COMPANY REGISTRATION NUMBER: 08164995 CHARITY REGISTRATION NUMBER: 1149320 The Boathouse Youth Company Limited by Guarantee Financial Statements 31 December 2023 HN R&HA Chartered accountants & ststutory auditor 1121114 Whitegate Drive Blackpool FY3 gXH
The Boathouse Youth Company Limited by Guarantee Financial Ststemonts Year ended 31 December 2023 Page Trustees, annual report (incorporating the directorfs report) Independent auditorfs report to the members Statement of financial activiiies (including income and expenditure account) Statement of financial position 11 15 16 Statement of cash flows 17 Notes to the financial statements 18
The Boathouse Youth Company Limitsd by Guarantse Trustees. Annual Report (Incorporating the DirectOS Report) Yéar ènded 31 December 2023 The Iruslees, who are also the directors for the purFoses of company law. present their report and the financial statements of the chanty for the year ended 31 December 2023. Chalrfs report From the Chief ExeGuts've Officer The B08thouse Youth is a children's charity 11149320) $eNtng those Aged 5 - 17 across BCkpOor with fully funded effectiv6 youth seNices. Many of the Children wth whom we worf( are facing disadvantsges. The source of these disadvantsges ¢an summarised in tsvo words - poverty and isolation. The 8oathouse Youth aims to provide a variety of UCatiOnal and recreational activities th* wll bulld confidence restore self-esteem and. above all, bring happiness to the INes of ils young members. Our mission is to break the cycle of deprivation and empower lodals children lo bOrne contributing members of society. Established in 2009. we currenty operate in the borough's iwo "most deprived" {accLirdlng to all measurable means) communities: Bloomfield and Grange Park. The Boathouse Youth is a product of its local KtFeties' requirements we embrace those whose needs are greatest. Location is paramounL We have chosen the Bloomffield ward and Grange Park council 8slate due lo their unrivalled levels of deprNats"on within our town. MO than 50% of the children residing in these areas are'living below the breadline" The most significant barrier facing our members is the financial th)silion of their parents. This is why We provide all of our services completely free of any monetsry charge. Without The Boathouse Youth there would be no other reational outtet for the children and young people of these communities, the resultant effect of which would be an inevttable gravitation towards anti-social forms of behaviour, which. in tum, manifest themsefves in high levels of youth rJime and social disorders. A complex variety of issues assoaated with deprivation witribut8 t(Miards instabilty. They may witness regular dome$li¢ violence. druglalcohol misuse. live in poor-housing conditsons, have limited access to basi¢ services such as the denbst. The simplest of commodities are often in the shortest supply.. food in the fridge, a hot drink. help homework, a bed-time story and a clean bed. The Trustees are pleased to present their annual directors. report tO3ether with the financial statements of the charity for the Period ended 31 December 2023 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements ¢ornpty wth the Charities Act 2011, the Companies Act 2006, the Memorandum and Article5 of AsKKiation and Accounting and Reporttng by Charities.. Statement of Recommended Practice applicable to charities preparing their account in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 {effective January 20151. On behalf ot. The Boathouse Youth LAURANCE HANCOCK Chief Exe¢utNe Officer
The Boathouse Youth Company Limited by Guarantee Tru8tees' Annual Report (Incorporating tha Director's Report) {c<Jnllnv8dJ Year ended 31 December 2023 Roforgnco and admlnlstratlve detallg Rogistored charlty namo The Boathouse Youth Charlty reg18tratlon numbor 1149320 Company reglstrdtlon number 08164995 Prlnclpal offic• and reglstor8d Whileholme Youth Centre offlce I Saints Road Bla¢kpc¥)I FYS 3AL Th8 trustO0S •Ar DavKI Brennand Mr Paul Dillo Mr Philip iknn Ms Victoria Thompsc Ms Tracy Harrison Mr Dawd Maude Company secretary L HanC(k Audltor John Potter & Harrison Chartered accountants & ststtrtory auditor 1121114 Whitegate Drive Blackpool FY3 9XH Banker8 CAF Bank Limited 25 lQngs Hill Avenue West Malling Kent ME194JQ
The Boathouse Youth Company Limitsd by Guarantsa Trustees, Annual Report (Incorporating the Director's Report) (conllnuod) Year ended 31 December 2023 Structure, goveman¢e and management Governing Document The Gompany is registered as a charItab company limited by guarantee - incorporated on 1 August 2012 - registered charity number 1149320. The company is govemed by its Memorandum and Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10. Recruitment and App)intsnent of Truslees The directors of the company a also chanty trustees for the purwses of Charity law and under the company's Articles. At each AGM one-third of the directors must retire by rotstion bul if eligible may be re-elected. Al trustees give their b.me voluntsriw and receive no benefits frorn the Charity- Clause 27 of the Articles of Associatr"on states that the r¢umber of directors shall not be less than 2 but shall not be subject to any mwrnum. Trustee Induction Appropriate induction and training is provided. Al Trustees a subject lo and Enhanced DBS. Constitution and Organisation Structure The charitable company is govemed by a committee who are Trustees of The Boathouse Youth elected under the terms of the charitable companls rules. The Tru5tee5 mel in a structured way four tirnes during 2023 and each meeting invofved a robust scnjb.ny of the activitses taking place. The Trustees try lo make sure the organisation is efficienl and solvent and retaining its focus on its core activities. Ahead of each quarterfy meeting an Executive Report is distributed by the Chief Executive incorporating reports from the key management personnel. Trustees read and analyse these reports to scrulinise and challenge where necessary. Monthly financial reports are also sent lo members of the Finance Committee who meet quarterly, the month prM)r to a fijll meeting. In addition to fomial meetings, Trustees are kept informed through regular emails about developments, OPFlOrtunities and issues that need immediate attention. The Trustees and CEO review the staff remuneration packages annually in line with the organisalion's pay stwcture. The Trustees review the CEO'S remuneralior? package annual via the Finance Committee.
The Boathouse Youth Company Limitsd by Guarantee Trustse8' Annual Report (Incorporatlng tho Dlr•ctor'$ Report) fconllnuodj Year ended 31 December 2023 Objectives and a¢tlvitles Principal activities and objectNes The ¢harrty'3 principal obj'ects and activities are to.. 1. Act as a resouree for young people up to the age of 25 Iwing in the area of Blackpool by providing advKe and assistance and organising programmes of physical, educational and other activities as a means of". a. Advancing in lrfe and helping young people by developing their skills, capabilities. and capacitses to enable them to par*cipate in society as independent. mattjre and responsible indNiduals. b. Advancing education. c. Providing recreational and leisure time activty in the interests of Sla1 welfare for people living in the area of benefft who have need by reason of their youth, age, infimity or disability, poverty or social and economic circumstances wtth a to improving the ¢ondtts"ons of lrfe of such persons. 2. To help young FpIe. especialty, but not exclusNely, through letsU b'me ath"vitEs, so a5 to develop their capabilitses that they may grow to full maturity as indNKJuals and members of society. Publie benefft The Charity con$KYers that the public benefft is the provision of a resource available to all young people living in the area of Blackpool. The Trustees consider that they have complied with Section 17151 of the Charities Act 2011 and the Charits"es (AccoLfjnts and ReF(Srts) Regulations 2008.
The Boathouse Youth Company Llmited by Guarantse Trustees. Annual Report (Incorporating the Director's Report) (¢tin Year ended 31 December 2023 Strategle report The following sectnS for achievements and perfomance. financial review and plans for future periods fomi the strategic report of the charity. Achievements and perfornjance oveieW This year has been about enhancing the ¢hanVs infrastructtjre in preparats.on for the planned growth over the next 2-3 years. The professionalism and development of the charity over the last 12 months renders many aspects of our work unrecognisable from that of our formative years. However, our values and ethos have barely shifted. We still exist, as we ahvays have. to enable young people to lead their best lives. We have motored towards our strategic goals of having professior¢al youth workers delivering effective youth provision in youlh-inftuenced spaS in order that young Ople can develop into confident leaders and become key-players in the places where signfficant decisions are made within our organisalion, across society and their own lives. We have continued to create conditions where the voice of young people is at the forefront of significant decision making across the organisation in order to maintsin the relevanGe of our work to the youth of the day. We have continued to make progress towards increasing our engagement across more communtties across Blackpool and the Fylde Coast with a view to ensuring that young people's talent is reeognised - and utilised - as they become better prepared for successful eareers. Young People in the Swdight - A group of 22 teenagers completed their Sitver t)ofE Award which we ¢ombined with a Level 2 Award in Youth Work Pnnciples. The group became young leaders and used their leaming and volunteering in this area to support of their DofE achievements. The expedrtion section involved 3 x expeditions and more 70km ofwalking.
The Boathouse Youth Company Limited by Guarantsa Trustees, Annual Report Ilncorporating the Director's Report) fconllnu8dJ Year ended 31 December 2023 - Our Youth CEO, Maddie, won the 8BC Laneashire Make a Dtfference Avrdrd for Volunteering. During this year Maddie brought audiences to tears when speaking at charity fundraising events, campaigned for safer streets for women and wrote to Iccal headteachers requestsng single-sex sex edL¢cation essons and free access to sanitary products in schools. Her work has directly raised pledges in excess of £75,000 for our charity and supported the raising of more than £100,000 for other local and nats'onal charities. Maddie also met HRH Princess Anne the Princess Royal during this year. - A group of young people launched The BHY Podcast recording six episodes over a period of as many months. The entirely youth-led project discussed issues such as youth culture in Blackpool, the storm and stress of adolesnCe and young men's mental health. These are availabk on our website and on YouTube. Around 65 young people buckled-up their buoyancy aKls to experFence a Canal Boal Trsidential during the February and October half-terms. During these tn.ps our SenK)rs Plus sought to develop their emotional intelligence by leaming about communication models and develop shared frameworks of language. Young Feople from our SEND provision fo¢u5sed on developing their independence. Around 200 young people beneffted from a camping residential during the month of August. Three different age-groups used the setb.ngs of the Rivington countryside near Chodey to explore topics relevant lo their age-group. These included sexual heath. transiboning from primary to secondary school and emotions. Key Highlights.. Our plans to partl8lly-demolish and redevelop our Grange Park YoLrth Centre have been realised following a grant £488,000 from the Youth Invesbment Fund. The redevebpment will include an extension on three sides of the building. The main feature will be the installation of a new '16+ Hub, designed by young people including a learning environment, a social-sealing area and a fitness 5Urte. The unNersal activity area will also be doubled in srze and new offices and storage spaces created. Construction on our FleeCl Youth Certlre has commenced following a maior4onor pledge of £1.2m. The facility wll be the first of its kind in FleeOod incorporating a sports hall, a recreational space and a dedicated creative room. Its location was chosen in consultation with young people for its centrality and easy access. - We won a highly competilNe tender process with Blackpool Council tr) secure a 25-year lease on a disused Youth Centre facilty in North Blackpool. The char-ty is due to take possession of Whiteholme Youth Centre in April 2024 with a wew to launching provision the in Seplemter 2024. - We have recruited three Level 6 Youlh Work Students". three Level 6 Youth Worf(er Apprentices,. and one Level 3 Youth Support Work Apprentice. - We have secured funding 10 x Level 3 Youth Support Worker Apprentices from September 2024. This cohort will all be Aged 16 {school leavers) and be the organisations first ever cohort of young people employed on a professK)nal leaming journey.
The Boathouse Youth Company Limitsd by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {conllnu•dJ Year ended 31 December 2023 Awards and Achievements: Winners in the 'Community 8usines$ of Ihe Yearf category of the BIBAS 2023 - Lancashire's most prestigious awards. - Winners of the 'Nol-for-Profil Organisation of the Yearf category in the Lancashire Red Rose Awards 2023. - We were a finalist in the national Centre for Social JUste Awards 2023. Numerical Highlwhts.. - 514 children and young people parbcipated in our Universal Programme. - 102 children and young people participated in OUT Pathway Programme. - 698 children and young people participated in our Holiday Acts"vity & Food Programme. - 335 children and young people participated in our Direct Engagement Programme. Donor Acknowledgement The trustees woukl like to thank the follow'ng for their financial contribubons to the charity.. Alex & William de Winton Ameon Utilities Ltd Bambers Remedial Contractors Beaverbrooks Charitable Trust Blackpool Council Bloomfield Medical Centre Breathe HR Clearview Home Improvements Colin & Kay Taylor David Craven David & Sally Maude Eric Wright Foundation FCMS Ltd. Frank & Karen Heald Garfield Weston Chanty Grange Park Communty Fund Inenco Group Key Group Laila's Fine Foods Lytham Tennis Club Marton Methodist Church Michael Hymen Group
The Boathouse Youth Company Limited by Guarantee Trustses. Annual Report {Incorporating the Director's Report) (conlinuedj Year ended 31 December 2023 National Lottery Community Fund Norcross Golf Club Payback Time Trust Perch Group Ltd Peter & Kathy Barcock Pro-lock Safety Ltd The Police & Crime Commissioner Philip & Louise Owen Poullon Methodist Church Rachel Charitsble Trust Read & Ernngton Rossall School The Elgin & Sheraton Hotels Simon & Victoria Thomson Simpson Judge Tandem Bank TK Max UKYouth Vera Wolstencroft Charitable Trust Walker Fire Wooden Spoon Charity Reserve$ Policy As the ¢harity relies principalty on grants and donations. the Charitys wlicy on reserves needs to be exible. The Trustees have implemented a risk management strategy which compnses: _ 1. Trltstee meetings to consider and review the risk the charty may have. 2. Systems and predureS to mibgate those risks identjfied. 3. The implementation of procedures designgj to minimise any potentsal impact on the charity should any of Ihose risks materialise. 4. The continuation of upholding excellent relationships with major donors for emergency 5UPPOrt should the organisatson require it The charity continues to proactively fvndraise through the application of Grants & Trusts, seeking major donors (both corporate and privatel, engaging vthh the vader strategy of Blackpool Council and through community activity. The charity currendy engages in a rolling Contract with Altair Consuttancy Limited to supwrt with bid- writing for grants and tnjsts. Rewew of Risks The Trustees and Key Management Personnel have examined the major strateg. business. and Operathal risks which the charity faces and confim) that systems have been established to enable
The Boathouse Youth Company Limited by Guarantse Trustses. Annual Report (Incorporating tho Director's Report) (contlnu•JJ Year ended 31 December 2023 reports lo be produced so that the necessary steps can be taken to lessen them. The principal risks are Considered as follows.. Failure to attract and maintain su5tsinable Eevels of income through major donots and grants. Failure to maintsin target membership and attendance figures. - Health & Safety issues that may affect full operation. ReseNes Policy As the charity relies principally on grants and donations, the Charity's policy on reserves needs to be flexible. The Trustees have implemented a risk management strategy which eomprise$'. - 1. Trustee meetings to consider and review the risk the charity may have. 2. Systems and procedures to mitiqale those risks idents"fied. 3. The implementation of procedures designed to rninimise any potents.al impact on the charity should any of those risks matenalise. 4. The ¢ontinuation of upholding excellent relationships vrith major donors for emergency support should Ihe organisation require IL Flnanclal review The preparation of the financial ststements requires management to make judgements, estimates and assumptions that affect the amounts reported. These ests"mates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that a believed to be reasonabb under the circumstsnces. Plans for future perlods Future Plans - Launch FleetWC*xI Youth Centre once construction wofk is completed (expected a4 2024} - Launch Whiteholme Youth Centre once renovation works are completed (expected Q12025) - Employ 10 x Level 3 Youth Support Worker Apprentices (expected Q4 20241 - Employ a further 2 x Level 6 Youth Worker Apprentices (expected Q4 20241
The Boathouse Youth Company Limited by Guarante• Trustses. Annual Report (Incorporating the Director's Report) (¢ontinued) Year ended 31 December 2023 Trustees. rnspoDsibilities statement The trustees. are atso directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United lfj'ngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the stale of affairs of the charrtable company and the incoming resources and application of Ources, including the income and expenditure. for that period. In pparIng these financial statements. the tNstees are required to: select suitable a¢Unting polties ar then appty them consislentty.. observe the methods and principles in the applicable Charities SORP.. make judgments and accounting estimates that are reasonable and prudent,. stale whether applicable UK Accounting Standards have been followed, subject to any malerial departu$ disctosed arKI explained in the financial statements" prepare the financial statements on the going concem basis unless il is irbappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounb.ng records that are sufficient to show and explain the charitys transactions and disclose vrith reasonable accuracy at any time the financial position of Ihe charity and enable them to ensure that the financial statements comply wth the Companies Act 20C6. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevenbon and detection of fraud and other irregularities. Audltor Eaoh of the persons who is a tNstee at the dale of approval of this report confirms that.. so far as they a aware, there is no relevant audrf( InfOatIon of which the charitys auditor is unaware; and they have taken all steps that they ought lo have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charitys auditor is aware of that information. The trustees, annual report and the Strateg rewrt were approved ¢)n ......... on behalf of the board of trustees by-. and signed Mr David Maude Trustee 10
The Boathouse Youth Company Limitsd by Guarantee Independent Auditor's Report to the Members of The Boathouse Youth Year ended 31 December 2023 Oplnlon We have audited the financial ststements of The Boathouse Youth {the 'charity') for the year ended 31 December2023 which comprise the statement of financial activities lincluding income and expenditu account), ststement of financial position, statement of cash fiows and the related notes, including a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Untted Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard appluble in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting PTacts"cel. In our opinion the financial statements.. give a true and fair view of the stste of the ¢hariVs affairs as at 31 December 2023 and of its incoming resouices and application of resources, including tts in¢ome and expenditure, for the year then ended., have been properfy prepared in accordance wth United lfjngdom Generally Accepted Accounting Practice., have been prepared in accordance with the reqU1ments of the CoMpanS Act 20C6. Basis for opinion We conducted our audit in aCCordare vrith International Star)dards on Auditing IUK) IISAS IUKII and applicable law. Our responsibilities under those standards a fvrther described in the auditorfs responsibilities for the audit of the financial statements section of our repott We are independenl of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient 8nd appropriate to provwje a basis for our opinion. Concluslons relatlng to golng concern In auditing the ffinanCl statements. we have concluded that the trustees. use of the going ¢oncern basis of 2¢¢ounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going eoncem for a period of at least tsvelve months from when the financial statements are authorised for issue. Our responSi'11ties and the reswnslbileS of the trustees wth respect to going con¢em are described in the relevant sects.ons of this report. 11
The Boathouse Youth Company Limited by Guarantee Independent Auditor's Report to the Members of The Boathouse Youth (¢ontinuedJ Year ended 31 December 2023 other inforniatlon The other infomab.on comprises the infomation includ&J in the annual pOrt, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other inf0m1atn and, except lo the extent otherwise eXpl1Y stated in our report. we do not express any form of assurance conclusion Ihereon. In connection vAth our audit of the financial statements, our responsibilty is to read the other infomialion and, in doing $0, ¢onsKter whether the other infomation is materially in¢onsistenl with the financial ststements or our knovledge obtained in the audit or othermse appears to be rnalerial misslaled. If we idenlrfy such material inconsistencies or apparent material mi5Statements, we are required to determine vthether there is a material misstatement in the financial slatemenls or a material misststement of the other inft)rmation. If. based on the work we have perfomwl, we ¢on¢lude that there is a material misstatement of this other informab'on. we are required to report that fact. We have nothing to report in this regard. Oplnlons on other mattern Pfescrfbed by the Companl8s A 2006 In our opinion. based on the work undertaken in the course of the audiL' the infomatK)n given in the trustees. report for the financial year for which the financial statements are prepared is consistent with the financial ststements", and the trustees, report has been prepared in accordance ¥tti applicable legal requirements. Matters on which we are roqulred to report by exceplio In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audi( we have not Kjentified material mksstatements in the trustees, report. We have nothing lo report in respect of the followng matter5 in relation to whh the Companies Act 20CE qUIreS us to report to you rf. in our OFynion'. adequate a¢counb"ng records have not been kepL or retums adequale for our audit have not been received from branches not visited by us.. or the financial ststemenls are not in agreement with the accounting records and retums,. or Certain disclosures of trustees, remuneration spe¢rfied by law are not made. or we have not recetved all the infomiation and explanations we requi for our audit 12
The Boathouse Youth Company Limited by Guarantee Independent Auditorfs Report to the Members of The Boathouse Youth (¢ontinuedJ Year ended 31 December 2023 Responsibili¢ios of trustees As explained more fully in the tnjstees. responsibilrb'es statement. the trustees (who a also the ireclors for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees detennine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable. matters related to 90ing concern and using the going concem basis of accounb'ng unless the trustees either intend to liquidate the charity or lo cease operations, or have no realistic aftemative but to do so. Audltovs responslbllltles for the audlt of the financial statements Our objectwes are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor'$ report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS {UK} will aN¥ays delect a rnalerial misstatement when il exisls. Misslalements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonabty be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregulanlies, including fraud. are instances of norrfompliance with laws and regulations. We design procedures in line wlh our responsibilrties, ouuined atK>ve, to detect material misslalements in respect of irregularities, including fraud. The extent to which our pr(edureS are capable of detecting irwularities. including fraud is detai below= Based on our understanding of the charitsble company we considered those laws and regulatFons that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities SORP, tsxation and other legislation relevant lo the sector. We evaluated management's ineenlives and opportUneS for fraudulent manipulation of the financial statements lincluding the risk of override of conlrolsl and determined thal the principal risks were related to management bias in a¢¢ounling estimates and judgemental areas of the financial ststements such as revenue recognition. We addressed this by our work on areas included, but were not limrted to, anatyb'cal procedures, testing of journals, assessment of judgements and estimates, enquiry and testing of controls etc. As part of an audit in 2ccordance with ISAS (UK), we exer¢ise profess¢onal judgment and maintain professional sceplicism throughout the audit. We also". Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materi21 misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, mtsrepresentations, or the override of internal control. Obtain an understanding of intemal control relevanl to the audit in order to design audtt procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the intemal control. 13
The Boathouse Youth Company Limited by Guarante• Independent Auditorfs Report to the Members of The Boathouse Youth (c¢tInUed) Year ended 31 December 2023 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the tnjstees. Conclude on the approprtateness of the trustees. use of the going ¢on¢em basis of accounting and, based on the audrt ewdence obtained, whether a material uncertainty exists related to events or conditions that may cast $ignfficant doubt on the ¢harTIVs abiltty to eontinue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our audilorfs report to the lated diselosures in the financial slalemenls or, rf such disclosures are inadequate. lo modfy our opinKJn. Our conclusions are based on the audit evidence obtained up to the date of our auditorf$ report. However. fijture events or eondtbons may cause the charrty to eease to ¢ontinue as a going eoncem. Evaluate the overall presentation. structure and content of the financral slalements, including the disclosures. and whether the financial statements represent the underfying transactions and events in a manner that achieves fair presentation. We communicate with those charged wth govemance regarding. among other matters, the planned scope and timing of the audit and significant audit findings. including ar¢y significant deficiencies in internal control that we identify during our audiL Usè of our rèport This report is made solety to the chantys members, as a body, in accordance Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we might slate to the Gharity's members those matters we are required lo state to them in an auditorfs report and fgr nc) other purpose. To the fullest extent permitted by law, we do not accept or assume SpOnsIbl11ty to anyone other than the chanty and the chariV5 memters as a body, for our audit work, for thi5 rekKJrt, or for the opinions we have fomied. J l>*LL /ol Jacqueline Hyde BA FCA {senr Statutory Auditor) For and on behalf of John Potter & Harrison Chartered accountants & slatulory auditor 1121114 Vvhitegate Drive Blackpool FY3 9XH (6.0g,L4 14
The Boathouse Youth Company Limitsd by Guarantse Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2023 2023 Restricted funds Total funds Total funds 2022 Unrestricted funds Income and endowmgnts Donats'ons and legacies Other trading activities Investment income Other income 885.225 35,743 7,892 1.489 930.349 118,127 1,003,352 35,743 7,892 1.489 1,077,467 1.658 1.786 633 Totsl income 118.127 1,048,476 1,081,544 Expenditure Expenditure on raising funds.. Costs of raising donations and legacies Expenditure on charitable aCtiVeS Total expendlture 40,620 1,074.484 40,620 1.193,952 1,234,572 46,932 940,449 10.11 119,468 119,468 1,115,104 987,381 Net lexpendlture)lincome ond net movement In fundg {184,7551 {1.341) 1186,096} 94.163 Reconclllatlon of funds Total funds brought forward Tolal funds carried forward 508.828 45.226 43,885 554.054 367,958 459,891 324,073 554.054 The statement of financial activities includes all gains and losses re¢ogni5ed in the year. All income and expenditure derive from continuing activities. The notes on pages 18 to 29 fomi part afthèsè financial statements. 15
The Boathouse Youth Company Limited by Guarantee Statement of Financial Position 31 December 2023 2023 2022 Note Fixod 0s50ts Tangible fixed assets 16 85,407 67,115 Current asset8 Debtors Cash at bank and in hand 17 20,331 394,570 414,901 6,718 609,656 616.374 Credltor8: amounts falllng due wlthln one year Net current assets 18 132,350 129,435 486,939 554,054 554,054 282,551 367,958 367,958 Total assets less current liabilities Net assets Funds of the charlty Restricted funds Unreslricled funds 43,885 324,073 45.226 508.828 Total ¢harity funds 21 367,958 554,054 hese fina ial statements were approved by the board of trustees and authoris8d for issue on , and are svJned on behalf of the board by.. Mr David Mau Trustee Thè notss on pages 18 to 29 forni part of these financlal statements. 16
The Boathouse Youth Company Limited by Guarantee Statsment of Cash Flows Year ended 31 December 2023 2023 2022 Cash Ilows from operatlng actlvllles Net (expendilurellincome 1186,0961 94,163 Adjustments for. Depreciab'on of tangible fixed assets Government grant income Other interest CeiVable and similar income Accrued {incomellexpenses 17,544 14,819 1256.4391 {199,1251 (7.892} 11,7861 (4.9051 1,305 Changes in.. Trade and other debtors Trade and other Creditors {13,6131 7,820 2,124 70,262 {18,2381 Cash generated from operations 1443,5811 Interest received 7,892 1.786 Net cash used in operating activitres {435,689) (16,452) Cash flows from investlng activities Purchase of tangible assets Net cash used in investing a¢tNities 135.836) {35,836) 151.442} 151,442) Cash flows from flnanclng actlvltles Government grant income Net cash from financing acts"vitses 256,439 199,125 256,439 199,125 Not Idecreaseyincrease In cash and cash equivalgnts Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 1215,086) 609,656 394,570 131,231 478,425 609,656 The notes on pages 18 to 29 fomi part ofthese financial ststements. 17
The Boathouse Youth Company Limitsd by Guarantee Notes to the Financial Statements Year ended 31 December 2023 General Infomiatlon The charity is a public benefil entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The addres5 of the registered office is 170 Horsebridge Road. Blackpool. FY3 7EA. On the 9th May 2024 a new Certificate of Incorporation on change of name was issued to allow for the company to dIsnSe wth the need to use"Limited' at the end of 5 name. Statement of eompllance These financial stslements have been prepared in cornplian¢e Yth FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to ¢h?rities preparing their aceounls in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 Icharities SORP IFRS 1021) and the Companies Act 20fA. AccountSng policies Basis of preparallon The financial ststements have been prepared on the historical cost basis, as modified by the revaluatton of certain financial assets and liabilthes and investment prortE$ measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the fvnctional currency of the entity. Going concern Whilst the charity is ahvays mirKIfvI of rts reserve levels and ifs need to continue wth fund raising efforts to support expenditure. the charity is not awa of any material uncertainties about ivs ability to continue as a going concem. Judgements and key Gources of estlmation uncertainty The preparation of the financial ststements requires management lo make judgements, estimates and assiJmptFons that affect the amounts rewrted. These estimates and judgements are Continually reviewed and are bas&J on exFerience and other factors, including expectab-ons of futu events that are lIeVed to t* reasonable under the arcumstances. Fund accounting Unrestricted frjnds are availalAe for use at the discretion of the trustees to ftjrther any of the charitys purFoses. Designated funds are UnreStrted funds eaarked by the trustees for parb¢ukr future project or commitment. Restricted funds are subjected lo restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of su&el8sses.' restricted income funds or endowment funds. 18
The Boathouse Youth Company Limited by Guarantse Notes to the Financial Statements (contlnu8d) Year ended 31 December 2023 Accounting poli¢i95 (¢tsnlirtu In¢omlng resources All incoming resources are included in the statement of financial activtties when entikment has passed to the charity.. it is probable that the econom benefrts associated with the transaction wll flow lo the Charity and the amount can be reliably measured. The foll¢)wing policies are applied to particular Categories of income.. income from donations or grants is recognised when there is evidence of enlrfemenl to the gift, receipt is probable and its amount can be measured reliabty- legacy inwme is fecognised when elpt is probable and entitlernent is estsblished. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated faciltt5es and serv$ are recogni5ed in the a¢counts when received if the value ¢an be liablY measured. No amounts are included for the contribution of general volunteers. inwme from ¢ontracts for the suppty of servKes is reeognÉsed wth the delrvery of the Contracted service. This is classified as unfestri¢ted funds unless there 15 a contractual requirement for it to be spent on a particular purpose and retumed if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accTuals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activitEs lo which it relates= expendrture on raising funds includes the costs of all fundraising activities. events. non- charitable trading actIves, and the sale of donated goods. expenditure on Gharitable activities includes all costs incurred by a charity in undertaking activibes thal fvrther its charitable aims for the benefft of its beneficiaries, including those support costs and costs relating lo the governance of the charity apporb.oned to charitable aclivitses_ other expenditure includes all expenditure that is neither related to raising funds ft)r the Ghanty nor part of its expenditure on charilabfe activib'es. All costs are allocated to expenditure categories flecting the use of the resource. DI¢1 costs attributable to a singFe acb'vity are allocated directly to that aclivity. Shared costs are apportioned between the a¢livrties they eontribute to on a reasonable. jusb-fiable and consistent basis. Operatlng lea8es Lease payments are cOgnised as an expense over the kase term on a straight-line basis. The aggregate benefrt of lease in¢enlNes 1$ reeognised as a reducb.on to expense over the lease iemi, on a straight-line basis. 19
The Boathouse Youth Company Limitsd by Guarantee Notes to the Financial Statements (canllntsé(g Year ended 31 December 2023 Accountlng polleles (conllnued) Tangible assets Tangible assets are initially recorded at cost, and subsequently ststed at cost less any accumulated depreciation and impaimient losses. Any tangible assets carried al revalued amounts are e0rded at the fair value at the date of revaluatson less any subsequent accumulated depreCIatn and subsequent accumulated impaiment losses. An increase in the carrying amount of an asset as a resutt of a revaluation, is recognised in other recognised gains and losses, unless r( reverses a charge for impairment that has previousty been recognised as expenditure wthin the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation. is reccKJnised in other rewJnised gains and losses. except to which it offsets any previous revaluation gain. in whh case the loss is shown within other recognised gains an¢J losses on the statement of financial aCtives. D•pro¢iation Depreciation is calculated so as to WTite off the cost or valuation ot an asset, less Its residual value, over the useful economic lrfe of that asset as follows: Fixtures and fitting5 Leasehold property improvements 25°A Straight line 15.fi reducing balare Depreciation is not provided for on Freehold knd and bu]k[ng¥ as they were pur¢hased at below market value and it is the charitys policy to maintain this 8sset in a continued state of sound repair wrth improvements. Accordingly the SidUal value is high and economic life $0 long that any depreciation is inSnIfiCant lrnpairment of fixed assets A review for indicators of impaiment is caThied out at each reporting date, with the recoverable amount being estimaled where such indicators exist. Where the Carrng value exceeds the recoverable amount, the asset is impaired accordingty. Prior impaimients are also reviewed for possible reversal at each reporting dale. For the purposes of impaimienl testing. vthen rt is not possible to estimate the recoverable amount of an individual asset, an ests.mate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For nPalm7enI testing of gtdWIl1. the goodwill acquired in a business ttjmbination is, from the acquisition date, allocated to each of the eash-generating units that are expected to benefit from the synerg8 of the combination, irrespective of whether other assets or liabilities of the ehanty are assigned to those units. 20
The Boathouse Youth Company Limitsd by Guarantee Notes to the Financial Statsments (continued) Year ended 31 December 2023 Accounting policies (condnuedj Government grants Govemment grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the onditions attaching to them and the grants will be receNed. Where the grant does not impose speciffed future perfomanc&relaled condibons on the recipient, il is recognised in income when the grant pmceeds are received or receivable. Where the grant does impose speciffed fijture performance4elated conditions on the recipient, il is recognised in income only when the perfomiane&related conditions have been met Where grants received are prior to satisfying the revenue recognition eriteria, they are cOgnised as a FSnanclal Instruments A financial asset or a financial liability is wognised onty when the charity becomes a paty to the contractual provisions of the instrumenL Basic financial instruments are inttially recognised at the amount receivable or payable irlUding any related Iransaclion eosts. Current assets and ¢urrent liabilities are subsequenuy measured at the cash or other ¢on5ideration eXPted to be paid or received and not discounted. Debt instruments are subsequenuy measured at amortised cost Where investrnents in shares are publicty traded or their fair value can otheiSe be measurecl reliably. the investment is subsequenvy measured at fair value wth changes in fair value recognised in income and expenditure. Al other such investments are subsequently measured at cost less impaimenL Other financial instruments, including derivatives. are initsally recognised at fair value, unless payment for an asset is deferred beyond nornial business temis or financed al a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a markel rate of interest for a similar debl instrumenL Other financial instruments are subsequentty measured at fair value, with any changes recognised in the statement of financial actsvitres, with the exceptson of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objeclNe evKJence of impairment at the end of each reporbng date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instNments regardless of signrficance, and other financial assets that are individually significant. these are assessed indmdually for impairment Other financial assets are either assessed individually or grouped on the basis of similar credit risk ¢haracterisb"cs. 21
The Boathouse Youth Company Limited by Guarantee Notss to the Financial Ststements Icoijlinuedj Year •nded 31 December 2023 A¢¢ounling pollcles {conllnuoO1 Flnanclal Instruments (continu¢dJ Any reversals of impairment are recognised immediatety. to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not prewousty been re¢ognised. Limitod by guarantee The company is limited by guarantee and a¢¢ordingly does not have a share capital. Every member of the company undertakes to wntribute such amount as may te required not exceeding £10 to Ihe assets of the charitable ¢ompany in the event of its being wound up. Donations and legacles Unrestricted Funds Restricled Total Funds Funds 2023 Donatlons Major donors 331.329 331,329 Glfts Grfts in kind 90,500 90,500 Grants Community lottery Payback time trust Citizens Advice Bureau Henry smrth Blackpool council NHS Blackpool Edward Gosling Garfield weston Rachel charitable trust Children in need Tudor trust Police commission Vera wolstencroft Eric wright foundatson Beaverbrcyjks the Jewellefs UK Youth Blackpool clin£cal commission Government grant income 66,456 66.456 16.000 2,100 16.OC4) 2,1 30,000 30,000 30,000 2.500 30,000 2,500 7,500 7,173 17,817 11,928 7,500 7,173 17.817 31,928 25,000 5,153 20.000 25.000 5,153 256,439 256,439 Other donatlon9 and legacies Other donations 83.457 83,457 1.003,352 885,225 118,127 22
The Boathouse Youth Company Limited by Guarantse Notes to the Flnancial Statements (conllnuod) Year ended 31 December 2023 Donatlons and legacles {con¢lnu unStricted Funds Restricted Totsl Funds Funds 2022 Donatlons Major donors 389.033 389,033 Gifts Gifts in kind 90.500 90,500 Grants Community lottery Payback lime trust Citizens Advice Bureau Henry smith Blackpool council NHS Blackpool Edward Gosling Garfield weston Rachel charitable trust Children in ne1 Tudor trust Police commission Vera wolstencroft Eric wright foundation Beaverbrooks the Jewellers UK Youth Blackpool clinical commission Government grant income 40,730 17,250 5,329 40,000 3D,000 25,000 5,000 50,000 40,730 17,250 5,329 40,000 30,000 25,000 5,000 50,000 29.465 22,500 29,465 22,500 12.5 25.000 11,362 23,862 25,000 2.342 3.000 199.125 2,342 3,000 199,125 Other donations and logacles Other donations 79.331 79,331 596,364 481.103 1,077.467 othor tradlng actlvltles Unrestricted Tolal Funds Unrestricted Totsl Funds Funds 2023 Funds 2022 Fundraising events 35.743 35.743 1.658 1.658 Invgstmfrnt Income Unrestricted Total Funds Unrestricted Total Fund$ Funds 2023 Funds 2022 Bank interest recewable 7.892 7.892 1.786 1.786 23
The Boathouse Youth Company Limitsd by Guarantse Note3 to the Financial Statsments (coftflnued) Year ended 31 December 2023 Other in¢ome Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Other income Insuran¢e ¢laim 674 815 674 815 633 633 1,489 1.489 633 633 Costs of raising donations and legacles Unrestricted Tolal Funds Unrestricted Total Funds Funds 2023 Funds 2022 Costs of raising donations and legaci8s Donations 40,620 40.620 46.932 46,932 10. Expendlture on charitable activities by fund ty Unrestncted Funds Re5tri¢ted Total Funds Funds 2023 Outrea¢h work Support ¢osts 1.056,698 17.786 1.074,484 119,468 1,176,166 17,786 1.193,952 119,468 Unrestrtcted Funds Restric Total Funds Funds 2022 Outreach work Support costs 474,685 8,985 483.670 456,779 931,464 8,985 456,779 940,449 11. Expendlture on charhable actlvities by actlvity type Activities undertaken diredy Support costs Total funds 2023 Totsl fund 2022 Outreach wod( Governan costs 1.176,166 1,176,166 17,786 931.464 8,985 17,786 1.176.166 17,786 1,193,952 940.449
The Boathouse Youth Company Limited by Guarantse Notes to the Financial Statements (continuerfl Year ended 31 December 2023 12. Net {expenditur8)fin¢omo Net lexpenditureifincome is staled after chargingl{credib"ng).' 2023 2022 Depreciation of tsngible fixed assets 17,544 14,819 13. Auditors remuneration 2023 2022 Fees payable for the audtt of the financial statements 3,600 3,600 14. Staff costs The total staff costs and employee beneffts for the reporting period are anatysed as follows". 2023 2022 Wages and salaries 698,985 541,025 The average head count of employees during the year was 6012022.. 48}. The average number of full-time equivalent employees during the year is analysed as follows.. 2023 No. 2022 No. Chief Executive Key management personnel Support staff 58 60 48 The number of employees whose remuneration for the year fell within the followng band5, were". 2023 No. 2022 £70,000 to £79.999 15. Trustee remuneratlon and expenses No remuneration or other benefits from ernoYmeftt with the chanty or a related entity were received by the trustees. 25
The Boathouse Youth Company Limited by Guarantee Notes to the Financial Statsments {conllnu8dJ Year ended 31 December 2023 16. Tangible fixgd assots Freehold Fixtures and Leasehold opety ffttingsimprovements Total Cost At 1 January 2023 Additions 70.083 13.553 72.321 8,988 81.309 142,404 35.836 13.295 At 31 December 2023 13.295 83.636 178,240 Deprtciation At 1 January 2023 Charge for the year At 31 D¢¢ember 2023 51.612 9,991 23.677 7.553 31.230 75,289 17,544 92,833 61.603 Carrying amount At 31 Decernber 2023 13.295 22.033 50,079 48,644 85.407 At 31 December 2022 18,471 67.115 The Freehold propety was purchased al £10.000 which was below the market value of £100.000. This had been occupied on a renl free basis and was acquired from a longstanding donor. 17. Doblors 2023 2022 Trade debtors Prepayments and accTued income Other debtors 14,103 5,804 424 800 5.873 45 20,331 6,718 18. Credltors: amounts falllng dug within one year 2023 2022 Trade Greditors AcGruals and deferred income Social $urity and other taxes 12,256 108,147 11,947 132,350 6,324 112,341 10,770 129.435 19. Deferred incom& 2023 2022 Amount deferred in year 108,147 107,436 26
The Boathouse Youth Company Limited by Guarantee Notes to the Financial Statements (conbnuedj Year ended 31 December 2023 20. Government grants The amounts ognISed in the financial ststemenis for government grants are as follows.. 2023 2022 Recognised in incorne from donations and iegacies.. Govemment grants income 256.439 199,125 21. Analysis of charitable funds Unrestricted fund8 At 1 January 202 At 31 December 2023 Income ExndItUre General funds 508,828 930.349 11,115,104) 324,073 Al 1 January 202 At 31 December 2022 Income Expenditure General funds 438,989 600,441 (530.6021 508.828 Restricted funds At 1 January 202 At 31 D8¢&mber 2023 Irrne Expenditure Restricted Funds 45.226 118,127 1119.4681 43,885 At 1 January 202 At 31 December 2022 Income Expenditure ReStrted Funds 20.902 481,103 1456,779) 45,226
The Boathouse Youth Company Llmited by Guarantee Notes to the Financial Statsments l¢oniinu¢d) Year ended 31 December 2023 22. Anatys18 of net assets between funds Unrestricted Funds Restricted Total Fund8 Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Not assots 41.522 43,885 85,407 3C6,754 108,147 414,901 {24,203) {108,1471 1132,3501 324.073 43,885 367,958 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Net assets 21,889 45,226 67,115 508,938 107,436 616,374 121,9991 1107,436} {129,4351 508,828 45,226 554,054 23. Flnancial instruments No additional disclosu$ a required in resFect of financial instruments. 24. Analysls of changes in not debt At At 1 Jan 2023 Cash flow5 31 Dec 2023 Cash at bank and in hand 609.656 1215,0861 394,570 25. Opgrating lease commltments The total future minimum lease payments under non-cancellable operating leases are as follows.. 2023 2022 Later than 1 year and not latsr than S years 48.133 61,024 26. Other flnancial ¢ommitmonts The ¢harity has a capital commitment of £456,000 whh has been covered in total by a grant from the Youth Investment fund. for improvements lo the Horsebridge Centre which is owned by Blackpool Coastal Housing and used by the charity on a rent free basis. 28
The Boathouse Youth Company Limited by Guarantee Notes to the Financial Statements (COne Year ended 31 December 2023 27. Related partles The charity p*Jrchased a freehoid propety during the year from a longstanding donor. The property had been occupied on a rent free basis. The market value was £100,000 and the property was bought for £10.000.