Registered number: 10381611 Charity number: 1179981
HAMMERSMITH & FULHAM YOUTH ZONE
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
HAMMERSMITH & FULHAM YOUTH ZONE (A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 19 |
HAMMERSMITH & FULHAM YOUTH ZONE (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
Trustees
M Davies
S Fennimore
J Masraff
R Devey
K Wadey T Davies (resigned 8 June 2020)
Company registered number
10381611
Charity registered number
1179981
Registered office
Atria, Spa Road, Bolton, BL1 4AG
Chief executive officer
Not yet appointed
Independent Examiner
Crowe U.K. LLP, 3rd floor, The Lexicon, Mount Street, Manchester, M2 5NT
Bankers
Handelsbanken, Ground Floor, 3-5 Eastern Road, Romford, RM1 3NH
Solicitors
Teacher Stern, 37-41 Bedford Row, London, WC1R 4JH
Trading name
WEST - 'Where Everyone Sticks Together'
Website
https://www.onsideyouthzones.org/youth-zones/11129/
Page 1
HAMMERSMITH & FULHAM YOUTH ZONE
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees, who are also Directors of the company, present their Directors' report for the purposes of section 417 of the Companies Act 2006 and Trustees' Annual Report for the purposes of section 162 of the Charities Act 2011 together with the Financial Statements of the Charity for the period ending 31 March 2021.
Hammersmith & Fulham Youth Zone was incorporated on 17 September 2016 (Company registration number: 10381611) as a company limited by guarantee and registered as a Charity on 19 September 2018 (Charity registration number: 1179981).
Who we are
Hammersmith & Fulham Youth Zone, named by young people as ‘West', will be a purpose-built facility for the borough’s young people aged 8 – 19, and up to 25 for those with disabilities.
The Youth Zone will be located in White City, on the corner of South Africa Road and Dorando Close, and is expected to be completed in 2023. It is core component of a wider development known as EdCity, which will create an education and charity hub in White City – bringing social and educational benefits to the local community. As well as the Youth Zone, once finished EdCity will include new premises for the primary school, nursery, and adult education centre, as well as a new office space, and new affordable homes.
Hammersmith & Fulham Youth Zone will join a network of similar independent youth organisations that all share the same principles, developed by the Charity OnSide Youth Zones, which is building 21st century youth facilities across the UK. Youth Zones are based upon a proven model, which has been established in several other towns and cities across the country, and young people from Hammersmith and Fulham will have access to a variety of fantastic activities for a cost of only £5 for an annual membership and 50p per visit. The Youth Zone will provide a safe environment, where young people can spend their leisure time, helping each young person to raise their aspirations, as well as improve their physical and mental health. Up to 20 different activities will take place each night, such as football, boxing, dancing, climbing, creative arts, music, drama and employability training – all for just 50p per visit.
The OnSide Youth Zone model uses a unique partnership approach; drawing together the Local Authority, private sector businesses, young people and the wider local community. This partnership approach aims to establish the Youth Zone right in the heart of the community for the long term, whilst meeting the needs of young people today. Preparation for Hammersmith & Fulham Youth Zone has been taking place for a number of years, with all the capital funding in place to develop this amazing new facility, plus a considerable proportion of the revenue funding required to operate the Youth Zone for the first three years. The last year has been a somewhat frustrating one, with delays to construction caused by the Covid-19 pandemic. However, all parties remain fully committed to the Youth Zone and EdCity, and over the next two years, activity will significantly ramp up on all aspects of the project to ensure that young people benefit from their amazing new Youth Zone.
Structure, governance and management Governing Document
Hammersmith & Fulham Youth Zone is a company limited by guarantee without share capital and registered under the Companies Act 2006, registration number 10381611. The company is governed by its Memorandum and Articles of Association dated 17 September 2016. Management of the company’s affairs is vested in the coDirectors. It is a Charity registered with the Charity Commission on 19 September 2018.
In the event of a winding-up, the present members and those who have ceased to be a member within one year of such an event have guaranteed the liabilities of the company to the sum not exceeding ten pounds each.
Recruitment and appointment of Trustees (Directors)
The first Directors were the subscribers to the memorandum as notified to Companies House as the first Directors of the Charity. A person appointed as a Director thereupon becomes a Member of the Charity and a Directors who ceases to hold office for any reason thereupon ceases to be a Member of the Charity. Directors have the power to appoint, by ordinary resolution, any person to be a Director who is willing to act as such. New
Page 2
HAMMERSMITH & FULHAM YOUTH ZONE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Directors will be recruited according to the needs of the Charity and the suitability of possible candidates. A unanimous approval of existing Directors would lead to their appointment.
The Memorandum and Articles of Association states that the number of members (Directors) shall have no maximum and shall not be less than three. At the first Annual General Meeting all Directors must retire and seek re-election. At each subsequent Annual General Meeting one third of the Directors are required to retire by rotation and seek re-appointment if they wish to continue.
The Members of the Charity are its Directors for the time being and the only persons eligible to be Members of the Charity are its Directors.
Full details of the rules are contained in the company’s Memorandum and Articles of Association, dated on incorporation on 17 September 2016, which may be inspected at the Hammersmith & Fulham Youth Zone registered office.
Organisational Structure
Hammersmith & Fulham Youth Zone is governed by its Trustee Board which is responsible for setting the strategic direction of the organisation and the policy of the Charity. The Trustees carry the ultimate responsibility for the conduct of Hammersmith & Fulham Youth Zone and for ensuring that the Charity satisfies its legal and contractual obligations. Trustees meet approximately every two months and may delegate the implementation of their decisions or day-to-day operation of the organisation to senior management, any employee of the Charity, person or committee as they see fit. Any committee must include at least one Trustee. The Trustee Board is independent from management.
Decisions are determined by a simple majority of votes. In the case of an equality of votes the Chairman of the meeting has the casting vote.
Risk management
The Trustees have considered the major risks to which the Charity is exposed and have established suitable risk management and control procedures.
Related party transactions
There were no transactions with related parties required to be disclosed in the financial statements.
Objective and activities
Hammersmith & Fulham Youth Zone's objects are to help and educate children and young people resident in Hammersmith & Fulham and surrounding areas through their leisure time activities by promoting their full physical and spiritual potential in order that they may grow to full maturity as individuals and members of society and their conditions of life may improve.
Achievements during the period
We are indebted to the capital funders and founder patrons who have committed to support the Youth Zone. London Borough of Hammersmith & Fulham (LBHF) have committed their support to the capital project and have provided half of the finances needed for the construction of the facility, as well as providing leadership in their role as a major strategic partner. Ark have also contributed considerable capital funding as part of their agreement with the Council for the wider development. The Seroussi Foundation (in partnership with the UBS Optimus Foundation), the St James's Place Foundation, Goldman Sachs Gives, the JMCMRJ Sorrell Foundation, the Charles Dunstone Charitable Trust, and the Nedungadi family have together pledged to provide all the remaining capital funding required and have been instrumental in driving the project forward.
The Founder Patron campaign, which provides operating revenue for the Youth Zone has continued to progress over the last 12 months. The Founder Patron family now includes Fullers, GSK, the Lord Mayor’s Appeal, Future Charity, Mark Davies, Ian and Gigi Wason, Richard & Kate Greenleaf, the Devey Family, Peter & Lindy Estlin,
Page 3
HAMMERSMITH & FULHAM YOUTH ZONE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
the Edward and Catherine Wray Charitable Trust, the Carter Family, Bridges Impact Foundation, the Seroussi Foundation, Westfield, Michael and Emma Davies, The Greenslade Family Foundation, and The Steel Charitable Trust. This group is growing, and we are moving positively towards our target of securing 40 Founder Patrons prior to opening, alongside other funders who have committed to supporting the Youth Zone.
In 2020/21, the Charity’s trustees and partners have worked tirelessly to ensure the project remains on course despite the serious risks and delays posed by the Covid-19 pandemic. We are grateful for the resolute support of all the Youth Zone’s funders in this period who have remained committed to our work with young people. Thankfully, at the end of the year we can report that all key parties remain incredibly committed to the project, with a start to construction expected in the next financial year to bring this incredible facility to life.
Hammersmith & Fulham Youth Zone enjoys the support of OnSide Youth Zones (charity number 1125893) in its development and will become a member of the growing OnSide network of Youth Zones.
Public benefit
All the activities of the Charity (as summarised above) were undertaken to further its charitable purposes for public benefit. The provision of a high-quality borough-centre facility for young people responds to a clear, ongoing demand from young people, parents and wider communities for more and better places for young people to go. Although providing a service to all young people, Hammersmith & Fulham Youth Zone will focus on attendance and participation by young members across the entire community who will be able to enjoy affordable access to all the opportunities that the facilities will provide. This will lead to improved achievements and enhanced aspirations amongst young members of the local community. They will be happier, healthier and make more constructive use of their leisure time which consequently will help reduce nuisance and anti-social behaviour. Longer term public benefits will include improved health, reduced crime, enhanced learning and employability and greater community cohesion.
The Trustees of Hammersmith & Fulham Youth Zone believe they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. Volunteers’ contribution
Throughout the period all members of the Board of Trustees made invaluable voluntary contributions to the Charity’s work in terms of governance, professional and business experience, financial planning, fundraising and leading initiatives across the project. Such contributions were, on average, equivalent to one full day each calendar month.
Investment Activities
Under the memorandum and articles of association, the charitable company has the power to make any investment which the Trustees see fit. Investments are made where required to further the aims and objects of the Charity. Currently, the Charity does not currently hold any investments other than cash on deposit with Svenska Handelsbanken.
Financial review
A summary of the results is shown below:
| 2021 | ||
|---|---|---|
| £ | ||
| Incoming resources | 125,137 | |
| Outgoing resources | (1,578) | |
| Net incoming resources | 123,559 |
The charity is still in its embryonic phase with donations being received to fund the design and construction of the Youth Zone. The charity continues to cultivate further donations froma a variety of sources as outlined below.
Reserves Policy
The Charity has secured the funding to complete the construction of the Youth Zone and the Founder Patron
Page 4
(A company limited by guarantee)
HAMMERSMITH & FULHAM YOUTH ZONE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
(revenue) campaign is well underway. The Trustees have prepared projections of the operating costs once completed. The Board of Trustees of Hammersmith & Fulham Youth Zone has established a reserves policy which appropriately reflects the risks to which the Charity is exposed. Once the Youth Zone is operating and in compliance with such policy, it will review regularly both the sum it wishes to hold in reserves in the unrestricted budget and the basis for that figure. The reserves policy does not consider expenditure which is linked to restricted projects and therefore covered by restricted funds.
In reviewing the potential costs that could arise should a significant reduction in income be incurred, the Trustees have determined that unrestricted, ‘free’, reserves should be maintained at approximately 3 months running costs. The Trustees manage Hammersmith & Fulham Youth Zones' finances so that an adequate level of reserves can be maintained in compliance with the reserves policy. At 31 March 2021 this was £332,290, this amounts to approximately 9 months' cover given the current stage of the project during this pre-opening stage.
Principal Funding Sources
The Directors wish to record their thanks to all those individuals and companies who have made donations or pledged their support to the work of the Charity; this includes all those listed above plus other anonymous donors.
Future plans
With all parties fully committed to the EdCity development, including the Youth Zone, work is continuing to finalise the legal agreements and building designs needed to commence construction of the first phase of EdCity, of which the Youth Zones is part. Work is anticipated to commence this summer.
Once construction is underway, the Youth Zone will look to recruit its first member of staff, the Chief Executive. The Chief Executive will be the first of a large Youth Zone team, including both paid staff and volunteers, who will be recruited and inducted ready for opening.
At the same time, the campaign will continue to grow the Youth Zone’s family of Founder Patrons with a target of ensuring that the Youth Zone’s pre-opening and first three years of running costs are fully funded. WEST already benefits from a Board of experienced and committed Trustees. To build on this, and in preparation for full operation, the organisation will continue to expand the Board of Directors / Trustees including portfolios for finance, legal, safeguarding, HR, etc. who will provide effective governance, oversight and support across the full spectrum of Youth Zone operations and activities.
Statement of Trustees' responsibilities
The Trustees (who are also the Directors of Hammersmith & Fulham Youth Zone for the purpose of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the
Page 5
HAMMERSMITH & FULHAM YOUTH ZONE
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The financial statements comply with current statutory requirements, the company's Memorandum and Articles of Association and the Charities SORP.
The Trustees report was approved and was signed on behalf of the Trustees by:
M. Davies Chair: Company Director and Trustee Date
Page 6
HAMMERSMITH & FULHAM YOUTH ZONE (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021
Independent Examiner's Report to the Trustees of Hammersmith & Fulham Youth Zone ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2021.
Responsibilities and Basis of Report
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 27th October 2021 Vicky Szulist ACA Crowe U.K. LLP The Lexicon Mount Street Manchester M2 5NT
Page 7
HAMMERSMITH & FULHAM YOUTH ZONE (A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 125,000 93 125,093 1,578 1,578 123,515 108,639 123,515 232,154 |
Restricted funds 2021 £ - 44 44 - - 44 100,092 44 100,136 |
Total funds 2021 £ 125,000 137 125,137 1,578 1,578 123,559 208,731 123,559 332,290 |
Total funds 2020 £ 210,050 136 |
|---|---|---|---|---|
| 210,186 | ||||
| 1,455 | ||||
| 1,455 | ||||
| 208,731 | ||||
| - 208,731 |
||||
| 208,731 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 19 form part of these financial statements.
Page 8
HAMMERSMITH & FULHAM YOUTH ZONE
(A company limited by guarantee) REGISTERED NUMBER: 10381611
BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Tangible assets 9 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
294,689 294,689 (1,210) |
2021 £ 38,811 38,811 293,479 332,290 100,136 232,154 332,290 |
192,246 192,246 (5,520) |
2020 £ 22,005 |
|---|---|---|---|---|
| 22,005 186,726 |
||||
| 208,731 | ||||
| 100,092 108,639 |
||||
| 208,731 |
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on _______13th October 2021 and signed on their behalf by:
M Davies (Chair of Trustees)
The notes on pages 10 to 19 form part of these financial statements.
Page 9
HAMMERSMITH & FULHAM YOUTH ZONE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. General information
Hammersmith & Fulham Youth Zone is a private charitable company limited by guarantee. The charitable company is incorporated in England and Wales. The address of the registered office is: Atria, Spa Road, Bolton, BL1 4AG.
For further details please refer to the reference and administrative details on page 1.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (amended March 2018), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Hammersmith & Fulham Youth Zone meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
Despite the pandemic, the Charity has maintained a financially stable state over the last financial period, and continues to do so. Although the pandemic has affected the pace of construction of the Youth Zone, as the charity has no ongoing financial obligations, the slower pace of the project does not present the Trustees with any immediate financial concerns.
The Trustees have taken a number of steps to assess the Youth Zone’s ability to continue as a going concern; all key donors have been contacted in order to identify any challenges for them in maintaining their support and Trustees were delighted that all the parties remain fully committed to the project .
Fundraising in a post Covid-19 landscape will present challenges, however we are well on track to securing 40 Founder Patrons prior to opening, as well as raising the full capital requirement needed to complete the build.
Whilst it is never possible to be certain of the future, the Trustees consider that the steps taken are sufficient to classify the charity as a going concern and are confident in the Youth Zone’s ability to meet its short and medium term obligations
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 10
HAMMERSMITH & FULHAM YOUTH ZONE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Assets under the course of - Not depreciated construction
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 11
HAMMERSMITH & FULHAM YOUTH ZONE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
2.11 Accounting estimates and judgements
There were no significant estimates and judgements made by the company.
3. Income from donations and legacies
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2021 | |
| £ | £ | £ | |
| Donations | 125,000 | - | 125,000 |
Page 12
HAMMERSMITH & FULHAM YOUTH ZONE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
3. Income from donations and legacies (continued)
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2020 | |
| £ | £ | £ | |
| Donations | 110,050 | 100,000 | 210,050 |
4. Investment income
| Unrestricted funds 2021 £ Investment income 93 Unrestricted funds 2020 £ Investment income 42 Analysis of expenditure by activities Development of Youth Zone Development of Youth Zone |
Restricted funds 2021 £ 44 Restricted funds 2020 £ 94 Support costs 2021 £ 1,578 Support costs 2020 £ 1,455 |
Total funds 2021 £ 137 |
|---|---|---|
| Total funds 2020 £ 136 |
||
| Total funds 2021 £ 1,578 |
||
| Total funds 2020 £ 1,455 |
5. Analysis of expenditure by activities
Page 13
HAMMERSMITH & FULHAM YOUTH ZONE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
5. Analysis of expenditure by activities (continued)
Analysis of support costs
| Developme nt of Youth Zone 2021 £ Bank Charges 4 Governance Costs 1,200 Insurance 364 DBS Checks 10 1,578 Development of Youth Zone 2020 £ Technology Costs 252 Bank Charges 3 Governance Costs 1,200 1,455 |
Total funds 2021 £ 4 1,200 364 10 |
|---|---|
| 1,578 | |
| Total funds 2020 £ 252 3 1,200 |
|
| 1,455 |
6. Independent examiner's remuneration
The Independent Examiner's remuneration amounts to a fee of £1,200 (2020: £1,200).
7. Staff costs
There were no employees employed during the year to 31 March 2021.
No employees received remuneration amounting to more than £60,000.
8. Trustees' remuneration and expenses
Page 14
HAMMERSMITH & FULHAM YOUTH ZONE (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) . During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) .
9. Tangible fixed assets
| Cost or valuation At 1 April 2020 Additions At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Assets under the course of construction £ 22,005 16,806 |
|---|---|
| 38,811 | |
| 38,811 | |
| 22,005 |
10. Creditors: Amounts falling due within one year
| Trade creditors Accruals and deferred income |
2021 £ 10 1,200 1,210 |
2020 £ 4,320 1,200 |
|---|---|---|
| 5,520 |
Page 15
HAMMERSMITH & FULHAM YOUTH ZONE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
11. Financial instruments
| Financial assets Financial assets measured at amortised cost Financial liabilities Financial instruments measured at amortised cost |
2021 £ 294,689 2021 £ 1,210 |
2020 £ 192,246 |
|---|---|---|
| 2020 £ 5,520 |
Financial assets measured at amortised cost comprise Cash at Bank balances.
Financial liabilities measured at amortised cost comprise Creditors due within one year.
Page 16
(A company limited by guarantee)
HAMMERSMITH & FULHAM YOUTH ZONE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| 12. Statement of funds Statement of funds - current year Unrestricted funds General Funds Restricted funds Capital Funds Total of funds |
Balance at 1 April 2020 £ 108,639 100,092 208,731 |
Income £ 125,093 44 125,137 |
Expenditure £ (1,578) - (1,578) |
Balance at 31 March 2021 £ 232,154 |
|---|---|---|---|---|
| 100,136 | ||||
| 332,290 |
Page 17
HAMMERSMITH & FULHAM YOUTH ZONE
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| 12. Statement of funds (continued) Statement of funds - prior year Unrestricted funds General Funds - all funds Restricted funds Capital Funds Total of funds 13. Related party transactions There were no related party transactions during the year. 14. Analysis of net assets between funds Analysis of net assets between funds - current year |
Income £ 110,092 100,094 210,186 |
Expenditure £ (1,453) (2) (1,455) |
Balance at 31 March 2020 £ 108,639 |
|---|---|---|---|
| 100,092 | |||
| 208,731 | |||
| Unrestricted funds 2021 £ Tangible fixed assets 38,811 Current assets 194,553 Creditors due within one year (1,210) Total 232,154 |
Restricted funds 2021 £ - 100,136 - 100,136 |
Total funds 2021 £ 38,811 294,689 (1,210) |
|---|---|---|
| 332,290 |
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HAMMERSMITH & FULHAM YOUTH ZONE (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
14. Analysis of net assets between funds (continued)
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 22,005 92,154 (5,520) 108,639 |
Restricted funds 2020 £ - 100,092 - 100,092 |
Total funds 2020 £ 22,005 192,246 (5,520) 208,731 |
|---|---|---|---|
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