|
DYS SPACE LIMITED (A Company Limited by Guarantee)
Charity No: 1173430 Company No: 10229618
Trustees Report and Financial Statements
For the Year Ended 31 March 2021
DYS Space Limited
## For the Year Ended 31 March 2021
## CONTENTS
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|---|---|
|Trustees’ Report|2|
|Independent Auditors’ Report|15|
|Statement of Financial Activities|18|
|Balance Sheet|19|
|Statement of Cash Flows|20|
|NotestotheFinancialStatements|21|
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## DYS Space Limited Trustees’ Annual Report For the Year Ended 31 March 2021
The trustees are pleased to present their annual trustees’ report together with the financial statements of the charity for the year ended 31 March 2021 which are also prepared to meet the requirements for a directors’ report and financial statements for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## Chair’s Report
As Chair of the Board of Trustees of Space | am delighted to introduce our Annual Report. It has been another year of change, growth and evolution. This Report highlights some of the amazing work by staff, young people and partners to ensure Space remained focused on delivering our vision of
## ‘Unlocking potential with young people and their communities’
This last year has been beyond anything any of us could have imagined. The impact of the Covid Pandemic on our health and lives, normal routines and expectations, freedoms and hopes, has been profound. It has underlined and exacerbated inequalities and divisions. Young people have been some of the most significantly impacted — their education has been disrupted, their family interactions have had to change and they have not been able to meet and share time and activities with friends or wider peer groups. We know these are all things young people need to thrive. It has meant that the work of Space and its partner organisations has had to change and respond to continue meeting their needs. Staff have had to work together and with young people in even more innovative ways.
In the midst of the pressures and heartache of Covid, Space and young people themselves, have been creative and innovative about how they connect and engage with each other and their wider communities. The Young People’s Progress Group and staff ensured that there were and are, a continuous range of interesting, dynamic, meaningful and supportive activities, so that even during lockdowns young people could feel connected, feel safe and share with others.
Space staff always work hard with their focus being on young people but this year they went so much further. They continued to keep in contact with young people who they knew would find lockdowns particularly challenging. They delivered food and tech equipment and worked with other partners to ensure young people get support. Space would not be what it is without such dedicated and able staff. On behalf of the Board | thank them and recognise their skill, commitment and dedication.
Kev Henman, Chief Executive and the senior leadership team worked tirelessly throughout the year to provide leadership, support and focus to the organisation and ensure that Space continued to develop and thrive as a great place to work. Space is fortunate to have the leadership teams it does.
Finally, | would like to thank the dedicated Board of Trustees for their commitment and expertise which they use to enable Space to grow and prosper.
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Melanie Walker - Chair of Trustees
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2.
## DYS Space Limited Trustees’ Annual Report For the Year Ended 31 March 2021
## Objectives
The purpose of the charity is to:
- e actas aresource for children and young people through the provision of advice, assistance and the organisation of physical, educational and other activities;
- e advance the well-being and prospects of children and young people and otherwise benefit the community;
- e work with other organisations to make the best possible use of assets and resources for the benefit of children and young people;
- e provide opportunities for children and young people to make a positive impact in their communities and promote community cohesion;
- e pursue other charitable purposes consistent with the above as determined by the Trustees.
We can only achieve these objectives successfully if we recognise our responsibilities for the safeguarding of our employees, volunteers and of all who use our services.
The Trustees oversee the work of the charity and monitor performance against the charity’s overarching purpose and agreed strategic objectives. The charity reports to commissioners in relation to specific contracts and key performance indicators. Space has developed innovative impact measurement systems that demonstrate how the charity’s work benefits young people. As a result we have achieved Project Oracle accreditation.
The Trustees confirm that they have taken into account the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives in planning future activities.
## OUR YEAR
The Covid pandemic has meant that this year has been unique. Young people, their communities, country and beyond have faced immeasurable challenges coupled with frequent hardship. Complex financial, emotional, physical and social challenges which have been particular to each young person and each household.
Because of the scale and urgency of the situation, Space and others have innovated to the best of our abilities and seized new opportunities to unlock potential with young people and their communities.
Space is immensely proud of the way we’ve pioneered new partnerships, collaborations and ways of working, with statutory agencies and departments and with others in the voluntary, community and charity sector.
One of Space’s six core values is being dynamic. During this extraordinary year, the Space family sought out new ways to support, new ways to deliver and new ways to advocate on behalf of others.
As the pandemic continues into a second year, the effects on young people and their communities are becoming stark. Disrupted education, social isolation, family unemployment, increased domestic and online violence, constant changes, fewer employment prospects and ambiguous Government messaging, all leave whole communities of young people facing precarious circumstances.
We are confident that we have done well and that Space has delivered effectively in line with our articles, vision:
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DYS Space Limited Trustees’ Annual Report
For the Year Ended 31 March 2021
## Unlocking potential with young people and their communities;
and mission statement:
Space delivers professional youth work, community projects and other services to ensure young people have the best opportunities to succeed.
We remain driven by our organisational values. Every strand of our work is predicated on the development of trusted, consistent relationships with young people, each other and partners. It requires us to keep our values at the forefront of all we do and to consistently remind each other of them - particularly when facing challenges.
It also depends on providing safe, inclusive meeting places and forums - particularly for those with additional vulnerabilities. These values:
## collaboration, respect, integrity, determination, accountability and being dynamic;
are fully embedded and understood by employees, young people and other stakeholders.
We continue to enable young people’s voices to be heard and for them to be better able to influence their wider lives and communities. Their needs and opinions drive what we do. Through these processes, young people help shape our services as well as other services that may impact them.
We kept many things and tried new things!
## Young People’s Social Prescribing
We have delivered new social prescribing services in partnership with a Primary Care Network, local GP surgeries and Young Devon.
Young people are referred (usually by GP surgeries) to our key workers to find ways of addressing social and low level health needs, with the aim of reducing escalation to more costly health and other services. The importance of this work has come into sharper focus during extended periods of lockdown.
A new social prescribing service for young people in Mid Devon has just been launched in partnership with Young Devon
## Digital Delivery
Immediately after lockdown 1 began, young people with key staff and partners designed a digital platform aimed at keeping young people connected with each other and with youth workers. Trial and error led us to go with a Discord platform, open to all young people, coupled with Zoom and Hangout sessions for particular groups with particular needs.
Space were ahead of many others in responding to the urgency and subsequently showcased our system to other organisations across the national youth work stage.
## Community Support
Space provided multi-faceted community support to an increasing number of other voluntary and community sector (VCS) youth organisations across Devon.
The week before lockdown 1, saw us launch the new Youth Work in Devon Partnership, bringing together a range of youth work providers into a forum where we collaborated to share resources, collectively meet needs across the sector and to learn from each other. Timing couldn’t have been more appropriate, as during the ensuing COVID turmoil, the Partnership provided a critical forum for sharing information, updating the sector on national guidance and for the distribution of emergency funding. e Funding had many purposes, including:
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DYS Space Limited Trustees’ Annual Report
## For the Year Ended 31 March 2021
- e Viability funding - ensuring that as many of Devon’s youth groups had the means to reopen post lockdown;
- e Equipment funding - ensuring groups had the means to open safely with health and safety packages;
- e Food funding;
- e Tech funding.
Trusted partnerships, including those with VOYC, Young Devon, UK Youth and Devon Community Foundation have been crucial to enabling these services to take place - and we thank them for their roles.
Other Space community staff continued providing set up support, advice on policies and practice, the delivery of training (safeguarding, recording, conflict resolution, Early Help processes etc), establishing management committees and deploying our experienced staff to work alongside volunteers at groups who continued to meet.
## Young People’s Voice and Influence
Our Communities Team facilitated young people to distribute over £100,000 in grants to other VCS youth groups this year. Young people are at the heart of applying, receiving applications, agreeing criteria for allocations, making funding decisions and monitoring the grant expenditure.
Young people were also instrumental in the emergency funding Space received this year, to support other youth groups, young people and families.
Young people were at the heart of designing Space’s online Discord sessions and continue to feedback on use and effectiveness.
Chances School Council gave students a say in how the school day operates. Chances also ran projects which students voted for. Projects ran over 6 weeks, were woven into the curriculum and culminated with a school trip. This enabled students to use their knowledge to contribute to the classroom and to the school.
Students continue to complete reflection forms after behavioural incidents, enabling staff to better understand student’s opinions and feelings. This, alongside the key worker process, allowed students to feel comfortable sharing their voices and to grow in confidence.
All service areas actively sought regular feedback from users. In addition, Space holds an annual satisfaction survey through which young people influenced our direct provision and helped us shape future organisational direction, according to stated needs. The survey was responded to openly or anonymously.
Space’s Young People’s Progress (YPPG) group continued to influence our direction. A report from the group is on the agenda of every Board of Trustees meeting. Young people from the YPPG were consulted on and contributed to our latest iteration of Space’s Strategic Objectives.
Our Independent School, Chances Education Support Services, remains OFSTED Good and is hailed as the ‘gold standard’ in many multi-agency forums. The school was a beacon of support and innovation, throughout lockdown periods, for some of Devon’s most vulnerable young people and families.
Staff worked with students on site, designed online learning packages tailored to individual students, undertook over 1000 welfare checks (64% of which involved both students and one of their parents/carers), enabled mobile phone app learning and kept partner schools fully updated on their students’ progress and wellbeing throughout.
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## DYS Space Limited Trustees’ Annual Report For the Year Ended 31 March 2021
The success continues due to the professionalism and innovation of staff, the dedication and knowledge of the Governing Committee and the unique blend of formal and social education approaches. We have enabled students to overcome barriers to education, reintegrated students to mainstream settings and worked with them and their families to build their resilience moving forward.
Flexibility and agility in delivering street-based youth work, according to societal and health demands, has been exemplary this year. Within a wider partnership framework, Space has delivered this work in far more communities than last year.
Workers were consistent in encouraging physical distancing, staying socially connected and in referring young people to trusted specialist partners where required during lockdowns. When restrictions eased, workers concentrated on addressing wider health needs.
We continued to be at the heart of supporting work to disrupt exploitation, violence and gang-type activities, with key partners. Successfully giving many young people the tools and know-how to change paths and become safer and healthier and ‘soft landing’ young people into other, more universal support services and activities.
The same levels of flexibility and agility were used to continue Space’s targeted 1-2-1 and small group provision for young people with needs and/or facing more complex issues. While we moved some of this support online initially, these services, for those facing acute needs, were the first to be reintroduced in face to face setting - always adhering to national guidance from the National Youth Agency, Public Health England and the Health and Safety Executive.
Sessions included dedicated regular groups for young people with Special Educational Needs (SEN) and for LGBTQ young people. Many young people self-referred for 1-2-1support, while others were referred by other agencies who recognise our workers’ expertise and approach. We've contributed to the local Early Help and other Social Care offers. Intervening at the right time, in the right place and in ways that young people appreciate, while feeding emerging themes and needs into Devon’s wider strategic partnership arenas.
Our delivery of the AYCH (Atlantic Youth Creative Hub) project continued this year although we are in the last year of this funding. It has enabled young people (many on the fringes of, or excluded from mainstream education) to thrive in developing 3D design, coding, app development, Virtual Reality Design, 3D Photography skills alongside many transferable, work related skills.
Reflecting on AYCH over the last four years, we’re proud that many unique opportunities have been created for young people to work with peers from different countries and regions of the UK, travel abroad to share and develop their learning, leave a legacy of knowledge and equipment, while demonstrating Space’s partnership credentials on an international stage.
We continued facilitating the Duke of Edinburgh Award scheme across Devon, for open award groups as well as for young people with protective characteristics - young people who often don’t fit neatly with the schemes delivered through schools.
## Open access youth work
Due to lockdown restrictions, we have delivered less open access, free association, generic youth work sessions in person, than in any year of Space’s existence. Throughout the year though, we have provided alternative means of bringing young people together, reducing isolation and enabling those who require it, access to a range of support and intervention according to their needs.
During periods of eased restrictions, we opened up our centres to limited groups for face to face work. All work was undertaken in line with guidance from the National Youth Agency (endorsed by Public Health England, the Health and Safety Executive and the DCMS - Department of Digital, Culture, Media and Sport) at each stage, keeping staff, young people and members of the public as safe as possible and practical.
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DYS Space Limited Trustees’ Annual Report
## For the Year Ended 31 March 2021
We've made more tenacious efforts this year, to enable the widest possible access wherever and however we delivered. Our safe spaces are welcoming to all young people, whatever their background or circumstances. Spaces to be creative. Spaces to socialise and ‘be’ young people. Spaces where young people learn new skills - life skills and more. Spaces to take risks in managed environments. While we actively challenge anti-social behaviour, we actively intervene to promote social behaviour.
Space continues to be increasingly well regarded by the stakeholders we work with.
Our work has kept young people in education, decreased their isolation, addressed many health needs, increased their life options, decreased their vulnerabilities, increased confidence and self esteem and provided a ‘sense of purpose’ for many. Young people learn to value and to be valued.
## Volunteers
We couldn't achieve the breadth of work we deliver each year without the contribution of our adult and young people volunteers.
This year, our focus on social action has increased and our Social Action Team has thrived, even through the testing times. We are living our Social Action Strategy and have introduced more skilled people to the young people’s workforce and created progression paths for many, young and old.
This year we launched our volunteer Mentoring Scheme. We've trained up over 20 mentors who are moving into supportive 1-2-1 roles with young people needing a trusted adult, yet who may not be at the thresholds required for more systematic interventions.
Adult and young volunteers have engaged in a range of training opportunities alongside paid colleagues and volunteers from other organisations.
Many young people have also been involved in the Young People’s Progress Group, which facilitates representative voices for young people throughout Space. This feeds into the Leadership Group and Board of Trustees.
## Achievements and Performance
- During the year from April 2020 as the pandemic took grip, Space:
- e Developed a new focus for street work with local authorities and the Police. Reinforcing Public Health messaging, encouraging physical distancing and social connectedness to help keep young people safe and build resilience. This took place in over 40 of Devon’s communities
- e Continued running our school, Chances, throughout the year, including during summer 2020. Keeping some of the most vulnerable young people and their families connected, safe and supported, face to face, by phone and online through video and other means
- e Safely adapted our 1-2-1 targeted sessions, ensuring that those young people with complex or multiple needs could access the support they chose, in person, by phone and through digital means
- e Raised and distributed additional funding to support other voluntary and community sector (VCS) youth groups across Devon
- e With young people, developed and tested an online platform which recreates the ‘youth club experience’. Created within a month of lockdown, the platform was shared with youth organisations across the UK, as they strove to adapt their services in the face of adversity
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## DYS Space Limited Trustees’ Annual Report For the Year Ended 31 March 2021
- e Distributed food and essential packages to hundreds of families across Devon, safely and with compassion. Harnessing the collaborative determination of volunteers, the private sector, other charities and local authorities
- e Created safe connecting places for young people with Special Educational Needs and Disability (SEND) and carried out hundreds of support calls and welfare checks to young people who normally attend our SEN youth clubs, and their parents/carers. Maintaining those trusted, consistent relationships with key, known workers and with their peers. Parents/carers and young people alike, have told us how important our services have been to them through the last year
- ® Created safe online spaces for LGBTQ+ young people, providing the means for young people to connect with peers and with those reliable, trusted adult workers with whom they had previously built healthy relationships. Our online presence has enabled more LGBTQ+, previously unknown to Space, connect from a distance to receive support and have fun
Parent of a young person who attends “Thank you for the service you are providing. It is so special for these kids. | know (YP name) really looks forward to it.”
- e Raised thousands of pounds to improve connectedness for those young people with limited or no access to online support; supplying over 100 young people and their families with equipment to help connect digitally.
- e Family support worker: “The family are all really grateful for the tech they received. It has helped enable the children to connect with support and their home learning. The children have also used it to support their mum when sending me documents etc. They are new to Exeter and went immediately into lockdown so this has really helped them feel more connected with friends and School which has helped their mental health and wellbeing hugely!”
- e Were an essential partner in the many multi-agency strategic response forums - advocating for young people and sharing local knowledge as strategic responses from Health, Police and local authorities were developed.
- e Shared equipment from our youth centres with partner organisations who deliver supported accommodation services for young people
- e Became one of three England distribution points, for Safer Internet Education packs, distributing over 3000 across the South and West
- e Created a ‘Chat to a youth worker’ call back service for teenagers across Devon
- e Found ways to connect with younger young people, particularly those transitioning from primary to secondary education; identifying themes around anxiety, navigating their new school, making new friends and bullying
- e Moved our creative Atlantic Youth Hubs project online. We met all deliverables including presenting the project and our learning to nine countries at a virtual event hosted in Vienna
- e Kept flexing our street work as lockdown restrictions eased and tightened throughout the year, ensuring hundreds of young people could still hear public health messages, while receiving immediate support where needed
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DYS Space Limited Trustees’ Annual Report
## For the Year Ended 31 March 2021
- e Developed online training packages for youth work partners across Devon, equipping them with the skills, knowledge and confidence to reopen their provision whenever the time was right for them and the young people they work with
- e Delivered training on digital and streetwork delivery to youth organisations across the UK
- e Looked after and appreciated our employees with integrity, flexibility, clear communication, reassurance and care, as they all adapted to new ways of working
- e Much of the above was achieved by taking measured risks, empowering staff to be brave and creative and by instilling levels of trust throughout all parts of Space. No blame - just a determination to keep trying. Using trial and error, learning quickly from what didn’t work and adapting so that solutions were found. Collaborating with new partners in new ways and with higher levels of trust and transparency, led to our responses (and those of trusted partners) being effective for so many.
Despite having to respond so radically to changing needs, we reviewed our strategic objectives to position Space to be more relevant and more responsive. This was achieved in consultation with Trustees, staff and. young people - all of whom made significant contributions.
## Space’s new Strategic Objectives are:
= * We will reach more young people and their communities across Devon (and beyond), e.
by;
- Always starting with the young person, wherever they are at:
- With voluntary engagement and starting from their strengths
- 2° Creating safe spaces which are open to all young people o Providing young people with somewhere to go, something to do & someone to talk to
- Expanding the range of opportunities and scope of services for young people: o Improving practice, creativity and needs-led approaches
- Expanding channel choice for young people - digital, phone, text, face-to-face - wherever they may be
- Sharing knowledge & understanding:
- Demonstrating evidence and impact for young people
- o Improving research, marketing & communications to share young people’s achievements
- Recognising young people as the experts of their own experiences
(ay. We will always be an outstanding, values-driven organisation, by; => Creating leaders of the future: © Developing young people, colleagues and growing talent
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DYS Space Limited Trustees’ Annual Report
## For the Year Ended 31 March 2021
- Being grounded in anti-oppressive practice
- Delivering continued professional development and training for all
- o Employing professional staff to deliver professional services
- Working collaboratively with others: o Allpartner’s interests matter o Leading and developing the Youth Work in Devon Partnership © Seeking new, and maintaining established partnerships with those who share our values
- o Asa Public Services Mutual our decisions are always in young people’s interest
- > Ensuring we are sustainable and resilient: © Targeting funding which creates more opportunities for young people’s needs and interests
- © Growing the charity and its income, to be financially sustainable o Create a supportive and flexible working environment
- s) We will advocate for a diverse, inclusive and sustainable world, by; ~ Reducing inequality and challenging oppression: Advocating for young people and their communities Challenging unjust societal norms with young people and their communities
- ~ Delivering social, environmental and political education: Supporting young people to understand their rights and responsibilities Being conscious of the world we share
- ~» Minimising our impact on the environment:
- Continuously adapting working practices to prioritise planet and people
- Educating young people and communities on environmental impact and
awareness.
Space also redesigned and improved our websites, including: the main site (https://www.spaceyouthservices.org/); the X-Plore website (https://www.|gbtqyouthdevon.org.uk/); and the Chances website (https://www.chancesschool.com/). Have all involved young people, staff and partners in their design to ensure their relevance are maximised. Accessibility is now significantly improved and site ‘hits’ have gone up.
We have continued diversifying income and delivery streams throughout the year. We have supported more local youth groups and communities this year. We have developed new statutory and voluntary sector partnerships and collaborations, locally, regionally and nationally.
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DYS Space Limited Trustees’ Annual Report
## For the Year Ended 31 March 2021
Despite the pandemic, we worked directly with over 2,400 of Devon's young people in an increasing variety of locations and projects. We also work indirectly with many more young people in different communities, through our partnerships with, and support of other community based youth groups across Devon. Space impacts on thousands more young people through our input to and influence on, strategic delivery by statutory partners, including Police, Social Care, Health and national bodies, and by leading the Youth Work in Devon Partnership.
Commissioners are pleased with Space’s agility and responsiveness through the pandemic and continue to express confidence in our achievements. We have exceeded the specifications of our contracts throughout the year. We have an increasing bank of evidence demonstrating improvements inthe outcomes and life chances for young people we work with.
Space promoted the voice and influence of young people throughout the year, as we adapted services. We identified young people’s needs during the pandemic and responded to the best of our ability, while alerting other services to their responsibilities.
## We're proud of our achievements during 2020-2021.
Space has added value to Devon by attracting additional resources. All this work contributes to Space being a sustainable going concern.
## Financial Review
## During the year income has grown by 21%.
We started our new 3 + 2yr contract with DCC on 1 April 2020 with a 4.7% increase in value. Traded income from our alternative provision school, Chances increased by 27.5%. Our project income from a variety of small projects and our larger AYCH project, a new National Lottery Community Support Fund, a Social Prescribing Project in collaboration with Wellbeing Exeter and the Safer Devon Partnership rose by 44%. In addition we had a variety of Covid Grants totalling 8% or our income during the year.
Expenditure has increased by 1.9% from 2020. Our core operating costs continue to remain constant. Our staffing costs have decreased by 0.4% due to a changing profile of TUPE staff to new colleagues which has reduced our overall pension contributions. TUPE pension rates are based on the Local Government Scheme with employer contributions at 15.9% whereas new staff are enrolled on the TPT pension scheme with employer contributions of 6 - 8% depending on longevity. Staffing levels have, on average, remained the same at 96 as in the previous year.
Overall the Charity generated a surplus of £231,788 (2020: £18,083) through its charitable and trading activities. The pension fund generated a net loss in the year of £1,617,000 (2020: net gain of 218,000).
There are net assets before the pension liability of £838,900 (2020: £440,439).
Over the year, the pension scheme generated a net actuarial loss of £1,465,000 (2020: net gain of £504,000). This has resulted in a Balance Sheet showing a net liability of £2,489,100 as at 31 March 2021 (2020: net liability of £1,270,561). The Devon County Council Defined Benefit Pension Scheme liability of £3,328,000 (2020: £1,711,000) being responsible for this position.
The pension liability was fully funded on transfer to DYS Space Ltd on the ongoing assumptions basis, however FRS 102 requires the liability to be valued using a discount rate calculated with reference to market yields on high quality corporate bonds. Consequently the discount rate used is significantly lower than that of the ongoing assumption rate, giving rise to the liability shown in the balance sheet.
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## DYS Space Limited Trustees’ Annual Report For the Year Ended 31 March 2021
As the actuarial assumptions can vary significantly year on year (in particular the discount rate), the liability reflects a snapshot at the period end. Employer contributions are determined bya tri-annual valuation of the scheme. During 2021 the Trustees considered as part of the business planning process the impact of the pension contributions on forecast cash flows for the foreseeable future. Looking beyond April 21, the charity continues to attract significant external resources to further deliver against organisational objectives. Recent examples include c£450,000 for Covid recovery, containment and health messaging; consortium funding to appoint peer researchers (young people aged 16-20) to research youth violence; and three year funding for an additional SEND service in Mid Devon.
## Going Concern Basis
The Trustees have, in making their assessment of going concern, taken into consideration the following: income and expenditure forecasts to March 2022; Business Plans for traded income at Chances to 31 March 2024, the continuation of the DCC Core contract and the contracted Project Income already in place for 1 April 2022 to 31 March 2024. The contract represents a substantial proportion of the charity's income and still has a further two years to run to 31 March 2023. There is the possibility of an extension to 31 March 2025, the decision on which will be made by 31 March 2022.
The actions taken by DYS Space initially in response to Covid-19 to utilise technology available to support the provision of services online remain in place and are continually developing to support the charity’s resilience during difficult times. The charity has a strong relationship with Devon County Council which has indicated its willingness to continue to support the charity's core service delivery. The Trustees have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis
## Grant Making Policy
Any grants made by Space are usually made in the form of service level agreements (SLAs) with a clear understanding of how the funds will be spent and how the spend will be monitored.
Covid continues to have a negative impact on Community Youth Groups across Devon and we continue to make grants to these groups based on their applications for support. Increased funding for these grants has already been awarded and Space is distributing funds in line with the usual assessment and control processes used for the Small Grants Fund.
As part of a core contract with a local authority, Space makes an annual grant to a key partner, VOYC (registered charity no: 1054442), to deliver infrastructure support including safeguarding training, to youth voluntary and community sector organisations.
As part of a core contract with a local authority, Space distributes small grants (through its Small Grants Fund) to eligible youth groups and individuals against agreed criteria. A group of young people guided by qualified youth workers, assess all grant applications, decide the awards given and monitor progress against the approved grant. Beneficiaries must predominantly be aged 11 - 19. Applicants should emphasise the pillars of youth work i.e. inclusivity, equality, designed in partnership with the young people’s voice and the encouragement of leadership.
Grants can be used for facilities, activities, events or campaigns that help young people reach their potential and deliver positive outcomes linked to: Connection, Resilience, Safety, Health, Development of self-worth and aspirations and Engagement with the wider world. Individual grants from this funding do not exceed £5,000 per organisation. This year, some organisations received additional grants (not exceeding £5,000) to assist with the impact of the pandemic and to assist with sustainability post pandemic.
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## DYS Space Limited Trustees’ Annual Report For the Year Ended 31 March 2021
Grant funding for the voluntary sector is included within our core local authority contract and therefore is not affected by the Covid-19 situation.
## Principal Risks
Principal risks to the organisation include loss of contracts, not being OFSTED compliant and serious incidents or breaches in regulations, whether safeguarding, financial or other. Our Board continues to monitor and review the Space Strategic Risk Register. It has been a particular focus for Trustees through this unprecedented year. The register contains mitigation, contingent actions and clear timescales and accountabilities. We demonstrated that the risk register and associated policies and practices were relevant and active this year. We remain confident in these areas.
Space Trustees have discussed financial resilience regularly at Board discussions and through regular dialogue between the Chair and CEO. While many youth charities have faced closure during this year, Space has reinforced its place as a leading, essential and responsive part of Devon's strategic support for young people and their communities. New, sometimes forced (due to the pandemic emergency) collaborations and partnerships have reassured our Board that Space remains viable and sustainable in the medium to long term.
Post COVID will be a testing time for young people and those organisations, like Space, who play critical support roles at times and in places when they need them. Space is strong and sufficiently confident to be able to manage risks head on, practically, while remaining driven by our values.
## Reserves Policy
Our policy for holding reserves is based on the requirement for a reserves policy according to Accounting and Reporting by Charities: Statement of Recommended Practice (FRS 102) and the guidance issued by the Charities Commission in CC19: Charity Reserves: Building Resilience.
Reserves are held to set aside funds for specific purposes to further the development of the organisation and also to prepare for any unforeseen liabilities which may occur in the future.
The Capital Replacement Reserve is intended to fund capital equipment purchases to enhance youth work delivery and to replace vehicles as they become unviable or needs change. Vehicles currently used by Space are owned by DCC. DCC have no plan to replace vehicles as they become unviable or to purchase more suitable vehicles as needs change. The Board decided to allocate approx £30,000 of surplus funds each year to this Reserve for the purposes listed above.
The Strategic Reserve is intended to meet the requirements of Charity Commission good practice in maintaining a Reserve equivalent to 3 months Gross Salaries. A target of £400,000 was initially set when average monthly Gross Salaries were £130,000 per month. To meet the target it was intended to allocate 50% of the operating surplus generated, minus the allocation to the Capital Replacement Reserve each year.
In 2020/21 the Operational Surplus is £231,788. Trustees have decided to allocate £40,000 to the Capital Investment Fund for the purchase of an electric vehicle for transport of young people. 50% of the remainder will be transferred to the Strategic Reserve amounting to £95,894.
|RESERVES|AS AT 31 MARCH|2021|2020|
|---|---|---|---|
|Unrestricted|Funds-General|£473,262|£219,550|
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## DYS Space Limited Trustees’ Annual Report For the Year Ended 31 March 2021
|Capital Replacement Reserve|£70,000|£30,000|
|---|---|---|
|Investment in Chances|£50,000|£50,000|
|Strategic Reserve|£245,894|£150,000|
|TOTAL|£838,900|£455,112|
The charity's net asset position is mainly represented in the organisations bank accounts as follows (also see Note 17):
|Tangible Fixed Assets|£27,913|
|---|---|
|Cash and cash equivalents|£586,777|
|Other NetCurrentAssets|eee|
|TOTAL|£838,900|
## Summary of Funds:
|Unrestricted Funds|£839,156|£449,550|
|---|---|---|
|Restricted Funds|(£256)|£5,562|
|TOTALFUNDS|(£2,489,100)|(£1,255,888)|
Moving forward, Trustees have started a process to review how and where Space invests to grow the organisation.
## Funding
A principal funding source remains a contract with Devon County Council for the provision of youth services across Devon. We began delivering a new 3yrs + 2yr contract on 1 April 2020. KPI’s for the new contract retain the original aims and include others to develop services to young people This contract continues to satisfy all the aims and objectives of the charity.
Space has continued to access wider funding streams to provide more services to young people in their communities. Local fundraising, contracts with Government departments and with other local authority agencies have all contributed to Space being less reliant on our original core contract. 41% of our funding in 2020/21 was derived from outside our Core DCC Contract.
In order to satisfy the requirements of these contracts and maximise effectiveness, we work with a wide variety of partners, from small community based youth-focussed organisations, District, City and Borough Councils, DCC, health providers, education establishments, the Police and other larger youth work providers across Devon and beyond.
14
DYS Space Limited Trustees’ Annual Report
## For the Year Ended 31 March 2021
## Structure Governance and Management
The company is limited by guarantee (company number 10229618) and is a registered charity (number 1173430).
## Governing Document
The charity is controlled by its governing document, memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The company has no share capital and makes no distribution to its members by way of a dividend or otherwise. In the event of the company winding up the liability of the members is limited to £1 each.
## Organisational Structure
The charity is empowered by its Articles to employ and remunerate such staff as is necessary for carrying out the work of the charity.
Decisions are made by the Chief Executive and staff to further the objectives of the charity with oversight provided by the Trustees.
Remuneration of the Chief Executive is agreed by the Board of Trustees with all other key management roles remuneration being decided by the CEO with reference to the approval limits set by the financial policy of the charity.
Conflicts of interest are disclosed by Trustees at the start of each meeting. Unconflicted trustees may authorise that:
- e Conflicted trustees are absent from the part of the meeting where affected arrangements are discussed;
- e Conflicted trustees do not vote nor are counted as part of the quorum where affected matters are being discussed;
- e Unconflicted trustees may consider it in the interests of the Charity to authorise the conflict in the circumstances applying.
Trustees have considered and embrace the revised Charity Governance Code. They are engaging external.partners to objectively review policy, practice and organisational culture. They are also following the progress of the Charities Bill through Parliament, at this time.
## Recruitment of Trustees
The Board of Trustees appoint new Trustees to the Board following the recommendation of a selection panel in line with our Articles. Trustees have regard to the existing range of skills and expertise of the Board and of the nominated individual with a view to how he or she will contribute to the success of the charity. Enhanced DBS checks are applied to Trustees as well as employees. Trustees follow best practice and any guidance as issued by the Charities Commission in relation to recruitment of trustees.
Once appointed, Trustees are inducted by other Trustees, the CEO and others in the Leadership Team. All Trustees are given the opportunity to meet colleagues from all service areas, to understand the front line work Space* delivers. Over time, they will also meet young people who benefit from our services.
15
DYS Space Limited
## Trustees’ Annual Report
## For the Year Ended 31 March 2021
## Administrative Details
Charity Registered number 1173430 Registered company number 10229618
Registered Office 100 Club Wear Barton Road Exeter EX2 7EH
Bankers Barclays Bank, 3 Bedford Street, EXETER EX1 1LX
Auditors PKF Francis Clark Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE Solicitors Burges Salmon, One.Glass Wharf, BRISTOL. BS2 0ZX
## Trustees
The trustees who served during the period and subsequently were:
Susan Jardine Clarke John Harrison Christopher Harper Kevin Henman Melanie Walker William Withers Alison Hogan Caroline Down Katy Few-Singh (Appointed 16 February 2021) Max Rowan (Appointed 6 August 2020) Fiona Cole (Appointed 4 June 2020)
## Chief Executive Officer
Kevin Henman
16
DYS Space Limited Trustees’ Annual Report
## For the Year Ended 31 March 2021
## Statement of Trustees Responsibilities
The trustees (who are the directors of DYS Space for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable 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 trustees are aware, there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the charity's auditor is unaware; and the trustees, having made enquiries of fellow directors and the charity's auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is 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.
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ON BEHALF OF THE BOARD
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Melanie Walker - Chair of Trustees
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10 August 2021
17
## DYS Space Limited
## Independent Auditor's Report to the Members of DYS Space Limited For the Year Ended 31 March 2021
## Opinion
We have audited the financial statements of DYS Space Limited (the “Charity”) for the year ended 31 March 2021 which comprise Statement of Financial Activities, 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland.
In our opinion, the financial statements:
- e® give a true and fair view of the state of the charity’s affairs as at 31 March 2021 and of its income and expenditure for the period then ended;
- e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- e have been prepared in accordance with the requirements of the Companies Act 2006.
## 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity 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
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
18
## DYS Space Limited
## Independent Auditor's Report to the Members of DYS Space Limited For the Year Ended 31 March 2021
## Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report 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.
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.
## Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- e the information given in the trustees’ report, (which includes the directors’ report prepared for the purposes of company law) for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- e the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.
## Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- e adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- e the financial statements are not in agreement with the accounting records and returns; or
- e certain disclosures of trustees’ remuneration specified by law are not made; or
- e we have not obtained all the information and explanations necessary for the purposes of our audit
19
## DYS Space Limited
## Independent Auditor's Report to the Members of DYS Space Limited For the Year Ended 31 March 2021
## Responsibilities of the trustees
As explained more fully in the Statement of Trustees’ Responsibilities set out on page 12, the trustees (who are also the directors of the charity for the purposes of company law) 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 they determine is 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 Charity’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 Charity or to cease operations, or have no realistic alternative but to do so.
## Our 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 an auditor’s report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our audit procedures are capable of detecting irregularities, including fraud is detailed below.
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the charity. The key law and regulations relevant to the charity were identified as being Charity law, safeguarding and the General Data Protection Regulation. The charity's work is predominantly with children, young people and families, many of whom are vulnerable. All staff have safeguarding training and Space procedures follow Working Together to Safeguard Children (2018) and Keeping Children Safe in Education (revised 2020) national guidance. Safeguarding processes and concerns are managed by Space Designated Safeguarding Lead ( DSL), the Chances DSL, and overseen by the CEO, named Trustee and named Governing Committee member.
We also considered opportunities and incentives for fraud, which might arise in the understatement of expenditure, or incurring expenditure for non-charitable purposes , in the payment of fraudulent grants or management bias in accounting estimates. Based on this we designed our audit procedures to identify irregularities. Our audit procedures involved the following:
- ° Enquiries with Trustees, regarding their knowledge of any non-compliance or potential noncompliance with laws and regulations that could affect the financial statements;
- ° Reviewed filings with the Charity Commission and Companies House. ° Review of trustees’ meeting minutes;
- ° Review of the controls in relation to relevant regulations and enquiries to Management as to the occurrence and outcome of any reportable breaches;
20
## DYS Space Limited Independent Auditor's Report to the Members of DYS Space Limited For the Year Ended 31 March 2021
- ° Auditing the risk of management override of controls, including through testing other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; and
° Review financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed noncompliance with laws and regulations from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, or misrepresentation.
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 auditor’s report.
## Use of our Report
This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed. ACE Foren[L—] Oo Stephanie Henshaw (Senior Statutory Auditor) PKF FRANCIS CLARK Chartered Accountants & Statutory Auditor Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE
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21
## DYS Space Limited
## Statement of Financial Activities (Including the Income and Expenditure Account) For the Year Ended 31 March 2021
||Notes|Unrestricted|Restricted|Pension|Total Funds|Total Funds|
|---|---|---|---|---|---|---|
|||Fund|Fund|Fund|2021|2020|
|||£|£|£|£|£|
|Income|||||||
|Donations and legacies|2|265,024|-|-|265,024|1,454|
|Income from Charitable Activities|3|2,396,970|381,405|-|2,778,375|2,453,743|
|Other trading activities|4|35,403|-|-|35,403|81,789|
|Investment income|5|272|-|-|272|2,039|
|Total income||2,697,669|381,405|-|3,079,074|2,539,025|
|Expenditure|||||||
|Charitable activities|6|2,372,742|320,575|152,000|2,845,317|2,784,036|
|Other trading activities|7|1,969|-|-|1,969|8,223|
|Total expenditure||2,374,711|320,575|152,000|2,847,286|2,792,269|
|Net income/(expenditure)||322,958|60,830|(152,000)|231,788|(253,244)|
|Transfers between funds|15/16|66,648|(66,648)|-|-|-|
|Other recognised|||||||
|(losses)/gains:|||||||
|Actuarial (loss)/gain on defined
benefitpensionschemes|19|-|-|(1,465,000)|(1,465,000)|504,000|
|Net movement in funds||389,606|(5,818)|(1,617,000)|(1,233,212)|250,756|
|Reconciliation of funds:|||||||
|Fund balances broughtforward||449,550|5,562|(1,711,000)|(1,255,888)|(1,506,644)|
|Fundbalancescarriedforward|15/16|839,156|(256)|(3,328,000)|(2,489,100)|(1,255,888)|
The statement of financial activities includes all gains and losses in the period. All incoming resources and resources expended derive from continuing activities.
22
DYS Space Limited Balance Sheet
## At 31 March 2021
||Note|2021|2020|
|---|---|---|---|
|||£|£|
|Fixed Assets||||
|Tangible fixed assets|11|27,913|15,308|
|Current Assets||||
|Debtors|12|922,513|344,955|
|Cash and cash equivalents||586,777|775,356|
|||1,509,290|1,120,311|
|Creditors||||
|Amounts falling due within one year|13|(698,303)|(680,507)|
|Net Current Assets||810,987|439,804|
|Net Assets before pension liability||838,900|455,112|
|Pension liability|19|(3,328,000)|(1,711,000)|
|Net Liabilities after pension liability||(2,489,100)|(1,255,888)|
|Reserves||||
|Unrestricted funds|15|839,156|449,550|
|Restricted funds|16|(256)|5,562|
|Pension Reserve|19|(3,328,000)|(1,711,000)|
|TotalFunds||(2,489,100)|(1,255,888)|
The financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
These financial statements were approved by the board of trustees on 10 August 2021 and were signed
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Melanie Walker - Chair of Trustees
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## Company Number: 10229618
23
DYS Space Limited
## Statement of Cash Flows
## For the Year Ended 31 March 2021
||Note|2021|2020|
|---|---|---|---|
|||£|£|
|Cash flows from operating activities:||||
|Net cash provided by/(used in) operating activities|18|(165,697)|(154,502)|
|Cash flows from investing activities:||||
|Bank interest received||272|2,039|
|Purchase of property plant and equipment||(23,154)|(5,235)|
|Net cash provided by/(used in) investing activities||(22,882)|(3,196)|
|Change in cash and cash equivalents in the reporting period||(188,579)|(157,698)|
|on
cashequivalents atthebeginning ofthereporting||775,356|933,054|
|Cash and cash equivalents attheend ofthe reporting
period||588,777|775,356|
24
## DYS Space Limited Notes and Accounting Policies For the Year Ended 31 March 2021
1. Accounting Policies
DYS Space is a company limited by guarantee and therefore has no share capital. The Charity was incorporated in England and Wales and details of the registered office can be found in the reference and administration section of the trustees report. The functional currency of DYS Space is considered to be pounds sterling because it is the currency of the primary economic environment in which the charitable company operates.
## a) Basis of Preparation
The financial statements have been prepared in accordance with the Companies Act 2006 (as amended), the Charities Act 2011 and with the Statement of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with Financial Reporting Standard (FRS 102).
DYS Space Limited meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated.
## b) Preparation of financial statements on a going concern basis
The Charity had net liabilities of £2,489,100 as at 31 March 2021. This is due to the Devon County Council defined benefit pension scheme liability of £3,328,000. Excluding the pension liability the charity's net asset position was £838,900.
The pension liability was fully funded on transfer to DYS Space on the ongoing assumptions basis, however FRS102 requires the liability to be valued using a discount rate calculated with reference to market yields on high quality corporate bonds. Consequently the discount rate used is significantly lower than that of the ongoing assumption rate, giving rise to the liability shown in the balance sheet.
As the actuarial assumptions can vary significantly year on year (in particular the discount rate), the liability reflects a snapshot at the period end. Employer contributions are determined bya triannual valuation of the scheme. The Trustees have considered as part of the business planning process the impact of the pension contributions on forecast cash flows for the foreseeable future.
The Trustees have, in making their assessment of going concern, taken into consideration the following: income and expenditure forecasts to March 2022; Business Plans for traded income at Chances to 31 March 2024, the continuation of the DCC Core contract and the contracted Project Income already in place for 1 April 2022 to 31 March 2024. The contract represents a substantial proportion of the charity’s income and still has a further two years to run to 31 March 2023. There is the possibility of an extension to 31 March 2025, the decision on which will be made by 31 March 2022. The actions taken by DYS Space initially in response to Covid-19 to utilise technology available to support the provision of services online remain in place and are continually developing to support the charity’s resilience during difficult times. The charity has a strong relationship with Devon County Council which has indicated its willingness to continue to support the charity’s core service delivery. The Trustees have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.
## c) Fund Accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Restricted funds are receipts which the donor has specified are to be solely used for particular areas of the Charity’s work.
## d) Critical accounting judgements and key sources of estimation uncertainty
In application of the charitable company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are
25
DYS Space Limited
Notes and Accounting Policies
## For the Year Ended 31 March 2021
based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
26
DYS Space Limited Notes and Accounting Policies (continued)
## For the Year Ended 31 March 2021
## 1 Accounting Policies (continued)
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 revision and future periods if the revision affects both current and future periods.
The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 19, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2016 has been used by the actuary in valuing the pensions liability at 31 March 2020. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.
## e) Income
Income from service contracts, grants and donations is recognised when the charity has entitlement to the funds, any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably.
## f) Deferred Income
Deferred income is classified within ‘Creditors falling due within one year” and includes project income and grants received in advance and are potentially refundable.
## g) Expenditure
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.
## h) Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Fixed assets costing £500 or more are capitalised at cost and are depreciated over their useful economic lives on a straight line basis as follows:
Fixtures and fittings — 33% straight line Office equipment — 33% straight line
i) VAT
The Charity operates the standard method of partial exemption and irrecoverable VAT is recognised as an expense when the tax point of the relevant expenditure is reached.
j) Taxation
The charity is exempt from corporation tax on its charitable activities.
## k) Financial Instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transaction value and subsequently measured at their settlement value.
27
DYS Space Limited Notes and Accounting Policies (continued) For the Year Ended 31 March 2021
- 1 Accounting Policies (continued)
I) Pension benefits
Retirement benefits to employees of the Charity are provided by the Teachers’ Pension Scheme (‘TPS’) and the Local Government Pension Scheme (‘LGPS’). These are defined benefit schemes and the assets are held separately from those of the Charity. TPT provides a defined contribution scheme for non-teaching staff and those not eligible for the LGPS.
The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the Charity in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. As stated in the notes to the financial statements, the TPS is a multi-employer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate.
The LGPS is a funded scheme and the assets are held separately from those of the Charity in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to operating surplus are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the Statement of Financial Activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses.
Actuarial gains and losses are recognised immediately in other recognised gains and losses.
## m) Operating leases
Rents payable under operating leases are charged ona straight-line basis over the terms of the lease. The Charity does not currently procure services under finance lease arrangements.
## 2. Donations and legacies
||Unrestricted|Restricted|Total 2021|Total 2020|
|---|---|---|---|---|
||Funds|Funds|||
||£|£|£|£|
|Donations
Grant|45,320
219,704|-
-|45,320
219,704|1,454
-|
|Total|265,024|-|265,024|1,454|
28
## DYS Space Limited Notes and Accounting Policies (continued)
## For the Year Ended 31 March 2021
## 3. Income from Charitable Activities
|||Unrestricted|Restricted|Total 2021|Total 2020|
|---|---|---|---|---|---|
|||Funds|Funds|||
|||£|£|£|£|
||DCC Core contract income|1,815,333|-|1,815,333|1,733,700|
||Membership subscriptions|-|-|-|9,645|
||Chances|388,749|-|388,749|304,718|
||Duke of Edinburgh|866|-|866|2,294|
||Project income|67,506|77,024|144,530|144,944|
||Trip income|180|-|180|6,444|
||AYCH income|-|115,125|115,125|76,595|
||Turning Corners|-|12,489|12,489|89,801|
||UASC|-|=|-|45,602|
||National Lottery Community
Support Fund|2,196|440,768|142,964||
||DCF Food Project|122,140|-|122,140||
||Safer Devon Partnership
nears|-|36,000|36,000|40,000|
||Total|2,396,970|381,405|2,778,375|2,453,743|
|4.|Incomefrom other trading|activities||||
|||Unrestricted|Restricted|Total 2021|Total 2020|
|||Funds|Funds|||
|||£|£|£|£|
||Tuck shop income|316|-|316|8,340|
||Lettings income|24,864|-|24,864|55,080|
||Other trading activities|4,905|-|4,905|12,848|
||Duke of Edinburgh booklets|5,318|-|5,318|5,521|
||Total|35,403|-|35,403|81,789|
|5.|Investment income|||||
|||Unrestricted|Restricted|Total 2021|Total 2020|
|||Funds|Funds|||
|||£|£|£|£|
||Bank interest|272|-|272|2,039|
||Total|272|-|272|2,039|
29
DYS Space Limited Notes and Accounting Policies (continued)
## For the Year Ended 31 March 2021
## 6. Analysis of expenditure on charitable activities
||2021|2020|
|---|---|---|
||£|£|
|AYCH expenditure|73,572|38,076|
|Hub expenses|11,241|15,215|
|Grant specific expenditure|-|-|
|Project specific expenditure|103,481|80,491|
|Small grantfund|117,929|100,262|
|Membership subscriptions|1,691|1,865|
|Support toVCS providers|32,052|32,004|
|Gas and electricity|40,646|39,597|
|Water rates|6,734|7,508|
|Business rates|2,601|2,601|
|Rent|(434)|25,107|
|Building maintenance|19,582|28,298|
|Transport and fuel|13,362|38,545|
|Repairs and maintenance|37,636|36,705|
|Insurance|14,218|13,642|
|Health and fire safety|16,694|15,165|
|Printing, postage and stationary|7,412|12,466|
|Telephone and broadband|23,627|23,627|
|ICT software|53,955|21,794|
|Advertising and recruitment|11,180|5,927|
|Hospitality and refreshments|1,598|2,976|
|Cleaning|74,603|75,055|
|Pension bond|20,430|19,493|
|Miscellaneous expenses|1,720|5,623|
|Wages and salaries|1,623,616|1,521,677|
|Social security costs|122,611|114,200|
|Pension costs|326,901|446,210|
|Redundancy payments|-|-|
|Staffdevelopment and training|29,984|22,151|
|Professional fees|13,261|17,106|
|Audit and Accountancy fees|5,750|6,435|
|Depreciation|10,549|5,675|
|Bank charges|624|881|
|IrrecoverableVAT|5,720|7,659|
||2,845,317|2,784,036|
Expenditure on charitable activities was £2,845,317 (2020: £2,784,036) of which £2,372,742 (2020: £2,271,971) was unrestricted and £320,575 (2020: £226,065) was restricted and £152,000 (2020: £228,000) was on the pension fund.
7. Analysis of expenditure on trading activities
|||2021|2020|
|---|---|---|---|
|||£|£|
|Tuck|shop purchases|513|6,337|
|Duke|of Edinburgh booklets|1,456|1,896|
|||1,969|8,233|
All expenditure on trading expenditure related to unrestricted funds.
30
|
DYS Space Limited Notes and Accounting Policies (continued) For the Year Ended 31 March 2021
|8.|Staff Costs|||
|---|---|---|---|
|||2021|2020|
|||£|£|
||Wages and salaries|1,623,616|1,521,677|
||Social security costs|122,611|114,200|
||Pension costs|326,901|446,240|
|||2,073,128|1,796,087|
During the period one employee received emoluments between £60,000 and £70,000 (2020: one).
Key Management Personnel remuneration totalled £252,414 (2020: £252,414) (this includes employers’ national insurance and pension contributions for 5 members of staff )
The average number of employees during the period was 96 (2020: 96)
The number of FTE equivalent employees during the period, based on a 37 hour week, was 56 (2020: 56)
9. Related Party Transactions and Trustees’ Remuneration and Expenses
No remuneration directly or indirectly out of the funds of the charity was paid or payable for the period to any trustee or to any person known to be connected with any of them.
£0 (2020: £47) for transport expenses have been reimbursed to trustees in the period.
One or more Trustees has been paid remuneration or has received other benefits from an employment with the charity.
The chief executive and other staff Trustees only receive remuneration in respect of services they provide undertaking the roles of chief executive and staff members under their contracts of employment, and not in respect of their role as Trustees.
The value of Trustees’ remuneration and other benefits was as follows: Kevin Henman (Staff Trustee):
Remuneration: £65,000 - £70,000 (2020: £65,000 - £70,000) Employer’s pension contributions: £5,000- £10,000 (2020: £5,000 - £10,000)
Caroline Down (Staff Trustee):
Remuneration: £20,000-£25,000
Employer’s pension contributions: £0 - £5,000
Fiona Cole (Staff Trustee) joined 4 June 2020:
Remuneration: £15,000 - £20,000 Employer’s pension contributions: £0 - £5,000
31
DYS Space Limited Notes and Accounting Policies (continued) For the Year Ended 31 March 2021
|10.|Net Incoming Resources for the Period|Net Incoming Resources for the Period|Net Incoming Resources for the Period||||
|---|---|---|---|---|---|---|
||||||2021|2020|
||This is stated after charging:||||£|£|
||Depreciation|||10,549||4,628|
||Auditors' remuneration|—|Audit||4,750|4,250|
|11.|Tangible Fixed Assets||||||
||||||Fixtures||
||||||and||
|||||Equipment|Fittings|Total|
|||||£|£|£|
||Cost||||||
||Brought forward 1 April|2020||29,860|116|29,976|
||Additions|||23,154|-|23,154|
||At 31 March 2021|||53,014|116|53,130|
||Depreciation||||||
||Brought Forward 1 April|2020||14,605|63|14,668|
||Charge for year|||10,491|58|10,549|
||At 31 March 2021|||25,096|121|25,217|
||Net Book Value||||||
||At 1 April 2020|||15,255|53|15,308|
||At 31 March 2021|||27,918|(5)|27,913|
|12.|Debtors||||||
|||||2021||2020|
||||||£|£|
||Trade debtors|||663,995||182,043|
||Other debtors|||233,972||115,158|
||Prepayments|||24,546||47,754|
|||||922,513||344,955|
|13.|Creditors: Amounts Falling due within one year||||||
|||||2021||2020|
||||||£|£|
||Trade creditors|||35,097||19,650|
||Other creditors|||24,974||22,472|
||Accruals & deferred income|||515,157||510,582|
||PAYE and NI creditor|||31,183||28,551|
||VAT creditor|||91,892||99,252|
|||||698,303||680,507|
32
DYS Space Limited Notes and Accounting Policies (continued)
## For the Year Ended 31 March 2021
## 14. Operating Lease Commitments
At 31 March 2021 the company had lease payments due under non-cancellable operating leases
as set out below:
|||||Plant and||||
|---|---|---|---|---|---|---|---|
|||||Machinery||2021|2020|
|||||£||£|£|
||Operating lease payments due:|||||||
||In less than one year|||2,224||2,224|5,722|
||Between one and five|years||1,865||1,865|4,089|
||After five years|||-||-|-|
||||4,089||4,089||9,811|
|15.|Unrestricted Funds|||||||
|||1 April|Incoming|Resources|||31 March|
|||2020|Resources|Expended||Transfer|2021|
|||£|£||£|£|£|
|Unrestricted funds - General||219,550|2,697,669|(2,374,711)||66,648|609,156|
|Capital Replacement||30,000|-||-|-|30,000|
|Investment in Chances||50,000|-||-|-|50,000|
|Strategic Reserves||150,000|-||-|-|150,000|
|TotalUnrestrictedFunds||449,550|2,697,669|(2,374,711)||66,648|839,156|
## Unrestricted Funds — Prior year comparative
||Incoming|Resources||31 March|
|---|---|---|---|---|
||Resources|Expended|Transfer|2019|
||£|£|£|£|
|Unrestricted funds - General|2,287,880|(2,280,204)|53,148|219,550|
|Capital Replacement|-|-|-|30,000|
|Investment in Chances|-|-|-|50,000|
|Strategic Reserves|-|-|-|150,000|
|TotalUnrestrictedFunds|2,287,880|(2,280,204)|53,148|449,550|
33
## DYS Space Limited Notes and Accounting Policies (continued) For the Year Ended 31 March 2021
|16.
Restricted Funds||||||
|---|---|---|---|---|---|
||1 April|Incoming|Resources’|Transfer|31 March|
||2019|Resources|Expended||2020|
|||£|£|£|£|
|Turning Corners|1,250|-|(1,250)|-|-|
|Peer Educators|563|:|(563)|-|_|
|Newton Abbot Centre Relaunch|6|-|-|(6)|-|
|Devon Information Advice and Support|3|=|_|(3)|=|
|Community Connectors|-|56,527|(56,963)|-|(436)|
|OP Marnow—summer policing|-|9,000|(6,091)|(2,909)|-|
|Centre ofYouth Impact|-|5,000|(4,000)|(1,000)|-|
|Active Youth|-|7,021|(5,968)|(2,722)|(1,669)|
|Teignmouth StreetWork—Teignbridge|-|4,782|(2,230)|(2,552)|-|
|National Lottery Community Support Fund|:|140,768|(107,937)|(32,831)|-|
|CSP — North Streetwork|7|3,000|(1,568)|(1,432)|.|
|DCRR Fund —VCS Opening Youth Clubs|-|14,844|(17,936)|3,092|-|
|CSP Mid & East (Tiverton & Exmouth)|=|9,000|(5,796)|(3,204)|-|
|Dartington — Prevention research
partnership|=|10,000|(10,000)|-|-|
|SDP 20/21|-|36,000|(27,761)|(8,239)|-|
|POCA North|-|12,000|(5,796)|(2,572)|3,632|
|Daisi Peer Educators|-|4,375|(3,429)|-|946|
|Okehampton United Charities|-|4,081|(2,250)|(1,831)|-|
|Turning Corners 2|-|12,488|(6,500)|(11,102)|(5,114)|
|DCF Food Project|-|41,180|(41,318)|138|-|
|Other Projects|3,740|11,339|(13,219)|525|2,385|
|TotalRestrictedFunds|5,562|381,405|(320,575)|(66,648)|(256)|
Turning Corners - Joint work with Office of the Police and Crime Commissioner (OPCC) for young people at risk of gang involvement in South Hams.
Okehampton United Charities - resources to support Okehampton club resources and additional sessions for targeted work.
Peer Educators - funding for 2 Peer Educators to support music sessions in Exmouth.
Community Connectors - Social Prescribing work in Exeter in collaboration with Wellbeing Exeter
National Lottery Community Support Fund - funding to provide Digital Online services for young people Teignmouth Street Work / POCA North / Community Safety Partnership (CSP) Mid & East / Op Marnow / CSP - North / SDP 20/21 - street based youth work projects to support young people during lockdown and those at risk of gang involvement
DCF Food project - Food bags for Easter holidays for families in need
34
DYS Space Limited Notes and Accounting Policies (continued) For the Year Ended 31 March 2021
## 16. Restricted Funds (continued)
Newton Abbot Centre Relaunch — refurbishment and improvement of facilities at the Newton Abbot centre and relaunch as The Station
Devon Information Advice and Support (DIAS) — gather the voice of SEN children across Devon, evaluate and report to help shape the provision for SEN young people in the county.
Other projects - Comprises various short term projects during the period such as premises improvements, summer activities, centre resources, 1-2-1 work, music support etc.
## Prior year comparative
|Prior year comparative||||||
|---|---|---|---|---|---|
||1 April|Incoming|Resources’.|Transfer|31 March|
||2019|Resources|Expended||2020|
|||£|£|£|£|
|Turning Corners|-|89,801|(89,801)|1,250|1,250|
|Court Maintenance atTiverton &Newton
Abbot|5,727|-|(1,950)|(3,777)|:|
|Streetbased WorkWest of Exeter|-|8,432|(8,432)|-|-|
|Friday Night Project|1,250|-|-|(1,250)|-|
|Okehampton United Charities|1,708|=|(2,082)|374|-|
|XPlore Youth Group Exeter|85|7,565|(7,650)|-|-|
|XPlore Youth Group Bideford|318|6,738|(7,883)|827|2|
|No Limits& BlockClub Enhancement|1,915|-|(5,660)|3,745|-|
|Peer Educators|-|7,000|(6,437)|-|563|
|UASC Community Volunteering Project|20,038|45,602|(11,302)|(54,338)|-|
|1-1 Mentoring ofTrainee Music Leaders|“|3,000|(4,784)|1,784|-|
|South WestYouth ImpactNetwork 18/19|=|5,000|(5,000)|-|-|
|Safer Devon Partnership Streetbased
Sessions|-|40,000|(37,827)|(2,173)|-|
|Newton Abbot Centre Relaunch|=|7,500|(7,494)|-|6|
|Sensory Room Equipment &
Improvements|=|4,090|(4,500)|410|-|
|Devon Information Advice and Support|-|4,500|(4,497)|-|3|
|Other Projects|2,589|21,917|(20,766)|-|3,740|
|TotalRestrictedFunds|33,630|251,145|(226,065)|(53,148)|5,562|
35
DYS Space Limited Notes and Accounting Policies (continued)
## For the Year Ended 31 March 2021
## 17. Analysis of Net Assets Between Funds
**----- Start of picture text -----**
||||||||||
|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Pension|2021|
|Funds|Funds|Funds|Total|
|£|£|£|£|
|Fund|balances|at|the|period|end|are|
|represented|by:|
|Tangible|fixed|assets|27,913|-|-|27,913|
|Current|assets|1,502,327|6,963|-|1,509,290|
|Current|liabilities|(691,084)|(7,219)|-|(698,303)|
|Provision|for|liabilities|(3,328,000)|-|(3,328,000)|(3,328,000)|
|Total|Net Assets|839,156|(256)|(3,328,000)|(2,489,100)|
|of|Net|Assets|Between|Funds|-—|Prior|year|comparative|
|Unrestricted|Restricted|Pension|2019|
|Funds|Funds|Fund|Total|
|£|£|£|£|
|Fund|balances|at|the|period|end|are|
|represented|by:|
|Tangible|fixed|assets|15,308|-|-|15,308|
|Current|assets|1,114,749|5,562|-|1,120,311|
|Current|liabilities|(680,507)|-|-|(680,507)|
|Provision|for|liabilities|-|-|(1,711,000)|(1,711,000)|
|Total|Net Assets|449,550|5,962|(1,711,000)|(1,255,888)|
**----- End of picture text -----**
## Analysis of Net Assets Between Funds -— Prior year comparative
## 18. Reconciliation of net expenditure to net cash flow from operating activities
**----- Start of picture text -----**
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|2021|2020|
|£|£|
|Net|expenditure|for|the|accounting|period|(as|per|the|231,788|(253,244)|
|statement|of financial|activities)|
|Adjustments|for:|
|Depreciation|charges|10,549|5,675|
|Dividends,|interest and|rents|from|investment|(272)|(2,039)|
|DBPS|cost|less|contributions|payable|152,000|286,000|
|(Increase)/decrease|in|debtors|(577,558)|(58,137)|
|Increase/(decrease)|in|creditors|17,796|(132,757)|
|Net|cash|provided|by|operating|activities|(165,697)|(154,502)|
**----- End of picture text -----**
## 19. Pension & Similar obligations
The Charities employees belong to two principal pension schemes: the Teachers’ Pension Scheme England and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for non-teaching staff, which is managed by Devon County Council. Both are multiemployer defined benefit schemes.
The Charities non-teaching staff, not subject to the TUPE arrangements also contribute to The Pension Trust scheme under auto-enrolment rules. This is a defined contribution scheme.
The latest actuarial valuation of the TPS related to the period ended 31 March 2016 and of the LGPS 31 March 2019.
36
DYS Space Limited Notes and Accounting Policies (continued) For the Year Ended 31 March 2021
Contributions amounting to £21,301 were payable to the schemes at 31 March and are included within creditors.
## Teachers’ Pension Scheme
## Introduction
The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pensions Regulations 2014.
The TPS is an unfunded scheme and members contribute on a ‘pay as you go’ basis - these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.
## Valuation of the Teachers’ Pension Scheme
The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2012 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014. The valuation report was published by the Department for Education on 9 June 2014.
## The key elements of the valuation and subsequent consultation are:
employer contribution rates set at 16.48% of pensionable pay (including a 0.08% employer administration charge)
total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £191,500 million, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £176,600 million giving a notional past service deficit of £14,900 million
an employer cost cap of 10.9% of pensionable pay will be applied to future valuations
the assumed real rate of return is 3.0% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.75%. The assumed nominal rate of return is 5.06%.
The TPS valuation for 2012 determined an employer rate of 16.4%, which was payable from September 2015. The next valuation of the TPS is currently underway based on April 2016 data, whereupon the employer contribution rate is expected to be reassessed and will be payable from 1 September 2020. The employer’s pension costs paid to TPS in the period amounted to £16,579. A copy of the valuation report and supporting documentation is on the Teachers’ Pensions website. Under the definitions set out in Financial Reporting Standard 102 (FRS 102), the TPS is a multiemployer pension scheme. The charity has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Charity has set out above the information available on the scheme.
## Local government pension scheme
The LGPS is a funded defined-benefit scheme, with the assets held in separate trustee-administered funds. The total contribution made for the period ended 31 March 2021 was £147,000, of which employer's contributions totalled £104,000 and employees' contributions totalled £43,000. The agreed contribution rates for future years are 14.9% per cent for employers.
37
DYS Space Limited Notes and Accounting Policies (continued)
## For the Year Ended 31 March 2021
## Principal actuarial assumptions
**----- Start of picture text -----**
||||||||||
|---|---|---|---|---|---|---|---|---|
|At31|March|At31|March|
|2021|2020|
|%|%|
|Rate|of|increase|in|salaries|3.80|2.75|
|Rate|of|increase|for|pensions|in|payment/inflation|2.80|1.75|
|Discount|rate|for|scheme|liabilities|2.05|2.35|
**----- End of picture text -----**
The current mortality assumptions include sufficient allowance for future improvements in the mortality rates. The assumed life expectations on retirement age 65 are:
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|At31|March|At31|March|
|2021|2020|
|Retiring|today|
|Males|retiring|today|22.6|22.9|
|Females|retiring|today|23.9|24.1|
|Retiring|in|20|years|
|Males|retiring|in|20|years|24.0|24.3|
|Females|retiring|in|20|years|25.4|25.5|
**----- End of picture text -----**
## Sensitivity analysis
**----- Start of picture text -----**
|||||||||
|---|---|---|---|---|---|---|---|
|At|31|March|2021|At|31|March|2020|
|£|£|
|Discount|rate|+0.1%|5,955,000|3,711,000|
|Discount|rate|-0.1%|6,335,000|3,947,000|
|Mortality|assumption|—|1|year|increase|6,376,000|3,935,000|
|Mortality|assumption|—|1|year decrease|5,916,000|3,722,000|
**----- End of picture text -----**
38
## DYS Space Limited Notes and Accounting Policies (continued) For the Year Ended 31 March 2021
The charity’s share of the assets in the scheme were:
||At 31 March 2021|At 31 March 2020|
|---|---|---|
||£|£|
|Equities|1,765,000|1,192,000|
|Gilts|96,000|90,000|
|Other bonds|126,000|111,000|
|Property|226,000|199,000|
|Cash and other liquid assets|29,000|25,000|
|Infrastructure|114,000|91,000|
|Alternative assets|193,000|130,000|
|Investment funds|265,000|278,000|
|Private equity|-|-|
|Total market value of assets|2,814,000|2,116,000|
|Less presentvalue ofdefined benefit obligations|(6,142,000)|(3,827,000)|
|Liability as at31 March 2020|(3,328,000)|(1,711,000)|
|Theactualreturnonschemeassetswas£557,000.|||
## Amounts recognised in the statement of financial activities
||2021|2020|
|---|---|---|
||£|£|
|Current service cost|215,000|345,000|
|Interest cost|39,000|46,000|
|Admin expenses|2,000|2,000|
|Total amount recognised in the SOFA|256,000|393,000|
|Changes in the present value ofdefined benefit obligations were as follows:|||
||2021|2020|
||£|£|
|At1 April|3,827,000|4,090,000|
|Current service cost|215,000|285,000|
|Interest cost|90,000|101,000|
|Change in financial assumptions|2,002,000|(868,000)|
|Experience loss / (gain)|(31,000)|114,000|
|Estimated benefits net oftransfers in|(4,000)|-|
|Employee contributions|-|60,000|
|Benefits paid|43,000|45,000|
|At31March|6,142,000|3,827,000|
39
DYS Space Limited
.
## Notes and Accounting Policies (continued)
## For the Year Ended 31 March 2021
## Movements in the fair value of charity’s share of scheme assets
||2021|2020|
|---|---|---|
||£|£|
|At 1 April|2,116,000|2,161,000|
|Interest income|51,000|55,000|
|Actuarial gain/(loss)|506,000|(250,000)|
|Administrative expenses|(2,000)|(2,000)|
|Employer contributions|104,000|107,000|
|Employee contributions|39,000|45,000|
|Benefits paid|.|-|
|At31March|2,814,000|2,116,000|
40