REGISTERED COMPAIYY NUMBER: 03066714 (England and Wales) REGISTERED CHARITY NUMBER: 1118469 REP RT F THE TRUSTEES AND NAUDITED FIIYANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 FOR YOULYC LEWISHAM PROJECT WORKSHOP Chariot House Limited Chartered Accouniants 44 (rrand Parade Brighton East Sussex BN2 9QA *ADG3ZQ19• 1811112024 COMPANIES HOUSE A10
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YOUNG LEWISHAM PROJECT ORKSHOP CONTENTS OF THE FIIYANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Chalrman'j Report Report of the Trustees Independent Examiner's Report Slalemen¢ of Financial Activities Balance Sheet 10 io 11 Note$ to the Flnaneial Statements 12 10 19 Detalled Statement of FinAnei#l A¢tivitie$ 20
YOUNG LEWISHAM PROJECT WORKSHOP CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Life at ihe Young Lewisham Project is never quiei. especially over the pasi year where I have witnessed the project undergo some really significant transfornutions. This year we have successfully accomplished some long terni ambitions by increasing the size of our amazing team of staff and undertaking some much needed modernisalion of our building. All of this means we can give an even belter offering io our young people to help them be the bes( they can be. Year after year, the projeci has experienced growth, thanks to increased funding from our supportive partners and referrals from schools, both of whom I would like to thank for their ongoing support. This sustained progress has allowed us lo achieve the highest income level in several years, making it the largest the projeci has ever been. This remarkable accomplishtnent is a testament to the dedication of our stsff team and enables us to reach more young people than ever before. To accommodate Ihe project's expansion, we have implemented slru¢iural changes and redefined the working dynamics of our staff team. Taking on a new behaviour support role and two more tulors. With support of Land Aid we are looking al how we can increase the classroorn and workshop space of the building lo enable us lo have greater capacity to meet ever increasing demand. These changes, in addition to enhanced staff training and management. has p051tioned the project for ils next phase of development and future collaboration5 with new schools and larger nders. The projeci has also widened its OCN accrcditattons offer, enabling more choice and better routes for progression. One of the highlights of this year has been the strengthening of the relalionship with Lewisham Council and Virtual School. with an addilional member of Lighthouse Project slaff based full time within the team. Out of hour's provision is also expanding which means the project now has activities running every day after school and on a Saturday morning. Looking ahead, the projeci shows no signs of slowin8 down, ensuring our Continuous presence for the young people of Lewisham whenever they need us. We eagerly anticipate what ihe next few years will bring and the posilive growth that the Young Lcwisham Projecl and the young people il serves will experience togeiher. Page I
YOUNG LEWISHAM PROJECT ORKSHOP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are a150 directors of the charity for the purposes of the Companies Act 2006. present iheir report with the financial s(atemenlS of the charity for the year ended 31 March 2024. The trusices havc adopted the provisions of 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 l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The Young Lewisham Project is a regISted Charity working primarily with young people aged I l - 18. Our aims and objectives are.. - To provide a safe inclusive environment offering young people enrichment and re-engagemenl opportunities through learning a range of skills, including motorcycle mechanics, bicycle maintenance, gardening, heal(hy cooking, carpentry. painting. arts and crafts. Music production. digital an and gym To provide young people wilh the opportunity of laking part in physical activilies noi nornially available 10 them. such as off-site excursions. To offer young people the opportunily of gaining accrcditalion and improving their numeracy and literacy and social skills. - To offer advice, guidance and empower young people by encouraging them to take control of their lives and makc decisions Ihat will promoie their welfare and enhance their fulures. To help young people from the NEET category lo either return to edu¢a¢ionltraining or 8ain employment. To improve outcomes for young people, so that every young person achieves their potential. To promote equal opportunities. To encourage social inleraclion between young people and therefore promote social inclusion. To en¢ourAge young people 10 be Sjlly involved wiihin the project and ils management. To lfIl the Government's aim for every young person. whaiever their background or their circumstances. to have the support they need to be healthy, Slay safe, enjoy and achieve, make a positive contribution and achieve economic well-being. This complies with the objects sel out in the Memorandum and Articles of Association of assisting and educaiin8 young people aged 25 or less, resideni in or employed or attendin8 an educational eslablislunent within the London Borough of Lewisham (regardless of sex, class, race, religion or political or other opinions) so as to advance their physical, mental and Spiritual capaci(ies that they may grow to full adult mawrily within the community. Public benefit In shaping our objectives and plannin8 our aclivities for the year, the Trustees have given consideration lo the duties sei oul in section 17(5) of the Charities Act 201 l io have due regard 10 public benefil. In particular, the Trustees have considered how the planned aciivilies will coniribute to the overall aims and objeclives thai they have sel. Page 2
YOUNG LEWISHAM PROJECT WORKSHOP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charitable Ydctivities This year has been marked by significant growth and development at Young Lewisham Project (YLP), enabling us to belter respond to the needs of our young people, families, and partners. The ongoing impact of the Cost-of-Living Crisis, continues to place immense pressure on our families and young people. leading lo anoiher year of increasing referrals and growing demand from our parthers, including local schools. Pupil Referral Units, Youth Offending Seryices, Social Services, and the Leaving Care (eam. Referrals from other Aliernalive Edu¢a¢ion Providers have continued to grow, as young people with the most complex needs siNggle 10 cope even within specialised educaiional settings. YLP'S unique approach continues to sel us apart, offering a holistic, supportive environment thai priorilises wellbeing and practical skills such as motorcycle maintenance, bike maintenance, carpentry, digital media, music production, gardening, sports, cooking and the arts, all of which youn8 people Can gain an OCN (Open College Network) aGcreditaiion. To better meet the growing demands on the service we have recruited an addilional fvll and part time tutor and we have a Behaviour Support role to fill. This will help us to undertake more fa¢e-to-face engagement. have smaller groups and gather more robusl evidence of our impact. This expansion of staff will also enable us to concentrate on broader project operalions and explore further development opportunilies. Having a music lutor 3 days a week and a full timc art and design tutor has enabled us to deliver more of these sessions and really develop bo(h these pans of the project. l am very much looking fonvard to seeing how these activilies continue to evolve. The open-access aciivilies have continued to thrive. with new sessions on offer, a kn'nship cookery project, and a virtual school children looked after you¢h club night alongside the exisiing offer, these activities aim to significantly improve health and well-being outcomes for our young people through various trips, aciivilies, and workshops. We are exciied lo extend Ihis inilialive in the new school year, incorporating di8ithl media and art-based projecES and a session for 18-25 year old young adults 10 rther engage our participants and local community. We have undertaken some of the urgent works required al the project, we P41so secured a grant to refurbish the kitchen which will take place over the summer enabling us to remain operaiional while works are underway. We have been working closely with Land Aid and have also had a visit from an architect and 3D plans drawn up which would enable us to utilise our space more efficiently. We will continue 10 seek additional capital funding iniliatives to help us complete our ongoing building work. which will further enhance our service delivery capabilities. Finally, our Virtual School-funded exclusions projecl, Tht Lighthouse, continues to grow, with two full time members of the team in place and the project 8rowing next year io have a third, Ihey are working in 3 schools and Ihe day lime exclusions numbers ebbing and flowing across the year. With a new Early Help team in place in the local authorily there is now strong momentum lo expand this work further. In conclusion, this year has been one of significant progress and transforniation for YLP. We remain dedicated to adapiing and growing in response to the challenges faced by our young people and Iheir families. With an expanded team. improved infrastructure, and a forward-looking strategy, we are well-positioned lo continue making a positive impact in the lives of Ih05e we serve. Page 3
Yo LEWISHAM PROJECT ORKSHOP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Financial position The Charity's income in the financial year ended 31 si March 2024 was £474,776 and £419,614 in 2023. The lolal expenditure was £493,982 and £362,901 for 2024 and 2023 respectively. Funds carried forward ai 31 si March 2024 werc £21,640 restricted and £162.199 unrestrictcd. The Charity continues to pursue its goal of seekin8 out new income sources and growing the individual referrals programme lo increase its unrestricted funds. This Seems the best way forward as the res¢ri¢ted funds market appears sara¢ed wilh applicaiions and competing priorities for the same funding pots. We continue 10 work towards new vocational pathways and initiatives 10 widen what we offer in order to atiraci new referral inlerests. We are also working 10 widen ihe refeal5 calchment area and this has already started lo bear frnil. The diligence and resolve of our staff team and the sleadfasl support of our funders, partners and agencies are sources of inspiraiion and motivation. In addilion lo the use of social media. our fundraising strategy ftow includes working with an external agency to increase our fundraising 5UPPOrt. This ha5 enabled us to &p new funding markets as we aim attract and reach rnore prospeclive funders, young people and referring agencies. We continue io target more fvndraising hours towards specific cost centres like workshop supplies, equipment and for grants £ Iok and under. We are also working on a new fundraising strategy lo increase our visibility and really sell our service brand. Over the pasl years the referral rale was kept ticking over unchanged, however the new financial year will see a 470/0 increase io refle¢1 the market raies of our compeiilors, The plan is to work towards a fvll cost recovery model as well as yearly increases in our prices to keep abreasi with the market. We also seeking to get banded rates with a higher cost for needs led, person centred service. all in an allempt lo boost over unrestricted funding income which has had lo offset the £19.2k deficil in the review period. We are seeking to strengthen the well esthblished relationships with our funders and contlnue to maintain those links through excellent reporting and achievement of desired outcomes. We are seekn'ng 10 penetrate other funding markets and also offer more off site services while adding new vocational iniliaiives to the exisiing niche provision. We aim to keep our referral and pricing strategies under review in line with market Irends while simultaneously responding to the needs of our customers. Young Lewisham Project's commilment ¢0 ils core values and uniqueness remains resolute. As part of the moniloring and free reserves environment the trustees will review the reserves policy in the period under review. We continue 10 make every effort to utilise rcsource5 in the most effe¢tAve. efficient and economical ways possibl¢ io maximise the benefits of our service provision lo our young people as well as all of our other beneficiaries and stakeholders. The facility remain5 responsive as pertaining lo the needs of our refeeTs and young people. Stakeholder participation and cngagement are key priorities as we pursue new partnerships and activities to enhance our charitable activities and slay relevant. We are grateful for ihe support of the Youth Offending Service of tKJndon Borough of Lewisham, local schools, colleges and all our numerous associates and referral agencies during the period under review. To all our funders including the trusts and granl organisations that have awarded us much sought after funds during the year. including Merchant Taylor, Barbara Ward Children's Foundation, Garfield Weston Foundation, The Jack Pelchy Foundation, The Leathersellers, Company, Reta Lila Howard Foundation. Groundwork UK. L&Q. TFL Cycling & Walking Fund, Sport England, Hedley. William Boreman, St James Place and William Hatcliffe; we say we are most appr¢¢ialivc of your support. We are also indebicd lo The Morrisons, Foundation and The Elizabeth Legacy Fund for their generosity towards the refurbishment cost of our premises. Funders Page 4
YOUNG LESHAm PROJECT WORKSHOP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 We extend our 5incerest gratitude to absolutely everyone, to the many individual donations io the Project, either through fundraising and local communily events, via the donaie Option on our website including The Gem]an Church Sydenham. To the siaff of London Borough of Lewisham who ran th¢ London Marathon and donaled the proceeds io our charity, we say a massive well done and thank you. Every single donaiion has been beneficial in enabling, maintaining and achieving our endeavours. This really assists in such an impaciful and unquantifiable manner in positively influencing the lives of the youn8 people who attend the Project. Investment policy and obJectlve$ Undcr the Mernorandum and Articles of Association, Ihe Project has the power lo invest in any way the directors wish. The Management Committee, having regard to the liquidity requirements of the Project and to the reserves policy, have operated a policy of keeping available funds in an inieresl bearing deposit account and seek to achieve a rate of deposit interest which matches or exceeds inflation. Reserves policy In accordance with the Charity Commission's guidelines on reserves (whlch mean fijnds that are unrestricted and neither designated for particular purposes nor held as fixed assets), the Young Lewisham Project seis out below ils policy in respect of establishing and maintaining reserves. The Management are of the opinion that ideally the reserves should be sufficienl to cover three months essential staffing and running costs, io ensure that all the groups run by Ihe Project may continue with the minimum of disruption or brought to a satisfactory conclusion in the evenl of enforced cash flow deficiencies which equales ro no less than £30.000. The reserves currently available, which at the year-end stood at £141,085, meet this policy. The Management Commillce will review this policy annually. FUTURE PLANS We ar¢ currently working on a new strategy which represents the ever-changing landscape of our work and will help us lo provide a more sireamlined, cosl-effeciive service which offers (he tlexibility and creativity our young people need. This includes reviewing and expanding our offer to incorporate a wider range of activiiies and more accreditation's. Increasing and training the team to have more lime and better resources to work with complex need5. Having more finance, admini5tralion and monitoring support lo provide beiier infrastructure lo the project. We are also in Ihe process of setting up a job club to help improve employineni ouicomes of our young people. The open access gym and cycling project has been delivering successfully to improve the health and well- being outcomes for our young people through trip5, activities and workshops. This is something we arc keen to extend, lo also offer digital media and art-based projects in th¢ new school year. STRUCTURE, GOVERNANCE AND MANAGEMEIYT Governing document The Young Lewisham Project. founded in 1974, is a registered charity and company limited by guarantee, governed by its Memorandum and Articles of Association dated 9 Jle 1995. The financial stalements comply wilh current stal0ry requirements, and rcquiremenls of the Memorandum and Articles of Associaiion. Recruitment and appointment of new trustees The directors of the company are also charity trustees for the purposes of charity law and under the Company's Articles are known as members of the Management Commiltee. Under the requirements of the Memorandum and Articles of Association the members of the Management Commillee are elected al each Annual General Meeting and include the Chair, Vice Chair and Treasurer. Organisational structure For the Management of the project, the Trustees have appointed a full-lime Managing Director effective from November 2022 for the day-to-day responsibilities for the service provision. Two oth¢r Managers support the Managing Director in this role as part of the maT]agernent leam. The Management Commillee retains responsibility for the strategic direction and policy of the project and meets belwcen six and ten times per year. Sub-committees are convened to d¢al with special issues, eg HR. The Secrelary also sits on the Committe¢ but has no voting rights. Page 5
YOUNG LEWISHAM PROJECT WORKSHOP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and tr*inlng of new trustees New Management Committee members are identified by existing trustees and staff of the Project, initially serving as co-opied members and, if desired, confirn)ed al the next AGM 10 serve for a full Ihree-year tem. They ar¢ provided with a copy of the Memorandum and Articles of Association. along with the mosi recent annual report and annual reviews, when they sign the declaration to become a member. A copy of the Charity Commission's publicaiion 'The Esseniial Trustee.. What you need to know, (CC3) is also provided, together with the Young Lewisham Project's Trusiec Induction Policy. They will be inviied to meet and visit the Project and to talk ¢0 staff and volunteers Related parties None of our trustees receive remuneration or other benefit from their work with the Young Lewisham Project. Any connection between a trustee or senior manager of the charity with a contracted supplier must be disclosed lo the board of (rustees in the same way as any other contractual relaiionship with a r¢lat¢d party. In Ihe current year no such relaied party transactions were reported. Risk maDagefflent The Managerncnl Commi¢tee has conducted a review of the major risks to which the Project is exposed. This is reviewed annually. Where appropriate. systems or procedures have been established io mitigate the risks the Project faces. A key element in the management of financial risk is the setting of a reserves policy and ils regular review by the Managernenl Committee (see below). Particular attention has focused on non-financial risks 8risin8 from fire, health and safely of the young people, both whilsi on the Project's premises (specifically in the workshop areas) and whilst participating in off-site and residential activilies and on safeguarding. Relevant insurance is maintained to cover any liability to project staff and clients for incidents ai off-site evenls. REFERE]YCE AND ADMINISTRATIVE DETAILS ReEi$tered Compiny number 03066714 (England and Wales) Registered Charlty number 1118469 Registered offlce 124 Kilmoric Road London SE23 2SR Trustees Ms E S Bannister (resigned 281612023} I P Bernard (resigned 2811112023) J R Eastham (resigned 11712023) DMAGreen Ms K Mccook Ms E V Power D C B Tarling D Shah Company Secretary Ms Y Dodson Page 6
YOUNG LEWISHAM PROJECT ORKSHOP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Mark Panridge FCA Chariot House Limited Chartered Accountsnts 44 Grand Parade Brighton Easi Sussex BN2 9QA Approved by order of the board of truslees on . and signed on its behalf by- hah - Tnte¢ Page 7
INDEPENDENT EMINER's REPORT TO THE TRUSTEES OF YOUNG LEWISHAM PROJECT WORKSHOP Independent examiner's report to the trustees of Young Lewisham Project (Workshop) ('the Company,) I report to the charity trustees on my examination of ihe accounts of the Company for the year ended 31 March 2024. Responslbilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of Ihc Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respeci ofrny examination of your charitqs accounts as carried out under Section 145 of the Charities Act 2011 ('Ihe 2011 Act,). In carying out my examination I have followed the Directions 8iven by the Charity Commission under Section 145(5) (b) of the 2011 Act. Independent examlner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirni that l am qualified lo undertake the examination because I am a member of the Snstitute of Chartered Ac¢ountsnts in England and Wales, which is one of the lisied bodies. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination 8ivin8 me cause to believ¢.. accounting records were not kept in respect of the Company a$ required by Section 386 of the 2006 Act; or Ihe accounts do not accord with those records. or the accounis do not comply with Ihe accounling requirements of Section 396 of the 2006 Act other than any requiremenl that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or the accoun(s have not been prepared in accordance with the methods and principles of the Statemcni of Recommended Practice for accounting and reporting by charities (applicable lo charities preparing their accounts in accordance with Ihc Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which atiention should be drawn in this report in order to enable a proper und¢rstandin8 of Ihe accounts lo be reached. Lrj Mark Partridge FCA The Institute of Chart¢red Accountanls in England and Wales Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA Date.. ASL Page 8
YOUNG LEWISHAM PROJECT WORKSHOP STATEMENT OF FINANCIAL ACTIVITIE FOR THE YEAR ENDED 31 MARCH 2024 2024 Tothl funds 2023 Total funds Unrestricled funds Restricled funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 22,857 210.574 233,431 207,373 Charitable activities Charitable Aclivities 229,701 7,160 236.861 211,211 Inveslment income Other income 3.634 850 3,634 850 1,030 Tolal 257,042 217,734 474 776 419 614 EXPENDITURE ON Charitable aetivities Charitable Aclivilies 299 563 194 419 493,982 362,901 NET INCOMEI(EXPENDITURE) (42,521) 23,315 (19,206) 56,713 RECONCILIATION OF FUNDS Total funds brought forward 154,720 48,325 203,045 146,332 TOTAL FUNDS CARRIED FORWARD 112.199 183,839 203,045 The noles forni part of these financial statement8 Page 9
YOUNG LEWISHAM PROJECT WORKSHOP BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Noies FIXED ASSETS Tangible assets 21,117 21,117 34,815 CURRENT ASSETS Debtors Cash at bank and in hand 43.344 43,344 150.163 2,461 208,281 71.637 121.870 71.637 193,507 210,742 CREDITORS Amounts falling duc within one year (30,785) (30,785) (42,512) NET CURRENT ASSETS 91.085 71,637 162 722 168,230 TOTAL ASSETS LESS CURRENT LIABILITIES 12.202 71,637 183,839 203,045 NET ASSETS 112,202 71,637 183,839 203 045 FUNDS Unreslricled ndS Restri¢ied fvnds io 112,202 71,637 154,720 48.325 TOTAL FUNDS 183,839 203 045 The charitable company is entitled lo exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The member5 have not required the company lo obtain an audit of its financial sthtements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trusiees acknowledge their responsibililies for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companie5 Act 2006 and preparing financial statements which give a true and fair view ofthe sthie of affairs of Ihe charithble company as al Ihe end of each financial year and of its sUlUS or deficit for each financial year in accordance with the requiremenis of Sections 394 and 395 and which otherwise ¢omply with ihe requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the charitable company. (b) The notes fonn part of these financial statements Page 10 continued...
YOUNG LEWISHAM PROJECT ORKSHOP BALANCE SHEET- e ntinued 31 MARCH 2024 These financial stsiements have been prepared in accordance wilh the provisions applicable to charitable companies subject lo the small companies regime. The financial $tementS were approved by the Board of Tnle¢S and auihorised for issue on Il /ll./.LcJZ-* . and were signed on its behalf by.. D Shah - Trust¢¢ The notes form part of these financial statements Pagell
YOUNG LEWISHAM PROJECT WORKSHOP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparing the financial $talemen¢s The financial Stslemenls of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with ihe Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Slaiement of Recommended Practice applicable 10 charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeclive l January 2019),. Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ircland, and ihe Companies Act 2006. The financial statements have been prepared under the historical cost convention. Ineome All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, 1¢ is probable ihal the income will be received and the amount can bc measured reliably. Expenditure Liabilities arc recognised as expenditure as Soon as Ihere is a legal or ¢onstnJcliv¢ obligalion commilling the charity to thai expenditure, 1¢ is probable that a transfer of economic benefits will bc required in settlement and the amount of the obligation can be measured reliably. Expendi¢ure is accounted for on an accruals basis and has been classified under headings thal aggre8ale all cosl related to the category. Where costs cannot be directly attributed lo particular headings they have been allocated to a¢tiviti¢s on a basis Consislenl with th¢ use of resources. Tlngible fixed assets Depreciation 15 provided at the following annual rates in order to write off each asset over its eslirnated useful life. Plant and machinery Fixtures and fittings Motor vehicles Computer equipment 250/0 and 50/0 on cost 25/0 and 50% on cosi 25/0 and 500/0 on cos( 33% on cost Taxatlon The Charity is considered to pass the lesls sei out in Paragraph I Schedule 6 Finance Act 201 O and therefore it Meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly the Charity is potentially exempt from iaxaiion in respect of income or capital gains received wiihin caiegories covered by Chapler 3 Part I I Corporaiion Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied cxclusively lo charitable purposes. Fund 2ccounting UTLrestricied funds can be used in accordance with the charithble objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Reslricllons arise when specified by the donor or when funds are raised for particular restricted purpose5. Further explanation of the nature and purpose of each fund is included in the notes lo the financial stalemenls. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contribuiions payable to the charitable company's pension scheme are charged to the Statemeni of Financial Aciivities in the period to which they relate. Page 12 ontinued...
YOUNG LEWISHAM PROJECT WORKSHOP NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME 2024 2023 Deposil account interesi 3,634 1,030 NET IIYCOMEI{EXPENDITURE) Nei income/(expcnditure) is sthted after chargingl(crediting)'. 2024 2023 Depreciation - owned assets Surplus on disposal of fixed assets 19.396 14,088 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for thc year ended 31 March 2023. Trustees, expenses There were no truslecs, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 328,081 25,960 7,619 214,709 13,024 4,590 361,660 232,323 The avera8e monthly number of employees during ihe year was as follows.. 2024 12 2023 Charitable Activities Fundraising Governance 14 No employees received emoluments in cxcess of £60,000. The total remuneralion paid to key managemenl personnel during the year was £162,191 (2023: £112,154). Page 13 conlinued...
YOUNC LEWISHAM PROJECT ORKSHOP NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 COMPARATIVES FOR THE STATEMENT OF FINAI¥CIAL ACTIVITIES Unrestricted funds Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donaiions and Icgacies 19,378 187,995 207,373 Charitable activities ChariLqble Aciivities 204,051 7,160 211,211 Invesirnent income 1,030 Tolal 224.459 195.155 419.614 EXPENDITURE ON Charitable activities Charitable Activities 188 385 174 516 362,901 NET INCOME 36,074 20,639 56,713 RECONCILIATION OF FUNDS Total funds brought forward 118,647 27,685 146,332 TOT AL FUNDS CARRIED FORWARD 154,721 48,324 203.045 TANCIBLE FIXED ASSETS Fixtures and fittings Plant and machinery Motor vehicles Computer equipmeni Totals COST Ai l April 2023 Additions 5,852 24,193 63,934 9,893 103,872 5,698 At 31 March 2024 5,852 28,293 63,934 109,570 DEPRECIATION Ai l April 2023 Charge for year 5,852 11,747 6,371 45,343 11,927 6,115 1,098 69,057 19,396 At 31 March 2024 18,118 57,270 NET BOOK VALUE Ai 31 March 2024 10,175 6,664 21,117 At 31 March 2023 12.446 18,591 3,778 34.815 Page 14 continued...
YOUNG LEWISHAM PROJECT ORKSHOP NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31 MARCH 2024 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayinents and aecrned income 40.428 2,916 2,461 2,461 CREDITORS: AMOUIYTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other taxes Oihcr creditors Accruals and deferred income 2,646 8,257 1,618 18,264 4.089 8.277 1,664 28.482 42,512 io. MOVEMEIYT IN FUNDS Nel movemeni in funds At 3113124 Ai 114123 Unrestricted funds G¢n¢ral fund 154,720 .(42,518) 112,202 Restricied fund5 Garfield Weston Jack Pclchey Foundation Sir William Boreman Foundation Youth Offending Service Other Grants 23,000 1.223 (23,000) 246 2,456 (852) (1,317) (4,500) (1,378) (4.347) (5,000) (1,146) 12,150 1,469 2,456 852 4.317 4.500 1,378 6,448 5.000 1.607 3,000 L&Q Groundwork UK TFL Walking & Cycling - Groundwork William Haicliffe Merchant Taylor Sport England Building Rcfurbishmenl 2,101 461 12,150 50,000 48.325 23,312 71,637 TOTAL FUNDS 203,045 19,206) 183.839 Page 15 continued...
YOUNG LEWISHAM PROJECT ORKSHOP NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 io. MOVEMENT IN FUNDS - ¢on¢inued Net mov¢rnent in funds, included in the above are as follows.. Incoming resources ResourGcs expended Movem¢nt funds Unre$tricted funds General fund 257.042 (299,560) (42,518) Reslrieted funds Garfield Weston Jack Pelchey Foundation Sir William Borcman Foundation Youth Offending Service Leathersellers Barabara Ward Childrens Fund St James Place Other Grants (23,000) (2,454) (7,544) (8,013) (5,000) (5,000) (10,001) (6,817) (6,999) (1,378) {7,348) (5,000) (8,947) (3,000) (85,479) (2,350) (6,092) (23.000) 246 2,456 (852) 2,700 10.000 7,161 5,000 5,000 io.ooi 5.500 2,499 (1.317) (4,500) (1,378) (4,347) (5,000) (1,146) L&Q Groundwork UK TFL Walknng & Cycling - Groundwork William Haicliffe Merchant Taylor Doyly Carte Lewisham Virtual School Sport England Active Communities Building Refurbishment 3,001 7,801 3,000 85.479 14,300 6.092 50,000 12,150 217,734 194,422 23,312 TOTAL FUNDS 474,776 493,982) 19,206) Page 16 continued...
YOUNG LEWISHAM PROJECT ORKSHOP NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 io. MOVEMENT IN FUNDS - COAtinued Comparatives for movement in funds Net movement in funds At 3113123 Ai 114122 Unreslricted funds General nd 118,647 36,073 154,720 Restricted funds Garfield Weston Jack Petchey Foundation Youth Offending Service Oth¢r Grants L&Q Groundwork UK TFL Walking & Cycling - Groundwork TNL Community Fund William Halcliffe Kusuma Trust UK Merchani Taylor 23.000 (1,758) 367 {3,501) 4,500 1.250 4,374 (1,012) 1,813 (10,000) 23,000 1,223 852 4,317 4.500 1.378 6,448 2,981 485 7,818 128 2.074 1,012 3,187 10.ooo 5,000 .607 27,685 20,640 48,325 TOTAL FUNDS 146,332 56,713 203,045 Page 17 conlinued..
YOUNG LEWISHAM PROJECT WORKSHOP NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2024 io. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above a as follows: Incoming resources Resources expended Movemenl in funds Unrestricted funds General fund 224,459 {188,386) 36,073 Restricted funds Garfield Weston Jack Pelchey Foundation Sir William Boreman Foundation Youth Offending Service Leathersellers Barabara Ward Childrens Fund Other Grants L&Q 38,695 2.700 10.000 7,160 14,999 10.000 12,732 13,110 15,000 1.500 8.730 10,000 2,310 5,000 (15,695) (4,458) { i 0,000) (6.793) {14,999) { i 0.000) {16,233) (8,610) (15.000) (250) (4.356) {11,012) (2,310) (3.187) { i 0,000) ( 10.000) (5,893) (10,000) (3,500) 12,219) 23,000 (1,758) 367 (3,501) 4,500 Reta Lila Howard Foundation Groundwork UK TFL Walkn'ng & Cycling - Groundwork TNL Community Fund Lewi$ham Youth Theatre William Halcliffe Kusuma Trusi UK Hob50ns Merchani Taylor London Community Fund Doyly Carte Lewisham Virtual School 1,250 4,374 (1,012) 1,813 { i 0,000) 10.000 7,500 10.000 3,500 12,219 1,607 195 155 174515 20,640 TOTAL FUNDS 419 614 362 901) 56,713 The purpose of each restricted fund 1$ as follows: Reta Lila - Trash 2 Treasure upcycling project Jack Petchey- Activities for the young people attending Young Lewisham Leathersellers - Towards Core costs for Young Lewi5ham Barbara Ward - Mad About Motorbikes {motor bike activities & workshops for young people). L&Q - Power to the Pedal, Saturday and Monday evening cycling and fitness sessions for the young people attending. YOS - Reparaiion sessions commissioned by Lewisham Youth Offending Service on rolling programme 50 weeks of the year. Garfield Wesion - Mad About Motorbikes (motor bike activities and workshops for young people). Page 18 continued...
YOUNG LESHAm PROJECT ORKSHOP NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2024 io. MOVEMENT IN FUNDS- continued Groundwork - WCGL - Power lo the Pedal for school bascd cycling rnaintcnance workshops. fNL Community (Awards for All) Grnb Club providing a hot lunch and cooking support for young people attending sessions al the Young Lcwisham. William Hateliffe - to fund an extra day fundraiser and business development Hedley (included in other grants) - small grant for motorbike supplies. Ironmongers - funding for cooking support for the breakfast club. St James. Place - funding for cooking SUPPOrt for youn8 people atlcnding sessions. Duke of Edinburgh (included in other grants) - funding give young people develop skills confidence and resilience Ihrough various activilies. Sport England - funding to help young pcople cngage in physical exercises and sport lo improvc wcll being. Active Conununilies - Providing free sports in the community for young people outside of school hours. Doyle - small grant for equipment for the young people. TFL Walking and Cycling - funding for cycling classes for young people after school hours. Merchanl Taylor - fundin8 for core cosis for delivering the service provision, Ground Work UK - funding for art murals William Boreman - fundin8 for core Cosi for delivering the service provision. Lewisham Virtual School (The Lighthouse Projeci) working with young people excluded from school through the Lighthouse Project ii. RELATED PARTY DISCLOSURES There wer¢ no rela(ed party transactions for the year ended 31 March 2024. Page 19
YOUNC LEWISHAM PROJECT WORKSHOP DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 IIYCOME AND ENDOWMENTS Donations And legacies Donations Grants 22,856 210.575 19,378 187,995 233,431 207.373 Investment income Deposit account interest 3.634 1,030 Charltable gctlvltles Individual referrals Youth offending service Other 210,097 7.160 19,604 182,163 7,160 21,888 236,861 211,211 Other Income Gain on sale of tangible fixed assets 850 Total Incomlng resourees 474,776 419,614 EXPENDITURE Charitable Actlvltles Wages Social security Pensions Freelancers Running costs Repairs and maintenance Activilies Activity support costs Independeni examiner's fee 328,081 25,960 7,619 18,023 62,031 4,107 15,435 30,506 2,220 214,709 13,024 4,590 28,985 65,727 2,767 13,211 17,800 2,088 493,982 362,901 Total resources expended 493.982 362 901 iyet (expenditure)lincome {19.206) 56,713 This page does not forni part of the slarutory financial statements Page 20