THE PEARSON CENTRE FOR YOUNG PEOPLE ANNUAL REPORT 2021
The Pearson Centre for Young People’s Vision Statement:
A Centre, underpinned by the Christian faith, that provides Boys’ and Girls’ Brigade activities that care, develop and challenge young people through a programme of informal education, and that is also seen as a focal point within the community, supporting those that use its building and facilities.
ACTIONS as a result of the Vision, the Centre…
Will increase the skills, expectations and aspirations of all the young people we work with and provide them with an active voice with which to influence and guide the growth and development of The Centre.
Invest in leaders through training and support to develop their full potential in leading children and young people.
Provide a safe environment for young people to be valued and develop.
For reference purposes: 17th Nottingham Boys’ Brigade – ‘BB’
30th Nottingham Girls’ Brigade - ‘GB’
Trustees: Paid Staff: John G Wilson OBE (Chairman) Lynn Cahill Calvin James Andrew Bunyan Wendy Kane Sarah McKee Karen Jowett Wayne Parry Hayley Wattis Andy Taylor Associate Member:
Thomas Jowett
Chairman’s Report:
Another challenging year has passed. April 2020 to March 2021 has seen numerous forms of lockdown as Covid-19 continued to be a big part of our lives. With The Centre only available to be open for limited amounts of time, The Trustees and I are most grateful for those who have staffed it and been involved in providing activities there – whether that be in a paid or voluntary capacity.
We hope that the coming year can bring lots more positivity and a return to ‘normal’.
A Year in Words
The Centre had made itself available for various Covid-19 facilities but was not taken up. However, it was able to host a number of NHS blood donation sessions.
The BB and GB work has continued in various formats during Covid-19 but adapting to new ways and means of delivering its children’s and youth work. The BB and GB nationally, very quickly, put together an online programme ‘BB at Home’ and ‘GB at Home’. Staff went out of their way to ensure that their members could participate in the activities and delivered elements of sessions to their houses. When allowed the organisations met face to face with a lot of their work taking place outdoors. These sessions included litter picking in the local community, outdoor games, scavenger hunts, whilst at other points, the groups met via zoom. This provided particularly popular with the younger age groups. Intuitive ways of working were created and there were lots of battleships, bingo, Pictionary, quizzes, baking, crafts that took place online. The GB members also put on an online pantomime – Rumpelstiltskin. Their national body put together specific programme material at Christmas time – ‘Countdown to Christmas’ which was used both online and face to face. We have been indebted to the BB and GB staff for all their hard work in ensuring that their groups were able to continue to meet – something which has been appreciated also by the members and their parents/carers.
The Trustees really have appreciated the additional contributions that the BB and GB staff have made this year. Their devotion and dedication to the BB and GB work has been incredible.
Our development programme has also fallen foul of the pandemic. However, we were able to operate our holiday club scheme for 4 weeks during August and 2 weeks in October half term. It was a great delight to have children and young people in The Centre, although the numbers were limited. Those attending still enjoyed arts and crafts, sports, games and outdoor activities. We managed to get a month of our sports afterschool clubs with athletic and dodgeball sessions taking place during term time before lockdown returned.
The Centre is extremely grateful to all those who volunteer at The Centre. Good relationships continue with a number of organisations who we work with to provide volunteers. In particular, we have continued to have students join us from Alderman White School who undertake their service element of their Duke of Edinburgh’s Award at The Centre.
Some of our user groups were able to return for short periods of time – those were mainly of a sporting nature. Many were desperate to return by rules and regulations prevented this from happening.
Most of the permanent staff were furloughed during the pandemic with only a few initially returning when The Centre was able to open.
THE PEARSON CENTRE VOLUNTEER TEAM
Without these angels we would be lost and not have achieved what it has done without them. We are most appreciative of all their time and hard work over the last 12 months.
Volunteers working with Children and Young People
Kate Aspden-Mansfield Janie Goodman Sarah McKee Louise Bacon Dylan Halliday-Jones Charlotte Mitchell Nathalie Barber Caroline Jones Dylan Mitchell Ksenija Bescastniha Karen Jowett Matthew Neal Claire Blades Tom Jowett Bryan O’Connor Michael Blades Wendy Kane Alfie Russell Graham Bostock Charlie Kelvey David Steggles Andrew Bunyan Elliott Kerry Simon Taylor Sarah Butcher Kerrie King Steven Thornton Megan Clarke Simon Lukas Scott Underwood Ian George Joseph Marchesi Adam Walker John MA Wilson
The Pearson Centre for Young People
2 Nuart Road Beeston Nottingham NG9 2NH 0115 9254112 www.thepearsoncentre.org.uk Charity Registration No 1176819
THE PEARSON CENTRE FOR YOUNG PEOPLE TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Charlty Number 1176819
The Pearson Centre for Young Peopl¢ Report of the Trustees for the year ended 31 Mgreh 2021 The Tnjstees present their annual report and financial 5tatement5 of the Charity for the year ¢nded 31 March 2021. The financial ststements have b¢en prepared in a¢¢ordan¢¢ with th¢ arcountillg p(>li¢ie5 set out in note I to the accounts and accounts and ¢omply wit]? the Charity Trust D¢¢d, the Chgrit1¢5 Act 2011 and Accounting and Reporting by Charities: statement of Recommended Pr2¢ti¢e appli¢abl¢ to ¢harities PT¢p2ring their accounts in accordance with the Financial Reporting Standard appli¢abl¢ in the UK and Republie of Ireland effective I. January 2019. OBJEcfIvES AND ACTIVITIES FOR PUBLIC BENEFIT Constitution and Objective The objective of The Pearson Centre for Young People i5 the provision of leisure time activities for children and young people from the age of 4 year5 thrtsugh the auspice5 of The Boys, Brigade and The Girls, Brigad¢, together with other children and young people of that age in Beeston. Nottinghamshire and th¢ 5urroundirtg area. The prin¢ipal objective5 of these organisations are as follow5.. The Boys. Brigade The advancement of ChTlSt'5 Kingdom among boys and the promotion of habits of obedience, reverence, discipline, Self respect and all that tends toward a true Christian Manliness. The Girls. Brigade To help tsiT15 b0m¢ follower5 of the Lord Jesus Christ. and through self-control, reverenc¢ and a sense of responsibility, to find true enrichment of life. All the 5¢Ctions of The Centre have continued to provide a wide range of progrdmrnes aiTned at both meeting the iespectrve Brigade award structtEre5 and providing additional activities as r¢qu¢sted by the young people. The propety is available for the vse of those groups previously laid down in the controlling Debentuie as well as others, particularly those Ènvolved in youth and 5PQrt2ng artivities, social and leisure aciivities. Safeguardlng The Pearson Centre takes its duties under the Children A¢t 1989 seriously and has appropriate procedures and staff appointed to meet it5 dutie5 Under th¢ 1989 Act. If a r¢asonable Suspicion is raised about the protection of a child under the age of l 8 years, The Centr¢ will undertak¢ its duties using its procedures. The Managem¢nt Committee has a policy to vet all those who have the responsibility for the care of children within area5 of its responsibilities to comply with the Proteclion of Children Act 1999. The Charity Trustees have referred to the guÈdance on public benefit and confirni that the provision of The C¢ntr¢ for use by the general public sat15fEes the requiretnents laid down. The Charity Trustees confirfft that they have ¢omplied with their dutses under the 2011 Charities Act with regard io public benefit. ACHIEVEMENT AND PERFORMANCE Result5 and Review of Operation The Pearson Centre for Young People established an overall income position before unrealised gain51(10ss¢s) on the prtsvi5ion of its activities for the year of £25.905 Realised &nd unrealised 105se$ 2nd gains on invesrmenis in¢iEased ncorne in the5¢ figures in the accounts to a SUTpIu5 in 2021. befor¢ the actu8rial increase on the defined benefit pensitsn 5ch¢me of £89,000.. The Charity Tn2Stees express their thanks to ell those involved in organising fundraising activitie5 or who have made donations during the year in order that The Centre may continue to offer an important range of a¢tivitie5 to children and young people within the area.
The Pearson Centre for Young People Report of the Tru5tee5 for the year ended 31 M&reh 2021 (Continued) The year h&5 been a very challenging one with Covid-19. Activities for our BB and GB Member5 have continued to lake place, however, rnany of those have been virtual thanks to Zoom. The young¢r age group5 have engaged more with this, however, when facE to face se55ions have been allowed, a larg¢ number of our older members have returned. Development work has only taken place when regulations have allowed for face to face sessions to happen. Unfortunately for the first time in 70 years, our annual pantomime was not able to take place, Also th¢ annual camping residential was not able to take place. The Centre has eontinued to operate its face to face work with the help and assistance of many volunteers. These have included 5tud¢nts from Alderman White Secondary School, University of Nottingham and through the local eornmunity. The Trustees are most appreciative of their time and efforts in assisting to ensure the ongoing su¢ce5s of thi5 aspect of our work. Likewise with the pandemic Stopping a lot of activities. we have seen a considerabl¢, but expe¢t¢d. decrease in room hire. Lots of groups either were not allowed to return or did only return when their national bodies would let them. The Centre w8$ pleased to be able to host NHS blood donation 5¢5sions. The Cenire offered its services for various Covid-19 aspe¢ts- but all wer¢ d¢¢lined. Due to the pandemic, the work within the local community in schools, attending carnivals etc has not taken pla¢e. The ¢ompletion of work on the house at Ireland Avenue was also hampered by the pandemi¢ and it 15 anticipated that this will be con¢luded during the coming financial year. FINANCIAL REVIEW Investment Policy and Objectives The Charity Trustees are eommitt¢d to a safe inv¢stm¢nt of fund5 whilst retainin8 ae¢essibility. During the year all tash funds hav¢ been moved to the new charitable incorporated organisation. Tlie investtnents frotn th¢ sale of land from the S H Pearson Trust are assigned to Rathbone Brother5 plc, an investment management cotnpany, who hav¢ discretionary investment powers. The total held at 31 March 2021 was £2,213,125 {2020: £1,830,253). IRYe5tment Performance The Charity Trustee5 are sat15fied with the investtnent perftsrmance of the Fund Manageis to the TrusL and recognises the difficult economic environment in which they have acted. The general aim i5 to grow the inve5tcd asset5 for the longer terni in respect of real income 2nd capital growrth to achieve a retum in excess of RPI plus 30/0. A balanced objective has been seleeted in order that the portfolio is managed in a way that give5 good diver5ificatioD between different assei classes and can achieve the aim of the portfolio. Given the nagure ofthe fuT2ds. there 1$ no specific time horizon as all funds are invested for the long¢r term.
The Pe9rson Centre lor Young People Report of the Trustees for the year ended 31 March 2021 (Contlnued) The portfolio is invested for growth of upital and incom¢ in a way that Tepresents all a5pe¢ts of the world economy covering different asset clas5e5 and county diversification. It is invested 80 /0 in equities., colle¢tives and growth stocks to achieve the capital growth desired. The balance of 20Q/D is in fixed interest and div¢rsifi¢r investments. Direct investments in Arniaments, defenee, alcohol and tobacco are noi allowed. Reservts Policy The Charsty Trustees, have been ¢on5cious of the difficult r¢curTing finan¢ial results, and identified a Policy of keeping under review a minimum requirement of twelve Tttonths cosis of operations being available to redu¢¢ risk of any ittsolvency oceurring. The Charity holds £93,013 in reserve in the bank account. The Investment funds are only allowed to be spent on costs that meet the charitable aims and are approved by the Custodian Tntee5. Risk Management The Charity Trustees have conducted a review of risks associated with the Charity and have identified the major risks to which it 15 exposed, in particular those related to the operalions and financ¢5 of the Charity. The Charity TTUSte¢s are satisfied that systems are now in place to mitigate the Charity's exposure to the major risks. Future Development The year will b¢ a difficult one which will have sp¢nt a Dumber of rnonth5 c105ed due to Covid-19. All BB, GB and d¢veloprn¢nt a¢tiviti¢s were ¢an¢¢lleil from 15l April and it 15 hoped that these can recommence in September. Due to thi5 5 month break, a lot of tirne and effort will be plough¢d into recrniting memb¢r5 to all our activities as well as encouragin8 existing members back. It is anticipated that th¢ m¢mbers will perform their annual pantomime in January 2022. It is hoped that restrictions will allow som¢ form of short residentials to tsk¢ place for the BB and GB members. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The PeArson Centre ft>r Young People is controlled by a Cortstitution of its Charitable Incorporated Organisation status, dated 24 January 2018. MANAGEMENT COMMITTEE (CHARITY TRUSTEES) In line with The Pearson Centr¢ for Young Peopl¢'s con$tlUtIon, Charity Trustees are active and continually support the day-to-day running of The Centr¢, And de¢ide on necessary actions to achieve the objectives of the Chwitable Incorporated Organssation. The Charity Trustees shall include the following'.- A leader of the 17 Nottingham Company of The Boys, Brigade. A leader of the 30th NottinghaTn Company of The Girls, Brigade.
The Pearson Centre (or Young People Report of the Trustees for the year ended 31 March 2021 (Continued) The fiTSt Trustees of The Centre identified in the above mentioned Constitution are'.- John Wilson OBE Andrew Taylor Andrew Bunya Karen Jowett Wendy Kane Chairperson Vice Chairperson Captain of the 17th Nottingham CompaTSy of The Boys, Brigade Team Leader of the 30th Nottingham Compmy of Th¢ Gir15' Brigade Day-to-day management (non-voting) Recruitrn¢nt and 8ppointment of Charity Trustees The Charity Trustees serve for a defined period. deternJin¢d by the Constitution. At the quarterly Manag¢m¢nt Committee meeting. members agree the broad strategy and areas of activity for the Charity and when considered Decessary make representations to the Custodian Trustee in areas of investment. reserves aT5d risk management polici¢s. The Induction and training of Charity Trustees Charity Trustees undergo an induction to brief th¢m on their legal obligations under Charity Law. their obligations under the specifie trust, as well as the operating procedures and financial management and perforniance of the Charity. The Charity Trustees receive general tnJst¢e training at regular intervals in order to maintain their knowledge on the n¢eess2ry gov¢rnJn¢¢ r¢quirement5 associated with th¢ir offi¢e. RELATED PARTIES The Pearson Centre has links with the following OTg8nisaiioDS.'. The Boy5. Brigad¢ H¢adquart¢rs- representative of Custodian Trustee The Boys, Brigade and The Girls, Brigade nationally
The Pearson Centrt for Young People Report of th¢ Trustee5 for the year ended 31 March 2021 (Continued) Reference and Administrative Jnformation CHARITY NAME: The Pearson Centre for Young People CHARITY REGISTRATION NUMBER: 1176819 PRINCIPAL AND OPERATIONAL ADDRESS: 2 Nuart Road Beeston Nottingham NG9 2NH CUSTODJAN TRUSTEES: The Boys, Brigade (a Company Limited by Gvarant¢e) MANAGEMENT COMMITTEE (CHARITY TRUSTEES).. The Pearson Centre for Young People is managed by a Management Committee in line with kts constitution. Th¢ membeTS of the Management Committee who served during the year are.. Ch$irper5on: Fowndlltion Manager: Boy$, Brlg8de Captain.. Gir15' Brigade Te#]n L¢wd¢r'. John Wi150n OBE (Appointed) Andrew Taylor (Appointed) Andrcw Bunyan (Appoinledl Karen Jowett (Appointed) SetretAry: W¢ndy Kllnc Associate Member.. Thomas Jowett (Appointed I1.3.20201 CEP4TRE MAIYAGER: (Responsible for day lo day running of The Centre) Wendy Kane BANKERS.. Co-operative Bank PLC Customer Services PO Box 250 Skelmer5dale WN8 6WT INDEPENDENT EXAMINER: Diane Lockwood Haines Watts ClitTe Hill House 22-26 Nottingham Road Stapleford Nottingham NG9 8AA INVESTMENT ADVISORS: Rathbone Investment Management 8 Finsbury CitCU5 London EC2M 7AZ
The Pearson Centre for Young People Report of the Trustees for the year ended 31 March 2021 (Continued) STATEMENT OF TRUSTEES RESPONSIBILITIES The Chariiy Tslee5 are responsible for preparing the Report of the Trustees and the Financial Statements in accordance with applacable law and United Kingdom Generally Accepted Accounting Pra¢ti¢¢. The law applicable to charities in England and Wales, the Charitie5 Act 2011, ChaTity {Accounts and Reports) Regulations 2008 and the provisions of the tn]st deed require the Trustees to prepare financial 5tat¢ments for each financial year which give a tru¢ and fair view of the slate of affairs of the Charity and of th¢ incoming resources and 2pplicAtion of resources, including the income and expenditUTe of the Charity for that period. In preparing those financial siatemenis, Ihe Management Trustees are required to.-- select suitable accounting policies and then apply them consisiently. obserye the methods and principles in the Charity SORP., rnake judgements and estirnate5 that ar¢ reasonable and prudent- PTepare the finaT)¢ial statements on the going ¢oncern basis unless il is inappropriate io presume that the Charity will continue in busines5. state whether applicable accounting 5tand8rds have been followed, subject to any material departure5 that must be disclosed and explain¢d in the financial statements. The Charity Trustee5 aTe responsible for keeping PToper a¢¢ounting records which disclose with r¢a50nable accuracy at any time the financial position of the Charity ond to enable them to ensure that th¢ financial statements comply with Ihe Charities Act 201 I, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are a150 re5pon5ible for safeguarding the assets of th¢ Charity and hence for taking r¢asonabl¢ st¢P5 for th¢ prev¢ntson and detection of fraud and other irregularities. The Charity Trustees ar¢ respon5tble for the maintenance and inlegrity of the Charity and financial nformation included on the Chartty's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial siatements. This report has been prepared in accordan¢¢ with th¢ Statement of Recommended Practi¢¢.' Arcounttng and Reporting by Charities {effectiv¢ January 2019). OIY BEHALF OF THE MANAGEMEf4T COMMirrEE Wilson OBE- Chairnian 2021
Independent Examiner's Report to the Trustees of The Pearson Centre For Young People ('the CIO,) For the Year Ended 31 March 2021 I report to the Charity Trust¢¢5 on my examination of the accounts of the CIO for the year ended 31 March 2021. Responsibilities and Basis of Report As the Charity Trustees of the CIO you are re5pon5ible for th¢ preparation of the accounts in arxordance with the requirements of the Charities Act 2011 ('the Act,). report in respect of my examination of the CIO'5 account5 carried out under S¢ction 145 of the Act. In CaTTying out my examination I have followed all applicable dir¢ction5 givens by the Charity Commission und¢T Section 14515)(b) of the 201 l Act. Independent Examiner's Statement Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed i section 145 of the 2011 Aet. I confirni that l am qualified to undertake the examination because l am a member of the Insiitute of Chart¢r¢d A¢countant5 in England and Wales, whi¢h Ès one of the listed bodies. I have Completed my examination. I confim) that no matters heve come to my attention in connection with the examiT)ation giving me cause to believe., l) Accounting records were not kept as required by Section 130 of the Act. or 2) Th¢ accounts do not accord with those records. 3) The accounts have not been prepared in accordance with the method5 and prin¢iples of the Statem¢T)t of Recommended Practice for accounting and reporting by chariti¢s applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). I confirm that there are no matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Mrs D J Lockwood FCCA FCA A(fellOW) Chartered Accountant Haines Watts Cliffe Hill House 22-26 Nottinghan) Road Stapleford Nottingham NG9 8AA Dated..
The Pearson Centre for Young People Statement of Financial Activitie5 for the year ended 31 March 2021 (Including Income and Expenditure Account) Total Fund5 2021 Tot41 Funds Unrestricted Fund5 Capital Fund5 Unrestrl¢ttd FndS Cipitil Fund5 2020 Plotes INCOMING RESOURCES Bro%towe Borough Counril Grant Govemtnenl Furlou8h Scheme Gift From Prcvious Entity Donaiions 2nd Legacies Income from Charttable ActivitÉcs Income from Other Trading Aciiviiies Investment Income Fund Raising 49,902 47,852 49.902 47.852 126.QOO 2,127 61,198 126,000 2.127 61.198 1,616 13,837 1,616 13,837 2b 3.556 3,556 120.016 223 60,301 60.301 102,669 568 120.016 02.669 223 568 TOTAL INCOMING RFSOURCES 116986 120016 237,002 250 194 102 669 152,863 EXPENDITURE Chariiable A¢itvities Oth¢r 105,127 90,810 15,160 120.287 90.810 129,495 133.572 16.462 145,957 133,572 TOTAL EXPENDITURE 195.937 15,160 211.097 263,067 16.462 279.529 UMrt*lffistd Galnsl{Losses} oth Inve$tmt#ts Net In¢omellExpenditurel TrAnsftrs Between Funds Aetuarial Gainl{Lossl on Defined Benefjt Pension Scheme in the year since transfer of Scheme 478,677 104,856 {2tx),6611 478.677 25,903 1183.700} 86,207 (183.7001 73,334 (78.9511 200,661 (12,8731 16 89.000 189,000 1.000 1,000 Net MovetDeDt ID Fund5 32.710 382.872 415.582 97.277 (208.6431 {111.366) RECONCILIATION OF FUNDS Total funds brought forwird 988.448 1.830.253 2.818.701 891,171 2.038.896 2,930,067 TOTAL FUNDS CARRIED FORWARD 021.158 2.213.125 3.234.283 988 448 1,830253 2818701 The notes on pages 10 to 19 fomi part of these financial stst¢ments
The Pe#rwn Centr¢ foT Young People Balanee Sheet as at 31 March 2021 2021 Total Funds 2020 Total Fund5 Unrt5tricted Funds Capital Fund5 Note5 FJXED ASSETS Tangible assets Fixed asset investments 966,109 966,109 966,487 19 966,109 966 109 966 487 CURRENT ASSETS Stocks Debtors Investments Cash at bank and in hand Loan to The Pearsori Centre {old entity) 755 3,439 755 3,439 2,213,125 93,013 988 7,149 1.830,253 158,412 Eo 2,213,125 93,013 19 241,870 241,870 339077 2 213 125 2 552 202 1,996 802 CREDITORS 12 58,028 58,028 7,588 NET CURRENT ASSETS 281049 2213,125 2 494 174 1989.214 TOTAL ASSETS LESS CURRENT LIABILITIES 1,247,158 2,213,125 3,460.283 2,955,701 Pension Scheme Defi¢it 16 {226,0001 (226,000) (137,000) NET ASSETS 1021 158 2213 125 3 234 283 2 818,701 THE FUNDS OF THE CHARITY Unre5trict¢d funds.. Generdl Fund Pension Reserve 13 1,247,158 226.000) 1,021,158 1,011,968 137000 874.968 113.480 1,830,253 Designated Fund Capital Fund 2,213,125 TOTAL CHARITY FUNDS 3,234.283 2,818,701 The financial statements were apptoved by the Charity Trustees on ... signed on its behalf by.. . 2021 and were ilson OBE- Chairman A Taylor- ComTnitt ¢ M¢mber The notes on pages 10 to 19 form part of these financial statements
The P¢¥TSon Centre for Young People Note5 forming part of the Flnantial Ststement5 for the year ended 31 March 2021 ACCOUNTING POLICIES Basis of Prepara¢Ron ind assessment ofgoRng concern The accounts (financial statements) have been prepared in accordante wilh A¢¢ounting and Reporting by Charities.. Statement of RecoTnmended Practice applicable to charities preparing their ac¢ount5 in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland (FRS1021 effective January 2019, th¢ Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland {FRS102), and the Charities Act 2011. Asset5 and liabilities are initially recognis¢d at historical cost or transaction value unless otherwise stated in the r¢levant accounting policy not¢($). The ChaTity ¢onstitutes a public beneflt entity a5 defined by FRS102. The Trust¢es' consider that there are no material uncertainties about the Charity's ability to continue as a going concern. Going Concern- Covld-19 Posltion During (he forthcorning financial year the Custodian Trustees have agreed to release £50,000 from the portfolio to help cover the thrlough rosts not met by the furlough scheme. The local Borough Council have also made a fih¢r payment to assist with this financial year. Now that th¢r¢ is Some forni of normality returnin& it is anticipated that the income streams will return to previou5 year5. These are going to be reviewed on a r¢gular basis by the Trustees 50 that budg¢ts be amended, if necessary. The financial statetnents are presented in sterling (£). Incoming resources All illCOTning re50ur¢es are included on the Statement of Fillan¢ial A¢tivitie5 when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Re50urce$ expended Expenditure is account¢d for on an accruals basis and has been classified und¢r headings that aggregate all c05t5 related to the tategory. Wh¢r¢ costs cannot be directly attributed to particular heading5, they have been allocated to activities on a basis consistent with the use ol resources. The Charity is not VAT registered and therefore all tosts in¢lude irrecoverable VAT. Tangible fixed assets Depreciation 1$ provided at the following annual rates in ord¢r to writ¢ off ea¢h 8sS¢t ov¢r its ¢Stirnat¢d us¢firl life. Tangible assets are initially r¢¢orded al cost, and subsequently stated at cost less any accumulated depreciation nd iinpairmeni losses. Any tallgible asset5 carried at reyalued amounts are recorded at fair value at the dale of r¢valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Land and buildings IEnprov¢m¢nt to Propety Instruments Equipment lo/ on ¢05t (land is not depreciated) 150/p on redcing balance 20010 on r¢ducing balance 200/0 gn reducing balance Stocks Stocks are valued at the Iow¢T cos¢ and net realisable value. after making due allowan¢e for obsolete and slow moving items. Debtor5 Debtors are recognised at the settlement amount owed to the Charity or prepaid. 10
The P¢4r$on C¢ntre for Young People Note5 formlng part of the Financial St8t¢ments for the year ended 31 March 2021 (Continued) Creditors Creditors and proyisions are recognised where the Charity ha5 a pr¢s¢nt obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation ¢an be measured or estimated reliably. Creditors and provisions are nOr1]Y recognised at their settlement amount. Financial In51rument5 The Charity ha5 financial setS and financial liabilities of a kind that qualify a5 basic financial instnjments. Basic financial instruments are initially recognised at trans970n value and subsequently measured at iheir settlement value. Taxation Th¢ Charity is exernpt froTn tax on its ehariiable activitie5. The ChaTity also rents its rooms to other lo¢al ¢hildren's activities which satisfy the objectives of the Charity. The Tru5tee5 have r¢viewed the Charity's trading a¢tivitie$ and are ¢onfident ihat they further the Charity's aims and, as such, are con5id¢red Èo be primary puTrose trading. Fund accounting Unrestricted funds can be used in ateordance with the charitable objectives ai th¢ dis¢retion of the Trustees. Restrieted funds eart only be used for particular restricted purposes within the objects of the Charity. Restrictions aris¢ when Specifi by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is includ¢d in the notes to the financial 5tat¢rnents. Donaled Services, Good Faeilitle$ Donaied services or facilities are recognised as incom¢ when the Charity has contToI ov¢r the item, any conditions associated with the Ilonated item hav¢ b¢en met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. On receipt. donated 5ervites and facilities are recogni5ed on the basis of the value of the gift to th¢ Charity which is the amount the Charity would have been willing to pay to obtain services or facilitie5 of equivalent economic benefii on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. PeDsion cost5 and other po$t-retirement benefits Retiremen( benefit5 to employec5 of the cornpdny are provided by the Local Government Pension Scheme {LGPS1 which is a defsned benefit scheme. The LGPS is a funded scheme and the assets are held Separately from those of the company in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an s¢tuarial basis using the projected unit credit method and discounted at a rat¢ equivalent to the CUJTent rate of r¢turn on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations art obtained at least triennially and are updated at each balan¢¢ sheet date. The amounts charged to the income statein¢nt are the ¢urrent servic¢ costs of s¢h¢tne introductions, benefit charges. settlements and curtailments. They are in¢luded as part of staff costs as in¢urred. Net interest on the net defined benefit obligation and interest intome on the scheme assets, calculated by Enultiplying the fair value of the scheme a55ets at the beginnin8 of the period by the rate used io discount the benefit obligations. The diffeT¢nc¢ between the interest incom¢ on the scheme assets and the retum on the scheme assets is recognis¢d in the ancorne Statement. Actuarial gains and losses are recognised immediately in the income statement. Th¢ actuary ha5 produced the pension di5c105ures based upon IAS19. The resulting pension scheme liability has been trdnsfe]T¢d to a separate pension res¢rve in order to ring fence the liability. Investments Listed inve5tment5 held a5 current assets revalued throughout the year at mid-market value at the balance sheet dale and the gain or Ios5 on r¢valuatitsn artd disposals taken io the Statement of Financial Activiti¢s.
The Pearson Centre for Young People r4otes forming part of the Flnanclal Statements for the year ended 31 Mareh 2021 (Contlnued) Judg¢ment and Key Source5 of Estimation Uncertainty The preparation of accounts using generally ac¢epted accounting principles requires mawdgement to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses during the reporttng period. The k¢y estimates and assumptions used in the Financial Siaternents are detailed in the accounting policies. 2a. Donatlons #nd Legacies Total 2021 Total 2020 Restricted rtstritted Donations Gift Aid Rent of House 1,157 459 1,157 459 1,120 1,007 2b. Ineome from Charltable Aetivities Restrlcted Unrestricted Total 2021 Total 2020 Subscriptions Sundry Receipts (including Kingswood we¢kend) PantotniTne Income Canteen Income Development Work Inctsme Camp Sale of Uniform5 Activity Inwme 1.496 1,496 6,577 1215 3,156 2,666 29,523 17,970 10 55 12.286 55 12,286 13,837 61,198 2e. Incorne from Other Trading Activitie5 Total 202] Total 2020 Restricted Unrestritted Room and Ground Hire 3.556 3,556 60.301 3. Inve5tm¢nt Income Total 2021 Total 2020 Investment income Gains/lLosses) on Investment 120,016 102,536 133 102,669 120,016 Total 2021 202 N¢t income is $tat¢d after ¢harging.'- Independent Examination Fees Other Paytnents to Auditor5 for Accountancy and Payroll Services Dcpreciaiion 2,400 2,588 1,500 3.738 20,639 19,707 12
The Pe&rson Centre lor Young People Notes formtng part of the Flnanelal Ststements for the yvdr ended 31 March 2021 (ContiNu¢d) 4. Charitable Activilie5 Total 2021 Funds Restrlcted Unrestrlcted 2020 Wages and Expen5e5 Payments Soci&l Security Paytnent5 Pensions Sundry Purtha5es Canteen Expenditure Development Work Costs Bank Charges Investments Management Fee5 Postage, Printing and Stationery Sundries (including vending machine I cleaning) Running Costs of Propety Under Development (note 219) Fund Raising Costs BB Awards Sybscriptions and Licences Training Activity Costs Unifoms Volunteers Expenses Advertising Pantomime Expenditure Camp2019 Capitation Fees 74,974 6,229 11,221 74,974 6,229 11.221 51,968 3,795 10,356 1,156 40 1,156 40 15,160 509 1,952 4,905 182 16,462 1.540 15.160 509 1.952 3,355 12.520 2,742 2.742 10 1.459 907 6.955 859 113 2.114 859 2.114 228 313 2,042 23,453 3,830 145 957 105.127 120 287 5. Other Ixpenditure Health and Safety Cost Donat2on (to pay debt of old oharity) Wages and Exp¢nse Paymenls Social Security Payments Water Raies and Ra*s Insurance Light and Heat Telephone R¢pJirs, Maintenanc¢ and IT Equiprnent Replacement Improvement to Property Depreciation Instruments Depreciation Equipment Depreciation Buildings Depreciation Audit and Accounting Fees Legal and Professional Fees 1,234 1.234 1,800 50,938 3.559 9,602 7,463 12,942 2.887 23,495 1.557 3,180 7,793 7,501 3,016 23.495 1,557 3,180 7,793 7.501 3,016 15,398 15.398 18,183 8.73Q 14 4,395 7,500 4,988 2,009 8,730 14 4,395 7,500 4,988 6.696 17 5.494 7,500 5.238 .253 133.572 13
The Pearson Centre for Young People Notes forming part of the Fin¥n¢i41 Ststements for the year ended 31 March 2021 (continued) 6, Trustees, Remuner4tioD Benefit$ No tNstees' remuneration or other benefits have been paid for the y¢ar ended 31 Mah 2021. Tru$tees' Expenses No ttu5tee5' expenses have been paid for the year ¢nd¢d 31 March 2021. 7. Staff and Support Costs 2021 20211 Wage5 and salaries (including expenses payments) Social Security costs Other pension costs 98,469 7,786 11.221 117,476 102,906 7,354 10,356 120,616 The average number of aff paid for the year was 11 (2020.. 11). No employee earned £60,000 per annum or more. Total remuneration of key management personnel for the year ended 31 March 2021 was £55,55912020.. £49,729). The number of employees to who retirement benefits were accruing were ls follows.'_ Defined benefit scherne {2020.. 1) Th¢ Staff oo5tS above includ¢ tim¢ spent Tunning The Pearson Centre and the costs of this are artributable to the Charity's trading activitl¢S. 8. T8Ngible Fixed Assets Lfind and Buildings lrnprovements to property Instruments Equipment Totals COST At l April 2020 Additions At 31 March 2021 950.000 227,759 20.261 248.020 2,664 374.988 1,555.411 20,261 1575,672 374 988 DEPRECIATION At l April 2020 Depreciation Charge At 31 March 2021 43,500 189,818 8.730 198.548 2,593 14 353,013 588,924 20.639 609,563 51,000 357.408 NET BOOK VALUE At 31 March 2020 At 31 March 2021 906,500 899,000 37,941 49.472 71 57 21,975 17.580 966.487 966,109 Land with a value of £200,000 was included within land and buildings and not depreciated. the property known as the Pear50n Centre was r¢valued by CP Walker & Son on the 8 October 2019 to ¢nsure the correct value at transf¢T was attributed to the property. 14
The Pearson Centre for Young People Notes formlng part of the Fin3ntial Statements for the year ended 31 Mareh 2021 {eontlnued) The Pearson Centre for Young P¢ople still retains some land on Queens Road, Beeston, after the sale of the majority of it to a property constru¢tion company during 2007. An estimation of its market value at 3 1 March 2019 is Nil as it has been leased over a 75 year period for 8 p¢pper¢orn rent to Broxtowe Borough Council who will maintain and run IL 9. Stocks 2021 2020 Sio¢ks 755 988 10. Debtors 2021 2020 Prepayments Oth¢r Debtors 1,977 1,462 2,949 11. Current Asset JnYe5tments 2021 2020 Investments (Stork exchange) 2.213 125 1,830.253 Asset Investments Listed o Stock Exchonge Market value at l April 2020 Investment income Unrealised gains at 31 March 2021 C05t of investment Transfer from Fund Balanee 1.830,253 120,016 478.677 (15.160) 200,661 ValuatiOTt at 31 March 2021 2,213 125 Included within listed investments 15 £4,493 of rnonie5 held by the Charity's broker. Thi5 has arisen from pro¢¢cd5 of selling investEnents durin8 the year that at the year end hav¢ not b¢en reinvested. 12. CTeditor5: amounts falling de )Yithin one year 2021 2020 Trade creditors Other creditors Taxation and social security costs 269 56.274 1,485 58,028 202 5,704 1,682 7.588 15
The Pearson Centre for Young People Note5 forming part of the Financial Statetnent$ for the y¢ar ended 31 March 2021 (eontlnued) 13. Movement in fund5 Transfers between fund5 At 31 March 2021 At 1.4.20 Net movement irt funds Unrestricted funds General hjnd Pension Reserve Capital Funds 1,125,448 (137,000) 1.830,253 121.710 {89,000} 382,872 1,247,158 1226,000) 2,213,125 TOTAL FUNDS 2818701 415,582 3 234 283 Tran$f¢rs between funds At 31 March 2020 arEnded 31. .20 At 1.4.19 Net movement ITh funds Unrestricted fund5 General fund Pension Reserve Capital Funds ,027,171 (136,000) 2,038,896 98,277 (1,000) {208,643} 1,125,448 (137,000) 1.830,253 TOTAL FUNDS 2 930.067 2.818 701 Net rnovement in funds, including in the above are as follows'.- Year Ended Balan¢e Blfwd 1.4.20 Incoming resources Resources expended Gains and lo5S Movernent in fund3 Unrestricted funds General fund 988.448 116.986 (284,937) 200,661 1.021.158 Capital fund 1,830,253 382.872 2,213,125 TOTAL FUNDS 2,818.701 500,404 284 937 200661 3,234,283 Year Ended 31. Balance Blfwd 1.4.19 Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fuftd 891.171 250,194 (264,067) 988.448 Capitsl fund 2,038,896 102,669 {16.462) (294,850) 1,830,253 TOTAL FUNDS 2,930,067 352.863 280,529 183.700 2,818,701 14. Reloted party disclosures The use of the premises has been made available to The Boys, Brigade and The Girls, Brigade nationally at a reduced rate. The new ¢h8rity (no. 1176819) paid £241.870 towards costs for the old charity. This amount is shown within current assets as repayable on completion of the project. There are no other related party disc105ur¢s. IS. Volunteers Durtng the year around 80 to 90 p¢ople gave their time to the Charity with no personal financial benefiL in Order for th¢ Charity to operate smoothly. 16
The Pear50n Centre for Yourtg People Notes forming part of the Fin#nciAI Statements for the year eDded 31 March 2021 (continued) J6. Employee benefit obligation5 The Company contributed to a defined benefit pension scheme. The assets are held and administeTed by th¢ Nottinghamshire County Council Pension Scheme. The pension cost charge represents contributions payable by the Company to the pensiot) schemes and amounts to £11,221 {2020.. £10.356). An a¢arIal valuation was catTied out for the defined benefit scheme by Barnett WaddinghaTn by rolling fonvard to 31 March 2021 the value of the employers liability calculated for the funding valuation as at 31 March 2020 using financial assumptions that comply with FRS102. The valuations ar¢ calculated every three years the last one being on 31 March 2020. The amounts recognised in the balance sheet are as follows'.- 21 2020 Present value of funded obligations Fair value of plan assets (441,000) 215000 {226,000) (304,000) 167000 (137,000) Present value of unfunded obligations Deficit Net Liability 226,000 (226,000 137000 137.000 The amounts recognised in surplus or deficit are as follow5-_ 2021 2020 Curret]t service costs Net interest from defined benefit as5eV liability 10,000 3.000 16.000 13,000 19.000 Actual return on plan assets 38,000 19.000 Changes in the present value of the defined benefit obligation are as follows'.- 2021 Opening defined b¢nefit obligaiion Current service Cost Contribution5 by scheme participants Experien¢e Lossl (Gain) on defined benefit obligation Past Service costs Interest Q05t Actuarial (gains)Ilosses from change5 in financial assumptions Actuarial (gain5)Ilosse5 from changes in demographi¢ assumptions 304,000 10,000 2,000 {i.000) 296,000 11,000 2,000 33,000 5,000 7,000 {44,0001 7,000 119,000 441000 304 000
The Pearson Centre for Young People Notes formittg PArt of the FTnancial Statements for th£ year ended 31 Mareh 2021 (continued) Changes in the fair value of the scheme ossets are as follows'.- 2020 Opening fair value of seheme assets Contributions by employer Contributions by scheme participants Return on plan asset5 (excluding interest income) Other Actuarial Gain5 167.000 8.000 2,000 38,000 160,000 7,000 2,000 (14,000) 12,000 167000 215,000 The amount recognised in other comprehensive income are as follows'.- 20 Actuarial {gainsylosses from change in demographic assumptions Actuarial (gains)/losses from changes in financial Rssumpiions Rett]rn on plan assets (excluding interest income) Return on fund assets in excess of interest Other Actuarial Gainsl (Losses) on Assets Experience Gain/ (Lo55) on defined Benefit Obligation 6,000 44,000 (119,000) 34.000 (18.000) 12,000 33,000 1.000 84,000 The major cat¢gori¢s of scheme assets as a percentage total scheme assets are as follows'.- 2021 2020 Equities Gifts Bonds Propety Inftaslructure Jnflation linked Cashltemporary investments 64 64 13 100 10 Principal acluarial assumptions at the balance sheet date (expressed as weighted averages).. Discount rate Future salary increases Future pension increases 2.05Vty 2.850/0 3.850/0 17. Trusttt Indemnity Insurance The Charity held Trustee Inden2nity insuranc¢, which is now held with the new entity. The scheme provided annual cover of a maximurn of £1,000,000, with an exce55 of £250. The premium is paid with the total insurance policy. 18. Donated Services During the year goods and servi¢es were donated for ihe pantQTnime in the previous year to a value of £401. The pantomime did not take pla¢e thi5 year so there are no donation5 to nole. 18
The Pearson Centre for Young People Notes formlng pArt of the Finon¢i81 Staten]ent5 for th¢ year ended 31 March 2021 (continued) 19. Gift from- The Pearson Centre for Young P¢opl¢ (522177) The assets of the Charity have been passed to this new entiry. Th¢ previou5 Charity's activities transfeJTed fully on l April 2019. along with the staff. The asseis have transfetred over the year and have resulted in the gift to this new entity as disclosed of £2,883,022. in 2019 and £126,000 in 2020. The only remaining asset of the previous Charity is the property at 10 Ireland Avenue which after redevelopment will be revalued and transfetred to this entity when the legal title is updated. Costs for general running of the property aT¢ shown within these accounts. Planning perniis5ion has been granted to enable the charity to re develop the rernaining land by demolishing th¢ ¢xisting propety and building two semi-detsched properties to provide rental Encom¢ to the charity. The costs of the redevelopment / build cts5t and legal fees are shown in accounts of the old entity, and loan given for the development is shown in Ihe5e accounts totalling £241,870 for 31 March 2021. which will be cleared on completion of the project. The project was completed in July 2021, eosts to complet¢ the development of the two new properties after the year end date totalled £66,835. The properties ar¢ to be revalued for traT25fer to this entity within the year to 31 March 2022. 19
THE PEARSON CENTRE FOR YOUNG PEOPLE TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Charlty Number 1176819
The Pearson Centre for Young Peopl¢ Report of the Trustees for the year ended 31 Mgreh 2021 The Tnjstees present their annual report and financial 5tatement5 of the Charity for the year ¢nded 31 March 2021. The financial ststements have b¢en prepared in a¢¢ordan¢¢ with th¢ arcountillg p(>li¢ie5 set out in note I to the accounts and accounts and ¢omply wit]? the Charity Trust D¢¢d, the Chgrit1¢5 Act 2011 and Accounting and Reporting by Charities: statement of Recommended Pr2¢ti¢e appli¢abl¢ to ¢harities PT¢p2ring their accounts in accordance with the Financial Reporting Standard appli¢abl¢ in the UK and Republie of Ireland effective I. January 2019. OBJEcfIvES AND ACTIVITIES FOR PUBLIC BENEFIT Constitution and Objective The objective of The Pearson Centre for Young People i5 the provision of leisure time activities for children and young people from the age of 4 year5 thrtsugh the auspice5 of The Boys, Brigade and The Girls, Brigad¢, together with other children and young people of that age in Beeston. Nottinghamshire and th¢ 5urroundirtg area. The prin¢ipal objective5 of these organisations are as follow5.. The Boys. Brigade The advancement of ChTlSt'5 Kingdom among boys and the promotion of habits of obedience, reverence, discipline, Self respect and all that tends toward a true Christian Manliness. The Girls. Brigade To help tsiT15 b0m¢ follower5 of the Lord Jesus Christ. and through self-control, reverenc¢ and a sense of responsibility, to find true enrichment of life. All the 5¢Ctions of The Centre have continued to provide a wide range of progrdmrnes aiTned at both meeting the iespectrve Brigade award structtEre5 and providing additional activities as r¢qu¢sted by the young people. The propety is available for the vse of those groups previously laid down in the controlling Debentuie as well as others, particularly those Ènvolved in youth and 5PQrt2ng artivities, social and leisure aciivities. Safeguardlng The Pearson Centre takes its duties under the Children A¢t 1989 seriously and has appropriate procedures and staff appointed to meet it5 dutie5 Under th¢ 1989 Act. If a r¢asonable Suspicion is raised about the protection of a child under the age of l 8 years, The Centr¢ will undertak¢ its duties using its procedures. The Managem¢nt Committee has a policy to vet all those who have the responsibility for the care of children within area5 of its responsibilities to comply with the Proteclion of Children Act 1999. The Charity Trustees have referred to the guÈdance on public benefit and confirni that the provision of The C¢ntr¢ for use by the general public sat15fEes the requiretnents laid down. The Charity Trustees confirfft that they have ¢omplied with their dutses under the 2011 Charities Act with regard io public benefit. ACHIEVEMENT AND PERFORMANCE Result5 and Review of Operation The Pearson Centre for Young People established an overall income position before unrealised gain51(10ss¢s) on the prtsvi5ion of its activities for the year of £25.905 Realised &nd unrealised 105se$ 2nd gains on invesrmenis in¢iEased ncorne in the5¢ figures in the accounts to a SUTpIu5 in 2021. befor¢ the actu8rial increase on the defined benefit pensitsn 5ch¢me of £89,000.. The Charity Tn2Stees express their thanks to ell those involved in organising fundraising activitie5 or who have made donations during the year in order that The Centre may continue to offer an important range of a¢tivitie5 to children and young people within the area.
The Pearson Centre for Young People Report of the Tru5tee5 for the year ended 31 M&reh 2021 (Continued) The year h&5 been a very challenging one with Covid-19. Activities for our BB and GB Member5 have continued to lake place, however, rnany of those have been virtual thanks to Zoom. The young¢r age group5 have engaged more with this, however, when facE to face se55ions have been allowed, a larg¢ number of our older members have returned. Development work has only taken place when regulations have allowed for face to face sessions to happen. Unfortunately for the first time in 70 years, our annual pantomime was not able to take place, Also th¢ annual camping residential was not able to take place. The Centre has eontinued to operate its face to face work with the help and assistance of many volunteers. These have included 5tud¢nts from Alderman White Secondary School, University of Nottingham and through the local eornmunity. The Trustees are most appreciative of their time and efforts in assisting to ensure the ongoing su¢ce5s of thi5 aspect of our work. Likewise with the pandemic Stopping a lot of activities. we have seen a considerabl¢, but expe¢t¢d. decrease in room hire. Lots of groups either were not allowed to return or did only return when their national bodies would let them. The Centre w8$ pleased to be able to host NHS blood donation 5¢5sions. The Cenire offered its services for various Covid-19 aspe¢ts- but all wer¢ d¢¢lined. Due to the pandemic, the work within the local community in schools, attending carnivals etc has not taken pla¢e. The ¢ompletion of work on the house at Ireland Avenue was also hampered by the pandemi¢ and it 15 anticipated that this will be con¢luded during the coming financial year. FINANCIAL REVIEW Investment Policy and Objectives The Charity Trustees are eommitt¢d to a safe inv¢stm¢nt of fund5 whilst retainin8 ae¢essibility. During the year all tash funds hav¢ been moved to the new charitable incorporated organisation. Tlie investtnents frotn th¢ sale of land from the S H Pearson Trust are assigned to Rathbone Brother5 plc, an investment management cotnpany, who hav¢ discretionary investment powers. The total held at 31 March 2021 was £2,213,125 {2020: £1,830,253). IRYe5tment Performance The Charity Trustee5 are sat15fied with the investtnent perftsrmance of the Fund Manageis to the TrusL and recognises the difficult economic environment in which they have acted. The general aim i5 to grow the inve5tcd asset5 for the longer terni in respect of real income 2nd capital growrth to achieve a retum in excess of RPI plus 30/0. A balanced objective has been seleeted in order that the portfolio is managed in a way that give5 good diver5ificatioD between different assei classes and can achieve the aim of the portfolio. Given the nagure ofthe fuT2ds. there 1$ no specific time horizon as all funds are invested for the long¢r term.
The Pe9rson Centre lor Young People Report of the Trustees for the year ended 31 March 2021 (Contlnued) The portfolio is invested for growth of upital and incom¢ in a way that Tepresents all a5pe¢ts of the world economy covering different asset clas5e5 and county diversification. It is invested 80 /0 in equities., colle¢tives and growth stocks to achieve the capital growth desired. The balance of 20Q/D is in fixed interest and div¢rsifi¢r investments. Direct investments in Arniaments, defenee, alcohol and tobacco are noi allowed. Reservts Policy The Charsty Trustees, have been ¢on5cious of the difficult r¢curTing finan¢ial results, and identified a Policy of keeping under review a minimum requirement of twelve Tttonths cosis of operations being available to redu¢¢ risk of any ittsolvency oceurring. The Charity holds £93,013 in reserve in the bank account. The Investment funds are only allowed to be spent on costs that meet the charitable aims and are approved by the Custodian Tntee5. Risk Management The Charity Trustees have conducted a review of risks associated with the Charity and have identified the major risks to which it 15 exposed, in particular those related to the operalions and financ¢5 of the Charity. The Charity TTUSte¢s are satisfied that systems are now in place to mitigate the Charity's exposure to the major risks. Future Development The year will b¢ a difficult one which will have sp¢nt a Dumber of rnonth5 c105ed due to Covid-19. All BB, GB and d¢veloprn¢nt a¢tiviti¢s were ¢an¢¢lleil from 15l April and it 15 hoped that these can recommence in September. Due to thi5 5 month break, a lot of tirne and effort will be plough¢d into recrniting memb¢r5 to all our activities as well as encouragin8 existing members back. It is anticipated that th¢ m¢mbers will perform their annual pantomime in January 2022. It is hoped that restrictions will allow som¢ form of short residentials to tsk¢ place for the BB and GB members. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The PeArson Centre ft>r Young People is controlled by a Cortstitution of its Charitable Incorporated Organisation status, dated 24 January 2018. MANAGEMENT COMMITTEE (CHARITY TRUSTEES) In line with The Pearson Centr¢ for Young Peopl¢'s con$tlUtIon, Charity Trustees are active and continually support the day-to-day running of The Centr¢, And de¢ide on necessary actions to achieve the objectives of the Chwitable Incorporated Organssation. The Charity Trustees shall include the following'.- A leader of the 17 Nottingham Company of The Boys, Brigade. A leader of the 30th NottinghaTn Company of The Girls, Brigade.
The Pearson Centre (or Young People Report of the Trustees for the year ended 31 March 2021 (Continued) The fiTSt Trustees of The Centre identified in the above mentioned Constitution are'.- John Wilson OBE Andrew Taylor Andrew Bunya Karen Jowett Wendy Kane Chairperson Vice Chairperson Captain of the 17th Nottingham CompaTSy of The Boys, Brigade Team Leader of the 30th Nottingham Compmy of Th¢ Gir15' Brigade Day-to-day management (non-voting) Recruitrn¢nt and 8ppointment of Charity Trustees The Charity Trustees serve for a defined period. deternJin¢d by the Constitution. At the quarterly Manag¢m¢nt Committee meeting. members agree the broad strategy and areas of activity for the Charity and when considered Decessary make representations to the Custodian Trustee in areas of investment. reserves aT5d risk management polici¢s. The Induction and training of Charity Trustees Charity Trustees undergo an induction to brief th¢m on their legal obligations under Charity Law. their obligations under the specifie trust, as well as the operating procedures and financial management and perforniance of the Charity. The Charity Trustees receive general tnJst¢e training at regular intervals in order to maintain their knowledge on the n¢eess2ry gov¢rnJn¢¢ r¢quirement5 associated with th¢ir offi¢e. RELATED PARTIES The Pearson Centre has links with the following OTg8nisaiioDS.'. The Boy5. Brigad¢ H¢adquart¢rs- representative of Custodian Trustee The Boys, Brigade and The Girls, Brigade nationally
The Pearson Centrt for Young People Report of th¢ Trustee5 for the year ended 31 March 2021 (Continued) Reference and Administrative Jnformation CHARITY NAME: The Pearson Centre for Young People CHARITY REGISTRATION NUMBER: 1176819 PRINCIPAL AND OPERATIONAL ADDRESS: 2 Nuart Road Beeston Nottingham NG9 2NH CUSTODJAN TRUSTEES: The Boys, Brigade (a Company Limited by Gvarant¢e) MANAGEMENT COMMITTEE (CHARITY TRUSTEES).. The Pearson Centre for Young People is managed by a Management Committee in line with kts constitution. Th¢ membeTS of the Management Committee who served during the year are.. Ch$irper5on: Fowndlltion Manager: Boy$, Brlg8de Captain.. Gir15' Brigade Te#]n L¢wd¢r'. John Wi150n OBE (Appointed) Andrew Taylor (Appointed) Andrcw Bunyan (Appoinledl Karen Jowett (Appointed) SetretAry: W¢ndy Kllnc Associate Member.. Thomas Jowett (Appointed I1.3.20201 CEP4TRE MAIYAGER: (Responsible for day lo day running of The Centre) Wendy Kane BANKERS.. Co-operative Bank PLC Customer Services PO Box 250 Skelmer5dale WN8 6WT INDEPENDENT EXAMINER: Diane Lockwood Haines Watts ClitTe Hill House 22-26 Nottingham Road Stapleford Nottingham NG9 8AA INVESTMENT ADVISORS: Rathbone Investment Management 8 Finsbury CitCU5 London EC2M 7AZ
The Pearson Centre for Young People Report of the Trustees for the year ended 31 March 2021 (Continued) STATEMENT OF TRUSTEES RESPONSIBILITIES The Chariiy Tslee5 are responsible for preparing the Report of the Trustees and the Financial Statements in accordance with applacable law and United Kingdom Generally Accepted Accounting Pra¢ti¢¢. The law applicable to charities in England and Wales, the Charitie5 Act 2011, ChaTity {Accounts and Reports) Regulations 2008 and the provisions of the tn]st deed require the Trustees to prepare financial 5tat¢ments for each financial year which give a tru¢ and fair view of the slate of affairs of the Charity and of th¢ incoming resources and 2pplicAtion of resources, including the income and expenditUTe of the Charity for that period. In preparing those financial siatemenis, Ihe Management Trustees are required to.-- select suitable accounting policies and then apply them consisiently. obserye the methods and principles in the Charity SORP., rnake judgements and estirnate5 that ar¢ reasonable and prudent- PTepare the finaT)¢ial statements on the going ¢oncern basis unless il is inappropriate io presume that the Charity will continue in busines5. state whether applicable accounting 5tand8rds have been followed, subject to any material departure5 that must be disclosed and explain¢d in the financial statements. The Charity Trustee5 aTe responsible for keeping PToper a¢¢ounting records which disclose with r¢a50nable accuracy at any time the financial position of the Charity ond to enable them to ensure that th¢ financial statements comply with Ihe Charities Act 201 I, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are a150 re5pon5ible for safeguarding the assets of th¢ Charity and hence for taking r¢asonabl¢ st¢P5 for th¢ prev¢ntson and detection of fraud and other irregularities. The Charity Trustees ar¢ respon5tble for the maintenance and inlegrity of the Charity and financial nformation included on the Chartty's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial siatements. This report has been prepared in accordan¢¢ with th¢ Statement of Recommended Practi¢¢.' Arcounttng and Reporting by Charities {effectiv¢ January 2019). OIY BEHALF OF THE MANAGEMEf4T COMMirrEE Wilson OBE- Chairnian 2021
Independent Examiner's Report to the Trustees of The Pearson Centre For Young People ('the CIO,) For the Year Ended 31 March 2021 I report to the Charity Trust¢¢5 on my examination of the accounts of the CIO for the year ended 31 March 2021. Responsibilities and Basis of Report As the Charity Trustees of the CIO you are re5pon5ible for th¢ preparation of the accounts in arxordance with the requirements of the Charities Act 2011 ('the Act,). report in respect of my examination of the CIO'5 account5 carried out under S¢ction 145 of the Act. In CaTTying out my examination I have followed all applicable dir¢ction5 givens by the Charity Commission und¢T Section 14515)(b) of the 201 l Act. Independent Examiner's Statement Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed i section 145 of the 2011 Aet. I confirni that l am qualified to undertake the examination because l am a member of the Insiitute of Chart¢r¢d A¢countant5 in England and Wales, whi¢h Ès one of the listed bodies. I have Completed my examination. I confim) that no matters heve come to my attention in connection with the examiT)ation giving me cause to believe., l) Accounting records were not kept as required by Section 130 of the Act. or 2) Th¢ accounts do not accord with those records. 3) The accounts have not been prepared in accordance with the method5 and prin¢iples of the Statem¢T)t of Recommended Practice for accounting and reporting by chariti¢s applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). I confirm that there are no matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Mrs D J Lockwood FCCA FCA A(fellOW) Chartered Accountant Haines Watts Cliffe Hill House 22-26 Nottinghan) Road Stapleford Nottingham NG9 8AA Dated..
The Pearson Centre for Young People Statement of Financial Activitie5 for the year ended 31 March 2021 (Including Income and Expenditure Account) Total Fund5 2021 Tot41 Funds Unrestricted Fund5 Capital Fund5 Unrestrl¢ttd FndS Cipitil Fund5 2020 Plotes INCOMING RESOURCES Bro%towe Borough Counril Grant Govemtnenl Furlou8h Scheme Gift From Prcvious Entity Donaiions 2nd Legacies Income from Charttable ActivitÉcs Income from Other Trading Aciiviiies Investment Income Fund Raising 49,902 47,852 49.902 47.852 126.QOO 2,127 61,198 126,000 2.127 61.198 1,616 13,837 1,616 13,837 2b 3.556 3,556 120.016 223 60,301 60.301 102,669 568 120.016 02.669 223 568 TOTAL INCOMING RFSOURCES 116986 120016 237,002 250 194 102 669 152,863 EXPENDITURE Chariiable A¢itvities Oth¢r 105,127 90,810 15,160 120.287 90.810 129,495 133.572 16.462 145,957 133,572 TOTAL EXPENDITURE 195.937 15,160 211.097 263,067 16.462 279.529 UMrt*lffistd Galnsl{Losses} oth Inve$tmt#ts Net In¢omellExpenditurel TrAnsftrs Between Funds Aetuarial Gainl{Lossl on Defined Benefjt Pension Scheme in the year since transfer of Scheme 478,677 104,856 {2tx),6611 478.677 25,903 1183.700} 86,207 (183.7001 73,334 (78.9511 200,661 (12,8731 16 89.000 189,000 1.000 1,000 Net MovetDeDt ID Fund5 32.710 382.872 415.582 97.277 (208.6431 {111.366) RECONCILIATION OF FUNDS Total funds brought forwird 988.448 1.830.253 2.818.701 891,171 2.038.896 2,930,067 TOTAL FUNDS CARRIED FORWARD 021.158 2.213.125 3.234.283 988 448 1,830253 2818701 The notes on pages 10 to 19 fomi part of these financial stst¢ments
The Pe#rwn Centr¢ foT Young People Balanee Sheet as at 31 March 2021 2021 Total Funds 2020 Total Fund5 Unrt5tricted Funds Capital Fund5 Note5 FJXED ASSETS Tangible assets Fixed asset investments 966,109 966,109 966,487 19 966,109 966 109 966 487 CURRENT ASSETS Stocks Debtors Investments Cash at bank and in hand Loan to The Pearsori Centre {old entity) 755 3,439 755 3,439 2,213,125 93,013 988 7,149 1.830,253 158,412 Eo 2,213,125 93,013 19 241,870 241,870 339077 2 213 125 2 552 202 1,996 802 CREDITORS 12 58,028 58,028 7,588 NET CURRENT ASSETS 281049 2213,125 2 494 174 1989.214 TOTAL ASSETS LESS CURRENT LIABILITIES 1,247,158 2,213,125 3,460.283 2,955,701 Pension Scheme Defi¢it 16 {226,0001 (226,000) (137,000) NET ASSETS 1021 158 2213 125 3 234 283 2 818,701 THE FUNDS OF THE CHARITY Unre5trict¢d funds.. Generdl Fund Pension Reserve 13 1,247,158 226.000) 1,021,158 1,011,968 137000 874.968 113.480 1,830,253 Designated Fund Capital Fund 2,213,125 TOTAL CHARITY FUNDS 3,234.283 2,818,701 The financial statements were apptoved by the Charity Trustees on ... signed on its behalf by.. . 2021 and were ilson OBE- Chairman A Taylor- ComTnitt ¢ M¢mber The notes on pages 10 to 19 form part of these financial statements
The P¢¥TSon Centre for Young People Note5 forming part of the Flnantial Ststement5 for the year ended 31 March 2021 ACCOUNTING POLICIES Basis of Prepara¢Ron ind assessment ofgoRng concern The accounts (financial statements) have been prepared in accordante wilh A¢¢ounting and Reporting by Charities.. Statement of RecoTnmended Practice applicable to charities preparing their ac¢ount5 in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland (FRS1021 effective January 2019, th¢ Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland {FRS102), and the Charities Act 2011. Asset5 and liabilities are initially recognis¢d at historical cost or transaction value unless otherwise stated in the r¢levant accounting policy not¢($). The ChaTity ¢onstitutes a public beneflt entity a5 defined by FRS102. The Trust¢es' consider that there are no material uncertainties about the Charity's ability to continue as a going concern. Going Concern- Covld-19 Posltion During (he forthcorning financial year the Custodian Trustees have agreed to release £50,000 from the portfolio to help cover the thrlough rosts not met by the furlough scheme. The local Borough Council have also made a fih¢r payment to assist with this financial year. Now that th¢r¢ is Some forni of normality returnin& it is anticipated that the income streams will return to previou5 year5. These are going to be reviewed on a r¢gular basis by the Trustees 50 that budg¢ts be amended, if necessary. The financial statetnents are presented in sterling (£). Incoming resources All illCOTning re50ur¢es are included on the Statement of Fillan¢ial A¢tivitie5 when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Re50urce$ expended Expenditure is account¢d for on an accruals basis and has been classified und¢r headings that aggregate all c05t5 related to the tategory. Wh¢r¢ costs cannot be directly attributed to particular heading5, they have been allocated to activities on a basis consistent with the use ol resources. The Charity is not VAT registered and therefore all tosts in¢lude irrecoverable VAT. Tangible fixed assets Depreciation 1$ provided at the following annual rates in ord¢r to writ¢ off ea¢h 8sS¢t ov¢r its ¢Stirnat¢d us¢firl life. Tangible assets are initially r¢¢orded al cost, and subsequently stated at cost less any accumulated depreciation nd iinpairmeni losses. Any tallgible asset5 carried at reyalued amounts are recorded at fair value at the dale of r¢valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Land and buildings IEnprov¢m¢nt to Propety Instruments Equipment lo/ on ¢05t (land is not depreciated) 150/p on redcing balance 20010 on r¢ducing balance 200/0 gn reducing balance Stocks Stocks are valued at the Iow¢T cos¢ and net realisable value. after making due allowan¢e for obsolete and slow moving items. Debtor5 Debtors are recognised at the settlement amount owed to the Charity or prepaid. 10
The P¢4r$on C¢ntre for Young People Note5 formlng part of the Financial St8t¢ments for the year ended 31 March 2021 (Continued) Creditors Creditors and proyisions are recognised where the Charity ha5 a pr¢s¢nt obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation ¢an be measured or estimated reliably. Creditors and provisions are nOr1]Y recognised at their settlement amount. Financial In51rument5 The Charity ha5 financial setS and financial liabilities of a kind that qualify a5 basic financial instnjments. Basic financial instruments are initially recognised at trans970n value and subsequently measured at iheir settlement value. Taxation Th¢ Charity is exernpt froTn tax on its ehariiable activitie5. The ChaTity also rents its rooms to other lo¢al ¢hildren's activities which satisfy the objectives of the Charity. The Tru5tee5 have r¢viewed the Charity's trading a¢tivitie$ and are ¢onfident ihat they further the Charity's aims and, as such, are con5id¢red Èo be primary puTrose trading. Fund accounting Unrestricted funds can be used in ateordance with the charitable objectives ai th¢ dis¢retion of the Trustees. Restrieted funds eart only be used for particular restricted purposes within the objects of the Charity. Restrictions aris¢ when Specifi by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is includ¢d in the notes to the financial 5tat¢rnents. Donaled Services, Good Faeilitle$ Donaied services or facilities are recognised as incom¢ when the Charity has contToI ov¢r the item, any conditions associated with the Ilonated item hav¢ b¢en met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. On receipt. donated 5ervites and facilities are recogni5ed on the basis of the value of the gift to th¢ Charity which is the amount the Charity would have been willing to pay to obtain services or facilitie5 of equivalent economic benefii on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. PeDsion cost5 and other po$t-retirement benefits Retiremen( benefit5 to employec5 of the cornpdny are provided by the Local Government Pension Scheme {LGPS1 which is a defsned benefit scheme. The LGPS is a funded scheme and the assets are held Separately from those of the company in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an s¢tuarial basis using the projected unit credit method and discounted at a rat¢ equivalent to the CUJTent rate of r¢turn on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations art obtained at least triennially and are updated at each balan¢¢ sheet date. The amounts charged to the income statein¢nt are the ¢urrent servic¢ costs of s¢h¢tne introductions, benefit charges. settlements and curtailments. They are in¢luded as part of staff costs as in¢urred. Net interest on the net defined benefit obligation and interest intome on the scheme assets, calculated by Enultiplying the fair value of the scheme a55ets at the beginnin8 of the period by the rate used io discount the benefit obligations. The diffeT¢nc¢ between the interest incom¢ on the scheme assets and the retum on the scheme assets is recognis¢d in the ancorne Statement. Actuarial gains and losses are recognised immediately in the income statement. Th¢ actuary ha5 produced the pension di5c105ures based upon IAS19. The resulting pension scheme liability has been trdnsfe]T¢d to a separate pension res¢rve in order to ring fence the liability. Investments Listed inve5tment5 held a5 current assets revalued throughout the year at mid-market value at the balance sheet dale and the gain or Ios5 on r¢valuatitsn artd disposals taken io the Statement of Financial Activiti¢s.
The Pearson Centre for Young People r4otes forming part of the Flnanclal Statements for the year ended 31 Mareh 2021 (Contlnued) Judg¢ment and Key Source5 of Estimation Uncertainty The preparation of accounts using generally ac¢epted accounting principles requires mawdgement to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses during the reporttng period. The k¢y estimates and assumptions used in the Financial Siaternents are detailed in the accounting policies. 2a. Donatlons #nd Legacies Total 2021 Total 2020 Restricted rtstritted Donations Gift Aid Rent of House 1,157 459 1,157 459 1,120 1,007 2b. Ineome from Charltable Aetivities Restrlcted Unrestricted Total 2021 Total 2020 Subscriptions Sundry Receipts (including Kingswood we¢kend) PantotniTne Income Canteen Income Development Work Inctsme Camp Sale of Uniform5 Activity Inwme 1.496 1,496 6,577 1215 3,156 2,666 29,523 17,970 10 55 12.286 55 12,286 13,837 61,198 2e. Incorne from Other Trading Activitie5 Total 202] Total 2020 Restricted Unrestritted Room and Ground Hire 3.556 3,556 60.301 3. Inve5tm¢nt Income Total 2021 Total 2020 Investment income Gains/lLosses) on Investment 120,016 102,536 133 102,669 120,016 Total 2021 202 N¢t income is $tat¢d after ¢harging.'- Independent Examination Fees Other Paytnents to Auditor5 for Accountancy and Payroll Services Dcpreciaiion 2,400 2,588 1,500 3.738 20,639 19,707 12
The Pe&rson Centre lor Young People Notes formtng part of the Flnanelal Ststements for the yvdr ended 31 March 2021 (ContiNu¢d) 4. Charitable Activilie5 Total 2021 Funds Restrlcted Unrestrlcted 2020 Wages and Expen5e5 Payments Soci&l Security Paytnent5 Pensions Sundry Purtha5es Canteen Expenditure Development Work Costs Bank Charges Investments Management Fee5 Postage, Printing and Stationery Sundries (including vending machine I cleaning) Running Costs of Propety Under Development (note 219) Fund Raising Costs BB Awards Sybscriptions and Licences Training Activity Costs Unifoms Volunteers Expenses Advertising Pantomime Expenditure Camp2019 Capitation Fees 74,974 6,229 11,221 74,974 6,229 11.221 51,968 3,795 10,356 1,156 40 1,156 40 15,160 509 1,952 4,905 182 16,462 1.540 15.160 509 1.952 3,355 12.520 2,742 2.742 10 1.459 907 6.955 859 113 2.114 859 2.114 228 313 2,042 23,453 3,830 145 957 105.127 120 287 5. Other Ixpenditure Health and Safety Cost Donat2on (to pay debt of old oharity) Wages and Exp¢nse Paymenls Social Security Payments Water Raies and Ra*s Insurance Light and Heat Telephone R¢pJirs, Maintenanc¢ and IT Equiprnent Replacement Improvement to Property Depreciation Instruments Depreciation Equipment Depreciation Buildings Depreciation Audit and Accounting Fees Legal and Professional Fees 1,234 1.234 1,800 50,938 3.559 9,602 7,463 12,942 2.887 23,495 1.557 3,180 7,793 7,501 3,016 23.495 1,557 3,180 7,793 7.501 3,016 15,398 15.398 18,183 8.73Q 14 4,395 7,500 4,988 2,009 8,730 14 4,395 7,500 4,988 6.696 17 5.494 7,500 5.238 .253 133.572 13
The Pearson Centre for Young People Notes forming part of the Fin¥n¢i41 Ststements for the year ended 31 March 2021 (continued) 6, Trustees, Remuner4tioD Benefit$ No tNstees' remuneration or other benefits have been paid for the y¢ar ended 31 Mah 2021. Tru$tees' Expenses No ttu5tee5' expenses have been paid for the year ¢nd¢d 31 March 2021. 7. Staff and Support Costs 2021 20211 Wage5 and salaries (including expenses payments) Social Security costs Other pension costs 98,469 7,786 11.221 117,476 102,906 7,354 10,356 120,616 The average number of aff paid for the year was 11 (2020.. 11). No employee earned £60,000 per annum or more. Total remuneration of key management personnel for the year ended 31 March 2021 was £55,55912020.. £49,729). The number of employees to who retirement benefits were accruing were ls follows.'_ Defined benefit scherne {2020.. 1) Th¢ Staff oo5tS above includ¢ tim¢ spent Tunning The Pearson Centre and the costs of this are artributable to the Charity's trading activitl¢S. 8. T8Ngible Fixed Assets Lfind and Buildings lrnprovements to property Instruments Equipment Totals COST At l April 2020 Additions At 31 March 2021 950.000 227,759 20.261 248.020 2,664 374.988 1,555.411 20,261 1575,672 374 988 DEPRECIATION At l April 2020 Depreciation Charge At 31 March 2021 43,500 189,818 8.730 198.548 2,593 14 353,013 588,924 20.639 609,563 51,000 357.408 NET BOOK VALUE At 31 March 2020 At 31 March 2021 906,500 899,000 37,941 49.472 71 57 21,975 17.580 966.487 966,109 Land with a value of £200,000 was included within land and buildings and not depreciated. the property known as the Pear50n Centre was r¢valued by CP Walker & Son on the 8 October 2019 to ¢nsure the correct value at transf¢T was attributed to the property. 14
The Pearson Centre for Young People Notes formlng part of the Fin3ntial Statements for the year ended 31 Mareh 2021 {eontlnued) The Pearson Centre for Young P¢ople still retains some land on Queens Road, Beeston, after the sale of the majority of it to a property constru¢tion company during 2007. An estimation of its market value at 3 1 March 2019 is Nil as it has been leased over a 75 year period for 8 p¢pper¢orn rent to Broxtowe Borough Council who will maintain and run IL 9. Stocks 2021 2020 Sio¢ks 755 988 10. Debtors 2021 2020 Prepayments Oth¢r Debtors 1,977 1,462 2,949 11. Current Asset JnYe5tments 2021 2020 Investments (Stork exchange) 2.213 125 1,830.253 Asset Investments Listed o Stock Exchonge Market value at l April 2020 Investment income Unrealised gains at 31 March 2021 C05t of investment Transfer from Fund Balanee 1.830,253 120,016 478.677 (15.160) 200,661 ValuatiOTt at 31 March 2021 2,213 125 Included within listed investments 15 £4,493 of rnonie5 held by the Charity's broker. Thi5 has arisen from pro¢¢cd5 of selling investEnents durin8 the year that at the year end hav¢ not b¢en reinvested. 12. CTeditor5: amounts falling de )Yithin one year 2021 2020 Trade creditors Other creditors Taxation and social security costs 269 56.274 1,485 58,028 202 5,704 1,682 7.588 15
The Pearson Centre for Young People Note5 forming part of the Financial Statetnent$ for the y¢ar ended 31 March 2021 (eontlnued) 13. Movement in fund5 Transfers between fund5 At 31 March 2021 At 1.4.20 Net movement irt funds Unrestricted funds General hjnd Pension Reserve Capital Funds 1,125,448 (137,000) 1.830,253 121.710 {89,000} 382,872 1,247,158 1226,000) 2,213,125 TOTAL FUNDS 2818701 415,582 3 234 283 Tran$f¢rs between funds At 31 March 2020 arEnded 31. .20 At 1.4.19 Net movement ITh funds Unrestricted fund5 General fund Pension Reserve Capital Funds ,027,171 (136,000) 2,038,896 98,277 (1,000) {208,643} 1,125,448 (137,000) 1.830,253 TOTAL FUNDS 2 930.067 2.818 701 Net rnovement in funds, including in the above are as follows'.- Year Ended Balan¢e Blfwd 1.4.20 Incoming resources Resources expended Gains and lo5S Movernent in fund3 Unrestricted funds General fund 988.448 116.986 (284,937) 200,661 1.021.158 Capital fund 1,830,253 382.872 2,213,125 TOTAL FUNDS 2,818.701 500,404 284 937 200661 3,234,283 Year Ended 31. Balance Blfwd 1.4.19 Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fuftd 891.171 250,194 (264,067) 988.448 Capitsl fund 2,038,896 102,669 {16.462) (294,850) 1,830,253 TOTAL FUNDS 2,930,067 352.863 280,529 183.700 2,818,701 14. Reloted party disclosures The use of the premises has been made available to The Boys, Brigade and The Girls, Brigade nationally at a reduced rate. The new ¢h8rity (no. 1176819) paid £241.870 towards costs for the old charity. This amount is shown within current assets as repayable on completion of the project. There are no other related party disc105ur¢s. IS. Volunteers Durtng the year around 80 to 90 p¢ople gave their time to the Charity with no personal financial benefiL in Order for th¢ Charity to operate smoothly. 16
The Pear50n Centre for Yourtg People Notes forming part of the Fin#nciAI Statements for the year eDded 31 March 2021 (continued) J6. Employee benefit obligation5 The Company contributed to a defined benefit pension scheme. The assets are held and administeTed by th¢ Nottinghamshire County Council Pension Scheme. The pension cost charge represents contributions payable by the Company to the pensiot) schemes and amounts to £11,221 {2020.. £10.356). An a¢arIal valuation was catTied out for the defined benefit scheme by Barnett WaddinghaTn by rolling fonvard to 31 March 2021 the value of the employers liability calculated for the funding valuation as at 31 March 2020 using financial assumptions that comply with FRS102. The valuations ar¢ calculated every three years the last one being on 31 March 2020. The amounts recognised in the balance sheet are as follows'.- 21 2020 Present value of funded obligations Fair value of plan assets (441,000) 215000 {226,000) (304,000) 167000 (137,000) Present value of unfunded obligations Deficit Net Liability 226,000 (226,000 137000 137.000 The amounts recognised in surplus or deficit are as follow5-_ 2021 2020 Curret]t service costs Net interest from defined benefit as5eV liability 10,000 3.000 16.000 13,000 19.000 Actual return on plan assets 38,000 19.000 Changes in the present value of the defined benefit obligation are as follows'.- 2021 Opening defined b¢nefit obligaiion Current service Cost Contribution5 by scheme participants Experien¢e Lossl (Gain) on defined benefit obligation Past Service costs Interest Q05t Actuarial (gains)Ilosses from change5 in financial assumptions Actuarial (gain5)Ilosse5 from changes in demographi¢ assumptions 304,000 10,000 2,000 {i.000) 296,000 11,000 2,000 33,000 5,000 7,000 {44,0001 7,000 119,000 441000 304 000
The Pearson Centre for Young People Notes formittg PArt of the FTnancial Statements for th£ year ended 31 Mareh 2021 (continued) Changes in the fair value of the scheme ossets are as follows'.- 2020 Opening fair value of seheme assets Contributions by employer Contributions by scheme participants Return on plan asset5 (excluding interest income) Other Actuarial Gain5 167.000 8.000 2,000 38,000 160,000 7,000 2,000 (14,000) 12,000 167000 215,000 The amount recognised in other comprehensive income are as follows'.- 20 Actuarial {gainsylosses from change in demographic assumptions Actuarial (gains)/losses from changes in financial Rssumpiions Rett]rn on plan assets (excluding interest income) Return on fund assets in excess of interest Other Actuarial Gainsl (Losses) on Assets Experience Gain/ (Lo55) on defined Benefit Obligation 6,000 44,000 (119,000) 34.000 (18.000) 12,000 33,000 1.000 84,000 The major cat¢gori¢s of scheme assets as a percentage total scheme assets are as follows'.- 2021 2020 Equities Gifts Bonds Propety Inftaslructure Jnflation linked Cashltemporary investments 64 64 13 100 10 Principal acluarial assumptions at the balance sheet date (expressed as weighted averages).. Discount rate Future salary increases Future pension increases 2.05Vty 2.850/0 3.850/0 17. Trusttt Indemnity Insurance The Charity held Trustee Inden2nity insuranc¢, which is now held with the new entity. The scheme provided annual cover of a maximurn of £1,000,000, with an exce55 of £250. The premium is paid with the total insurance policy. 18. Donated Services During the year goods and servi¢es were donated for ihe pantQTnime in the previous year to a value of £401. The pantomime did not take pla¢e thi5 year so there are no donation5 to nole. 18
The Pearson Centre for Young People Notes formlng pArt of the Finon¢i81 Staten]ent5 for th¢ year ended 31 March 2021 (continued) 19. Gift from- The Pearson Centre for Young P¢opl¢ (522177) The assets of the Charity have been passed to this new entiry. Th¢ previou5 Charity's activities transfeJTed fully on l April 2019. along with the staff. The asseis have transfetred over the year and have resulted in the gift to this new entity as disclosed of £2,883,022. in 2019 and £126,000 in 2020. The only remaining asset of the previous Charity is the property at 10 Ireland Avenue which after redevelopment will be revalued and transfetred to this entity when the legal title is updated. Costs for general running of the property aT¢ shown within these accounts. Planning perniis5ion has been granted to enable the charity to re develop the rernaining land by demolishing th¢ ¢xisting propety and building two semi-detsched properties to provide rental Encom¢ to the charity. The costs of the redevelopment / build cts5t and legal fees are shown in accounts of the old entity, and loan given for the development is shown in Ihe5e accounts totalling £241,870 for 31 March 2021. which will be cleared on completion of the project. The project was completed in July 2021, eosts to complet¢ the development of the two new properties after the year end date totalled £66,835. The properties ar¢ to be revalued for traT25fer to this entity within the year to 31 March 2022. 19