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2022-03-31-accounts

ADDISON YOUTH CLUB ANNUAL REPORT & FINANCIAL STATEMENTS 31 MARCH 2022

Addison Youth Club, Charity number 1124045

Registered address: c/o London Youth, 47-49 Pitfield Street, London N1 6DA

Addison Youth Club Trustees’ Report Year ended 31 March 2022

CONTENTS

REFERENCE AND ADMINISTRATIVE INFORMATION 3
STRUCTURE, GOVERNANCE ANDMANAGEMENT 4
OBJECTIVES, ACTIVITIES ANDFUTUREPLANS 5
GRANT-MAKING ACTIVITIES 6
FINANCIALREVIEW 9
STATEMENT OFTRUSTEES’ RESPONSIBILITIES 13
INDEPENDENTEXAMINER’SREPORT 14
STATEMENT OFFINANCIALACTIVITY 15
STATEMENT OFFINANCIALPOSITION 16
STATEMENT OFCASHFLOWS 17
BASIS OFPREPARATION OF THEACCOUNTS 18
NOTES TO THEACCOUNTS 21

2

Addison Youth Club Trustees’ Report Year ended 31 March 2022

REFERENCE & ADMINISTRATIVE INFORMATION

Charity: Addison Youth Club
Charity number 1124045, registered in England & Wales
Registered Address: c/o London Youth
47-49 Pitfield Street
London N1 6DA
Directors/Trustees: Julian Beare (Chair)
Patora Dyrma
Jane Earle
David Miller
Poppy Scott Plummer
James Waight
Keith Ward
Banker: National Westminster Bank plc
Docklands South Quay Branch
54 Marsh Wall
West India Quay
London
E14 6LJ
Independent Crowe U.K. LLP
Examiner: 55 Ludgate Hill
London EC4M 7JW

3

Addison Youth Club Trustees’ Report Year ended 31 March 2022

STRUCTURE, GOVERNANCE & MANAGEMENT

Constitution

Addison Youth Club, a registered charity, was established in 1951 and registered with the Charity Commission through a Scheme on 4[th ] February 2008 and updated on 11[th ] December 2018.

During 2020 Addison Youth Club was governed by its corporate trustee, Addison Youth Club (Trustee) Limited until such time that application was made for voluntary strike-off of the company and confirmation of dissolution was received on 22 September 2020.

The charity is now governed by a Board of Trustees. The Trustees who served during the year and as at the report date are:

Governance

Trustees are elected for an unrestricted term and are appointed by the Trustees. There were no changes to the Trustee Board during the period under review.

Addison Youth Club has no staff. The decision making and management of the charity is carried out by the Trustees and the day-to-day administration of the charity is carried out by London Youth staff.

Related Parties

The Federation of London Youth Clubs (London Youth) [charity registration 303324, company registration 258577] has one trustee in common with the Addison Youth Club.

All administration has been carried out by London Youth since February 2019, however Addison Youth Club operates as a distinct independent charity. Addison Youth Club is a member of London Youth. London Youth (as a custodian trustee) previously held the Title Deeds for the property at 45 Redan Street on Trust on behalf of Addison Youth Club, which was disposed of in 2019 and replaced by a permanent endowment fund through which the charity commenced grant-making activities.

4

Addison Youth Club Trustees’ Report Year ended 31 March 2022

OBJECTIVES, ACTIVITIES & FUTURE PLANS

The charitable objects of the Addison Youth Club are to promote the development of boys and girls resident in the London Borough of Hammersmith & Fulham and neighbouring areas in achieving their full physical, intellectual, social and spiritual potential.

This was previously achieved through running a youth club on the site at 45 Redan Street, London W14 0AB from 1951 to 2017, when the charity stopped operating as a youth club due to a number of problems, including a lack of funding, changing needs of young people in the immediate area, shortage of volunteers, and increasing costs of running an aging building.

During 2018 the Trustees of the Addison Youth Club undertook a review and established that running a youth club in the building at 45 Redan Street was not the most effective way to achieve the charitable objects and concluded that the best use of resources would be to support young people by making funding available to other youth projects in the local area.

As a result, in January 2019 the Trustees resolved to support youth organisations and young people in the Hammersmith and Fulham area by setting up an Endowment Fund from the sale proceeds of the property at 45 Redan Street. The property was previously held as a permanent endowment, created in the Trust Deed dated 27[th ] May 1937 (as amended by Charity Commission Schemes in 1978 and 2008) and held on Trust by The Federation of London Youth Clubs for the sole use of Addison Youth Club and at the direction of the Addison Youth Club Trustees. The sale of the property realised net proceeds of £2,329,887 in late October 2019, from which the Endowment Fund of £2,300,000 was created.

Further, it was agreed by the Trustees that, following the sale of the property which would greatly reduce the risks and liabilities of the charity, that the Addison Youth Club Trustee Ltd company would be dissolved and Trustees of the charity recorded individually with the Charity Commission. Accordingly, at their meeting in January 2020, the Trustees approved the resolution to strike-off Company No. 08018129, Addison Youth Club (Trustee) Limited.

The application for strike-off was acknowledged by Companies House on 20 February 2020 and the first gazette notice of voluntary strike-off was issued on 18 February. However, in March 2020, Companies House introduced temporary easement measures to suspend voluntary strike off action in response to coronavirus (COVID-19). Companies House confirmation of dissolution was subsequently received on 22 September 2020 following the termination of the temporary easement measures.

The objective of the charity was to move to becoming a grant-making charity by 31 March 2021, through the use of the permanent endowment fund established through proceeds from the sale of 45 Redan Street and grant-making activities commenced in the financial year ending 31 March 2021.

5

Addison Youth Club Trustees’ Report Year ended 31 March 2022

- GRANT MAKING ACTIVITIES IN THE PERIOD TO 31 MARCH 2022

In moving the charity from an operational youth club to a grant-making charity, the Trustees set up a website www.addisonyouth.org in late 2020 which set out the eligibility criteria as follows:

Addison Youth has been supported by London Youth and the Young Hammersmith & Fulham Foundation in reaching out across youth networks in the borough and surrounding areas. As in prior year, a total of 18 grant applications were received by the end of December 2021 and were shortlisted through relevant due diligence criteria. This year, the Board convened a Youth Panel to support the shortlisting process in February 2022 and to give effect to ‘youth voice’ in its decision-making processes, which was facilitated by an external consultant with significant expertise in this area.

The Board made the decision to award 9 grants in total (2021: 8), of which only one was in respect of unrestricted/core activity; noting that since 2021, youth workers and community groups were now providing structured programmes for young people struggling with the ongoing impact of the pandemic in terms of wellbeing and mental health as well as cost of living challenges.

The total value of grants awarded was £100,973 (2021: £100,746) and formal Grant Agreements issued to each of the grantee organisations. The smallest grant awarded was £5,000 (2021: £7,000), with the largest grant being £20,869 (2021: £20,000). A total of £75,539 (2021: £58,266) was paid out in tranche one, with the remainder, £25,434 (2021: £42,480) to be awarded in September 2022, following the submission of mid-year project reviews. In setting out a monitoring and evaluation framework for the grantee organisations, the Trustees were mindful to take a proportionate approach, relevant to the size of the grant issued.

6

Addison Youth Club Trustees’ Report Year ended 31 March 2022

The response to the inaugural year of grant funding in 2021 was overwhelmingly positive and included the following feedback:

“Addison Youth’s contribution to our core costs has enabled us to deliver on all delivery and we expect to come in on budget at the end of a difficult period” (Action on Disability)

“We started offering free basketball coaching to 25 young people for 90 mins per week, this has helped raise the confidence of those young people and has helped them physical and mentally; 10 of these young people had been totally uninvolved in sporting activity previously” (St. Alban’s, Fulham).

“This funding allowed us to begin targeted work with a group from our junior programme who needed support to access our senior programme and not be overwhelmed by its more independent feel – for this group, this transition also coincides with the change between primary and secondary schools” (Masbro Youth Club)

Overall, Addison Youth supported the delivery of over 1,000 hours of activities to over 400 children and young people in the borough in 2022. Many of these programmes were cofunded but could not have taken place without the contribution from Addison Youth.

Of the £100,973 committed in grant funding in 2022, £90,973 (2021: £55,000) or approximately 90% was targeted towards restricted activities; this marked a move away from the level of ‘emergency’ provision during 2020-21, when approximately 55% of grant funding was targeted towards unrestricted activities.

The 2022 grant-round is supporting a diverse range of programmes such as support sessions for young women at risk of exploitation; anti-knife crime; education support and outdoor activities for young people; employability and skills; healthy eating; mentoring programmes as well as a pilot programme targeted at young school leavers.

The list of organisations who received funding commitments from the charity in the period to 31 March 2022 are as follows:

7

Addison Youth Club Trustees’ Report Year ended 31 March 2022

Club name
Eat Club
Harrow Club
Key4Life
Masbro Club
Mother and Child Welfare
Refugee Access
The Brunswick Club
The Kid's Network
Sulgrave Club		 TOTAL Grant
Awarded
£
7,410
£
15,000
£
20,869
£
15,000
£
10,000
£
5,000
£
9,108
£
8,586
£
10,000
£
100,973

The aim of the charity is to continue to provide a level of much-needed support in the Hammersmith & Fulham community by developing strong links with local organisations who are delivering front-line services to young people in the area. The charity continues to develop its remit and expertise as a grant-making charity and help build capacity within the local community through the ongoing use of the permanent endowment.

In 2022, the charity convened a Youth Panel to support its grant decision-making process and bring the voice of young people to bear in its work.

The charity does not undertake any fundraising activity.

8

Addison Youth Club Trustees’ Report Year ended 31 March 2022

FINANCIAL REVIEW

The 2-year period to 31 March 2020 marked a transitional period at the charity, due to cessation of youth club activities and sale of the property at 45 Redan Street, London W14 0AB, which was concluded in late October 2019; realising net sale proceeds of £2,329,888. The sum of £2,300,000 was invested by the Trustees as a permanent endowment in early November 2019 from which to commence grant-making activities.

Early investment gains were impacted by the Covid-19 pandemic and the investment recorded losses of just over 10% or £233,365 by 31 March 2020. However, the period since then has seen a reversal of this position with investment gains totalling £620,916, of which £210,237 relates to the year under review (2021: £410,679).

The Statement of Financial Position as at 31 March 2022 shows the Total Fund at £2,732,936 (2021: £2,558,563), of which the permanent endowment fund comprises £2,687,551 (2021: £2,477,314). The value of the General Fund, as at 31 March 2022, is £45,385 (2021: £81,249).

The Statement of Financial Activity shows Investment Income of £76,610 (2021: £75,007). Grant expenditure in year mirrored prior year at £100,973 (2021: £100,746). General Expenditure was £8,725; up from £7,433 in 2021, due to the costs of convening and facilitating the Youth Panel in 2022 at a cost of £2,600. Governance Costs in 2021-22 were £2,776 (2021: £2,870).

The Cash at Bank position, as at 31 March 2022 was £147,963 (2021: £129,121); the net Current Asset position (Cash at Bank net of Debtors/Creditors) as at 31 March was £45,385 (2021: £81,249).

INVESTMENTS

The sum of £2,300,000 was invested in early November 2019 with a total return approach in a Charities Ethical Investment Fund held by CCLA, one of the UK's largest charity fund managers who manage investments for charities, religious organisations and the public sector.

The value of the market fell considerably during the Covid-19 crisis, resulting in investment losses of £233,365 at the charity. However, although the period to 31 March 2021 saw a relative market turnaround resulting in investment gains of £410,679; the period since then has been more volatile with gains of £210,237 recorded for the period to 31 March 2022.

RESERVES POLICY

The transition from an operational youth club to a grant-making organisation with no overhead or employees considerably lowered the need to carry reserves. However, given the level of grant commitments now being made, the Trustees reviewed their Reserves Policy in early 2021 and are confident that their assumptions remain valid for 2022.

9

Addison Youth Club Trustees’ Report Year ended 31 March 2022

The fund held as listed investments within the permanent endowment fund ensures the charity has sufficient resources to carry on making grants as the Trustees think fit, with due regard to the level of investment income available to fund such grants.

Grant payments may be varied by the charity in accordance with income earned on investments. Trustees will take a view as to the value of grant funding they make available each year, particularly where income earned on investments is insufficient to cover actual losses incurred.

Total Expenditure in 2022 was £112,474 (2021: £111,049), comprising Grant Expenditure of £100,973 (2021: £100,746) and General/Governance Expenditure of £11,501 (2021: £10,303). The Trustees, having reviewed the Reserves Policy , which requires the charity to maintain a minimum balance of between three and not more than six months’ of grants and costs, are satisfied that adequate funds are available via the General Fund balance of £45,385 (2021: £81,249) as at 31 March 2022; representing almost 5 months’ of grants and costs expenditure.

RISK MANAGEMENT

The Trustees receive a regular flow of information about both the finances and operations of the Trust. The Trustees have assessed the major risks to which the Trust is exposed through their risk management policy. These are:

In light of unprecedented events arising during the pandemic and post-pandemic period, the Trustees will continue to work with its investment managers to mitigate, where possible, any ongoing negative impact of this crisis on investment performance.

The Trust can also mitigate the risk of income variation by varying or ceasing its grant payment programme, which constitutes its principal expenditure, in order to conserve funds.

10

Addison Youth Club Trustees’ Report Year ended 31 March 2022

GOING CONCERN

Although the charity reported a net Cash Flow from operating activities of £2,327,544 in 2019-20, net Cash Flow used in operating activities in 2021-22 was £57,641 (2021: £66,432), with Cash Flows from investing activities of £76,610 (2021: £75,007).

However, should the market volatility negatively impact on Investment Income, the Trustees may consider a delay to grant-making activities in 2022-23 and/or a restructure of the fund, if deemed necessary. Although the investment fund has not performed as well as it did in prior year, the value of the fund has increased to £2,687,551 (2021: £2,477,314).

Although the general fund ratio to average annual non-grant expenditure has decreased from its 2021 value of 8:1 to 4:1, it is deemed sufficient to cover operating costs for 202223.

11

Addison Youth Club Trustees’ Report Year ended 31 March 2022

The Trustees have assessed the ability of the Trust to continue as a going concern. Informing this conclusion, a period of at least 12 months from the date of signing the financial statements has been considered, with neither the pandemic, nor post-pandemic economic landscape has not had a significant immediate impact on the Trust’s operations.

The Trust holds a permanent endowment fund on which it receives investment income to fund grants. A key area of uncertainty relates to ongoing market volatility on the valuation of investments. Despite investment losses of £233,265 in 2020, successive gains of £410,679 in 2021 and £210,237 in 2022 have restored the fund to a figure in excess of its opening balance position of £2,300,000 at £2,687,551 (2021: £2,477,314). As there is flexibility in the level of discretionary grants approved, such variances can be accommodated within the reserves.

Therefore, the Trustees have concluded that the Trust has a reasonable expectation that there are adequate reserves to continue in operational existence for the foreseeable future and have continued to prepare the financial statements on a going concern basis.

12

Addison Youth Club Trustees’ Report Year ended 31 March 2022

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the Trustees:

Julian Beare

Chair

Approved by the Trustees on 29 November 2022

13

Independent Auditor’s Report to the Trustees of Addison Youth Club Year ended 31[st ] March 2022

INDEPENDENT Examiner’s REPORT

I report to the trustees on my examination of the accounts of the Addison Youth Club for the year ended 31 March 2022 which are set out on pages 15-17.

This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material 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 Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts 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 accounts to be reached.

Julia Poulter

Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

Date: 30 November 2022

14

Addison Youth Club Financial Statements Year ended 31[st ] March 2022

STATEMENT OF FINANCIAL ACTIVITY

Including consolidated income and expenditure account for year ending 31st March 2022

Note Unrestricted
Funds
£
Endowment
Funds
£
Total
Funds
2022
£
Total
Funds
2021
£
76,610
-
76,610
75,007
76,610
-
76,610
75,007
112,474
-
112,474
111,049
112,474
-
112,474
111,049
-
210,237
210,237
410,679
(35,864)
210,237
174,373
374,637
81,249
2,477,314
2,558,563
2,183,926
45,385
2,687,551
2,732,936
2,558,563

All of the above activities are derived from continuing operations during the above two financial years. The notes on pages 21 to 25 form part of these financial statements.

15

Addison Youth Club Financial Statements Year ended 31[st ] March 2022

STATEMENT OF FINANCIAL POSITION

Note Unrestricted
Funds
£
Endowment
Funds
£
Total
Funds
2022
£
Total
Funds
2021
£
Fixed Assets
Investments
3
-
2,687,551
2,687,551
2,477,314
Total Fixed Assets
-
2,687,551
2,687,551
2,477,314
Current Assets
Cash at Bank
147,963
-
147,963
129,121
Debtors
5
315
-
315
321
Total Current Assets
148,278
-
148,278
129,442
Creditors
Amounts falling due within one
year
6
(102,893)
-
(102,893)
(48,193)
Net current assets
45,385
-
45,385
81,249
TOTAL NET ASSETS
45,385
2,687,551
2,732,936
2,558,563
Funds
7
Unrestricted Funds
45,385
-
45,385
81,249
Endowment Funds
-
2,687,551
2,687,551
2,477,314
TOTAL FUNDS
45,385
2,687,551
2,732,936
2,558,563
Approved by the trustees and signed on their behalf by:		 -
2,687,551
2,687,551
2,477,314
-
2,687,551
2,687,551
2,477,314
147,963
-
147,963
129,121
315
-
315
321
148,278
-
148,278
129,442
(102,893)
-
(102,893)
(48,193)
45,385
-
45,385
81,249
45,385
2,687,551
2,732,936
2,558,563
45,385
-
45,385
81,249
-
2,687,551
2,687,551
2,477,314
45,385
2,687,551
2,732,936
2,558,563

Julian Beare Keith Ward Chair Treasurer

on 29 November 2022

The notes on pages 21 to 25 form part of these financial statements

16

Addison Youth Club Financial Statements Year ended 31[st ] March 2022

STATEMENT OF CASH FLOWS
Cash flows from operating activities:
Net cash provided by (used in) operating
activities
Cash flows from investing activities:
Net dividends and interest from investments
Proceeds from sale of investments
Net cash provided by (used in) investing
activities
Change in cash and cash equivalents in the
reporting year
Cash and cash equivalents at the beginning
of the reporting year
Cash and cash equivalents at the end of the
reporting year
Cash and cash equivalents
01/04/21
£
Cash at bank and in hand
129,121
Cash held as investments
-
Total cash and cash equivalents
129,121
Reconciliation of net income (expenditure)
to net cash flow from operating activities
Net income/(expenditure) for the reporting
period as per the statement of financial
activities
Loss/(Gains) on investments
Dividends and interest from investments
Decrease in debtors
Increase / (decrease) in creditors
Net cash provided by (used in) operating
activities		 2022
£
(57,766)
76,610
-
76,610
18,842
129,121
147,963
Cashflow
£
18,842
-
18,842
2022
£
174,247
(210,237)
(76,610)
132
54,700
(57,766)		 2021
£
(66,432)
75,007
-
75,007
8,626
120,495
129,121

31/03/22
£
147,963
-
147,963
2021
£
374,637
(410,679)
(75,007)
(26)
44,643
(66,432)

The notes on pages 21 to 25 form part of these financial statements

17

Addison Youth Club Financial Statements Year ended 31[st ] March 2022

BASIS OF PREPARATION OF THE ACCOUNTS

The accounts (financial statements) have been prepared on the basis of historical cost convention adjusted for fair value of investments, in accordance with the Charities SORP (FRS 102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK generally Accepted Practice.

The Addison Youth Club meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going Concern Statement

The Trust holds a permanent endowment fund on which it received investment income to fund grants. A key area of uncertainty relates to the current market turmoil on the valuation of investments and returns.

Net Cash Flows from investing activities have returned to pre-pandemic levels at £76,610 (2021: £75,007), which are more than adequate to cover the level of non-grant expenditure of £11,501 (2021: £10,303). Investment losses of £233,265 in 2019-20 have been reversed and combined investment gains totalling £620,916, including £210,237 in 2022 (2021: £410,679) have been achieved.

Where the impact of the pandemic or other market disruption has potential to continue to undermine the value of the permanent endowment to the level of the initial contribution of £2,300,000, a pause in grant-making activities may be implemented by the Trustees.

The Trustees have assessed the ability of the Trust to continue as a going concern. Informing this conclusion, a period of at least 12 months from the date of signing the financial statements has been considered. Neither the pandemic or post-pandemic economic environment has had a significant immediate impact on the Trust’s operations and the Trustees have concluded that the Trust has a reasonable expectation that there are adequate reserves to continue in operational existence for the foreseeable future and have continued to prepare the financial statements on a going concern basis.

Income Policy

All income is credited to the statement of financial activities when there is entitlement, it can be measured and receipt is probable.

Investment income is credited to the statement of financial activities in the period in which the Trust is entitled to receipt and the amount can be measured with reasonable certainty.

18

Addison Youth Club Financial Statements Year ended 31[st ] March 2022

Expenditure

Expenditure is included in the statement of financial activities when incurred and includes attributable VAT which cannot be recovered.

Expenditure comprises the following:

Fund accounting

The general fund comprises those monies which may be used towards meeting the charitable objectives of the Trust at the discretion of the Trustees.

An Endowment Fund of £2,300,000 was set up, following the sale of the property at 45 Redan Street which the Youth Club formerly operated from. The Endowment was created as a permanent endowment in the Trust Deed dated 27[th ] May 1937 (as amended by Charity Commission Schemes in 1978 and 2008) and is held on Trust by The Federation of London Youth Clubs for the sole use of Addison Youth Club and at the direction of the Addison Youth Club Trustees.

Volunteers

The Trust has no volunteers except for its Trustees.

19

Addison Youth Club Financial Statements Year ended 31[st ] March 2022

Financial Instruments

The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand. Financial liabilities held at amortised cost comprise trade creditors and accruals.

Investments, including bonds held as part of an investment portfolio, are held at fair (market) value at the Balance Sheet date. Realised and unrealised gains and losses are credited, or debited, to the statement of financial activities in the year in which they arise.

At the balance sheet date, the charity held financial assets at fair value of £2,687,551 (2021: £2,477,314); assets at amortised cost of £148,152 (2021: £129,442) and financial liabilities at amortised cost of £102,893 (2021: £48,193).

Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies which are described above, Trustees are required to make judgements, estimates and assumption about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

20

Addison Youth Club: Annual Report and Accounts FYE 31 March 2022 Notes to the Accounts

NOTES TO THE ACCOUNTS

1. Income

1. Income
Income Earned on Investment/Deposits 2022
£
2021
£
76,610
75,007
-
-
76,610
75,007
2022
£
2021
£
100,973
100,746
100,973
100,746
1,980
2,170
761
665
35
35
2,776
2,870
6,000
6,000
2,600
-
125
1,433
8,725
7,433
112,474
111,049
1,600
1,550
1,600
1,550
Investment Income
Income Earned on Deposits
Total
2. Expenditure on Charitable Activities
Grants to Organisations
Governance Costs
Accountancy and Audit Fees
Insurance
Bank Charges
Other Costs
Management Fees
Youth Panel facilitation and expenses
Subscriptions
Total
Independent Examiner’s (2021: Auditor’s) Remuneration
Fees
Total

21

Addison Youth Club: Annual Report and Accounts FYE 31 March 2022 Notes to the Accounts

3. Investments

3. Investments
2022
£
2021
£
Listed Investments
Opening Market Value
Disposals at carrying value
Net investment gains/(losses)
Market value at 31 March 2022
Cash held by investment managers for reinvestment
Cost of listed investments at 31 March 2022
Listed Investments held at 31 March 2022 comprised:
Overseas Equities
UK Equities
Property/Other Assets
Cash
TOTAL		 2,477,314
2,066,635
-
-
210,237
410,679
2,687,551
2,477,314
-
-
2,687,551
2,477,314
2,300,000
2,300,000
1,725,676
1,669,710
240,805
242,777
477,309
442,944
243,761
121,883
2,687,551
2,477,314

4. Staff Costs

Addison Youth Club does not have any employees. Accountancy and Company Secretarial services are provided by London Youth at a fee of £1,500 per quarter.

5. Debtors

5. Debtors
2022
£
2021
£
Debtors
Prepayments
Total		 -
-
315
321
315
321

6. Creditors

6. Creditors
2022
£
2021
£
Trade Creditors
Grant payments accrued
Other Accruals
Total		 -
-
100,973
42,480
1,920
5,713
102,893
48,193

22

Addison Youth Club: Annual Report and Accounts FYE 31 March 2022 Notes to the Accounts

7. Funds

Funds
Unrestricted
Endowment
Funds
Unrestricted
Endowment		 As at
1 April
2021
£
81,249
2,477,314
2,558,563
As at
1 April
2020
£
117,291
2,066,635		 Incoming
£
76,610
-		 Expenditure
£
(112,474)

-		 Gains/
(Losses)
£
-

210,237		 Transfers
As at
31 March
2022
£
£

-45,385
-2,687,551
-
2,732,936
Transfers
As at
31 March
2021
£
£

-81,249
-2,477,314
- - -
Incoming
£
75,007
-		 Expenditure
£
-£111,049

-		 Gains/
(Losses)
£
-

410,679
2,183,926 75,007 -111,049 410,679 -
2,558,563

The sum of £2,300,000 was invested from the sale of the property at 45 Redan Street in November 2019 to move the charity from an operational youth club to a grant-making charity.

The property was previously held in trust as a permanent endowment, the historic cost of which was £nil.

23

Addison Youth Club: Annual Report and Accounts FYE 31 March 2022 Notes to the Accounts

8. Analysis of Net Assets between Funds

Fund balances at 31 March 2022
Represented by:
Investments
Current assets
Total Net Assets
Fund balances at 31 March 2021
Represented by:
Investments
Current assets
Total Net Assets
Creditors: amounts falling due within one year
Creditors: amounts falling due within one year		 General
Fund
£
-
148,278
(102,893)
45,385
General
Fund
£
-
129,441
- 48,193
117,291		 Endowment
Fund
£
2,687,551
-
-
2,687,551
Endowment
Fund
£
2,477,314
-
-
2,477,314		 TOTAL
2022
£
2,687,551
148,278
(102,893)
2,732,936
TOTAL
2021
£
2,477,314
129,441
- 48,193
2,558,563

9. Post Balance Sheet Events

Neither the pandemic or post-pandemic economic environment has had a significant immediate impact on the Trust’s operations and the Trustees have concluded that the Trust has a reasonable expectation that there are adequate reserves to continue in operational existence for the foreseeable future and have continued to prepare the financial statements. Although the value of the investment portfolio was impacted in 2019-20 by losses of £233,365, the value of the investment has since recovered, with the value of the fund being £2,687,551 as at financial year end 31 March 2022.

The Trustees transitioned the charity to a grant making charity in the financial year 2020-21 and issued its second grant round in 2022 of £100,973 (2021: £100,746). The Trustees intend to continue its grant-funding work in 2022-23 to deliver on its charitable objectives of supporting young people in the London Borough of Hammersmith & Fulham.

24

Addison Youth Club: Annual Report and Accounts FYE 31 March 2022 Notes to the Accounts

10. Trustees’ Remuneration

None of the Trustees received any remuneration for any work carried out from the charity during the financial year ended 2021-22 (2021: £nil). The amount paid to Trustees for expenses during the financial year ended 2021-22 was £nil (2021: £nil).

11. Related Parties

Addison Youth Club is a member of The Federation of London Youth Clubs (T/A “London Youth”). London Youth is a custodian Trustee of Addison Youth Club and holds the Endowment Fund generated from the sale of 45 Redan Street, London W14 0AB in Trust on behalf of Addison Youth Club.

During the year under review, Addison Youth Club paid the sum of £6,000 to London Youth in respect of Management Fees (2021: £6,000), of which £nil (2021: £3,500) remained outstanding at financial year end.

25

ADDISON YOUTH CLUB

Charity number 1124045

c/o London Youth 47-49 Pitfield Street London N1 6DA info@addisonyouthclub.org.uk