Registered nuMr.. 12210018 Charity number.. 118763Q GRIMSBY YOUTH ZONE (A company Ilmited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
GRIMSBY YOUTH ZONE IA company limitèd by guarantee) CONTENTS Page Roference and admini5tratlv¢ detslls of the Charlty, It5 Trusteès and advlser5 Trustees. r¢port Indendont oxamlnerfs report Statement of finan¢lal actlvlll8S Balanc8 sh8et 10- 11 Notes to the finanelal stat8mènls 12-23
GRIMSBY YOUTH ZONE IA cornpany limited by guarant881 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 P JaGk50n Iresiqnèd 4 January 20231 C Kanakides G Alton OBE C Jensen Dr M Osman J Stockwood S Critchl¢w D Cook M Parker (appointed 7 Sèptember 20221 A Oltley lappoinled 7 Septembèr 20221 S Wroot lappoinled 26 June 20231 C¢mpany reglstered number 12210018 Charity registered number 1187630 Registered office CIO Wiln and Chapman LLP Solicitors Cartergate House 26 Chantry Lane GriEvsby DN31 2LJ Page 1
GRIMS8Y YOUTH ZONE {A company limtled by guarant•el TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees, who arè also Direclors ol the conpany. present their Directors, report for Ihe purposes of section 417 01 the Companles Act 2006 and Trustees, Annual Report for the purposès of section 162 01 the Charity'es Act 2011 together wlh the Financial Ststements of the Charity for the pèriod ending 31 March 2023. 1 - R•fèrence and administrativ• details Grimsby Youth Zone was incorporated on 16 September 2019 Icompany registration number. 122100181 as a company limited by guarantee and regisltrrgd as a Charity on 28 January 2020 Icharity registration number. 11876301. TradSng name HorEon Youth Zone W8bslte hltp.'Ilww.horizonyouthzone.OTgl 2-Whoweare Grimsby Youih Zone, named by young people as 'Horizon'. will be a purpose built youth centre for young people from Grimsby and the surrounding area. Located in the heart of Grifflsby. the new facility will be on the sile ol the fomer West Haven Malting5 and Migar House buildings, fronting onto the River Freshney. 11 wll be a sale and inspiring place lor young people aged 8 - 19. and up to 25 for those with additional needs and disabilities. to enioy their leisufe time and access opportunities to discover their passions and their purpose. Horizon is based upon the 5uccesshJl Onside 'Youth Zone, model. where Members will have access to Stale of the art lacililies for a Gost of £5 per year and only Sop per visit. Inside the Youth Zone young peop18 will have a choice ol over 20 fun and engaging acb"viUe5 every session. including sports. arts, music, media. dance, drama. cooking. employability and enterprise workshops. and much more. Horizon Youih Zone is being delivered in partnership with Onside and North East Lincolnshire Council and is supported by a number of businesses. philanthrow'sts and chariiable foundalions. 3 - Structure, govemance and management 3.1 - Governing Doeum•nt Grimsby Youlh Zone is a cofflpany limited by guarantee without share capital and registered under the Companies Act 2006. registration number 12210018. The Charily Is governed by Its Memorandum and Articles of Association dated 16 Septernber 2019_ Managemenl ol the company's affairs is vested in the Directors. 11 is a Charity régistered with the Charity Corllmission on 28 January 2020. In Ihe event of a winding-up. the present member5 and ihose who have ceased to be a rnember within one year of such an event have guaranteed the liabililies of the Charity lo the suffl not exceeding ten pounds each. 3.2 . Recruitment and appointmènt of Trustees (Directorsl The first Dlr*ctrJrs were the 5ubscriber5 to the memorandum as notified to Companies House as the first Directors of the Charity A person appointed as a Director thereupon becomes a Membèr of the Charily and a Directors who cease5 to hold office lor any reason theieupon ceases lo be a Member of the Charity. Director5 have the power to appoint. by ordinary resolub"on. any person to be a Director who is willing lo act as such. New Directors will be Tecruiled according to the needs of the Chaiity and the suitability ol possible candidates. A unanimous approval of existing Directors would lead to their app01ntrnenl. Page 2
GRIMSBY YOUTH ZONE (A company limited by guarantoel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 The Memorandum and Arlicles of Association stales that the number of mèmbers IDirector515hall have no maximum anc5 sh811 not be less than three. At the first Annual General Meeting all Directors rnu5t retire and seek re*leclion. At each SL5bsequent Annual General Meeting one third ol the Directors are required to retire by rotalion and sèèk re-appointment if théy wsh lo continue. The Member5 of the Charity aitr its Directors for the bme being and the only persons eligible to be M8mbers of the Charity are its DireGtOfS. Full details of the rules are contsined In the Charity's Memorandum and Articles of Association. dated on ncoiporation on 16 September 2019, which may be inspected at the Grimsby Youth Zone registereij office. 3.3 - Organisational Structure Grirnsby Youth Zone is governed by its Truslee Board which 15 rèsponsible for setting the strategic diredion of the organisation and the policy ol the Charity. The Truslees carry the ultimat8 r85ponsibility for Ihe conduct of Grimsby Youth Zone and for ensuTing that the Charity salisfies Its legal and contractual obligations. Trustees meet appxiMatelY every iwo lo Ihree monlhs and may delegate the Implementation ol their decisions or day-lo- day operation ol the organisabon to Senior managemenl. any employee of the Charity. person or commttee as they see fst. Any cofflmittee musl include al leasl one Truslee. The Trustee Board is independent from management Dec15ions a detemiiTred by a 5ifflple majority of vote5. In the case of an equality of voles the Chair of Ihe meeting has the casting vote. Risk manag•m•nt The Trustees have considered the major risk5 to which thè Charity is exposed and have established suitable risk management and wntrol procedures. Relat•d party transaction5 There were no transa¢tions with related parbes required to be disclosed in thè financial statements. 4 - Objectlve and activlties Grirnsby Youth Zone 8X15ts lo help and educate young people resident in Grimsby and surrounding areas. Providing an inspiring environment and p051tive activilie5 to spend their leisure time and by promoting their lull potenb'al in order that they may grow to malurity as individua15 and members ol society, and Ihal their conditions in life may improve. 5 - AchievemÈnts durlng the period We are greaily indebted to the organisations and individuals who have given their personal and finanGial support to Horizon Youlh Zone during this period. North East Lincolnshire Counul continue lo provide supporb've and proactive leadership in their role as a major sirategic partner of the project. Over £13.5 million has b8en secured in total 50 lar towards the captlal project costs. from a range of ftjnders. including.. North East Lincolnshire Council. Orsted. Jason Slockwood. The National Lotlery Heritage Fund, St James's Place Charitable Foundation, Department lor Cullure. Modia & Sport's Youth Investmenl Fund as W811 as several anonyrnou5 donors. The Horizon Youth Zone Board and project le8m are hugely grateful for this overwhelming support. Together. these strategic capital funders are bringing the project to fruits.on completing the capital campaign and we look forward to beginning construGtion in the very near future. The FounLfer Patron family. which provides operating revenue for the Youth Zone, has wntinued to grow. We Page 3
GRIMSBY YOUTH ZONE IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 are very grateful lo Andrew Pettit. the Bentham family, Orsled. Jason Stockwood, Allied Protek Engineenng Ltd. DFDS Seaways. Myenergi Ltd. Simon Smith. Dee Bee Wholesale Ltd. the Francis Arihur Brookes Charitable Trust and the Humberside Police & Crime Commissioner, who have all pledged generous long-term r8venue comfflitments to Horizon. Financial support from Novart15 UK. Evèrgreen UK and Ihe Bishopthorpe Wind Farm Community Fund has also been committed lowards Horizon's operating costs. Tog8iher. these philanthropic partners have been and conts'nue lo be instrumgntal in driving the project forward and attractsng further funding. Young People. through the Young People Development Group hav8 continued to 5UPPOrt and shape the iJevelopm8nt of the Grimsby Youth Zone. Horizc*n Youth Zone benefit5 from the 5UPPOrt of Onside Icharily number 11258931 in its developrnenl and VAII become a member ol the growing Onside network of Youlh Zones. 6 . Public bènefit All the activities ol the Charity las summarised above) were undertaken to further its charitable purpose5 for public benefit. The provision ol a high-qualily lacility for young people Tesponds lo a clear. ongoing demand from young people, parents and wider communityes lor more and better places for young people to go. The Trustees of GiitTFsby Yauth Zone believe they have corrplied with the duty in section 17 of the Charities Act 2011 to have due iegard to the public benefit guidance published by the Charity Commission. Volunteers, contribution Throughout thè period all members of the Board of Trustees fNade invaluable voluntary GontTibutions lo the Charity'5 work in terms of governance. professioal and business experience. financial planning. fundraising and leading initiats"ve5 across the project. Such contributs'ons were. on average. oquivalent to one lull d8y each calendar rnonlh. In addition. Ihe engagement work with young people has been supported by a pool ol dediGatd volunleers. giving on average 9 hours a week of volunteer b.ffle lo support the Youth Development Group. Invèstment Activities Under the memorandum and articles of association. the charitablè company has the power to make any investment which ihe Trustees See fit. Investrnents ale made where required to further the aims and objects of the Charity. Currenuy. the Chanly does not cuffently hold any investments other than cash on deposil with Hande15banken. 7 - Financial revlew A summary of the results is shown below.. 2023 Inconrring resources Ojlgoing résources 469,155 147.2641 t incorring resources 421,891 The charity is still in its embryonic phase with rtonations being received lo fund the design and construction of the Youth Zone. Page 4
GRIMSBY YOUTH ZONE IA company limited by guarantee} TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Re5erve$ Policy Th8 Board of Trustees ol Grimsby Youth Zone have determined that unrestricted. 'free'. ièserves Should be maintained al a miniTrurn of 3 10 6 months of day to day running costs, plus any designated funds for specific projects at the Trustees discrètion. Trustee5 feel this resèrves policy appropnately reflect the risks to which the Charity is exposed. Duè consideration has been given to these activiUe5 in the annual review ol the reserves policy and. ¢urrenUy. (hese costs remain minimal in the pre-opening phase. Once Grimsby Youth Zone is operational. running costs for 3 months Iminimuml and 6 months Imaximuml will be calculated and reserve5 will maintained within the two figurès. Total reserves as at 31 March 2023 were £1,321.428 12022.. £899.5371. Free reserves were a surplus ol £228.549 12022.. E77.2851. Thi5 amount ol free reserves amounts to ovèr 12 months. cover ol costs given the ¢urrent siage of the project duiing the pre-opening stage. The policy will be review8d by the Board annually. lo assess whether the current level is still appropriate. Change of rèporting period The financial period lor 2022 Covered in these 51alements are lor a period longer than a year in order to bng Grimsby Youth Zone in line with the year end of the rest of the network. Due lo this the comparative amounis in the financial statements lincluding the related notes) are not entirely comparable. Grim5by Youth Zone have the legal authority lo change ils ieporiing period as this is permitted by the Companies Act 2006. Page 5
GRIMSBYYOUTH ZONE IA company limitèd by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 8- Statement of Tru$tee$' rèsponsibilities The Trustees (who are also the Director5 of Grfmsby Youth Zone for the purpose ol company lawl arè responsible for preparing the Truslee5' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdorn Generally Accepted Accounting Practic81. Company law requirès thè Trustees to prepare financial statements lor &ach f1nancial year. which give a true and fair view of the state ol affairs of the charitsble company and of the income 8nd expendilure. ol the charitabltr company for that period. In preparing these financial statements. the Trustees are required to.. select 5uilable a¢¢ounb"ng policies and then apply them consistently, observe the methods and principles in the charib.es SORP.. make judgements and estirnale5 that afe rèasonable and prudent.. state whether applicable UK Accounting Standards have been followèd, SLtbject to any material dèpartures disclosed and explained in the financial statements., prepare the financial statements on ihe going concern basis unless il is inappropriate to presume that the chariiable company will conb.nue in business. The Truslees are responsible for keeping adequate accounbng records that disclose wilh reasonable accuracy at any time the financial posilion DI the chanble COFllpany and enable them to ènsure that the financial statetllènts comply with the Companies Act 2006 They are also responsible lor safeguarding the asseis ol the charitable company and hence loi taking reasonable steps for the prevents'on and detection of fraud and other irregularities. Th8 financial statements comply with current 5t8tutory reQUirnents. the cOmpanS Memorandum and Artic1È5 of Association and Ihe Charities SORP. Approved by order of the members 12th December 2023 of the board of and signed on their btrhalf by. Tnjslees on C Jensen Page 6
GRIMSBY YOUTH ZONE IA ¢ompany limited by guarantee) INDEPENDENT EK4MINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Independent Examinerfs Report to th• Trust$ of Grimsby Youth Zonè I'the Charlty'l I report lo thè charity Trustees on my examlnation of the accounts of the Charity for the year ended 31 March 2023. Responsibilitlès and Basts of Report As the Tru51ees ol the Charity land its directors for the puwposes of company lawl are r05ponsible lor the preparatson ol thè accounts in accordance with the requirÈmènts of the Companie5 Ad 20061.the 2006 Act'l. Having satisfied myself that thè accounts of the Charity are not requlr8d to be audited under Part 16 of the 2006 Act and are eligiblè for independent examination. I report in respect of my examination ol th& Charitls accounts carried out under section 145 of Ihe Charitie5 A¢t 2011 1.the 2011 Act'l. In carrwng out my exarnination I have followed the Directions given by the Ch8rity Commission under 5ecb.on 14515llbl of ihe 2011 Act. Indendertt Examlnerfs Statement Since the Charit15 gross income exceeded £250.000 your examiner musl be a membèr ol a body listed in section 145 of the 2011 Acl. I confirTll that l arn qualified to undertake the examination because l arll a mefflber of Inslitule of Chartered Accountants in England and Wales. which is one of the listed bodie5. I have completed rny examinalion. I confimi that no matters have come lo my attenlion in connection wth the examinai¢on giving me cause to bèli@ve'. accounting records were not kept in respecl of Ihe Charity as required by section 386 of the 2006 Act,. or the accounts do not accord with Ihose records.. or thè accounts do not comply with the accounting requirements of section 396 of the 2006 Act other ihan any requirement that the 8CGounts give a 'true and fairf view which is not a matter considered as part of an independent examination,. or thè accounts have not been prepared in aGwidance with the melhods and principles of the Statement of Recommended Practice for accounb.ng and reporting by charib.es applicable lo charities preparing thelr accounts in accordance with tho Financial Reporting Stand8rd applicable in the UK and Rèpublic of Ireland IFRS 1021. I have no concern5 and have come across no other matters in ¢onnection with the examination to which attenb.on should be diawn in this report in order to enable a proper understanding of ihe accounts to be reached. Page 7
GRIMSBY YOUTH ZONE {A company Ilmlted by guarantee) INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 This report is made solely lo the Chantls Trustees, as a ly. in accordance with Part 4 of the Charities IAccounis and Reports) Regtjlations 2008. My work has been undertaken so that I might stale to the Charity's Trustees those matters l am required lo stale to them in an Independent examinerf5 report and for no othei pijrpose. To Ihe 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, loi my work or for this report. Signed.. Dated.. 14th December 2023 Vicky Szulisl ACA Crowe U.K. LLP Chartered Accountants 3rd floor The Lexicon Mounl Streel Manchester M2 5NT Page 8
GRIMSBY YOUTH ZONE (A company limited by guarantèè) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023 Total funds 18 Months ended 31 March 2022 Restricted Unre5tri¢tgd funds funds Total funds 31 March 2023 31 March 2023 31 Mareh 2023 Notè Incomè from.. Donations and legacies Other trading activikn89 Invèstments 306,002 4,363 158,178 464,180 4,363 612 466.641 3,340 612 Totsl in¢ome 310.365 1 $8.790 469,155 469.981 Expenditure on= Raising funds Charitable ac(Ivilies 2,039 5.487 2.045 45,219 39,732 8.592 Total •xpfrnditure 39,738 7,526 47,264 8,592 Net movement in funds 270.627 151.264 421,891 467.389 Reconclllation of fund$= Tolal lunds brought forward Nel movement in lunds 822,252 270,627 77,285 151,264 899.537 421,891 438. 148 467.389 Total funds carrled forward 1,092.879 228,549 1,321.428 899.537 The Statement of Financi81 Activities includes all gains and losses recognised in the year. The notes on pages 12 to 23 form part ol these financial statements. Page 9
GRIMSBY YOUTH ZONE (A company limited by guarantèè REGISTERED NUMBER- 12210018 BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note FIx8d assets Tangible asset5 10 1,159.769 718.442 1.159,769 778,442 Current ass¢ts Debtors Cash al bank and In hand 55,878 1.289,882 224,600 1,345,760 224.600 Creditors.. amounts falling due within one year 12 11,184,101) (43.505) Net current assets 161.659 181.095 Total assets less current liabilitiès 1.321,428 899,537 Net assèts excludit)g pension asset 1,321,428 B99.537 Total net assets 1.321,428 899.537 Charlty funds Restricted funds Unr&slri¢led funds 14 1.092,879 228.549 822.252 77.385 14 Total funds 1.321,428 899.537 The Charity was entitled to exemption from audit undèr séction 477 Of the Cornpaniès Act 2006. The members have not required th8 company to obtain an 8udit for the year in question In accoidance with section 476 of Comp8nies Act 2006. The Trustees acknowledge their responsibilities lor complying with the requirements of the Act with r8specl to accountlng cOrdS and preparation of financial statements. The financial statements have been prep8r8(S in accordance with the provisions applicable to enb'tie5 subi8Ct to the small companies regime. The financial statements were approved and authorised lor issue by the and signed on their behalf by.. Trustees on 12th December 2023 Page 10
GRIMSBY YOUTH ZONE IA cornpany limrièd by guarantee) REGISTERED NUMBER: 12210018 BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2023 C Jen$•n The notes on pages 12 to 23 foim part of these financial 51at8mènls. Page11
GRIMSBY YOUTH ZONE (A ¢ompany Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 General information Grimsby Youth Zone is an incorporated charity, company number 12210018 and charily number 1187630. The address ol the registed office is Cartergale House Wilkin and Chapman LLP Solicitor5. 26 Chantry Lane, Grimsby. England. DN312LJ. AccountSng policles 2.1 Basis of pr8paratlon of financlal statements The financial statements have been PTapared in accordance with the Charities SORP IFRS 1021 Accounting and Rèporting by Charities. Statement of Recommended Practicè applicable to charities preparing their accounts in accordance with the Financial Reporting Siandard applicable in the UK and Republic ol Ireland IFRS 1021 (effective 1 October 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Gnmsby Youth Zone meets the definition Df a public benefit entity under FRS 102. Assets 8nd liabilities are initially recognised al historical cost or IransaGlion value unless otherwise slated in thé relevant accounting policy. The prÈvious financial period covered in these statements are for a period longer than a year in order to bring Grimsby Youth Zone in Fine with the year end of the rest ol the network. Due to this the comparative amounts in the financial statements (including the related nolesl are not entilY comparable. Gnmsby Youth Zone have the legal authority to change Its reporting period as this is perm5tted by the Companies Act 2006. 2.2 Going concern The Charity has maintained a financially stable state over the last financial and conttnues to do so. The Trustees have taken a number of steps lo assess the Youth Zone's ability to continue as a going concern., all key donor5 have been contacted In order lo identify any challenges lor them in maintaining their support and Trustees re delighted that all the parties fem8in lully committed to the project. The Trustees believe we a well on track lo securin9 the Founder Patrons required prior to Oning, as well as working towards raising thé full capital requirement needed to complètè thè build. Whilst it is never possible lo be certain of the future. Ihe Trustees consider that the Steps taken are sufficient lo classify the charity as a going con 8nd are confident in the Youth Zone's ability to meet its short and medium term obligations. 2.3 In¢om• All incorne S recognised once the Charity has entitlernenl to the income. il is probable Ihat the incorne will be received and the amount ol Income receivable can be measured feliably. Grants are included in the Statement of financial activitses on a receivable basis. The balarn ol incorne received lor specific purposes but not expended during the period is shown in Ihe relevant funds on the 8alance sheet. Where Income Is received In advance of entitlernent of receipt. ((5 recognition is deferred and Included in creditors as deferred income. Where entitlèment occurs before income Is receivèd. thé income is accrued. Page 12
GRIMSBYYOUTH ZONE A company Ilmited by guarant••} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policies Icontlnuedl 2.4 Expenditure ExpenditUf@ is recognised once there 15 8 legal or constnjctive obligats.on to transfef economic benefit to a third party. it 15 probable that 8 Iransler ol economic benefits will be required in settlement and the amount ol Ihe obligab.on Gan be measured reliably. Expenditure is classified by actiV4ty. The costs of each acb'vity are made up of the tolal of direct Costs and shared costs. including support costs involved in undertaking each actsvity. Oirecl costs attributable to a single activity are allocaled directly lo that activity. Expenditure on r8i5ing funds includes all expenditure incued by the Charily to raise funds for its charitable purposes and includes costs ol all fundraising aetivilies events and non-charitable trading. Expenditu on charitable aclivilies is incurred on directly undertaking the activities which further the Charitys objectives. as well as any associated support Costs. All expenditure is inclusive of irCOVer8ble VAT. 2.5 Interest receivable Interest on funds held on deposit 15 included whèn receivable and the amount can be measured reliably by the Charity.. this is normally upon notification of the interest paid or payable by ihe institution with whorn the funds a deposiled. 2.6 Tanglble Ilxed assets and depreciation Tangible fixed assets costing £500 or more are c8pit8li5ed and recogni5ed when future economic benefits are probable and Ihe cost or value ol the asset can be measured reliably. Tangible fixed assets are iniually rewgnised at cost. Alter recognition. under the cost model. t8ngible fixed assets are ffleasured at cost less accumulated depreciation and any accumulated impairment 105ses. Wl c05t5 Incurred to bring a tangible fixeil asset into its intended worktng condition should be included in the measurement ol cost. Depreciation 15 charged 50 as to allocate the cost of ngIble fixed assets less their fesidual value over their estimated useful lives. using the slraight-line fflethod. DepciatIon is provided on the following basis.. Assets undèr construction No depreciation 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade dlscount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand Includes cash and short-lerm highly liquid inveslments with 8 short maturity ol three months Qf1è5s from the date of acquisition 01 opening ol the deposit or similar account. Page 13
GRIMSBY YOUTH ZONE {A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountln9 policies Icontinu8dl 2.9 Liabiliti&$ and provision5 Liabilllies are recognised when there $5 an obligation at the Balance 5heei dale as a result of a past evenl. it is probable that a Iransfer of economic benefil will be required in settlement, and the amount ol the settlement can be estimated r81iably. Liabilities are recognised at the amount Ihat the Charity anlicipates it will pay lo setue the debl or the amount It has reG8ived as advanced payments for the goods or services It must provide. Provisions are measured al the best estimate ol thè amounts required to setue the obligation. Where the effecl ol the lime value of money is malenal, the provision Is based Dn the present value of those amounts, discounted at the P-taX discount rate that reflects the risks specific to the liability. Thé unwinding of the discount 15 recognisÈd in the Statement of financial activities as a finance G051. 2.10 Financlal instruments The Charity only has financial as581s and financial liabilities of a kind Ihat qualify a5 basic financial instrufflents. Basic financial instruments are init1311y rècognised at transaction value and subsequently ea5ured al their settlement value with thè exception ol bank loans which arè subsequently measured at amortised cost using the effective interest method. 2.11 Fund accounting General funds are unrestricted funds which are available lor use al the discretion ol the Trustees in furtherance of the general objecb"ve5 of the Charity and which have not been designated lor other purposes. Restricted funds ale ftjnds which are lo be used in accordance with specilic restricb'ons imposed by donors or which have been raised by the Charity lor part£cular purposes. The costs of raising and administering such funds are Gharged against the 5pecifi¢ lund. The aim and use of each restricled fund is set out in the notes to the financial statemènts. Investment income. gains and losses are allocated lo the appropriate fund. Critical accounting eslimatès and areas gf judgment Estimates and iudgments are conb"nually evaluated and are based Dn h15torical experience and other factors. Including expectations ol future events that are believed to be reasonable under the circumstances. Crib'cal accounting estsmales and a55umplion5'. The Trustees are of opinion that there are no critical accounting 6stimates and as5umplions. Pag8 14
GRIMSBY YOUTH ZONE IA company Ibmltèd by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Income from donatlons and legacie5 Restrlcted Unre$trl¢ted funds funds Total funds 31 March 2023 31 March 2023 31 March 2023 Donation5 Grants 275,000 31,002 158.178 433.178 31,002 306.002 158.178 464.180 Reslricted Unrestrictecl lunds funds 18 Months 18 Monlh5 ended ende(Y 31 MarGh 31 March 2022 2022 Total lunds 18 Alonlhs ended 37 MarGh 2022 Donafions 380.000 86.641 466.641 Incomo from other trading activities Income from fundraislng events Restricted funds Total funds 31 March 2023 31 March 2023 YPDG Fundraising 4.363 4,363 Page 15
GRIMSBY YOUTH ZONE A company limited by guarante¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Income from other trading actlvities Icontlnuedl Income from fundral$lng •v8nts Icontlnuedl Restricted funds 18 Months ended 31 MaAEh 2022 Total ftsnds 18 Months ended 31 MarGh 2022 YPDG Fundraising 3.340 3.340 Expenditure on rai$lng fund$ Costs of raising voluntary income rolal lunds t8 Moftilhs ended 37 March 2022 Restricted Unrestrlet¢d funds funds Total funds 31 March 2023 31 March 2023 31 March 2023 Advertislng & Marketing P.R. & Networking Fundraising Cosls 1.368 671 1,368 671 2,039 2,045 Page 16
GRIMSBY YOUTH ZONE IA ¢ompany limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysls of expendlture on charitabl¢ a¢tlvltles Rèstrlcted Unre5trl¢ted fund5 funds Total fund5 31 March 2023 31 March 2023 31 March 2023 Staff DBS checks Insurance Bank charges Independent examiner fee Staff uniform 43 352 43 352 2,088 2,088 l.T. Website & software Member5hipsfAfilialions Other supplies & sundry costs Printing. postage & stationery Mafkeling & comms Recruitmenl Training expense5 Trip5 and activities Advertising & marketing 163 163 35 35 259 259 465 2.018 465 39.732 41,750 39.732 5.487 45,219 Page 17
GRIMSBY YOUTH ZONE {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ReslriGted Unreslricted funds funds 18 Months 18 Months &nded end8d 31 March 37 March 2022 2022 Total fund5 18 Monlhs ended 31 March 2022 Staff DBS checks Insurance 116 923 47 716 923 Bank charges Independent examiner fee Staff uniform l.T. Website & software MembershiplAffilialions Other supplies & sundry costs Printing. postsge & stationery Marketing & comms Recruitmenl Training expenses Trips and activities Advertlsing & marketing 47 1.482 484 3. 154 228 1.482 484 3. 154 228 35 35 384 600 600 21 21 30 7.050 38 30 1.050 38 1.088 8.592 Independent examinee$ rèmuneration 18 Months ended 37 March 2022 31 March 2023 Fees payable to the Charilvs independent examiner lor the independent examination ol the Charitvs annual accounts 2,088 7.482 Trusteès. remuneration and expen$ts During the year. no Trustees ceiVed any remuneratson or other benefiES (2022- £NIL). Durin9 the year ended 31 March 2023. no Trustee expenses have been incurred 12022 - £NIL). Page 18
GRIMSBY YOUTH ZONE IA company limitèd by guarant8e} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 10. Tanglble fixed assets Assets undèr tyn$truction Cost or valuation Al 1 April 2022 Additions 718,442 441,327 Al 31 March 2023 1.159.769 Net book valuè At 31 March 2023 1,159,769 At 37 March 2022 718.442 11. Debtors 2023 2022 Due withirt on• yèar Trade debtors 55,000 87B Prepayments and accrued incom 55,878 Page 19
GRIMSBY YOUTH ZONE IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 12. Creditors- Amounts falling due wlthln on• year 2023 2022 Trade creditors A¢cmals and deferred income 345,910 838,191 5. 164 38.341 1,184.101 43.505 13. Flnan¢lal instruments 2023 2022 Financial assets Finan¢i81 assets measufed at lair value through income and expenditure 1.345,760 224.SOO 2023 2022 Financial liabilities Financial liabililies measUd at fair value through income and expenditure 1,184,101 43.505 Finanual assets measured at lair valLJe through income and expenditure Comprise of G4sh at bank and in hand and trade debtors. Finanoal liabilities measured al fair value through income and expenditure comprise ol trade ¢redilors and accruals. Page 20
GRIMSBY YOUTH ZONE A company limited by guarant•el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Statement of funds ststem¢nt of funds . current year Balanc• at 31 March 2023 Balance at 1 April 2022 Income Expenditure Unrestrlcted funds General Funds- all funds 77.285 158,790 17.526) 228,549 Restricted funds Reslri¢ied Funds - Capital YPOG Nation81 Lollery Heritage Fund Buckingham Palace Trip YIF - Social Investment Bijsiftess 820,000 2,252 275,000 4,363 1,095,000 806 15,8091 133,2791 16501 133,2791 650 30,352 30.352 822,252 310,36S 139,7381 1,092.879 Total of funds 899,537 469.155 147,2641 1.321.428 Reslri¢led funds - Capital these are lunds received to be used in the consluction ol the Horizon Youth Zone in Grimsby. The Nalion81 Lottery Heritage Fund is supporting Grimsby Youth Zr)ne with a grant of up lo £2.697,727 that 1] 5UPPOrt ¢apital and revenue costs to ensure the Youth Zone's appeal wilhin a Heritage Action Zone.The grant will be claimed in 2023-34 financial year. once the lease is completed on the land. The Youth Investment Fvnd ISIB-DCMSI is supporting Grimsby Youth Zone with a grant of up to £7,084,170 that will support construction. lees and revenue ¢osts incurred up lo 1 April 2025. Page 21
GRIMSBY YOUTH ZONE A ¢ompany Ilmlted by guarant•èl NOTES TO THE FINANCIAL STATEMENTS FOR TPIE YEAR ENDED 31 MARCH 2023 14. Statemènt of funds Icontinuedl Statement of fund$ . prlor year Balance al 1 October 2020 8al8nc6 at 39 March 2022 Income Expendilure Unrestrleted funds General Funds- 811 funds (1.852) 86.641 17.504) 77.285 Restricted fund5 Restricled Funds - Capital YPDG 440.000 380.000 3.340 820.000 2.252 (1.088) 440.000 383,340 (1.088) 822.252 Total of funds 438, 148 469,981 (8.592) 899,537 15. Analysis of net asset5 betwèèn funds Analysi5 of nèt ass•ts between fund5 - ¢urrtnt y•ar Restricted Unreslri¢téd funds funds 2023 2023 Total fund$ 2023 Tangib18 fixed asseis Debtors due after more than one year CLJrrenl assels Creditors due wilhin one year 1,125,352 34,417 1,159,769 55.000 ss,000 1,290.760 1,290,760 32,4731 11,151,628) 11,184,101) Total 1,092,879 228,549 1,321.428 Page 22
GRIMSBY YOUTH ZONE IA ¢ompany limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysls of net assets between funds Ironlinu¢dl Analysis of net assets b¢hvg•n funds- prfor year Restricled Unrestricted funds funds 2022 2022 Total funds 2022 Tangible fixed assets CUrn1 asset5 Creditors due within one year 718.442 718.442 224 600 (43.505) 103.810 120. 790 f43.505} Total 822.252 77.285 899.537 16. Related party transactions The Charitable ¢ompany has not entered into any related P8fty transaction during the year, nor are there any outslanding balanS owing between related parties and the Charitable company at 31 March 2023. Page 23