Charity registration number 1092828
RED HOUSE YOUTH TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
RED HOUSE YOUTH TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
James Kearns Ray Hollands Michele O'Keefe Graham Tuttle Richard Butler DL Alison Moore (Appointed 15 October 2023)
Charity number 1092828 Independent examiner 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 - 19 |
RED HOUSE YOUTH TRUST
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
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 2024. As has been said so often by so many, I cannot believe that the last year has passed so quickly.
I welcome onto the Trustee Board Mrs Ali Moore. She brings a wealth of experience with working with young people from the lower age range. We are pleased to have her skills and advice as we continue to support young people from across the county with grants for such a wide variety of needs. I am pleased to report that we continue to process the large number of applications for grants and continue to have an ever widening set of requests for assistance from both young people and youth organisations.
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 Dunton property was used very sparingly during the year and we taken the decision that it is time to stop this area of our work and close the centre. It will be offered for sale and the proceeds will be used as part of our ongoing grants programme to assist so many young people with the requests for assistance.
I again, place on record my thanks to each trustee for the work they have undertaken. Also the two staff members who have worked to ensure the application process is as smooth as possible both for the applicants and for the trustees The website has been updated and the application form renewed so it can be submitted by email. This will cut down the use of paper application forms and expense of postage which will smooth the application process.
Richard M Butler MBE DL Chairman Dated: 12 December 2024
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RED HOUSE YOUTH TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the year ended 31 March 2024.
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 £2,500.
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 2024
Financial review
Review of transactions and financial position
Surplus of income over expenditure for the year was £12,048 (2023: deficit £54,030). This is after accounting for a gain on the endowment fund investments revaluation of £2,061 (2023: loss £20,188).
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 2024, unrestricted reserves amounted to £191,050 (2023: £181,063). 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:
Richard Gurney DL (Resigned 17 July 2023) James Kearns Rodney Matless (Resigned 7 June 2023) Ray Hollands Michele O'Keefe Graham Tuttle Richard Butler DL Alison Moore (Appointed 15 October 2023)
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 2024
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.
Richard Butler DL
Trustee
12 December 2024
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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 2024.
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: 12 December 2024
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RED HOUSE YOUTH TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted Endowment funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 3 - - Charitable activities Residential property activity 4 4,426 - Grant making activity 4 63,000 - Investments 5 9,754 - Total income 77,180 - Expenditure on: Charitable activities Residential property activity 6 29,085 - Grant making activity 6 38,108 - Total charitable expenditure 67,193 - Net gains/(losses) on investments 13 - 2,061 Gross transfers between funds - - Net movement in funds 9,987 2,061 Fund balances at 1 April 2023 181,063 251,624 Fund balances at 31 March 2024 191,050 253,685 |
Total Unrestricted Endowment funds funds 2024 2023 2023 £ £ £ - 724 - 4,426 4,870 - 63,000 40,000 - 9,754 9,768 - 77,180 55,362 - 29,085 19,672 - 38,108 69,532 - 67,193 89,204 - 2,061 - (20,188) - (25,000) 25,000 12,048 (58,842) 4,812 432,687 239,905 246,812 444,735 181,063 251,624 |
Total 2023 £ 724 4,870 40,000 9,768 55,362 19,672 69,532 89,204 (20,188) - (54,030) 486,717 432,687 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
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 2024
| Notes Fixed assets Tangible assets 15 Investments 16 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities The funds of the charity Endowment funds 18 Unrestricted funds 19 |
2024 £ 23,564 (2,935) |
£ 170,421 253,685 424,106 20,629 444,735 253,685 191,050 444,735 |
2023 £ 14,723 (3,243) |
£ 169,583 251,624 |
|---|---|---|---|---|
| 421,207 11,480 |
||||
| 432,687 | ||||
| 251,624 181,063 |
||||
| 432,687 |
The financial statements were approved by the trustees on 12 December 2024
Richard Butler DL Trustee
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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 or grantors 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 2024
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 2024
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 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | - | 724 |
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
4 Charitable activities
| Residential property activity Grant making activity 2024 2024 £ £ Charitable rental income 4,426 - Norfolk Community Foundation - 63,000 4,426 63,000 |
Total 2024 £ 4,426 63,000 67,426 |
Total 2023 £ 4,870 40,000 |
|---|---|---|
| 44,870 |
5 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Dividends on securities | 9,754 | 9,768 |
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6 Expenditure on charitable activities
| Residential property activity Grant making activity 2024 2024 £ £ Direct costs Staff costs 6,563 6,563 Depreciation and impairment 790 - Repairs, maintenance and warden 13,340 - Electricity, rates and insurance 4,175 - Administration costs 2,177 2,654 27,045 9,217 Grant funding of activities (see note 8) - 28,891 Share of support and governance costs (see note 9) Governance 2,040 - 29,085 38,108 Analysis by fund Unrestricted funds 29,085 38,108 |
Total Residential property activity Grant making activity 2024 2023 2023 £ £ £ 13,126 6,114 6,114 790 606 - 13,340 4,657 - 4,175 3,566 - 4,831 2,509 728 36,262 17,452 6,842 28,891 - 62,690 2,040 2,220 - 67,193 19,672 69,532 67,193 19,672 69,532 |
Total 2023 £ 12,228 606 4,657 3,566 3,237 |
|---|---|---|
| 24,294 62,690 2,220 |
||
| 89,204 | ||
| 89,204 |
7 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;
20th Sheffield Scouts The BUILD Charity Scorpion Airsoft - D of E Gold Residentials Romsey Mill Church at the Well Ingoldisthorpe Mace Family 1st Hunstanton Guides Norjam 2025 Sub Group Team Grace Church Cambridge Leanders Group Taverham High School D of E 46th Norwich Scout Group 3rd Hunstanton Brownies 1st Heacham Brownies
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
7 Description of charitable activities
(Continued)
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 2024
8 Grants payable
| Grant making activity Grant 2024 £ Grants to institutions: Playvan (4,000) Worsted School - 1st Acle Scouts - Gorlestone Scouts - 1st Gt Yarmouth - North Yarmouth Scouts - The Garage 2,000 Great Yarmouth Song School 2,500 Wymondham Play Group 2,000 Wroughton Academy 1,000 Caister School 1,000 8th Norwich Sea Scouts 205 Mundesley Scouts 740 29th Norwich Scouts 750 Cromer Guides 1,000 East Norfolk Scouts 1,400 Dereham Baptist Church - Benjamin Foundation - Youth for Christ 2,600 Funky Feet 2,000 2nd Dereham Scouts - Outpost Youth Group - Sout Norfolk Scouts - North East Norfolk Scouts - Love Dereham 1,000 Home Start - North Deanes School - Heart to Heart - Smithdon High School - Pandora Project - Open Road West - 1st Freethorpe Scouts - 2nd Gorleston Scouts - Museum Broads - Norfolk and Norwich Scouts - St Edmunds - Community Action - Aspire - Girls Rugby - Kick start - 14,195 Grants to individuals 14,696 |
making activity 2023 £ 4,000 1,000 250 900 250 300 1,000 2,000 2,000 - - - - - - - 2,500 909 - - 1,500 2,500 500 1,000 1,000 1,000 2,000 2,000 2,500 2,000 2,000 100 200 2,000 500 3,000 2,500 960 1,800 360 44,529 18,161 |
|---|---|
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
| 8 Grants payable - 9 Support costs allocated to activities Governance costs Analysed between: Residential property activity 10 Net movement in funds The net movement in funds is stated after charging/(crediting): Depreciation of owned tangible fixed assets |
(Continued) 28,891 62,690 2024 2023 £ £ 2,040 2,220 2,040 2,220 2024 2023 £ £ 790 606 |
(Continued) 28,891 62,690 2024 2023 £ £ 2,040 2,220 2,040 2,220 2024 2023 £ £ 790 606 |
|
|---|---|---|---|
| 2023 £ 2,220 |
|||
| 2,220 | |||
| 2023 £ 606 |
11 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
12 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Employees | 2 | 2 |
| Employment costs | 2024 | 2023 |
| £ | £ | |
| Wages and salaries | 13,126 | 12,228 |
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 2024
13 Gains and losses on investments
| Endowment | Endowment | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | 2,061 | (20,188) |
14 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
15 Tangible fixed assets
| Freehold land and buildings Improvements to property Computers £ £ £ Cost At 1 April 2023 180,000 20,925 696 Additions - 1,628 - Disposals - (394) - At 31 March 2024 180,000 22,159 696 Depreciation and impairment At 1 April 2023 10,800 20,542 696 Depreciation charged in the year - 790 - Eliminated in respect of disposals - (394) - At 31 March 2024 10,800 20,938 696 Carrying amount At 31 March 2024 169,200 1,221 - At 31 March 2023 169,200 383 - |
Total £ 201,621 1,628 (394) 202,855 32,038 790 (394) 32,434 170,421 169,583 |
|---|---|
16 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 April 2023 & 31 March 2024 | 251,624 |
| Carrying amount | |
| At 31 March 2024 | 251,624 |
| At 31 March 2023 | 251,624 |
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Accruals and deferred income | 2,935 | 3,243 |
18 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.
| At 1 April | Transfers | Gains and | At 31 March | |
|---|---|---|---|---|
| 2023 | losses | 2024 | ||
| £ | £ | £ | £ | |
| Expendable endowments | ||||
| Endowment fund | 251,624 | - | 2,061 | 253,685 |
| Previous year: | At 1 April | Transfers | Gains and | At 31 March |
| 2022 | losses | 2023 | ||
| £ | £ | £ | £ | |
| Expendable endowments | ||||
| Endowment fund | 246,812 | 25,000 | (20,188) | 251,624 |
19 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 April | Incoming | Resources | Transfers | At 31 March | |
|---|---|---|---|---|---|
| 2023 | resources | expended | 2024 | ||
| £ | £ | £ | £ | £ | |
| General funds | 181,063 | 77,180 | (67,193) | - | 191,050 |
| Previous year: | At 1 April | Incoming | Resources | Transfers | At 31 March |
| 2022 | resources | expended | 2023 | ||
| £ | £ | £ | £ | £ | |
| General funds | 239,905 | 55,362 | (89,204) | (25,000) | 181,063 |
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
| 20 Analysis of net assets between funds Unrestricted funds Endowment funds 2024 2024 £ £ Fund balances at 31 March 2024 are represented by: Tangible assets 170,421 - Investments - 253,685 Current assets/(liabilities) 20,629 - 191,050 253,685 |
Total Unrestricted funds Endowment funds 2024 2023 2023 £ £ £ 170,421 169,583 - 253,685 - 251,624 20,629 11,480 - 444,735 181,063 251,624 |
Total 2023 £ 169,583 251,624 11,480 |
|---|---|---|
| 432,687 |
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 £5,674.
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RED HOUSE YOUTH TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
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 2024 is as follows:
| £ Norfolk Community Foundation Fund Investments: Market value at 1 April 2023 Transfer from Baratt & Cooke cash account Additions Interest Drawdown to revenue account Revaluations Closing balance at 31 March 2024 Cash at bank: Revenue account First Community revenue fund Total funds held by Norfolk Communuty Foundation at 31 March 2024 |
655,978 - - 3,633 (60,000) 67,098 666,709 5,289 - 671,998 |
|---|---|
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 2024.
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