# **DYS SPACE LIMITED Trustees Report and Financial Statements** For the Year Ended 31 March 2023
DYS Space Limited Year ended 31 March 2023
## **CONTENTS:**
**05 Introduction 06 Trustees’ Report 07 CEO’s Report 09 What have we Achieved this year**
**37 Independent Auditors’ Report**
**43 Statement of Financial Activities**
**47 Balance Sheet 51 Statement of Cash Flows 55 Notes and Accounting Policies**
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DYS Space Limited Year ended 31 March 2023
## **Introductions**
The trustees are pleased to present their annual trustees’ report together with the financial statements of DYS Space Ltd (Space) for the year ended 31 March 2023 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 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) (effective January 2019).
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**DYS Space Limited Year ended 31 March 2023**
## **Trustees’ Report**
## **Melanie Walker, Chair of Trustees**
2022/23 continued to be a challenging year for young people and the wider community and so it is no surprise that these challenges have impacted on our work in Space. Uncertainty in the future, family pressures, the cost of living crisis and challenges in the job market have affected us all.
Despite all those challenges our young people have shown us how resilient they can be. They have supported each other, made a difference in their communities and achieved in a wide range of ways.
Space and Chances, our school, have continued to thrive and respond to these challenges. Our staff have been extraordinary in their hard work and commitment to young people.
We discussed the context Space and Chances operate in and reviewed our position and considered where we wanted to invest and focus. At the end of the year Kev Henman, the first Chief Executive of Space, who had a long and impactful career in youth work retired and he goes with the thanks and gratitude of all at Space, partners and young people who have benefited from his leadership and wisdom over the years.
We also said farewell and thank you to William Withers a Trustee who has helped us with his finance expertise and Max Price who helped us with his expertise in inclusion and diversity.
To ensure we have the right values driven expert leadership we have tried to recruit a permanent replacement for Kevin, as yet we have been unsuccessful and the Board and I are grateful to Dan Barton and Lisa Rutter for covering the role together on an interim basis. We have also recruited new trustees to strengthen the Board.
The next year will be particularly challenging and we are grateful for the support from our partners and commissioners. More than ever young people need our support and help and we are determined to develop in ways that will enable us to do that in innovative, effective and imaginative ways.
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**DYS Space Limited Year ended 31 March 2023**
## **Interim Joint CEOs**
## **Dan Barton & Lisa Rutter Interim Joint CEOs**
It has been a year of change and adjustment. Like many, Space has navigated the post pandemic period with varying degrees of success, we have continued to offer services that support the varying needs of young people.
Change has happened on multiple levels. New online ways of working in many ways have saved time and energy, but we are keen to retain our relational approach that is essential for team dynamics. We have made efforts to engage staff meaningfully and improve internal communication. We are also determined to contribute to a greener planet and educate ourselves and young people in creating a positive future for all.
The pandemic has left many young people confused and key periods in their development have been and continue to be disrupted. This has been a challenge for even the most experienced of youth work staff. As young people start to regroup after periods of isolation we have seen growth in anxiety and resistance to ‘return to normal’ in some and increased risk taking by others in equal measure. We have seen success in our school based service, ESS, supporting young people to re-adjust to school life, while supporting them with their emotional wellbeing and mental health. Chances, our alternative education provision continues to be successful in supporting students to get back on track and reintegrate into their mainstream school and complete their education. Assertive Outreach, our OPCC commissioned street based intervention, is enabling us to broaden our reach and offer youth work support to more communities across Devon.
Our open access youth work continues to provide safe space & trusted adults for hundreds of young people. A dependable, values driven & consistent service young people can turn to when they want it. These are challenging times for young people and we are committed to being there and providing the right support and services in the right places. A priority for the coming year is to ensure we have the operating model and resources to be able to respond to the changing needs of young people and their communities.
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DYS Space Limfted
Year ended 31 March 2023
WHAT
WE HAVE
ACHIEVED
THIS YEAR
DYS Space LimitedDYS Space Limited Year ended 31 March 2023Year ended 31 March 2023
## **We’ve held true to our visio and values**
## **Vision:**
Unlocking potential with young people and their communities
## **Mission:**
Being innovative in a range of settings, we deliver professional youth work, community projects and other services to ensure young people have the best opportunities to succeed.
## **Values:**
## **Integrity:**
Doing what’s right, even when no-one is watching
## **Respect:**
Interacting with fairness, kindness and dignity
## **Determination:**
We give people a second chance, and a third, fourth, fifth...
## **Collaborative:**
Doing great things together and with others
## **Accountable:**
Managing risk, taking responsibility and being accountable to each other and our stakeholders
## **Dynamic:**
Creating fun and a little bit of weirdness
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## **What we do**
Young people’s needs fluctuate up and down through life’s successes and challenges. We provide a continuum of services and interventions aimed at being agile enough to flex as young people’s needs change and evolve.
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Digital & Creative Hub
Chance’s School
Targeted One to One Support
Open Access Youth Work
Social Prescribing
Social Action & Volunteer Mentors
Hospital Inreach
Street-Based Youth Work
Research & Consultation
Educational Support Services
ASB Assertive Outreach
Training
Duke of Edinburgh Awards
Community VCS support Small Grant Fund
Young People with Care Experience
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**DYS Space Limited Year ended 31 March 2023**
## **This year we’ve**
## **Introduced New Services**
## **Carried out Carbon Audits**
Hospital inreach Peninsula wide ASB assertive outreach service Flying Start Entrepreneurial programme Expanded SEND provision in Tiverton Launched first Youth Centre SLA in Ottery St Mary Expanded partnership with X-plore in Okehampton
We have successfully completed our Scope 1 & 2 audits by utilising our partner 361Energy. This has given us a clear benchmark for annual measurement of carbon use across the organisation and has prompted a re-visiting of our Sustainable Development statement - we also renewed our Action Plan
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**DYS Space Limited Year ended 31 March 2023**
## **Formed New Partnerships**
Formed new partnerships to deliver new work. Young People Cornwall, Torbay Youth Trust, Young Devon and others. Setting up a partnership with relevant organisations to focus on Children In Care work and support for young people
## **Focused on Organisational Sustainability**
Focused on organisational sustainability and succession planning
Looking at the infrastructure review, recruiting new CEO and developing the Fundraising and Marketing Team We’re also starting to put our ED&I strategy into practice
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**DYS Space Limited Year ended 31 March 2023**
## **Strategic Objectives**
In addition to our main objectives we set ourselves some additional objectives in agreement with staff, young people and the Board. At Space we take time to reflect, review and challenge ourselves to do more.
## **What We Agreed:**
We will reach more young people & their communities across Devon (and beyond)
## **What We Agreed:**
We will always be an outstanding values driven organisation
## **What We Agreed:**
We will advocate for a diverse, inclusive and sustainable world
## **What we did:**
## **What we did:**
## **What we did:**
An increase of 49.6% individuals attended our open access youth clubs and a 15% increase in the number of other youth clubs supported
We employed 6 young people to be peer educators and work in our youth clubs to hold us to high standards
We had in independent equality, equity, diversity and inclusion audit and have an action plan to work against
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Llmlted .
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DYS Space LimitedDYS Space Limited Year ended 31 March 2023Year ended 31 March 2023
## **Looking back on 2022/23**
## **ESS - Educational Support Service** We have worked with 31 schools in Devon this year
_“_ _**The difference I am seeing and is being noticed by staff around the school is tremendous.** Talking to the students, they are enjoying it and feeling the difference within themselves-_
_E is one student that was struggling to get to any lessons and today she attended 3- far beyond expectations_
_R- was shy and unwilling to talk to anyone in lessons and now will put her hand up and answer questions_
_LW was hyper and struggled to engage, and now comes up to us outside and chats RS- used to be in medical all the time due to feeling physically sick with anxiety- even having a bowl with him - now we don’t see him as he wants to be in class_
_R- could not find her voice and now will chat away quite happily._
_**Each and every student supported has come on in themselves and made changes that will benefit them far into their life.** Seeing the changes made, I could fill your groups 10 times over and I hope this can continue so more students can benefit from your guidance, support, humour and kindness.”_
**Wellbeing and mental health lead feedback South Dartmoor**
**+285% +209% +100%** Increase in number of Increase in sessions In crease in number of young people engaged **Total** - 1006 Wellness & Self Care **Total** - 130 programme delivered in schools **Total** - 6
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**DYS Space Limited Year ended 31 March 2023**
## **Targeted 1-2-1 Support**
This is a youth work intervention where the young person identifies their own support / learning journey by setting goals and measuring their perception of growth and successes.The highest concern that young people have presented with this year is related to their mental health. Feelings of anger and experiencing conflict in the family home are also growing areas of concern.
_**What has been the most significant change that has happened to you since attending our sessions?**_
_**“[My youth worker] has helped a lot with my wellbeing and state of mind when dealing with stress and past trauma.”**_
_**“[My youth worker] has helped me gain confidence & overcome my anxiety.”**_
_**“Making more positive choices for myself.”**_
**158**
Young people engaged in 1:1 service
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86.6%
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Scored themselves positively as making progress
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**DYS Space Limited Year ended 31 March 2023**
## **Online Youth Centre**
Some children and young people cannot access physical spaces. This might be because of social anxiety or could be to do with where they live. Our digital youth club is open 5 nights a week.
100% of young people said they could be themselves at our online youth centre.
76% of young people surveyed said attending virtual youth centre has made a change in their life.
88% of young people surveyed feel comfortable going to a staff member if they have a problem.
47% of young people said that attending online youth club has helped their mental health.
**4885**
**387**
Attendances to online youth centre (via Discord) **81,145** Total messages sent
Online sessions taken place
**4020**
Total hours spent in voice chat
## **Street-Based Youth Work**
Street-based youth work is youth work at its best. Young people, in their own communities and in their own time build positive relationships with youth workers. This enables them to access support, engage in positive activities and have their voices heard.
Increasingly our partners look to street-based youth workers to engage with young people who are not being supported by other agencies.
The working environment can be cold, wet and challenging but the benefits of young people positively engaging and welcoming youth worker into their space and peer groups, is dynamic and rewarding for all involved.
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247
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**698**
Registered young people engaged
Unregistered young people supported on the streets
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**DYS Space Limited Year ended 31 March 2023**
## **Open Access Sessions**
Open access sessions are at the heart of our youth work offer.
Having somewhere to go, someone to talk to and something to do remains a popular choice for young people. Having safe spaces where young people achieve a sense of belonging, build their sense of identity, learn new skills and have heaps of fun is essential for their journey from child to adulthood.
Young people attend on a voluntary basis, they participate in a way that best meets their own, unique needs. They may just enjoy the free association and place to be with peers, or to engage in learning opportunities, or find out about the world around them and develop their own voice and confidence.
Essential to this work is the trusted relationships young people build with their youth workers. It is in this environment where we often learn about safeguarding issues and when things are not going well. This trust is fundamental to being in the right place, at the right time to access that early intervention which can turn things around.
The numbers of young people attending our youth clubs is increasing, evidencing the need for these services. Thanks to Devon County Council for their continued commitment to open access youth work.
**+86%**
**+49.6%**
Attendances to open access youth centre sessions **Total** = 26,694
Unique young people
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**DYS Space Limited Year ended 31 March 2023**
## **Chance’s Students Feedback**
**Chances is our alternative education provision based in Dawlish. Unlike most alternative education providers, students stay on roll at their host school and we work in partnership with them and the parents to help the young person get back on track and return to their host school to complete their education. 90% of students have a positive reintegration back into mainstream. school upon leaving Chances**
Upon finishing a package at Chance’s, students complete a questionnaire - their voice and experience is so important to us as ultimately it’s about them.
## **‘Chance’s helped me get my education back on track’**
**‘I really enjoyed Chances and feel the smaller class sizes really helped me focus’**
**‘The extra support I received at Chances has helped me behave and learn’**
**‘I really enjoyed Chances and feel the smaller class sizes really helped me focus’**
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DYS Space LimitedDYS Space Limited Year ended 31 March 2023Year ended 31 March 2023
## **The Numbers**
**96% of students enjoy being at school when it’s Chances**
**100% of students feel there is an adult they can talk to at Chances**
**95% of students feel there is good behaviour in lesson at Chances**
**100% would recommend Chances to a friend needing support**
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**DYS Space Limited Year ended 31 March 2023**
## **Faith’s Story**
“I first started attending Space in 2017. I was half way through my exams and in a really bad place. My home life was bad, but I had never told anyone. I had some support through school - a couple of teachers worked out there was something wrong. They were there for me as much as they could be. But when exams started I was no longer in school - sent home for independent study and only attended school for exams. For me this was difficult as I lost the only support I had. I attended the youth centre with a friend who had been going for a while. I was really nervous and didn’t talk to anyone much. I remember they were doing mocktails, it was a boiling hot day and I went and got one. One of the workers asked if I wanted a game of pool. We played and chatted, they were really nice. I remember feeling suspicious as they were asking questions to try and get to know me. As I was leaving they asked if I wanted to go on a trip to Thorpe Park with them, they explained they did it every year for year 11s after their exams. I told them I couldn’t afford it. They said not to worry and pay what I could and they’d make it work. I went next week and explained that I couldn’t pay anything. It was only £10 but there were problems with my mum’s benefits, she wasn’t getting any money in, and we couldn’t even live at home at the moment because of it. They told me that was okay and that I should still go.
As well as this, we chatted about things at home and with mum, I told them we were okay, just living with her boyfriend so we were still good, just poor. They gave me vouchers for CHAT and said if I was hungry I could always pop in for something to eat. I kept going to the centre, and I went on the trip. I’d never been somewhere like that before so I loved it, and made some new friends. After a while one of the workers told me about the 1-2-1 work they did in the centre and asked if it was something I’d be interested in, as well as volunteering. I started volunteering in the junior session and attending 1-2-1s. I absolutely loved volunteering, it was through this that
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I realised I wanted to be a youth worker. The 1-2-1 sessions are probably the reason I am here today.
The youth worker was the first person I ever opened up to. They knew I was nervous and reluctant to say much. They helped me understand what I could say. Eventually I made the choice to tell them something I knew would go through to MASH. They supported me through this process, as well as finding support for my mum. I didn’t think I’d ever become anything in life, but this worker seemed to see something in me that I couldn’t - in fact their enthusiasm was almost annoying. They encouraged my volunteering and gave me more responsibility over time. They helped me get onto a Prince’s Trust course and I did my work experience through this at the youth centre. By now I was in a better place in my home life and things were really starting to turn around.
I really enjoyed the work experience and loved seeing what happened day to day. At the end of these two weeks, two of the workers said that there was a job coming up for a peer educator role, and that they all really wanted me to apply. I’d never been so excited and nervous at the same time. I got the job, and literally couldn’t believe it. It was originally a 6 month contract - it lasted for two years. Over the two years I was slowly given more and more responsibility. I knew this is what I wanted to do and I was hoping that an apprenticeship would eventually come up, which it did. I was so nervous for the apprenticeship interview, but as they were asking the questions I realised that I confidently knew a lot of the answers. I have a theory that the worker in charge at the time had been preparing me for the role long before I even realised it. I started my role as apprentice two years ago on January the 16th. In December I was employed as a Senior Youth Worker.”
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DYS Space Limited Year ended 31 March 2023
## **In Summary**
In summary we have listened to the voices of young people and this is at the heart of our decision making at Space. We have demonstrated our commitment to delivering services in places and ways that are accessible to young people. We remain absolutely committed to providing open access youth work across Devon, focussing on where the needs of young people are highest. We also remain committed to providing a digital service, enabling young people to access the support they need from a youth work professional on-line, but also the opportunity to engage with other young people, which is so important to their development. Regular contact on a digital platform also provides the opportunity for us to build trust and confidence to support young people to engage in the real world and attend events that interest them or to access some of our other services.
Our street based youth work continues to grow and through our partnerships we are able to extend the reach further than ever before. Through our street based work we aim to reduce risky behaviour and help young people use their strengths to become valuable assets to their communities. Our street based work enables us to take services into more rural areas or new towns that do not yet have the infrastructure such as community buildings or public transport.
This year saw us pilot a new partnership providing youth work support on hospital wards. We are seeing worryingly high numbers of young people being admitted with eating disorders, self harming and other mental health concerns. Some of these young people do not have supportive families around them and can feel alone or abandoned. We provide support while they are on the ward and help them prepare for discharge.
Our support in education is increasing in demand both on-site through ESS and offsite at Chances. We are exploring the funding model for these two services as they are currently funded directly by schools, meaning equality of access to this support is under threat. We know that keeping young people in school significantly reduces their exposure to risky behaviour and harm and finishing
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DYS Space Limited Year ended 31 March 2023
school and achieving qualifications significantly improves life chances. We understand however, that an education environment can be a difficult place for some young people, fuelling anxiety, resulting in poor behaviour and/or performance. Having youth workers in an education setting working directly with young people can unlock potential, through a trauma informed approach and a more holistic way of working.
We know that we can’t reach every corner of Devon alone and that there are many smaller youth clubs and community groups providing much needed activities and services to children and young people right across the County. Our Communities Team have supported the wider sector by distributing £100,000 of funding, in small grants to over 60 smaller youth clubs in the last year. Requests for funding must be made on an application form and a panel of young people assess the applications, make the selection process and follow up each funded project with a quality assurance visit.
As we look forward to the next 12 months, there is a lot to do.
We will be reviewing our current work programmes to ensure they still fit with our vision and mission.
We will be exploring new ways of generating the funds we need for sustainability. We will continue to work closely with partners, to share good practice, knowledge and resources, prevent duplication and strengthen impact. We will continue to invest in our workforce, with a commitment to high quality training and professional development and to recruiting a new generation of youth workers through training and employment programmes. And we will look to deliver our EDI and NetZero promises.
Yes, the next year will have some challenges however we are confident that we will continue to make a positive impact on the lives of thousands of young people in Devon.
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DYS Space Limited DYS Space Limited Year ended 31 March 2023 Year ended 31 March 2023
## **Governance Succession**
Succession planning underpins long term sustainability. By identifying and developing potential leaders, succession planning allows for smooth transition of leadership, maintains continuity and strategic direction, preventing disruption in operations or decision making. Next year we look forward to welcoming a new Chair to the Board as Melanie’s tenure comes to an end. We will also be looking to strengthen the Board in areas identified through a recent skills audit.
## **Infrastructure**
Space has grown ‘organically’, and in a responsive way to new opportunities over the last few years. Next year we will review our infrastructure to ensure it is fit for purpose, allowing for further growth and development, while balancing resources to develop frontline staff capacity as well.
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DYS Space Limited DYS Space Limited Year ended 31 March 2023 Year ended 31 March 2023
## **2023/4 will see many more changes**
## **Recruitment and Retention**
## **Funding & Income Generation**
We will be launching a new workforce strategy and investing resources into growing our youth work workforce using CPD opportunities and peer experience.
Our public sector contracts and relationships with commissioners remains important to us and we will continue to nurture those important relationships. We will also be exploring new funding streams and income generating activities through building donor relationships, trusts and foundations, corporate partneships and through social enterprise activities.
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DYS Space Limited Year ended 31 March 2023
## **Principal Risks**
A strategic risk register is owned and reviewed by the Board quarterly.
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Risk Area Risk Mitigation
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|**Risk Area**|**Risk**|**Mitigation**||
|---|---|---|---|
|||||
|Operational|Reserve position and forecast
for 2023/2024
Recruitment and retention
Staff well-being/burnout
Measuring impact|Staffng and cost review to be completed
by January 2024
Support for staff following completion of
review
Improve impact reporting by improved
datagatheringand storytelling||
|Financial|Loss of contracts
Infation and cost of living
Over reliance on public sector
contracts
Fraud
Lack of fundraisingincome|Maintain close relationships with
commissioners
Switch suppliers. Improve habits/
consumption
Grow alternative income streams
Robust fnancialprocesses inplace||
|Reputational|Public perception
Staff wellbeing|Improve branding and marketing activity
Improve internal communications &
support||
|Governance &
Compliance|OFSTED compliant
Data breach/security|External auditor engaged to keep us on
track
Robust systems in place or in
development||
|External|Political
Natural disasters/
emergencies|Maintain good relationships with elected
members, MPs and Commissioners.
Learningfrom Covid. Remain agile.||
## **Funding**
As a public service mutual our relationship with our public sector partners is important to us, and vital to enabling us to carry out much of our work. We share the same vision, to unlock the potential of young people in Devon and the funding provided by them, for us to deliver our services is essential. Without it we would not be able to work with a fraction of the young people that we do.
We have now completed the first 3 years of delivery of our core contract with Devon County Council, to deliver open access youth work, and are grateful for confirmation of another 2 years funding. This year we have also been granted contracts via police and health for us to deliver street based youth work and youth work on hospital wards. Some of this work we deliver in partnership with other organisations who share our values and vision.
We invest in analysing the impact of our work, so we can continue to evidence value for money to our funders and commissioners.
Over the next 12 months we plan to grow new income streams through building a donor base, trading activities and grants from trusts and foundations. To underpin these ambitions we have strengthened our fundraising capacity and have some exciting fundraising activities planned including mass participation and harnessing the energy of the communities we work with.
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DYS Space Limited Year ended 31 March 2023
## **Financial Review**
Overall the Charity had a trading deficit of £761,664 (2022: £355,826 surplus) through its charitable and trading activities. £312,782 of the deficit was due to project costs incurred in 22/23 relating to project income received in 21/22, significant increases in fuel and cost of living expenses, investment in a MUGA and within centres.
Whilst funding opportunities have not returned to pre-Covid levels, opportunities for post Covid work are slowly increasing. Space continue to work on longer term projects i.e. the OPCC ASB Outreach project. Other short term projects, for example, CYP - In Reach and Ottery St Mary SLA have been extended and continued for 2023/24. Sustainability of project funding is improved by these developments.
SEND and LGBTQ work separately funded continues to expand support in these areas across Devon.
During 2022/23 income reduced by 25% from £4.067m to £3.058m (32% growth in 2021/22 partly due to covid), although Our Core contract with DCC increased by 2.5% from £1.820m to £1.867m as per the contract.
Traded income from our alternative provision school, Chances reduced by 13% from £458k to £355k (5% growth in 2021/22). The reduction was the result of a decision to restrict pupil numbers to 20 due to different behaviours and safeguarding challenges experienced following the emergence from the Covid period.
Total Other income (including Chances) grew by 1.2% from £504k to £511k due to increases in Lettings income and the income generated by our Educational Support Services (ESS). ESS is an outreach trading arm which works within schools to support pupils at risk of exclusion or requiring support with wellbeing.
Our project income from a variety of small projects and Covid funding, including DCC was 24% of our income in 2022/23 (35% of income in 2021/22). This reflected the changing funding scene during the period of Covid recovery.
Expenditure has increased by a further 10.5% from £3.711m to £4.104m (30% in 2021/22). Our core operating costs have increased due to utility and fuel costs as well as salary increases due to an investment in the infrastructure of the charity.
The pension fund generated a net gain in the year of £3,133,000 (2022: net gain of £665,000). reducing the pension liability at the year end to £144,000 (2022: £2,993,000 Liability).
The Balance Sheet shows net assets of £619,062 as at 31 March 2023 (2022: £1,468,274 Liability). This is after the liability for the Defined Benefit Pension Scheme of £144,000 (2022: £2,993,000).
Changes in the financial markets have been the cause of the significant change to the valuations used for the Defined Benefit Pension Scheme resulting in a large reduction in the Liability for 2022/23.
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 by a triannual valuation of the scheme.
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DYS Space Limited Year ended 31 March 2023
## **Going Concern Basis**
The Board have considered budgets for a 2 year period to 31 March 2025. This includes the stability of a continuing core contract for 2 years ending 31st March 2025. This contract has been awarded a 6% uplift in 23/24, and the same could potentially be awarded in 2024/2025. Please refer to note 1b (page 56).
Given these considerations, the Board feels DYS Space Ltd is a going concern for the foreseeable future, to include a period of 12 months following the signing of the accounts to the year ended 31 March 2023.
## **Reserves Policy**
Our policy for holding reserves takes into account both 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.
DYS Space holds reserves in order to:
- Set aside funds for specific purposes to further the development of the organisation (£80,000)
- Prepare for any unforeseen liabilities which may occur in the future
- Ensure we have reserves to meet the Board’s reserves policy
This year the Board have reviewed and approved a new Reserves Policy which provides for Unrestricted Reserves of 25% of our turnover. For 2023/24 this would be £775,000. Unrestricted Reserves at 31st March 2023 are £570,385 (see summary of funds table)
Our Reserves are held largely in cash with only £23,475 of unrestricted reserves being represented by tangible assets.
The Reserves held at the year-end amounted to £619,062 (£1,468,274) of which (£144,000) (£2,993,000 liability) were represented by the Pension Reserve, £570,385 are Unrestricted Funds and Restricted Funds amounted to £192,677. Excluding the pension liability, the charity’s net reserve position totalled £763,062.
Although current reserves are lower than the £775,000 target, a post balance sheet event (PBSE) has been triggered which is relevant to the Going Concern assessment. As a result, a significant restructure has been implemented, involving cost cutting and staffing reviews. This is set to move us back to an acceptable reserves position within 3 years.
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DYS Space Limited Year ended 31 March 2023
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RESERVES AS AT 31 MARCH 2023 2022
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|**RESERVES AS AT 31 MARCH**|**2023**|**2022**|
|---|---|---|
||||
|Unrestricted Funds|**£340,385**|£477,131|
|Restricted Funds|**£192,677**|£817,595|
|Capital Replacement Reserve|**£30,000**|£30,000|
|Investment in Chances|**£50,000**|£50,000|
|General (formerly Strategic)
Reserve|**£150,000**|£150,000|
|Pension Fund|**£(144,000)**|(£2,993,000)|
|**TOTAL**|**£619,062**|(£1,468,724)|
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NET ASSETS 2023 2022
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|**NET ASSETS**|**2023**|**2022**|
|---|---|---|
||||
|Tangible Fixed Assets|**23,475**|£18,670|
|Cash and cash equivalents|**794,676**|£969,911|
|Other Net Current Liabilities|**(£199,089)**|(£2,456,855)|
|**TOTAL**|**£619,062**|(£1,468,274)|
## **Summary of Funds:**
|**FUNDS AS AT 31 MARCH**|**2023**|**2022**|
|---|---|---|
|Unrestricted Funds|**£570,385**|**£707,131**|
|Restricted Funds|**£192,677**|**£817,595**|
|Other Net Current Liabilities|**(£199,089)**|**(£2,456,855)**|
|**FUNDS BEFORE PENSION**
**DEFICIT**|**£763,062**|**£1,524,726**|
|Pension Reserve|**(£144,000)**|**(£2,993,000)**|
|**TOTAL**|**£619,062**|**(£1,468,274)**|
31
**DYS Space Limited Year ended 31 March 2023**
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 be 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:
- Conflicted trustees are absent from the part of the meeting where affected arrangements are discussed;
- Conflicted trustees do not vote nor are counted as part of the quorum where affected matters are being discussed;
- Unconflicted trustees may consider it in the interests of the Charity to authorise the conflict in the circumstances applying.
32
DYS Space LimitedDYS Space Limited Year ended 31 March 2023Year ended 31 March 2023
## **Administrative Details**
## **Charity Registered Number:**
1173430
**Registered Company Number:** 10229618
## **Bankers:**
Barclays Bank, 3 Bedford Street, EXETER EX1 1LX
**Registered Office:** 100 Club Wear Barton Road Exeter EX2 7EH
## **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 (left 11/10/2023) Kevin Henman (left 12/05/2023) Melanie Walker William Withers (left 14/09/2023) Caroline Down Katy Few-Singh Dan King (left 26/10/2022) Max Price (left 11/08/2022) Cecilia Kokubu (joined 22/02/2023) Oliver Lovell (joined 26/04/2023) Richard Chubb (joined 25/07/2023) Lara Rippon (joined 25/07/2023) Heather Sandover (joined 25/07/2023) Angela Coton (joined 12/05/2023; left 31/10/2023) Peter Adey (joined 11/10/2023)
**Chief Executive Officer:** Kevin Henman (left 12/05/2023) Angela Coton (appointed 12/05/2023; left 31/10/2023)
33
DYS Space Limited Year ended 31 March 2023
## **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.
SIGN 22/11/2023 **Signature: Date:**
**ON BEHALF OF THE BOARD**
**Melanie Walker - Chair of Trustees**
34
DY
Year endÈd
Spate Limlted
1 Marth 2023-
l*
-EPIC
**DYS Space Limited Year ended 31 March 2023**
# **INDEPENDENT AUDITOR’S REPORT** To the Members of DYS Space Limited
37
DYS Space Limited Year ended 31 March 2023
## **Independent Auditor’s Report**
## **Opinion**
We have audited the financial statements of DYS Space Limited (the “Charity”) for the year ended 31 March 2023 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:
- give a true and fair view of the state of the charity’s affairs as at 31 March 2023 and of its income and expenditure for the period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- 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.
## **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.
38
DYS Space Limited Year ended 31 March 2023
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:
- 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
- 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:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not obtained all the information and explanations necessary for the purposes of our audit
39
DYS Space Limited Year ended 31 March 2023
## **Responsibilities of the trustees**
As explained more fully in the Statement of Trustees’ Responsibilities set out on page 34, 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.
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;
- 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;
- 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 non-compliance with laws and regulations is from the
40
DYS Space Limited Year ended 31 March 2023
events and transactions reflected in the financial statements as we are less likely to be come 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.
Stephanie Henshaw (Senior Statutory Auditor) PKF FRANCIS CLARK Chartered Accountants & Statutory Auditor Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE
SIGN 19/12/23 **Signature: Date:**
41
DYS Space Limlted
Year ended 31 Marth 2023
STATEMENT
OF FINANCIAL
ACTIVITIES
DYS Space Limited Year ended 31 March 2023
## **Statement of Financial Activities**
**----- Start of picture text -----**
Notes Unrestricted Restricted Pension Total Funds Total Funds
Fund Fund Fund 2023 2022
**----- End of picture text -----**
|**Income**
Donations and legacies
2
Income from
Charitable Activities
3
Other trading activities
4
Investment income
5
**Total income**
**Expenditure**
Charitable activites
6
Other trading activites
7
**Total expenditure**
**Net income/**
**(expenditure)**
**Transfers between**
**funds**
15/16
**Other recognised**
**(losses)/gains:**
Actuarial (loss)/gain
on defned beneft
pension schemes
19
**Net movement in**
**funds**
**Reconciliation of**
**funds:**
Fund balances brought
forward
**Fund balances carried**
**forward**
15/16|**£**
**£**
**£**
**£**
**£**
5,483
3,500
-
8,983
119,922
2,034,800
501,664
-
2,536,464
3,442,271
510,962
-
-
510,962
504,606
2,533
-
-
2,533
340|
|---|---|
||**2,533,778**
**505,164**
**-**
**3,058,942**
4,067,139|
||3,177,008
631,847
284,000
4,092,855
3,701,427
11,751
-
-
11,751,
9,886|
||**3,188,759**
**631,847**
**284,000**
**4,104,606**
3,711,313|
||(634,981)
(126,683)
(284,000)
**(1,045,664)**
355,826
498,235
(498,235)
-
**-**
-
-
-
3,133,00
**3,133,000**
665,000|
||**(136,746)**
**(624,918)**
**2,849,000**
**2,087,336**
1,020,826|
||707,131
817,595
(2,993,00)
(1,468,274)
(2,489,100)|
||**570,385**
**192,677**
**(144,000)**
**619,062**
(1,468,274)|
The statement of financial activities includes all gains and losses in the period. All incoming resources and resources expended derive from continuing activities.
44
DYS Space Limlted
Year ended 31 March 2023
L L. I I
81 E L,L,
DYS Space Limlted
Year ended 31 Marth 2023
BALANCE
SHEET
DYS Space Limited Year ended 31 March 2023
## **Balance Sheet**
|**Fixed Assets**
Tangible fxed assets
**Current Assets**
Debtors
Cash and cash equivalents
**Creditors**
Amounts falling due within one year
**Net Current Assets**
**Net Assests before pension liability**
Pension liability
**Net Liabilities after pension liability**
**Reserves**
Unrestricted funds
Restricted funds
Pension reserve
**Total Funds**|**Notes**|**2023**|**2022**|
|---|---|---|---|
||11
12
13
19
15
16
19|**£**
**£**
**23,475**
18,670
**950,430**
1,389,080
**794,677**
969,911||
|||**1,745,107**
2,358,991
**(1,005,520)**
(852,935)||
|||**739,520**
1,506,056
**763,062**
1,524,726
**(144,000)**
(2,993,000)||
|||**619,062**
(1,468,274)||
|||**570,385**
707,131
**192,677**
817,595
**(144,000)**
(2,993,000)||
|||**619,062**
(1,468,274)||
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 /2023 and were signed on their behalf by
SIGN
22/11/2023 **Signature: Date:**
**Melanie Walker - Chair of Trustees Company Number: 10229618**
48
DYS Space Limfted
Year ended 31 March 2023
Ihi
DYS Space Limlted
Year ended 31 Marth 2023
STATEMENT
OF CASH
FLOWS
DYS Space Limited Year ended 31 March 2023
## **Statement of Cash Flows**
|**Cash Flows from operating activites:**
**Net cash provided (used in)/ by operating**
**activites**
**Cash fows from investing activites:**
Bank interest recieved
Purchase of property plant and equipment
**Net cash provided by/(used in) investing**
**activites**
**Charge in cash and cash equivalents in the**
**reporting period**
Cash and cash equivalents at the beginning
of the reporting period
**Cash and cash equivalents at the end of**
**the reporting period**|**Notes**|**2023**|**2022**|
|---|---|---|---|
||18|**£**
**£**
**(158,271)**
390,288||
|||**2,533**
340
**(19,496)**
(7,494)||
|||**(16,963)**
(7,154)
**(175,234)**
**383,134**
**969,911**
586,777||
|||**794,677**
969,911||
52
DYS Space Llmited
Year ended 31 Mareh 2023
ri
11
DYS Space Limfted
Year ended 31 March 2023
NOTES TO THE
FINANCIAL
STATEMENTS
DYS Space Limited Year ended 31 March 2023
## **Notes to the Financial Statements**
## **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) (effective January 2019).
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 assets of £619,062 as at 31 March 2023. This includes the Devon County Council defined benefit pension scheme liability of £144,000.
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 by a tri-annual 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, taking into consideration a post balance sheet event (PBSE) has been triggered by a management review of deteriorating projections post sign off. As a result, a significant restructure has been implemented, involving cost cutting and staffing reviews to be completed by January 2024. The Trustees have also considered the continuation of the DCC Core contract. This represents a substantial proportion of the charity’s income and still has a further two years to run. 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.
56
DYS Space Limited Year ended 31 March 2023
## **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 based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period. If the revised estimate affects the period of revision and future periods, revise 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.
57
DYS Space Limited Year ended 31 March 2023
## **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 – 20% 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 transactions value and subsequently measured at their settlement value.
58
DYS Space Limited Year ended 31 March 2023
## **l) 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 provide 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 on a straight-line basis over the terms of the lease. The Charity does not currently procure services under finance lease arrangements.
59
DYS Space Limited Year ended 31 March 2023
## **2. Donations and legacies**
|**2. Donations and legacies**|||||
|---|---|---|---|---|
|Donations
Grant - BLF
**Total**|**Unrestricted**
**Fund**|**Restricted**
**Fund**|**Total 2023**|**Total 2022**|
||**£**
**£**
**£**
**£**
5,483
3,500
**8,983**
16,491
-
-
**-**
103,431||||
||5,483
3,500
**8,983**
119,922||||
## **3. Income from Charitable Activities**
|**3. Income from Charitable Activities**|**Activities**||||
|---|---|---|---|---|
|**Unrestricted**
**Fund**
**Restricted**
**Fund**
**Total 2023**
**Total 2022**
**£**
**£**
**£**
**£**
DC Core contract income
1,866,720
-
**1,866,720**
1,820,465
Membership subscriptions
2,071
-
**2,071**
7,666
Duke of Edinburgh
22,075
-
**22,075**
9,201
Project income
111,268
359,697
**470,965**
1,355,716
Trip income
2,928
-
**2,928**
5,637
AYCH income
27,356
-
**27,356**
25,458
Turning Corners
-
84,099
**84,099**
122,760
Safer Devon Partnership
Income
-
-
**-**
37,500
DCF Social prescribing
2,382
57,868
**60,250**
57,868
**Total**
2,034,800
501,664
**2,536,464**
3,442,271
**4. Income from other trading activities**
**Unrestricted**
**Fund**
**Restricted**
**Fund**
**Total 2023**
**Total 2022**
**£**
**£**
**£**
**£**
Chances income
355,361
-
**355,361**
408,194
Educational Services Support
(ESS)
84,278
-
**84,278**
35,949
Tuck shop income
9,714
-
**9,714**
9,725
Lettings income
49,442
-
**49,442**
41,912
Other trading activities
9,217
-
**9,217**
8,826
Duke of Edinburgh booklets
2,950
-
**2,950**
-
**Total**
510,962
-
**510,962**
504,606|**Unrestricted**
**Fund**|**Restricted**
**Fund**|**Total 2023**|**Total 2022**|
||**£**
**£**
**£**
**£**
1,866,720
-
**1,866,720**
1,820,465
2,071
-
**2,071**
7,666
22,075
-
**22,075**
9,201
111,268
359,697
**470,965**
1,355,716
2,928
-
**2,928**
5,637
27,356
-
**27,356**
25,458
-
84,099
**84,099**
122,760
-
-
**-**
37,500
2,382
57,868
**60,250**
57,868||||
||2,034,800
501,664
**2,536,464**
3,442,271||||
||**Unrestricted**
**Fund**|**Restricted**
**Fund**|**Total 2023**|**Total 2022**|
||**£**
**£**
**£**
**£**
355,361
-
**355,361**
408,194
84,278
-
**84,278**
35,949
9,714
-
**9,714**
9,725
49,442
-
**49,442**
41,912
9,217
-
**9,217**
8,826
2,950
-
**2,950**
-||||
||510,962
-
**510,962**
504,606||||
60
DYS Space Limited Year ended 31 March 2023
## **5. Investment income**
|**5. Investment income**|||||
|---|---|---|---|---|
|Bank interest
**Total**|**Unrestricted**
**Fund**|**Restricted**
**Fund**|**Total 2023**|**Total 2022**|
||**£**
**£**
**£**
**£**
2,533
-
**2,533**
340||||
||2,533
-
**2,533**
340||||
## **6. Analysis of expenditure on charitable activities**
|AYCH expenditure
Hub expenses
Grant specifc expenditure
Project specifc expenditure
Small grant fund
Memberships subcriptions
Support to VCS providers
Gas and electricity
Water rates
Business rates
Rent
Building maintenance
Transport and fuel
Repairs and maintenance
Insurance
Health and fre safety
Printing, postage and stationary
Telephone and broadband
ICT software
Advertising and recruitment
Marketing and Fundraising
Hospitality and refreshments
Cleaning
Pension bond|**Total 2023**|**Total 2022**|
|---|---|---|
||**£**
**£**
**734**
6,494
**22,151**
16,104
**4,209**
15,977
**340,020**
359,125
**104,387**
77,426
**4,160**
778
**34,715**
69,335
**69,522**
43,103
**10,083**
8,527
**4,053**
4,433
**20,298**
26,132
**70,940**
43,927
**42,299**
35,228
**32,378**
47,864
**18,508**
18,057
**19,493**
22,597
**9,068**
10,635
**25,023**
21,096
**33,927**
19,513
**14,594**
11,813
**6,192**
-
**3,691**
2,673
**87,444**
82,848
**19,382**
15,349||
61
DYS Space Limited Year ended 31 March 2023
## **6. Analysis of expenditure on charitable activities (continued)**
|Miscellaneous expenses
Wages and salaries
Social security costs
Pension costs
Staff development and training
Professional fees
Audit and Accountancy fees
Depreciation
Bank charges
Irrecoverable VAT
**Total**|**Total 2023**|**Total 2022**|
|---|---|---|
||**2,075**
10,499
**2,289,482**
1,960,432
**191,599**
148,424
**498,244**
524,760
**33,045**
30,782
**34,135**
23,525
**6,917**
11,300
**14,691**
16,736
**1,070**
1,055
**25,346**
14,880||
||**4,092,855**
3,701,427||
Expenditure on charitable activities was £4,092,855 (2022: £3,701,427) of which £3,177,008 (2022: £2,761,077) was unrestricted and £631,847 (2022: £610,350) was restricted and £284,000 (2022: £330,000) was on the pension fund.
## **7. Analysis of expenditure on trading activities**
|Tuck shop purchases
Duke of Edinburgh
**Total**|**Total 2023**|**Total 2022**|
|---|---|---|
||**£**
**£**
**8,322**
7,955
**3,419**
1,931||
||**11,751**
9,886||
All expenditure on trading expenditure related to unrestricted funds
## **8. Staff costs**
|**8. Staff costs**|||
|---|---|---|
|Wages and salaries
Social security costs
Pension costs
**Total**|**Total 2023**|**Total 2022**|
||**£**
**£**
**2,289,482**
1,960,432
**191,599**
148,424
**498,224**
524,760||
||**2,979,305**
2,633,616||
62
DYS Space Limited Year ended 31 March 2023
During the period one employee received emoluments between £ 60,000 and £70,000 (2022: one).
Key Management Personnel remuneration totalled £ 278,647 (2022: £291,271) (this includes employers’ national insurance and pension contributions for 5 members of staff )
The average number of employees during the period was 120 (2022: 112)
The number of FTE equivalent employees during the period, based on a 37 hour week, was 82 (2022: 68)
## **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.
£47.70 (2022: £Nil) for transport expenses have been reimbursed to trustees in the period.
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: £70,000 - £75,000 (2022: £65,000 - £70,000) Employer’s pension contributions: £10,000 - £ 15,000 (2022 £10,000 - £15,000)
Caroline Down (Staff Trustee): Remuneration: £25,000 - £30,000 (2022: £20,000 - £25,000) Employer’s pension contributions: £0 - £ 5,000 (2022: £0 - £5,000)
Dan King (Staff Trustee): Remuneration: £10,000 - £15,000 (2022: £20,000 - £25,000) Employer’s pension contributions: £0 - £5,000 (2022: £0 - £5,000)
Cecilia Kokobu (Staff Trustee): Remuneration: £0 - £5,000 (2022: N/A) Employer’s pension contributions: £0 - £5,000 (2022: £0 - £5,000)
## **10. Net Incoming Resources for the Period**
|**10. Net Incoming Resources for the Period**|||
|---|---|---|
|This is stated after charging:
Depreciation
Auditors’ remuneration
- Audit
- Other services|**Total 2023**|**Total 2022**|
||**£**
**£**
**14,691**
16,736
**6,917**
6,850
**1,156**
4,450||
63
DYS Space Limited Year ended 31 March 2023
## **11. Tangible Fixed Assets**
|**11. Tangible Fixed Assets**||||
|---|---|---|---|
|**Equipment**
**Fixtures and**
**Fittings**
**Total**
**£**
**£**
**£**
**Cost**
Brought forward 1 April 2022
60,508
116
**60,624**
Additions
15,597
3,899
**19,496**
**At 31 March 2023**
76,105
4,015
**80,120**
**Depreciation**
Brought Forward 1 April 2022
41,833
121
**41,954**
Charge for year
14,442
249
**14,691**
At 31 March 2023
56,275
370
**56,645**
**Net Book Value**
At 1 April 2022
18,675
(5)
**18,670**
**At 31 March 2023**
**19,830**
**3,645**
**23,475**
**12. Debtors**
**2023**
**2022**
**£**
**£**
Trade debtors
**804,282**
752,989
Other debtors
**109,756**
610,492
Prepayments
**36,392**
25,599
**950,430**
1,389,080
**13. Creditors: Amounts Falling due within one year**
**2023**
**2022**
**£**
**£**
Trade creditors
**56,116**
107,064
Other creditors
**215**
933
Accruals & deferred income
**762,641**
577,911
PAYE and NI creditor
**69,869**
41,034
VAT creditor
**116,679**
125,933
**1,005,520**
852,935|**Equipment**|**Fixtures and**
**Fittings**|**Total**|
||**£**
**£**
**£**
60,508
116
**60,624**
15,597
3,899
**19,496**|||
||76,105
4,015
**80,120**|||
||41,833
121
**41,954**
14,442
249
**14,691**|||
||56,275
370
**56,645**|||
|||||
||18,675
(5)
**18,670**|||
|||||
||**19,830**
**3,645**
**23,475**|||
64
DYS Space Limited Year ended 31 March 2023
## **14. Operating Lease Commitments**
At 31 March 2023 the company had lease payments due under non-cancellable operating leases as set out below:
|Operating lease payments due:
In less than one year
Between one and fve years
After fve years|**Plant and**
**Machinery**|**2023**|**2022**|
|---|---|---|---|
||**£**
**£**
**£**
509
**509**
1,865
-
**-**
-
-
**-**
-|||
||509
**509**
1,865|||
## **15. Income from Charitable Activities**
**----- Start of picture text -----**
1 April 2022 Incoming Resources Transfer 31 March
Resources Expended 2023
**----- End of picture text -----**
||**1 April 2022**
**Incoming**
**Resources**
**Resources**
**Expended**
**Transfer**
**31 March**
**2023**|
|---|---|
|Unrestricted funds -
General
Capital Replacement
Investment in Chances
Strategic Reserves
**Total Unrestricted**
**Funds**|**£**
**£**
**£**
**£**
**£**
477,131
2,553,778
(3,188,759)
498,235 **340,385**
30,000
-
-
-
**30,000**
50,000
-
-
-
**50,000**
150,000
-
-
-
**150,000**|
||**707,131**
**2,553,778**
**(3,188,759)**
**498,235**
**570,385**|
## **Unrestricted Funds – Prior year comparative:**
|Unrestricted funds -
General
Capital Replacement
Investment in Chances
Strategic Reserves
**Total Unrestricted**
**Funds**|**1 April 2022**|**Incoming**
**Resources**|**Resources**
**Expended**|**Transfer**|**31 March**
**2023**|
|---|---|---|---|---|---|
||**£**
**£**
**£**
**£**
**£**
609,156
2,530,765
(2,770,963)
108,173
**477,131**
30,000
-
-
-
**30,000**
50,000
-
-
-
**50,000**
150,000
-
-
-
**150,000**|||||
||**839,156**
**2,530,765**
**(2,770,963)**
**108,173**
**707,131**|||||
65
DYS Space Limited Year ended 31 March 2023
## **16. Restricted Funds**
|**16. Restricted Funds**||||||
|---|---|---|---|---|---|
|Children in Need
Mid Devon PCN Culm Valley
- SLA
Exmouth Summer
Programme
PANDEMIC SUMMER
FUNDING - DCC ADDITIONAL
West Devon District Council -
Summer Activities
YOUNG DEVON (YEF) (PEER
RESEARCHERS)
Enterprise Development Fund
(EDP / ESS consultancy)
SEND Oct 21 Residential Trip
Covid containment campaign
(COMF 08)
Northbrook Community Trust
- SEND Tiverton - 3 years
Covid outdoor spaces
containment (COMF 09)
SWAN (Safety of Women at
Night)
DCC (Economy and Skills
Team) Flying Start
Donations
UK Year in Service - NCS -
Dorset Youth
Outdoor equipment (contract
variation)
CiN youth investment fund -
Solar Panels
ESS Wellness boxes - St
James Place
UK Youth - Active Youth
Community Connectors
POCA North 21/22
Turning corners 2|**1 April 2022**|**Incoming**
**Resources**|**Resources**
**Expended**|**Transfer**|**31 March**
**2023**|
||**£**
**£**
**£**
**£**
**£**
23,678 -
-
(23,678)
**-**
5,764
15,130
(10,855)
(10,039)
**-**
434 -
-
-
**434**
468,111 -
(107,494)
(360,617)
**-**
-
310
(771)
461
**-**
15,474
27,114
(17,457)
(25,131)
**-**
16,840
21,633
(21,633)
(16,840)
**-**
3,776 -
(2,808)
(968)
**-**
- -
(531)
531
**-**
54,000 -
(9,938)
-
**44,062**
105,070
140,946
(192,624)
(53,392)
**-**
- -
(36)
36
**-**
101,682 -
(43,096)
-
**8,586**
1,549 -
-
(1,549)
**-**
- -
(27,418)
27,418
**-**
- -
(12)
12
**-**
14,163
(13,114)
-
(1,049)
**-**
2,500 -
(2,331)
(169)
**-**
- -
479
-
**479**
-
60,250
(60,250)
-
**-**
4,554 -
-
(4,554)
**-**
-
84,099
(55,468)
(28,631)
**-**|||||
66
DYS Space Limited Year ended 31 March 2023
|Other Projects
AFCH Beacon Heath Youth
Work
ASDA Empowering Local
Communities (Barnstaple)
ASDA Under 18's Better Start
(Bideford)
CiN X-plore (Okehampton)
Daisi - Music Equipment
(Exmouth)
DCC Winter Support Grants
Digital X-plore
Exeter City Small Grants (100
Club residential)
Exeter University - Mental
Health Podcasts
Exmouth Rotary Club
Hub Income
Ottery St Mary - SLA
POCA Newton Abbot
Safe South West (Bideford)
Teignbridge & South Hams
Police - Summer programme
Teignbridge DC - Safer
Spaces, Safer Places
Trip and Offsite Activity
UK Youth - Inspire Social
Action
Waitrose - Give a Little Love
(Communities Team)
Waitrose Community Matters
- HAF (Okehempton)
Wellness Programme
Young Devon - CYP - In Reach
Discharge Support|**1 April 2022**|**Incoming**
**Resources**|**Resources**
**Expended**|**Transfer**|**31 March**
**2023**|
|---|---|---|---|---|---|
||-
1,499
(1,423)
(76)
**-**
-
2,500
(1,503)
-
**997**
-
1,500
(1,194)
-
**306**
-
950
(871)
-
**79**
-
29,955
(7,908)
-
**22,047**
-
950
(795)
-
**155**
-
25,000
(3,908)
-
**21,092**
-
500
-
-
**500**
-
635
(572)
-
**63**
-
14,951
(3,582)
-
**11,369**
-
800
(653)
-
**147**
-
2,007
-
-
**2,007**
-
22,651
(9,145)
-
**13,506**
-
300
(148)
-
**152**
-
1,900
(78)
-
**1,822**
-
2,000
(936)
-
**1,064**
-
7,000
(3,457)
-
**3,543**
-
700
(650)
-
**50**
-
29,925
(28,513)
-
**1,412**
-
333
(325)
-
**8**
-
300
(291)
-
**9**
-
7,440
(3,765)
-
**3,675**
-
15,000
(9,887)
-
**5,113**|||||
||817,595
505,164
(631,847)
498,235
**192,677**|||||
67
DYS Space Limited Year ended 31 March 2023
## **Thank you to all our funders**
**Turning Corners and Turning Corners 2** - Joint work with OPCC for young people at risk of gang involvement in South Hams.
**POCA North** - Street based work for identified groups of young people involved in ASB in Barnstaple / Bideford
**Children In Need (CiN X-plore Okehampton)** - Children in Need funding for Okehampton X-plore (LGBTQ) group
**COVID Hardship Fund Teignbridge** - This project will primarily focus on 3 areas in Teignbridge, Newton abbot, Teignmouth and Dawlish. Although all young people will be welcome the bulk of advertising will be aimed at those who are in school years 7&8 in September 2021.
**Mid Devon PCN – Culm Valley** - Provision of a youth worker for 12 hrs per week for social prescribing in the Culm Valley
**Devon Music Education Hub** - Providing access to music in sessions / outdoor events in South Devon
**Exmouth Summer Programme** - Support for trips, etc during Summer holidays in Exmouth
**Pandemic Summer Funding** – Various lines of support for Play in the Park sessions, street based work, support for community youth clubs to re-engage with young people after the pandemic and support community youth clubs struggling to survive post pandemic
**WDDC – Summer Activities** - Support for 9 trips during the Summer in Okehampton Young Devon (Yef) (Peer Researchers) - Research into CSE and its impact on young people, by young people as a partner in a Young Devon led project
**Enterprise Development Fund** - Market research, business development support from Economic Development Fund for a new trading arm for Space (ESS)
**SEND Oct 2021 Residential Trip** - Funding for a SEND residential, initially in Oct 2021. Took place in Feb 2022. Funding left over to go towards a further residential later in 2022
**COVID containment campaign (COMF 08)** - Marketing campaign to promote healthy, covid behaviour and support community youth clubs
**Northbrook Community Trust** - Provision of a SEND youth club session in Tiverton for 3 years from April 2022 to March 2025
**COVID Outdoor Spaces Containment (COMF 09)** - Provision of furniture / awnings / lighting / etc to expand the use of youth club spaces outside during winter months to help contain covid
**COVID MUGA Containment (COMF 09)** - Refurbishment of the MUGA at Newton Abbot
**SWAN (Safety of Women at Night)** - Safety of Women at Night research project
**DCC Funding – VOYC / SDP work** - Funding to continue and grow VOYC and SDP work
68
DYS Space Limited Year ended 31 March 2023
**DCC (Economy & Skills Team) Flying start** - Entreprenuerial and tech support for additional project at 3 youth clubs in Devon over an 18 month period
**Donations** - Donations for use at Barnstaple / Bideford youth clubs
**UK Year In Service – NCS – Dorset Youth** - NCS year in service project as partner to Dorset Youth Outdoor Equipment (contract variation) - Contract variation to provide outdoor equipment to use in street based work / outdoor spaces at youth clubs
**Daisi funding** – includes Peer Educators to work in youth clubs, funding for a young person to shadow the provision of music in youth clubs, and X-plore (LGBTQ) half term activities
**CIN Youth Investment Fund** - Children in Need funding to provide solar panels, initially at Barnstaple and Bideford but only supplied at Barnstaple due to survey of roof and time pressure issues at Bideford
**ESS Wellness Boxes** - Wellness boxes supplied to ESS students to accompany wellness training
**CSP Summer Activities – Tiverton** - Support towards summer activities in Tiverton area
**UK Youth – Active Youth** - Encourage young people to take up physical activity for a period of time and measure of sustained physical activity as a result
**Community Connectors** – Social prescribing work in Exeter in collaboration with Wellbeing Exeter
**Centre of Youth Impact** - Research work on the impact of youth work
**SDP 20/21** – Street based youth work projects to support young people during lockdown and those at risk of gang involvement
**DCF Social prescribing (Community Connectors)** - Provision of youth workers (1.8FTE) for social prescribing in the Exeter area
**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.
**AFCH Beacon Heath Youth Work** - supporting young people to use the outdoor space in Beacon Heath, be active and look after their wellbeing
**ASDA Empowering Local Communities (Barnstaple)** - funding towards garden equipment for Barnstaple youth centre
**ASDA Under 18’s Better Start (Bideford)** - funding towards music equipment for Bideford youth centre
**DAISI - Music Equipment (Exmouth)** - funding towards music equipment for Exmouth youth centre
**DCC Winter Support Grants** - additional funding for community youth groups to help with high utility costs
**Digital X-plore** - funding towards an online X-plore group
69
DYS Space Limited Year ended 31 March 2023
**Exeter City Small Grants (100 Club Residential)** - funding towards a Residential for Exeter youth centre young people
**Exeter University - Mental Health Podcasts** - facilitate research into a number of topics and create podcasts of the learning for use for others working with young people
**Exmouth Rotary Club** - a donation towards the Exmouth youth centre summer programme
**OPCC - ASB Youth Outreach** - Peninsula wide outreach work with partner organisations over a 3 year period
**Ottery St Mary SLA** - SLA for the provision of 2 nights per week and some targeted work with young people in Ottery St Mary
**POCA Newton Abbot** - funding towards the summer programme for Newton Abbot youth centre
**Safe South West (Bideford)** - funding towards resources, trips for young people in Bideford
**Teignbridge & South Hams Police - Summer programme** - funding towards resources, trips for young people in Newton Abbot
**Teignbridge DC - Safer Spaces, Safer Places** - a partnership approach to educating young people about harmful sexual behaviours in the Teignbridge area
**UK Youth - Inspire Social Action** - funding to provide Social Action opportunities for young people in the south west, to include partner organisations
**Waitrose - Give a Little Love** - Resources funding for Summer fun days
**Waitrose Community Matters - HAF (Okehampton)** - funding towards holiday activities and food in the holidays in Okehampton
**Wellness Programme** - delivery of a wellness programme to 17 secondary and 13 primary schools in Devon
**Young Devon - CYP In Reach Discharge Support** - support for young people in hospital for longer term stays and in preparation for discharge in Exeter
70
DYS Space Limited Year ended 31 March 2023
## **Prior year comparative:**
|Children In Need
Covid Hardship Fund
Teignbridge
Mid Devon PCN – Culm
Valley
Devon Music Education Hub
(South Devon Music Activity)
Exmouth Summer
programme
Pandemic Summer Funding -
DCC Additional
West Devon District Council -
Summer Activities
Young Devon (Yef) (Peer
Researchers)
Enterprise Development Fund
(EDP / ESS Consultancy)
SEND Oct 2021 Residential
Trip
Covid containment campaign
(COMF 08)
Northbrook Community Trust
- SEND Tiverton - 3 Years
Covid Outdoor Spaces
Containment (COMF 09)
Covid MUGA Containment
(COMF 09)
SWAN (Safety Of Women At
Night)
DCC Funding - VOYC / SDP
work
DCC (Economy & Skills
Team) Flying Start
Donations
UK Year In Service - NCS -
Dorset Youth
Outdoor Equipment (Contract
Variation)|**1 April 2022**|**Incoming**
**Resources**|**Resources**
**Expended**|**Transfer**|**31 March**
**2023**|
|---|---|---|---|---|---|
||**£**
**£**
**£**
**£**
**£**
-
29,025
(5,347)
-
**23,678**
-
9,576
(9,170)
(406)
**-**
-
16,024
(10,260)
-
**5,764**
-
4,000
(1,616)
(2,384)
**-**
-
2,147
(1,713)
-
**434**
-
649,911
(181,800)
-
**468,111**
-
5,759
(4,096)
(1,663)
**-**
-
31,806
(16,332)
-
**15,474**
-
30,582
(13,742)
-
**16,840**
-
6,500
(2,724)
-
**3,776**
-
21,660
(12,537)
(9,123)
**-**
-
54,000
-
-
**54,000**
-
31,231
(29,525)
-
**1,706**
-
156,354
(52,990)
-
**103,364**
-
6,226
(1,842)
(4,384)
**-**
-
37,194
(35,542)
(1,652)
**-**
-
103,494
(1,812)
-
**101,682**
-
3,500
(1,951)
-
**1,549**
-
24,580
(9,304)
(15,276)
**-**
-
6,694
(6,694)
-
**-**|||||
71
DYS Space Limited Year ended 31 March 2023
## **Prior year comparative (continued):**
|Daisi funding
CIN Youth Investment Fund -
Solar Panels
ESS Wellness Boxes - St
James Place
CSP Summer Activities -
Tiverton
UK Youth – Active youth
Community Connectors
Centre Of Youth Impact
Active Youth
SDP 20/21
Poca North 21/22
Poca North 22/23
Turning Corners
Turning Corners 2
DCF Social prescribing
Other Projects
**Total Restricted Funds**|**1 April 2022**|**Incoming**
**Resources**|**Resources**
**Expended**|**Transfer**|**31 March**
**2023**|
|---|---|---|---|---|---|
||946
21,582
(22,005)
(523)
**-**
-
30,140
(15,977)
-
**14,163**
-
2,500
-
-
**2,500**
-
1,160
(1,294)
134
**-**
-
13,972
(3,576)
(10,396)
**-**
(436)
-
-
436
**-**
-
5,000
(4,000)
(1,000)
**-**
(1,669)
-
-
1,669
**-**
-
37,562
(22,753)
(14,809)
**-**
3,632
-
(2,168)
(1,464)
**-**
-
3,090
-
1,464
**4,554**
(5,114)
-
-
5,114
**-**
-
122,759
(79,361)
(43,398)
**-**
-
57,868
(51,653)
(6,215)
**-**
2,385
10,478
(8,566)
(4,296)
**-**|||||
||**(256)**
**1,536,374**
**(610,350)**
**(108,173)**
**817,595**|||||
## **17. Analysis of Net Assets Between Funds**
|Fund balances at the period
end are represented by:
Tangible fxed assets
Current assets
Current liabilities
Provision for liabilities
**Total Net Assets**|**Unrestricted**
**Fund**|**Restricted**
**Fund**|**Pension**
**Funds**|**2023 Total**|
|---|---|---|---|---|
||**£**
**£**
**£**
**£**
23,475
-
-
**23,475**
-
-
-
**1,745,107**
-
-
-
**(1,005,520)**
-
-
(144,000)
**(144,000)**||||
||570,385
192,677
(144,000)
**619,062**||||
72
DYS Space Limited Year ended 31 March 2023
## **Prior year comparative:**
|Fund balances at the period
end are represented by:
Tangible fxed assets
Current assets
Current liabilities
Provision for liabilities
**Total Net Assets**|**Unrestricted**
**Fund**|**Restricted**
**Fund**|**Pension**
**Funds**|
**2023 Total**|
|---|---|---|---|---|
||**£**
**£**
**£**
**£**
18,670
-
-
**18,670**
1,458,709
900,282
-
**2,358,991**
(770,248)
(82,687)
-
**(852,935)**
-
-
(2,993,000)
**(2,993,000)**||||
||707,131
817,595
(2,993,000)
**(1,468,274)**||||
**18. Reconciliation of net expenditure to net cash flow from operating activities**
|**Net expenditure for the accounting period (as**
**per the statement of fnancial activities)**
**Adjustments for:**
Depreciation charges
Dividends,interest and rents from investment
DBPS cost less contributions payable
(Increase)/decrease in debtors
Increase/(decrease) in creditors
**Net cash provided by operating activities**|**2023**|**2022**|
|---|---|---|
||**£**
**£**
**(1,045,664)**
355,826
**14,691**
16,737
**(2,533)**
(340)
**284,000**
330,000
**438,650**
(466,567)
**152,585**
154,632||
||**(158,271)**
390,288||
73
DYS Space Limited Year ended 31 March 2023
## **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.
Contributions amounting to £3,542 were payable to the schemes at 31 March 2023 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 2016 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 5 March 2019.
The key elements of the valuation and subsequent consultation are:
• employer contribution rates set at 23.68% of pensionable pay (this includes an additional 0.8% following agreement between the Department for Education and HM Treasury to delay the increase in employer contribution rates until 1 September 2019, and also includes 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 £218,100 million, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million giving a notional past service deficit of £22,000 million
• the assumed real rate of return is 2.8% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return is 4.86%.
The TPS valuation for 2012 determined an employer rate of 16.4%, which was payable from September 2015. The latest valuation of the TPS is as at March 2016, whereupon the employer contribution rate has increased as per above and was payable from 1 April 2019.] The employer’s pension costs paid to TPS in the period amounted to £30,119.
74
DYS Space Limited Year ended 31 March 2023
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 trusteeadministered funds. The total contribution made for the period ended 31 March 2023 was £157,000, of which employer’s contributions totalled £111,000 and employees’ contributions totalled £46,000. The agreed contribution rates for future years are 18.5% per cent for employers.
## **Principal actuarial assumptions**
|**Principal actuarial assumptions**|||
|---|---|---|
|Rate of increase in salaries
Rate of increase for pensions in payment/
infation
Discount rate for scheme liabilities|**At 31 March**
**2023**|**At 31 March**
**2022**|
||%
%
3.90
4.05
2.90
3.05
4.80
2.55||
The current mortality assumptions include sufficient allowance for future improvements in the mortality rates. The assumed life expectations on retirement age 65 are:
|**Retiring today**
Males retiring today
Females retiring today
**Retiring in 20 years**
Males retiring in 20 years
Females retiring in 20 years|**At 31 March**
**2023**|**At 31 March**
**2022**|
|---|---|---|
||%
%
21.8
22.7
22.9
24.0
23.1
24.0
24.4
25.4||
75
DYS Space Limited Year ended 31 March 2023
## **Sensitivity analysis**
|**Sensitivity analysis**|||
|---|---|---|
|Discount rate +0.1%
Discount rate -0.1%
Mortality assumption – 1 year increase
Mortality assumption – 1 year decrease|**At 31 March**
**2023**|**At 31 March**
**2022**|
||£
£
3,258,000
6,003,000
3,412,000
6,383,000
3,420,000
6,417,000
3,250,000
5,971,000||
The charity’s share of the assets in the scheme were:
|Equities
Gilts
Other bonds
Property
Cash and other liquid assets
Infrastructure
Alternative assets
Investment funds
Private equity
Total market value of assets
Less present value of defned beneft
obligations
Liability as at 31 March 2023|**At 31 March**
**2023**|**At 31 March**
**2022**|
|---|---|---|
||**£**
£
**1,680,000**
1,893,000
**-**
424,000
**682,000**
65,000
**280,000**
301,000
**38,000**
38,000
**287,000**
181,000
**1,000**
(1,000)
**222,000**
296,000
**-**
-||
||**3,190,000**
3,197,000||
||**(3,334,000)**
(6,190,000)||
||**(144,000)**
(2,993,000)||
The actual return on scheme assets was -£45,000.
## **Amounts recognised in the statement of financial activities**
|Current service cost
Interest cost
Admin expenses
Total amount recognised in the SOFA|**2023**|**2022**|
|---|---|---|
||**£**
£
**318,000**
373,000
**75,000**
67,000
**2,000**
2,000||
||**395,000**
442,000||
76
DYS Space Limited Year ended 31 March 2023
## **Changes in the present value of defined benefit obligations were as follows:**
|**2023**
**2022**
£
£
At 1 April
6,190,000
6,142,000
Current service cost
318,000
373,000
Interest cost
158,000
126,000
Change in fnancial assumptions
(2,978,000)
(510,000)
Change in demographic assumptions
(319,000)
-
Experience loss / (gain)
(49,000)
12,000
Estimated benefts net of transfers in
(32,000)
-
Employee contributions
-
-
Benefts paid
46,000
47,000
At 31 March
3,334,000
6,190,000
**Movements in the fair value of charity’s share of scheme assets**
**2023**
**2022**
£
£
At 1 April
3,197,000
2,814,000
Interest income
83,000
59,000
Actuarial gain/(loss)
(128,000)
167,000
Other actuarial gains / (losses)
(85,000)
-
Administrative expenses
(2,000)
(2,000)
Employer contributions
111,000
112,000
Employee contributions
46,000
47,000
Benefts paid
(32,000)
-
At 31 March
3,190,000
3,197,000|**2023**|**2022**|
|---|---|---|
||£
£
6,190,000
6,142,000
318,000
373,000
158,000
126,000
(2,978,000)
(510,000)
(319,000)
-
(49,000)
12,000
(32,000)
-
-
-
46,000
47,000||
||3,334,000
6,190,000||
||**2023**|**2022**|
||£
£
3,197,000
2,814,000
83,000
59,000
(128,000)
167,000
(85,000)
-
(2,000)
(2,000)
111,000
112,000
46,000
47,000
(32,000)
-||
||3,190,000
3,197,000||
77
DYS Space Limited, 100 Club Wear Barton Road, Exeter, Devon EX2 7EH Registered in England and Wales, Company Number 10229618. Charity Number 1173430. VAT Reg. Number 253 7495 791