 3,378 38,769 1,540,930 (1,523,001) 30,339 87,037 290,964 483,821 (698,322) 2,432 78,895 - 131,842 (95,326) - 36,516 - 24,465 (24,465) - - - 48,162 (49,815) 1,653 - - 17,647 (18,260) 613 - - 24,882 (32,783) 7,901 - - 363,246 (287,512) - 75,734 |
| 509,789 3,868,210 (4,186,770) 90,331 281,560 |
Unrestricted funds are used to carry out any of the charity’s objectives, while restricted funds are tied to funding specific objectives or projects. Where specific projects show a deficit between income and expenditure at the end of the financial year, unrestricted funds are applied to make each project fully funded.
| 13. Sources of Restricted Funds | 31-Aug-24 | 31-Mar-23 |
|---|---|---|
| £ | £ | |
| Central costs | ||
| Westminster Foundation | 39,987 | 51,982 |
| Paul Hamlyn Foundation | 60,000 | 30,000 |
| Fidelity Foundation UK | 41,383 | 141,135 |
| Barrow Cadbury Trust | 30,000 | - |
| Garfield Weston Foundation | 50,000 | - |
| John Ellerman Foundation | 9,375 | - |
| Stone Family Foundation | - | 25,000 |
27
Classification : Official
REDTHREAD YOUTH LIMITED Notes to the financial statements for the year ended 31 August 2024
| REDTHREAD YOUTH LIMITED Notes to the financial statements for the year ended 31 August 2024 |
||
|---|---|---|
| 13. Sources of Restricted Funds | 31-Aug-24 | 31-Mar-23 |
| £ | £ | |
| Youth Violence Intervention Programme (YVIP) | ||
| London: | ||
| Mayor's Office for Policing and Crime | - | 528,238 |
| London’s Violence Reduction Unit (Direct Award) | 689,256 | 45,149 |
| London’s Violence Reduction Unit (A&E contract) | 1,120,642 | 714,9523 |
| NHS South East London Integrated Care Board | 112,000 | - |
| The Leatherseller's Company | - | 15,000 |
| The Draper’s Company | 15,000 | - |
| The Grocer’s Company | 5,000 | - |
| Guys' & St Thomas' Charity (King's YVIP Evaluation project) | - | 30,000 |
| John Horseman Charitable Trust | 5,000 | 5,000 |
| UCLH Charity | 182,750 | 100,000 |
| London Borough of Camden | 48,000 | - |
| St George’s Hospital Charity | 1,036 | 1,765 |
| Help for Children | 39,000 | 22,500 |
| Portal Trust | 20,000 | 20,000 |
| The Park Family Foundation | - | 14,000 |
| John Lyons’ Charity | 58,333 | 50,000 |
| Hiscox Foundation | 33,000 | 33,000 |
| French Huguenot Charitable Trust | 3,000 | 5,000 |
| Allen & Overy Foundation | 10,000 | - |
| Assura Community Fund | 3,125 | 25,000 |
| Charles S French Charitable Trust | 3,000 | 2,000 |
| Hackney Parochial Charity | 10,000 | 10,000 |
| Charles Hayward Foundation | 25,000 | 25,000 |
| St James Place Charitable Foundation | 20,000 | 20,000 |
| First Give | - | 1,000 |
| Direct grants for young people | 600 | 761 |
| Corporate donations (Met Police B2B Giving Scheme) | 54,752 | 19,845 |
| Young Women's Service(formerly integrated with the London YVIP) | ||
| London’s Violence Reduction Unit (Direct Award) | 58,614 | 49,471 |
| Islamic Relief UK | 20,278 | - |
| City Bridge Foundation | 22,950 | - |
| The Masonic Charitable Foundation | 30,000 | 30,000 |
| Midlands: | ||
| Nottinghamshire Office of the Police & Crime Commissioner | 50,000 | 100,000 |
| Nottingham & Nottinghamshire Integrated Care Board | 75,000 | 100,000 |
| Nottingham Hospitals Charity | - | 50,000 |
| Derbyshire Constabulary | - | 3,000 |
| Chetwode Foundation | - | 10,000 |
| East Midlands Ambulance Service | 847 | - |
| West Midlands Police & Crime Commissioner | 122,188 | 85,000 |
| NHS Birmingham & Solihull Integrated Care Board(formerly CCG) | 93,773 | 64,908 |
| Birmingham Women’s & Children’s Hospital | 66,000 | 61,000 |
| University Hospitals Birmingham NHS Foundation Trust | 20,000 | - |
| University Hospitals Birmingham Charity | - | 2,769 |
28
Classification : Official
REDTHREAD YOUTH LIMITED
Notes to the financial statements for the year ended 31 August 2024
| REDTHREAD YOUTH LIMITED Notes to the financial statements for the year ended 31 August 2024 |
||
|---|---|---|
| 13. Sources of Restricted Funds | 31-Aug-24 | 31-Mar-23 |
| £ | £ | |
| The Eveson Charitable Trust | 45,000 | 25,000 |
| Access to Work grant (DWP) | 1,013 | - |
| The Norton Foundation | - | 5,000 |
| YVIP – Evaluation Pilot | ||
| Youth Endowment Fund | 147,215 | 441,644 |
| King's Adolescent Outreach Service | ||
| King's College Hospital | 65,467 | 65,467 |
| Diabetes Transition Project | ||
| Greenwich & Lewisham Foundation NHS Trust | 48,613 | 45,103 |
| Social Switch Project | ||
| Catch 22/ London VRU | 363,046 | 31,352 |
| Greater Manchester Schools Pilot | - | 1,500 |
| Hackney Social Prescribing | ||
| WSC Primary Care Network | - | 38,911 |
| Nottinghamshire Social Prescribing | ||
| Nottingham and Nottinghamshire Integrated Care Board | 24,882 | 34,609 |
| Kailo Mental Health Research Project | ||
| University College London | - | - |
| 3,868,209 | 3,181,061 |
14. Analysis of net assets by fund
| Fund balances represented by:- | Unrestricted funds Restricted funds Total funds |
|---|---|
| £ £ £ |
|
| Tangible fixed assets | 11,938 - 11,938 |
| Current assets | 626,415 377,673 1,004,008 |
| Creditors: amounts fallingdue within 1year | (30,624) (96,113) (126,737) |
| 607,729 281,560 889,289 |
15. Operating lease commitments
As at the balance sheet date the charity had the following commitments under operating leases in relation to buildings which expire:-
| 31-Aug-24 | 31-Mar-23 | |
|---|---|---|
| £ | £ | |
| Within one year: | 4,800 | 107,118 |
| Between one and five years | - | 80,338 |
29
Classification : Official
REDTHREAD YOUTH LIMITED Notes to the financial statements for the year ended 31 August 2024
| 16. Employees | NB: | 17 months |
12 months | 12 months |
|---|---|---|---|---|
| 31-Aug-24 | 31-Mar-23 | |||
| £ | £ | |||
| Wages and salaries | 3,658,246 | 2,527,525 |
||
| Social Security Costs | 406,374 | 273,651 |
||
| Workplace pension | 115,545 | 75,879 |
||
| Working from home allowance | 1,849 | 20,722 |
||
| Restructuringcosts | 12,402 | 1,809 | ||
| 4,194,416 | 2,899,586 | |||
| 31-Aug-24 | 31-Mar-23 | |||
| Youth work, management and support services | 71 | 70 | ||
| The number of staff whose total emoluments (comprising salary, employer’s NI and pension contributions) | ||||
| fell within each of the following bands was:- | ||||
| 31-Aug-24 31-Mar-23 | ||||
| Between £210,001 and £220,000 | - | 1 | ||
| Between £90,001 and £100,000 | 2 | - | ||
| Between £80,001 and £90,001 | 5 | - | ||
| Between £70,001 and £80,000 | 6 | 1 | ||
| Between £60,000 and £70,000 | 9 | 2 |
The unusual increase in the number of staff receiving emoluments of over £60,000 is the result of the period covered by these accounts being extended to 17 months rather than 12.
17. Senior Management Team/Executive
There were several changes to the senior management team and executive throughout the course of the year.
Following the departure of Tracey Burley, interim CEO, at the end of April 2023, Lucie Russell was seconded from her role as CEO at Street Doctors, on a part-time basis, and acted as an interim Transition Director (stepping down as a Redthread trustee at the same time) to assist the incoming CEO, who commenced in the role from June 2023, but then resigned in October 2023. Lucie Russell was then appointed to the role of Redthread CEO on a full-time basis from November 2023.
The total salaries paid to the Executive team during this period came to £384,849. The total salaries paid to the redesignated and expanded Leadership Team put in place during the 17 months being reported on came to £646,142 compared with the total of £567,335 paid to the Senior Management Team in the previous year – due to the extensive restructuring that took place during this period and because the two periods cover 17 months (2023-4) and 12 months (2022-3) respectively the two figures are not directly comparable.
30
Classification : Official
REDTHREAD YOUTH LIMITED Notes to the financial statements for the year ended 31 August 2024
18. Taxation
The charity’s activities fall within the exemptions afforded by the provisions of the income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.
19. Related party transactions
There were no related party transactions.
20. Company limited by guarantee
Redthread Youth Limited is a company limited by guarantee and accordingly does not have a share capital.
21. Ultimate Parent Company
With effect from 12 August 2024, Catch 22 Charity Limited (a company limited by guarantee, no 065577534 and a registered charity , no 1124127), became the sole member of the charitable company, and is the ultimate parent company.
31
Classification : Official