REGISTERED CHARITY NUMBER: 1165136
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31st December 2021
for
Vulcan Boxing Club
cbaSadofskys Chartered Accountants Princes House Wright Street Hull East Yorkshire HU2 8HX
Vulcan Boxing Club
Contents of the Financial Statements for the year ended 31st December 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Cash Flow Statement | 7 | ||
| Notes to the Cash Flow Statement | 8 | ||
| Notes to the Financial Statements | 9 | to | 17 |
Vulcan Boxing Club
Report of the Trustees for the year ended 31st December 2021
The trustees present their report with the financial statements of the charity for the year ended 31st December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are to promote the health and fitness of the local community and surrounding areas by the training and displaying the sport of boxing. The charity was established to work with children and vulnerable young people. It helps those on the margins of society - the socially disenfranchised, the elderly, people with disabilities etc.
Public benefit
The charity meets the public benefit criteria through the activities undertaken which include education, training and the advancement of health through amateur sport and recreation.
The trustees are of the opinion that they have complied with the duty in Section 4 of the Charities Act 2011 with regard to public benefit guidance published by the Charity Commission.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity has once again grown dramatically and there has been a substantial increase in membership. There are now over 7000 members from Hull and the surrounding area, who have taken part in a wide range of activities. Vulcan has continued to provide Food Parcels to those who need them, however since the pandemic this service has reduced to around 30/40 parcels at peak times (collection only - supply dependent). The bulk of supplies are still purchased from FareShare Hull and Humber, and Marks and Spencers donates food three times a week. Vulcan also receives contributions from the general public and local businesses (particularly during the holiday seasons).
The Youth Project has now begun to operate three nights a week again and has approximately 120-140 participants (having returned to pre-pandemic levels). There are now a number of volunteers helping to support the project and the range and nature of activities delivered has grown. The Learning Centre has continued to deliver qualifications for young people who are struggling in mainstream education. Numbers in the Learning Centre have also increased, returning to pre-pandemic levels. There has been a rise in 14-16 year old learners, as the centre has re-engaged with a number of local schools and the East Riding Local Authority. However, it has still no education contract in place for those over the age of 16. Consequently, the centre has been using Community Led Development (CLLD) money and funding gained from Comic Relief to provide qualifications to those who fall outside commissioned places.
During the year the workshop extension, including a new storeroom, was completed with the support of match funding from the Garfield Weston Foundation, The Cloth Workers Foundation and the National Lottery. The total build cost was £90,000.
Vulcan prioritises the promotion of health and fitness and has worked with the NHS Recovery College to deliver free bootcamp style classes for people suffering from mental health issues. It has also provided fitness classes for several local schools, including outreach work in a number of locations (the local park and at a number of schools). The sessions proved to be extremely popular and well populated.
The Boxing & Gym classes and the Youth Hub has seen considerable increase in numbers since the pandemic. In one of the weeks the Centre saw over 1000 participants involved in activities. The centre has therefore had to recruit new staff and volunteers to cater for the increasing demand.
The Centre has continued to work in partnership with the local police service, the social services, the NHS, the youth offending team, a number of schools and several local charities (particularly the social housing charity Giroscope and local community centre Lonsdale). Its collaborative approach to working has enabled it to continue to support a wide range of people with a variety of needs.
Page 1
Vulcan Boxing Club
Report of the Trustees for the year ended 31st December 2021
FINANCIAL REVIEW
Principal funding sources
The charity continues to gain revenue from a variety of sources. It earns money from its education contracts and for subscription payments for gym usage. The annual shows also provide some financial assistance although it has not been possible to hold them this year.
Reserves policy
The policy of the charity is to keep reserves of around 5 to 6 months of staff wages should it lose funding or contracts. This has continued to be achieved during this financial year.
A designated fund has been set up within unrestricted funds to represent the book value of the charity's fixed assets, so that the general fund balance represents the funds that are readily available to the charity. The fund balances can be seen in note 14.
The free reserves at 31st December 2021, represented by the general fund balance, were £107,162 (2020 - £258,475).
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
Trustees are invited to become involved and are appointed by the management committee, due to their standing in the community and recognised work with young people and vulnerable adults. The current trustees all work in positions of responsibility. One is a substance abuse worker, another is a councillor with a wide range of experience and the other is a mentor/youth worker.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1165136
Principal address
The Vulcan Centre 42 Heron Street Hull East Yorkshire HU3 3PF
Trustees
D Grant E Mortimer M Nelson (resigned 1/3/22) A Parnaby (appointed 1/3/22)
The day-to-day management of the charity has been delegated to S Glazer.
Independent Examiner
cbaSadofskys Chartered Accountants Princes House Wright Street Hull East Yorkshire HU2 8HX
Page 2
Vulcan Boxing Club
Report of the Trustees for the year ended 31st December 2021
Approved by order of the board of trustees on 31st October 2022 and signed on its behalf by:
A Parnaby - Trustee
Page 3
Independent Examiner's Report to the Trustees of Vulcan Boxing Club
Independent examiner's report to the trustees of Vulcan Boxing Club
I report to the charity trustees on my examination of the accounts of Vulcan Boxing Club (the Trust) for the year ended 31st December 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Alan Brocklehurst ACA ICAEW cbaSadofskys Chartered Accountants Princes House Wright Street Hull East Yorkshire HU2 8HX
31st October 2022
Page 4
Vulcan Boxing Club
Statement of Financial Activities for the year ended 31st December 2021
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 136,441 Charitable activities Youth education and activities 4,286 Other trading activities 3 7,535 Total 148,262 EXPENDITURE ON Raising funds 5 3,900 Charitable activities 6 Youth education and activities 188,696 Other - Total 192,596 NET INCOME/(EXPENDITURE) (44,334) RECONCILIATION OF FUNDS Total funds brought forward 605,168 TOTAL FUNDS CARRIED FORWARD 560,834 |
Restricted funds £ 251,394 - - 251,394 - 255,136 - 255,136 (3,742) 66,298 62,556 |
2021 Total funds £ 387,835 4,286 7,535 399,656 3,900 443,832 - 447,732 (48,076) 671,466 623,390 |
2020 Total funds £ 519,000 57,135 1,630 |
|---|---|---|---|
| 577,765 | |||
| 3,600 324,685 39 |
|||
| 328,324 | |||
| 249,441 422,025 |
|||
| 671,466 |
The notes form part of these financial statements
Page 5
Vulcan Boxing Club
Balance Sheet
31st December 2021
| Notes FIXED ASSETS Tangible assets 12 CURRENT ASSETS Cash at bank and in hand CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 14 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ 453,672 110,954 (3,792) 107,162 560,834 560,834 |
Restricted funds £ - 62,556 - 62,556 62,556 62,556 |
2021 Total funds £ 453,672 173,510 (3,792) 169,718 623,390 623,390 560,834 62,556 623,390 |
2020 Total funds £ 346,693 326,613 (1,840) 324,773 671,466 671,466 605,168 66,298 671,466 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 31st October 2022 and were signed on its behalf by:
A Parnaby - Trustee
The notes form part of these financial statements
Page 6
Vulcan Boxing Club
Cash Flow Statement
for the year ended 31st December 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Capital grants received Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2021 £ (93,945) - (93,945) (129,158) 70,000 (59,158) (153,103) 326,613 173,510 |
2020 £ 228,047 (39) 228,008 (94,986) 37,842 (57,144) 170,864 155,749 326,613 |
|---|---|---|
The notes form part of these financial statements
Page 7
Vulcan Boxing Club
Notes to the Cash Flow Statement
for the year ended 31st December 2021
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| OPERATING ACTIVITIES | ||
|---|---|---|
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest paid Capital grants received Increase/(decrease) in creditors Net cash (used in)/provided by operations |
2021 £ (48,076) 22,179 - (70,000) 1,952 (93,945) |
2020 £ 249,441 18,531 39 (37,842) (2,122) |
| 228,047 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1/1/21 | Cash flow | At 31/12/21 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 326,613 | (153,103) | 173,510 |
| 326,613 | (153,103) | 173,510 | |
| Total | 326,613 | (153,103) | 173,510 |
The notes form part of these financial statements
Page 8
Vulcan Boxing Club
Notes to the Financial Statements
for the year ended 31st December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost Equipment - 20% on cost Motor vehicles - 25% on reducing balance Computer equipment - 33% on cost
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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Vulcan Boxing Club
Notes to the Financial Statements - continued for the year ended 31st December 2021
| 2. DONATIONS AND LEGACIES Donations Grants Subscriptions Grants received, included in the above, are as follows: The National Lottery Community Fund Government COVID support grants Comic Relief Sport England Other grants 3. OTHER TRADING ACTIVITIES Sponsorships Room hire Kitchen income 4. INCOME FROM CHARITABLE ACTIVITIES Activity Schools and similar income Youth education and activities |
2021 £ 2,165 383,041 2,629 387,835 2021 £ 50,334 16,209 113,670 - 202,828 383,041 2021 £ 2,500 - 5,035 7,535 2021 £ 4,286 |
2020 £ 3,000 515,458 542 |
|---|---|---|
| 519,000 | ||
| 2020 £ 100,000 35,770 113,670 20,000 246,018 |
||
| 515,458 | ||
| 2020 £ 1,000 630 - 1,630 2020 £ 57,135 |
continued...
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Vulcan Boxing Club
Notes to the Financial Statements - continued for the year ended 31st December 2021
5. RAISING FUNDS
| Raising donations and legacies Bid writing 6. CHARITABLE ACTIVITIES COSTS Direct Costs £ Youth education and activities 438,732 7. SUPPORT COSTS Youth education and activities 8. INDEPENDENT EXAMINER'S REMUNERATION Fees payable to the charity's independent examiner for the independent examination of the charity's financial statements Other financial services 9. TRUSTEES' REMUNERATION AND BENEFITS |
2021 2020 £ £ 3,900 3,600 Support costs (see note 7) Totals £ £ 5,100 443,832 Governance costs £ 5,100 2021 2020 £ £ 2,040 1,800 1,500 1,272 |
2021 2020 £ £ 3,900 3,600 Support costs (see note 7) Totals £ £ 5,100 443,832 Governance costs £ 5,100 2021 2020 £ £ 2,040 1,800 1,500 1,272 |
|---|---|---|
There were no trustees' remuneration or other benefits for the year ended 31st December 2021 nor for the year ended 31st December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2021 nor for the year ended 31st December 2020.
10. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2021 £ 321,787 7,656 2,133 331,576 |
2020 £ 235,657 7,203 2,738 |
|---|---|---|
| 245,598 |
continued...
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Vulcan Boxing Club
Notes to the Financial Statements - continued for the year ended 31st December 2021
10. STAFF COSTS - continued
The average monthly number of employees during the year was as follows:
11.
| Management and administration Project staff/instructors Support staff Apprentices No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds £ INCOME AND ENDOWMENTS FROM Donations and legacies 148,324 Charitable activities Youth education and activities 57,135 Other trading activities 1,630 Total 207,089 EXPENDITURE ON Raising funds 3,600 Charitable activities Youth education and activities 20,046 Other 39 Total 23,685 NET INCOME 183,404 Transfers between funds 37,842 Net movement in funds 221,246 RECONCILIATION OF FUNDS Total funds brought forward 383,922 TOTAL FUNDS CARRIED FORWARD 605,168 |
2021 4 3 3 4 14 Restricted funds £ 370,676 - - 370,676 - 304,639 - 304,639 66,037 (37,842) 28,195 38,103 66,298 |
2020 6 3 3 4 16 Total funds £ 519,000 57,135 1,630 |
|---|---|---|
| 577,765 | ||
| 3,600 324,685 39 |
||
| 328,324 | ||
| 249,441 - |
||
| 249,441 422,025 |
||
| 671,466 |
continued...
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Vulcan Boxing Club
Notes to the Financial Statements - continued for the year ended 31st December 2021
| 12. TANGIBLE FIXED ASSETS Freehold Motor property Equipment vehicles £ £ £ COST At 1st January 2021 323,055 58,900 11,309 Additions 114,544 8,160 - At 31st December 2021 437,599 67,060 11,309 DEPRECIATION At 1st January 2021 9,565 30,265 7,731 Charge for year 6,465 12,467 1,193 At 31st December 2021 16,030 42,732 8,924 NET BOOK VALUE At 31st December 2021 421,569 24,328 2,385 At 31st December 2020 313,490 28,635 3,578 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors 14. MOVEMENT IN FUNDS Net movement At 1/1/21 in funds £ £ Unrestricted funds General fund 258,475 (92,155) Designated fund - property and equipment 346,693 47,821 605,168 (44,334) Restricted funds Reaching Communities 50,335 (50,335) Comic Relief (Safe, Secure and Settled) 15,963 21,927 Paul Hamlyn Foundation - 24,666 66,298 (3,742) TOTAL FUNDS 671,466 (48,076) |
Computer equipment £ 5,379 6,454 11,833 4,389 2,054 6,443 5,390 990 2021 £ 792 3,000 3,792 Transfers between funds £ (59,158) 59,158 - - - - - - |
Totals £ 398,643 129,158 |
Totals £ 398,643 129,158 |
|---|---|---|---|
| 527,801 | |||
| 51,950 22,179 |
|||
| 74,129 | |||
| 453,672 | |||
| 346,693 | |||
| 2020 £ - 1,840 1,840 At 31/12/21 £ 107,162 453,672 |
2020 £ - 1,840 |
||
| 1,840 | |||
| 560,834 - 37,890 24,666 |
|||
| 62,556 | |||
| 623,390 |
continued...
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Vulcan Boxing Club
Notes to the Financial Statements - continued for the year ended 31st December 2021
14. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Designated fund - property and equipment Restricted funds ESC Funding Reaching Communities Community Led Local Development (CLLD) Comic Relief (Safe, Secure and Settled) Hull City Council 5yrs plan Paul Hamlyn Foundation TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Designated fund - property and equipment Restricted funds Reaching Communities Community Led Local Development (CLLD) Comic Relief (Safe, Secure and Settled) TOTAL FUNDS |
At 1/1/20 £ 383,922 - 383,922 38,103 - - 38,103 422,025 |
Incoming resources £ 78,262 70,000 148,262 9,333 50,334 32,612 113,670 15,445 30,000 251,394 399,656 Net movement in funds £ 183,404 - 183,404 12,232 37,842 15,963 66,037 249,441 |
Resources Movement expended in funds £ £ (170,417) (92,155) (22,179) 47,821 (192,596) (44,334) (9,333) - (100,669) (50,335) (32,612) - (91,743) 21,927 (15,445) - (5,334) 24,666 (255,136) (3,742) (447,732) (48,076) Transfers between At funds 31/12/20 £ £ (308,851) 258,475 346,693 346,693 37,842 605,168 - 50,335 (37,842) - - 15,963 (37,842) 66,298 - 671,466 |
|---|---|---|---|
continued...
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Vulcan Boxing Club
Notes to the Financial Statements - continued for the year ended 31st December 2021
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Reaching Communities Community Led Local Development (CLLD) Comic Relief (Safe, Secure and Settled) Fight For Peace/Sports England Coronavirus Community Support Fund TOTAL FUNDS |
Incoming resources £ 207,089 99,164 37,842 113,670 20,000 100,000 370,676 577,765 |
Resources Movement expended in funds £ £ (23,685) 183,404 (86,932) 12,232 - 37,842 (97,707) 15,963 (20,000) - (100,000) - (304,639) 66,037 (328,324) 249,441 |
Resources Movement expended in funds £ £ (23,685) 183,404 (86,932) 12,232 - 37,842 (97,707) 15,963 (20,000) - (100,000) - (304,639) 66,037 (328,324) 249,441 |
|---|---|---|---|
| 66,037 | |||
| 249,441 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Designated fund - property and equipment Restricted funds Reaching Communities Community Led Local Development (CLLD) Comic Relief (Safe, Secure and Settled) Paul Hamlyn Foundation TOTAL FUNDS |
At 1/1/20 £ 383,922 - 383,922 38,103 - - - 38,103 422,025 |
Net movement in funds £ 91,249 47,821 139,070 (38,103) 37,842 37,890 24,666 62,295 201,365 |
Transfers between funds £ (368,009) 405,851 37,842 - (37,842) - - (37,842) - |
At 31/12/21 £ 107,162 453,672 |
|---|---|---|---|---|
| 560,834 - - 37,890 24,666 |
||||
| 62,556 | ||||
| 623,390 |
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continued...
Vulcan Boxing Club
Notes to the Financial Statements - continued for the year ended 31st December 2021
14. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Designated fund - property and equipment Restricted funds ESC Funding Reaching Communities Community Led Local Development (CLLD) Comic Relief (Safe, Secure and Settled) Fight For Peace/Sports England Coronavirus Community Support Fund Hull City Council 5yrs plan Paul Hamlyn Foundation TOTAL FUNDS |
Incoming resources £ 285,351 70,000 355,351 9,333 149,498 70,454 227,340 20,000 100,000 15,445 30,000 622,070 977,421 |
Resources Movement expended in funds £ £ (194,102) 91,249 (22,179) 47,821 (216,281) 139,070 (9,333) - (187,601) (38,103) (32,612) 37,842 (189,450) 37,890 (20,000) - (100,000) - (15,445) - (5,334) 24,666 (559,775) 62,295 (776,056) 201,365 |
|---|---|---|
ESC Lottery Fund was for the building of the new Cardio suite.
Reaching Communities Fund is for the expansion of the sessions to make positive changes in the local community and expand the reach of the community that can benefit from the sessions.
Community Led Local Development (CLLD) - Vulcan futures project is for the building of a new kitchen (as an extension to our existing premises) and to create a social enterprise that will provide further education, training & employment opportunities and allow affordable meals to be prepared and served, to the local community.
Comic Relief (Safe, Secure and Settled) is to use sport, as a tool for social change, to improve the lives of children and young people (up to 25 years) who are homeless or living in temporary accommodation to gain skills to lead safe and positive lives.
The Fight For Peace grant, funded by Sport England, is a joint project to inspire young people to become active, to reach their full potential and to promote peace.
The Coronavirus Community Support Fund is a National Lottery grant to assist in delivering activities that are aimed to support communities through the COVID-19 crisis.
The Hull City Council 5 Years plan grant is used for youth work delivery in the west of the city of Hull.
The grant from the Paul Hamlyn Foundation is to fund the salary of key management personnel in order to take pressure away from the charity and facilitate continued strategic development.
Page 16
continued...
Vulcan Boxing Club
Notes to the Financial Statements - continued for the year ended 31st December 2021
15. RELATED PARTY DISCLOSURES
Remuneration paid to key management personnel during the year amounted to £32,000 (2020 - £30,500).
Page 17