THE PEAIiSON CENTRE FOR VOUNG PEOPL TRUSTEES, REPORT AND FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 Charity Number 1176819
The Peanoll CeDtre for Young People Report of the Trustee5 for the yur ended 31 M#r¢h 2024 The Trustets PT¢S¢nt their ortnual rep)rt 8nd fitsantial ststements of the Charity for the year ended 31 March 2024. The fJnan¢ial 5tat¢Tn¢nts hav¢ b¢¢n pr¢p•td in accordance with the accounting policies set out in DQt¢ I to th¢ accounts and accounts and comply wrth ihe Charity Twsl Deed, th¢ Charities Act 2011 and Accounting and Reponin8 by Charities.. statement of Recommended Praciice applicable to rhaTiIi¢s preparing their A¢¢ounts in a¢¢ordan¢e with the Fin8nctal Reporting Standard applicable in th¢ UK and RepblIC of Ireland. ORJECTIVES ATr4D ACTIVITIES FOR PUBLIC BENEFIT Constitution *thd Objettlve The objective of The P¢ar5on c¢nI for Young People is the provision of leisure time activities for child and young p¢ople from the age of 4 y¢ar5 through the #vspi¢¢s of Th¢ Boys. Brigade and The Girls, Brigade. together with other children and young pp]e of that age in Bee5ton. Nottingham5hir¢ ar th¢ surrotjnding are& The prifjcipal obj¢¢tiv¢s of these organisations are as follows.. The Boys. Brlgade Th¢ advJn¢¢tn¢nt of Christ's Kingdom omoD8 boys attd ihe promotion of habits of obedienc¢, reverence. disciplin¢, s¢lf-rtspECt and all that t¢nds toward a true Christian Manliness. The Girls. Brigade To h¢lp gir15 COMe followers of the Lord Jesus Christ, and through s¢lf.¢ontrol, reverence athj a sense of resp)nsibility. to fjnd true enrichment of life. All Ihe sett0$ of The Cetltre have contittued to provide a wide Rn8e of programmes aimed ¢¢¢ig th¢ r¢spective Brigade award structures and providing addition o¢tivitie$ Ls requested by the young people. Th¢ property is available for the usc of those group5 previously laid dowB in th¢ tontrollitt8 Debentu &8 well as h¢T5. particularly those involved in youth and sporting artivit1¢5, sla1 and l¢isurt activities. Sar¢grdIng The P¢ar50n Centre tskes its dulles und¢T the Children Aot 1989 S¢Tiollsly attd has appropriate procedures vnd staff appointed to meet its duties under the 1989 Act. If a reasonable suspicion is Tais¢d ab(>ut the protection of a ¢hild urtd¢r th¢ age of 18 y¢ars, The Centre will undertake its duties using its procedure5. The Manag¢m¢Tht Committee has a Folicy to vd all thos¢ who hav¢ the r¢spon$ibility for the care of childretl within areas of Its respoNsibilities to comply with th¢ Prot¢¢tion of Children Act 1999. Th¢ Charity Tru5te¢s have r¢f¢rred to th¢ guidance on publi¢ b¢n¢fit and ¢tsnfinn that the provision of The Centre for U8e by the 8eneral public satisfies the requirements laid down. The Charity Trustees ¢onfimi ihat ih¢y hav¢ complted with their duties under the 2011 Charittes Act with regard to public benefit. ACHIEVEMENT AND PERFORMANCE Results and Review of OperAtion The Pearsot) Certtre for Young People established an overdll deficit position before unr¢alis¢d gain51(Ios5ts) on the provision of its a¢tiviti¢$ for the year of £129,198. Realised and unrealised losses and gains on inve5trnent5 increased the deficit in the% figures in the ac¢ounts, before the Actuarial de¢rease on the defined benefit pertsion scheme of £190.000. The Charity Trust¢¢s ¢xpr¢ss th¢ir thanks to a]1 those involved its orgatti$irt8 fvndraising activities or who have made donations during the year in order that The Centre may wntinue to off¢r aD irnFx)rtant rdnge of activities to children and youn8 people within the area.
Th¢ Pe4Tson Centre for Young Peopl¢ Report of the Tryst¢es for the year ended 31 M4rch 2024 (Continued) Thi$ year has b¢¢n a PTodu¢tive year. We have receiv¢d OFS1ED Tegistration duritlg the year which h&% n¢rea5d th¢ nutnbers attending both our altetschool and holiday ¢lub5. BB and GB groups held a reGruiting day and their numbers haw¢ irttr¢8sd. Th¢ annuaj pantomime and residential involving the BB d GB members W¢ su¢¢¢ssful and involved a gd number of ourolder members. Th¢ C¢ntre was blessed to have numerous volunter5 working with the children and youn8 peopl< im all aspects of its work. The wolurtteers hÈvr ¢orpc from various walks of life including Aldemian White School, Chilwell School, Bilb¢>Tough Sixth Forni College, University of Nottin8harn, Nottingham Trent Univ¢r5ity and local residents. A number of our younKer volunteers use this experierlce a5 part of their Duk¢ of Edinburgh Award oMnmut)ity servi¢¢. The Trust¢¢5 ar¢ tnost grateful to the volunteers for all the hours that ihey 8ive to ensure thai the work of The Centre Is succes5fv1. Again. Th¢ C¢ntre saw an increase in iL8 ineome from both ]wm hiT¢ and its d¢v¢lopm¢nt work. Work in the local community has taken pla¢¢ through partSCiPation in h0o1 Mb[leS and artet)d¢¢ 001 fetes, together with adverttsing activities within local media. The two houses on Ireland A¥enu¢ hav¢ ¢ontiny¢d to b¢ l¢t throughout the fjnanciaj year. FINANCIAL REVIEW Investm1 P•ll¢y •nd Objectives The Charity Trustees are committed to a5kfr invrstmentof fund5 whilst retaining aceessibility. The investments from the s&le of laEhd from the S H Pearson Trust are assigned to R8¢hknn¢ Brothers pl¢, 8fL ittv¢$tm¢nt managem¢nt company, who have discretionary investment txjwus. The totht held at 31 March 2024 was £1.969.117 {2023.. £1,843.9241. Investment PÈrfom*nee The Charity'frustees are sat15fied with the investmetjt perfortnan¢e of th¢ Fund Managers to th¢ Trnst. and recognises the diffjcult econ¢)mic ettvironm¢Dt in which th¢y have act¢d. The genwa] oim 15 to gTOW the invested sets for the longer term in t¢$£t of incorn¢ and capital gr0h to aohieve a TeDJrn in excess of RPI plus 3%. A b218th¢ed objectiv¢ has been selected in order that the portfolio 15 managed In a way ihot gives good diversifjcation between different asset cl8sses and can achieve the tim of th¢ FK)rtfolio. Given th¢ nature of the funds. there is no 5pecifJ¢ time horizon 0$ funds ar¢ invested for the longer te.
The Pearson Centre for Young People Report of theTrustees for the yeAT ende(131 Marth 2024 (Continued) The portfolio is invested fot glowth of capital and income in a way Ihat repwents All &spetts of the world economy covering diffeT¢Dt 8ssei ¢lasses attd courttry diverstfitotiort. It ss inve5t¢d 75Yo in ¢qvilies' toll¢ctlV¢5 and growth stocks to achieve th¢ C111 Brokn d¢sir¢d. Th¢ balanc¢ of 25Q/o is in fixed int¢r¢st and div¢rsifier investments. Direct investments in Arniaments. d¢fence. alcohol and tobacco are not allowed. Res¢rYes Policy The Ch8rity Truste¢s, hav¢ been conscious of th¢ diffi¢ult r¢cutTing finxntiol r¢sults, w]d identifi¢d a Policy of ke¢ping under review a minimum r¢quiTetSkenl of tw¢lve months costs of oper&tions being availabl¢ to r¢duc¢ risk of atty insolvency occurring. The Charity holds £117J76. in T¢5erv¢ in th¢ bank Th¢ Inv¢strR¢nt furbJ5 only &11gwed to b¢ 5p¢nt on costs that meet the charit&ble atms and are approved by ihe CUsdian Tru$tees. The investment fund h&8 10 remain at its opEning balan¢¢ or high¢r. Th¢ ¢ustodian tyu51e¢$ hav¢ igre¢d that SOtn¢ of the furtds catt be used b place old and worn equipment. The reserves p)li¢y will k revi¢wed on an annud basis. Risk Mn4gernent The Charity Trustees hawe conduct¢d a rcvi¢w of risks a550Giat¢d with the Charity ar have idlif1¢d th¢ majoT risk5 to which it is eXSed. in particular those related lo th¢ op¢rations attd finances of the Chartty. The Charity Trustees are satisfied thai sysiems are now in place to mitigate the Charity's exposure to rhe major risks. Future Development Th¢ ¢oming y¢ar will continue to b¢ Spent building back up the work with the Boy5 Brigade and Girls Brigade, tog¢th¢r with the development programme. In order to improv¢ and expand th¢ d¢velopm¢nt ProgrMe fijrther, adult volunteers wtll be sought. It is aniicipaled th the pantomime will reven back to its January perfoTmaD¢¢S. There will b¢ an in¢r¢ase in tt)ark¢ting whi¢h it 1$ hop¢d will enti¢¢ more r(x)m ixx>kings and members attending the various activitie5. STRuCr,Rl. GOVERNANCE APD MAIYAGEMENT Coverning dotttmemt Th¢ Pear50n Centre for Young People i5 controlled by a ConstLtutioTh of its Charitable Incort¥Jrat¢d Organisation stttu& d*ed 24 January 2018. MANACEMENT cOMMIE {CHARITY TRUSTEFS) In line with The P¢arson Centr¢ for Young P¢opl¢'s wn5titution, Ch8rity Trustees ar¢ adiv¢ and continually support the day-to-day running of The Centre. and de¢ide on necessary actions to achieve the obj¢¢tiV¢s of the Charitable IncorForated Organisation. The Charity TTustr¢s 5hJl in¢lud¢ th¢ following.'_ A leader of the 17th Nottittgham Company of The Boys, Brigade. A lead¢T of the 30th Nottingham Company of Th¢ Gir15' Brigad¢.
Th¢ PrtN CeNtre for Young People Report of the Trusttts forthe yta ¢nd¢d 31 Manh 2024 (Continued) Th¢ first TTUSt¢¢5 of The Centre identifLed in the above mentioned Constitution aTe.'- Andrew Bunyan Andrew Taylor John Wilson Andrew Bunyan Karen Jowe W¢ndy KaTr¢ Chairper50n Vice Chairperg)È) Tjwstee Captain of th¢ 17th NottiRglLom Compony of Th¢ Boys. BrÈsade Tearn Leader of the 30th Nottingham Company o¥The Girls. Brigod¢ Day-to-day man8gement It)on-votitgl IT¢sign¢d l January 20241 RtCTultmeRt nd gppolntmettt of Chlrity TTU5tees The Charity Trustees seTVe for 4 defined period. detennined by the Consiitwion. At the quarterly Management Committe¢ MeIng. members wee the broad 5tTat¢gy and areas of activity for the Charity and when considered neces$2ry mak¢ pre5¢ntations to the Custodian Trustee in are&s of investmcn¢ resetv¢s and risk magerent w>li¢ies. The Induetion And of Ch#rity Trustee5 Charity Trustees underBO an indts¢tLOrt to brief them on their legal obligations under Chartty Law, their obligat10S tsndet th¢ spe¢ifi¢ trust, as well as the operatin8 procedures and fJnan¢ial management atld p¢rforniance of the Chartty. Th¢ Charity Trnste¢s receiv¢ general trustee training at regular intervals irt ord¢r to tnaintain their krtowl¢dg¢ on the necessary governance requirements &8s0¢iaied with theiF offitt. RELATED PARTIES Thc Pearson Centre links with the following organi$ations.-- The Boys, Brigade HeadqU¢r5- T¢pf¢5cntativc of Custodian Trustee The Boys. Brigade and Th¢ Girls, Brigad¢ nationally
The Pe2rsoll Centre for Young Peopl¢ Report of tht Trnstees for the ytAr eftdtd 31 Mareh 2024 (Continued) R¢f¢rtNce and AdrnsNi5trative InfonDatiou CHARITY NAME: The Pearson Cetstre for You#8 People CHARITY REGISTRATIOTr4 NUMBER: 1176819 PRINCIPAL AND OPERATIONAL ADDRES&. 2 Nuart Road Bceston Nottin8ham NG9 2NH CUSTODIATrI TRusfEES: {& company Limilthl by Guor&n¢) The Boys. Brigade MANACEMENT COMMI (CHARITY TRLisfEES): Th¢ Peats(MJ Centre for Young People is fflaTLaged by a Manag¢ment Comtnittee in line with its constithtion. The memb¢r5 of the Management Committee who served during the ycar are.. ehxirytr50D'. Vict CbiryeThbn: Boys. Bri8dt C'ptaill: Girls, Brigadt Team L¢d¢r. Tru$t<¢&: Andrew Buny8 AndW Taylor Andre, Bunygn Karen Jowtii Th0Th&5Jow¢i¢ John Wilson IApwinled) IApwintedl IApwTritstedl {APlt¢d) IAproinledl CENTRE MANAGER: (Responsible for dAy-tdY running ofThe Centre) Wendy Kane (Part Year- resigned l.1.24) BANKERS.. Cfrop¢rative Bank PLC Customer Services POBOX 250 Skelmer5dale WN8 6WT JNDEPENDENT EXAMINER: James Liptrott HHtn¢s Watts Cliffe Hill House 22-26 Nottingham Ro#d Stapleford Nottingham NG9 8AA INVESTMEf4T ADVISORS: Rathbon¢ JDv¢5trnent Managemeni 8 Finsbtsry Circus London EC2M 7AZ
The Pearson Centre for Youtyg People
Report of the TTU5tees for the year ended 31 Mar¢b 2024 (Cotsiinued)
STATEMENT OF TRUSTEES RESPONSIBILITIES
The Charity Truste¢s arc r¢Snsible for preparing the Report of the Trus$ and the Financial St&t¢ments
*# a¢¢ordanc¢ with applicable law and United Kin8dorTr G¢ncrdlly Acc¢pt¢d Accounting Practice.
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accots 8ttd
Repnrtsl Regiil81ion5 2008 and the PTOViSiOnS of the trust deed require the Trustee5 to prepare financia]
stat¢Tn¢nt5 for each flttancial Ye which $iv¢ a tru¢ 2nd fairview of tb¢ state of affairs ofthe Charity and of
the Encomtn8 resources and appli¢8tion of resourc¢s, including the income and expettditutt of th¢ Charity
for that period. In pr¢paring those fiTrancial statements, the Matsa8ement Tntte$ are T¢qULred to'.-
sel¢ct suitable accounti#g poli¢i¢s and then apply them con5lStently'
ob$¢rv¢ th¢ mdhods &nd Principles tn the Charity SORP;
make judgements artd e$liTnates that aT¢ Teasotsable and prudent.
pr¢paT¢ th¢ financial statements on the 80ing eoneem ba8i$ Urtless it is inappropriate to presume that
the Charity will continue itt busittess.
State whether applicable ac
Independent Examiner'5 Report to the Trustee5 of The Pexrson cent For Young People ('tht CIO,) For the Year Kded 31 March 2024 I report tts th¢ ChJrity TTU5t¢¢$ on my examination of the accounts of the CIO for the year ethded 31 March 2024. Reswnsibilities Basis of Report As th¢ Charity Trusttts of the CIO you are r¢sponsibl¢ for th¢ pParattOn of the aGwunts in ac¢ordan¢e with the requirements of the Charitie5 Act 20111'th¢ Act'l. I report in resp¢ct of rDy ¢xwnination of the CIO'S accounts Carried out u#der Setlion 145 of the Act. In arrying out my examination I hav¢ followed all applicabl¢ dLf¢ciLQUS givens by the Charity Commi55iO under Section 145ISKbl of the 2011 Act. IDthpendent Examiner's Statement Sinc¢ the Charity's gr055 inrome ¢xre¢ded £250,1100 your examirter must be a member of a body listed in section 145 of the 2011 Act. I confirm that l qualified to undertake the exatnination because l am a member of the tnsiitule of Ch&rtered Accounianls in England Wales. which is one of the lisied bodies. I hav¢ wmpleted my examination. I wnfiTm tha¢ no matter$ hav¢ ¢om¢ kn my attention it) Lonneciion with the exatnination giving m¢ cause to believe.. I l ACcoUtIg records were ijoi kept Is requirtd by Seaion 130 tsf the A¢t- Or 21 The accounts do not accord with those records. 31 Th¢ acrounts have zjot beett prepared in accordance with the methods and principles of th¢ Statement of R¢totnrnended Pta¢ti¢e for 2CCOUrtling artd reportirtg by charities applicable to charities pr¢paring their accounts in occordan¢¢ wittl th¢ FinanGial R¢porting Slandard applicable in the UK and Republic of Ireland IFRS1021. I confirn that ihere are no matters to which your attention should b¢ drnwn to ¢nabl¢ & prop¢r und¢rst#thdin8 of the accounts to be reached. James Iptrott FCA Chartered Accountant HaÈne$ Watt$ Cliff¢ Hill Hous¢ 22-26 Nottingham Road Stapleford Nottin8h8m NG9 8AA Dkted..
The P¢arson Cenit¢ for Young People St#temeut of Financial Activities for the yer ended 31 Morth 2024 (Intluding Income ExpeNditure Actountl Tof•l Funds 2024 Total Utymtrirtvl Funds Capitsl Funds Unrestiietsd FyDd$ Capityl 2023 INCOMING RESOURCES 2a Ib 34303 50,014 34.203 50,014 31.468 51,022 31,4fj8 51,022 In¢omc from Charitabk Activities In¢om¢ from Oth¢r Ttading Activities Investhent Incorn¢ Fund R&i51t18 47.155 47,155 57,546 282 45,491 45.491 56,051 173 57,546 56,051 282 173 TOTAL INCOMING RESOURCES 131.654 189200 128 154 56.051 184205 EXPENDITlE chitab ActtYitiEs Oth¢r 126.878 149,085 9.106 135.984 149.085 18,998 129,038 9.316 128.314 129,038 TOTAL EXPENDITURE 275.963 285 096 24&Q36 257 352 Ilnrexli5cd Gaill51lL0vbI on Investments N¢t lTr¢omellEJpeDditurel Trxllsftrs Belweei Funds Atturi•l GaillllLoJJl Defintd B¢#tfit Pen¥ion Scbemt ID the year $inee tv•Trsfer ofJth¢mt 175.153 48,440 198,4001 175,153 {95.8691 Il99.0841 46,735 11052(Al 1199,0841 173,1471 {144J091 98,4(M) 1119,8121 105,264 190.0(X) N¢t MovemtDt Funds 119Q909} 123.193 165.7161 175,382 1257,613) 1822311 RECONCILIATION OF FUNDS Totsl funds brought forward 1.545,206 1.843924 3,389,130 1,369,824 2,101537 3.471.361 TOTAL FUNDS CARIUED FORWARD 354 297 1969 117 3323414 1 54521 1843 924 3 389 130 The tLOtrs on pages 10 to 17 forni part of ihese fllmacial stat¢ment$
The Pearsoj) Cetttre for Young PpIe B•lamte Sheet Is at 31 Matth 2024 2024 Total Fund$ 202J Totsl Funds VTrr¢>lri¢é¢ Funds Cgpltal Funds Notes FIXED ASSETS T2ngibl¢ 4s5¢ts Fixed ass¢t investments 928.777 928,777 931,885 1388 777 1388 777 1391885 CURRENT ASSETS Stocks Lkbiors Investment$ Ch Ht bank and hartd 337 5.158 337 5,158 1,969.117 17.376 r23 4,018 1,843,924 171.186 io ,969,117 117.376 122.871 1969 117 2091.988 2.019,851 CREDITORS 12 15,3511 115,606) P4ET CURRENT ASSETS 117520 1969 117 2.086 637 45 TiyfAL ASSETS LESS CURREKf LIABILITIES 1,506,297 1,969,117 3.475,414 3 J96,130 Penston Scheme Dtfitit 15 1152.000} 1152,(HIDI {7.000) NET ASSETS 1354 297 1969 117 3 323 414 3 389 130 THE FUNDSOFTHE CHARITY Unrestricted funds.. Gene Fund Pension R¢5¢rYe 13 1.506,297 152,000 1.354.297 .969.117 1,551206 1,545,206 1,843,924 Capital Fund TOTAL CHARITY FUNDS 3 323 414 3 389 130 Th¢ fina¢¥¢ial statsments were approved by the Chority Trusttts on. signed on its behalf by-. . 2024 and we A Bunyan -Chairperso A T&ylor- Commt Member The TteS OTh pages 10 to 17 fonn p&rt of these firnCIal statements
Th Pearson Centr¢ for Young People Ntste5 forming part of the FiTrantlal Sttem¢ttts for th¢ year ended 31 mSh 2024 AcCOUP¥NG POLICIES Bisis of Preprtion assessment of going conter Th¢ a¢thunt5 (financial 5tatemenisl have been prepared in wwrdatLCC with Accounting and Reportiti8 by Charities.. Ststement of R¢comm¢nded Prnctice applicable to charities preparing their 8cwunts in accordance with the Fittattcial Reporting Standard applscable in UK and Rep¥blic of Ir¢lond IFRS102} eff¢¢tive jUary ?019. th¢ Firn¢la1 Report5ng Standard opplicoble itt th¢ attd R¢pvbliF of Ir¢land IFRS1021, and th¢ Charities Act 2011. Assets and liabiltties are initially r¢¢ogttised at historical cost or transtiOn value unless otherwi$¢ stated in the relevattt accoun(ing wli¢y nottlsl. The ChArity wn5titsrtcs a public benefit entity &8 defined by FRSIO2. The Trnstees. ¢onsid¢T that th¢r¢ are no material uncertainties about the Clwiiy's ability to eontinue as a going co#c¢rn. The fjnanckal statements 8Jr pffsented its sterling {£1. Ineoming resources All incoming resources are included on the Siat¢m¢ot of Finatt¢ial Adivitie5 when the Charity is legally entitled to the inctsme And th¢ b¢ quantified with re&8onable accura¢y. Re50urce5 expended Expenditure is accollnt¢d for on an a¢¢ruals basis 8nd has been cl&8sified under headings that a8gr¢gat¢ all Gosts r¢iat¢d to the ¢ot¢80ry. Whvr ¢osts ¢annot b¢ dirtlY attributed to particular headin8S? Ih¢y have b¢¢n allorat¢d to artivities ort a bAsis ¢onsist¢nt W2th the use of resourtts. The Ch¥ity is tsot VAT registered and therefore all ¢OSts include irrecoverable VAT. Tgllglblt fixed Ogsets Depreeiaiiot) is pwvided at the following annual Tales in order to write off ¢ath ov¢r its ¢5timated useful Tangible L8sets 8re Injt$8]ly recorded at ¢OS¢ and subsequently stated at cost less any ac¢umulat¢d deprwiation and impairment loss¢s. Any tangibl¢ assets carried at revalued amounis are re¢ded at fair value at the date of revaluation l¢ss any subsequettl accumulated depreciation attd sub5¢queat accumulated impairnient losses. Land and buildin8$ Improveme#t to prop¢rty In$trumcnts Equipment IV& On ¢OSt {1ond is not depreciated} 150ts on reducing bal&nce - 20% on reducing balance 20¥0 on dcing balan Sto¢kJ stks ar¢ valued at the lower cost and net r¢alisabl¢ value, after making due allowance for obsolete and slow moving items. Debtors Debtors ar¢ T¢¢ognis¢d at the settlement amount owed to the Charity or pr¢paid. Creditors Creditors and provision$ or¢ r¢¢ognis¢d wher¢ the Charity has a present obli8aiion ]tsulting frotn a p&st ¢t that will probably r¢sult the transfer of fvnds to a third party. 2nd the amowit du¢ to settl¢ ttL¢ obligation can be mel5ud or estimated reliably. Cred&rors attd provision5 ar¢ nornally rtcognised at their settlement aMont. FinAllci#I lll$truments The Charity has financial assets financial liabilities of a knnd that qualify a5 basic fjnanctaj instruments. Basic fin&ncial instruments are initially retogrtised at tr4n5a¢tion valuc and subs¢quenÈly measured at th¢ir settlemeni value. io
Th¢ PeaT50D Centre for Young People Notes formÈng prt of th¢ Fin•ndl St#t¢m¢ots for the y¢r ended 31 MT¢h 2024 Icontijtued) Taxxiio Th¢ Charity is exempt from lax on ils charitable activities. The Charity also rents its rooms to other local children's activities whi¢li satisfy the obj¢ctiv¢s of th¢ Charity. The Trust¢¢s hav¢ r¢vi¢w¢d the Charity'5 trading activities and 8r¢ ¢onfident that thcy furtherthe CharÉty's aim5 and, as such, are considered to b¢ primary purpos¢ trading. Fund accountlrtg Urtrestri¢trd funds can b¢ used in accordance with the charitable objectives at the dÉscr¢tion of the TNstees. Restr*cted funds ¢an only b¢ used for particular r¢strict¢d purposes within th¢ obj¢Gts of the Charity- Restrictions arise when spccifi¢d by the do[r OT when funds are raised for particular restricted purpose$. Further explanation of the natur¢ and purpose of ¢&h fvnd 15 in¢lud¢d sn tht notes to the firkancial statements. t>onated Servi¢e& Good And Fgtilitits tk>nated services or f#ciliti¢s are Te¢ognised as in¢ome when the Charity h#$ control over the itern, #ny condittons assoGiated with the donated item have been met. the receipt of economic benefji from the use by the Charity of the item is probable and that economic benefit can be Mured reliably. On receipt. donated setvices and facilities are re¢o8ttised on the basis of ihe value of the 8ift to the Charity whi¢h is the amount the Charity would hav¢ been willing io pay to obtain s¢rvic¢s OT facilities of equivalent economic benefit on the open market. a Go¢Sponding amount is then recoEttised itt expenditure in the period of receipt. Pen51on eosis othtr post-retir¢ment benefits R¢iir¢meni benefits lo ernplo>'tts of the CQTnpany are Provid by th¢ L(d (k)v¢¥nTn¢nt P¢n5ion S¢h¢m¢ {LGPSI which i5 a defilled b¢n¢lit s¢hun¢. The LGPS i5 a funded scheme and the assets are held separately from those of the company in separate Irustte administered funds. Pensiort scheme assets are meL8ured at fair value artd liabilities are me&stsred on an aciuari basis usin8 the projerted unit rr¢dit tnethod and discounted at a rate ¢qUiVAl¢nt lo the curr¢nt Tat¢ of return on a high quality corpoTaie knnd of equivalent term and currency to th¢ liabilities. The actuarial valuations are obtain¢d at least triennia]ly and are updated at each balance sheet date. The amounts charged to th¢ incom¢ statement are the curt¢nt serYi¢e costs of stheme irttmductions, benefrt Charges, s¢ttlem¢nts and ¢urt•ltnents. They are intludtd as part of staff costs as incurrcd. Nd interest on the net defined benefit obligation aTrd interest inrotn¢ on th¢ scheme assets. calcul&ted by multiplying the fair value of the scheme assets at the be8inning of the Period by the rdte us¢d to distollnt the benefit obligations. Th¢ diff¢r¢n¢¢ betwe¢n th¢ int¢re5t InMe on th¢ scheme &88ets and th¢ Teturn on th¢ h¢t a5s¢ts is ognIsed in the income statement. Actuarial gains and losses ar¢ rewgnised tmmediately in the incotne statemenL The actuary h&8 produted th¢ pertsion disclosures based uport IAS19. The resulting p•)5itsn sch¢m¢ liability has teen Érdtt$ferd to a separate pension reserve in ord¢r to ring ftnce the liability. Investments Listed ittvesthientx h¢ld a5 Curnt a55¢ts ar¢ r¢valu¢d throughout thr y¢ar at mid-market value at the balance sheet date artd the gain or loss on revaluation and di5tK>sals tsken to tht Stat¢m¢nt of Financial Activities. Investment Property Investment PTQPerty ts shown at most recent valuation. Atly aggregate surplus or deficit aristng from ehhnges in fair valu¢ is recognised profjt or loss. The directors hav¢ ¢onsid¢r¢d the fair Value uf the i#V¢Stsnent pmperties to be £460.000 at the T¢W>rting date. This fr value ha5 been calculated based on historic purchase price and review of tre[5 in the property market. No prof¢ssional valu8tioN has been obtained. The methods and signsficant SuMptiOnS applied in determjnirtg the fair value of the investment property include co#sideratiott i#io: property mork¢t tr¢ttd$ 10¢81 to th¢ ittve$tmertt property and rtc¢rt¢ property 5&1es loGal to the iJ)v¢stment property.
The Pe4rson Ctntre for Youkng Peopk Notes fonning prt orth¢ Financial Stxtements for the y¢ar ¢lld 31 Mar¢h 2024 (Continuul) Judgement and Sources of Estimation UncertAinty The preparation of accounts using generally a¢¢ept¢d accounting principles requires mana8emens to mak¢ estimates and sumptionS thai affeci th¢ TePOrt¢d amouTrts of asses and liabiliti¢$ at the dai¢ of the a¢¢outts and ¢he reported arnourtts of r¢v¢nu¢s and expenses during the reportirtg period. The key estimates and 255umptions used in th¢ Financial Siatemetkts are detailed in the accountÉtJ8 wli¢i¢ 2A. Dothtion$ ind ¢1¢5 Totsl 2024 RestTiCttd Unrestrltted Dothaiiotts Gifi Aid Rettt of House Bill Holmes L¢ga¢y Fund 1,174 1,174 598 862 28.750 1.258 32,786 243 32,786 243 34.203 2b. Incomt from Charltgble Ae¢lvltles Restrlcted Totsl 2023 Subscriptions Surtdry Receipts Ptyntomime In¢ome CAnt¢¢tL Incornt Development Work It)come Camp Sale of Urtiforms AGtivity Inco]ne Western Power Incom¢ 2.953 18 2,276 762 36,408 6.649 2,953 18 2,276 762 36.408 6,649 3,534 92 2.423 1.143 34,5 7,199 948 948 730 2£. IAeome from Other Trdi#g Aetivities Tot81 2023 estr 2024 Room and Ground Hire 3. Investment Ineome Tot8E 2023 2024 Investment ineome GainsllLossesl on Investment 51,641 48,840 7,211 56.051 ot41 Tot*1 2023 Net ineome 18 Stated after ¢ha]Etrtg-" Independent Examination Fees her Payrnents to Auditors for Accountancy and Payroll Servic¢s Depreciation 2,772 2,640 1.548 17,140 1,608 16,630 12
The Peiraon Celltre for Young People Nots forming pHrt ofthe Finncial Statements for the year ended 31 March 2024 (Continued) 4. CbArlt*bl¢ Activities Total 2024 Totsl 2023 Funds Restricted Unrestriettd Wag¢5 and Expenses Payments Social S¢curity Payments Penstons Sundry Pur¢hases Cant¢en Expenditure D¢velopment Work Costs Bank Charges Ittvesim¢nt$ Management Ftts Posiage. Printin8 and Staiion¢ry Sundries (including v¢nding maGhTn¢ I cleaning} Running Costs of Retttal Property BB Awards Bill Homes L¢gacy Fund Subscriptions and Licences TT&iJing A¢tivity Costs Volunteers Expenses Pantomime Expertditur¢ Camp C4pit&tign F¢es 59.352 3,231 6,624 137 665 10.046 50 59.352 3,231 6,624 137 665 lo,6 50 9.106 637 56.441 2.733 1,554 1.486 7,431 53 9,316 1,003 9,106 637 11,389 5.254 243 303 738 266 3.446 11,389 5,254 243 303 738 266 3.446 10.996 3,938 786 932 1,294 6,568 620 1,622 8,413 1,551 19,875 19,875 135.984 128 314 Other Expenditure Health and Safety Cost Wage5 and Expense Payments Social Security Paym¢nts Water Rates and Rates Insurnnce Light and Heat Telephon¢ Repairs, Mainlenanc¢ and IT Equipment Eieplaeement Advenising Improvement to Pmperty Depreciation lttstrumenis Depri8t]0n Equipment D¢pr¢¢iatioo B4Jildings D¢pr¢ciation Audit and Accounting Fees Le8al and Profe$ssoDal F¢¢s 61.758 61.758 50,223 808 3.018 8,555 12,389 2,473 5254 5.254 28,120 2,754 28,120 2,754 17,236 903 t7,236 903 23,820 874 5,361 5,361 6,308 4.271 7.500 4.320 4,271 7,500 4,320 3,025 7.500 4,254 149085 149.085 129038 13
Th¢ Pe¥r50n Centre for Young People Iyotes forming part of the Flnatttlal Statethents for the y¢r ¢Rded 31 Mxrtb 2024 {¢ontinutd) 6. Trnst¢¢s' Rtmuneration and Benefits No truslee5' remuneration or other benefiis have beett pkid for ¢h¢ year ¢nd¢d 31 March 2024. Trystt¢s' Exp¢n No trustee5' expenses have been paid for the year ellded 31 2024. 7. Stsff ind Support Costs 2024 2023 W88es )d sal8Neg (including expenses poyments) Social Security ¢OSts Other pension costs 119.748 3,231 06,134 3,541 084 121759 129 603 Th¢ average number of staff paid for the year was 9 (2023.. 11). No employee earned £60.000 per annum or more. Total remuneraiion of key manag¢m¢nt P¢T50nn¢l for the year cnded 31 March 2024 was £39.352 {2023= £56,441). Th¢ number of ¢mployeesto who retirement benefits were a¢¢wiog w¢r¢ 45 follow5:. Defined ttn¢ftt sch¢me (2023.. 11 The staff costs aLN)ve include tim¢ speni running The Pearson C¢ntre &nd the costs of this are attributable to the Chaiity's trading artivities. 8. Tanglbk Fixed kn8ets Land *thd Improvethents Building5 to property Instruments Equipmett¢ Tot#ls COST At l April 2023 Addition5 At 31 March 2024 950,000 248,020 4,782 252 802 2.664 376.055 9.250 385 305 1,576,739 14,032 1,590.771 950 000 DEPRECIATION At l April 2023 Depretiataon Charge At 31 March 2024 66.000 7,500 212,277 2.627 363.950 644,854 17.140 661.994 217638 2.634 36822L NET BOOK VALUE Al 31 March 2024 At 31 March 2023 876,500 884,000 35.164 9,280 37 7,834 12,105 928.777 93 1,885 L•Jd with a vAle of £200.000 was Éncluded within land and buildtngs aJ)d DO¢ depre¢iated, the property known as the Pearson Cenire w&$ revalued by CP Walker & Son (pn thr 8 O¢tob¢r 2019 to ensure the correct value at tratssfer w&8 atttibuted to the PToperty. 14
The Pea Centr¢ for Young Ptople Notes foming part of the Finantial StAtemeRts for the ytAr ended JI M&reh 2024 {totttinutd) 89. Investment Prop¢rty 2024 FAIR VALUE At I April 2023 And 3151 March 2024 460,IX)O NET BOOK VALUE At 31* March 2024 460.(K)O At 311¢ March 2023 An investm¢nt prop¢rty was r¢valu¢d by th¢ dirtOrS at th¢ balance shcct date at an open market value. No irtdepeod¢nt valuation ha5 been performed. Assumptions applied are detsiled in note l of the accounts. 9. Stoeks 2024 21123 Stocks 337 723 IQ. Debtors 2024 2023 Trade Debtors Prepayments Other DebtOT5 3,53S 1.461 162 5.158 2.875 4.018 11. Curr¢FJt As8et IDveslments 2024 2023 Investsn¢nt$ (Stock exdjangel .969.117 1.843.924 As$e¢ Invtstments Listed OD Stotk xehong¢ MaTk¢t value at l April 2023 Investment ittcome Unrealised gainsl Ilosses) at 31 March 2024 Cost of irtV¢5tment Transfer from Fund Balance 1,843,924 57,546 175.154 IY, IlJ7) Valuation at 31 March 2024 1969.117 Included within li5t¢d inv¢stm¢Dts is £10.208 of moni¢5 held by the Charity's broker. This has aTis¢n from proeecds of selling investments durin8 the year that at the year end have not beert reittvested. 12. Cred?tors: $tt)oyttt$ f4lling dtye whhO one ye4r 2024 2013 Trade Creditors Other creditors T&xation and Social securtty costs 104 3,836 15,606 15
The Pearson Cenlre for Youxg P¢D Notes forniing part of the Fitytt¢i#l Ststtwents for the yeAr ellded 31 Marth 2024 {eontinuedl 13. Movement in funds Transfers between funds At 31 M#reh 2024 Year Ended 31.3.24 At 1.4.23 Net naovemellt In funds Unrestricted General fund Pen%irJn Reerve Capital Funds 1.552,206 17.0001 1,843.924 (144.309) {145,000) 223,593 98,4IK) 1,506.297 {152.OIKbl 1.969.117 198,400} TOTAL FUNDS 3389 130 3 3224t4 Tr*n5fers betweetE funth At Year Ended 31.3.23 At 1.4.22 Iyet movement in funds 31 2023 Uffjr¢sITiCt funils General fund Pellsion ReSee Capital Funds 1,566.824 (197.000) 2.101.537 {14,618) 190.Ii00 {257,613} 1,552,206 (7,000) 1.843.924 TOTAL FUNDS 3.471.361 3.389.130 Net movement in futth. Including th¢ above are as folltsws:_ YwEn ed 31.3.24 Bglanee Blfwd 1.4.23 Illeomittg rtsource5 R¢sour¢e$ expended Gain5 and losses Movement In fyMd$ Unrestricted fundB General fund 1,545,21)6 131.654 275.963 146,600) 1,354,297 C4pitsI fund 1.843,924 125,193 1.969,117 TOTAL FUNDS 3 389.130 256 847 46.600 3 323414 Year Ended 31. Balanee Blfwd 1.4.22 JneomlDg r¢source5 Resources exwded Movement ID fvjds Unrestricted funds General fimd 1.369.824 128,154 1248.0361 295,264 1,545,206 Capital fund 2,101.537 1257.6131 1,843,924 TOTAL FUNDS 3 471361 128 154 505 649 295.264 3389 130 14. Volunteers During the year around 80 to 90 people gave their t¥me to the Charity with no personal flnancial b¢rt¢fiL in order for the Charity 10 op¢rat¢ smoothly. 16
The Certtr¢ for Youtsg People Notes formlng prt of the Flnantlal Staiement$ for the ye•r ettded 31 M#reh 2024 (tontIe) IS. EzDployee benefit obligAtions The Company contributed to È defined benefit pen$iott scheme. The assas are held and #dministertd by the Nottingh2mshiTe County CouDGiI Pension sche¢. The p¢nsion cost charge repr¢s¢llts contributions payoble by the Company to the pension schemes and amounts to £6.88612023.. £12.0841. An actuarial valuation w&8 carried out for the defin¢d benefit scheTne by Barnett Waddingham by rollirtg fotward 10 31 March 2024 the value of the employers Itability calculated for the funding valuation as at 31 March 2021 using financial assumptions that comply with FRS102. The valuations are leIated every three years the last orte beirt8 on 31 Marth 2Q21. The amounts recognised in the bal)ce sheet are &$ follows.'- 2024 20 Present value of furtded obli8a¢ions Fair yUe of plan a55¢ts 1383,000} {238,0001 1152.000} {7.0001 Prc5ent value of unfunded obli8ation$ Defjcit Net Liability 152.000 152,000 16. Trustee Jndemnlty ltt$uran¢e The Charity held Trustee Indemnity insurance. which is now held with ihe new entity. The scheme provid¢d annual cover of a maximum of £1,000,000, with a* excess of £251J. The prernsllm Is paid wilh th¢ total insura0¢¢ p)11. 17