Charity registration number 1092828
RED HOUSE YOUTH TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
RED HOUSE YOUTH TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr James Kearns Mr Ray Hollands Michele O'Keefe Mr Graham Tuttle Mr Richard Butler DL
Charity number
Independent examiner
1092828 Argents Accountants Limited 15 Palace Street NORWICH Norfolk United Kingdom NR3 1RT
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 - 20 |
RED HOUSE YOUTH TRUST
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
As the Chairman 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 2023.
As has been said so often by so many, I cannot believe that the last year has passed and we seem to have achieved so much in only twelve months. Thus it seems to have been a year of getting back to normal after the COVID pandemic which changed our operation in 2020 and 2021. Some of the effects carried over into 2022 but we have coped well both with the grant making and with the operation of the property at Dunton. I am so very grateful that none of our trustees or staff were badly affected by the pandemic and we pray that this will remain so. As I said in 2021, the virus has affected the lives of everyone in the nation and damaged many charities across the county.
One thing the pandemic did do was to adjust the way we operate as a Trust Board. We have used and continue to use for 50% of our meetings video calling technology. Thus, cutting down on the time and travel for our meetings and doing a little towards zero carbon. Albeit virtually we are still able to process the grants and manage the residential property. This year we introduced the idea of Trustees seeking out charities and awarding up to £2000 for their operation. This has proved successful and will be looked at again in 2024.
The trustees continue to work hard on behalf of the trust and its beneficiaries to ensure that its money is well spent for and on behalf of the young people of Norfolk. It is pleasing to note, as recorded in the report and accounts, the range of charities and individuals who have been beneficiaries over the past twelve months. 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.
One of our Trustees, Rod Matless, who has served for very many years stepped down and has become a consultant to the board. He and a team built the original Log Cabin at Trimingham which is now operated by the Kearns Foundation. The Trustees offer him our thanks and those of countless young people who he has supported and given guidance to over the years.
I place on record, again, my thanks to each trustee and our staff members for the work they have undertaken.
Richard M Butler MBE DL Chairman Dated: 6 September 2023
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RED HOUSE YOUTH TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
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
Available 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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RED HOUSE YOUTH TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Financial review
Review of transactions and financial position
Deficit of income over expenditure for the year was £56,030 (2022: surplus £62,844). This is after accounting for a loss on the endowment fund investments revaluation of £21,188 (2022: gain £15,539).
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 2023, unrestricted reserves amounted to £181,063 (2022: £239,904). 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 (Resigned 17 July 2023) Mr James Kearns Mr Rodney Matless (Resigned 7 June 2023) 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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RED HOUSE YOUTH TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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' report was approved by the Board of Trustees.
Mr Richard Butler DL
Trustee
6 September 2023
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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 2023.
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:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
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.
Mark Johnstone (FCA)
Argents Accountants Limited 15 Palace Street NORWICH Norfolk NR3 1RT United Kingdom
Dated: 6 September 2023
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RED HOUSE YOUTH TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted Endowment funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 3 724 - Charitable activities Residential property activity 4 4,870 - Other trading activities 5 40,000 - Investments 6 9,768 - Total income 55,362 - Expenditure on: Raising funds 7 - - Charitable activities Residential property activity 8 19,672 - Grant making activity 8 69,532 - Total charitable expenditure 89,204 - Total expenditure 89,204 - Net gains/(losses) on investments 14 - (20,188) Net (outgoing)/incoming resources before transfers (33,842) (20,188) Gross transfers between funds (25,000) 25,000 Net movement in funds (58,842) 4,812 Fund balances at 1 April 2022 239,905 246,812 Fund balances at 31 March 2023 181,063 251,624 |
Total Unrestricted Endowment funds funds 2023 2022 2022 £ £ £ 724 10,667 - 4,870 4,515 - 40,000 80,000 - 9,768 6,913 - 55,362 102,095 - - - 362 19,672 21,381 - 69,532 33,007 - 89,204 54,388 - 89,204 54,388 362 (20,188) - 15,539 (54,030) 47,707 15,177 - (25,000) 25,000 (54,030) 22,707 40,177 486,717 217,198 206,635 432,687 239,905 246,812 |
Total 2022 £ 10,667 4,515 80,000 6,913 |
|---|---|---|
| 102,095 | ||
| 362 | ||
| 21,381 33,007 |
||
| 54,388 | ||
| 54,750 | ||
| 15,539 | ||
| 62,884 - |
||
| 62,884 423,833 |
||
| 486,717 |
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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RED HOUSE YOUTH TRUST
BALANCE SHEET
AS AT 31 MARCH 2023
| Notes Fixed assets Tangible assets 16 Investments 17 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 |
2023 £ 14,723 (3,243) 251,624 251,624 - 251,624 |
£ 169,583 251,624 421,207 11,480 432,687 251,624 181,063 432,687 |
2022 £ 73,179 (3,463) 246,812 246,812 - 246,812 |
£ 170,189 246,812 |
|---|---|---|---|---|
| 417,001 69,716 |
||||
| 486,717 | ||||
| 246,812 239,905 |
||||
| 486,717 |
The financial statements were approved by the Trustees on 6 September 2023
Mr Richard Butler DL Trustee
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
Red House Youth Trust is a unincorporated charity .
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 amounts 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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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
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 the statement of financial activities.
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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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
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 payments 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.
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 ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 724 | - |
| Grants receivable | - | 10,667 |
| 724 | 10,667 |
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
| 3 Donations and legacies Donations and gifts Other Grants receivable for core activities Covid grant income 4 Charitable activities Residential property activity 2023 £ Charitable rental income 4,870 5 Other trading activities Norfolk Community Foundation 6 Investments Dividends on securities Interest receivable |
(Continued) 724 - 724 - - 10,667 - 10,667 Total Residential property activity Total 2023 2022 2022 £ £ £ 4,870 4,515 4,515 Unrestricted Unrestricted funds funds 2023 2022 £ £ 40,000 80,000 Unrestricted Unrestricted funds funds 2023 2022 £ £ 9,768 6,475 - 438 9,768 6,913 |
(Continued) 724 - 724 - - 10,667 - 10,667 Total Residential property activity Total 2023 2022 2022 £ £ £ 4,870 4,515 4,515 Unrestricted Unrestricted funds funds 2023 2022 £ £ 40,000 80,000 Unrestricted Unrestricted funds funds 2023 2022 £ £ 9,768 6,475 - 438 9,768 6,913 |
|---|---|---|
| 6,913 |
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
7 Raising funds
| Investment management | Total Endowment funds general 2023 2022 £ £ - 362 - 362 |
Total Endowment funds general 2023 2022 £ £ - 362 - 362 |
|---|---|---|
| 362 |
8 Charitable activities
| Residential property activity Grant making activity 2023 2023 £ £ Staff costs 6,114 6,114 Depreciation and impairment 606 - Repairs, maintenance and wardening 4,657 - Electricity, rates and insurance 3,566 - Print, post stationery and administration 2,509 728 17,452 6,842 Grant funding of activities (see note 10) - 62,690 Share of governance costs (see note 11) 2,220 - 19,672 69,532 |
Total 2023 Residential property activity Grant making activity 2022 2022 £ £ £ 12,228 5,721 5,721 606 674 - 4,657 9,070 - 3,566 2,129 - 3,237 1,552 1,777 24,294 19,146 7,498 62,690 - 25,509 2,220 2,235 - 89,204 21,381 33,007 |
Total 2022 £ 11,442 674 9,070 2,129 3,329 |
|---|---|---|
| 26,644 25,509 2,235 |
||
| 54,388 |
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
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;
Scorpion Airsoft Mace Group George McCormick Maple Group Girlguiding NW Norfolk 1st Gayton Guides Maccalum Group Grace Church Cambridge Taverham High School 20th Sheffield Scouts 46th Norwich Scout Group Northern Leg of Pilgrim Cross
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).
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
10 Grants payable
| Grant making activity Grant 2023 £ Grants to institutions: Playvan 4,000 Worsted School 1,000 1st Acle Scouts 250 Gorlestone Scouts 900 1st Gt Yarmouth 250 North Yarmouth Scouts 300 Teddies for Freemasons 1,000 Mile Cross Centre 2,000 Horstead centre 2,000 Norfolk Scouts - Sensational Families - Southern Norwich Scouts - Choi Kwang Do - Scooters - Silver Road Community Centre - East Norfolk Scouts - Dereham Baptist Church 2,500 Benjamin Foundation 909 St Matins Housing - Earlham Scouts - 33rd Norwich - South East Ballet - Norfolk Scouts Jamboree - 2nd Dereham Scouts 1,500 Outpost Youth Group 2,500 Sout Norfolk Scouts 500 North East Norfolk Scouts 1,000 Love Dereham 1,000 Home Start 1,000 North Deanes School 2,000 Heart to Heart 2,000 Smithdon High School 2,500 Pandora Project 2,000 Open Road West 2,000 1st Freethorpe Scouts 100 2nd Gorleston Scouts 200 Museum Broads 2,000 Norfolk and Norwich Scouts 500 St Edmunds 3,000 Community Action 2,500 Aspire 960 Girls Rugby 1,800 Kick start 360 44,529 |
making activity 2022 £ - - - - - - - - - 3,000 2,500 2,350 1,650 2,000 1,499 1,250 1,000 500 500 500 250 1,400 5,000 23,399 |
|---|---|
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10 Grants payable
| Grants payable Grants to individuals |
(Continued) 18,161 2,110 62,690 25,509 |
(Continued) 18,161 2,110 62,690 25,509 |
|---|---|---|
| 25,509 |
-
11 Support costs
| Support costs Governance costs £ £ Accountancy - 2,220 - 2,220 Analysed between Charitable activities - 2,220 |
2023 £ 2,220 2,220 2,220 |
2022 £ 2,235 |
|---|---|---|
| 2,235 | ||
| 2,235 |
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:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Employees | 2 | 2 |
| Employment costs | 2023 | 2022 |
| £ | £ | |
| Wages and salaries | 12,228 | 11,442 |
There were no employees whose annual remuneration was £60,000 or more.
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
14 Net gains/(losses) on investments
| **Endowment ** | Endowment | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2023 | 2022 | |
| £ | £ | |
| Revaluation of investments | (20,188) | (56,002) |
| Gain/(loss) on sale of investments | - | 71,541 |
| (20,188) | 15,539 |
15 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
16 Tangible fixed assets
| Freehold land and buildings Improvements to property Computers £ £ £ Cost At 1 April 2022 180,000 20,925 696 At 31 March 2023 180,000 20,925 696 Depreciation and impairment At 1 April 2022 10,800 19,936 696 Depreciation charged in the year - 606 - At 31 March 2023 10,800 20,542 696 Carrying amount At 31 March 2023 169,200 383 - At 31 March 2022 169,200 989 - |
Total £ 201,621 |
|---|---|
| 201,621 | |
| 31,432 606 |
|
| 32,038 | |
| 169,583 | |
| 170,189 |
17 Fixed asset investments
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| 17 Fixed asset investments Cost or valuation At 1 April 2022 Additions Valuation changes At 31 March 2023 Carrying amount At 31 March 2023 At 31 March 2022 18 Creditors: amounts falling due within one year Other taxation and social security Accruals and deferred income |
(Continued) Listed investments £ 246,812 25,000 (20,188) 251,624 251,624 246,812 2023 2022 £ £ - 603 3,243 2,860 3,243 3,463 |
|---|---|
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
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 2021 Resources expended £ £ Expendable endowments Endowment fund 206,635 (362) 206,635 (362) |
Transfers Revaluations gains and losses Balance at 1 April 2022 £ £ £ 25,000 15,539 246,812 25,000 15,539 246,812 |
Transfers Revaluations gains and losses Balance at 31 March 2023 £ £ £ 25,000 (20,188) 251,624 25,000 (20,188) 251,624 |
Transfers Revaluations gains and losses Balance at 31 March 2023 £ £ £ 25,000 (20,188) 251,624 25,000 (20,188) 251,624 |
|---|---|---|---|
| 251,624 |
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| 20 Analysis of net assets between funds Unrestricted funds Endowment funds 2023 2023 £ £ Fund balances at 31 March 2023 are represented by: Tangible assets 169,583 - Investments - 251,624 Current assets/(liabilities) 11,480 - 181,063 251,624 |
Total Unrestricted funds Endowment funds 2023 2022 2022 £ £ £ 169,583 170,189 - 251,624 - 246,812 11,480 69,716 - 432,687 239,905 246,812 |
Total 2022 £ 170,189 246,812 69,716 |
|---|---|---|
| 486,717 |
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 £5,127.
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
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 2023 is as follows:
| £ Norfolk Community Foundation Fund Investments: Market value at 1 April 2022 Transfer from Baratt & Cooke cash account Additions Drawdown to revenue account Revaluations Closing balance at 31 March 2023 Cash at bank: Revenue account First Community revenue fund Total funds held by Norfolk Communuty Foundation at 31 March 2023 |
728,270 - - (26,260) (46,032) 655,978 3,587 - 659,565 |
|---|---|
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 2023.
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