## **MANCHESTER YOUTH EMPOWERMENT CLUB** **(MYEC)** www.myec.org.uk **ANNUAL REPORT & FINANCIAL STATEMENTS YEAR ENDING 31 MARCH 2024** REGISTERED CHARITY NUMBER: 1187098 ## **MANCHESTER YOUTH EMPOWERMENT CLUB (MYEC)** Financial statement | Year ended 31 March 2024 - 1 | P a g e M Y E C 2 0 2 4 F i n a n c i a l R e p o r t **Contents Page** Officers and adviser………………………………………………….…3 Report of the trustees………………………………………………... 4-10 _(Reference and administrative details)_ Images of 2024………………………………………………………...11 Independent examiners report………………………………………12-13 Statement of financial activities……………………………………….14-15 ( _Incorporating the income and expenditure account_ ) Accounting Policies…………………………………………………… 16-17 Notes to the accounts…………………………..………………….18-19 M Y E C 2 0 2 4 F i n a n c i a l R e p o r t - 2 | P a g e ## **MANCHESTER YOUTH EMPOWERMENT CLUB (MYEC)** ## OFFICERS AND ADVISERS **The Board of Trustees** Olatunji Emmanuel Durowoju (Chair) Adewale Solomon Odegbesan Abosede Motunrayo Soyoye **Registered office** Suite 2A, office 9 Wilsons Park Monsall Road MANCHESTER M40 8WN **Independent Examiner** Charles Adegoroye FCA, FCCA Xpatlink Accountants Limited 91, Princess Street Manchester M1 4HT **Banker** HSBC Bank Plc 2-4 St Ann's Square Manchester M2 7HD M Y E C 2 0 2 4 F i n a n c i a l R e p o r t - 3 | P a g e ## **MANCHESTER YOUTH EMPOWERMENT CLUB (MYEC)** TRUSTEES’ REPORT ## **About Us** Our Club aims to empower young people by fostering activities that enhance their physical, social, and emotional well-being. We utilise sport, music, drama, seminars, and career advice to steer young people away from crime, drugs, and antisocial behaviour. The Trustees submit their report along with the financial statements of the charity for the year ending 31 March 2024. The financial statements have been prepared in line with the accounting policies detailed on page 13 and adhere to the Charity's Trust deed and relevant legal requirements. These financial statements comply with the Charities Act 2011, the Articles of Association, and the guidelines outlined in "Accounting and Reporting by Charities: Statement of Recommended Practice" applicable to Charities preparing their accounts under the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS102)). ## **The following person served as trustees during the period:** Olatunji E Durowoju (Chairman) Adewale S Odegbesan Abosede M Soyoye ## **Our Objects** The objects of the charity for the public benefit include; 1. To promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to integrate into society. 2. To advance in life and help young people through. a) The provision of recreational and leisure-time activities provided in the interest of social welfare, designed to improve their conditions of life; - b) Providing support and activities which develop their skills, capacities, and capabilities to enable them to participate in society as mature and responsible individuals. M Y E C 2 0 2 4 F i n a n c i a l R e p o r t - 4 | P a g e 3. The prevention or relief of poverty in such parts of the world as the trustees shall decide through the provision of grants, items, and services to individuals in need and/or other organisations working to prevent or relieve poverty. ## **Our Mission** Encouraging youth empowerment and potential fulfilment through different activities. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** MYEC operates as a Charitable Incorporated Organisation under a formal Constitution. The charity is managed by the Trustees listed on page 2. New Trustees are selected by the current board based on their expertise and dedication to advancing the charity's mission and vision. The Board of Trustees comprises professionals with backgrounds in law, education, social work, and business. They are responsible to the Charity Commission for the prudent use of charitable and public funds received in various forms, ensuring that service delivery meets appropriate performance standards. The Board convenes quarterly to oversee the charity's vision and strategies. As the charity's activities expand, the need for increased expertise has grown. A capable management team is in place to handle the charity's daily operations. The Trustees listed on page 2 supervise these activities and maintain accountability to the public. They serve in a voluntary capacity and are not remunerated by the charity. The Trustees remain dedicated to empowering youth intellectually. ## **PUBLIC BENEFIT** The Trustees are satisfied that the information provided in the report and accounts meet the public benefit reporting requirements. ## **RISK ASSESSMENT** The Trustees actively review the major risks the charity faces regularly and believe that maintaining the free reserves stated, combined with reviewing controls over key financial systems carried out annually, will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks and confirmed they have established systems to mitigate them. M Y E C 2 0 2 4 F i n a n c i a l R e p o r t - 5 | P a g e ## **ACHIEVEMENTS AND PERFORMANCE** Over the past year, the Manchester Youth Empowerment Club (MYEC) has made remarkable strides in empowering young people and supporting the community. Our achievements include: - **Enhanced Digital Presence** : - Launched MYEC TV, an online TV channel offering educational and inspirational content for young people. - Successfully produced podcasts and music, providing a creative platform for youth expression and learning. - Increased engagement through our growing online presence, reaching more young people than ever before. - ## **Expanded Services and Resources** : - Secured funding from the Postcode Lottery, Heritage Lottery Fund, and Clothworker Foundation, enabling us to purchase a mini bus to enhance access to our programs. - Increased usage of our services, reflecting our impact in the community. - Maintained an open-door policy at our office, which remains fully open to the public, serving as a hub for community engagement. - ## **Youth and Community Programs** : - Provided in-person mentoring and educational support both at our centre and online, benefiting young people aged 14 to 19, especially from immigrant and disadvantaged backgrounds. - Delivered free African instrument training, drama workshops, and other creative initiatives. - Successfully delivered youth empowerment programs funded by the Arnold Clark Community Fund and Community Network Group. - ## **Community Support Initiatives** : - Strengthened our partnership with FareShare, enhancing our food bank services. We now collect groceries from Tesco and frozen chicken from Nando's on a weekly basis, ensuring consistent support for families in need. - Continued the foodbank empowerment program, providing essential relief to vulnerable households. - Completed Project Evanesce, funded by the Heritage Lottery Fund, and commenced the inspiring Project Vogue. - Concluded Project Uplift, a continuation of Project Sanguine, with funding from the National Lottery. Through these achievements, we remain steadfast in our commitment to empowering young people and uplifting our community, ensuring that everyone has access to opportunities for growth, education, and creative expression. M Y E C 2 0 2 4 F i n a n c i a l R e p o r t - 6 | P a g e ## **FINANCIAL REVIEW** The Trustees have prepared the accounting policies for Manchester Youth Empowerment Club in accordance with the requirements of the SORP and best accounting practice. ## **REVIEW OF THE YEAR** As of 31 July 2024, the Manchester Youth Empowerment Club recorded a total income of **£52,186** , primarily generated from donations receivable ( **£10,000** ) and grants receivable ( **£42,186** ). Combined with the funds brought forward from 31 March 2023 of **£26,042** , the total available resources for the year amounted to **£78,228** . The total expenditure for the period was **£59,226** , which included operational costs and fixed asset acquisitions, such as the purchase of tangible fixed assets worth **£11,220** . After deducting the expenditure, the total funds carried forward on 31 July 2024 stood at **£19,002** , reflecting a net reduction in funds of **£7,040** for the period. ## **Breakdown of Funds** - **Restricted Funds** : £10,752 These funds are designated for specific projects, including the Clothworker Foundation, Project Vogue, Postcode Lottery, and Groundwork initiatives. - **Unrestricted Funds** : £8,250 These funds are available to support the charity's general operations and fulfil its objectives. The financial position demonstrates the charity's effective allocation of resources while ensuring that funds are utilized to meet its operational and project-specific goals. The prudent management of both restricted and unrestricted funds ensures that the charity remains financially stable and prepared for future activities. ## Balance Sheet The Balance Sheet as of 31st July 2024 was strong ensuring that the charity has the assets required to deliver its commitments to the young people in the community. ## **RESERVES POLICY** The Trustees have adopted a reserves policy aligned with the principles outlined in the CIO constitution of the Charity Commission. This policy is designed to ensure that MYEC remains M Y E C 2 0 2 4 F i n a n c i a l R e p o r t - 7 | P a g e capable of meeting its objectives and obligations effectively. It also aims to maintain an appropriate balance between free reserves and the level of unrestricted cash expenditure, reflecting prudent financial management. ## **Definition of Terms** : - **Free Reserves** : These are defined as the unrestricted funds available after deducting the value of tangible fixed assets. - **Unrestricted Cash Expenditure** : This represents the charity’s operating costs for the year, excluding depreciation charges. MYEC’s financial strategy does not prioritize the accumulation of significant reserves. Instead, the charity relies on the ongoing generosity of its donors to meet future costs and sustain its operations. However, to safeguard against unforeseen financial challenges, the charity aims to maintain a reserve equivalent to three months of operational costs. This prudent approach ensures the organization can continue its work uninterrupted, even in the face of unexpected expenditures. ## **RISK POLICY** The Trustees conduct an ongoing review of significant risks as part of their regular monitoring and reporting activities. Internal risks are addressed through established procedures aimed at maintaining robust child protection measures, ensuring fire safety, and performing comprehensive health and safety inspections within all areas where the Charity operates. To further safeguard the organisation, financial risks are managed through stringent protocols for authorising all transactions. These protocols are reviewed and updated regularly to ensure continued compliance with regulatory standards and to maintain financial integrity. ## **PLANS FOR FUTURE PERIODS** Building on our achievements in 2024, the Manchester Youth Empowerment Club (MYEC) has set ambitious goals to further expand our mission and impact in the coming year. These plans include: - **Maximizing the Use of Our Minibus** : Following the successful acquisition of a minibus in July 2024, funded by the Clothworker M Y E C 2 0 2 4 F i n a n c i a l R e p o r t - 8 | P a g e Foundation, we plan to fully integrate it into our programs. This will ensure participants have reliable transportation to access our services, events, and community projects. - **Advancing Cultural Heritage Initiatives** : - : - With the launch of **"Project Vogue"** in July 2024, we are committed to preserving and promoting cultural heritage within our community. This project will continue to celebrate the rich and diverse traditions of our participants and strengthen community pride. - **Expanding social media and Community Engagement** : - : - We will continue to grow our online presence, leveraging **MYEC TV** , our online TV channel, as a platform for education, inspiration, and engagement. This includes launching more motivational and promotional activities to connect with a broader audience, both online and within the local community. - **Diversifying Creative Offerings through Music Production** : - : - Building on our efforts in music production, we aim to foster creativity and self-expression in young people. Our music programs will be a key element of our strategy to inspire and empower the youth we serve. - **Enhancing Educational Support Facilities** : - - As part of our commitment to providing educational support, we plan to upgrade our facilities to better serve our users. This includes creating more conducive learning environments, adding modern educational tools, and expanding resources for both inperson and online learning. These improvements will enable us to reach more young people and provide them with the tools they need to succeed academically. - **Upgrading Overall Infrastructure** : - : - To meet the increasing demand for our services, we are also planning significant infrastructure upgrades. This includes expanding physical spaces, improving access to technology, and ensuring that all participants can benefit from a well-equipped and welcoming environment. By pursuing these initiatives, we aim to strengthen our ability to empower young people and support the wider community, creating a lasting and positive impact for years to come. ## **TRUSTEES' RESPONSIBILITIES** Charity 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 charity and of its financial activities for that year, together with its assets and liabilities at the end of the year, adequately distinguishing any material, special trust, or other restricted funds of the charity. In preparing those financial statements, the directors are required to: - a) select suitable accounting policies and then apply them consistently; - b) make judgments and estimates that are reasonable and prudent; - c) state whether the policies adopted are in accordance with the appropriate SORP on accounting by charities and the Accounting Regulations and with applicable accounting M Y E C 2 0 2 4 F i n a n c i a l R e p o r t - 9 | P a g e standards subject to any material departures disclosed and explained in the financial statements; and - d) prepare the financial statements on a going concern basis unless it is inappropriate to assume that the charity will continue in its activities. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Statements of Recommended Practice and the regulations made under section of the Chanties Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and irregularities. The trustees have the power to invest in such Assets as they see fit. ## **Date: 30th September 2024** Trustee Name of Trustee: Olatunji E Durowoju The Trustees declare that they have approved the trustees' report above. Signed on behalf of the charity's Trustees. Signed by Olatunji E Durowoju (Chair) Date: 30th September 2024 M Y E C 2 0 2 4 F i n a n c i a l R e p o r t - 10 | P a g e M Y E C 2 0 2 4 F i n a n c i a l R e p o r t - 11 | P a g e Independent Examiner’s Report To the members of ## **MANCHESTER YOUTH EMPOWERMENT CLUB (MYEC)** I report on the accounts of Manchester Youth Empowerment Club for the year ended 31 March 2024, which are set out on pages 14 to 19. ## Respective responsibilities of trustees and examiner The trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Act and that an independent examination is needed. It is my responsibility to: 1. examine the accounts under section 145 of the Charities Act; 2. to follow the procedures laid down in the general directions given by the Charity. Commission under section 145(5)(b) of the Act; and 3. to state whether particular matters have come to my attention. ## Basis of independent examiner's statement My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking such explanations from you as trustees concerning any matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below. ## Independent examiner's statement In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in, any material respect: - accounting records were not kept in accordance with section 130 of the Charities Act or - • the accounts do not accord with the accounting records; or - the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. - 12 | P a g e M Y E C 2 0 2 4 F i n a n c i a l R e p o r t 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. Charles Adegoroye FCCA, FCA Xpatlink Accountants Limited 91, Princess Streett Manchester M1 4HT Signed: 30th September 2024 - 13 | P a g e ## **MANCHESTER YOUTH EMPOWERMENT CLUB** Statement of financial activities (incorporating income & expenditure account) Year ended 31 March 2024 31 July 31 March 2024 2023 **Income** Note Income from charitable activities: Operation of the Charity 2 52,186 67,860 Fund brought forward (from 31 March 2023) 26,042 Total income ------------ ---------78,228 67,860 **Expenditure** Expenditure on charitable activities: Operation of the charity 3 48,006 41,818 **Fixed assets** Tangible assets 4 11,220 0 ------------ --------Total expenditure 59,226 41,818 Total funds carried forward ------------ ---------19,002 26,042 ------------ --------- Balance Sheet as of 31 July 2024 M Y E C 2 0 2 4 F i n a n c i a l R e p o r t - 14 | P a g e ## **MANCHESTER YOUTH EMPOWERMENT CLUB** 31 July 31 March 2024 2023 **Current assets** Cash at bank and in hand 5 19,002 26,042 Total assets ------------ ---------19,002 26,042 ------------ ---------- **Funds** Restricted funds 10,752 18,611 Unrestricted funds 6 8,250 7,431 Total funds carried forward ------------ ---------19,002 26,042 Olatunji Emmanuel Durowoju Chair Trustees Approved by the board on 30th September 2024 M Y E C 2 0 2 4 F i n a n c i a l R e p o r t - 15 | P a g e **MANCHESTER YOUTH EMPOWERMENT CLUB** Notes to the financial statements | Year ended 31 March 2024 ## **1. Accounting Policies** ## **Basis of preparation** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). Manchester Youth Empowerment Club meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. ## Going concern basis of accounting The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern. ## Fund accounting General reserves are unrestricted funds that are available for use at the Trustees’ discretion in furtherance of the objects of the charity. ## Incoming resources All incoming resources are included in the SOFA when the charity is legally entitled to the income, is reasonably certain of receipt and the amount can be measured with sufficient reliability. In accordance with the SORP, no value has been attributed to the work performed by volunteers, although their work is considered vital to the activities of the charity. ## Donations and gifts Donations and gifts consist of the total donations from individuals, trusts and corporates, along with income from fundraising events. ## Resources expended. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs of generating funds are those incurred in seeking voluntary income and do not include the costs of disseminating information in support of the charitable activities. M Y E C 2 0 2 4 F i n a n c i a l R e p o r t - 16 | P a g e ## **MANCHESTER YOUTH EMPOWERMENT CLUB** ## Grants Grants to the charity are accounted for as soon as charity is notified of its legal entitlement and the amount due. Resources expended are included in the Statement of Financial Activities on an accrual’s basis. M Y E C 2 0 2 4 F i n a n c i a l R e p o r t - 17 | P a g e ## **MANCHESTER YOUTH EMPOWERMENT CLUB** ## Notes to the financial statements Year ended 31 March 2024 **2 Income - Operation of the charity** 31 July 2024 31 March 2023 Donations receivable 10,000 13,942 Grants receivable 42,186 53,918 ----------- ---------52,186 67,860 **3 Expenditure - Operation of the charity** 31 July 2024 31 March 2023 Rent (430 each month x 12) 6,180 5,160 Insurance 160 145 Website subscription and support 450 450 Kahoot subscription 73 73 Electronic posters 260 160 Management/sundries 896 350 Zoom subscription 173 173 Bank Charges 73 Vehicle Insurance 1,530 Table tennis 680 Musical Equipment 540 Musical Production 323 Road Tax 350 **Projects** Clothworker Foundation 10,000 10,861 Project Vogue 27,538 24446 Postcode Lottery 9500 Groundwork 500 ---------- ----------- -----------59,226 41,818 **------------ ----------** M Y E C 2 0 2 4 F i n a n c i a l R e p o r t - 18 | P a g e **4 Fixed assets** 31 July 2024 31 March 2023 Tangible assets Mini Bus 10,000 0 Table Tennis 680 0 Musical Equipment 540 ------------ ---------11,220 0 **------------ ---------5 Cash at bank and in hand** 31 July 2024 31 March 2023 Bank 19,002 24,919 Cash 0 1, 122 ------------ ---------19,002 26,042 **------------ ----------** During the year, there was no specific appeal for funds toward specific needs. It was classed as restricted and spent as intended from the previous fund balances. ## **Operating licence commitments** Office Building Yearly licence 6,180 ---------------6,180 **----------------** M Y E C 2 0 2 4 F i n a n c i a l R e p o r t - 19 | P a g e