Launceston Youth Partnership Limited
Charity No. 1086738
Company No. 04198875
Trustees' Report and Unaudited Accounts
31 May 2021
Launceston Youth Partnership Limited Contents
| Pages | ||
|---|---|---|
| Trustees' Annual Report | 2 | |
| Independent Examiner's Report | 4 | |
| Statement of Financial Activities | 5 | |
| Summary Income and Expenditure Account | 6 | |
| Balance Sheet | 7 | |
| Statement of Cash flows | 8 | |
| Notes to the Accounts | 9 | |
| Detailed Statement of Financial Activities | 16 to | 17 |
Page 1
Launceston Youth Partnership Limited Trustees Annual Report
Launceston Youth Partnership Limited
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 May 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 04198875
Charity No. 1086738
Registered Office
The Orchard Market Street Launceston Cornwall PL15 8AU
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
G. Browne (Resigned 30 November 2020) A. Giudetti P. Orridge M. Young
Company Secretary
E.L. Gilbert
Accountants
Buttons Accounting Ltd Prospect House 11 Western Road Launceston Cornwall PL15 7AS
OBJECTIVES AND ACTIVITIES
The Orchard Centre and the Charity have continued to work with their aims of providing support for the local youth population and wider community. The Charity has hosted various initiatives with the support of the Town Council and Cornwall Council including 'Safer Cornwall/Safer Launceston' which involved the Youth Project and local businesses/public.
FINANCIAL REVIEW
Page 2
Launceston Youth Partnership Limited Trustees Annual Report
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The Trustees' consider that they are now in a secure financial position to cope with a degree of loss of income and expect that in the following year, income will continue to rise and be regular which will sustain them in the event of loss of tenants.
The trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
P. Orridge Trustee 18 February 2022
Page 3
Launceston Youth Partnership Limited Independent Examiners Report
Independent Examiner's Report to the trustees of Launceston Youth Partnership Limited
I report to the charity trustees on my examination of the accounts of Launceston Youth Partnership Limited for the year ended 31 May 2021 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the Charities SORP (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Emma Gilbert ACCA Buttons Accounting Ltd Prospect House 11 Western Road Launceston Cornwall PL15 7AS 18 February 2022
Page 4
Launceston Youth Partnership Limited Statement of Financial Activities
for the year ended 31 May 2021
| Notes Income and endowments from: Donations and legacies 4 Other trading activities 5 Total Expenditure on: Raising funds 6 Other 7 Total Net gains on investments Net income 8 Transfers between funds Net income before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricte d funds 2021 £ 25,678 30,433 |
Restricted funds 2021 £ 2,581 - |
Total funds 2021 £ 28,259 30,433 |
Total funds 2020 £ 8,581 20,659 |
|---|---|---|---|---|
| 56,111 889 55,905 |
2,581 1,418 - |
58,692 2,307 55,905 |
29,240 - 27,499 |
|
| 56,794 - |
1,418 - |
58,212 - |
27,499 - |
|
| (683) - |
1,163 - |
480 - |
1,741 - |
|
| (683) | 1,163 | 480 | 1,741 | |
| (683) 163,891 |
1,163 - |
480 163,891 |
1,741 162,150 |
|
| 163,208 | 1,163 | 164,371 | 163,891 |
Page 5
Launceston Youth Partnership Limited Summary Income and Expenditure Account
for the year ended 31 May 2021
| Income Gross income for the year Expenditure Depreciation and charges for impairment of fixed assets Total expenditure for the year Net income before tax for the year Net income for the year |
2021 £ 58,692 58,692 57,358 854 58,212 480 480 |
2020 £ 29,240 |
|---|---|---|
| 29,240 | ||
| 26,688 111 |
||
| 26,799 | ||
| 2,441 | ||
| 2,441 |
Page 6
Launceston Youth Partnership Limited Balance Sheet
at 31 May 2021
| Company No. 04198875 Notes 2021 £ Fixed assets Tangible assets 10 155,105 155,105 Current assets Debtors 11 133 Cash at bank and in hand 11,931 12,064 Creditors:Amount falling due within one year 12 (2,798) Net current assets 9,266 Total assets less current liabilities 164,371 Net assets excluding pension asset or liability 164,371 Total net assets 164,371 The funds of the charity Restricted funds 13 Restricted income funds 1,163 1,163 Unrestricted funds 13 General funds 163,208 163,208 Reserves 13 Total funds 164,371 |
2020 £ 155,516 |
|---|---|
| 155,516 333 9,911 |
|
| 10,244 (1,869) |
|
| 8,375 163,891 |
|
| 163,891 | |
| 163,891 | |
| - | |
| - 163,891 |
|
| 163,891 | |
| 163,891 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 31 May 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 18 February 2022
And signed on its behalf by:
P. Orridge Trustee
18 February 2022
Page 7
Launceston Youth Partnership Limited Statement of Cash flows for the year ended 31 May 2021
| Cash flows from operating activities Net income per Statement of Financial Activities Adjustments for: Depreciation of property, plant and equipment Decrease in trade and other receivables Increase in trade and other payables Net cash provided by operating activities Cash flows from investing activities Payments for property, plant and equipment Net cash used in investing activities Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash and bank balances |
2021 £ 480 854 200 929 2,463 (443) (443) - 2,020 9,911 11,931 11,931 11,931 |
2020 £ 1,741 811 2,749 1,351 |
|---|---|---|
| 6,652 - |
||
| - | ||
| (2,000) | ||
| 4,652 | ||
| 5,259 | ||
| 9,911 | ||
| 9,911 | ||
| 9,911 |
Page 8
Launceston Youth Partnership Limited Notes to the Accounts
for the year ended 31 May 2021
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
-
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 9
Launceston Youth Partnership Limited Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
-
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Freehold property 2% Straight line Fixtures and Fittings 20% Reducing balance
Freehold investment property
Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.
Stocks
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Page 10
Launceston Youth Partnership Limited Notes to the Accounts
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.
All exchange differences are are taken into account in arriving at net income/expenditure.
Leased assets
Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.
Assets held under finance leases are depreciated in the same way as owned assets.
Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Pension costs
The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
Page 11
Launceston Youth Partnership Limited Notes to the Accounts
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
3 Statement of Financial Activities - prior year
| 3 Statement of Financial Activities - prior year |
||||
|---|---|---|---|---|
| Income and endowments from: Donations and legacies Other trading activities Total Expenditure on: Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 4 Income from donations and legacies Grant from Town Council General donations NFU Mutual Recovery Cafe 5 Income from other trading activities Office rents received Parking permits |
Unrestricted £ 25,001 677 - - 25,678 |
Unrestricted funds 2020 £ 8,581 20,659 29,240 26,799 26,799 2,441 2,441 2,441 6,379 8,820 Restricted £ 1,152 - 929 500 2,581 Unrestricted £ 29,545 888 30,433 |
Endowment funds 2020 £ - - - 700 700 (700) (700) (700) 155,771 155,071 Total 2021 £ 26,153 677 929 500 28,259 Total 2021 £ 29,545 888 30,433 |
Total funds 2020 £ 8,581 20,659 |
| 29,240 27,499 |
||||
| 27,499 | ||||
| 1,741 | ||||
| 1,741 | ||||
| 1,741 162,150 |
||||
| 163,891 | ||||
| Total 2020 £ 1,001 7,580 - - |
||||
| 8,581 | ||||
| Total 2020 £ 20,092 567 |
||||
| 20,659 |
Page 12
Launceston Youth Partnership Limited Notes to the Accounts
| 6 Expenditure on raising funds Costs of generating voluntary income Grant from Town Council General donations Recovery Cafe 7 Other expenditure Employee costs Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 8 Net income before transfers This is stated after charging: Depreciation of owned fixed assets 9 Staff costs Salaries and wages No employee received emoluments in excess |
Unrestricted £ - 889 - 889 of £60,000. |
Restricted £ 796 - 622 1,418 Unrestricted £ 30 849 50,336 854 3,349 487 55,905 2021 £ 854 - - |
Total 2021 £ 796 889 622 2,307 Total 2021 £ 30 849 50,336 854 3,349 487 55,905 |
Total 2020 £ - - - |
|---|---|---|---|---|
| - | ||||
| Total 2020 £ 4,098 513 18,537 811 3,540 - |
||||
| 27,499 | ||||
| 2020 £ 811 4,070 |
||||
| 4,070 | ||||
Page 13
Launceston Youth Partnership Limited Notes to the Accounts
10 Tangible fixed assets
| Cost or revaluation At 1 June 2020 Additions At 31 May 2021 Depreciation and impairment At 1 June 2020 Depreciation charge for the year At 31 May 2021 Net book values At 31 May 2021 At 31 May 2020 11 Debtors Trade debtors Other debtors 12 Creditors: amounts falling due within one year Trade creditors Other creditors Accruals and deferred income |
Land and buildings £ 165,371 - 165,371 10,300 700 11,000 154,371 155,071 2021 £ - 133 133 2021 £ 373 28 2,397 2,798 |
Fixtures and Fittings £ 9,624 443 10,067 9,179 154 9,333 734 445 |
Total £ 174,995 443 |
|---|---|---|---|
| 175,438 | |||
| 19,479 854 |
|||
| 20,333 | |||
| 155,105 | |||
| 155,516 | |||
| 2020 £ 200 133 |
|||
| 333 | |||
| 2020 £ 1,033 - 836 |
|||
| 1,869 |
Page 14
Launceston Youth Partnership Limited Notes to the Accounts
13 Movement in funds
| Restricted funds: Restricted income funds: Total Unrestricted funds: General funds Revaluation Reserves: Total funds 14 Analysis of net assets between funds Fixed assets Net current assets 15 Reconciliation of net debt Cash and cash equivalents Net debt |
At 1 June 2020 - - 163,891 163,891 |
Incoming resources (including other gains/losses ) £ 2,581 2,581 56,111 58,692 Unrestricted funds £ 734 9,266 10,000 At 1 June 2020 £ |
Resources expended £ (1,418) (1,418) (56,794) (58,212) Restricted funds £ 154,371 - 154,371 Cash flows £ |
At 31 May 2021 £ 1,163 |
|---|---|---|---|---|
| 1,163 | ||||
| 163,208 | ||||
| 164,371 | ||||
| Total £ 155,105 9,266 |
||||
| 164,371 | ||||
| At 31 May 2021 £ |
||||
| 9,911 | 2,020 | 11,931 | ||
| 9,911 9,911 |
2,020 2,020 |
11,931 | ||
| 11,931 | ||||
| 16 Related party disclosures Controlling party |
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 15
Launceston Youth Partnership Limited Detailed Statement of Financial Activities
for the year ended 31 May 2021
| Income and endowments from: Donations and legacies Grant from Town Council General donations NFU Mutual Recovery Cafe Other trading activities Office rents received Parking permits Total income and endowments Expenditure on: Costs of generating donations and legacies Grant from Town Council General donations Recovery Cafe Total of expenditure on raising funds Employee costs Salaries/wages Staff entertainment Staff welfare Motor and travel costs Travel and subsistence Premises costs Rent Rates Light, heat and power Premises cleaning Premises insurances Premises repairs and maintenance |
Unrestricte d funds 2021 £ 25,001 677 - - 25,678 29,545 888 30,433 56,111 - 889 - 889 889 - - 30 30 849 849 - 805 3,182 2,432 1,648 42,269 50,336 |
Restricted funds 2021 £ 1,152 - 929 500 2,581 - - - 2,581 796 - 622 1,418 1,418 - - - - - - - - - - - - - |
Total funds 2021 £ 26,153 677 929 500 28,259 29,545 888 30,433 58,692 796 889 622 2,307 2,307 - - 30 30 849 849 - 805 3,182 2,432 1,648 42,269 50,336 |
Total funds 2020 £ 1,001 7,580 - - |
|---|---|---|---|---|
| 8,581 | ||||
| 20,092 567 |
||||
| 20,659 | ||||
| 29,240 - - - |
||||
| - | ||||
| - 4,070 28 - |
||||
| 4,098 | ||||
| 513 | ||||
| 513 | ||||
| 131 1,116 4,987 211 - 12,092 |
||||
| 18,537 |
Page 16
Launceston Youth Partnership Limited Detailed Statement of Financial Activities
| General administrative costs, including depreciation and amortisation Depreciation of land and buildings Depreciation of Fixtures and Fittings General insurances Software, IT support and related costs Stationery and printing Subscriptions Sundry expenses Telephone, fax and broadband Legal and professional costs Accountancy and bookkeeping Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net income Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
154 700 - 464 1,483 432 250 720 4,203 474 13 487 55,905 56,794 - (683) (683) - (683) 163,891 163,208 |
- - - - - - - - - - - - - 1,418 - 1,163 1,163 - 1,163 - 1,163 |
154 700 - 464 1,483 432 250 720 4,203 474 13 487 55,905 58,212 - 480 480 - 480 163,891 164,371 |
700 111 1,637 556 352 371 54 570 |
|---|---|---|---|---|
| 4,351 | ||||
| - - |
||||
| - | ||||
| 27,499 | ||||
| 27,499 - |
||||
| 1,741 | ||||
| 1,741 - |
||||
| 1,741 | ||||
| 162,150 | ||||
| 163,891 |
Page 17