## **US Charitable Trust** **Charity No. 1147089** **Company No. 07953247** **Trustees' Report and Unaudited Accounts** **31 March 2022** ## US CHARITABLE TRUST (LIMITED BY GUARANTEE) LLEGAL AND ADMINISTRATION INFORMATION ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Charity No. 1147089** ## **Principal Office** The US Charitable Trust Alma Grove Combe Witney Oxon OX29 8NA ## **Trustees** The Trustees,who are also directors of the charity for the purposes of the Companies Act 2006,, present their report with the unaudited financial statements of the charity for the year ended 31 March 2022. : The following Trustees served during the year; Mrs S M Balfour Mr C Nyawo Ms E McKay Mr J Diego Miss T Li (appointed 18th July 2021) Mrs J Macleod (appointed 16th July 2021) ## Accountant Sydney Hudson Ltd. Bedford Heights Brickhill Drive Bedford Bedfordshire MK41 7PH 2 US CHARITABLE TRUST (LIMITED BY GUARANTEE) ## **Contents** ||Page| |---|---| |Trustees’ Report and Chair's Report|4-6| |Independent’s Examiner’s Report|7-8| |Statement of Financial Activities|9| |Balance Sheet|10| |Notes to the Accounts|11-18| 3 ## US CHARITABLE TRUST (LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021 ## STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity is a charitable company limited by guarantee, incorporated on 16 February 2012 and registered as a charity on 2 May 2012. The charity subsequently changed its name from The Harlesden Hub to US Charitable Trust on 8 July 2013. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1 each. The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as Trustees. Under the requirements of the Memorandum and Articles of Association all Trustees must be members. Subscribers to the Memorandum (being the first Members) are also the first Trustees. Subsequent Trustees are elected by the Members. There must be at least three and not more than ten Trustees at any one time. Trustees remain in office until they cease to be a Member, resign by written notice to the Trustees (but only if at least two Trustees will remain in office) or otherwise becoming ineligible to hold office in accordance with the Memorandum. All Trustees give their time voluntarily and received no benefits from the charity. Any expenses reclaimed from the charity are set out in Notes to the accounts. Due to the geographical area in which the charity operates, the Trustees seek to ensure that local representatives are appropriately reflected through the diversity of the trustee body. To enhance the potential pool of trustees the charity has, through selective advertising in the local community, sought to identify residents in the local community who would be willing to become members of the charity. The more traditional business skills are otherwise well represented amongst the Trustees. Most Trustees are already familiar with the responsibilities and duties required of them. Currently, due to the size of the charity there are no formal systems in place with regard to Trustee training and induction. This will be reviewed as and when new Trustees are recruited. The charity has a Board of Trustees made up of between three and ten Trustees who meet twice a year and are responsible for the strategic direction and policy of the charity. At present the Board has three members from a variety of professional backgrounds relevant to the work of the charity. The charity has also established an Advisory Board from which to draw on the expertise and advice from a variety of sources. Members of the Advisory Board include Headteachers, Assistant Headteachers, Community Leaders, parents and students. Day to day responsibility has been delegated to Trustee and Chair Mrs S Balfour along with a Director of Operations. The Chair is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met. The Director of Operations is 4 responsible for managing personnel, finances, operations, logistics, business matters, corporate and legal issues. In so far as it is complementary to the charity's objects, the charity works closely with other key local organisations such as Young Brent Foundation, John Lyons Charity, London Youth, The Prince’s Trust, Radley College, Newman Catholic College and Imperial College. The Trustees has assessed the major risks to which the Charity is exposed. A risk register has been established and will be updated at least annually going forward. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. ## **OBJECTIVES AND ACTIVITIES** The Charity's purposes as set out in the objects contained in the charity's Memorandum of Association are to further or benefit the residents of Brent, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation or other leisure time occupation with the objective of improving the conditions of life for the residents. The aims of the charity are to help young people in the deprived area of Brent, London and its surrounding neighbourhoods broaden their ambitions, opportunities and curiosity. The charity aims to develop the skills, passion and appetite of residents aged between 10 and 25, and encourage them to pursue their own particular interests, to achieve their full potential and, ultimately, to secure long-term employment. These aims fully reflect the purposes that the charity was set up to further. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. The activities of the charity in the period were limited to the following: Running activities in the local community to enhance the conditions of life for young people. ## **FINANCIAL REVIEW** This year the charity raised £85,111 and expended £92,514 in delivering their programmes. At the end of the accounting period the charity had a reserve of £33,145. 5 In writing the chairman’s report I find that I have so much positive news and although we are all very aware of the negative impact the lock down has had on many people and especially young people, we have had a very positive year both in the progress we have made as a team and the feedback we have received from our clients. All this has been down to incredible team members and their very cohesive and complimentary working together. Tiffany Li our COO and new recruit Matt Owen have been an amazing team in their skill sets so dove tailing each other. They have put into clear functioning programmes all their combined knowledge of how to best reach our young people and offer them the support and skills they need. While also being able to prove to the Heads of School the programmes, which will give them best value for money in achieving the Gatsby Bench Marks they are now required to offer. This helps the schools immeasurably and contains all the needed ingrediencies in one neat package which is great for OFSTED inspections and reviews. Together they have worked weekly with two schools delivering one on one mentoring of over 230 students and supporting them not only with Future Voice but with our STEM programme for young women in the Zenobia Project. Our Development Manager Janet Macleod has explored various creative ways of raising more funding and sustainable core funding. Along the way she got US into Pilotlight Project working with Senior Barclays Bank staff. This was eye opening and revolutionised our view of ourselves and showed US how to charge for our services. Pilotlight spent six months working with US through 15 of their employees and created a business plan and future funding project options. The entire US team worked together on this which brought US all closer together and in turn delivered a stronger programme for our young people by concentrating on how to build their self-confidence and get them in to jobs. We discovered lots of similarly minded people through Janet’s research whom we now partner with and share passion to give our clients the best possible start in working life. So it only leaves me to say a huge thank you and bravo to the US team and just keep going. 6 ## Independent Examiner's Report to the trustees of US Charitable Trust I report on the accounts of US Charitable Trust for the period ended 31 March 2022 which comprises of the Statement of Financial Activities, the Statement of Financial Position and the related notes. This report is made solely to the charity’s trustees, as a body, in accordance with regulations made under Section 144 of the Charities Act 2011. My examination has been undertaken for no purpose other than to draw to the attention of the charity’s trustees those matters which I am required to include in an independent examiners’ report addressed to them. To the fullest extent permitted by law, I do not accept or assume responsibility to any party other than the charity and charity’s trustees as a body, for my examination, for this report, or for the opinions I have formed. ## Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under the Charities Act 2011, s.144(2) (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under charity law and is eligible for independent examination, it is my responsibility to: - examine the accounts under s.145 of the 2011 Act; - to follow procedures laid down in the general Directions given by the Charity Commission under s.145(5)(b) of the 2011 Act; and - to state whether particular matters have come to my attention. ## Basis of independent examiner's report My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair" view and the report is limited to those matters set out in the statement below. ## Independent examiner's statement In connection with my examination, no matter has come to my attention: - (1) which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with section 386 of the Companies Act - 2006; and - to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or 7 7 (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Beverley Sydney BSc MAAT Independent Examiner Sydney Hudson Ltd. Bedford Heights Brickhill Drive Bedford MK41 7PH 8 **US Charitable Trust Statement of Financial Activities** ## **for the year ended 31 March 2022** |**Notes**
**Income and endowments**
**from:**
Donations and legacies
4
**Total**
**Expenditure on:**
Raising funds
5
Charitable activities
6
Other
7
**Total**
Net gains on investments
**Net (expenditure)/income**
8
Transfers between funds
**Net (expenditure)/income**
**before other gains/(losses)**
**Other gains and losses**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**2022**
**£**
10,227|**Restricted**
**funds**
**2022**
**£**
74,884|**Total funds**
**2022**
**£**
85,111|**Total funds**
**2021**
**£**
85,559| |---|---|---|---|---| ||10,227
-
27,011
2,640|74,884
24,241
33,000
5,622|85,111
24,241
60,011
8,262|85,559
18,103
49,703
12,241| ||29,651
-|62,863
-|92,514
-|80,047
-| ||(19,424)
-|12,021
-|(7,403)
-|5,512
-| ||(19,424)|12,021|(7,403)|5,512| ||(19,424)
40,548|12,021
-|(7,403)
40,548|5,512
35,036| ||21,124|12,021|33,145|40,548| 9 US Charltable Tnwt Balance Sheet at 31 Uarch 2tY22 Company No. 07953247 Notes 2021 Flxed auats TaThJlble ￿ett 10 1,587 1.587 Curr•nt asyBts Cath at bank and th hand 37.085 37. (3.9401 33,145 33.145 33.145 3B.962 38.962 Cr8dltorn: Amount lalllNJ due wlthln on8 y•ar Net Current a•80ts Total assets lim current Ilabllltl Met assets excludlno poll￿0￿ a#et or Ilabillty Total net 11 38,%1 40,548 40.548 33.145 40,548 The funds ol Iho ch8rlty Restrlcted fund8 ReitrfGted Income fund¥ 12 46.n4 46.714 Unreslrlcted lunds General lund8 Dojlgnated fun 12 125.8621 12293 113,5691 (3,487) 44.035 40.548 Re81ry0$ 12 Total lundi 33,145 40,548 The$e accountj ttave been prepared In aKordancfj Twlth IINI Vidal pr￿0￿ of Pirt15 of the Companles Act 20[6 relI￿n9 to wnall companle& For the year ended 31 March 21Y22 the Gompary wa¥ 8ntttl•d to exemptlon unoer M¢tlon 4T1 ol the Companlei Art 21K16 relallng to small c(Nnpanl•L Thi rnembern have not rfjqulred the Gompany io obtaln an audh In wordanre wlth secllon 476 of tho Companle$ Act 2(th. The dlrectorn acknowledge thelr for¢oThwtying wlth th• r•qulroments of the Companlu AGt 2[#]6 wlth to a¢¢ountlng rewrth and the prwrntton ot iCGoun Approved by the boarf on 31 March 2022 And IlL￿ed on Its behall by. Ju lego Treasurer 27th May 2022 io **US Charitable Trust Notes to the Accounts** ## **for the year ended 31 March 2022** - 1 **Accounting policies** ## **Basis of preparation** The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. ## **Change in basis of accounting or to previous accounts** There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. ## **Fund accounting** - Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. - Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. - Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal. ## **Income** - Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. - Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. - Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. - Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. - Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets 11 **US Charitable Trust Notes to the Accounts** ## **Expenditure** - Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. - Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. - Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. - Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. - Other expenditure These are support costs not allocated to a particular activity. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Tangible fixed assets and depreciation** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Electrical equipment 25%% Straightline method ## **Freehold investment property** Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. ## **Stocks** Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. ## **Trade and other debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. 12 **US Charitable Trust Notes to the Accounts** ## **Trade and other creditors** Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **Research and development** Expenditure on research and development is written off in the year in which it is incurred. ## **Foreign currencies** Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure. ## **Leased assets** Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. ## **Pension costs** The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. ## **Receipt of donated goods, facilities and services** All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. 13 **US Charitable Trust Notes to the Accounts** ## 2 **Company status** The company is a private company limited by guarantee and consequently does not have share capital. ## 3 **Statement of Financial Activities - prior year** |3
**Statement of Financial Activities - prior year**||||| |---|---|---|---|---| |**Income and endowments from:**
Donations and legacies
**Total**
**Expenditure on:**
Raising funds
Charitable activities
Other
**Total**
**Net income**
**Net income before other**
**gains/(losses)**
**Other gains and losses:**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
4
**Income from donations and legacies**
Main Grant - National Lottery
Other Donations
Charities Aid Foundation
America
John Lyons|**Unrestricted**
**£**
-
10,227
-
-
10,227|**Unrestricted**
**funds**
**2021**
**£**
44,035
44,035
-
16,328
1,577
17,905
26,130
26,130
26,130
3,660
29,790
**Restricted**
**£**
27,356
10,528
-
37,000
74,884|**Restricted**
**funds**
**2021**
**£**
41,524
41,524
18,103
33,375
10,664
62,142
(20,618)
(20,618)
(20,618)
31,376
10,758
**Total**
**2022**
**£**
27,356
20,755
-
37,000
85,111|**Total funds**
**2021**
**£**
85,559| |||||85,559
18,103
49,703
12,241| |||||80,047| |||||5,512| |||||5,512| |||||5,512
35,036| |||||40,548| |||||**Total**
**2021**
**£**
35,624
14,250
29,785
5,900| |||||85,559| 14 **US Charitable Trust Notes to the Accounts** - 5 **Expenditure on raising funds** |_Costs of generating voluntary_
_income_
Main Grant - National Lottery
6
**Expenditure on charitable activities**
_Expenditure on charitable_
_activities_
Charity Activities
Contractors
_Governance costs_
COO
COO/Contractor
7
**Other expenditure**
Employee costs
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
General administrative costs
Legal and professional costs
8
**Net (expenditure)/income before transfers**
This is stated after charging:
Depreciation of owned fixed assets
9
**Staff costs**
Social security costs
No employee received emoluments in excess|**Unrestricted**
**£**
1,693
1,587
987
66
4,333
of £60,000.|**Restricted**
**£**
24,241
24,241
**Unrestricted**
**£**
15,988
11,023
33,000
-
60,011
**Restricted**
**£**
457
-
-
3,472
3,929
**2022**
**£**
1,587
**2022**
2,150
2,150|**Total**
**2022**
**£**
24,241
24,241
**Total**
**2022**
**£**
15,988
11,023
33,000
-
60,011
**Total**
**2022**
**£**
2,150
1,587
987
3,538
8,262|**Total**
**2021**
**£**
18,103| |---|---|---|---|---| |||||18,103| |||||**Total**
**2021**
**£**
7,573
8,755
15,653
17,722| |||||49,703| |||||**Total**
**2021**
**£**
6,238
529
1,048
4,426| |||||12,241| |||||**2021**
**£**
529
**2021**
6,238| |||||6,238| |||||| 15 **US Charitable Trust Notes to the Accounts** ## 10 **Tangible fixed assets** |10 **Tangible fixed assets**|||| |---|---|---|---| |**Cost or revaluation**
At 1 April 2021
At 31 March 2022
**Depreciation and**
**impairment**
At 1 April 2021
Depreciation charge for the
year
At 31 March 2022
**Net book values**
At 31 March 2022
At 31 March 2021
11 **Creditors:**
amounts falling due within one year
Other creditors
Accruals|**2022**
**£**
3,940
-
3,940|**Electrical**
**equipment**
**£**
7,672
7,672
6,085
1,587
7,672
-
1,587|**Total**
**£**
7,672| ||||7,672| ||||6,085
1,587| ||||7,672| ||||-| ||||1,587| ||||**2021**
**£**
-
1| ||||1| 16 **US Charitable Trust Notes to the Accounts** ## 12 **Movement in funds** |**Restricted funds:**
**Restricted income funds:**
National Lottery
John Lyons Charity
John Lyons Charity
OPDC
_Total_
**Unrestricted funds:**
**General funds**
**Designated funds:**
Monkey Puzzle
Jack Petchey
Other donations
Summer Fete
John Lyons
_Total_
**Total funds**|**At 1 April**
**2021**
-
-
-
-
-
(3,487)
29,785
10,750
2,000
1,000
500
-
44,035
40,548|**Incoming**
**resources**
**(including**
**other**
**gains/losses**
**)**
**£**
27,356
33,000
4,000
10,528
74,884
0
6,000
1,000
3,093
134
-
-
10,227
85,111|**Resources**
**expended**
**£**
(28,170)
-
-
-
(28,170)
(22,375)
(6,000)
(1,000)
(987)
(66)
(33,458)
(458)
(41,969)
(92,514)|**At 31**
**March**
**2022**
**£**
(814)
33,000
4,000
10,528| |---|---|---|---|---| |||||46,714| |||||(25,862)
29,785
10,750
4,106
1,068
(32,958)
(458)| |||||12,293| |||||| |||||33,145| Purposes and restrictions in relation to the funds: Restricted funds: National Lottery John Lyons Charity COO wages 21/22 John Lyons Charity Summer Fete OPDC Summer Fete Designated funds: Monkey Puzzle Jack Petchey Other donations Summer Fete John Lyons 17 **US Charitable Trust Notes to the Accounts** ## 13 **Analysis of net assets between funds** |13 **Analysis of net assets between funds**|||| |---|---|---|---| |Net current assets
14 **Reconciliation of net debt**
Cash and cash equivalents
Net debt|**Unrestricted**
**funds**
**£**
7,300
7,300
**At 1 April**
**2021**
**£**|**Restricted**
**funds**
**£**
25,845
25,845
**Cash flows**
**£**|**Total**
**£**
33,145| ||||33,145| ||||**At 31**
**March**
**2022**
**£**| ||38,962|(1,877)|37,085| ||38,962
38,962|(1,877)
(1,877)|37,085| ||||37,085| 15 **Related party disclosures** _**Controlling party**_ 18