Registered number: 3944240 Charity number: 1088227
BRADFORD YOUTHBUILD TRUST LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
(A company limited by guarantee)
BRADFORD YOUTHBUILD TRUST LIMITED
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 - 10 |
| Notes to the financial statements | 11 - 21 |
BRADFORD YOUTHBUILD TRUST LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
| Trustees | William Gordon Jennings,Chair |
|---|---|
| Mark Storey | |
| Julie Stanworth | |
| Jonathan Graham Rogers | |
| SallyElizabeth Redfern | |
| Martin Calvert | |
| Elizabeth Frank(appointed 7 June 2021) | |
| Company registered number 3944240 Charity registered number 1088227 Registered office Barkerend Training Centre Barkerend Road Bradford West Yorkshire BD3 9BD Accountants BHP LLP New Chartford House Centurion Way Cleckheaton Bradford West Yorkshire BD19 3QB Bankers Unity Trust Bank Nine Brindleyplace Birmingham B1 2HB |
Page 1
BRADFORD YOUTHBUILD TRUST LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their annual report together with the financial statements of the company for the year 1 April 2020 to 31 March 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The company was registered as a charity on 28 August 2001. The objects of the charity as set out in the Articles of Association dated 9 March 2000 are:-
To provide Training and Employment opportunities for young people in the Bradford Metropolitan District, which support the development of Sustainable Communities, in terms of Physical/Environmental, Economic and Social improvements by all or any of the following means:-
(a) to improve the employability of young people in the Bradford Metropolitan District in particular the inner city area and districts with the highest levels of youth unemployment;
(b) to initially concentrate on Construction related projects, providing trade, technical and IT related training;
(c) to maximise funding opportunities for training young people through mainstream sources and linking this to the wider Regeneration Programmes such as New Deal for Communities, Single Regeneration Budget and the Housing Corporation’s Approved Development Programme;
(d) to engage other agencies in the delivery of these projects to maximise the potential benefit to young people and the wider community;
(e) to build confidence in both the individuals taking part and the Bradford Metropolitan District;
(f) to develop Young People capable of setting up business enterprises;
(g) to give Young People role models of their own age;
(h) to ensure Equality of Opportunity for all members of the Community;
(i) to relieve poverty in such ways as might be thought fit;
(j) the provision of financial assistance, technical assistance, or business advice or the provision of consultancy in order to provide training and employment opportunities for unemployed young people in cases of financial or other charitable need through help:
(i) in setting up their own business, or
(ii) to existing businesses;
(k) the creation of training or employment opportunities by the provision of workspace, buildings and/or land for use on favourable terms;
(l) the provision of housing for those who are in conditions of need and the improvement of housing in the public sector or in charitable ownership provided that such power shall not extend to relieving local authorities or other bodies of a statutory duty to provide or improve housing;
(m) the maintenance, improvement or provision of public amenities;
(n) assistance in the provision of recreational facilities for the public at large and/or those who, by reasons of their youth, age, infirmity, or disablement, poverty or social and economic circumstances have need of such facilities;
(o) the protection or conservation of the environment;
Page 2
(A company limited by guarantee)
BRADFORD YOUTHBUILD TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Objectives and activities (continued)
(p) the promotion of public safety and the prevention of crime;q) to improve the educational attainment of young people of school age and beyond especially in relation to preparing them for work;
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
The charity over recent years has implemented a policy to move away from employed staff project delivery to commission and support other organisations in furtherance of the Trust objectives.
The charity has a policy of ensuring a stable income stream from its investment properties in order to cover core costs and to ensure that the arrears nature of funding does not cause cash flow problems.
c. Volunteers
The charity does not make use of unpaid volunteers.
d. Main activities undertaken to further the company's purposes for the public benefit
The Trust’s purpose is to provide opportunities to improve the lives of young people and their communities through construction, environmental improvements and other vocational opportunities.
The Trust’s main objectives for the year included:
-
Disposing of underutilised housing stock and the identification of projects to support vocational trainee opportunities for disadvantaged young people.
-
Supporting the delivery of construction training in partnership with Aspire Igen (a not for profit trading provider) to deliver vocational training to young people from the Trust's Training Centre at Barkerend.
Achievements and performance
a. Key performance indicators
The charity made a surplus on unrestricted funds of £77,145 for the year (2020 - surplus of £99,194). The reserves of the organisation increased to £2,449,214 of which £1,490,000 relates to properties held for the use of disadvantaged people in the Bradford District and £200,498 relates to the Trust's Training Centre at Barkerend and computer equipment held. This leaves a net surplus of funds for future use of £758,716.
The net surplus of funds of £758,716 is represented by £9,060 net amounts owed to Bradford Youthbuild Trust Limited after allowing for amounts owed by them and £749,656 cash at bank and in hand, including funds on deposit.
Page 3
BRADFORD YOUTHBUILD TRUST LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Achievements and performance (continued)
b. Review of activities
In the last year the Trust disposed of one of its 23 social housing properties. This decision was in line with the Trusts policy of selling property which is uneconomic to repair and/or is not suitable for social letting. The Trust continues to manage 22 properties for disadvantaged people in the Bradford District. These properties are managed on behalf of the Trust by Russell Wilson Property Management.
The Trusts training centre at Barkerend, which was in part let from October 2017 to Aspire Igen (a large not for profit local employment support organisation) on a 5-year lease continues to provide construction and motor training for disadvantaged young people, this work fits well with the aims and objectives of the Trust.
Just before the end of the previous financial year we went into Lockdown as a result of the Covid 19 pandemic. We were contacted early in the crisis by several tenants who were concerned that they may be unable to pay their rent because of either self-isolation or being laid off work by their employer. We informed each tenant who contacted the Trust that we would take a flexible and compassionate position based on individual circumstances. We did make it clear that any nonpayment of rent would not result in charges being waived and that any arrears which accrued would have to be repaid by an agreed arrangement once their work situation returned to normal. It was pleasing to find that the majority of tenants were able to continue paying rent and over the period since Covid 19 started we have not noticed any significant issues with rent payments. This was also the case with the Training Centre despite lockdown impacting on the training provision at the centre.
Financial review
a. Going concern
The Trustees have considered the impact of Covid-19 on the charitable company’s income and beneficiaries, as well as the wider economy. Whilst it is not considered practical to accurately assess the duration and extent of the disruption, the Trustees are confident that they have plans in place to deal with and mitigate any financial losses that may arise. The Trustees therefore consider that the level of reserves for the charitable company are adequate. The Trustees continue to adopt the going concern basis of preparation for these financial statements.
b. Reserves policy
The Trustees’ aim is for the General fund to remain at a level equal to or greater than six months’ operating costs. This is to ensure that the charity could meet its financial obligations if there was a significant reduction in income.
c. Principal risks and uncertainties
Changes to funding for Regeneration and Community projects have had a major impact on small charities. BYBT has mitigated this by commissioning partners to deliver programmes for disadvantaged people. The Trust will need to maintain the quality of its housing stock to protect its investment revenue income. Disposing of hard to let and maintain housing stock will ensure the Trust uses its assets to maximise its rental income.
Page 4
(A company limited by guarantee)
BRADFORD YOUTHBUILD TRUST LIMITED
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Structure, governance and management
a. Constitution
Bradford Youthbuild Trust Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
b. Methods of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
c. Organisational structure and decision-making policies
The charity is established as a company limited by guarantee and is registered with the charity commission. The affairs of the charity are governed by its memorandum and articles of association and were incorporated on 9 March 2000.
The articles of association currently allow for up to 15 director/trustees and require one third of existing directors to resign each year. The Board regularly reviews the skill base of existing directors/trustees and those needed to successfully administer the company. Where gaps are identified partners are invited to make nominations of individuals who are willing and able to contribute, this includes service users.
The Chair along with a part time consultant property manager and finance officer manages the day to day business of the charity in accordance with the business plan and budgets, reporting on progress at each quarterly Board meeting. In addition subcontracted activity in relation to Housing and Training is reported on quarterly at each Board meeting.
Trustees have a well established network within partner organisations operating in the area, helping promote best practice and also support the needs of officers within the Trust.
The Trust has also reviewed its asset management strategy and the impact of the Governments Welfare Reform programme, as a result the Trust plans to focus on improving the condition of its family accommodation which is easier to manage and more in demand. It has a strategy of disposing of underutilised assets which will be used to acquire more suitable accommodation.
Members' liability
The Members of the company guarantee to contribute an amount not exceeding £1 to the assets of the company in the event of winding up.
Page 5
BRADFORD YOUTHBUILD TRUST LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
William Gordon Jennings (Trustee)
Date: 26 November 2021
Page 6
BRADFORD YOUTHBUILD TRUST LIMITED
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 MARCH 2021
Independent Examiner's Report to the Trustees of Bradford Youthbuild Trust Limited ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 March 2021 which are set out on pages 8 to 20..
Responsibilities and Basis of Report
As the charity Trustees of the company (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 company 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 the company's accounts 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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the company as required by 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 of 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 methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (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.
Signed: Lesley Kendrew BSc FCA
Dated: 26 November 2021
BHP LLP
New Chartford House Centurion Way Cleckheaton Bradford West Yorkshire BD19 3QB
Page 7
(A company limited by guarantee)
BRADFORD YOUTHBUILD TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 2,536 41,378 102,040 145,954 68,809 68,809 77,145 2,372,069 77,145 2,449,214 |
Total funds 2021 £ 2,536 41,378 102,040 145,954 68,809 68,809 77,145 2,372,069 77,145 2,449,214 |
Total funds 2020 £ - 59,290 106,748 |
|---|---|---|---|
| 166,038 | |||
| 66,844 | |||
| 66,844 | |||
| 99,194 | |||
| 2,272,875 99,194 |
|||
| 2,372,069 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 11 to 21 form part of these financial statements.
Page 8
BRADFORD YOUTHBUILD TRUST LIMITED
(A company limited by guarantee)
REGISTERED NUMBER: 3944240
BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Tangible assets 9 Investment property 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
28,885 749,656 778,541 (19,825) |
2021 £ 200,498 1,490,000 1,690,498 758,716 2,449,214 2,449,214 - 2,449,214 2,449,214 |
31,786 593,789 625,575 (9,704) |
2020 £ 206,198 1,550,000 |
|---|---|---|---|---|
| 1,756,198 615,871 |
||||
| 2,372,069 | ||||
| 2,372,069 | ||||
| - 2,372,069 |
||||
| 2,372,069 |
Page 9
(A company limited by guarantee)
BRADFORD YOUTHBUILD TRUST LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2021
The company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
William Gordon Jennings
(Trustee)
Date: 26 November 2021
The notes on pages 11 to 21 form part of these financial statements.
Page 10
BRADFORD YOUTHBUILD TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
1. General information
The company is a company limited by guarantee domiciled and incorporated in England and Wales. The registered office is Barkerend Training Centre, Barkerend Road, Bradford, West Yorkshire, BD3 9BD.
The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Bradford Youthbuild Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Trustees have considered the impact of Covid-19 on the charitable company's income and beneficiaries, as well as the wider economy. Whilst it is not considered practical to accurately assess the duration and extent of the disruption, the Trustees are confident that they have plans in place to deal with and mitigate any financial losses that may arise. The Trustees therefore consider that the level of reserves for the charitable company are adequate. The Trustees continue to adopt the going concern basis of preparation for these financial statements.
2.3 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 11
BRADFORD YOUTHBUILD TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Taxation
The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.7 Tangible fixed assets and depreciation
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Page 12
BRADFORD YOUTHBUILD TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.7 Tangible fixed assets and depreciation (continued)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Short-term leasehold property Over 50 years by equal annual installments - Fixtures and fittings Between 3 and 10 years by equal annual installments
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 Liabilities and provisions
Liabilities 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.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.11 Financial instruments
The company 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 13
BRADFORD YOUTHBUILD TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2020 | |
| £ | £ | £ | |
| Donations | 2,536 | 2,536 | - |
4. Income from charitable activities
| Contract income Total 2020 |
Unrestricted funds 2021 £ 41,378 59,290 |
Total funds 2021 £ 41,378 59,290 |
Total funds 2020 £ 59,290 |
|---|---|---|---|
Page 14
BRADFORD YOUTHBUILD TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
5. Investment income
| Rent receivable Interest receivable Total 2020 |
Unrestricted funds 2021 £ 101,790 250 102,040 106,748 |
Total funds 2021 £ 101,790 250 102,040 106,748 |
Total funds 2020 £ 106,499 249 |
|---|---|---|---|
| 106,748 | |||
6. Analysis of expenditure by activities
| Direct costs Total 2020 |
Activities undertaken directly 2021 £ 68,809 66,844 |
Total funds 2021 £ 68,809 66,844 |
Total funds 2020 £ 66,844 |
|---|---|---|---|
Page 15
BRADFORD YOUTHBUILD TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
6. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Depreciation Council tax Housing management Repairs and maintenance Legal and professional fees Telephone Bank charges Insurance Light and heat Property legal fees Sundry expenses Loss on disposal of investment property Governance costs Total 2020 |
Activities 2021 £ 5,700 5,983 24,000 14,158 - 358 388 6,882 414 1,689 3,015 3,000 3,222 68,809 66,844 |
Total funds 2021 £ 5,700 5,983 24,000 14,158 - 358 388 6,882 414 1,689 3,015 3,000 3,222 68,809 66,844 |
Total funds 2020 £ 5,699 6,058 24,000 16,348 550 660 425 7,054 118 - 2,954 - 2,978 |
|---|---|---|---|
| 66,844 | |||
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £2,045 (2020 - £1,995).
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL).
Page 16
BRADFORD YOUTHBUILD TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
9. Tangible fixed assets
| Cost or valuation At 1 April 2020 At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 10. Investment property |
Short-term leasehold property £ 278,101 278,101 72,178 5,562 77,740 200,361 205,923 |
Fixtures and fittings £ 47,404 47,404 47,129 138 47,267 137 275 |
Total £ 325,505 |
|---|---|---|---|
| 325,505 | |||
| 119,307 5,700 |
|||
| 125,007 | |||
| 200,498 206,198 |
|||
| Valuation At 1 April 2020 Disposals At 31 March 2021 |
Freehold investment property £ 1,550,000 (60,000) |
|---|---|
| 1,490,000 |
Investment properties are valued annually by the Trustees at fair value.
Page 17
(A company limited by guarantee)
BRADFORD YOUTHBUILD TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
11. Debtors
| Due within one year Trade debtors Prepayments and accrued income |
2021 £ 17,212 11,673 28,885 |
2020 £ 21,022 10,764 |
|---|---|---|
| 31,786 |
12. Creditors: Amounts falling due within one year
| Trade creditors Accruals and deferred income |
2021 £ 6,350 13,475 19,825 |
2020 £ 6,754 2,950 |
|---|---|---|
| 9,704 |
Page 18
BRADFORD YOUTHBUILD TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
13. Statement of funds
Statement of funds - current year
| Unrestricted funds General funds Revaluation reserve Statement of funds - prior year Unrestricted funds General funds Revaluation reserve |
Balance at 1 April 2020 £ 1,699,283 672,786 2,372,069 |
Income £ 145,954 - 145,954 Balance at 1 April 2019 £ 1,600,089 672,786 2,272,875 |
Expenditure £ (68,809) - (68,809) Income £ 166,038 - 166,038 |
Transfers in/out £ 20,000 (20,000) - Expenditure £ (66,844) - (66,844) |
Balance at 31 March 2021 £ 1,796,428 652,786 |
|---|---|---|---|---|---|
| 2,449,214 | |||||
| Balance at 31 March 2020 £ 1,699,283 672,786 |
|||||
| 2,372,069 |
14. Summary of funds
Summary of funds - current year
| Balance at 1 | Transfers | Balance at 31 | |||
|---|---|---|---|---|---|
| April 2020 | Income | Expenditure | in/out | March 2021 | |
| £ | £ | £ | £ | £ | |
| General funds | 2,372,069 | 145,954 | (68,809) | - | 2,449,214 |
Page 19
BRADFORD YOUTHBUILD TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
14. Summary of funds (continued)
Summary of funds - prior year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at | 31 March | ||||
| 1 | April 2019 | Income | Expenditure | 2020 | |
| £ | £ | £ | £ | ||
| General funds | 2,272,875 | 166,038 | (66,844) | 2,372,069 |
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Investment property Current assets Creditors due within one year Total |
Unrestricted funds 2021 £ 200,498 1,490,000 778,541 (19,825) 2,449,214 |
Total funds 2021 £ 200,498 1,490,000 778,541 (19,825) |
|---|---|---|
| 2,449,214 |
Analysis of net assets between funds - prior year
| Tangible fixed assets Investment property Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 206,198 1,550,000 625,575 (9,704) 2,372,069 |
Total funds 2020 £ 206,198 1,550,000 625,575 (9,704) |
|---|---|---|
| 2,372,069 |
Page 20
(A company limited by guarantee)
BRADFORD YOUTHBUILD TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
16. Related party transactions
There were no related party transactions in the year ended 31 March 2021 or in the previous year.
Page 21