## **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 2024**
**THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)**
## **CONTENTS OF THE FINANCIAL STATEMENTS**
||Page|
|---|---|
|Charity information|1|
|Trustees’ annual report|2-4|
|Independent examiners report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Statement of cash flows|8|
|Notes to the financial statements|9-16|
## **THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)**
## **CHARITY INFORMATION**
## **31ST AUGUST 2024**
|**Registered charity number:**|1167893|
|---|---|
|**Registered company number:**|09848958|
|**Trustees:**|S P Driver|
||M J Driver|
||S E Blakeway|
||T G Paxman (Deceased 8th March 2025)|
|**Principal address**|Rathfinny Estate|
|**And Registered Office:**|Alfriston|
||Polegate|
||East Sussex BN26 5TU|
|**Independent examiner**|V M R Anderson BA(Hons) FCA DChA|
||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 2024**
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006 present their annual report and financial statements of the charity for the year ended 31st August 2024. The trustees confirm that the annual report and financial statements of the company comply with 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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (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 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 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.
## **Our mission**
DYT’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**
DYT’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.
Page: 2
## **THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)**
## **TRUSTEES ANNUAL REPORT**
## **31ST AUGUST 2024**
## **Kingston University Partnership**
Building on this, the Trustees agreed in May 2023 to enter into an exciting partnership with Kingston University’s Education Department. DYT agreed to provide the funding for the employment costs of a dedicated expert dyslexia tutor, Dyslexia Specialist Tutor (DST) employed by Kingston University on a twoyear fixed term contract.
The aims of the project are:
- To embed knowledge and understanding of dyslexia and literacy difficulties in professional practice courses, not as standalone modules or separate units of work, so that trainee teachers know what dyslexia is and how to respond appropriately in their professional practice to ensure pupils receive the most appropriate interventions.
- To ensure a sustainable culture of knowledge and understanding, in order to have positive long-term impact.
It has been a busy year focusing on designing the undergraduate module to be rolled out to BA, PGCE and Post Graduate students, across all subjects. Alongside this a CPD webinar series – STOP dyslexic learners underperforming at school, and a KUDYT YouTube channel sharing how to make studying at university more inclusive, have been developed. As this project works closely with partner schools, where trainee teachers are placed, Introduction to KUDYT material has also been designed and developed for them.
A critical part of our joint work is the development of a research study, led by KU and reported on to DYT The aim of this is to gather data to capture how the specific taught sessions affects knowledge and understanding of dyslexia for all trainee teachers. This data will then inform the specific taught sessions for all ITT programmes and to evidence impact on personal and professional development in relation to knowledge, understanding and application of effective interventions addressing dyslexia in professional practice.
Throughout the year a significant amount of external presentations and networking events have been attended, with the aim of informing the sector of our work and networking. There has been significant interest shown by other ITT providers and the intention is to build on this in the coming year. These include sessions on Dyslexia inclusive teaching
- The Festival of Learning – CPD event open to all KU academic staff.
- Academics in the Education Department staff were offered one to ones to help them modify teaching materials to model inclusive practise.
- Aim Higher conference to SENCos and Learning support staff from around the London area.
- `o` Librarian CPD Event in order to support librarians who teach students how to use the library for research, in making their teaching more inclusive.
- Attended the BDA International Research Conference – Dimensions of Dyslexia: Evidence and Practise. A great networking opportunity.
- Published an article for SEN magazine.
## **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.
Page: 3
## **THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)**
## **TRUSTEES ANNUAL REPORT**
## **31ST AUGUST 2024**
## **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 policy of holding funds in a mix of fixed interest security and equities.
## **Financial Review**
Income for the year amounted to £32,565 (2023: £33,865) and comprised income arising from the charity's investments. Charitable expenditure in the year totalled £105,831 (2022: £73,735). Gains on investments were £259,480 (2023: losses £9,523). Total funds carried forward were £2,283,262 (2023: £2,097,048)
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 .
## **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:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
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: 20 May 2025
Page: 4
## **INDEPENDENT EXAMINERS REPORT**
## **TO THE TRUSTEES OF**
## **THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)**
I report to the charity trustees on my examination of the accounts of the company for the year ended 31st August 2024 which are set out on pages 6 to 16.
## **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.
V M R Anderson BA (Hons) FCA DChA Chartered Accountant Clark Brownscombe 2 St. Andrews Place Lewes East Sussex BN7 1UP Date: 20 May 2025
Page: 5
## **THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME STATEMENT) FOR THE YEAR ENDED 31ST AUGUST 2024**
|**Note**
**Unrestricted**
**Funds**
**Endowment**
**Funds**
**INCOME FROM**
**£**
**£**
Investments
4
**32,565**
**-**
**Total**
**32,565**
**-**
**EXPENDITURE ON**
Costs of raising funds
6
**-**
**20,776**
Charitable activities
5
**85,055**
**-**
**Total**
**85,055**
**20,776**
**Net (expenditure)**
**(52,490)**
**(20,776)**
Net gains/(losses) on investments
**-**
**259,480**
**NET (EXPENDITURE)/INCOME**
**(52,490)**
**238,704**
**TRANSFERS**
Transfers between funds
**-**
**-**
**NET MOVEMENT IN FUNDS**
**(52,490)**
**238,704**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**109,316**
**1,987,732**
**Total funds carried forward**
16
**56,826**
**2,226,436**|**Total**
**2024**
**£**
**32,565**
**32,565**
**20,776**
**85,055**
**105,831**
**(73,266)**
**259,480**
**186,214**
**-**
**186,214**
**2,097,048**
**2,283,262**|Total
2023
£
33,865
33,865
19,592
54,143
73,735
(39,870)
(9,523)
(49,393)
-
(49,393)
2,146,441
2,097,048|
|---|---|---|
The detailed 2023 comparative statement of financial activities is reported in note 3.
The notes form part of these financial statements
Page: 6
## **THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE) (REGISTERED NUMBER: 09848958)**
## **BALANCE SHEET AS AT 31ST AUGUST 2024**
|**Note**
**FIXED ASSETS**
Intangible assets
11
Investments – managed funds
12
**CURRENT ASSETS**
Debtors
13
Cash in hand and in bank
**CURRENT LIABILITIES**
Creditors: amounts falling due within one year
14
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**FUNDS**
Expendable endowment funds
Unrestricted funds
16
**TOTAL FUNDS**|**2024**
**£**
**£**
**2,702**
**2,216,101**
**2,218,803**
**-**
**72,956**
**72,956**
**8,497**
**64,459**
**2,283,262**
**2,226,436**
**56,826**
**2,283,262**|2023
£
18,911
1,893,619
1,912,530
4,456
193,213
197,669
13,151
184,518
2,097,048
1,987,732
109,316
2,097,048|
|---|---|---|
The Charity is entitled to exemption from audit conferred by Section 477 of the Companies Act 2006 for the year ended 31st August 2024.
The members have not required the Charity to obtain an audit of its financial statements in accordance with Section 476 of the Companies Act 2006.
The Trustees confirm that they are responsible for:
- a) ensuring that the Charity keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006,
- b) and preparing financial statements which give a true and fair view of the state of the affairs of the Charity as at the end of the financial year and of its results for the financial year in accordance with the requirements of Sections 394 and 395, and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Charity.
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 20 May 2025 and signed on their behalf by:
Sarah Driver – Trustee
The notes form part of these financial statements
Page: 7
## **THE DRIVER YOUTH TRUST (REGISTERED NUMBER: 09848958) (LIMITED BY GUARANTEE)**
## **STATEMENT OF CASH FLOWS**
## **FOR THE YEAR ENDED 31ST AUGUST 2024**
|Note
**Net cash generated from operating activities**18
**Cash flows from investing activities**
Dividends and interest
Purchase of fixed assets investments
Proceeds from disposal of fixed asset investments
Cash (used) in investing activities
**Net (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|**2024**
2023
**£**
£
**(89,820)**
**(53,886)**
**32,565**
**33,865**
**(572,684)**
**(344,168)**
**509,682**
**308,958**
**(30,437)**
**(1,345)**
**(120,257)**
**(55,231)**
**193,213**
**248,444**
**72,956**
**193,213**
**72,956**
**193,213**|
|---|---|
The notes form part of these financial statements
Page: 8
## **THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31ST AUGUST 2024**
## **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 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**
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.
Page: 9
**THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31ST AUGUST 2024**
## 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.
- f) **Creditors**
Short term creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the SOFA.
- g) **Cash at bank**
Cash at bank and cash in hand includes cash held by the bank and also with the investment manager.
- h) **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 either market value or their settlement value.
- i) **Unrestricted general funds**
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: 10
**THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31ST AUGUST 2024**
## k) **Intangible fixed assets and amortisation**
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:-
Learning management system
Over three years
## **3 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES**
|**Unrestricted**
**Funds**
**INCOME FROM**
**£**
Investments
**33,865**
**Total**
**33,865**
**EXPENDITURE ON**
Costs of raising funds
**-**
Charitable activities
**54,143**
**Total**
**54,143**
**Net (expenditure)**
**(20,278)**
Net losses on investments
**-**
**NET (EXPENDITURE)**
**(20,278)**
**TRANSFERS**
Gross transfers between funds
**(459)**
**NET MOVEMENT IN FUNDS**
**(20,737)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**130,053**
**Total funds carried forward**
**109,316**|**Endowment**
**Funds**
**£**
**-**
**-**
**19,592**
**-**
**19,592**
**(19,592)**
**(9,523)**
**(29,115)**
**459**
**(28,656)**
**2,016,388**
**1,987,732**|**Total**
**2023**
**£**
**33,865**
**33,865**
**19,592**
**54,143**
**73,735**
**(39,870)**
**(9,523)**
**(49,393)**
**-**
**(49,393)**
**2,146,441**
**2,097,048**|
|---|---|---|
Page: 11
**THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31ST AUGUST 2024**
|**4 INVESTMENT INCOME**
Dividends
**5**
**CHARITABLE ACTIVITIES**
**Unrestricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
Learner management system
**4,456**
**-**
Kingston University
**52,411**
**-**
Governance costs
**1,800**
**-**
Support costs
**26,388**
**-**
**85,055**
**-**
**6 COSTS OF RAISING FUNDS**
**Unrestricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
Investment Management fees
**-**
**20,776**
**7 SUPPORT COSTS**
**Unrestricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
Communications and IT
**584**
**-**
Consultancy
**5,560**
**-**
Office expenses
**940**
**-**
Training and recruitment
**-**
**-**
Bank charges
**2**
**-**
Website
**3,093**
Depreciation
**16,209**
**-**
**26,388**
**-**|**Total**
**2024**
Total
2023
**£**
£
**32,565**
**33,865**
**Total**
**2024**
Total
2023
**£**
£
**4,456**
22,565
**52,411**
-
**1,800**
3,900
**26,388**
27,678
**85,055**
54,143
**Total**
**2024**
Total
2023
**£**
£
**20,776**
19,592
**Total**
**2024**
Total
2023
**£**
£
**584**
1,562
**5,560**
6,993
**940**
1,781
**-**
95
**2**
6
**3,093**
1,032
**16,209**
16,209
**26.388**
27,678|
|---|---|
Page: 12
## **THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31ST AUGUST 2024**
|**8**|**GOVERNANCE COSTS**|||
|---|---|---|---|
|||**Total**|Total|
|||**2024**|2023|
|||**£**|£|
||Independent examiner’s fees|**1,800**|3,900|
|**9**|**OPERATING DEFICIT**|||
|
|The operating deficit is stated after charging:|**Total**|Total|
|||**2024**|2023|
|||**£**|£|
||Depreciation|**16,209**|16,209|
## **10 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.
## **11 INTANGIBLE FIXED ASSETS**
|**INTANGIBLE FIXED ASSETS**||
|---|---|
||**Learning**|
||**management**|
||**system**|
||**£**|
|**Cost**||
|As at 1st September 2023 and 31st August 2024|**48,627**|
|**Depreciation**||
|As at 1st September 2023|**29,716**|
|Charge for the year|**16,209**|
|As at 31st August 2024|**45,925**|
|**Net book value**||
|As at 31st August 2024|**2,702**|
|As at 31st August 2023|18,911|
Page: 13
**THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31ST AUGUST 2024**
## **12 FIXED ASSET INVESTMENTS – MANAGED FUNDS**
|
Balance brought forward
Additions at cost
Disposals at carrying value
Gain/(loss) on revaluation
**Market value at 31st August 2024**
**Historical costs**
**Investments at market value comprised:**
Equities
Fixed interest securities
Alternative investments
|**2024**
**£**
**1,893,619**
**572,684**
**(515,551)**
**265,349**
**2,216,101**
**1,657,268**
**1,575,484**
**323,144**
**317,473**
**2,216,101**|2023
£
1,867,932
344,168
(308,958)
(9,523)
1,893,619
1,568,544
1,312,412
293,276
287,931
1,893,619|
|---|---|---|
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.
- **13 DEBTORS**
|**Unrestricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
Prepayments
**-**
**-**|**Total**
**2024**
Total
2023
**£**
£
**-**
4,456|
|---|---|
## **14 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**Unrestricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
Trade creditors
**6,697**
**-**
Accruals
**1,800**
**-**
**8,497**
**-**|**Total**
**2024**
**£**
**6,697**
**1,800**
**8,497**|Total
2023
£
9,251
3,900|
|---|---|---|
|||13,151|
Page: 14
**THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31ST AUGUST 2024**
|**15**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
**Unrestricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
Fixed assets
**2,702**
**2,216,101**
Current assets
**62,621**
**10,335**
Current liabilities
**(8,497)**
**-**
**56,826**
**2,226,436**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS (PRIOR YEAR)**
**Unrestricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
Fixed assets
**18,911**
**1,893,619**
Current assets
**103,556**
**94,113**
Current liabilities
**(13,151)**
**-**
**109,316**
**1,987,732**
**16**
**ANALYSIS OF NET MOVEMENTS IN FUNDS**
**Unrestricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
Total funds brought forward
**109,316**
**1,987,732**
Income
**32,565**
**-**
Expenditure
**(85,055)**
**(20,776)**
Gains on investments
**-**
**259,480**
Transfers between funds
**-**
**-_**
Total funds carried forward
**56,826**
**2,226,436**
**ANALYSIS OF NET MOVEMENTS IN FUNDS (PRIOR YEAR)**
**Unrestricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
Total funds brought forward
**130,053**
**2,016,388**
Income
**33,865**
**-**
Expenditure
**(54,143)**
**(19,592)**
Gains on investments
**-**
**(9,523)**
Transfers between funds
**(459)**
**459**
Total funds carried forward
**109,316**
**1,987,732**|**Total**
**2024**
**£**
**2,218,803**
**72,956**
**(8,497)**
**2,283,262**
**Total**
**2023**
**£**
**1,912,530**
**197,669**
**(13,151)**
**2,097,048**
**Total**
**2024**
**£**
**2,097,048**
**32,565**
**(105,831)**
**259,480**
**-**
**2,283,262**
**Total**
**2023**
**£**
**2,146,441**
**33,865**
**(73,735)**
**(9,523)**
**-**
**2,097,048**|Total
2023
£
1,912,530
197,669
(13,151)
2,097,048
Total
2022
£
1,903,052
257,641
(14,252)
2,146,441
Total
2023
£
2,146,441
33,865
(73,735)
(9,523)
-
2,097,048
Total
2022
£
2,933,869
50,097
(588,911)
(248,614)
-
2,146,441|
|---|---|---|
Page: 15
## **THE DRIVER YOUTH TRUST (LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31ST AUGUST 2024**
## **17 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.
## **18 NOTES TO THE CASH FLOW STATEMENT**
## **Reconciliation of net surplus/(deficit) to net cash (outflow) from operating activities**
||**Reconciliation of net surplus/(deficit) to net cash**
**(outflow) from operating activities**|||||
|---|---|---|---|---|---|
||||**2024**||2023|
|||||**£**|£|
||Net surplus/(deficit)||**186,214**
||(49,393)|
||Depreciation charges||**16,209**
||16,209|
||(Gains)/losses on investments||**(259,480)**
||9,523|
||Interest and dividends from investments||**(32,565)**
||(33,865)|
||Decrease/(increase) in debtors|||**4,456**
|4,741|
||(Decrease) in creditors||**(4,654)**
||(1,101)|
||Net (outflow) from operating activities||**(89,820)**
||(53,886)|
|**19**|**CASH AND CASH EQUIVALENTS**|||||
|||||**2024**|2023|
|||||**£**|£|
||Cash and cash equivalents|||**72,956**|193,213|
|||||**2023**|2022|
|||||**£**|£|
||Cash and cash equivalents|||**193,213**|248,444|
|**20**|**ANALYSIS OF CHANGES IN NET DEBT**|||||
|||**At 1st**||**Cashflow**|**At 31st**|
|||**September**|||**August**|
|||**2023**|||**2024**|
|||**£**||**£**|**£**|
||**Net cash**|||||
||Cash at bank and in hand|**193,213**||
**(120,257)**|**72,956**|
## **21 RELATED PARTY TRANSACTIONS**
There are no related party transactions to disclose (2023: None).
Page: 16