COMPANY REGISTFiATION NUMBER: 08164995 CHARITY REGISTRATION NUMBER: 1149320 The Boathouse Youth Company Limited by Guarantee Financial Statements 31 December 2024 HNP Chartered accountants & statutory auditor 1121114 Whitegate Drive Blackpool FY3 gXH The Boathouse Youth Company Limited by Guarantee Flnancial Statements Year endod 31 December 2024 Paga Trustees, annual report (incorporab'ng the directorfs report) Independent auditorfs report to the members Statement of financial activities (including income and expenditu￿ account) 14 18 Statement of financial posrtion Statement of cash flows 19 20 Notes to the financial ststements 21 Tha following pages do not forni part of the financlal statements Detailed statement of financial activities 36 Notes to the detailed statement of financial activities 38 The Boathouse Youth Company Llmitod by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) Year ended 31 Dacember 2024 The trustees, who are also the director5 for the purposes of company law. present their report and the financial statements of the charity for the year ended 31 Oecember 2024. Chalrfs report From the Chief Executive Officer Il's with genuine pride that I present this report for 2024 - a pivotsl year in the life of The Boathouse Youth. We 8re in the midst of transfo￿atiOnal change. Having spent the past 15 years bullding trust in communities, developing our infrastructure and growng our team, we now find ourselves on the threshold of delivering something extraordinary. a world)me. We now employ 10 young people aged 16 on our Young Piofessionals programme and continue to grow our reputation as a leaming organisation. Our blend of experienced staff and homegrown tslent is one of our greatest strengths - and a vital ingredient in crèating youth work that is both aulhents'c and fulur8-proof. The Boathouse Youth Company Limited by Guarantee Tru8tees' Annual Report (Incorporating the Directorf8 Report) (conllnu8dJ Year ended 31 December 2024 Perhaps most importantly. we have stayed rooted in what matters: meaningful ￿lationShIpS with young people. Whether irs a residential summer camp experience. a conversation in an open access session. or a powerful piece of project work addressing serious youth violence, our youth work continues to be ts'mety, res[￿lsiVe and relevant As we move into 2025, we do so wth deep opts'mism The best infrastructure 1$ nothing without heart - and this year has proven. more than ever, that The Boathouse Youth has both. Thank you to our staff, volunteer5, SUPPOrters and. most of all, the young people who trust us to walk alongside them. On behalf of. The Boathous• Youth LAURANCE HANCOCK Chief Executrve Off￿r The Boathouse Youth Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrectorfs Report) (¢onllnuorfJ Year ended 31 December 2024 Reference and admlnlstratlve detall8 Register•d charity namo The Boathouse Youth Charlty r8glstration number 1149320 Company reglstratlon Trumber 08164995 Prlnclpal offlce and reg1ster￿ Whiteholme Youth Centre offlce All Saints Road Blackpool FY5 3AL The t￿St808 Mr David Brennand Mr Paul Dillon Ms Traw Harrtson Mr David Maude Mr Philip Owen Ms Victoria Thompson Company socretary L Hancock Audltor John Potter & Harrlson Chartered accountsnts & statutory auditor 1121114 Whitegale Drive Blackpcc¢l FY3 9XH Bankern Santander Uk PLC 2 Triton Square Regents Place London NW13AN CAF Bank Llmlled 25 Kings Hill Avenue West Malling Kent ME19 4JQ The Boathouse Youth Company Limitsd by Guarantse Trustees. Annual Report (Incorporating the Directorfs Report) [¢t￿d￿￿8dj Year ended 31 December 2024 Structurol governancè and managemont The financial statements comply vAth the Charibes Acl 2011. the Companies Act 2008 and the Statement of Recommended Practice applicable to charities preparing their accounts in ac¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. Governing Docum8nt The company is ￿gistered as a ch8ritable company limited by guarantee - Incoryyofated on 1 August 2012 - registered charity number 1149320. The company 15 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 Appointment of Truslees The dire¢tors of the company are also charity trustee$ for the purposes of charity law and under the companls Articles. At each AGM one-third of the directors must retire by rotation but if eligib￿ may be re-elected. All trustees give their b'me voluntarity and recèiv& no benefits from the charity. Clause 27 of the Articles of Association states that the number of directors Shall not be less than 2 but shall not be subject to any maximum. Trustee Induction Appropriate inductlon and training is provlded. No new Trustees have bèen app)inted durlng this period. All Trustees are subject to an Enhanced DBS. Constitutson and Organisalion Structure The charitab5e company is govemed by a committee are Trustees of The Boathous8 Youth elected under the terms of the charitsble companls rules. The Trustees met In a slru¢lured way four times during 2024 and 88ch meeting Involved 8 robust scrutiny of the a¢tiville$ taking place. The Trustees try lo make sure the organisation is efficient and solvent and retsinlng rts fcus on its Co￿ activit￿. Ahead of each qLtartedy meeting an Execubve Report is distributed by the Chief Executive incorporating reports from the key management personnel. TNStees read and analyse thes8 reFQrt5 10 scrutinise and challenge where necessary. Monthly financial rep)rts are also sent to m8mber5 of the Finan￿ Committee who meet quartoty, the month prior to a full meeting. In addltson to fom181 meetings. Trustees a￿ kept infomed Ihrough regular emails about developments, opportunities and issues that need immediate attention. The Trustees and CEO review the staff remuneration ￿kageS annually in line wth the organisation's pay structure. The Trustees re¥￿ the CEO'$ remuneratK>n package annual via the Finance Committee. The Boathouse Youth Company Limlted by Guarantso Trusteas. Annual Report (Incorporating the Director's Report) {¢onllnu¢dJ Year ended 31 December 2024 ObJectlv88 and activities Principal activitses and objectives The charity's principal objects and activities are to: 1. Act as a resource for young people up to the age of 25 living in the area of Bla¢WI by providing advice and a$$istsn¢e and organising programmes of physical, educational and other actNrtie$ as a means of.. a. Advancing in life and helping young people by d8veloping their skills, capabilities, and capacitiés lo enable them to participate in society as independènt. rnatU￿ and resFKsnsible individuaEs. b. Advancing education. c. Provldlng recreational and leisure time activity in the interests of S(￿la1 welfare for people living in the area of benefit who have need by reason of their youth, age, infinnity or disability. povety or social and economic circumstances with a vithv to improving the conditions of life of such persons. 2. To help young people. especially. but not exclusNety. through leisure time activities, so as to develop their capabilllies that they may grow to full maturity as indNiduals and members of society. Publlc benefR The Charity considers that the public benefit is the provi8h)n of a resource avallable to all young Feople living in the area of Blackpool. The Trustees consider that they have ￿mPlIed wth Secllon 17{51 of the Charities Act 2011 and the Gharltses {Acwunts and Reports) Regulats'ons 2008. The Boathouse Youth Company Limited by Guarantse Trustses. Annual Report (Incorporating the Dlractor's Report) (conllnu•d) Year ended 31 December 2024 Strategic roport The following sectrons for achigvements and Ferfomiance, financial review and plans for future p8riods form the stralegsc report of the charity. Achkvements and perfomiance Programme- Youth SeNices Our programme delivery has remained dynamic and reswnsive, even during a period of intense operational change. Across 2024 we delbvered over 2000 youth work sessions engaging 1,100 individual young people wlh 21.500 recorded attendances by year-end - a slgnificanl achievement in lighl of the major o)nstru¢tion work. relocations and staffing transitions. We've made important progress in developing a more relevant and responsive youth work offer, par￿'cUlarlY through the lesb'ng of project-based work informed by youth people's lived experiences. One powertul example was our commissioning of The JJ Effe¢L a theatr￿baSed initiative tackling youth violence and knife crime. followng dear trends Klentsfied during open access sessions and incident monitoring. During the summer our annu81 summ8r camp welcomed neady 200 young people. One standout was the inclusive expenènce created for young people with addition81 needs through our Pathway Programme, which induded adapted c¥m￿n9 infrastructure and the support of our Senh)r Plus cohort. modelling peer-￿ inclusion at ils best. We've continued to invest in our award$*ased programmes too. A group of young peop￿ successfvlly cornp￿ted their Silver Duke of Edinburgh's Award. incorporating volunteenng through our Young Léaders Programme and gaining a Levd 1 Award In Youth Work as their skills section. The emphasis M relevant youth work was also explored young people researching and presentlng on the youth work landscape across the UK, including a visit to Salford Lads and Girls Club, drawing powerful parallels befv￿n theirjourney and our own. The Boathouse Youth Company Limited by Guarantee Trustees, Annual Report (Incorporatlng the Directorfs Report) fcontinu8d) Year anded 31 December 2024 Places- Youth Spaces 2024 has seen the most significant infrastructure investment in our history - a £2.2 million capital programme to transform our estate into vibranL safe and high-quality spaces for young people to gather, leam and grow. o Fleethod Youth Centre has opened and is now fully operational. This is a brand-new building designed as a bespoke Youth Centre and was philanthropicalty funded al a cost of £1.7m Equipment such as air hockey tsble$ and shuffieboard have been installed and acoustic improvements to the sports hall are planned, pllrnarity funded by the Wooden Spoon Chanty. o Bloomfield Youth Centre has undergone extensNe refurbishment including reptynting of external brickwork, new lighting, ceilings. d¢)ors and fvll redecoration. A5 part of the UK Youth project on loneliness and isolation, young people designed a mural map of kxal support servKes, now proudly on display. o Grange Park Youth Centre was temporafily Telocaled to Boundary Primary School and weekty detsched sessions have continued. Building work. funded by the Youth Investrnenl Fund.i8 progressing well. with a new 18+ Hub on the first floor including a fitness gym. learning zone and social space - all co-designed with young people. Morrison's Foundation, Shepherd Street Trust and Swrt England are funding gym equipment and the empwmenl ofa Personal Trainer. o Whlleholme Youth Complex (Bisphaml has become home for both the charitys Central Hub and Head Office while phased renovations are undertaken. By eaty 2025, the sit& will fvlty redeveloped into ￿ dislincl facilities.. o Bispham Youth Centre - for communty-based youth prowsion o The BHY Central Hub - home to programmes such as Duke of Edinburgh's Award, Young Leaders and th8 Pathway Programm8 All bullding works are on schedule for wmpletion by 31 March 2025. People - workf0￿e Development Wothforce development Continues to be the engine rcom of our bng-tenn vision. This y8ar. we've made bold moves to professionalise youth work from the ground up - most notabty through the launch of our Young Professlonals programme in September 2024. Ten young people aged 16 joined the organisation on the Level 3 Youth Support Worker Apprenticeship, working 30 hours per week (including six study hours). These young professional$ have become embedijed in youth centre teams and are ￿Ing on projects such as digital indusion. youth voice and programme development This initiative. fvnded by FCMS Ltd and the Natwesl Bank apprenticeship levy, includes an additional £35.000 investment in a Leaming and Development role outsourced to another IWAI youth work The Boathouse Youth Company Limited by Guarantse Truste8s' Annual Report (Incorporating the Directotrs Raport) (¢onllnu8d) Year end•d 31 December 2024 trainin9 provider, responsible for delNering their weekly study sessions at Flee￿Ood Youth Centre. The project has brought a un￿ue energy to the organisation and underscored our ￿MMItMent to growing our future workfor¢e. In parallel, we Continue to support adult leamors, NMih one staff member COmp￿￿'ng their Lev813 and five engaged in the Level 6 Youth Work Degree Apprersticeship. Together, this pipeline firmly establishes BHY as a leaming organisatKJn. Promise- Income Generation As de$¢ribed wthin our Statement of Financial Activrty, this. year. we generated significant Income income, underpinned by Strong p8rfoman¢e across grants, philanthropy. and events. Much of this total is reStr￿ted capital fvnding. including.. o Youth Investment Fund IGrange Parkl o Community (knership Fund {Whileholme) However, we also continued lo diversify income generalKJn and reduco reliance on the CEO, wlth slraleglc support frtyr Altair Consultancy Lld for grants and trusts. We have continued lo develop and slrengthen our relationships wlth corporate partners and a growing netr￿rk of philanthropists and major donors. We relaunchod annual fundraising event (wh￿h had been postponed since COVID-19}. The BHY Party Night 2024. held at the Winter Gardens, raised over £40.000 and reaffirmed our ability to generate unrestncted income whilst raising profile and community spirtt. Feedback from guests has been overwh8lmingly positive and we are conf￿￿nt Ihis event will become a signature part of our annual calendar. Looking ahead, the completion of infrastrncture projects will allow more bandwidth for fundraising activities - and 2025 will see th8 developm8nt of a longer-lerm income generatKin plan with clearer r8sponslbll￿.es across the wider leadership team. Financlal Report Summary On behalf of the Trustees. it is reported that the total irKome for the year was £1,892,788 (Previous.. £1,048,476). 0 £541,782 {Previou$." £331.329} was receNed from major donors (known as Patrons). 0 £293.6861Prev￿s.. £241.627) was received from grant making organisations. 0 £59.225 (Previous: £35.743) was raised through fundraising events. 0 £735,027 (Previous.. £256.439} was received from Govemment grants. 0 £129,974 (Previous.. £90,5O)) was recewed in Grfts in Kind. 0 £133,094 IPrevK)us £92,838) was received in other income and d￿at￿)ns. The Boathouse Youth Company Limited by Guarantee Trustses. Annual Report (Incorporatlng the DIrecto￿$ Report} (¢onlin￿￿) Year ended 31 December 2024 The total expenditure for the year was £1,482.348 (Previous.. £1.234,5721 resulting in a surplus of £410,440 (Previous.. -£186,096). At thg end of the year the totsl funds were £778,398 (Previous.. £367,958). The trustee$ would Ilke to thank the following for their financial contributions to the charity.. A C Electrical Ameon Utilities Limited Atex & William de Winlon Bambers Remedial Contractors Beaverbrooks the Jewellers 81ackpool Council Blackpool Coastal Housing Centre for Social Justice Children in Need Citizens Advice Bureau CleaNiew Home Improvements Clolhworkers Foundatbn Colin Taylor Community Ownership Fund David & Sally Maude Elgln Hotel Ellle Competitions Eric Wright Charitable Trust FCMS Frank & Karen Heald Garfield Weston Charity Gosling Foundation The Halsall Foundation Harris Charity Hays Travel Foundation Henry Smith Charity Key Group Linden Family Trust Mornsons Foundation Neighbourly Trust (JD Sports) NW YP Development Trust Oplo Group Limited P & A Donovan Perch Group Limlted Peter & Kathy Barcock {Payback Time Tnjst) Police Commission Rachel Charitable Trust Rahul Moodgal Richard Matkay Russell Haldane Charitable Trust Shepherd Street Trust Sport England The National Lottery The Boathouse Youth Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directoes Report) Iconthu Year ended 31 December 2024 The Tudor Trust UKYoulh Vera Wolstencroft Charitable Trust Walker Fire The Wooden Spoon Society Youth Investrnent Fund Gifts in lQnd The charity has received Gifts In Kind totalling £129,974 (Previous.. £90,500} and the Trustees would lik8 to thank.. Booths Supemarket Blackpool Council Merlin Entertainment Thames Primary A￿dernY Blackpool Coastal Housing Russell Haldane Chantable Trust Tesco Asda Red Marsh School Morrisons Red Cross Blackpool Tran$p)rt Green Doctor Blackpool Gateway Academy Boundary Primary School Christ the King Catholic Academy Layton Primary S¢h¢)ol Lilera¢y Plus Bamb8rs Remedial Contractors Omega Electrical Johnsons Painl Budget Blinds Link Signs Howdens Creepy Crawty Roadshow Fundraising The charity continues to proactivety fiJrKlraise through the application of Grants & TTusts, seeking major donors (both corwrate and private), engaging wth the wider strategy of Blackpool Counul and through community actiw'ty. The charlty currentty engages in a rolling ccmtract with Allair Consultancy Limrted for bid-writing support. 10 The Boathouse Youth Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (condnuedj Year anded 31 December 2024 Review of Risks The Trustees and Key Management Personnel have examined the major strategic, business, and operational risks which the charity faces and confim that systems have been established to enable reports to be produced so that the ne￿Sary steps can b6 taken lo lessen them. The principal risks are considered as follows: Failure lo attract and maintain sustsinable levels of income through major donors and 9rants. - Failure to maintain target membership and attendance figures. - Health & Safety issues that may affect fvll operats'on. Raservès Policy As the charity relles principally on grants and donatN)ns, the chari￿$ policy on reserves needs to be flexible. The Trustees have Implemented a risk management strategy which compds8s: _ 1. Trustee meetings to conslder arKI review the risk the Charity may have. 2. Systems and procedures to mitigate those risks identified. 3. The implemenlauon of wocedures designed to minimise any pot8ntial impact on the charfty Should any of those risks matenalis&. 4. The o)nllnuation of upholding excellent relationships wth major donors for emergency support should the organlsation require it At the balance sheet date the charity held £246,549 of available unrestricted funds1£282,5512023), approxlmately Ihm months of operakn'onal costs. Flnanclal revlew The prepamlion of the financial statements requires managemènt to make judgements, estimates and assumptsons that affect the amounts reForted. These estirnates and judgements are wnlinually viewed and are based on experience and other factors, including expectation$ of futLEre events that are believed lo be reasonable under the ciroumslances. 11 The Boathouse Youth Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Directorfs Report) fconllnu•d) Year ended 31 December 2024 PlaD8 for future periods Groth & Development Following a year of rapid growth, the ¢harity will need th6 spend the next 12-months settling into its new structure and making micro-developments within the team. This will include training and development of the staff.. reconsldering line management processes and consKlering our fvture workfor¢e. We continue to have passionate aMb￿onS to enhance the quality of ryjr provislon and widen our beneficiary range. Business Objectives The Irust8es have outlined four key business objectives.. - Incr8ase human resource capacty within the charity. - Develop a wder portfollo of private sector income. Continue to strengthen ￿latIOnShIpS with Blackpool C￿n￿l and saek out potentially commissioning opportuniti8S. Tru8t•08' r88ponslbllltlg8 8latwnont The tru5te8s, who ore also directors lor the purposes of company law, are respjnslble for preparing the trustees, ￿pOrt and the linancial statements in accordance with applicable law and United KSngdom Accountsng Standards (Untted TrQngdom Generally Accepted Accounb'ng Practice). Company law requires the charity Iruslees to prepare financial slatements for each year %thich glve true and falr view of the slate of affairs of the charitable company and the incoming resources and applicatlon of resources. including the in￿)rne and expanditure, for that periDJ. In preparing these financial statements, the trustees are requi￿ Io.. select suitable accounting pcdicies arKI then apply them consistendy; obsefve the methods and prinCi￿S In the applicab￿ Charib8s SORP; make judgments and accountsng estimates that are reasonable and pruden( slate whether applicable UK Accounting Standards have been followed. subject to sny material epartures disclosed and expkined in the finanual ststements: prepare the finanaal statements on the going COn￿M basis unless it is inappropriate to presume that the chanty will ￿ntinue in business. The trustees are responsible for keeping adequate a¢￿untIng records that are Suff￿lent to show and explain the charity's transactions and disclose wtth reasonable accuracy at any tsme the financial position of the charity and enable them to ensure that the financial ststemenls comply with the Companies Act 20(￿. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevenb'on and detection of fraud and other irregulaiities. 12 The Boathouse Youth Company Limited by Guarantee Tru8tses' Annual Report (Incorporating the Director's Report) (conurtued) Year ended 31 December 2024 Audltor Each of the p8rsons who is a trustee al the date of approval of this report confimis thatr $0 far as they are aware. there is no relevant audit informatton of vknich the Charity's auditor 1$ unaware.. and they have taken all steps that they ought to have taken as a trustee to make themsebjes aware of any relevant audit informats'on and to establish that the charity's auditor is aware ol that information. The Iruslees, annual report and the strategic rep)rt were approved on 2.2. cfj ' Lr and signed on behalf of the board of trustees by.. Mr Philip Owen Trustee 13 The Boathouse Youth Company Limited by Guardnt•• Independent Auditorfs Report to the Members of The Boathouse Youth Year ended 31 December 2024 Oplnion We have audited the ffinancial statements of The Boathouse Youth (the 'chariV} for the year ended 31 December2024 which Comprise the statement of financial activities {including income and expenditure a¢¢ountl, Statemenl of financial position, statement of cash flows and the related notes, including a summary of $ignificant accounting polictes. Th8 financial reporting framework thal has been applled in their preparation is applicable law and United lQrsgdom Accounting Standards, including FRS 102 The Financial Reporting Stsndard applicable in the UK and Republic of I￿land Iunited ￿ngdoM Generally Axepled Accounting Pr&tice). In our opinion the finan¢i81 statements.. give a true and fair view of the stat8 of th& charTVs affairs as at 31 December 2024 and of its incoming resources and application of resources. including its income and expenditure. for the year then ended.. have been property prepared in accordance wth United ￿ngdoM Generally Accepted Accountlng Practice., have been prepared In acxordance wth the requirements of thè Compan￿5 Act 2006. 8asl¥ for oplnlon We ¢onducled our audrt in accordance wth 1nternats.onal Standards on Audrting IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are frjrther des¢ribed in the auditor's responsibilities for the audit of the financial statements sethin of our report. We are independent of the charity in accordance wth the ethical requirements that a￿ relevant to our audit of the financial Ststements in the UK, including the FRC'S Ethul Stsndard, and we have fulfilled our other ethical responsibilit￿ in accordance wth these reqU1￿Ments. We believe that the audrt evidence we have obtained is sufficient and appropriate to provide a basis for our O￿n￿. Conclu•lon8 folatlng to golng con¢em In auditing the financial statements, hav& ¢on¢luded that the trustees, use of the going concèrn basis of accounting in the preparation of tho financial stsiements is appropriate. Based on the work we have performed, we have nol identified any material uncertainties relating lo events or conditions that, indivldualty Of collectivety, m8y cast significant doubt on tho charity's ability lo continue as a going concem for a perfod of at lea$1 tsvefve months from when the financial statements are authorised for issue. Our responsibilities and the ￿SPOnSIbl11￿es of the twstees with respect to going concem a￿ described in the relevant sections of thi$ repoiL 14 The Boathouse Youth Company Limited by Guarantee Independent Auditor's Report to the Members of The Boathouse Youth (contsnued) Year ended 31 December 2024 other Infomiatlon The other infomialion comprises the infomiation included in the annual report, other than the financial statements and our audilorfs report thereon. The trustees are responsible for the other InfoThation. Our opinion on the financial stslements does not cover the other infomiation and, except to the extent otherwise explicrtly ststed in our rep)¢ we do not express any fomi of assurance condusion thereon. In connection with our audit of the financial ststements, our Trsponsibility is lo read the cther information and, in doing so, consider whether the other infomation is materially inconsistent wlth the financial ststemenls or our knO￿edge obtained in the audit or otherwse appears lo te materially misstated. If we identify such matértal Inconsisten￿eS or apparent material misstalemenls, we 8re required lo d&temine whethèr there is a material misstatement in the financial slalements or a material misstalem8nt of the other informakn. If, based on the work we have performed, we conclude that ther818 a ma18ri81 misstatement of this other infonnation. we are required to report that fact. W& have nothing lo report in this regard. Oplnlon8 on oth•r mattorn prnscrlbod by the Companles Act 2006 In our opinion. based on the work undertaken in the Course of the audlL' the information given In the trustees, rep)rt for the financial year for whlch the financial statements are prepared is consistent with the financial statements.. and thé trustees. rewrt has been prepared in accordan￿ wilh applicable legal requirements. Matter8 on whlch w• •r• rfjqulred to report by exceptlon In the light of the knowledge and understsnding of the charity and its environment obtair￿d in the course of the audit. we have not identified m8terial mtsstslements In the trustees, report. We have nothing to report in respect of the followng matters in relatKJn to which the Companies Act 2006 requires us to report lo you if, in our opinion". adequate accounting records have not been kep( or retums adequate for our audit hav8 not been received from branches not visited by us.. or the financial stalernenls are not in agreement vAth the acownting re¢ord$ and returns., or certain disclosures of trustees, remuneration specified by law are nol made" or we have not receNed all the information and explanations we require for our audrt. 15 The Boathouse Youth Company Limited by Guarantee Independent Auditor's Report to the Members of The Boathouse Youth (conllnu•dJ Year ended 31 December 2024 Responsibilities of trustees As explained MO￿ fvlty In the trustees, responsibilibes ststement. the trustees (who are also the directors for the purposes of ￿mPanY law) are responsible for the preparation of the financial statements and for teing $ati$fied that they give a twe and fair wew, and for such intemal control as the trustees delemine Is ne¢e$sary to enable the p￿parat￿n of fin8wal statements that are free from matarfal misststement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitys ability to continue as a going eoncem, disdosing. as applrcable, matters related lo going concern and using the going eoncem basis of accounting ￿n￿sS the Injstees erther intend to liquidate the charty or to cease operation$, or have no realistic allemative but to do so. Audltorfs re8pon*lbllftlM for the audlt of the Ilnanclal 8lat•rn•nts Our objectives 8re to obtain reasonable assurance about bthelher the financial statèments as a whole are free from material misstatement, whether due lo fraud or etror. and to issue an auditor's roport that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordanc8 With ISAS IUKI will aNvays delect a material misstatemènt when it exists. Misstslements can arise from fraud or 8rror and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic de¢l$ions of users tsken on the basis of these financial statements. Irregularities. including fraud, are instantss of non-compliance wlh laws and ￿gUlatiOnS. We design procedures in line with our respjnsibililtes, ouuined abovè. to detect material mi$slalements In respect irregularitses, including fraud. The extent to which our procedu￿$ are capable of delectlng irregularities. including fraud Is detalled bekw. Based on our understanding ol th• charitable company we con$Klered those laws and regulations that have a direct impact on the preparation of the finanaal statements such as the Companies Act 2006, Charities SORP, taxation and other legislation relevant to the sector. We evaluated managemenvs incentives and opportunities for fraudulent manipulatson of the financial statements (including the risk of override of controls) and delemiined that the pnn¢ipal risks were related lo management bias in accounting estimatss and Judgemental areas of the finanrial statements such as revenue recognrtion. W8 addressed this by our work on a￿a$ Included. but were not limited lo, analyt￿al procedures, leslin9 of joumals, asse$$ment ofjudgements and estimates, enquiry and testsng of controls etc. As part of an aud￿ In accordance with ISAS (UKI, we exercise Profess￿nal judgment and mainiain profe$$ional s¢epti¢i$m throughout the audit. We also: Identity and 8ssess the risks of malerial misslatement of the financial statements, whether due to fraud or emr, design and perfom audit procedures resFonsive lo th¢)se risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not delecling a material misstatement resulting from fraud is higher than for one ￿SuItIng from error. as fraud may invofve collusion. forgery. intentional omissh)ns. misrep￿Sentation$. or the override of intemal control. Obtain an understsnding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the Circumstan￿5. but not for the purpose of expressing an ownion on the effectiveness of the intemal control. 16 The Boathouse Youth Company Limited by Guarantee Independent AUdit0￿S Report to the Members of The Boathouse Youth (conllnued) Year ended 31 December 2024 Evaluate the appropriateness of accounting policies used and the reaSonab￿nesS of accounting esllmates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees. use of the going concem basis of accounting and, based on the audrt evidence obtained. whether a material uncertainty exists related lo events or conditions that may cast slgnificanl doubt on the charitys ability to ¢ontinue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attents'on in our auditor's report to Ihe related disclosures in the financial statements or, rf such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our auditor's report. However. futu￿ events or conditions may cause the charity to cease to conllnue as a going concem. Evaluate the overall presentats'on. structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying tran￿etionS and events in a manner that achleves fair presental*)n. We ¢ommuni¢ate wth those charged govemance regarding, among other matters, the planned 9￿pe and timing of the audit and significant audit findings. Induding any signifl¢ant deficiencS&8 In internal control that we identsfy during Lwr audit. U80 of our report This report is made solely to the charitys members, as a bc4Jy. in accordance wrth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mKJhl stste to the charitys members those matters we are required to state lo them in an auditorfs report and for no other purpose. To the fullest extent permltted by law, we do not accept or 8ssume responsibility lo anyone other than the ch8rity and the charitys members as a body, for our audit work, for this reporL or for the opinions we have formed. Jacqueline Hyde BA FCA (Senior Stslutory Auditor) For and on behalf of John Poller & Harrison Chartered accounlanls & statutory auditor 1121114 Whitegate Drive Blackpool FY3 9XH 22. cjq. 17 The Boathouse Youth Company Limitsd by Guarantee Statement of Financial Activities (including incomo and expenditure account) Year ended 31 December 2024 2024 Restricted funds Total funds Total fund5 2023 Unrestricted funds Noto Income and endowments Donation5 and legacies Other trading acbvities Investment income Other income 1.051.739 59.225 22,426 5,766 753.632 1,805,371 59.225 22.426 5.766 1,003.352 35,743 7,892 1,489 Total Income 1.139,156 753,632 1,892.788 1.048,476 Expendlture Expenditure on raising fvnds.. Co$1$ of raising donations and legacles Expenditure on cttarits￿e actNikn8S Total expendtturn 101,023 1.W,723 101.023 1,381.325 1,482,348 40,620 1.193,952 1,234,572 10,11 312,602 312,602 1,169.748 Not Incom•ll•xpondlturo1 {30,5901 441,030 410.440 1186,0961 Transfers b8hveen funds 15,319) 5,319 Not movoment In lund8 {35,909) 446.349 410,440 1186.0961 Ro¢on¢lllatlon of funds Total fvnds brought foNtsrd Total funds carrlod forwanl 324.073 43.885 490,234 367,958 778,398 554,054 367,958 288.164 The statement of finandal activities indude$ 811 gains and kjsses rwnised in the year. All Income and expenditure derive from continuing activth8s. The notes On paw 21 to 34 fomi part of these financial •tstwnents. 18 The Boathouse Youth Company Limited by Guarantee Statement of Financial Position 31 December 2024 2024 2023 N¢tO Flxed a888ts Tangible ffxed assets 16 531.849 85.407 Currant as80ts Debtors Cash at bank ané in hand 17 76,017 761.382 20,331 394,570 414,901 837,399 Croditors: amounts falllng due wlthln one yèar Net current a88ets 18 590,850 246,549 778,398 132,350 282,551 367,958 367,958 Total assets 1088 current Ilablllll88 Nat a880ts 778,398 Funds olthe charlty Reslricled funds Unrestricted funds 490.234 288.164 43,885 324,073 Total charlty fund8 22 778,398 367,958 These financial statements were approved by Ihe board of trusl8es and authorised for issue on 11., 0 g.: Ir.., and are signed on tehafr of the board by.. Mr Philip iknn Trustee Thè notss on pag•s 21 to 34 f¢rm ￿rt ofthg89 financlal statements. 19 The Boathouse Youth Company Limit•d by Guarantee Statement of Cash Flows Year ended 31 December 2024 2024 2023 Cash flows Irom operating a¢tivill¢s Net incomellexpenditu￿} 410.440 {186,0961 Adjustments for. Depre¢lalion of tsngible fixed assets Government grant income Other Inle￿$t receivable and similar income Accrued income 30,284 17,544 {735,027) 1256,4391 (22,4261 17,8921 (53,4691 14,9051 Changes in.. Trade and other debtors Trade and other ¢redttors 1,563 454,720 86,085 {13.6131 7,820 1443,5811 Cash generated from oFerations Interest receNed 22,426 108,511 7.892 (435.6891 Net cash fromllused inl operating a¢bvltses Cash flow8 from Inveltlng actlvltles Purchase of tangible assets Nel cash used In Investing activities 1476.7281 (476.7261 135,8361 135,8361 Ca8h flow8 from flnanclng actlvttl Government grant income Net cash from finanring activities 735,027 735,027 256,439 256,439 Net Increasgllde¢r•aso1 In cash and cash equlv418nts Cash and cash equivalonts at boglnnlng of year Cash and cash equlv•l•nts at •nd of yfrar 366,812 394.570 1215.0861 609.656 394,570 761,382 The notes on pages 21 to 34 forni part ofthese flnancial statsments. 20 The Boathouse Youth Company Limited by Guarantee Notes to the Flnancial Statements Year ended 31 December 2024 General Infomlallon The charity is a public benefit ents.ty and a private company limrted by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered oflice is Whiteholme Youth Centre, Al Saints Road, 81ackpwl. FY5 3AL On the 9th May 2024 a new Certificate of Incorporation on change of name was issued to allow for the company to dispense wth the need to use"Limited' at the end of it's name. Statement of compll•n¢e These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Stsndard applicable in the UK and the Republic of Ireland.. the Statement of Recommended Practice appl¢cable lo charities preparing their accounts in a￿Ordance with the Finan¢lal Reporting Standard applicable in the UK and R&publk of Ireland IFRS 1021 (Charities SORP {FRS 10211 and the Companies Acl 20Cfj. Accountlng pollcles Bash of preparation The financial ststemenls have been prepared on the historical cost basis, as modified by the revaluation of certain financlal assets and liakn'libe$ and investment properties measured at fair value through income or expenditure. Th8 financial ststemenls are prepared in sterfing, which is the fun¢tional currency of the entity. Golng concern Whilst the charity is afvoys mindful of its feserve levels and irs need to continue with fund raising efforts lo support expenditure. the charity Is not aware of any material uncertainties about ivs ability to continue as a going concem. Judgements and koy 8ource8 of estlmatlon un¢ortalnty The pr8paralion of the finan￿al statements requires m8nagem•nt lo make judgements, estimates and assumptions that affect the amounts reported. These eslimales and judgements are Continually reviewed and are based on experience and other factors, including exFectations of future events that are believed lo be reasonable under the cir¢umslances. Fund accountlng Unrestrlcted funds are available for use at ihe dK￿retIon of the Iruslees to further any of the charitys purposes. Designated funds are unrestricted funds eam)arked by the trustees for parbrJJlar future project or Commitment Restri¢led fijnds are subjected to restrictions on thLwr expenditure declared by the donor or through the terrns of an appeal, and fall into one of tsvo sub-classes.. restricted income funds or endowment fund5. 21 The Boathouse Youth Company Limited by Guarantee Notes to the Financial Statsments {cr#thu8¢• Year ended 31 December 2024 Accounllng pollcles (conthu•th) Incomlng re8ource8 AJI incoming rex*urces are included in the statement of financial activthes when ent￿ernenl has passed to the chanty., it is probable that the economic benefits associated with the transaction wlll llow to the ¢hanty and the amount can be reliabty measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is eviden¢% of ent￿ement lo the gift, r8ceipl is probable and its amount can be measured reliabty. legacy income is re¢ognised vthen receipt is probab58 and entiuement is e8tabllsh8d. income from donated goods is measured at the fair value of the gtr)ds unless this Is impractical to measure reliably. in which case the value is derived from the cost lo the donor or the estimated ￿Sale value. Donated faulibes and services are recognised in the accounts when receN6d if the value can be reliabty measured. No amounts are induded for the Contribut￿ of genet81 volunteers. income from contracts for the $uppty of servlces is rec4)gnised the delNery of the contra¢ted service. This is da$sffied as unreslricled funds un18ss there is a contractual requirement for il lo be spent on a particular Pufpose and returned if unspent, in which case it may be reg8rded as restricted. R080urce• gxpnd•d Expenditure is recognised on an accruals basls as a liabllty is Incurrgj. Expendlture includes any VAT which cannot be fulty recovered. and 1$ classified under headings of the statemenl of financial activiti'es to which rt relates.. expenditure on raising lunds includes the costs of all fijndralsing activit￿$, events, non- charitable trading activities. and the Sale of donated gcwxls. expendit[b￿ on charitable aclmties includes all costs incurred by a charity in undertaking aclivilie5 that further its charttsble aims for ihe benefit of its beneficiar￿$, including those support ¢o$ts and costs relab.ng to the govemance of the charity apporboned lo charitable actiwts'o$. other eX￿ndrtUre includes all expenditure that is neither related to raising funds for the hanty nor part of its exFtnditure ors charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct Costs athbulable to a single acts.vity are allocated direGUy to that activity. Shared costs are apportioned betsveen the actNities they contribute to on a ￿aSOnab￿. justs'fiable and consistent basis. Oporatlng leas08 Lease payments affj rev)gnised as an expense ¢)ver the lease temi on a Stra￿jhl-1Ine basis. The aggregate benefit of lease incentives is recognised as a reductb)n to exFense over the lease temi, on a stra*Jht4ine basis. 22 The Boathouse Youth Company Limited by Guarantee Notes to the Financlal Statemènts (¢Qnllnu8d) Year ended 31 December 2024 A¢countlng pollcles (conllnu Tangible assets Tangible assets are inits'ally recorded at cost. and subsequenty stated at cost less any accumulated depreciation and impairment losses. Any tangible assets caffied al revalued amounts are recorded at the fair value at the date of ￿valUation less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. An increase in the carrying amount of an asset as a resutt of a waluation. is recognised In other cognised gains and losses, unless rt reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial aCtiV￿"eS. A decreas8 in the carrying amount of an asset as a ￿sU11 of revaluation, is recognised in oth8r recognised gains and losses, except lo which il offsets any pr8vious revaluation gain, in which cas8 the loss is shown withln other recognised gains and losses on the ststemenl of financial activibe$. Dopreclatlon Depre¢iallon is calculated so as to write off the cost or valuation of an asset. less its r88idual V81ue, over the useful economic lrfe of that asset as foll¢)ws'. Fixtures and fittings Tenants improvements 25% straight line 15 % reducing balance￿eaSe tem) Oeprecialion is nol provided for on Freehold larKI and l)ulldings as they were purchased at below market value and il 1$ the charity's policy lo maintain this asset in a conb'nued Stale of sound repalr with improvements. Accordingly the reshjual value 18 h*gh and econom￿ lifv so long that any depreciation is insignificant. Impalmient of Ilxed a￿•1• A review lor indicators of Impalm￿nt 18 carried out al each reportlng date, wlth the recoverable amount being eslimaled where such indicators exist. whe￿ the carying value exceeds the recoverable amount, the asset is impaired a￿OrdInglY. Prior impairments affj also reviewed for possible reversal at each reporting dale. For the purposes of impaimienl lesb'ng, when il is not possible to estimate the recoverable amount of an individual 8$3et, an estimate is made of the recoverable amount of the ¢ash- generating unil to which the asset belongs. The cash-generating unil is Ihe smallest identlfiable group of assets that includes the asset and generates cash inflows that targely independent of the cash inflows from other assets or groups of assets. For impaimienl testing of goodwill, the goodwfll acquired in a business wmbination is, from thè acquisition date, allocated lo each of the ca$h%enerating units that are expected lo benefit from the synergies of the combination. irrespeclive of whether other assets or liabilities of the charity are assigned lo those units. 23 The Boathouse Youth Company Limitsd by Guarantse Notes to the Financial Ststsments (¢oollnuodJ Yoar ended 31 December 2024 Accountlng pollcles (eonii*Ju8dJ 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 th* the charlty will compty wth the conditions attaching lo them and the grants will be received. Where the grant does not impose specffied future perfOrMance-￿131ed condltions on the recipient, it is recognised In income when the grant proceeds are received or receivable. Where the grant does impose specified fvture perfO￿ance-re1ated condition$ on the recipient, rt is recognised in income onty when the performance-related condits'ons have been mel. Where grants received are pnor io satisfyirbg the ￿venue recognition criteria, they are recognised as liability. Flnanclal In8trumonts A flnancial asset or a financial liabillty is reLY4nised only when the entity becomes a paty lo the conlraclual provisions of the Instrument Ba$1¢ financial Instruments are inibally recognised at the amount receivable or payable including any related transaction costs, unless Ihe arrangement constitutes a fi'nancing tran$a¢tlon, wher8 it Is re¢ognised at the present value of the future payments discounted at a market rale of inter8sI for a slmilar debt instrumenL Current assets and current Ilabilities are subsequently measured at the cash or other consKJeration expe¢led to be Pa￿ or receNed and not discounted. Oebt instruments are subsequentty measured at amortised cosL Other financial instruments are subsequenty measured at falr value, with any ¢hange8 recognised in profit or108S. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impaimienl at the end of each reporting dale. If there Is objective evidence of impairment, an impaiment loss is recognised under the appropriate heading in the statement of financial activities In whth the inltial gain was recognrsed. For all equity instruments regardless of significan￿, and other financial assets that are individually significant, these are assessed indNidually for impaiment. Other financial assets are either assessed indiv￿UallY or grouped on the basis of slmilar credrf( risk Characteristics. Any ￿VerSa&S of impalmient are recognised immed￿ty. to the extent that the reversal does not result in a carrying amount of the financia5 asset that exceeds whal the Carr￿ng amount would have been had the impairment not prevKiusly been recognised. Deflned contrlbullon plans Contributs'on5 to defftned contribubon plans are recognised as an expense in the period in which the related SerV￿e is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment wll lead lo a reduction in future payments or a cash refund. The Boathouse Youth Company Limited by Guarantse Notes to the Financial Statements (¢oniinued) Year ended 31 December 2024 Accounting policies (cominu•d) Dfrflnod contrlbutlon plans (conlpnu8O) When Contribut￿nS are not expected to b8 setded wholty vithin 12 months of the end of th& reporting date in which the employees render the related seNi¢e, the liability is measured on a discounted present value basis. The unwinding of the discount Is recognised as an expense in the ￿riod in which it arises. Limlted by guarants• The ¢ompany is limited by guarantee and awdingly does not have a share ￿pItal. Every member of the company undertakes lo contribute such amount as may be required not exceeding £10 to the assets of the ¢hantable company in the event of its being wound up. Donallons and legaclo$ Unrestn'cted Funds R•stricled Total Funds Funds 2024 Donatlons Major donors 503,373 38.409 541,782 Gifts in klnd 129,974 129,974 Grants Community lottery P8yback time Trust Citizens Advice Bureau Childrèn in Need Blackpool council Linden Family TrLrsI The Halsall Foundation Garfield Weston Rachel charitable trust Neighboudy Trust Tudor Trust Police commission Vera wolstencroft Eric wright Foundation Beaverbrooks the Jewellers UK Youth Hays Travel Foundation NW YP Development Trust Wooden Spoon Govemment grant Ir￿)me 86,001 6,250 3,572 8,845 86.1)J1 22.250 3.572 8,845 16.OCNJ 25,000 25,000 20,000 20,0fy) 5,000 2,826 45,615 4.732 2,826 45,615 4,732 10,320 5,390 9,115 7,500 37,520 735,027 10,320 1.150 4,240 9,115 7,500 37.520 479.007 256,020 Other donallons and l¢gacles Other donations 104.902 104,902 1,805,371 1,051,739 753,632 25 The Boathouse Youth Company Limited by Guaranta• Note3 to the Flnancial Statements (¢onbTnuedl Year end•d 31 December 2024 Donatlon8 and legac1￿ (¢ondnued) Unrestricled Fund$ Restricted Total Funds Funds 2023 Donations Major donors 331,329 331.329 Glfts Gifts in kind 90,500 90,500 Grants Community lottery Payback time Trust Citizens Advice Bureau Children in Need Bla¢kpool council Linden Family Trust The Halsall Foundation Garfield Weston Rachel charitable trust Neighbourty TNSt Tudor Trust Police commisslon Vera wolslencroft Eric wright Foundation Beaverbrooks the Jewellers UK Youth Hays Travel Foundation NW YP Development Tru81 Wooden Spoon Govemment grant income 66,456 66,458 16,000 2,100 16,000 2,100 30,000 30,000 30.000 2.51)0 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 Oth¢r donatlons and1oga¢i Other donations 83,457 83,457 1,003,352 885.225 118,127 othor tradlng a¢tlvltlo8 Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Fundraising events 59.225 59,225 35,743 35.743 26 The Boathouse Youth Company Limited by Guarantee Notes to the Flnancial Statements (condnu•¢lJ Yoar ended 31 December 2024 Investment Income Unrestri¢ted Total FuTrds Unrestricted Totsl Funds Funds 2024 Funds 2023 Bank interest receivable 22.426 22.426 7,892 7,892 Other In¢om• Unrestricted Total FuTrd8 Unrestricted Totsl Funds Funds 2024 Funds 2023 other Income Insurance clalm 5.786 5,766 674 815 674 815 5,766 5,766 1.489 1,489 Costs of ra181ng donatlons and lega¢l08 Unrestricted fotal Funds Unrestricted Total Funds Funds 2024 Funds 2023 Costs of raising donations and legaci8S Donats'ons 101.023 101.023 40,620 40,620 10. Expendltufo on charftable act1v1t1￿ by fund type Unrestricted Funds Reslricled Total Funds Funds 2024 Youth work Support costs 1.045.814 22.909 309,954 2.648 312,602 1,355,768 25,557 1,381,325 1.068,723 Unrestricted Funds Restricted Total Funds Funds 2023 Youth work Support costs 1.056.698 17,786 119,468 1.176,166 17,786 1,193,952 1.074,484 119,468 27 The Boathouse Youth Company Limitsd by Guarantee Notes to the Financial Statsments f¢wllnu•dJ Year ended 31 December 2024 11. Expenditure on ¢harltable activiti•s by activity typg Activities undertaken directly Support costs Total fund8 2024 Totsl fund 2023 Youth work Governance costs 1.355.768 1.355,768 25,557 1,176,166 17,786 25,557 25,557 1,355.768 1,381.325 1,193,952 12. Nel In¢omelloX￿ndFtur8l Nel incomellexpenditure) is ststed after ¢hargingl{credtilng): 2024 2023 D8preclation of tangible fixed assels 30,284 17,544 13. Audltorn romunorntlon 2024 2023 Fees payable for the audit of the financial ststements 3.780 3,600 14. Staff ¢o•t• Thè total Staff costs and employee benefits for Ihe reForting period are analys6d as follows.. 2024 2023 Wages and salaries Social secudty costs Employer ¢ontn'butions to pension plans 742,991 51,161 23.749 817,901 635,745 47,263 15,987 698,985 The average head count of employees during the year was 72 (2023.. 601. The average number of full-tsme equivalenl employees during the year is anatysed as follows. 2024 2023 No. No. Chief Executive Key management personnel Support staff 72 60 The numtrAr of employees Ythose remuneration for the year f811 wrthin the followng bands, were.. 2024 2023 No. £80,OC4) to £89,999 The Boathouse Youth Company Limited by Guarantee Notes to the Financial Statem•nts (conllnu Year ended 31 December 2024 15. Trustee remuneratlon and expenses No remunerallon or other beneffts from em￿OyMent vth the charity or a related entity were received by the trustees. 16. Tangible flxod as8•ts Freehoid Fixtures and Tenants propety fittingsimprovements Total Cost At 1 January 2024 Additions 13,295 34,340 83.636 9,845 93,481 81,309 432.541 178,240 476.726 At 31 Decembor 2024 47.635 513,850 654,966 Depreclatlon At 1 Janljary 2024 Charge for the year At 31 Docombor 2024 61,603 11.237 72.840 31,230 19.047 92,833 30,284 123,117 50,277 Carrylng amount At 31 Docember 2024 47.635 13,295 20.641 463,573 50,079 531,849 85,407 At 31 December 2023 22,033 Included within Tenants improvements are exp8nd8d capital grants receNed from the Communlty Ownership Fund of £91,169 for improvernents to the Whileholme Centre. and £341,372 received from the Youth Investment Fund for improvements to the Horsebndge Centro. The grants have been recognised in the statement of financial activits'es and the exp8nditur8 18 being depreciated over the tefrns of the lease. Both buildlngs improvements were completed for handover by the end of March 2025. There are capital commitments in respect of monies expended after the year end in relation to these projects amounting lo £169.745. reflected in defeired income. 17. Debtorn 2024 2023 Trade debtors Prepayments and accrued income Other debtors 14,103 5,804 424 75,556 461 76.017 20.331 The Boathouse Youth Company Limlt•d by Guarantee Notss to the Financial Statements f¢oniinu Year ended 31 December 2024 18. Credltors: amounts falling duo withln one year 2024 2023 Trade creditors Accruals and deferred income Social se¢unty and other taxes 184,645 391.485 14.720 590,850 12,256 108,147 11,947 132,350 19. Deferred Incom• 2024 2023 Amount deferred in year 387,705 108.147 20. P•n8lon8 and other post retlr•mont b•nofft8 Doflned contrlbution plans The amount recognised In income or èxponditure as an expense in relation to defined contrfbullon plans was £23,74912023: £15,987). 21. Govemment grants The amounts recognised in the financial Statements for govemment grants ara as lollows.. 2024 2023 Recognised In ir￿arne from donallons and legxies.. Government grants income 735,027 256.439 30 The Boathouse Youth Company Limitsd by Guarantee Notes to the Financial Statements (contlttu¢dJ Year ended 31 December 2024 22. Analy818 of charltablo fund8 Unrnstricted funds At 1 January 202 At 31 December 2024 Income Expenditure Transfern Genaral funds Blackpool council 324,073 883.136 256.020 (913,7261 1256.020) 1.139,156 {1,169,746) {5,319} 288,164 324.073 (5,3191 288,164 At 1 January 202 At 31 De￿mber 2023 Income Expenditure Transfers General funds Blackpool council 508.828 673,910 256.439 (858.6651 1256.4391 930,349 (1.115.104) 324,073 508,828 324.073 Purposes of Major Unrestricted Income FurKIs 81ackpool 8orough Council.. Towards core operat￿nal costs. 31 The Boathouse Youth Company Limitsd by Guarantee Notes to tha Financial Statsments (¢Omlnu8dJ Year ended 31 December 2024 22. Analysis of Charltable funds (continued) Restrlctod fund8 At l January 202 At 31 Decembor 2024 Income Expendi￿re Transfers Restricted Funds Community lottery Vera Wolslencroft Youth Investment Fund IYIF) Community Ownership Fund ICOF) 43.885 143,009 86,001 45,615 (138,850) 186,001) 16.250) 14.914 62,958 {25,332} 14,033 385,253 (60,747) 324,5C6 93.754 {20,7541 (312,6021 15,737 88,737 490.234 43.885 753.632 5,319 At 1 January 202 At 31 December 2023 Income Expendilure Transfers Restricted Funds Community lottery Vera Wolstsncroft Youth Investment FurKI (YIFI Community Ownership Fund ICOF) 45,226 51,671 66.456 (53,012) {66,456) 43,885 45,226 118,127 {119,468) 43,885 Purposes of Major Restrlcted Income Funds Communty Lottery.. Pathvrdy Transition Programme supwting various projects. Ver8 WolstenGmft.' .'Premises oF￿atIOnal costs. YIF.. Capital tenants improvements costs for the Horsebridge Centre. COF.. Capital tenants improvements costs for the 14Vhrteholme Centre. 32 The Boathouse Youth Company Limited by Guarantee Notss to the Financial Statements (¢Qnllnu Year ended 31 December 2024 23. Anatysls of net a88ets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets C￿lIOrS less than 1 year Net a880t8 41.615 490,234 531,849 449,694 387,705 837,399 (203,1451 (387,705) {590,8501 288.164 490,234 778.398 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible r￿ed assets Current assets Creditors less than 1 year Net a8sel• 41.522 43,885 85,407 3C6,754 108,147 414,901 124,2031 1108.147} (132,3501 324,073 43,885 367,958 24. Flnanclal In8trumonts No 8ddltlonal disclosures are requlred in respect ol financial instruments. 26. Analy818 of Changes In not debl At At 1 Jan 2024 Cash flows 31 Dec 2024 Cash at bank and in hand 394,570 366.812 761.382 26. Operatlng 18a8e commltmgnts The total futlsre minimum lease payments under non4an¢ellabl8 operating leases are as follows: 2024 2023 Later than 1 year and not later Ihan 5 years Later than S years 47,817 96,516 144,333 48,133 48.133 33 The Boathouse Youth Company Limited by Guarantee Notes to the Financial Statements (eondnued) Year ended 31 December 2024 27. Othorfinancial ¢ommllments The charity conb'nues its capital commitment for tenants improvements to the Horsebridge Centre which is covered by a grant trom YIF. The building is owned by Blackpool Coastal Housing and used by the charity on a fenl free basis. The charity a150 has Capital commitments for tenants improvements to the Whileholme Centre which is covered by a grant from the Communty Ownership Fund. The building 1$ 8190 owned by Blackp￿1 Coastal Housing and is used by the clprity for a rent of £5000 pa. 28. Related p•rtles As noted in the Trusiee report the Russell Ha￿ene Trust l F Heakl I has invested £1.7m in the Flee￿oOd Youth Centre which is crcupied by the chanty on a rent free basis. The lease is rent free bul nothing has been formalised in Connection wth this arrangement whilst the funding issue with the F Heald estste is ￿ng resolved. The Boathouse Youth Company LimFted by Guarantse Management Information Yéar ended 31 December 2024 Th• followlng pages do not fonn part ol tho flnanclal statement•. 35 The Boathouse Youth Company Llmitsd by Guarantee Detailed Statement of Financlal Activities Year ended 31 December 2024 2024 2023 Incomè and endowments Donatlon8 and leg•cI Major donors Gifts in kind Community lottery Payback lime Trust Citizens Advice 8ureau Children in Need Blackpool council Linden Family Trust The Ha15all Foundation Garfield Weston Rachel charitsble trust Neighbourly Tnjst Tudor Trust Police commission Vera wolstencroft Eric wright Foundation Beaverbrooks the Jew811ers UK Youth Hays Travel Foundatbon NW YP Development Tnsst Wcjoden Spoon Government grant income Other donations 541,782 129,974 86,001 22,250 3,572 8,845 331.329 90.500 66,456 16,000 2,100 30.000 25,000 20,000 30.000 2,500 5,000 7,500 7,173 17,817 31,928 25.000 5,153 2,826 45,615 4,732 10,320 5,390 9,115 7,500 37,520 735,027 104,902 1,805,371 256,439 83,457 1,003,352 Other trndlng actlvltle8 Fundralsing events 59,225 35,743 Investmont Income Bank interest r￿e1Vable 22,426 7.892 Other Income Other income Insurance claim 5,766 674 815 5,766 1,489 Total Income 1,892.788 1,048,476 38 The Boathouse Youth Limited Company Limitsd by Guarantee Detailed Statement of Flnancial Actlvities (continued) Year endod 31 Dec•mbor 2024 2024 2023 Expendlturo Costs of rnlsing donatlon8 and legacl Altair Consultancy Ltd Fundralslng expenses 43,200 57,823 34.015 6.605 101,023 40,620 Ex￿ndIture on charltablo a¢thiltl08 Activities, equipment and travel Wag85 and Salarie8 Employer's NIC Pension costs Premlses Legal and professional fees Communlcations, IT and admini8lratlon Staff trainlng, unifarm$ and sustenance Depreciatlon 282,944 742,991 51,181 23.749 96,875 25.557 66,689 61,075 30,284 269,243 835,745 47.253 15,987 85,747 17,788 88.096 56,551 17,544 1.381,325 1,193,952 Total exp8ndtture 1,482,348 1,234,572 Net In¢omo1oxp•ndlturn 410,440 {186,0961 37 The Boathouse Youth Company Llmlted by Guarantee Notes to the Detai16d Statsment of Financial Actlvitles Year ended 31 Decembèr 2024 2024 2023 C08ts of ril8ing donatlon8 andlogacles Costs of raising donaUon8 and legacle• - Donatlons taSr Consult8ncy Ltd Fundraising expenses 43,2(J) 57.823 34,015 8.605 40,620 101,023 Coats ol ral¥lng dOna￿OnI and l•gacl6• 101,023 40,620 Expendlturo on charttablg acllvltlo8 Youth work A¢tlvltles undortaken dlrectly Direct charitable activity- Aclivi1188. equlpment and trav81 Oire¢t charitable aclivlty- wageslsalarias Direct charitable activity - employetrs NIC Direct Charitable acbvity- pension costs Direct charitable acllvity- Premises Dire¢l charitable acllvlty- Communlcatton8. IT and admln18tr8tton Olrect charitable activity - Staff Irainlng. unlfomis and sustenance Dlrect charilablo activity - depreciation 282,944 742.991 51,181 23,749 96,875 66.689 81,075 30,284 1.355,788 289,243 635,745 47,253 15,987 65,747 88,096 58,551 17,544 1,176,168 Governanc• ¢o•ts Governance costs - audlt fees Govemanca eo8ts - legal and other professlonal 1888 3,780 21,777 25,557 3,8￿) 14,186 17,786 Exp•ndltuie on charltabl• acUvltl•• 1,381.325 1,193,952 38