**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 2022** **The Driver Youth Trust** |**Contents**|| |---|---| ||**Page**| |**Reference and Administrative Details**|**1**| |**Trustees' Report**|**2**| |**Independent Examiner’s Report**|**7**| |**Statement of Financial Activities**|**8**| |**Balance Sheet**|**9**| |**Statement of Cash Flows**|**10**| |**Notes to the Financial Statements**|**11**| ## **The Driver Youth Trust** ## **Reference and Administrative Details of the Charity** ## **For the Year Ended 31 August 2022** **Charity Registered number:** 1167893 **Company Registered number** 09848958 **Trustees** S P Driver M J Driver S E Blakeway T G Paxman N C Mooney **Chief Executive Officer** C Rossiter **Registered Office** 44 Webber Street London SE1 8QW **Independent Examiner** Anthony Epton Goldwins Limited Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG **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 1 **The Driver Youth Trust** ## **Trustees’ Report** ## **For the Year Ended 31 August 2022** The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their annual report together with the audited financial statements of the charity for the year ended 31 August 2022. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) as amended by Update Bulletin 1 (effective 1 January 2015) and update Bulletin 2 (effective 1 January 2019). ## **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 original charity was constituted under a trust deed dated 17 July 2007. The company is governed by its Memorandum and Articles of Association dated 29th October 2015. Having received the Charity Commission’s consent dated 24 February 2022 and 24 March 2022 as required under section 198 Charities Act 2011, a special resolution was duly passed by way of written resolution pursuant to Chapter 2 of Part 13 of the Companies Act 2006 adopting new articles of association as attached thereto, of the Company in substitution for, and to the exclusion of, the existing articles of association. The trust is controlled by the trustees. 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. ## **Our mission** Driver Youth Trust's mission is to help young people who struggle to read and write. We do this by: - Working in partnership with teachers and other educational professionals to equip them with the knowledge and skills they need to identify and support learners with literacy difficulties. - Campaigning on behalf of young people, teachers and schools so that they have the resources and support they need to succeed. ## **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 be financially sustainable in order to secure our longevity and grow our reputation and influence to become the leading organisation for literacy difficulties. ## **Achievements and activities for the furtherance of the Trust’s aims** Driver Youth Trust’s vision is 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. ## **Programmes** Our work directly in schools was halted by covid related restrictions in 2019/20. Whilst restrictions eased over time, there was continued disruption in schools as a result of teachers having to cope with extraordinary 2 **The Driver Youth Trust** **Trustees’ Report** ## **For the Year Ended 31 August 2022** circumstances, further exacerbated by financial pressures. The Trust took the view that a blended learning offer would enhance the experience and convenience to our course participants whilst also ensuring that distance learning can help mitigate risks associated with school disruption. ## **DYT Learning Hub.** The Brightspace Learning Management System (LMS) referred to as the DYT Learning Hub (the Hub) went live at the beginning of the Autumn term, September 2021. It was designed to enable participants to purchase via the DYT website and access online professional development courses designed to improve practice for supporting learners with literacy difficulties. The following 15 online courses were developed: **Driving Inclusion; The Strategic SENCo.** A six-module course. This included 6 live sessions. The course included content written by external consultants in SEND and inclusion roles in Astrea and Bohunt MATs and live sessions hosted by four external experts, one DYT consultant and the CEO. The final live session was a roundtable with 8 external seats sold at £20 each. [There were 5 participants enrolled on the course.] Participants have logged into the course over 100 times and there has been a total of 56 hours of learning conducted. **Driving Inclusion; Creating Champions in Literacy.** A six-module course. Three live sessions initially with an additional session added. [15 participants enrolled on the course.] Participants have logged into the course 192 times and there has been a total of 156 hours of learning conducted. **Quick Courses.** Seven Quick Courses launched after Autumn half term. 45-60 minutes duration, selfpaced, self-directed learning for participants. - Dyslexia and Literacy Difficulties - Strategies for Classroom Success; Using Cognitive Load Theories - Learning the Ropes: Reading - Learning the Ropes; Writing - - Introduction to Subject Specific Literacy - Language for Literacy Difficulties - - Transition **Action Courses** . 4-5 hours duration - Reading in Primary Education - Writing in Primary Education - Pedagogy in Literacy Difficulties - Reading and Writing in Secondary Education - Disciplinary and subject specific literacy (KS3-4) - Using the SEND Government Review Guide - Data in Action **Webinars.** A total of 9 webinars took place between September-December 2021. ## **Partnerships** In addition we have continued to work in partnership with teaching training organisations and school trusts on a variety of projects, including the Bohunt Educational Trust, City of London Academy Islington and the Suffolk TA network. **Quality Assurance and Literacy Difficulty Frameworks.** To underpin the ecosystem and online offer work was undertaken on the creation of a Literacy Difficult Framework (an internal document that makes clear DYT’s position on literacy difficulties and its approach) and a Quality Assurance Framework (QAF) which has been developed with support from the Sheffield Institute of Education (SIOE) and draws on evidence and 3 **The Driver Youth Trust** **Trustees’ Report** ## **For the Year Ended 31 August 2022** research into QA of professional development for the Chartered College of Teachers. ## **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 on literacy, special educational needs and school accountability, particularly in light of ongoing reviews and consultations in these areas. 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** In line with its new strategy the Trust has not made any further grant giving in this operating year. ## **Restructure 31[st] March 2022** The Driver Youth Trust is reliant on the income and gains generated from an endowment. Over the past four years the DYTs expenditure has exceeded the income generated by the endowment, and revenue from selling the courses on the Hub. The Trustees had agreed to this expenditure for a period of time, to facilitate the investment in teacher training, first in schools and then on-line, but were clear that this was not sustainable in the long term. Over the past three years, the Covid pandemic has had a huge impact on our work and opportunity for income. It also greatly reduced the value of the endowment. Whilst the decision to establish on-line training was made in good faith, to extend reach, nationally and internationally, to meet the new challenges and opportunities offered by Covid – not being able to get into schools and the rise in the use of online delivery - and ultimately to develop income that would make this work sustainable, Covid and the ‘new normal’ in schools has affected this endeavour. Costs of developing the courses increased dramatically and the expected demand from schools and teachers was well below our estimations. - The Trustees consulted widely in the market for paid training and were advised as follows. - The market for paid training is highly competitive. It is a crowded field and extremely hard to break into, even for seasoned and experienced participants. - One major factor against paid training is that there is so much free material available. - School budgets are tight and are unlikely to pay even the modest amounts of some of our courses. Furthermore, the practice is often for one teacher to buy a course and allow others to use it in the school. - The effects of Covid and catch up have meant that time for focus on CPD has been limited. The Trustees have a duty of care to preserve the funds and mission of the Trust, to support those young people who struggle with literacy difficulties and to ensure the sustainability of the Charity going forward. In light of this and the above, and with the support of an external consultant, they undertook a strategic review of the charity, its services, and market opportunities. During this review they considered all options for moving forward, including: closure of the Charity, becoming a grant-giving body once more, allying with another charity and scaling down the operation. Following this review, they took the difficult decision to cease developing and marketing our online training offer in order to significantly reduce costs, and to close down the office and reduce staff numbers, a process which was completed by the end of the summer term. 4 ## **The Driver Youth Trust** ## **Trustees’ Report** ## **For the Year Ended 31 August 2022** The Trustees do not want to close down the charity and are keen for Driver Youth Trust to continue to support children with literacy difficulties. They recognize that they have a respected reputation, committed consultant teachers, useful resources and most of all, a good set of courses that can be used to support teachers at this difficult time, making a difference to the children we represent. They therefore decided to scale back the charity’s cost structure, to protect the endowment, and to focus on making the completed courses available within the education sector, as a free resource, possibly distributing them through other charities. This will also allow the Trustees time to reflect and decide the best way forward in the long term. This approach ensures that the Charity will be able to continue to deliver its charitable aims over the short, medium and longer term, whilst at the same time protecting the endowment to ensure the sustainability of the Charity. ## **Looking Forward** The Trustees are pursuing an exciting proposal with Kingston University’s Education Department that will see DYT develop resources and courses used not only to train teachers, but across the University, ensuring that lecturers know how to support existing students who struggle with literacy. The ability to leverage this training across other teacher-training hubs is considerable. A longitudinal study, evidencing impact, will also be undertaken. ## **Public benefit** The trustees confirm that they have referred to the guidance contained in the Charity Commission’s 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** Income for the year amounted to £50,097 (2021: £37,394) and comprised income arising from the charity's investments and fees for the Drive for Literacy programme. Charitable expenditure in the year totalled £588,911 (2021: £562,852). 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 2022 free reserves were £94,933 (2021: £156,925). 5 Tho Drtvor Youth Trust Trusto8s' Report For th8 Year Endod 31 August 2022 Trusts98 ro8pon8lbllltl•• The trustees are responsibl8 for prepadng the Report of the Truste08 and the flnanaal Statements In ac￿rdanCe vAlh appliGable law and rogulatk)n8. Company law requires tha dlrac1ty5 to prapare financlal statements for 88ch finanGlal year. Under that law the tr￿le03 have el￿d to prepare the flnancl818tatement8 In acr￿dance wlth Unmed ￿ngdoM G8neralty Accepted AcrxMJntlThJ Pradco (United Kngdom Actountlng Stsndords and applicable law). Under ￿)MpanY law the tN$tees rn￿t not approve the financial stalemnts unless they are Sall￿ed Ihat they give a tn￿ and fair vlew of th& stste of affai￿ of the (¥Jmpany and of Ihe surplus or deficit of the company for that wkxl. In prep8rlng the8e flnandal stateThnts. the dlrectors are required to.. se1￿1 sultablo aua)unlng Ffv)Ilcles and apply lh￿n consistenlly: makejudgem&nts and actounllng estimates that are rea8on8ble and prudent prepare the finan￿al statemgnts on the goirvj (x)n(xn basls unl95s it is inappropriats to {Ye5ur￿ that the company V￿14 continue in buslness. The trustees are responslble for keeping adequate accounting records that are sUffic￿nI to show and explain Ihe companvs transactions and disc40ge with reasonable acujracy at any time the finarmial tK6tlion of the company and enable thgm to ensure that the financial statements ￿mplY with the Compawes Ad 2[￿. Thy are also responsible for safeguarding the assets of the company and h8n(% for tsloThJ rBasonatJle steF6 for the prevention a￿1 detedlon of fraud and other irregularities. Thi5 report ha5 been prepared In accordance with Ihe prov15K>ns of Pwt 15 of the Cry*ni8s Ad 21 relating to small companies. 18. 1.22 Approved bythe trustees on .............................. and signed ontsir bel￿ by Sarah Driver Trusts ## **Independent Examiner’s Report to the Trustees of The Driver Youth Trust** I report to the charity trustees on my examination of the accounts of the company for the year ended 31[st] August 2022. ## **Responsibilities and basis of report** As the charity’s trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (the ‘2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner’s report** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: - (1) accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or - (2) the accounts do not accord with those accounting records; or - (3) the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or - (4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. **Anthony Epton BA, FCA, CTA, FCIE Goldwins Limited Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG** Date: 30 January 2023 7 ## **The Driver Youth Trust Statement of financial activities** (incorporating an income and expenditure account) **For the year ended 31 August 2022** |**Note**
**Income from:**
Donations
Investment income
**3**
Other trading activities
**4**
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**Total expenditure**
**5**
**Net (expenditure) for the year**
**6**
Net gains/(losses) on investments
**11**
Transfers between funds
**Net movement in funds**
**Reconciliation of funds:**
**15**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**Endowment**
**funds**
**Total**
**funds**
_Total_
_funds_
**2022**
**2022**
**2022**
_2021_
**£**
**£**
**£**
_£_
-
-
-
_6,656_
31,471
-
31,471
_29,430_
18,626
-
18,626
_1,308_| |---|---| ||**50,097**
**-**
**50,097**
_37,394_| ||24,163
-
24,163
_28,778_
564,748
-
564,748
_534,074_| ||**588,911**
**-**
**588,911**
_562,852_| ||**(538,814)**
**-**
**(538,814)**
_(525,458)_
-
(248,614)
(248,614)
_324,112_
470,185
(470,185)
-
_-_| ||**(68,629)**
**(718,799)**
**(787,428)**
_(201,346)_
198,682
2,735,187
2,933,869
_3,135,215_| ||**130,053**
**2,016,388**
**2,146,441**
_2,933,869_| All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements. 8 Tho Drlvor Youth Tru•t Balanco shoot As at 31 Augu•t 2022 2022 21J22 2021 2021 Flx•d *•••ts: Intsnglbl8 0888ts Tar¥Jlblo 8S88ts 35.120 41,757 1,664 2 819 087 10 11 1887932 1.903,052 2.862,508 Curr•nt a•••ts: 12 9,197 12.938 114,366 127.304 Cash at bonk 8nd In ￿nd 257.641 Ll*blllll••'. cr￿)hOrs. aM￿￿ts fallng (hjo knlthln one ￿ 13 2.933,869 Funds: ENltrmnt funds Unrostrfcted fvThJ8: General funds Tolal unrestrlcted ￿ndS 15 2.016.388 2.735,187 130.053 198.682 130.053 198.682 2.933,869 Totsl fvnd• For the finarKi81 ￿or ended 31 August 2022, the CharitabSe Company was wrt11￿1 to exemtAKNI from aud under Seckn 477 of the Compani8s Act 2006 relatlng to small ￿mpanIeS. No members required th8 company to obtsin an audli of the ar*£￿its for the In Iymtion in 8D>)rdance sedknn 476 of the Companies ALt 2LIJ6. The dire¢tt)T5 acknowledge thelr respongibillves for ¢ThlFlying ￿th the req￿r￿ments of the Ad vrith r8sp8ct to aoJJuntirvJ r8c4)rd5 and for th8 preparation of a￿￿nts. Th8 financial slatements have I￿n pr9pared In accordanrA the Part 15 of the C(xnpanles Act 2006 relating to small compani6s. Approved byth8trustee8on 18 . 1. 23 and on Ih81r behalf by. Sarah Drfvor Trustao The attached notes form part of the Ilnandal statements. ## **The Driver Youth Trust** ## **Statement of cash flows** |**Statement of cash flows**||| |---|---|---| |**For theyear ended 31 August 2022**||| |**Note**
**Net cash provided by / (used in) operating activities**
**16**
**Cash flows from investing activities:**
Interest/ dividends from investments
Purchase of fixed assets
Disposal of fixed assets
Sale of investments
Purchase of investments
**Cash provided by / (used in) investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
**17**|**2022**
**2022**
_2021_
**£**
**£**
_£_
(593,064)
31,471
_29,430_
(6,870)
_(41,757)_
-
_-_
1,080,074
_1,212,092_
(377,533)
_(772,548)_
727,142
134,078
114,366
**248,444**|_2021_
_£_
_(525,657)_
_427,217_| |||| |||_(98,440)_
_212,806_| |||_114,366_| 10 **The Driver Youth Trust Notes to the financial statements For the year ended 31 August 2022** ## **1 Accounting policies** ## **a) Basis of preparation** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 2015) - Charities SORP (FRS 102) and the Companies Act 2006. The charitable company 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 or note. ## **b) Going concern** The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. ## **c) Income** Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. ## **d) Donations of gifts, services and facilities** Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution. On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. ## **e) Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. ## **f) Fund accounting** Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity. 11 **The Driver Youth Trust Notes to the financial statements For the year ended 31 August 2022** ## **1 Accounting policies (continued)** ## **g) Expenditure and irrecoverable VAT** - Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: - Costs of raising funds comprise of trading costs and the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. - Expenditure on charitable activities includes the costs of delivering services to further the purposes of the charity and their associated support costs. - Other expenditure represents those items not falling into any other heading. All expenditure is inclusive of VAT. ## **h) Allocation of support costs** Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance and governance costs which support the Trust's charitable activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. ## **i) Tangible fixed assets** Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: ˜ Plant and Machinery 33% straight line basis ## **j) Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **k) Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **l) Creditors and provisions** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **m) Financial instruments** 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 their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 12 ## **The Driver Youth Trust Notes to the financial statements For the year ended 31 August 2022** |**2**|**Detailed comparatives for the statement of financial activities**|**Detailed comparatives for the statement of financial activities**||| |---|---|---|---|---| |||_Unrestricted_|_Endowment_|_Total_| |||_funds_|_funds_|_funds_| |||_2021_|_2021_|_2021_| |||_£_|_£_|_£_| ||_Income from:_|||| ||_Donations_|_6,656_|_-_|_6,656_| ||_Investments_|_29,430_|_-_|_29,430_| ||_Other trading activities_|_1,308_|_-_|_1,308_| ||_Total income_|_37,394_|_-_|_37,394_| ||_Expenditure on:_|||| ||_Raising funds_|_28,778_|_-_|_28,778_| ||_Charitable activities_|_534,074_|_-_|_534,074_| ||_Total_|_562,852_|_-_|_562,852_| ||_Net gains on investments_|_324,112_|_-_|_324,112_| ||_Net income / (expenditure)_|_(201,346)_|_-_|_(201,346)_| ||_Transfers between funds_|_-_|_-_|_-_| ||_Net movement in funds_|_(201,346)_|_-_|_(201,346)_| ||_Total funds brought forward_|_400,028_|_2,735,187_|_3,135,215_| ||_Total funds carried forward_|_198,682_|_2,735,187_|_2,933,869_| 13 ## **The Driver Youth Trust** ## **Notes to the financial statements** ## **For the year ended 31 August 2022** ## **3 Income from investments** |**Income from investments**|| |---|---| |Dividends|**Unrestricted**
**Endowment**
**Total**
_Total_
**2022**
**2022**
**2022**
_2021_
**£**
**£**
**£**
_£_
31,471
-
**31,471**
_29,430_| ||**31,471**
**-**
**31,471**
_29,430_| ## **4 Income from other trading activities** |Education services|**Unrestricted**
**Endowment**
**Total**
_Total_
**2022**
**2022**
**2022**
_2021_
**£**
**£**
**£**
_£_
18,626
-
**18,626**
_1,308_| |---|---| ||**18,626**
**-**
**18,626**
_1,308_| 14 ## **The Driver Youth Trust Notes to the financial statements For the year ended 31 August 2022** ## **5 Analysis of expenditure current year** |**Analysis of expenditure**
**current year**|| |---|---| |Staff costs
Bank charges
Communications and IT
Consultancy
CPD Delivery
Depreciation
Independent examiner's fees
Investment management fees
Learner management system
operating costs
Office expenses
Premises costs
Training and recruitment
Travel & subsistence
Website
Support costs
Governance costs
**Total expenditure 2022**
_Total expenditure 2021_|**Cost of**
**raising**
**funds**
**Charitable**
**activities**
**Support**
**costs**
**Governance**
**Costs Total 2022**
_Total 2021_
**£**
**£**
**£**
**£**
-
-
348,592
-
**348,592**
_370,260_
-
-
125
-
**125**
_21_
-
-
10,259
-
**10,259**
_7,805_
-
-
11,478
-
**11,478**
_72,567_
-
11,813
-
-
**11,813**
_-_
-
-
15,172
-
**15,172**
_2,118_
-
-
-
3,900
**3,900**
_3,900_
24,163
-
-
-
**24,163**
_28,778_
-
59,863
-
-
**59,863**
_-_
-
-
43,568
-
**43,568**
_43,173_
-
-
29,595
-
**29,595**
_20,960_
-
-
27,501
-
**27,501**
_4,123_
-
-
-
**-**
_226_
-
-
2,882
-
**2,882**
_8,921_| ||**24,163**
**71,676**
**489,172**
**3,900**
**588,911**
_562,852_
-
489,172
(489,172)
-
**-**
-
3,900
-
(3,900)
**-**
**24,163**
**564,748**
**-**
**-**
**588,911**
_28,778_
_534,074_
_-_
_-_
_562,852_| All the expenditure was unrestricted (2021 all unrestricted). 15 ## **The Driver Youth Trust Notes to the financial statements For the year ended 31 August 2022** ## **5 Analysis of expenditure continued** _prior year_ |_prior year_|| |---|---| |_Staff costs_
_Bank charges_
_Communications and IT_
_Consultancy_
_Depreciation_
_Independent examiner's fees_
_Investment management fees_
_Office expenses_
_Premises costs_
_Training and recruitment_
_Travel & subsistence_
_Website_
_Support costs_
_Governance costs_
_Total expenditure 2021_|_Cost of_
_raising_
_funds_
_Charitable_
_activities_
_Support_
_costs_
_Governance_
_Costs_
_Total 2021_
_£_
_£_
_£_
_£_
_-_
_-_
_370,260_
_-_
_370,260_
_-_
_-_
_21_
_-_
_21_
_-_
_-_
_7,805_
_-_
_7,805_
_-_
_34,225_
_38,342_
_-_
_72,567_
_-_
_-_
_2,118_
_-_
_2,118_
_-_
_-_
_-_
_3,900_
_3,900_
_28,778_
_-_
_-_
_-_
_28,778_
_-_
_-_
_43,173_
_-_
_43,173_
_-_
_-_
_20,960_
_-_
_20,960_
_-_
_-_
_4,123_
_-_
_4,123_
_-_
_226_
_-_
_226_
_-_
_-_
_8,921_
_-_
_8,921_| ||_28,778_
_34,225_
_495,949_
_3,900_
_562,852_
_-_
_495,949_
_(495,949)_
_-_
_-_
_-_
_3,900_
_-_
_(3,900)_
_-_| ||_28,778_
_534,074_
_-_
_-_
_562,852_| 16 ## **The Driver Youth Trust** ## **Notes to the financial statements** ## **For the year ended 31 August 2022** ## **6 Net income / (expenditure) for the year** |This is stated after charging / (crediting):
Depreciation
Operating lease rentals:
Property
Independent examiner's fees|**2022**
_2021_
**£**
_£_
15,171
_2,118_
29,595
_20,960_
3,250
_3,250_| |---|---| ## **7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel** Staff costs were as follows: |Staff costs were as follows:|| |---|---| |Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes
Redundancy payments|**2022**
_2021_
**£**
_£_
283,128
_308,743_
29,164
_30,957_
28,306
_30,560_
7,994
_-_| ||**348,592**
_370,260_| The number of employees whose total employee benefits (excluding employer's national insurance and pension costs) for the reporting period amounting to over £60,000 were as follows: ## £70,000 - £79,999 |**2022**|_2021_| |---|---| |1|1| The key management personnel of the charity comprise the trustees, the chief executive officer and the director of education. The total employee benefits of key management personnel including employer's pension contributions and national insurance were £168,647 (2021: £128,876). The charity trustees were not paid or received any other benefits from employment with the charity in the year (2021: £nil) neither were they reimbursed expenses during the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil). ## **Staff numbers** The average number of employees (head count based on number of staff employed) during the year was 5 (2021: 7). ## **8 Taxation** The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 17 ## **The Driver Youth Trust** ## **Notes to the financial statements** ## **For the year ended 31 August 2022** ## **9 Intangible fixed assets** |**Cost**
At the start of the year
Additions in year
Disposals in year
At the end of the year
**Amortisation**
At the start of the year
Charge for the year
At the end of the year
**Net book value**
**At the end of the year**
_At the start of the year_
All of the above assets are used for charitable purposes.|**Learning**
**Management**
**System**
**Total**
**£**
**£**
41,757
41,757
6,870
6,870
-
-| |---|---| ||48,627
48,627| ||-
-
13,507
13,507| ||13,507
13,507| ||**35,120**
**35,120**| ||_41,757_
_41,757_| ||| ## **10 Tangible fixed assets** |**Tangible fixed assets**|| |---|---| |**Cost**
At the start of the year
Disposals in year
At the end of the year
**Depreciation**
At the start of the year
Charge for the year
Disposals in year
At the end of the year
**Net book value**
**At the end of the year**
_At the start of the year_
All of the above assets are used for charitable purposes.|**Plant and**
**Machinery**
**Total**
**£**
**£**
9,547
9,547
(9,547)
(9,547)| ||-
-| ||7,883
7,883
1,664
1,664
(9,547)
(9,547)| ||-
-| ||**-**
**-**| ||_1,664_
_1,664_| ||| 18 ## **The Driver Youth Trust** ## **Notes to the financial statements** ## **For the year ended 31 August 2022** ## **11 Fixed asset investments** |**Investments at fair value:**
Investment funds
**Movements**
Market value at the start of the year
Additions at cost
Disposals at carrying value
Net gain/(loss) on revaluation
Market value at the end of the year
**12**
**Debtors**
Other debtors
Prepayments
**13**
**Creditors: amounts falling due within one year**
Trade creditors
Accruals
Taxation and social security
Other creditors
**14**
**Analysis of net assets between funds**
Fixed assets
Net current assets
**Net assets at the end of the year**
_Analysis of net assets between funds (prior year)_
_Fixed assets_
_Net current assets_
_Net assets at the end of the year_|**2022**
_2021_
**£**
_£_
1,867,932
_2,819,087_
**1,867,932**
_2,819,087_
2,819,087
_2,934,519_
377,533
_772,548_
(1,080,074)
_(1,212,092)_
(248,614)
_324,112_
**1,867,932**
_2,819,087_
**2022**
_2021_
**£**
_£_
-
_3,280_
9,197
_9,658_
**9,197**
_12,938_
**2022**
_2021_
**£**
_£_
9,762
_36,633_
4,490
_6,240_
-
_10,381_
-
_2,689_
**14,252**
_55,943_
**Unrestricted**
**Endowment**
**Total**
**funds**
**£**
**£**
**£**
35,120
1,867,932
**1,903,052**
94,933
148,456
**243,389**|**2022**
_2021_
**£**
_£_
1,867,932
_2,819,087_| |---|---|---| |||**1,867,932**
_2,819,087_| |||2,819,087
_2,934,519_
377,533
_772,548_
(1,080,074)
_(1,212,092)_
(248,614)
_324,112_| |||**1,867,932**
_2,819,087_| |||**2022**
_2021_
**£**
_£_
-
_3,280_
9,197
_9,658_| |||**9,197**
_12,938_| |||**2022**
_2021_
**£**
_£_
9,762
_36,633_
4,490
_6,240_
-
_10,381_
-
_2,689_| |||**14,252**
_55,943_| ||**130,053**
**2,016,388**
**2,146,441**|| ||_Unrestricted_
_Endowment_
_Total_
_funds_
_£_
_£_
_£_
_127,321_
_2,735,187_
_2,862,508_
_71,361_
_-_
_71,361_|| ||_198,682_
_2,735,187_
_2,933,869_|| 19 ## **The Driver Youth Trust** ## **Notes to the financial statements** ## **For the year ended 31 August 2022** ## **15 Movements in funds** |**Movements in funds**|||||| |---|---|---|---|---|---| ||**At the start**|
**Income**|
**Expenses**||**At the end**| ||**of the year**|**and gains**|**and losses**|**Transfers**|**of the year**| ||**£**|**£**|**£**|**£**|**£**| |**Endowment funds**|**2,735,187**|**-**|**(248,614)**|**(470,185)**|**2,016,388**| |Unrestricted funds:|||||| |General funds|198,682|50,097|(588,911)|470,185|130,053| |**Total unrestricted funds**|**198,682**|**50,097**|**(588,911)**|**470,185**|**130,053**| ||||||| |**Total funds**|**2,933,869**|**50,097**|**(837,525)**|**-**|**2,146,441**| |_Movements in funds for the (prior year)_|||||| ||_At the start_|_Income and_|_Expenses and_||_At the end of_| ||_of the year_|_gains_|_losses_|_Transfers_|_the year_| ||_£_|_£_|_£_|_£_|_£_| |_Endowment funds_|_2,735,187_|_-_|_-_|_-_|_2,735,187_| |_Unrestricted funds:_|||||| |_General funds_|_400,028_|_361,506_|_(562,852)_|_-_|_198,682_| |_Total unrestricted funds_|_400,028_|_361,506_|_(562,852)_|_-_|_198,682_| ||||||| |**Total funds**|_3,135,215_|_361,506_|_(562,852)_|_-_|_2,933,869_| ## **16 Reconciliation of net income / (expenditure) to net cash flow from operating activities** |**Net income / (expenditure) for the reporting period**
**(as per the statement of financial activities)**
Depreciation
Gains/ (losses) on investments
Interest, rent and dividends from investments
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
**Net cash provided by / (used in) operating activities**|**2022**
_2021_
**£**
_£_
**(787,428)**
_(201,346)_
15,171
_2,118_
248,614
_(324,112)_
(31,471)
_(29,430)_
3,741
_(8,773)_
(41,691)
_35,886_| |---|---| ||**(593,064)**
_(525,657)_| 20 ## **The Driver Youth Trust** ## **Notes to the financial statements** ## **For the year ended 31 August 2022** ## **17 Analysis of cash and cash equivalents** |Cash at bank and in hand
**Total cash and cash equivalents**
**Analysis of cash and cash equivalents (prior year)**
Cash at bank and in hand
**Total cash and cash equivalents**|**At the start of**
**the year**
**Cash flows**
**At the end**
**of the year**
**£**
**£**
114,366
134,078
**248,444**| |---|---| ||**114,366**
**134,078**
**248,444**| ||_At the start of_
_the year_
_Cash flows_
_At the end of_
_the year_
_£_
_£_
_212,806_
_(98,440)_
_114,366_| ||_212,806_
_(98,440)_
_114,366_| ## **18 Operating lease commitments** Total future minimum lease payments under non-cancellable operating leases are as follows: |Less than 1 year|**Property**
_Property_
**2022**
_2021_
**£**
_£_
7,860
_7,860_| |---|---| ||**7,860**
_7,860_| ## **19 Legal status of the charity** The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up. ## **20 Related party transactions** There are no related party transactions to disclose for the year (2021: none). 21