R•glstsred number: 12210018 Charity number: 1187630 GRIMSBY YOUTH ZONE (A company Ilmited by guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022
GRIMSBY YOUTH ZONE (A company limited by guarantee) CONTENTS P8ge Reference and admlnlstratlvo details of the Company. Its Trustees and advlsèrs Truytoe5' report Independent examlnerfs report statBmBnt of financial activities Balance sheet 10. 11 Notgs to the financial Statements 12-21
GRIMSBY YOUTH ZONE (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 MARCH 2022 Trustees J Carson Iresifjned 21 October 20201 P Jackson H Kanakides D Williams Iresiqned 7 December 20201 G Alton OBE lappoinled 21 October 20201 C Jensen (appointed 17 February 20211 Dr M Osrnan lappoinled 28 Agril 20211 J Slockwood lappoinled 21 October 20201 A Critchlow lappoinled 9 November 20211 D Cook (appointed 23 March 20221 Company reglstered number 12210018 Charity reglstered number 1187630 Registered offlce CIO Wilkin and Chapm8n LLP Sollcitor5 Cartergale House 26 Chanlry Lane Grim5by DN312LJ Page 1
GRIMSBY YOUTH ZONE (A company limitod by guarantee) TRUSTEES, REPORT FOR THE PERIOD ENDED 31 MARCH 2022 The Tnjslees, who are also Directors of ihe company, present their Directors. report for the purposes of Section 417 of the Companies Act 2006 and Trustees. Annual Report for the purposes ol section 162 of the Charitie5 Act 2011 togethar with the Financial Stalemenls of the Charity for the period ending 31 March 2022. l - Reference and admlnistratlve deta115 Grimsby Youth Zone was incorporated on 16 September 2019 (Company registralion number. 122100181 as company lirniled by guarantee and registered as a Charity on 28 January 2020 Icharily regislralion number= 11876301. Tradlng name Horizon Youth Zone Webslle hllp'.Ilwww.horizonyoulhZone. 2-Whoweare Grimsby Youth Zone, named by young people a5 'Horizon'. will be a pufpose built youth cenlie for young people from Grimsby and the surrounding area. Located in the heart of GTimsby. the new faGility will be on the sile of the former Wesl Haven Mallings and Migar House building5. fronling onlo the River Freshney. 11 will be a safe and inspiring place for young people aged 8 - 19. and up lo 25 for those with additional needs and disabilitses. lo enjoy their leisure time and access opportunities lo discovèr Iheir passions and their purpose. Horizon is based upon Ihe successful Onside 'Youth Zone. model. where rnembers will have access to stale of the art facililies for a cost of £5 per year and only 50p per visit. Inside Ihe Youlh Zone young people will have choice DI over 20 fun and engaging activities every session. including sports, arts, music, media, dance, drama. cooking, employability and enterprise workshops. and much more. Horizon Youth Zone is being delivered in partnership with Onside and North East Lincolnshire Council and is supported by a rbumber ol businesse5, philanthropis15 and charitable fDundalions. 3 - Structure, governance and management 3.1- Governing Docurnent Grimsby Youth Zone is a cotnpany liwniled by guarantee wilhoul Sha capital and iegislered under the Companies Act 2006, regislralion number 12210018. The Chaiity is govemed by its Memorandum and Articles of Association dated 16 September 2019. Management of Ihe cownpany's affairs is vested in the co-oirectors. It is a Charity regislered with the Charity Commission on 28 January 2020. In the evenl ol a winding-up, the present members and Ihos8 who have ceased to be a rnember within one year of such an event have guaranteed the liabililies ol the Charity to the sum not exedIng len pounds each. 3.2 - Recruitment and appointment of Trustees (Director5) The first D1clo[5 were the subscribers lo the memorandum as notified lo Companies House as Ihe first Directors of the Charity. A person appointed as a Director thereupon becomes a Member of the Charity and a Directors who ceases lo hold office for any reason thereupon Ceases to be a Member of the Charity. Directors have Ihe power to appDint. by ordinary resolution, any person to be a Director who is willing lo act 8S such. New Direclors will be recruited according to the needs of the Charity and the suilabilily of possible candidates. A unanimou5 approval Df existing Directors would lead lo their appoinlmenl. Page 2
GRIMSBY YOUTH ZONE IA company Ilmited by guaranteè) TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 31 MARCH 2022 The Mefflorandum and Articles ol Association slates thal the number of members IDirectOTs1 sh811 have no maximum and shall not be less Ihan three. At the first Annual General Meeting all Directors rnust ietiTr an¢J seek re-election. At each subsequent Annual General Meeting one third of the Direclors are required lo retire by rolatil and seek re-appointment if they wish lo continue. The Metnbers of the Charity are ils Direclors fof the time being and the only persons eligible to be Members of the Charity are 115 Directors. Full details of the rules are contained in the Charity's Mefflorancsum and kncle5 of Association, dated on incorporation on 16 September 2019, which may be inspected al the Grimsby Youth Zone regislered office. 3.3 - Organi5ational Structure Grim5by Youth Zone is govemed by ils Ttuslee Board which is responsible for setling Ihe strategic direclion of the organisalion and the policy of the Chaiily. The Trustee5 carry the ults'mate responsibility for the conduct of Gritnsby Youth Zone and for ensuriry that the Chatily satisfies ils legal and conlraclual Dbligations. Trustees tneel approxifflalely every two month5 and tnay delegate the implemenlation of their decisions or day-to-day operation of the organisalion lo senior management: any employee of the Charily, person or comrnillee a5 they see fil. Any committee fflust include at least one TTuslee. The Trustee Board is ind&pendenl from management Decision5 are delerrnined by a simple rnajorily of voles. In the case of an equality of voles the Chair of the meeling has the castirbg vole. Risk management The Trustee5 have con5ideied the major risks to ¥vhich the Charity is exposed and have established suitsble risk management and conlrol procedures. Related party tr8ns8Ctions There were no transaclions wilh ielated parties required ID be disclosed in the finallcial stalemenls. 4 - Objective and activities Grimsby Youth Zone exisls to help and educate young people residenl in Grimsby and surrounding areas. Providing an inspiring environment and p0511ive acliwilies lo spend their leisure time and by promoting their fvll potential in order that they may grow lo maluiily as individuals and members of society. and that their conditions in life may improve. 5-Achievements during the period We are gready indebled lo Ihe organisations and individuals who have given their personal and financial support lo Horizon Youth Zone during this period. North Easl Lincolnshire Council continue lo provide SUPPDrtsve and proaGtive leadership in Iheir role as a major strategic partner of the project. Over £9 million has been secured in toial so far lowards the capita1 project costs. from a range of funders. including.. North East Liricolnshire Council. Orsted. Jason Slockwood. The National Lollery Heritage Fund. Sl Jarnes'5 Place Charitable Foundation, as well as several anonymous dDnors. The Horizon Youth Zone Board and projecl leam are hugely grateful for Ihis OVerhelmln9 SUPPDrt. Together. these strategic capital funders are bringing the project to fruition as we conlinLte to work to Complete the capital campaign. to enable construction work to begin. The Founder Patron family, which provides operating revenue for the Youth Zone. has had a strong start. We are very grateful lo Andrew Pellit, the Bentham family, Orsled, Jason Slockwood, Allied Protek Engineering Ltd. Page 3
GRIMSBY YOUTH ZONE IA company lirnited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 31 MARCH 2022 DFDS Seaway5, Myenergi Ltd. Simon Smith, Dee Bee Wholesale Ltd, the Fianci5 Arthur Brookes Charitable Trust and the Humberside Police & Crime Commissioner, who have all pledged generous long-lem revenue commilmenls lo Horizon. Financial 5UPPOrt from Novartis UK. Eveigreen UK and the Bishoplhorpe Wind Farm Community Fund has also been commilled towards Horizon's operating costs. Together, these philanthropic partners have been and continue to be instrumental in driving the pioject forNard and allracling further funding. Horizon Youth Zone benefits frorn Ihe support of Onside (charity number 11258931 in ils development and will become a rnember of the growing Onside network of Youth Zones. 6 - Public benefit All the activilies of the Charity (as summsrised above) were undertaken lo further ils charilable purposes for public benefit. The proviston of a high-quality facility for young people responds lo a clear, ongoing demand from Dung people, parents and wider communities for more and belter places for young people lo go. The Truslees of Grimsby Youlh Zone believe they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the publtc benefit guidance published by Ihe Charity Commission. Voluntoers, contribution Throughout ihe period all members of the Board of Trustees made invaluable voluntary contributions lo the Charity s work in lerm5 of governance, professional and business experience, financial planning. fundraising and leading initiative5 across the project. Such conlriMiions were, on average. equivalent lo one full day each calendar month. Investment Activities Under ihe memorandum and articles of association, the charitable company has the power to make any inve51ment which the Trustees See fit. Inveslrnenls are made where required lo furthe¥ the al$ and objects of the Charity. Currently. the Charity does not currently hold any inve5ttnenls olher than cash on deposit with Handelsbanken. 7- Financial review A summary of the results is shown below.. 2022 Incoming resources ()Jtgoing resources 469.981 {8.5921 Net incoming resources 461.389 Raserves Policy The Board of Trustees of Grimsby Youth Zone have determined that unreslricled. 'free'. reserves should be maintained al a minimum of 3 to 6 months of day to day running costs. plus any designaled funds for specific projects al the Trustees discTelion. Trustees feel this reserves policy appropriat81y reflect the risks lo which the Charity is exposed. Due consideration has bèen given to these activities in the annual review of the reserves policy and. curtently, these costs remain minimal in the pre-opening phase. Once GTimsby Youth Zone is Page 4
GRIMSBY YOUTH ZONE IA company Ilmited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 operational. nJnning costs for 3 months {minimum} and 6 months {maximuml will be calculated and reserves will be maintained within the two figures. Total reserves as al 31 March 2022 were £899.53712020.. £438.1481. Free resetves We a surplus of £77.285 12020-. Deficit of £1.8521. This amount of Iree reserves arnounls lo over 12 months. cover of costs given the current stage of the project during the pre-opening stage. The policy will be reviewed by the Boaré annually, lo assess whelher the current level is still appropriate. Change of reporting period The financial pericKJ covered in these slalements are for a period longer than a yea¥ in older lo bring Grimsby Youth Zone in line with the year end of the rest of the network. Due lo this the comparative amounts in the financial statements (including the related nolesl are not entirely cownparable. Grimsby Youth Zone have the legal authority lo change ils reporting period as thi5 15 permitted by Ihe Companies Act 2006. 8-Covid 19 Covid 19 ha5 had a small impact on ihe developmenl of Grim5by Youth Zone, due to early slage of the projecl. The planning applicalion was submilled within the planned timescales. Asse55menl and the ullirnale award look longer ihan anlicipaled however this was due to the heritage nature of the sile and associated complexities. The impacl of the Covid 19 pandemic has resulted in some changes to the funding landscape and social distancing requiremen15 have prompted Horizon's fundraisers lo adapt their approaches to developing new relationships with prospective donors. On the hand Horizon has seen that, due lo eGonomic circumstance5. 5tnall number of small lo fflediurn sized business owners (Palions of Youth Zones across the Onside Nelworkl have had lo pause their fundiNg, and in raie instances have been unable lo fulfil their pledged support. However, the va51 majority of Patron sUPPOrt has continued and some have been in a position lo increase or expedite their donation to support young people duting the most tesling of limes. 9 - Statgrnent of Trustees. responslbililles The Trustee5 (who are also the Directors of Grimsby Youth Zone for the purpose of company lawl are responsible fDr preparing the Trustees, Annual Report and the financial stalernenls in accordance with applicable law and United Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting PraGts'ce}. Company law Tequires the Trustee5 to prepare financial slalements for each financial year. which give a true and fair view of the 51ale of affairs of Ihe Gharilable company and of the income and expenditure, Df the charitable company for that period. In prepaiing these financial ststements. the Truslees are required lo.. select suitable accounting policies and then apply them consislentty., observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent.. state whelher applicable UK Acwunting Standards have been followed, subject lo any material departures disclosed and explained in Ihe financial stalemenls- Prepare the financial 51atemenls on the going conr basi5 unless il is inappropriats lo presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records Ihal disclose wilh reasonable accuracy al any time the financial position of the charitable Company and enable them ID ensure that the financial statemen15 cornply with the Companies Act 2006. They are alsD responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prever)lion and deleGtion of fraud and Diher irregularities. The financial statements comply wilh Gurrent stalutory requirements. the companls Memorandum and Articles Page 5
GRIMSBY YOUTH ZONE (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 31 MARCH 2022 of Assoclation and the Charities SORP. Appioved by or(ier embers the board and signed on Iheir behalf by.. Trustees on 5. 10.22 C Jensen Page 6
GRIMSBY YOUTH ZONE (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 31 MARCH 2022 Independent Examlnerfs Roport to th• Trustees ol Grimsby Youth Zone fihe Charlty.) I report to the charity Truslees on my examinatlon of Ihe accounts of the Charity for Ihe periDY ended 31 March 2022. Responsibilities and Basls of Report A5 the Trustees of the Charity land its directors for Ihe purposes of cofflpany lawl you are responsible for the Preparat of the acc4xJnts in accordance with the requiremenis of the Companie5 Act 2006 ('Ihe 2006 Act,). Having satisfied rnysell that the accoun15 of Ihe Charity are not required to be audited under Part 16 of the 2006 Act arKI are elKJible for indeper¥Jenl examination, I report in respect ol my examinaliorb of the Charilys accounts carried out undei 5ectK)n 145 of Ihe Charitie5 Act 2011 1.the 2011 Acl'l. In carrying out my examinalion I have fdlowed the Direct$ given by Ihe Charity Commission Under section 145{5llbl ol Ihe 2011 Act. Indepondent Examiner's Statement Since the Charills gross Incorne exceeded £250.IJOO your examiner must be a member of a bL>Jy listed in section 145 of the 2011 Act. I confirm Ihai l am qualified lo undertake the examinab'on because l am a member of Institute of Chartered Accounlanls in England Wales. whKh is one of the lisled t#)Jies. I have completed my examinalion. I conlirm that matter5 have come to my attention in connecbon with the examination giviw me cause lo believe.. accounting records wer0 not kept in respect of the Company as required by section 386 of the 2006 Act.. or the accounts do not accord those records: or the accounts do nol comply wilh ihe accounting requirnents of section 396 of the 2006 AGt other than any requirement that the accounts give a 'lrue and fairf view which is not a matter considered as part ol an independenl examination,. or the accounls have not been prepared in accordance with the method5 and princieS of Ihe slement of Recommended Praclice for accour)ling 8nd reporting by charities applicable lo charities preparillg their accounts in accordance with the Financial Repcrtlng Standard applicable in Ihe UK and RewJblK of Ireland (FRS 102). I have no concerns and have come across no other matters in conneciion with the exarmalbon to wlwch allentson should be drawn in this report in order lo enable a proper urnJerstarKling of the accounts lo b• aChed. This report is made solely to the Charsws Tw5tees. as a body. Vt accordance with Part 4 of the Charities (Accounts and Reports) Regulations 28. My work has been undertaken so that I might stale lo the Charity's Trustees those matters l am required to slale io them in an Independent examinerfs report and lor no other purpose. To Ihe fulle5l extent permilled by law. I do nol ac¢8Pt or assume responsibility lo anyone other than the Charlty and Ihe ChariW5 Trustees as a body. lor my work or for this report. Signed.. Daled.. 14 November 2022 Vicky Szulisl ACA Crow• U.K. LLP Pag8 7
GRIMSBY YOUTH ZONE IA company lirnited by guarantee) INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2022 Charlered Accounlanls 3rd floor The Lexicorb Mount Street Manchester M2 5NT Page 8
GRIMSBY YOUTH ZONE (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT} FOR THE PERIOD ENDED 31 MARCH 2022 Restricted Unrestricted funds funds 18 Months 18 Months ended ended 31 March 31 March 2022 2022 Total Total funds funds 18 Months 54 Weeks ended ended 31 March 30 September 2022 2020 Note Income from: Donations and legacies Other trading actNilies Investments 380,000 3,340 86,641 466,641 3,340 440.000 13 Total income 383,340 86,641 469,981 440.013 Expenditure on: Charitable aclivilies 1,088 7.504 8,592 1.865 Total expenditure 1,088 7.504 8,592 1,865 Not movement in funds 382,252 79,137 461,389 438. 148 Reconclllatlon of funds: Total funds broughl forward Nel movemenl in funds 440,000 382,252 11,852) 79,137 438,148 461,389 438.148 Total funds carried forward 822,252 77,285 899,53T 438, 148 The Statement of Financial Activities includes all gains and losses recognised in the period. The notes on pages 12 to 21 form part of these financial stslements. Page 9
GRIMSBY YOUTH ZONE IA company limited by guarantee REGISTERED NUM8ER: 12210018 BALANCE SHEET AS AT 31 MARCH 2022 30 31 March 2022 SeplenTbei 2020 Note Fixed assets Tangible assets 718,442 455.916 718,442 455.916 Current asset5 Cash al bank and in hand 224,600 4.635 224,600 4.635 Creditors= amounts falling due within one year 10 143,5051 f22.403) N8t current assets I liabilites 181.095 (17. 768) Total assets les5 current liabilities 899,537 438, 148 Net assets excluding pension asset 899,537 438,148 Total net a$set5 899,537 438.148 Chartty funds Restricted lunds Unfeslricled funds 12 822.252 77,285 440,000 (1,852) 12 Total fund$ 899,537 438,748 The Company was enlilled lo exemption from audit undei section 477 of the Companies Act 2006. The members have not required the company to ob18in an audit for the period in question in accord8nce with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the raquirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements have been prepaied in accordance with the provisions applicable to enbties subject lo the small companies regtme. The financi81 statements were approved and aulhorised for issue by the Trustees and signed on their behalf by= 5.10.22 Page 10
GRIMSBY YOUTH ZONE IA company limited by guaranteo) REGISTERED NUMBER: 12210018 BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2022 CJ) £D C Jensen The noles on pages 12 10 21 form part of these financial slalements. Page 11
GRIMSBY YOUTH ZONE IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022 General information Grirnsby Youth Zone is an incorporale(5 charity. company nurnber 12210018 and charity nurnber 1187630. The addr85s of ihe regisled office is Alria. Spa Road, Bolton. Grealer Manchester. BL1 4AG. Accounting policies 2.1 Basls of preparation of financial statements The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing IheSr accounts in accordance with the Financial Reporting Standard applicable irn the UK and Republic of Ireland IFRS 1021 leffeclive 1 October 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Grimsby Youth Zone meets the definition of a public benefil entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction v21ue unless otherwise slated in the relevant accounting policy. The financial period covered in these statements are for a period longer than a year in ordei lo bring Grimsby Youth Zone irn line with the year end of the rest of the network. Due lo this the comparative amounts in the financial slalemenls lincluding the related nolesl are not entirely comparable. Grimsby Youth Zone have the legal authority lo change ils reporting perlod as this is permilled by the Companies Act 2006. 2.2 Going concem Despite the pandemic, the Charity has maintained a financially stsble stale over the last financial period, and continues to do so_ The Trustees have taken a number of steps lo assess the YoLJth Zone's ability lo continue as a going concern.. all key donors have been contacted in order lo identify any challenges for them in maintaining their support and Trustees were delighted that all the parties remain fully comfflitted lo the project. Fundraising in a post Covid-19 landscape will present challenges, however we are well on track lo securlng the Founder Patrons required prior lo opening. as well as workillg towards raising the full capital requirement needed to complete the build. Whilst il is never possible lo be certaln of the future, the Trustees consider that the steps taken ale sufficient to classify the charity as a going concern and are confident in the Youth Zone's ability lo meet its short and medium temi obligations. 2.3 Income All income Is recognised once the Charity has entitjemenl lo the income. il is probable ihal the income will be received and the amount ol income receivable can be measured reliably. Income lax recoverable in relation to investment income is recognised at the lime the investment income is receivable. Page 12
GRIMSBY YOUTH ZONE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022 counting policles (continued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo Iransler economic benefit to a third party, il is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be rneasured reliably. Expelldiluie is classified by activity. The costs of each activity are made up of the lolal of d1cl costs and shared costs. including support Costs involved in undertaking each aclivily. Direct costs allribulable to a singl& activity are allocated directly to that activity- Expenditure on charitable aclivilie5 is incurred on directly undertaking the aclivities which further the Charity's objectives, as well as any associated sUPPOrt costs. All expenditure 15 inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposlt is included when CeIVable and the amount can b8 measUd reliably by the Chartly,. 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 £500 or more are capilalised and recognised when future economic beer115 are probable and the Gosl or value of the asset can be measured reliably. Tangible fixed 8ssels are initially recognised al cost. After recognition, under Ihe cost rnodel, tangible fixed assets ale tnea5uied al cost less aGcumulaled depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed assel Ènto its intended working condition should be included in the mea5LJrement of cost, Deprecialion is charged so a5 to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the slraight-line rnethod. Depreciation is provided on the followin9 basis". A55els under construction No depiecialion 2.7 Cash at bank and in hand Cash at bank and in hand inGludes Ga5h and short-lerm highly liquid investmenl5 with a short malurily of three months or less from the dale of acquisition or opening of ihe deposit or similar account. Page 13
GRIMSBY YOUTH ZONE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022 Accountlng policies Icontinuedl 2.8 Liabllities and provisions Liabililies are recognised when Ihere is an obligation al the Balance sheet dale as a fesull of a past event, il is probable that a transfer of economic berbefit will be required in 5eltlefflenl, and the amount of the seitlement can be e51irnaled reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay lo selde the debt or the amount il ha5 received as advanced payments for the goods or seryices il musl piovide. Provisions are measured al Ihe best estimate of ihe 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 rale Ihal reflec15 the risks specific to Ihe liabilily. The unwinding of the discount is recognised in Ihe Slalemenl of financial activities as a finance cosl. 2.9 Financial In$trumonts The Charity only has financial assets and financial liabililies of a kind thal qualify as basic financial instruments. Basic financial insliutnenls are inilially recogni5ed al transaction value and subsequently measured ai iheir settlement value wilh the exceplton of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.10 Fund accounting General fund5 are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of ihe Charity and which have not been designated for other purposes. Restricted fund5 ale funds which are to be used in accordance with 5pecifsc restrictions imposed by donors or which have been raised by the Charity for particular purposes. The CDs15 of raising and adrninislerirhg such funds are chaiged againsl the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial sialements. Investment income. gain5 and losses are allocated to Ihe appropriate fund. Crltlcal accounting estimates and areas of judgment Eslimates and judgmeTrls are continually evaluated and are based on historical experience and other factors, including expectations of fulure events that are believed lo be reasonable undei the circurn5tances. Critical accounting estimates and assumptions-. The Trustees are of the opinion that there are no critical accounting eslimales and as5UrnPtions. Page 14
GRIMSBY YOUTH ZONE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022 Income from donations and legacies Restricted Unrestricted funds funds 18 Months 18 Months ended ended 31 March 31 March 2022 2022 Total funds 18 Months ended 31 March 2022 Donations 380.000 86.641 466,641 Reslricled lunds 54 Weeks ended 30 Seplembei 2020 rot81 lur$ 54 Weeks ended 30 September 2920 Donations 440.000 440.000 Incorne from other tradlng acuvllles Income Irom fundraising events Total Total funds funds 54 Weeks 18 Months ended ended 30 31 March Seplemoei 2022 2920 Restricted funds 18 Months ended 31 March 2022 YPDG Fundraising 3,340 3.340 Page 15
GRIMSBY YOUTH ZONE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022 Analysls of expendlture on charftable activities Restricted Unrestricted funds funds 18 Months 18 Months ended ended 31 March 31 March 2022 2022 Total funds 18 Months ended 31 March 2022 Siaff DBS checks Insurance BaTrk chaiges Independent examiner fee Staff uniform 116 923 116 923 47 1,482 484 3,154 228 35 384 47 1.482 484 3.154 228 35 l.T. Website & soare MembershipslAfilialions Other Supplies & sundry costs Printing, postage & stationery Marketing & comm5 Recruilment 600 21 30 600 21 Training expenses Trips and activities Advertising & markeb'ng 30 1,050 1,050 38 1.088 7,504 8.592 Unrestricted funds 54 Weeks ended 30 Seplember 2020 Total funds 54 Weeks ended 30 September 2020 Staff DBS checks Insurance Bank charges Independent examiner fee 42 364 19 1.440 42 364 19 1,440 1.865 1,865 Page 16
GRIMSBY YOUTH ZONE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022 Independent examiner's remuneration As restated 54 Weeks 18 Months ended erbded 30 31 March September 2022 2920 Fees payable to the Charity's independent exarniner lor the independent examinalion of the Charily's annual accounts 1,482 1,440 Trustees. remuneration and expenses During the period. no Trustees received any remuneration or other benefits (2020- £NILJ. DLJring the period ended 31 March 2022. no Trustee expenses have been incurred (2020- £NIL). Tangiblp fixed assets Assets under tonstruetlon Cost or valuation Al 1 October 2020 Additions 455,916 262,526 Al 31 March 2022 718,442 Net book value Al 31 March 2022 718,442 Page 17
GRIMSBY YOUTH ZONE IA company limSted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022 10. Creditors: Arnounts talling due within one year 30 31 March September 2022 2020 Trade credilols Accnjals and deferred incotne 5,164 38,341 20.963 1.440 43,505 22.403 11. Financial instruments 31 March 2022 Flnanelal assets Financial assets measure¢J al fair value through income and expenditure 224,600 31 March 2022 Financial liabilitles Financial liabilities measured at fair value through incorne and expenditure 43,505 Financial assels measured al fair value through inGome and expenditure comprise of cash al bank and in hand and trade debtors. Financial liabilities measvred 8t fair value through income and expenditure Comprise of trade creditors and accfuals. Page 18
GRIMSBY YOUTH ZONE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022 12. Statement of funds Statement of funds - current period Balance at 1 October 2020 Balance at 31 March 2022 Income Expendlture Unrestricted funds General Funds - all funds 11,8521 86,641 17,5041 77.285 Restricted funds Reslricled Funds - Capilal YPDG 440.000 380,000 3,340 820.000 2.252 11,0881 440,000 383.340 11,0881 822,2S2 Total of funds 438,148 469.981 18.5921 899,537 Reslricled funds - these are funds received lo be used in the conslruGlion of the Horizon Youth Zone in Grimsby. The unreslricled fund delicil was a short tem maller and was redified shortly after the year end with the re¢elpl of £65,000 revenue funding. Page 19
GRIMSBY YOUTH ZONE IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022 12. Statement of funds Icontinuedl Statement of funds - prior perlod Balance al 30 September 2020 Income Expendilure Unrestrlcted funds General Funds - all funds 73 (1.865) (1,852) Restricted funds Reslricled Funds - all funds 44LI.000 440,000 Total of funds 440,013 (1.865) 438, 148 13. Analy$ls of net assets between funds Analysls of net assets between fund$ - Current perlod Restricted Vnrestri¢ted funds funds 31 March 31 March 2022 2022 Total funds 31 Mareh 2022 Tengible fixed assets Current assets Creditors ¢Jue within one year 718.442 103,810 718,442 224,600 143.5051 120.790 143,5051 Total 822,252 77,285 899.537 Page 20
GRIMSBY YOUTH ZONE (A company lirnlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022 13. Analysis of net assets between funds {continued) Analysis of net assets between funds - prior period Restricted Unresliyoled funds funds 30 30 Sgptember Seplembei 2020 2920 Tolal funds 30 Septembei 2020 Tangible fixed assets Current assets Creditors due withln one year 440.000 15.916 4.635 (22,403) 455.916 4,635 (22.403) Total 440.000 (1.852) 438.148 14. Related party transactions The Charitable company has not entered into any related party Iransa¢lion during the period, nor are there any oulslanding balances owing between related parties and the Charitable company al 31 Ilarch 2022. Page 21