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2020-08-31-accounts

CHARITY NUMBER: 1167893 COMPANY NUMBER: 09848958

THE DRIVER YOUTH TRUST A COMPANY LIMITED BY GUARANTEE

TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

CONTENTS OF THE FINANCIAL STATEMENTS

Page
Charity information 1
Trustees’ annual report 2-5
Independent auditors report 6-8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12-21

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

CHARITY INFORMATION

31ST AUGUST 2020

Registered charity number: 1167893
Registered company number: 09848958
Trustees: S P Driver
M J Driver
S Blakeway
E M Parrish (resigned 24th November 2020)
T Paxman
Chief executive officer: Mr C Rossiter
Principal address 44 Webber Street
And Registered Office: London
SE1 8QW
Statutory Auditors: Clark Brownscombe Limited
Chartered Accountants
2 St Andrews Place
Lewes
East Sussex
BN7 1UP
Bankers: Coutts & Co
440 Strand
London
WC2R 0QS
Investment Managers: James Hambro
45 Pall Mall,
St James’s
London
SW1Y 5JG
Solicitors: Griffith Smith Farrington Webb
47 Old Steine
Brighton
East Sussex
BN1 1NW

Page: 1

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

TRUSTEES’ ANNUAL REPORT

31ST AUGUST 2020

The trustees present their annual report and financial statements of the charity for the year ended 31st August 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 1993 and the Statement of Recommended Practice: Accounting and Reporting by Charities published in 2015.

Structure, Governance and management

The Driver Youth Trust is a company limited by guarantee (company number: 09848958) and is registered as a charity (charity number: 1167893). The company was incorporated on 29th October 2015 and obtained charitable status on 28th June 2016. The company is governed by its Memorandum and Articles of Association dated 29th October 2015. The original charity was constituted under a trust deed dated 17 July 2007.

The trust is controlled by the trustees. New trustees are appointed by the existing trustees. One third (or the number nearest one third) of the trustees retire each year, those longest in office retiring first and the choice between any of equal service being made by drawing lots. A trustee who retires may be re-elected.

On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by the Chief Executive on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans. The trustees have assessed the major risks to which the charity is exposed and systems are in place to mitigate its exposure to those risks.

At the regular trustees’ meetings (held at least three times per year), the trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management and performance.

The day to day administration of the Trust is carried out by the Chief Executive Officer, supported by a team of fifteen employees and consultants.

Salary reviews for key management personnel are conducted by a Remuneration Committee which comprises two members of the charities board of trustees, and where relevant the Chief Executive Officer.

Objectives

The Driver Youth Trust (DYT) is a national charity guided by a vision which is committed to improving outcomes for young people who struggle with literacy.

Achievements and activities for the furtherance of the Trust’s aims Christopher Rossiter, Chief Executive

I am proud of what we have achieved at DYT over the past year. Our programmes, our resources and our campaigning work are having a real impact on the teaching and support of young people with literacy difficulties across the country.

In 2019 we set ambitious goals to increase the numbers of teachers, schools and young people we wanted to reach and benefit from our work. Despite the adverse impact of Covid-19 on DYT’s operations we reached 2,155 teachers, teaching assistants and school leaders in the first six month of the year. We are proud that more young people are being supported in schools as a consequence of the high-quality learning and development provided by our team of expert consultant teachers who work from a sound evidence-base.

Page: 2

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

TRUSTEES’ ANNUAL REPORT

31ST AUGUST 2020

Whilst we increased our reach considerably this year, we have also ensured that we have expanded our online resources with the launch of a new online hub and library. This development in our online presence increased out digital reach to:

DYT’s central team and our wider team of consultants and partners have worked tirelessly to achieve this and in so doing have shared our messages and our materials across the country.

Campaigning

The Trust continued to press the government and those decision makers across the sector to recognise the importance of addressing the needs of learners’ with literacy difficulties. This has included a number of stakeholder engagements, and written responses to government consultations on literacy, special educational needs and school accountability. In addition, the Trust’s team have spoken at a number of educational conferences and events, produced articles and opinion pieces in the sector press and continued to expand its digital communications.

Sponsoring projects and initiatives, providing scholarships

Grant giving continues to be reduced in line with the charity’s strategy. Sponsoring a local initiative (the Sussex Disability League) has supported adults and young people by allowing them opportunities which they otherwise might not be able to access.

Looking Forward

The impact of Covid-19 and the subsequent partial closure of schools has been the single most significant event to effect DYT’s operations. In March 2020 we took the decision to halt all school-based activities. The need to continue to ensure DYT remained relevant to its beneficiaries and create public benefit has led to a fundamental rethink to our operating model.

We created a new vision based on our experience of working with schools and knowledge that there is a group of learners in our schools who are consistently underperforming in literacy because of underlying difficulties that are not responsive to standard educational approaches.

Overwhelmingly, these children are in mainstream schools.

There is consensus that teachers, equipped with the right knowledge and skills, are our greatest asset in overcoming literacy difficulties. Substantial evidence points to the quality of teaching as a critical determinant of outcomes for 'at risk' learners. This is why we have placed teacher training and partnerships at the heart of our strategy for 2020-2023.

Our mission

Driver Youth Trust's mission is to help young people who struggle to read and write.

Page: 3

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

TRUSTEES’ ANNUAL REPORT

31ST AUGUST 2020

We do this by:

Our vision

We want to be recognised for our distinctive impact in education as the leading organisation that enables teachers to better meet the needs of young people with literacy difficulties. To achieve this, DYT must become sustainable in order to secure our longevity and grow our reputation and influence to become the leading organisation for literacy difficulties.

Strategic objectives

We have set ourselves five main objectives:

  1. Improve the practice of every educator we reach

  2. Grow our network of educational partners

  3. Shape national policy

  4. Secure sustainability

  5. Become the leading charity for literacy difficulties.

We will keep our strategy under review as we expect that it will evolve over time as the context of our work changes. The strategic objectives will be developed into annual operational plans and budget that detail what we expect to achieve, and the key measures of success.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commissioners general guidance on public benefit when reviewing the charity’s aims and objectives and in setting the grant making policy.

The charity’s aims are intended to benefit the public generally and people in poverty are not excluded from the opportunity to benefit.

Investment Policy

As in the previous year the trustees have delegated authority to James Hambro to manage investments for the Charity in accordance with the investment policy laid down by the trustees. The performance of the portfolio is monitored on a regular basis, including quarterly reports to the trustees. The trustees have continued their investment policy of holding funds in a mix of fixed interest security and equities.

Financial Review

Incoming resources for the year amounted to £118,767 (2019: £110,651) and comprised income arising on the charity's investments, the Coronavirus Job Retention Scheme grant and fees for the Drive for Literacy programme. Charitable expenditure in the year totalled £661,667 (2019: £758,594) which included grants totalling £21,448 (2019: £44,192).

A transfer from expendable endowment to income funds of £589,661 (2019: £413,357) was made during the year.

Page: 4

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

TRUSTEES’ ANNUAL REPORT

31ST AUGUST 2020

Given the availability of the expendable endowment fund the Trustees do not consider that the charity needs to maintain any significant free reserves although they recognise that such reserves will arise from time to time. As at 31 August 2020 free reserves were £400,028 (2019: £353,267).

Trustees responsibilities

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the trustees and signed on their behalf.

Sarah Driver – Trustee

Date: 25th February 2021

Page: 5

INDEPENDENT AUDITORS REPORT

TO THE TRUSTEES OF

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

Opinion

We have audited the financial statements of The Driver Youth Trust (the 'company') for the year ended 31st August 2020 which comprise the Income Statement, Balance Sheet, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The Trustees are responsible for the other information. The other information comprises the information in the Report of the Trustees, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page: 6

INDEPENDENT AUDITORS REPORT

TO THE TRUSTEES OF

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. 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.

Page: 7

INDEPENDENT AUDITORS REPORT

TO THE TRUSTEES OF

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company’s members, as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our work has been undertaken so that we might state to the company’s members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other that the company and the company’s members as a body, for our audit work, for this report, or for the opinion we have formed.

Robert Scrivins BA (Hons) FCA CTA DChA TEP (Senior Statutory Auditor) For and on behalf of Clark Brownscombe Limited Chartered Accountants and Statutory Auditors 2 St Andrews Place Lewes East Sussex BN7 1UP

Date: 2nd March 2021

Page: 8

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME STATEMENT) FOR THE YEAR ENDED 31ST AUGUST 2020

Note
Unrestricted
Funds
Endowment
Funds
INCOME FROM
£
£
Investments
3
46,761
-
Other income – CJRS grant
19,560
-
Other trading activities
4
52,446
-
Total
118,767
-
EXPENDITURE ON
Costs of raising funds
8
31,589
-
Charitable activities
6
630,078
-
Total
661,667
-
Net (expenditure)
(542,900)
-

Net gains on investments
-
59,830
NET (EXPENDITURE)/INCOME
(542,900)
59,830
TRANSFERS
Transfers between funds
19
589,661
(589,661)
NET MOVEMENT IN FUNDS
46,761
(529,831)
RECONCILIATION OF FUNDS
Total funds brought forward
353,267
3,265,018
Total funds carried forward
18
400,028
2,735,187		 Total
2020
£
46,761
19,560
52,446
118,767
31,589
630,078
661,667
(542,900)
59,830
(483,070)
-
(483,070)
3,618,285
3,135,215		 Total
2019
£
65,414
-
45,237
110,651
36,248
722,346
758,594
(647,943)
147,708
(500,235)
-
(500,235)
4,118,520
3,618,285

The detailed 2019 comparative statement of financial activities is reported in note 5.

The notes form part of these financial statements

Page: 9

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE) (REGISTERED NUMBER: 09848958)

BALANCE SHEET AS AT 31ST AUGUST 2020

Note
FIXED ASSETS
Tangible fixed assets
14
Investments – managed funds
15
CURRENT ASSETS
Debtors
16
Cash in hand and in bank
CURRENT LIABILITIES
Creditors: amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
FUNDS
Expendable endowment funds
Fair value reserve
Total expendable endowment funds
18
Unrestricted funds
18
TOTAL FUNDS		 2020
£
£
3,782
2,934,519
2,938,301
4,165
212,806
216,971
20,057
196,914
3,135,215
2,125,753
609,434
2,735,187
400,028
3,135,215		 2019
£
1,818
3,508,887
3,510,705
1,440
134,261
135,701
28,121
107,580
3,618,285
2,615,228
649,790
3,265,018
353,267
3,618,285

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the trustees on 25th March 2021 and signed on their behalf by:

Sarah Driver - Trustee

The notes form part of these financial statements

Page: 10

THE DRIVER YOUTH TRUST (REGISTERED NUMBER: 09848958) (LIMITED BY GUARANTEE)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST AUGUST 2020

Note
Net cash generated from operating activities21
Cash flows from investing activities
Dividends and interest
Purchase of tangible fixed assets
Purchase of fixed assets investments
Proceeds from disposal of fixed asset investments
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Cash and cash equivalents consists of:
Cash at bank and in hand		 2020
2019
£
£
(597,421)(715,044)
46,760
65,414
(4,993)
(1,360)
(632,706)
(1,314,076)
1,266,905
1,855,856
675,966
605,834
78,545
(109,210)
134,261
243,471
212,806
134,261
212,806
134,261

The notes form part of these financial statements

Page: 11

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020

1. Statutory Information

The Driver Youth Trust Limited is a private Charitable Company, limited by guarantee and registered in England and Wales. The company’s registered number and registered office address can be found on the charity information page.

2. Accounting policies

a) Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS 102, effective 1 January 2015), hereafter referred to as the Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Driver Youth Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. However, there are no judgements or assumptions that have a significant risk of causing material adjustment.

b) Preparation of the financial statements on a going concern basis

The trustees have reviewed the company’s forecasts and projections and, in particular, have considered the potential implications of the Coronavirus (COVID-19) pandemic. Whilst the eventual financial impact of the pandemic on the charity and on the overall economy remains uncertain, the directors believe that the charity will be able to continue. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

c) Income

All income is recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resource can be measured with sufficient reliability.

Income arising from assets held within the expendable endowment fund is recognised as unrestricted income when it becomes receivable.

Income from other trading activities is included in the period in which it is receivable. This relates to education services comprising talks and training in schools.

Page: 12

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020

d) Expenditure

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the activity.

Grants paid included in charitable activities are recognised when they become unconditional or when the satisfaction of any condition moves outside the charity’s control. In practice grants are normally paid at the same time as a constructive obligation arises and are accounted for accordingly.

Charitable activities also includes expenditure relating to the governance of the charity and include audit fees and the fees relating to the administration of the charity and the maintenance of its financial records.

Costs of raising funds comprise the Investment Managers fees.

e) Investments

The charity’s investments consist of fixed interest securities, equity investments and deposits held by James Hambro on behalf of the charity.

Investments are included at market value at the balance sheet date. Any gain or loss on revaluation is disclosed in the SOFA.

Gains/(losses) on investment assets include those arising on disposal of investments during the accounting period in addition to unrealised gains/(losses) arising on period end valuation.

Short term creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the SOFA.

Cash at bank and cash in hand includes cash held by the bank and also with the investment manager.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at either market value or their settlement value.

Unrestricted general funds are incoming resources receivable or generated for use in furtherance of the general objects of the charity without restriction.

j) Endowment funds

Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity’s objectives.

Page: 13

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020

k) Tangible fixed assets and depreciation

All assets costing more than £300 are capitalised and valued at cost and held at cost less depreciation.

Depreciation is provided so as to write off the cost over their expected useful economic life as follows:-

Plant and Machinery 33% Straight line

3 Investment income




Dividends
Fixed interest
4 Other trading income



Education Services		 Total
2020


£
46,175
586
46,761
Total
2020


£
52,446		 Total
2019
£
64,387
1,027
65,414
Total
2019
£
45,237

Page: 14

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020

5
Comparative statement of financial activities
Unrestricted
Funds
Endowment
Funds
INCOME FROM
£
£
Investments
65,414
-
Other trading activities
45,237
-
Total
110,651
-
EXPENDITURE ON
Costs of raising funds
36,248
-
Charitable activities
722,346
-
Total
758,594
-
Net (expenditure)
(647,943)
-
Net gains on investments
-
147,708
NET INCOME/(EXPENDITURE)
(647,943)
147,708

TRANSFERS
Gross transfers between funds
713,357
(713,357)
NET MOVEMENT IN FUNDS
65,414
(565,649)
RECONCILIATION OF FUNDS
Total funds brought forward
287,853
3,830,667
Total funds carried forward
353,267
3,265,018
6
Charitable activities
Unrestricted
Funds
Endowment
Funds
Total
2020
£
£
£
Grants (note 7)
21,448
-
21,448
Sponsorship
-
-
-
Consultancy costs
47,422
-
47,422
Training
12,017
-
12,017
Support costs
549,191
-
549,191
630,078
-
630,078		 Total
2019
£
65,414
45,237
110,651
36,248
722,346
758,594
(647,943)
147,708
(500,235)
-
(500,235)
4,118,520
3,618,285
Total
2019
£
44,192
3,000
100,826
1,186
573,142
722,346

Page: 15

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020

7 Charitable activities Analysis of grants

7
Charitable activities
Analysis of grants

Educational grants –for individuals’ fees
To institutions:
Off The Record
8 Costs of raising funds
Unrestricted
Funds
Endowment
Funds
£
£
Investment Management fees
31,589
-
9 Support costs
Unrestricted
Funds
Endowment
Funds
£
£
Website
11,716
-
Office expenses
77,043
-
Staff costs
439,283
-
Travel and subsistence
7,652
-
Bank charges
46
-
Governance costs
10,422
-
Depreciation
3,029
-
549,191
-
10
Governance costs
Independent Auditor’s fees
Accountancy fees		 Total
2020
£

21,448
-
21,448
Total
2020
£
31,589
Total
2020
£
11,716
77,043
439,283
7,652
46
10,422
3,029
549,191
Total
2020
£
1,085
9,337
10,422		 Total
2019
£
29,192
15,000
44,192
Total
2019
£
36,248
Total
2019
£
11,570
130,274
396,890
16,311
50
16,340
1,707
573,142
Total
2019
£
1,050
15,290
16,340

Page: 16

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020

11 Operating deficit


The operating deficit is stated after charging:
Depreciation
Auditors remuneration
-
Non audit fees
-
Audit fees

Staff costs


Salaries
Social security costs
Pension costs		 Total
2020
£

3,029
9,337
1,085
Total
2020


£
367,492
37,573
34,218
439,283		 Total
2019
£
1,707
15,290
1,050
Total
2019
£
325,598
33,378
37,914
396,890

12 Staff costs

The number of staff to whom retirement benefits are accruing under a defined contribution pension scheme is 7 and the total amount included as an expense is £34,218. The average number of employees during the year was 8 (2019: 8). Two employees received remuneration in the banding of £70,000 - £80,000 during the year and one employee received remuneration in the banding of £50,000 - £60,000. No remuneration was paid to any of the Trustees during the year.

The key management personnel of the charity comprise the trustees, director, the chief executive officer, the director of operations and the director of education. The total employee benefits of key management personnel were £230,588.

13 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charity for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively to charitable purposes.

Page: 17

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020

14 Tangible fixed assets Plant and Plant and
Machinery
£
Cost
As at 1st September 2019 5,121
Addition 4,993
As at 31st August 2020 10,114
Depreciation
As at 1st September 2019 3,303
Charge for the year 3,029
As at 31st August 2020 6,332
Net book value
As at 31st August 2020 3,782
As at 31st August 2019 1,818
15 Fixed asset investments – managed funds
2020 2019
£ £
Balance brought forward 3,508,887 3,902,959
Additions at cost 632,706 1,314,076
Disposals at carrying value (1,377,483)
(1,934,608)
Gain on revaluation 170,409 226,460

Market value at 31st August 2020 2,934,519 3,508,887
Historical costs 2,325,089 2,859,097
Investments at market value comprised:
Equities 1,893,672 2,512,982
Fixed interest securities 451,603 375,764
Alternative investments 589,244 620,141
2,934,519 3,508,887

All investments are carried at their market value. Investments in equities, fixed interest securities and alternative investments are all traded in quoted public markets, primarily the London Stock Exchange.

Page: 18

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020

16
Debtors: amounts falling due within one year
Unrestricted
Funds
Endowment
Funds
Total
2020
£
£
£
Other debtors
4,165
-
4,165
17
Creditors: amounts falling due within one year
Unrestricted
Funds
Endowment
Funds
Total
2020
£
£
£
Trade creditors
9,635
-
9,635
Accruals – Independent auditors
remuneration
1,205
-
1,205
Accruals – Accountancy
9,217
-
9,217
Taxation and Social Security
-
-
-
20,057
-
20,057
18
Analysis of net assets between funds
Unrestricted
Funds
Endowment
Funds
Total
2020
£
£
£
Fixed assets
3,782
2,934,519
2,938,301
Current assets
416,303
(199,332)
216,971
Current liabilities
(20,057)
-
(20,057)
400,028
2,735,187
3,135,215
Analysis of net assets between funds (prior year)
Unrestricted
Funds
Endowment
Funds
Total
2019
£
£
£
Fixed assets
1,818
3,508,887
3,510,705
Current assets
379,570 (243,869)
135,701
Current liabilities
(28,121)
-
(28,121)
353,267
3,265,018
3,618,285		 Total
2019
£
1,440
Total
2019
£
6,719
1,050
10,572
9,780
28,121
Total
2019
£
3,510,705
135,701
(28,121)
3,618,285
Total
2018
£
3,905,124
243,471
(30,075)
4,118,520

Page: 19

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020

19 Analysis of net movements in funds

Unrestricted
Funds
Endowment
Funds
£
£
Total funds brought forward
353,267
3,265,018
Income
99,207
-
Expenditure
(642,107)
-
Gains on investments
-
59,830
Transfers between funds
589,661
(589,661)
Total funds carried forward
400,028
2,735,187		 Total
2020
£
3,618,285
99,207
(642,107)
59,830
-
3,135,215		 Total
2019
£
4,118,520
110,651
(758,594)
147,708
-
3,618,285

The transfer of funds from the expendable endowment fund to unrestricted funds was implemented by the trustees in order to provide resources for grant awards in furtherance of the charity’s objectives as permitted by the original trust deed and the Memorandum and Articles of Association section 2.9. The amount transferred in the year was £589,661.

Analysis of net movements in funds (prior year)

Unrestricted
Funds
Endowment
Funds
£
£
Total funds brought forward
287,853
3,830,667
Income
110,651
-
Expenditure
(758,594)
-
Gains on investments
-
147,708
Transfers between funds
713,357
(713,357)
Total funds carried forward
353,267
3,265,018		 Total
2019
£
4,118,520
110,651
(758,594)
147,708
-
3,618,285		 Total
2018
£
4,513,866
128,904
(743,510)
219,260
-
4,118,520

20 Legal status of the charity

The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1. The Charity is registered as a company in England and Wales and the registered number and registered office can be found on the charity information page.

Page: 20

THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2020

21 Notes to the cash flow statement

Reconciliation of net (deficit) to net cash inflow from operating activities

Net (deficit) before investment income
Depreciation charges
Decrease/(increase) in debtors
(Decrease) in creditors
Net inflow from operating activities
 2020
£
(589,661)

3,029
(2,725)
(8,064)
(597,421)
 2019
£
(713,357)
1,707
(1,440)
(1,954)
(715,044)

22 Related party transactions

During the year no expenses were reimbursed to any Trustee, £2,489 was reimbursed to key management personnel.

23 Financial instruments

At the balance sheet date the charity held financial liabilities at amortised cost, comprising trade creditors, other creditors and accruals of £20,057 (2019: £18,341).

The charity held assets at fair value through income and expenditure of £2,934,519 (2019: £3,508,887). Movements in the year through the statement of financial activities comprised gains of £59,830 (2019: £147,708), income from investment portfolio of £46,761 (2019: £65,414) and investment managers fees of £31,589 (2019: £36,248).

Page: 21