Draft Financial Statements at 02 December 2021 at 09:24:27
Charity Registration No. 1092828
RED HOUSE YOUTH TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr Richard Gurney DL Mr James Kearns Mr Rodney Matless Mr Ray Hollands Michele O'Keefe Mr Graham Tuttle Mr Richard Butler DL Charity number 1092828 Independent examiner Argents Accountants Limited 15 Palace Street NORWICH Norfolk United Kingdom NR3 1RT
Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
CONTENTS
| Page | |
|---|---|
| Chairman's statement | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 19 |
Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2021
I am again very pleased to present, on behalf of the board of trustees, the accounts and annual report for the year ending 31 March 2021.
Looking back, it has been for everyone, a strange and uncertain year. The pandemic COVID 19 changed everyone’s way of life. The country closed and was locked down on the 23 rd March and remain so for three months. Later in the year two further lockdowns occurred and the result has been a near zero activity year for the trust with regard to our residential centre and a reduction in the requests as charities and community groups remained close until spring of 2021.
The trustees offered a special round of grants last spring and the take up was good. This will eb repeated in late 2021. The government gave community groups and charities very generous grants to cope with covid and the majority who owned their own premises received in excess of £20,000. The result of that was a drop in the number of groups coming forward for grant aid from us and other trusts supporting young people.
Despite the Covid 19 we continue to work hard on behalf of the trust and its beneficiaries to ensure that its money is well spent for an on behalf of the young people of Norfolk across the county.
As reported last year the trustees are committed to continually upgrade the property that they own to ensure that the best possible facilities are available for young people across Norfolk. During the Covid Crisis we took the opportunity to have some redecoration and some small maintenance work done at Dunton.
I place on record, again, my thanks to each trustee for the work they have undertaken. I also pay tribute to our staff members who ensure the trust is administer and financial record kept in order. We look forward to a different year ahead and hope we can return to some sort of normality.
..............................
Richard M Butler MBE DL
Chairman Dated: .........................
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their report and financial statements for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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)".
Objectives and activities
Policies and objectives
The charity's objects are the advancement of education and training in the following order of priority:
i) beneficiaries in need of care and protection
ii) providers of care and protection for beneficiaries; and iii) other beneficiaries The trustees may assist beneficiaries by: i) providing or paying for goods, services and facilities for them; or
ii) making grants of money to other persons or bodies which provide goods, services or facilities to beneficiaries
The charity's beneficiaries are defined as children and young persons under the age of 21 resident in the County of Norfolk.
There has been no change in these during the year.
Grantmaking policies
Red House Youth Projects makes available a range of grants to young people, youth organisations, youth groups and charities within the County of Norfolk.
Grants are considered four times a year in March, July, October and December under four main categories;-
Grants to Individual Young People or Groups of Young People
A vailable to young people resident in Norfolk aged under 21. Grants would normally not exceed £500.
Grants to Youth Groups
Available to bona fide youth groups and charities which have 60% of their members in the priority age range (being under 21). The main purpose of the youth group must be to deliver youth work/social education to this age group. Grants would not normally exceed £2,500.
Training Grants
These grants are to support the training of adults in charities and voluntary organisations. Grants are awarded to cover the financial year 1 April - 31 March. A grant of up to 50% of costs up to £2,500 would normally be the maximum.
Support Grants to Organisations
These grants are intended for improvement and development of charities and voluntary organisations and may be used for equipment, buildings and start-up grants.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Charitable activities
The trustees have during the year undertaken to provide grants and assistance to many groups who fall within the trust's objectives. They have also hired out the premises that they own for the benefit of the youth and community groups from both within and external to the County of Norfolk. The year end results show a strong balance sheet and account for grants given.
The main achievements in the financial year are further described in the Chairman's Report.
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Financial review
Review of transactions and financial position
Surplus of income over expenditure for the year was £ 33,948 (20 20 : deficit £ 38,595 ). This is after accounting for gains on the endowment fund investments of £ 23,030 (20 20 : losses £ 23,860 ).
Reserve Policy
The trustees are satisfied with the year end financial position of the charity and that it will have adequate resources to meet its future plans and financial obligations.
At 31 March 202 1 , unrestricted reserves amounted to £ 217,198 (20 20 : £ 205,944 ). The trustees' policy is that the unrestricted funds not committed or invested in tangible fixed assets (the "free reserves") should be maintained at a sufficient level to enable the trust to generate income to carry out is objectives and to meet periodic capital expenditure and unforeseen contingencies. The level of reserves should be built up if possible to maintain the income investments to meet the demands of the applications.
Investment policy and objectives
The charity's investment portfolio is managed by the charity's stockbrokers, Barratt and Cooke, who have been given full discretion in respect of the charity's investments within the specified guidelines of primarily requiring significant long-term growth and secondly, a stable return.
The Trustees regularly asses and review the risks to which the charity is exposed and ensure appropriate controls are in place to provide reasonable assurance these are mitigated as far as possible.
Structure, governance and management
The trustees who served during the year and up to the date of signature of the financial statements were: Mr Richard Gurney DL
Mr James Kearns Mr Rodney Matless Mr Ray Hollands Michele O'Keefe Mr Graham Tuttle Mr Richard Butler DL
Recruitment and appointment of new trustees
The trustees are appointed by the other serving trustees at a special meeting. Each appointment is for a term of four years.
Prior to inviting nominations for new trustees, the Board performs a review of the abilities and experience represented by the existing trustees.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Organisational structure and decision making
The trustees hold regular meetings to administer the affairs of the charity.
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Funds
The funds arise from the amalgamation of the Red House School Charitable Trust and Norfolk Youth Projects. The new charity was set up under the Scheme issued by the Charity Commissioners on 20 May 2002.
The trustees must first apply:
i) the charity's income; and
ii) if the trustees think fit, expendable endowment in meeting the proper costs of administering the charity and managing assets (including repair and insurance of its buildings)
After payment of these costs the trustees must apply the remaining income on furthering the objects of the charity.
The trustees may also apply expendable endowment for the objects of the charity.
The trustees' r eport was approved by the Board of Trustees.
Mr Richard Butler DL
Trustee Dated: 3 December 2021
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RED HOUSE YOUTH TRUST
I report to the trustees on my examination of the financial statements of Red House Youth Trust (the charity) for the year ended 31 March 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 financial statements to be reached.
Argents Accountants Limited 15 Palace Street NORWICH Norfolk NR3 1RT United Kingdom
Dated: 3 December 2021
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted Endowment funds funds 2021 2021 Notes £ £ Income from: Donations and legacies 3 20,708 - Charitable activities Residential property activity 4 963 - Other trading activities 5 30,000 - Investments 6 6,526 - Total income 58,197 - Expenditure on: Raising funds 7 - 336 Charitable activities Residential property activity 8 19,449 - Grant making activity 8 27,494 - Total charitable expenditure 46,943 - Total resources expended 46,943 336 Net gains/(losses) on investments 14 - 23,030 Gross transfers between funds - - Net movement in funds 11,254 22,694 Fund balances at 1 April 2020 205,944 183,941 Fund balances at 31 March 2021 217,198 206,635 |
TotalUnrestricted Endowment funds funds 2021 2020 2020 £ £ £ 20,708 - - 963 5,038 - 30,000 40,000 - 6,526 8,516 - 58,197 53,554 - 336 - 341 19,449 19,565 - 27,494 48,383 - 46,943 67,948 - 47,279 67,948 341 23,030 - (23,860) - 40,000 (40,000) 33,948 25,606 (64,201) 389,885 180,338 248,142 423,833 205,944 183,941 |
Total 2020 £ - 5,038 40,000 8,516 53,554 341 19,565 48,383 67,948 68,289 (23,860) - (38,595) 428,480 389,885 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
BALANCE SHEET
AS AT 31 MARCH 2021
| Notes Fixed assets Tangible assets 15 Investments 16 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Capital funds Endowment funds-general General endowment funds Permanent endowment Expendable endowment 19 Income funds Unrestricted funds |
2021 £ 53,696 (2,778) 206,635 206,635 - 206,635 |
£ 170,863 202,052 372,915 50,918 423,833 206,635 217,198 423,833 |
2020 £ 45,487 (3,117) 183,941 183,941 - 183,941 |
£ 172,017 175,498 347,515 42,370 389,885 183,941 205,944 389,885 |
|---|---|---|---|---|
The financial statements were approved by the Trustees on 3 December 2021
Mr Richard Butler DL Trustee
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "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 charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Residential property comprise the costs of running the freehold property owned by the charity.
Grants payable are charged in the year in which the offer is made, except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings not provided Improvements to property at varying rates on cost Computers 25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11 Leases
Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Total | |
|---|---|---|
| funds | ||
| 2021 | 2020 | |
| £ | £ | |
| Grants receivable | 20,708 | - |
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
| 3 | Donations and legacies | (Continued) | |
|---|---|---|---|
| Donations and gifts | |||
| - | - | ||
| Grants receivable for core activities | |||
| Covid grant income | 20,708 | - | |
| 20,708 | - | ||
| 4 | Charitable activities | ||
| Residential | Residential |
||
| property | property |
||
| activity | activity |
||
| 2021 | 2020 |
||
| £ | £ |
||
| Charitable rental income | 963 | 5,038 |
|
| 5 | Other trading activities | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Norfolk Community Foundation | 30,000 | 40,000 | |
| 6 | Investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Dividends on securities | 6,044 | 8,060 | |
| Interest receivable | 482 | 456 | |
| 6,526 | 8,516 |
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
7 Raising funds
| Investment management Charitable activities Residential property activity Grant making activity 2021 2021 £ £ Staff costs 6,324 6,324 Depreciation and impairment 1,154 - Repairs, maintenance and wardening 5,183 - Electricity, rates and insurance 2,862 - Print, post stationery and administration 1,886 1,240 17,409 7,564 Grant funding of activities (see note 10) - 19,930 Share of governance costs (see note 11) 2,040 - 19,449 27,494 |
EndowmentEndowment funds funds general general 2021 2020 £ £ 336 341 336 341 Total 2021 Residential property activity Grant making activity Total 2020 2020 2020 £ £ £ £ 12,648 5,948 5,948 11,896 1,154 1,053 - 1,053 5,183 5,717 316 6,033 2,862 3,126 - 3,126 3,126 1,921 1,164 3,085 24,973 17,765 7,428 25,193 19,930 - 40,955 40,955 2,040 1,800 - 1,800 46,943 19,565 48,383 67,948 |
|---|---|
8 Charitable activities
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
9 Description of charitable activities
Residential property activity
The charity allows the use of its property to various organisation in order to help achieve its charity objectives.
During the year the year the following organisations benefited from the use of the charity's properties;
Mace Group Meagher Group Reeve Group 20th Sheffield Scouts
Unfortunately as a result of the Covid restrictions in place throughout the year use of the charities property was much reduced with many others who had booked to use the facilities having to postpone or cancel.
Grant making activity
Activities to provide and make grants available to young people, youth organisations, youth groups and charities within the county of Norfolk to further the charities objective of the advancement of education and training (see trustees report for further details).
10 Grants payable
| Grant making activity Grant 2021 £ Grants to institutions (9 grants): Evolution College 833 1st Spixworth Scouts 2,500 Morley Primary school 2,000 Hive Meethwold 479 Brundall Scouts 1,500 Jones Family 558 30th Norwich Scouts 2,000 Royal College Arts 2,000 TS Warrior Cadets 1,900 Other - 13,770 Grants to individuals (6 grants) 6,160 19,930 |
making activity 2020 £ 1,666 - - - 2,500 - - - - 31,576 35,742 5,213 40,955 |
|---|---|
-
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
11 Support costs
| Support costs Governance costs £ £ Accountancy - 2,040 - 2,040 Analysed between Charitable activities - 2,040 |
2021 Support costs Governance costs £ £ £ 2,040 - 1,800 2,040 - 1,800 2,040 - 1,800 |
2020 £ 1,800 1,800 1,800 |
|---|---|---|
12 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
13 Employees
The average monthly number of employees during the year was:
| 2021 | 2020 | |
|---|---|---|
| Number | Number | |
| Employees | 2 | 2 |
| Employment costs | 2021 | 2020 |
| £ | £ | |
| Wages and salaries | 12,648 | 11,896 |
There were no employees whose annual remuneration was £60,000 or more.
14 Net gains/(losses) on investments
| Endowment | Endowment | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2021 | 2020 | |
| £ | £ | |
| Revaluation of investments | 26,420 | (32,824) |
| Gain/(loss) on sale of investments | (3,390) | 8,964 |
| 23,030 | (23,860) |
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
| 15 Tangible fixed assets Freehold land and buildings Improvements to property Computers £ £ £ Cost At 1 April 2020 180,000 20,925 696 At 31 March 2021 180,000 20,925 696 Depreciation and impairment At 1 April 2020 10,800 18,108 696 Depreciation charged in the year - 1,154 - At 31 March 2021 10,800 19,262 696 Carrying amount At 31 March 2021 169,200 1,663 - At 31 March 2020 169,200 2,817 - 16 Fixed asset investments |
Total £ 201,621 201,621 29,604 1,154 30,758 170,863 172,017 |
|---|---|
| Listed | |||
|---|---|---|---|
| investments | |||
| £ | |||
| Cost or valuation | |||
| At 1 April 2020 | 175,498 | ||
| Additions | 21,401 | ||
| Valuation changes | 23,030 | ||
| Disposals | (17,877) | ||
| At 31 March 2021 | 202,052 | ||
| Carrying amount | |||
| At 31 March 2021 | 202,052 | ||
| At 31 March 2020 | 175,498 | ||
| 17 | Financial instruments | 2021 | 2020 |
| £ | £ | ||
| Carrying amount of financial assets | |||
| Instruments measured at fair value through profit or loss | 202,052 | 175,498 |
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
| 18 Creditors: amounts falling due within one year Other taxation and social security Trade creditors Accruals and deferred income |
2021 £ 603 1,575 600 2,778 |
2020 £ 603 1,575 939 3,117 |
|---|---|---|
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
19 Endowment funds
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
| Balance at 1 April 2019 £ Expendable endowments Endowment fund 248,142 248,142 |
Movement in funds Incoming resources Resources expended Transfers Revaluations gains and losses Balance at 1 April 2020 £ £ £ £ £ - (341) (40,000) (23,860) 183,941 - (341) (40,000) (23,860) 183,941 |
Movement in funds Incoming resources Resources expended Transfers Revaluations gains and losses Balance at 31 March 2021 £ £ £ £ £ - (336) - 23,030 206,635 - (336) - 23,030 206,635 |
|---|---|---|
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
| 20 Analysis of net assets between funds Unrestricted funds Endowment funds 2021 2021 £ £ Fund balances at 31 March 2021 are represented by: Tangible assets 170,863 - Investments - 202,052 Current assets/ (liabilities) 46,335 4,583 217,198 206,635 |
TotalUnrestricted funds Endowment funds 2021 2020 2020 £ £ £ 170,863 172,017 - 202,052 - 175,498 50,918 33,927 8,443 423,833 205,944 183,941 |
Total 2020 £ 172,017 175,498 42,370 389,885 |
|---|---|---|
21 Related party transactions
Transactions with related parties
During the year the charity entered into the following transactions with related parties:
One of the employees is the wife of Richard Butler, Trustee. The net salary paid to Mrs Butler for administrative work in the year was £4,818.
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Draft Financial Statements at 02 December 2021 at 09:24:27 RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
22 Norfolk Community Foundation (NCF)
Starting in the year ended 31 March 2011 Red House Youth Project Trust has made periodic and ad-hoc annual transfers to the Norfolk Community Foundation (NCF) totalling £400,000 in order to maximise the funds available to carry out the charity's objectives. The NCF is an independent registered charity, that is part of a national movement of Community Foundations that manages funds for its donors. The NCF encourages charitable giving and connects donors with communities across Norfolk. Although Red House Youth Project Trust maintains some level of control over how the monies transferred are spent by NCF once the monies are paid over as donations they are no longer the charities money.
The value of funds held with the NCF, of which the Red House Youth Project Trust are donors, as at 31 March 2020 is as follows:
| £ Norfolk Community Foundation Fund Investments: Market value at 1 April 2020 Transfer from Baratt & Cooke cash account Additions Drawdown to revenue account Revaluations Closing balance at 31 March 2021 Cash at bank: Revenue account First Community revenue fund Total funds held by Norfolk Communuty Foundation at 31 March 2021 |
719,421 (64,500) 27,811 682,732 76,911 759,643 |
|---|---|
The above figures are not included within The Red House Youth Project Trusts balance sheet. Transfers to the NCF have currently been suspended and as a result there were no transfers of funds by way of resources expended to the NCF in the year ended 31 March 2021.
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