REGISTERED COMPANY NUMBER: 09972518 (England and Wal85) REGISTERED CHARITY NUMBER: 1167309 Report of the Trustees and Audited Financial Statements for the Year Ended 31 March 2024 for Chorley Youth Zone (A Company Limited by Guarantee) Mcmlllan & Co LLP Chartered Accountants and Statutory Auditor 28 Ealon Avenue Matrix Office Park Buckshaw Village Chorley Lancashire PR7 7NA
Chorley Youth Zone Contents of the Financial Statements for the year ended 31 March 2024 Page Referance and Admlnlslratlve Detalls Report of the Trustees 2 to 12 Report of the Independent Auditors 13 to 16 Statement of Financlal Actlvities 17 Balance Sheet 18 Cash Flow Slatement 19 Notes lo the Cash Flow Statement Noles to the Flnanclal Statements 21 to 32
Chorley Youth Zone Reference and Administrative Details for the year ended 31 March 2024 REGISTERED OFFICE Inspire Youth Zone Chapel Streel Chorley United Kingdom PR7 1BS REGISTERED COMPANY NUMBER 09972518 (England and Wales) REGISTERED CHARITY NUMBER 1167309 AUDITORS Mcmillan & Co LLP Chartered Accountants and Slatutory Auditor 28 Eaton Avenue Matrix Office Park Buckshaw Village Chorley Lancashire PR7 7NA BANKERS Handelsbanken 1 sl Floor Chatsworth House Ackhurst Park Chorley PR71NW Website http.'Il www.inspireyouthzone,orgl Page 1
Chorley Youth Zone Report of the Trustees for the year ended 31 March 2024 The trustees who are also direclors of the charity for the purposes of the Companies Act 2006, present their reportwith the financial statements ofthe charityfor the yearend&d 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effeclive 1 January 2019). Chorley Youth Zone was incorporated on 27 January 2016 (Company registration number.. 09972518) as a company limited by guarantee and registered as a Charity on 24 May 2016 (Charity registration number: 1167309). Tradlng name Inspire Dlrectors and Truslees The Dlrectors and Trustees of the Charity who served during the period are.. James Carter Gwynne Furlong Andrew Turner Matthew Currle Davld Barton Neale Graham Christopher Sinnott Heather Aust Anthony Garner Andrew Dunn Matthew Hirst resigned 25 September 2023 reslgned 30 June 2024 reslgned 15 August 2024 reslgned 20 September 2023 appolnled 20 Seplember 2023 Chlef Executlve Janlne Blythe WHO ARE WE? Chorley Youth Zone, named'lnspire, by young people, is a purpose-buill facilityfor Ihe borough's young people aged 8-19, and up to 25 for those with disabillties or special educational needs. The Youth Zone is located in the heart of Ihe town, on the corner of Railway Street and Chapel Street, with easy access on foot and by bus, traln and car. Insplre is part of a nelwork of similar independent youth organisations that all share the same princlples, developed by Ihe Charity Onslde (CharSly registratlon number: 1125893). Onside's mission is to empower young people lo lead poslllve, fulfilling Ilves by providing acGes5 10 incredible spaces and exceptional youth work delivered by outstanding people, where they are needed the most. Inspire offers annual membershlp for only £5 and 50p per visll, ensurSng provislon15 affordable for all. 11 provides a safe environment where young people can spend their leisure lime, helplng each young person lo raise their aspirations, as well as improve their physlcal and mental health. There are up to 20 differenl aclivities available each night. including football, dancing, climbing, creative arts, music. drama and employabilily trainlng. Inspire follows the sustainable model used across the neork, comprising of a unique partnership approach; drawing logelher the Local Authority. private sector business people. young people and the local community. This partnership approach aims to embed the Youlh Zone in the community for the long term, whilst meeting the immediate needs of young people, Page 2
Chorley Youth Zone Report of the Trustees for the year ended 31 March 2024 OBJECTIVES AND ACTIVITIES Inspire Objectives Inspire (Chorley Youth Zone)'s objecls are to help and educate children and young people resident in Chorley and surrounding areas through their leisure time activities by promoting their full physical and spiritual potential in order that they may grow to full maturity as individuals and members of society and their conditions of life may improve. Inspire's vision is that every young person in the Chorley Borough and surrounding areas has the opportunity to grow up to be the best they can be. We do this by providing a safe and nurturing environment where young people can learn, develop, grow. have fun. and get the support they need, when they need it. Inspire Youth Zone opened its £4.8m, state-of-the-art youth facility in May 2018. Part of the rapidly growing 'OnSide Network,, Inspire offers a huge range of activities and support thal aims to give young people somewhere to go, something to do and someone to talk to. VQe believe that all young people deSee a high- quality and inspirational place they can call their own, to make new friends, try new things, and get Ihe support they need. We also believe this should be affordable to all, which is why annual membership costs just £5, and entry lo access all facilities and activities, is just 50p per visiL Inspire is open when schools are closed, evenings, weekends, and holidays, 52 weeks per year. Inspire supports young people between the ages of 8-19 years (up to 25 for those wlth a dis8bility), and 81so seeks to support the wider community, providing weekly'family days, aimed notjust at the siblings and families of members, but also at the wider community - adults are encouraged to attend, as long as they are accompanied by a childl On these sessions the whole family are encouraged to particlpale in activities together. Our Values INSPIRATIONAL Cieuitss o lun •nvlronm8nL that encourages young peopKg to achlovo thglr I1 potontlol PRESENT eomroltt•EII, AMBITIOUS Conslstenlly develops, evolv8S and 1$ ploneefing in Youlh Work rlngs 6nlhusiasnl' ond vislbillly to their work ConsFstently "pg.{4PJ.¥aVv 1111 prov$ high puoffty sèssk>n lor young pèoplo riry ¢norgy und Leod8 from the Ironl ond 88ts achlovobl xpectatlons Opens up now oxpèrl8ncg$ ond opportun11$ lor young people Diivsn to tokè on now chollonggs and oppoit¢Jnttl05 P055ionolg obouL b¢5ng Ihe best •fy.,11i;lrsi th session Insplre Actlvltles Inspire aims to ensure that young people have the opportunity to discover their passion and their purpose. We do this by giving young people from diverse backgrounds access to incredible tacililies in a vibrant, purpose-built space packed with engaging activities, and the opportunity lo make friends, develop new skills, unlock their potential and have fun. Page 3
Chorley Youth Zone Report of the Trustees for Ihe year onded 31 March 2024 ActlvStles At Inspire, members can 'Be Inspired, lo: Be Honest - lalk aboul what is going on for them, and sometimes discuss how our behaviour Impacts others. a place to give and receive help and support Be Creative - in our wonderful arl. craft and textiles space, trying new and amazing ways of self- expression Be Fil- in the Inspire gym- highend. friendly and accessible cardio, weights, free weights and ¢lr¢ults and box fit- just for membersl Be Comfortable - sometimes you Just need a space that's a little quleter and chllled, where you can read, do homework, play board games (and LEGO)! Be Adventurous - wonderful climbing wall wilh qualified climbers (and a bit of healthy compet5tlon) Be Active 2 court sports hall and a programme of activities including basketball, netball, tennls, badmlnton. Fulsal, dodgeball and so much more Be Loud drums, keyboard, guitar, band practice, radio statlon, karaoke and lip sync batlles and not forgeltlng the Insplre YouTube Channel Be Onside - football, touch rugby and other stuff - in our cool. stale of the art, basemenl pitch Be Dramatic street dance, drama games, musical theatre, cheerleading, tumbling and morrls dancing. Be Transformed - so much more than make-up, nails and hair. this is all aboul being the best version of YOU and practlclng klndn8ss, acceptance, tolerance, self-esteem. self<onfidence and learning how to be safe in a modern, dlgltal world and get advice and guidance about relationships, family and frlendshlps (age appropriate) Makers Zone - a new additlon for the comlng year. Developed in 2023124 the Makers Zone allows for the development of codlng skllls, 3D printing, laser printing, technical crafts and maklng In gener81, wSth an enterprlse focus - helplng to develop skills and crealivity for the fulurel Be Tasty - in the Insplre Teaching kitchen. learning essential life skills to prepare for adulthood Be Refuelled - food, It's important. The cafe provides hot and healthy home cooked meals from Just £1- affordable for everyone Be So¢Sal - In the Inspire Recreatlon Area, the beating heart of the Youth Zone, pool, darts, plng pong, sllly games, play statlon batlles, dancing and sing offs and a place to relax wlth friends Insplre also provides targeted holiday and food activily clubs during the school holidays, focused on Young People with disabililies and young people in receipt of free school meals or who are otherwlse vulnerable. Page 4
Chorley Youth Zone Report of the Trustees for the year ended 31 March 2024 OBJECTIVES AND ACTIVITIES Progress against 5 year strategy The focus during the 2023124 financial year has continued lo be an incremental return to 'business ss usual, following several years of significant disruption. As expected. we have seen the knock-on Impact of the pandemic and subsequenl cosl of living crisis. continuing to affect children, young people and thelr families. Social, emotional and physical developmenl continues lo be affected. impacting confidence. achievement, health and resilience. Increasing cosl of living and food prices continues to affect our poorest families, causing food poveily and again. knock on health issues. Fiscal uncertainty, the continuing impact of Brexit, rising interesl rales and political uncertainly has rnade fundraising difficult over the last 12 months especially when such a large proportion of income comes from local private sector businesses. 2023124 Is year 213 of current strategy period with the following strateglc prlorilles: To be financially secure with positive cashflow and robust financlal management processes For Insplre to be the number one destination for the young people of Chorley To be a safe and Inspiring place for people to work and young people to enjoy To ralse awareness and impact of Inspire as a flagship local charity and secure financlal support from the business and local community Flnancially secure 2023124 contlnued lo be a challenglng year for charities and fundraising, with Inspire belng no exceptlon. Uncerlainly in the business community continued to affect charitable donations, sponsorship and decisions being made around multiyear Investment, a cornerstone of Inspire's fundraising strategy, negatively impacllng our ability lo meet Philanthropiclmajor donor fundralsing targets. This year saw the return of fundralslng events, the first since the pandemic, with both the golf day and the Ball being very well attended and both exceedlng the fundraising targels for the event. Grant and contract income has also been strong this year, offsetting underperformance In other areas. Desplte these challenges, the charity has managed finanrjal resources well and contlnues to build the long- term sustainabi1Sty of the charity by prudent expenditure, slrong financial policies and a long-term inveslment strategy to bulld reserves with a designated slnklng fund for the planned refurbishment of the building which wlll be requlred In the coming years. Further inveslment In the Partnerships Team has been successful and will support the achievement of an ambitious Income Generation Plan, supportlng the future growth and 8uslalnablllty of the ¢harlty. No 1 Desllnation for Chlldron and Young Peoplo Growth In membershlp and attendance has been slow and steady In the first ty quarters, plcklng up In quarler 3 and, by the end of the year, was on target. The change in programme last year wilh Ihe introduction of EPIC (Engagement, Projects, Interventions and Clubs). has b8en a slrength and has seen strong engagement. While there is still room to support more young people Ihrough this programme and develop il further, dellvering the EPIC programme has created the space for Inspire lo support many more young people as well as serve as a test bed to trl8lllaunch new activities. Consuiiation wlth pariners has seen Inspire do more in the community over the last year with detached youth work targeting some of the most deprived areas in the borough and using our'scran Van, to ensure acce58 to food for young people in the community. especially in the School holldays. In addition. this year has seen the introduction of delivery in bolh prim8ry and second8ry schools, lo help supporl education outcomes, focusslng on health and wellbeing prevention and early interventlon programmes with primary aged children and attendance, anxiety and behaviour support in high schools. This co-ordlnated approach is aimed at prevenling the escalation of issues that may impact on health and wellbelng and also school atlendance and lo help schools to 'wrap support. around children and young people at rlsk. Page 5
Chorley Youth Zone Report of the Trustees for the year ended 31 March 2024 OBJECTIVES AND ACTIVITIES A safe and insplrlng place Inspire takes Its responsibilllles to heallh and safety and safeguarding very seriously and continues to make signlflcant Investment both in training and systems to encourage escalation but also manage the level and associated workflows of safeguarding cases brought to our altention each year. Inspire works closely wlth schools, early Interventlon services and other partners who support children across the borough. Our vlsion and values are now well embedded Into all our internal processes which are reviewed each year and we continue lo place high importance on trainlng and support of team members al all levels. Whilst Inspire continues lo achieve high levels of Commltmenl, staff turnover levels remain higher than ideal, and parlicularly amongst the part timelsesslonal team. through thls dld slart to settle towards the end of the year. This Is consSstenl with allled sectors Includlng educatlon, lelsure. health and social care and is therefore perhaps reflective of the labour markel In general rather than Inspire as an employer. This year we were able again lo exceed National Minimum Wage standards and continue our commitment to paylng the National Llving Wage wherever possible. reflecting the value we place on the team and our appreciatlon of the work they do. We are also starling to see an increase in the qualily and quantily of volunle8ring in the organisatlon, which is encouraging. Insplre as a flagshlp local Charlty Inspire has had an incredible impact on young people, families and ihe wider community slnce opening In 2018, supporting over 10,000 local young people over this period. We have been forlunale to have been able to support not only chlldren and young people throughout thls time, but also families and the wlder community and this year we have been able to extend this further, introducing a community day each week. 'Inspire Invltes, Is sponsored by one of our key partners, Cadent. and allows use of the bulldlng as a communlty centre focussed on supporting vulnerable adults In our community. This Is an excellenl use of the facilltles and Is already attracllng and average of 75 people a week who come to soclalise, learn new skills, exercise and get support from a range of parlners including energy advice, energy efficiency and safely around carbon monoxide. As Inspire is sited in the middle of two of the most deprived areas in Chorley. it is well placed to welcome people living in our communlty who may benefit from this support as well a5 combat lonellness and support mental health and wellbeing. Communily fundraising continues to be an area of development, and the return of community fundraising this year is the start of Ihis journey for us as we encourage Ihose in our community to help us raise the funds we need lo continue lo deliver at this level. As a stlll relatively young Charlly, we have much lo do In ralslng our proflle wlthln the community and garnering hi9h profile support from Ihe local and business communily alike. The return of communily fundraising events in this financial year has been positlve and will ¢onllnue to be a focus in the future, not only as a means to raise funds, bul also to raise the profile of Inspire as a local charity. Page 6
Chorley Youth Zone Report of the Trustees for the year ended 31 March 2024 OBJECTIVES AND ACTIVITIES Achlevement durlng thè yéar 165• IVE &rAcHEp¢wfaGEETS TIVE sio 6801 23% INCREASE IN CONFIDENCE DYOUNG 41WELCo PEO '311 WE AAVE YEMPERS ACROSS WARDS 50 Èo.U8RDING c.ofvcERNS YOUNG PEOPLE WITH ADDITIONAL NÉEDS EVERY WEEK:_ AC MEMB HIP TEOF PLA GE WEEKLY I ATTENDANCE Publlc benèflt The Trustees of Chorley Youth Zone belleve they have complied with the duly in sectlon 17 of the Charltles Act 2011 to have due regard to the publlc beneflt guidance published by the Charity Commlsslon, Open 40 hours a week. every week of the year, we provlde a wlde range of inspirational activitie8 for the young people of Chorley and surrounding areas to enjoy. Our membership is for young people age 8 - 19, and up to 25 for those with additional needs, costing just £5 per year and 50p per sessK)n, ensuring access Is affordable to all. Fundraislng Statement The Trustees have given due consideration to Charity Commission published guidance on the operation of the publlc benefit requirement and are satisfied that this requirement is met by carrying oul lh8 activities as descrlbed in this report. Page 7
Chorley Youth Zone Report of the Trustees for the year ended 31 March 2024 STRATEGIC REPORT FINANCIAL REVIEW Flnanclal posltlon Donations and legacies for the year were £1,288,726 (2023: £1,259,627). a significant number of which were grants for new projecls undertaken during the year. The assoclated costs for these new projects also meant that expenditure increased. leaving a net deficit for the year of £72,247 (2023: £143.730). The value of our investments improved slightly during the year, but these are held for the longer term and our view is thai Ihelr value wlll contlnue to increase in the future as markets recover from the current economic cllmale. The cash balances as at 31 March 2024 were £847.514 (2023: £670,555) and the closing net assets were £5,102,349 (2023: £5,174,596). Prlnclpal fundlng sources Inspire raises funds by approaching businesses and philanthropic individuals who have an Interest In supporting young peop16. We also apply for grants from Trusls thal have the same interest. The charlty Is reglstered with the Fundraising Regulator and complies fully wilh its code of conduct. Prlmarlly wework wlth people who have been Inlroduced to our cause on a one-to-one basls and all fundralslng actlvltles are monltored by the Chief Executive. During the period Ihe charity received no complaints regarding its fundralslng actlvities. The charity does nol door-to-door street fundraise so does not come Into contact wllh vulnerable or other people who may feel intruded upon, unreasonably persislently approached or have had undue pressure placed upon them. Investment pollcy and objectives The charlty has performed well during the perlod and has been able lo build on the reserves pollcy and es18bllsh an investment policy for funds not immediately needed (sinking fund), bolh key prlorllies for the Board. The charlty continue5 to critically review both its income generation strategy and expendlture to ensure 11 contlnues lo perform well, taking full advantage of funding opportunities, securing phllanlhroplc and business support and generating Income whlle ensuring high quality and cost-effective delivery. A full revlew of expendlture has been undertaken for the followlng year (2024125) ensuring that staffing levels remaln opllmal and that the charily Secures best value for services wherever possible. The cash expenditure of the charity is closely monitored by the executive team, along with the Board's Fln8nce Committee. As wlth many ¢haritles of this nature, there are significant funding pressures and securing sufficient levels of funding in-year wlll be a challenge until the charity is betler established. However, whilst it is never possible lo be certain concerning future events, the Trustees consider thal the steps they have taken are sufficient lo mainiain the financial affalrs of Ihe charily adequately lo enable it lo continue ils activities at their current scale. Page 8
Chorley Youth Zone Report of the Trustees for the year ended 31 March 2024 STRATEGIC REPORT Financial review Reserrfes pollcy The Board of Trustees has established a reserves policy which appropriately reflects the risks to which the Charity is exposed. In reviewing the potential cosls that could arise should a signlficant redLJCtion in income be incurred, the Trustees have delermined that unrestricled, Yree, reserves should be mainlained at a minimum of 3 months (with a targel to gradually reach 6 months free reserves). Total unrestricted reserves at the end of the period were £994,781 (2023: £1,027.607). Operating cosls In Ihe coming year are estimated to be around £135k per month, reflecting an Increase in the number of projects and contracts being delivered throughout the year. This dictates a minimum free reserve level of three months at £405k for 202412025 with a target to retain 4 months (£540k) for thls purpose. The amount offree reserves is calculated and reviewed on a monthly basis lo ensure compliance, wlth any variance being reported to the Board. The reserves policy does nol Consider expenditure whlch 15 Ilnked to restricted projects 8nd therefore covered by restricted funds. Glven the uncertainly related lo fundralsing capability in the coming year the board agreed lo a deficit budget for the coming year. anticipating that approximately £150k of Ihls year's reserves may be required in year to enable the full service lo continue to be delivered. The Trustees manage the Youth Zone's finances so that an adequate level of reserves and sinking fund can be malntained in compllance with thls pollcy. Financlal and rlsk management objectlves and pollcles The board fully accepts Its responsibilities under the Charity Commission's statement of Recommended Practice ISORP). The Trustees have considered the major risks lo whlch the charity is exposed and are committed to ensuring these are effectively managed. The Chlef Executive and senior managers have undertaken comprehensive risk assessment and established risk registers from a business an¢J operational perspectlve and have established risk management and control procedures whlch are reviewed regularly by the board. Page g
Chorley Youth Zone Report of the Trustees for the year ended 31 March 2024 STRATEGIC REPORT Future plans Inspire responded quickly to Ihe pandemic and post pandemic landscape, from a delivery and a financial perspective and has been able to adapt to rislng energy and inflationary rises. Looking ahead, there are continued challenges with fundraising and costs that will continue lo put pressure on the organisation and its abllily to delivery conslsiently lo children and young people. The Income generalion slralegy will be reviewed In the coming year and extended to a 5-year plan, taking into account the longer- term nature of some of the grant and Trust funding and the impact this has on the income profile for the charity. Investment made in the Partnerships Team in 2023124 will continue as will the development of a strategy that wlll further broaden income streams and bring greater resilience. Dellvery will continue to reflect the needs of the membership whilst also taking note of local strategy, partnerships and need. 2024125 will see a review oflfocus on governance and developlng a the next 3-5year strategy, contlnuing to bulld on the consld8rable development and success to date. Reslrlcted funds and dellvery cofttract8 £4,107,568 (2023.. £4,146,989) will be carried forward into 2024125 for restricted projects (see note 20). Robust communicatlon will be prioritised to ensure that Insplre continues to be able to meet is obligatlons for any current contracts or agreements. We have excellent relationships with funders and will work wlth them to adapt provision where needed. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governing document. a deed of trust, and constitUl6s a Ilmiled company.1Smited by guarantee, as defined by the Companies Acl 2006. Insplre, Chorley Youth Zone is a company limited by guarantee and is governed by Its Memorandum and Artlcles of Association dated 27 January 2016. It is a Charity registered with the Chailly Commlssion on 24 May 2016. In the event of the Company winding-up, the members have guaranteed the liabilltles of the Company to the sum not exceedlng £10 each. Recrultmenl and appolntment of new trustees The flrst Directors were the subscribers to the memorandum as notified lo Companies House as the first Directors of the Charity. A person appointed a5 a Director thereupon becomes a Member of the Charity and a Director who ceases to hold office for any reason Ihereupon ceases lo be a Member of the Charlly. The Directors have power to appoint, by ordinary resolution, any person lo be a Dlrector who Is wllling lo act as such. A person appointed as a Dlrector is also appointed, and registered with the Charity Commlsslon, as a Trustee. The number of Directors should not be less than three and there is no maximum. At the first Annual General Meeting all Directors must retire and seek re-election. At each subsequent annual general meeting one third of the Directors are required lo retire by rotation and seek re-appointment if they wish to continue. The Members of the Charity are its Directors for the lime being and the only persons eligible lo be Members of the Charity are its Directors. Page 10
Chorley Youth Zone Report of the Trustees for the year ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structuro Inspire (Chorley Youth Zone) is governed by its Truslee Board which is responsible for settlng the strategic direction of the organisation and the policy of the Charity. The Trustees carry the ultimate responsibility for the conduct of Chorley Youlh Zone and for ensuring that the Charity satisfies its legal and contractual obligations, The Trustees may delegate the implementatlon of their decisions or day-to-day management of the affairs of the Charity to any employee of the Charily, person or committee as they think fit. Any committee must Include at least one Trustee. Inspire has a number of sub-groups of the Board including Health and Safetyl Premises, Safeguarding. HR and Remuneratlon and Income Generation. All groups include at least one board memberllrustee alongslde the operational counterparts. Actions required may be delegated by the board memberltruslee at their discretion. A Chief Executive Officer. appointed by the Board, manages the day to day operallons. To facilitate effective operations the Chief Executive has delegated authority as approved by the Board for all operational matters Including finance. human resources and operational delivery, The board approves the strategic plan and annual Business plan and scrutlnlses business performance including financial performance as well as providlng advice to the Chief Execullve on operational matters of performance. The pay of the Chief Executive Officer Is revlewed annually by the Remuneratlon sub-commillee, benchmarking salaries against those of slmilar Youlh Zones within the Onslde Youlhzone Network and sector. Induclion and tralnlng of new trustees Newly appolnted truslees are provided with comprehensive induction to Inspire Youth Zone's provislon, including key Informatlon about the organisation's development, governance and safeguardlng. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of Chorley Youth Zone for the purposes of company law) are responsible for preparlng the Report of the Trustees and the financial statements in accordance wlth 8ppllcable law and United Kingdom Accountlng Standards (United Klngdom Generally Accepted Accounting Practice). Company law requlres the truslees to prepare financial statements for each financial year whlch glve a true and fair view of the slate of affairs of the charitable company and of Ihe incomlng resources and applicallon of resources, including the income and expenditure, of the charitable company for that perlod. In preparlng those flnancial slatements, the trustees are required to select suitable accounting policies and then appty them consistently; observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent: prepare the financial slatemenls on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any time the financial position of the charitable company and to enable them to ensure that the financSal siatemenls comply with the Companies Act 2006. They are also responsible for safeguardlng the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the truslees are aware: there Is no relevant audit information of which the charitable company's auditors are unaware; and the trustees have laken all steps Ihat they ought to have taken to make themselves aware of any relevant audit information and to establish thal the auditor5 are aware of that information. Page11
Chorley Youth Zone Report of the Trustees for the year ended 31 March 2024 AUDITORS The auditors, Mcmillan & Co LLP, will be proposed for re-appointment at the forlhcoming Annual General Meeting. Report of the trustees, inkorporating a strategic report, approved by order of the board of trustees. as the company directors, on .)S....Q.L and signed on the board's behalf by: Matthew Currie - Trustee Page 12
Report of the Independent Auditors to the Members of Chorley Youth Zone Oplnlon We have audited the financial statements of Chorley Youth Zone {the 'charitable company,) for the year ended 31 March 2024 which comprise the Stalement of Financial Activities. the Balance Sheet. the Cash Flow Statement and notes to the financial statements, including a summary of significant accounling policies. The financlal reporling framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PraGtIGe). In our opinion the financial statements: give a true and fair view of the state of the charilable company's affairs as at 31 March 2024 and of its incomlng resources and applicalion of resources. including ils income and expenditure, for Ihe year then have been properly prepared in accordance with United Kingdom Generally Accepled Accounting Practice. and have been prepared In accordance with Ihe requlrements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and 8pplicable law. Our responslbilities under those slandards are further described in the Auditors, responsibilities for the audit of the financial statemenls section of our report. We are independent of the charilable company in accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK. Includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibllllies in accordance wlth these requirements. We believe that the audit evidence we have obtained is sufficlent and approprlate to provlde a basis for our opinion. Concluslon8 relatlng to golng concern In 8uditlng the financial statements. we have concluded that the trustees, use of the going concern basis of accounting In the preparation of the financial statements is appropriate, Based on the work we have performed, we have nol identified any material uncertalntles relating to events or conditions that, Indlvldually or collectlvely. may cast significant doubt on the charitable company's ablllty to continue as a going concern for a period of ai least Iwelve months from when the financial slalemenls are authorised for Issue. Our responsibilities and the responsibllities of the trustees with respect to going concern are described in the relevant sectlons of this report. Other Informatlon The trustees are responsible for the other informatlon. The other informalion comprises the informalion Sncluded in the Annual Report, olher than the financial statements and our Report of the Independent Auditors Ihereon. Our opinion on the financial slatements does not cover the other information and, except to the extent otherwise explicitly slated in our report. we do nol express any form of assurance conclusion thereon. In connecllon with our audit of the financial statements, our responsibility is to read the other information and, in dolng so, consider whether the other information is materially inconsistent with the flnancial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent malerial misslatements, we are required lo determine whether this gives rlse to a material misstatement in the financial slatements themselves. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Trustees for the financial year for which the flnanclal statement5 are prepared is consistent with the financial statements; and the Reporl of the Trustees has been prepared in accordance with applicable legal requiretnents. Page 13
Report of the Independent Auditors to the Members of Chorley Youth Zone Matters on which we are required to report by exceptlon In the light of Ihe knowledge and understanding of the charitable company and its environmenl obtained in the course of the audit, we have nol identified material misstatements in Ihe Report Of the Trustees. We have nothing to report in respecl of the following mallers where the Companies Act 2006 requires us.to report to you if, in our opinion.. adequate accounting records have not been kepl or retums adequate for our audit have not been received from branches not visited by us., or th8 financial statements are nol in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all Ihe information and explanations we require for our audit. Responsibllities of trustees A5 explained more fully in the Statement ol Trustees. Responsiblllties. the trustees (who are also the direclors of the charllable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a Irue and fair view, and for such internal control as the trustees determSne is necessary lo enable the preparation of financial statements that are free from maierial mlsstalement, whether due to Iraud or error. In preparing the financial statements, the trustees are responslble for assessing the charltable company's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and usSng Ihe going concern basis of accounting unless the trustees either intend to liquidate the charltable company or to cease operations, or have no realistic alternative but to do so. Page 14
Report of the Independent Auditors to the Members of Chorley Youth Zone Our responslbllltles for the audit of the financlal statemenls Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement. whether due to fraud or error. and to issue a Report of Ihe Independent Auditors Ihat 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 always detect a materlal misslatemenl when it exisls. Misstatements can arise from fraud or error and are considered material If, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The exlenl to which our procedures are capable of detecting irregularities, induding fraud Is detailed below: Our approach to identifying and assessing the risks of material misstatement In respect of irregularities, Including fraud and non-compliance with laws and regulations, was as follows.. the engagemenl partner ensured that the engagement team collectively had the approprlate Gompetence, capabililies and skills to Identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the company through discussions with dlrectors and other management, and from our commercial knowledge and experience of the sector" we focused on specific laws and regulations which we considered may have a direct malerial effect on Ihe flnancia5 statements or the operations of the company. Including the Companies Act 2006, taxation legislallon and dala protection, anti-bribery, employmenl. environmental and health and safety legislation., we assessed the extent of compliance with the laws and regulalions identified above through maklng enquiries of management and inspecting legal correspondence., and identified laws and regulations were communicaled within the audlt team regularly and the team remained alert to Instances of non-compliance throughout the audit. We assessed the susceptlbillty of the companrfs financial statements to material misstalement, Includlng oblaining an understandlng of how fraud might occur, by.. making enquiries of managemeni as to where Ihey considered there was susceptlbi1Sly lo fraud, their knowledge of actual, suspected and alleged fraud., and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships,. and tested journal entrles lo identify unusual Iransactions. In response to the rlsk of irregularities and non-compliance with laws and regulations, we designed procedures which included. but were not limlted to-. agreeing fi'nancial statement disclosures to underlying supporting documentation. reading the minutes of meetings of those charged with governance. enquiring of management as lo actual and polential litigation and claims., and reviewing correspondence with HMRC. relevant regulators includlng the Health and Safely Executive. and the company's legal advisors. There are inherent limitatlons In our audil procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. A further description of our responsibilities for Ihe audit of the financial statements is located on the Financial Reporting Council's website al www.frc.org.ukJaudilorsresponsibilities. This description forms part of our Report of Ihe I ndependent Audilors. Page 15
Report of the Independent Auditors to the Members of Chorley Youth Zone Use of our report This report is made solely lo the charilable company's members, as a body, in accordance with Chapter 3 of Part 18 of the Companies Acl 2006. Our audit work has been undertaken so thal we rnight state to the charitable company's members those matters we are required to state lo them in an audilors, report and for no other purpose. To the fullest extent permitted by law. we do nol accept or assume responsibility lo anyone other than the charilable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Neil Mcmillan FCA (Senior Ststutory Auditor) for and on behalf of Mcmillan & Co LLP Chartered Accountants and Statutory Auditor 28 Ealon Avenue Matrix Office Park Buckshaw Village Chorley Lancashire PR7 7NA Date,, Page 16
Chorley Youth Zone Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the year ended 31 March 2024 2024 Total funds 2023 Total funds Unrestrlcled funds Restricted fund Noles INCOME AND ENDOWMENTS FROM Donations and legacles 854,942 433.784 1,288.726 1.259,627 Charltable actlvltles Youth Zone activities Catering income Facilities hire 21,251 32,569 5.239 21,251 32,569 42,486 24,491 36,418 46,590 37,247 Fundraising Investment Income Other Income 64,827 30,571 30,965 64,827 30,571 27,069 13,072 Total 1040 364 538 639 1,579 003 1453 785 EXPENDITURE ON Raising funds 25,860 25,860 11.433 Charltable actlvltles Youth Zone activities 1,064,578 562,464 1,627,042 1,551,487 Other 29 29 Total 1090,438 562 493 1652 931 1.562.920 Net galnsl(Ioss88) on Investments 34 595) NET INCOMEI(EXPENDITURE) Transfers belween funds (48,393) (23,854) 15567) (72,247) (143,730) 18 Net movement In funds 132,826) (39,421) (72,247) (143,730) RECONCILIATION OF FUNDS Total funds brought forward 1,027,607 4,146,989 5,174,596 5,318,326 TOTAL FUNDS CARRIED FORWARD 994,781 4,107 568 5 102 349 5.174,596 The notes form part of these financial statements Page 17
Chorley Youth Zone Balance Sheet 31 March 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted fund Notes FIXED ASSETS T8nglble assets Investments 13 14 4,251,193 4,251,193 450,076 4,341,252 438,824 450 076 450,076 4,251.193 4,701,269 4,780,076 CURRENT ASSETS Stocks Debtors Cash al bank and In hand 15 16 2,706 47,495 821515 2.706 47,495 847,514 1,218 106,890 670 555 25,999 871,716 25,999 897,715 778,663 CREDITORS Amounts falling due within one year 17 (327,0111 (169,624) (496,635> (384,143> NET CURRENT ASSETS 143 625) 401,080 394 520 TOTAL ASSETS LESS CURRENT LIABILITIES 994,781 4,107,568 5,102,349 5,174.596 NET ASSETS 994 781 4 107 568 5 102 349 5174596 FUNDS Unrestricted funds Restricted funds 18 994,781 4 107,568 q,027,607 4 146 989 TOTAL FUNDS 5 102,349 5174596 e financial stalemenls were approved by the Board of Trustees and authorised for issue on i o.6.F.&.pL4)&LI and were signed on its behalf by: Mallhew Currle - Trustee The noles form part of these financial statements Page 18
Chorley Youth Zone Cash Flow Statement for Ihe year ended 31 March 2024 2024 2023 Notes Cash flows from operatlng actlvltles Cash generated from operations 189.501 162,993 Net cash provided by operating activities 189 501 162,993 Cash flows from investing actlvltles Purchase of tangible fixed assets Purchase of fixed asset investments Sale of tangible fixed assets Interest received Dividends received (34,742) (9,571) 1,200 17,850 12,721 (2,153) {1,282) 3,800 Net cash (used in)Iprovided by invesllng aclivitles 12 542> 9.637 Change In cash and cash equlval8nts In the reporting period Cash and cash equlvalents at the beglnnlng of the reportlng perlod 176,959 172,630 670 555 497 925 Cash and cash equlvalent8 al the end of the reportlng perlod 847 514 670 555 The rK)tes form part of these financial statements Page 19
Chorley Youth Zone Notes to the Cash Flow Statement for the year ended 31 March 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net expendlture for the reporting period (as per the Statement of Flnanclal Actlvltles) Adjustments for: Depreclalion charges {Gain)Ilosses on investments Loss on disposal of fixed assets Interest recelved Dividends recelved (Increase)Idecrease In stocks Decrease in debtor5 Increase in creditors (72,247> {143,730) 123,572 (1,681) 29 (17,850) (12,721) (1,488) 59,395 112,492 121,774 34,595 {3,800) {9,272) 504 43.787 119135 Nel cash provld•d by operatlons 189 501 162 993 ANALYSIS OF CHANGES IN NET FUNDS At 114123 Cash flow At 3113124 Net cash Cash at bank and in hand 670 $55 176 959 847 614 670 555 176 959 847 514 Total 670 555 176,959 847 514 The notes form part of these financial statements Page 20
Chorley Youth Zone Notes to the Financlal Statements for the year &ndod 31 March 2024 STATUTORY INFORMATION Chorley Youth Zone Is a private company. limited by guarantee, incorporated in England & Wales and has no share capilal. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The registered number and regislered address can be found on the Company Information page. ACCOUNTING POLICIES Basls of preparing the financial statements The financial statements of Ihe charitable company, whlch 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 Iheir accounts in accordance wilh the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland {FRS 102) (effective 1 January 2019),. Financial Reporting Standard 102 'The Financial Reporling Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial slatemenls have been prepared under the historical cost convention, with the exception of Investments which are Included at market value, as modified by the revaluah'on of certain assets. The presentatlonal currency of Ihe charity is pound sterling {£) and the amounts in the financial statements have been rounded to the nearest £1. The flnanclal statements have been prepared on a going concern ba515. The Trustees have considered the future fundSng posillon of Ihe charity. and the current reserves. They have prepared forecasts which cover a period of 12 months from Ihe balance sheet date. which demonstrate that the Charity will contlnue lo be able to pay it5 liabllllies as they fall due. A full description of the steps taken by Ihe Charity is set out on p8ge 5 - Financially secure. Incomg All income is recognised in the Statement of Financlal Activities once the charity has enlitlement lo Ihe funds. it is probable Ihat the income will be recelved and the amount can be measured reliably. For donations to be recognised, the Charity will have been notified of the amounts and the selllement date in writing. If there are conditions attached to the donation and this requires a level of performance before enlitlemenl can be obtained, then income is deferred untll those condltions are fully mel or Ihe fulf ilment of those conditions is wilhin the control of Ihe Charily and it is probable that Ihey will be fulfilled. Income from cash and short term deposits. dividends and rental income Is accounted for on an accruals basis. Expendlture Llabllilles are recognised as expenditure as soon as Ihere is a legal or constructlve obll9ation comml£tlng the charlty to that expenditure, il is probable that a iransfer of economic benefits wlll be requlred 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 lo the category. Where costs cannot be directly attributed to particular headings they have been allocaled to activities on a basis consistent with the use of resources. Charitable expenditure comprises those costs incurred by Ihe Charity in the delivery of its aclivities and services. 11 includes both costs that can be allocated directly lo such aclivities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting Ihe constitutional and slalutory requirements of the Charily and indude Ihe audit fees and cosl5 linked with the strategic management of the Charily. Page 21 continued...
Chorley Youth Zone Notes to the Financial Statements - continued for the year ended 31 March 2024 ACCOUNTING POLICIES- contlnued Investménls The change in market value of investmenls during the year comprises all increases and decreases in the market value of investmenls held at any time during the year. including profils and losses realised on sales of investments during the year. Quoted securities in active markets are valued al Ihe current bid prices at 31 March 2024, or at the valualion date nearest to the year end. Tanglble flxed assets Depreciation is provided al the following annual rates in order to wrile off each asset over its estimaled useful life. Long leasehold Planl and machinery Fixtures and fitllngs Motor vehicles Computer equipment Over the term of the lease 250k on reducing balance 330k on cost and 25 % on reducing balance 250h on reduclng balance 330h on cost Flxed assets costing more than £250 are capltalised and included in the balance sheel al cost. Depreclallon method5, useful lives and resldual values are revlewed if there is an indlcation of a slgnffiflcant change slnce the last annual reportlng date. Residual value is based on the prices prevailing at the date of acquisition or subsequent revaluallon. Where, because ol high eslimaled residual values, depreciation is immaterial, no depreclatSon Is charged but an annual revlew for impalrmenl is performed. Both residual values and useful lives are reviewed and adjusted, if appropriate, at each financial year end. The carrying amounts of the Charity's as8els are reviewed for impairment when events or Changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable. If any indication exists, Ihe assets recoverable amounl is estimated. Stocks Stocks are valued al the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxallon The charily is exempl from corporation tax on its charitable activities. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Iruslees. Designated funds, which are a type of unrestricled fund, are funds which the Trustees have set aside to be used for specific purposes al their discretion. Reslricted funds can only be used for particular restricted purposes wilhin the objects of the charity. Reslriclions arise when specified by the donor or when funds are raised for particular restricted purposes. The restricted fund relates lo the tangible fixed assets. As the assels are depreciated. Ihere Is a movement from the unreslricted fund to the reslricted fund. Penslon costs and other post-retlremenl beneflts The charitable company operates a defined conlribution pension scheme. Contributions payable lo Ihe charilable company's pension scheme are charged lo the Statement of Financial Activlties In the period to which they relate. Page 22 continued...
Chorley Youth Zone Notes to the Financial Statements - continued for the year ended 31 March 2024 ACCOUNTING POLICIES - contlnued Debtors and ¢redltors recelvablelpayable wlthln one year Debtors are Creditors with no stated inlerest rate and receivable or payable within one year are recorded at transactlon price. Any losses arising from impairment are recognised as expenditure. DONATIONS AND LEGACIES 2024 Total funds 2023 Total funds Unrestricted funds Resiricied funds Donations 433,784 1,288,726 1,259 627 Donatlons 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Chorley Councll Founder Patrons Grants and trusts Others Gift Aid 100.000 242,892 296,355 207.326 100,000 267,892 669,647 242,818 100,000 264,699 618,832 271,639 25.000 373.292 35,492 854,942 433,784 1288,726 259 628 FUNDRAISING 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Other fundralsing 27,069 INVESTMENT INCOME 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Dlvldends received Deposit account Interest 12,721 12,721 17,850 9,272 Page 23 continued.
Chorley Youth Zone Notes to the Financial Statements - continued for the year ended 31 March 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activlty Youth Zone activities Catering income Facilities hire Young people Calering income Facilities hire 21,251 32,569 42,486 24,491 36,418 96,306 107,499 RAISING FUNDS Ralslng donatlons and legacles 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Fundraising costs 25.521 Other tradlng actlvltle8 2024 Total funds 2023 Total funds Unrestcted funds Restricted funds Bad debts 339 339 Aggregate amounts CHARITABLE ACTIVITIES COSTS Support costs (see note 9) Direct Costs Totals Youth Zone activities 1620 475 1627 042 All charitable activity costs relate to Ihe operatron of Inspire. This is considered to be the only activity of the charily. Page 24 continued...
Chorley Youth Zone Notes to the Financial Statements - continued for the year ended 31 March 2024 SUPPORT COSTS Governance costs Finance Totals Youth Zone activities 2,257 4,310 6.567 10. NET INCOMEI(EXPENDITURE) Net incomel{expenditure) is stated after chargingl(crediting1: 2024 2023 Audltors, remuner8tlon Depreciation - owned assets Deficit on disposal of fixed asset8 Investment broker fees 4,310 123,572 29 6.500 121,774 11. TRUSTEES. REMUNERATION AND BENEFrrs There were no trustees, remuneration or other benefils for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trusteos, expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. 12. STAFF COSTS 2024 2023 Wages and sslaries Soclal security costs Other penslon costs 915,158 58,965 16,894 812.142 48.143 15.083 991 017 875 368 The average monthly number of employees during the year was as follows: 2024 103 2023 117 Staff The number of employées whose employee benefits (excluding employer pension costs) exceeded £60,000 was., 2024 2023 £60,001- £70,000 The aggregate remuneration of the Key Management Personnel. comprising the Chief Executive, Office and Administratlon Manager, Youth Work Manager and Volunteer & Training Manager, was £172,100, a decrease from the previous year due to staff changes and restructuring (2023 £185,386). Page 25 contlnued...
Chorley Youth Zone Notes to the Financial Statements - continued for the year ended 31 March 2024 13. TANGIBLE FIXED ASSETS Fixtures and fitlings Long leasehold Planl and machinery COST At 1 April 2023 Additions Disposals 4,725,580 10,486 125,636 9,767 At 31 March 2024 4,725,580 133 123 DEPRECIATION At 1 April 2023 Charge for year Eliminated on disposal 459,502 94,512 6,567 980 97,186 ,717 At 31 March 2024 554 014 7,547 104 852 NET BOOK VALUE At 31 March 2024 4 171 566 28,271 At 31 March 2023 4 266 078 28,450 Motor vehicles Computer equipment Tolals COST At 1 AprS12023 Additions Disposals 51,570 26,590 24,975 4,939,862 34,742 Al 31 March 2024 51.570 51,565 4 972 324 DEPRECIATION At 1 Aprll 2023 Charge for year Eliminated on disposal 13,967 12.892 21,388 6,471 598,610 123,572 Al 31 March 2024 26,859 721131 NET BOOK VALUE At 31 March 2024 24,711 23,706 4 251193 At 31 March 2023 37,603 5,202 4,341252 Page 26 conlinued.
Chorley Youth Zone Notes to the Financial Statements - continued for the year ended 31 March 2024 14. FIXED ASSET INVESTMENTS Listed Inveslments MARKET VALUE At 1 April 2023 Additions 438,824 9,571 At 31 March 2024 448 395 PROVISIONS Revaluation adjustments NET BOOK VALUE At 31 March 2024 450 076 At 31 March 2023 438 824 There were no investment assets outside the UK. Cosl or valuation at 31 March 2024 is represented by., Llsted Investmants Cost 448,395 15. STOCKS 2024 2023 Stocks 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments and accrued income 33,370 63,840 43,050 47,495 106,890 Page 27 conlinued...
Chorley Youth Zone Notes to the Financial Statements - continued for the year ended 31 March 2024 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other taxes Staff salaries Accruals and deferred income 31,140 34,900 67,441 363,154 45,168 25,480 52,792 260,703 496,635 384,143 18, MOVEMENT IN FUNDS Net movement in funds Transfers belween funds At 114123 At 3113124 Unrestricted fund8 General fund Designated fund 588,783 438 824 (59,645) 15,567 544,705 450 076 1.027,607 {48,393) 15,567 994,781 Restrlcted funds Restricted fund 4,146,989 {23,854) (15,567) 4,107,568 TOTAL FUNDS 5 102 349 Net movement in funds, included in the above are as follows: Incomlng resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund Designated fund 1,027,643 (1.087,288) {59,645) 1,040,364 (1,090,438) 1,681 (48,393) Restrlcted funds Restricled fund 538,639 (562,493) 123,854) TOTAL FUNDS 72,247) Page 28 conlinued...
Chorley Youth Zone Notes to the Flnancial Statements - continued for the year ended 31 March 2024 18. MOVEMENT IN FUNDS- contlnued Comparatives for movement in funds Net movemenl in funds Transfers between funds At 114122 Al 3113123 Unrestrlcted funds General fund Designated fund 445.517 472.137 (70,941) 33,313) 214,207 588,783 438,824 917,654 {104,254) 214,207 1,027,607 Restrlctod funds ReslriGted fund 4,400,672 {39,476) {214,207) 4,146,989 TOTAL FUNDS 5 318,326 143,730) 5,174,596 Comparallve net movement in funds, included in the above are as follows: Incoming resources Resources expended Galns and losses Movement in funds Unrestrlcted funds General fund Deslgnated fund 1,144,165 9.272 (1,215,106) 7,990) {70,941) 33313) 34 595) 1,153,437 (1,223,096) (34,595) (104,254) Restrlcted funds Restricted fund 300,348 (339,824) (39,476) TOTAL FUNDS Transf6r8 between funds The reslrlcted fund relates mainly lo Ihe lang1ke fixed assets. As these assets ar6 depreclaied there Is an annual movement from Ihe unrestricted fund to the restricted fund. The remaining balance relates to Ihe restricted projects ongoing at the year end. 19. RELATED PARTY DISCLOSURES Durin9 the year, the charily entered into the following transactions with related parlies.. £25,000 was received from CG Professional Ltd. a company in which Andrew Turner is a director (2023.. £1,000) £35,000 was received from The Eric Wright Charitable Trust. James Carter who Is a Iruslee is a non-executive deputy chairman of the Eric Wright Group which is wholly owned by The Eric Wright CharilableTrust (2023: £nil> £25.000 was received from ESG Global Ltd, a company in which Matthew Hirst is a director 12023: £nil) £8,240 was received from Woom Ltd. a company in which Neale Graham is a director (2023.. £nil) Page 29 continued...
Chorley Youth Zone Notes to the Financial Statements - contlnued for the year ended 31 March 2024 19. RELATED PARTY DISCLOSURES - contlnued £7,951 was recelved from family members of Ihe Board of Trustees {2023: £6,000) £1,299 was recelved from family members of the key management team (2023.. £200) 20. RESTRICTED FUNDS The funds of the charlty include restricled funds comprising the following unexpended balances of donallons and grants held for specific purpose5: Movement In fund8 Transfer between funds Balance 31 March 2024 Balance 1 Aprll 2023 Incomlng resource Resources expended Electriclty NW and Off the Grid Prudence Trust Nelwork Flred Up Mentoring Project Inspire Fired Up Inspire in the Community Reaching Communities Detached Programme Universal & Targeted H&W Burberry Foundation Duchy of Lancaster Lsncashire Breaktime Onside Holiday Hunger Hard Hitters Adlington Satellite Inspire a Generation Onside Makers Zone Detached Work Chorley & South Ribble Panthenon Trust Clarion Young Leaders Onside Impacvsustainability Fund Duke of Edlnburgh 7,000 25,632 103,190 39,052 15,000 8,608 72,265 20,000 {7,OOOy (18,4641 {103,1901 (36,6221 (15,0001 {1261 (71,3211 {18,107) (7,168) 262 3,096 282 (5,526) (8,482) {944) (1,893) 13,128 17,500 7.000 37.247 4,642 8.599 8.349 10.260 89,650 {13,376) (8.312) (3.120) (30.115) (3.372) (7.430) (9.576) (10,260) (33.973) 248 (9,188) (3.880) (7.132) (1,270) {1,169> 504 723 (29.940) 25,737 10,000 4,781 {9,382) (3,410) (618) (1,371) 36.332 404 (36.332) (404) Tanglble fixed assets Accruals and deferred income 4,341.252 {123,601) 33,542 4,251,193 198,344) 28,720 169,624) 4.146.989 538.639 15,567 562.493) 4,107,568 The restricted funds are for parlicular projects specified by the donor as follows Page 30 continued..
Chorley Youth Zone Notes to the Flnanclal Statements- continued for Ihe year ended 31 March 2024 20. RESTRICTED FUNDS - continued Ele¢trl¢ity NW & Off the Grid Funding via electricity North West to fund green'initiatives via "Off the Grid" delivery Prudence Trust Funding via Onside for a range of Arts Projects across the year Network I Inspire Fired Up Co-ordlnation and management of Ihe Fired Up programme plus the co-ordination and delivery of the Clay Club Mentoring Project This project matched volunteer mentors to young people requiring support, usually with health and wellbeing issues. This project is malch funded between Chorley Borough Council and NHSIClinical Commissioning Group {CCG) Reachlng Communltles Grant National Lotlery programme to fund work wilhin the communlly, whether that is for people Ilving in the same area or people with similar interests of life experiences Detached programme Funding from Chorley Borough Council to support Iwlce weekly detached provision across the Borough Unlversal and Targeted H&W Funding from NHSICCG lo cover emotional well-belng Gourses EmpowHER and HIMpact throughout the year Burberry Foundation 12 month Enterprise and Arts project to Include a Senlor project and a Junior project Duchy of Lancaster Three year pledge of £5,OOOpa to 2023124. Contributing towards Health and Wellbeing delivery and ¢o-ordinallon Lancashlre Breaktlme Funding Funded by Lancashire Breakllme (LCC), this club provides pre- bookable inclusion support for limiled numbers on Core sesslons, designaled projects and closed inclusion sessions on Sundays Culture of Health (Onside H&W) FurKling via Onside to support Health and Well Belng initiatives Onslde Hollday Hunger Funding via Onside for the provision of free meals Hard Hilters PPC funding towards Core Epic programme focussed on those al risk or involved in AS81Youth Nuisance Adllngton Salellite Funded by Adlingion Town Council, Chorley Borough Council and directed private donations and grants lo support weekly detached sessions in Adllnglon Inspire a Generation Funded by England Basketball lo purchase speclalised wheelchairs and to deliver wheelchair baskelball sessions April to Seplember 2023 Onside Makers Zone STEM focused project that delivers digital and creatlve skllls to the members. The project IS Sponsored by BAE and The Onside Foundation Detached Work Chorley & Funding received from Lancashire County Council lo research the South Ribble feasibility of establishing delached provision in Soulh Ribble Page 31 continued...
Chorley Youth Zone Notes to the Financial Statements - continued for the year ended 31 March 2024 20. RESTRICTED FUNDS - contlnued Panthenon Trusl Foundatlon Funding secured re inclu51on work with disabled children to ensure that they gel the same opportunitles as other young people Clarion Young Leaders Funding from Clarion Futures to set up a Young Leaders programme to plan and deliver social action projects and events Onside Impacl I Suslainability Funding to support a step change in income generatlon and Fund sustalnability within Youth Zones by making grants to provide pump-priming resources enabllng Youth Zones and Onside lo invest In new, expanded or enhanced income generation and aligned activlly Duke of Edlnburgh Fundlng from DCMS to break down the financial barriers 8nd provide funded places or subsidies for young people from marginallsed backgrounds to participale in the Duke of Edinburgh Awards Scheme 21. DESIGNATED FUNDS Designated funds rel8te to the investments held for the future refurblshment of Ihe building. 22. ULTIMATE CONTROLLING PARTY There is no ultimate controlling party. Page 34