GRIMSBY YOUTH ZONE TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charity Number-. 1187630 Company Number.. 12210018
GRIMSBY YOUTH ZONE TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Contents Page Reference and administrative information Trustees, report Independent auditor's report Statement of financial activities Balance sheet Statement of cash flows Notes lo the financial statements 10 11 12 13-20
GRIMSBY YOUTH ZONE Reference and Administrative Information for the year ended 31 March 2024 Trustees H Kanakides G Alton OBE C Jensen Dr M Osman J Slo¢kwood S Critchlow D Cook M Parker A Ollley S Wroot (appointed 26 June 20231 Key Management Pèrsonnel The Trustees Lucy Ottewell-Key Company rÈgist8red number 12210018 Charity regist&r&d number 1187630 Regi5terÈd office CIO Wilkin Chapman LLP. Cartergate House, 26 Chantry Lane, Grimsby DN31 2LJ Chief executlve officer Lucy Ottewell-Key Auditor Jacob Cavenagh & Skeet. 5 Robin Hood Lane, Sutton SM12SW Bankers Handelsbanken, Grimsby Branch. Unit 7 Europa P8rk, Appian Way, Grimsby DN312UT Soli¢it¢r$ Wilkin Chapman LLP, Cartergate House, 26 Chantry Lane, Grimsby DN31 2LJ Trading name Horizon Youth Zone Websit hllp".Ifl4fvww.horizonyouthzone.orgl Page I
GRIMSBY YOUTH ZONE Trustees, Report for the year ended 31 March 2024 (continued) The Trustees, who are also Directors of the company, present their Directors. report for the purposes of se¢lion 417 of the Companies Act 2006 and Trustees. Annual Report for the purposes of section 162 of the Charities Act 2011 logether with the Financial Statements of the Charity for the year ending 31 March 2024. Grimsby Youth Zone was incorporated on 16 September 2019 (Company registration number.. 122100181 as a company limited by guarantee and regISted as a Charity on 28 January 2020 (Charity registration number.. f1878301. Who we ar• Grimsby Youth Zone, named by young people as 'Horizon', will be a purpose-built youth Zone for young people from Grimsby and the SLJrrounding area. Located in the heart of Grimsby, the new facility will be on the site of the former Wesl Haven Mailings and Migar House buildings. frtsnling onlo the River Freshney. It will be a safe and inspiring place for young people aged 8 - 19, and up to 25 for those with additional needs and disabilities. to enjoy their leisu lime and access opportunities to discover their passions and their purpose. Horizon is bascd upon the successftjl Onside 'Youth Zone. model, where members will have a$5 lo stsle-of- Ihe-art facilities for a cost of £5 per year and only 50p ptsr visit. Inside the Youth Zone young people will havé a choice of over 20 fun and engaging activities every session, in¢luding sports. arts. music, media, dance, drama, cooking. employability, and enterprise workshops. and much more. Horizon Youth Zone is being delivered in partnership with Onside and North East Lincolnshire Council and is supported by 8 number of businesses, philanthropists, and ¢harilabltr foundations. STRUCTURE GOVERNANCE AND MANAGEMENT Governing Document Grimsby Youth Zone is a ¢ompany limited by guarantee without share capital and gIStered under the Companies Act 2006, registration number 12210018. The company is governed by ils MemorandLJm and Arti¢les of Association dated 16 September 2019. Management of the company'5 affairs is vested in the co- Directors. It is a Charity gIStered with the Charity Commission on 28 January 2020. In the event of a winding-up. the present mèmbers 8nd those who have ceased lo be a member within one year of su¢h an event have guaranteed the liabilities of the company lo the sum not exceeding ten pounds each. Recruitment and appointment of Trustees The first Directors were the subscribers to the memor8ndum as nolif1ed lo Companies House as the first D1ClOr$ of the Charity. A person appointed as a director thereLJpon becomes a Member of the Charity and a Directors who ase$ to hold office for any reason thereupon ceases to be a Member of the Charity. Oireclors have the power lo appoint, by ordinary resolution. any person lo be a direclor who is willing lo act as such. New Directors will be recruited according to the needs of the Charity and the suitability of possible candidates. A unanimous approval of existing Directors would lead to their appoinlmenl. Trustees are trained through 8 Board Development Day before the Youth Zone opens. providing a complete overview on Governance, Safeguarding. Fundraising and overseeing the Youth Zone's offer," and also offered a series of monthly rnasterclasses covering all aspects of 8 Youth Zone's operations from a Trustee's persp@¢tive. The MemorandLJm and Articles of Association states that the number of members (Direclorsl shall have no rnaximum and shall not be less than three. Al the first Annual General Meeting all Directors musl retire and seek re-election. At each subsequent Annual General Meeting one third of Ihe Directors are required to retire by rotation anQ seek re-appointment if they wish to continLJ8. The Members of the Charity are its dirts¢lors for the lirne being and the only persons eligible lo be Mernbers of the Charity are ils Oirectors. Full details ol the rules are ¢onlained in the Charity's Memorandum and Articles of Association, dated incorporation on 16 September 2019, whi¢h may be Inspeded al the Grimsby Youth Zone registered office. Organisational Stru¢tur¢ Grimsby Youth Zone is governed by its Trustee Board which is responsible for setting the strategic direction of the organisalion and the policy of the Charily. The Trustees carry the ultimate responsibility for the conduct ol Poge 2
GRIMSBY YOUTH ZONE Trustees, Report for the year ended 31 MarGh 2024 (continued) Grimsby Youth Zone and for ensuring that the Charity satisfies its legal and contractual obligations. Trustees meet approximately every two to three months and may delegate the implementation of their de¢isions or day-to day operation of the organisation lo senior management, any employee of the Charity. person, or committee as they see fil. Any committee must inclLJde at least one Trustee. The Trustee Board is indèpendent from management. Decisions are detemined by a simple rnajority of votes. In the case of an equality of votes the Chair of the meeting has the casting vote. During the period ending March 31st, 2024, a Chief Executive OffIr was appointed (October 20231. Risk management The Trustees have considered and identified the major risks lo which the Charity is exposed through the risk register and have established suitable risk management and control procedures. The main risks and controls are as follows.. Fundraising Incomè Target Not Met.. If income does not meet the required levels before opening, Ihe first yea¢s operating budget may fall into deficit. Mitigating a¢tions include the employment of a Senior Philanthropy Manager Icurrently in postl, supported by Onside's Head of FLJndraising, and the establishment of clear Key Performance Indicators IKPlsl to manage and assess progress. 2. C05t of Living and Inflation.. Rising costs, particularly for wages and utilities, could increase the Youlh Zone's operational expenses. Mitigating actions include conducting a wage benchmarking exercise that will be reviewed regularly and revising the operating model based on learnings from the Onside network of Youth Zones to ensure the rnosl sustainable delivery model 15 Implemented. 3. Project Delay$ Du8 to Complications.. Delays in the projed could potentially jeopardize the timely use of restricted capital funding. Mitigating actions involve profiling restricted capital lo be spent ahead of unrestricted funds and ensuring expenditure occurs within the funders, specified timelines. Onside's Property and Construction team has a project manager in place lo monitor contractor progress and manage potential delays. OBJECTIVE AND ACTIVITIES Grimsby Youth Zone will be a safe and inspiring provision for the young people of Grimsby and wider North East Lincolnshire region. Providing a positive and arnbilious environment to have fun, make friends, try new actlV1titrs and develop new skills. raising aspirations in order that they may grow to m8lurity as individuals and positive members of society, and Ihat their conditions in life may improve. ACHIEVEMENTS AND PERFORMANCE Construction began in September 2023, a major milestone. Although a slow start due l(> the requirement in gaining Environrnent Agency approval, work outside of thé 8m exclusion zone (around the river walll was ongoing. Environment Agency approval was received in January 2024 and the build is now progressing well with drainage. ground working and foundations for thè sports hall underway and structural steel work erected. River w811 work commenced late February 24. Ongoing liaison with Historic England and North East Lincolnshire Council with regards to heri18g& and listed building plallning and consent conditions. Over £13.5 million has been secured from a range of funders towards thtr ¢apital project cos15. These include the Ar¢hitectural Heritage Fund, Department lor Culture, Media & Sport's Youth Investment Fund, Greencoal UK Wind, Historic England. the National Lottery Heritage Fund, North East Lincolnshire Council, Orsted, Sl James's Place Charitable Foundation, as well as several anonymous donors. The Horizon Youth Zone Board and project team ale hugely grateful for this substantial support which has this year enabled the construction phase lo begin. The board is also gr8leftJl to the growing Founder Patron family which provides essential operating revenue for the Youth Zone. We are very grateful lo Allied Prolek Engineering Ltd, the 8entham family, Dee Bee Wholesale Ltd, DFDS Seaways. Evergreen. the Francis Arthur Brookes Charitable Trust, Greencoat UK Wind. the Humberside Police & Crime Commissioner, My&norgi Ltd, Orsted, Andrew Pettit, Prax Roots Foundation. Simon Stnilh and Loma and Jason Slockwood, who have all pledged generous long-lerm commitments to Horizon. Financial support ffOTll Novartis UK, Wilkin Chapman and Walwyn Chapman Charitable Trust has also been committed towards Horizon's operating costs. Page3
GRIMSBY YOUTH ZONE Trustees, Report for the year ended 31 March 2024 {continued) Together, these philanthropic partners continue lo be instrumental in setting the Youth Zone up on a sustainable foob'ng and in helping lo attract ftjrther funding. A 'Sland on the land, event was held on the 29lh of February 2Q24 to celebrate the construction milestone and thank patrons. Iruslees and project supporters and demonstrate project progress. The voice of young people has continued lo shape and influence the project to ensure it meets the needs of local young people, Ihrough the 'YoLJng People's Development Group.. a participation and leadership group for local youth. This group plays a crucial role in gLJiding the project's dire¢lion, ensuring that il remains relevant and responsive lo the unique challenges and aspirations of the young people in the community. Horizon Youth Zone benefits from the sUPPOrt of Onside Icharily number 11258931 in its development and will become a member of the growing Onside network of Youth Zones. Public benefit All the a¢livilies of the Charity las summarised above) were undertaken tts further its Charitable purposos lor public benefit. The provision of a high-qu8lity facility for young people responds to a clear. ongoing demand from young people. parents and wider communitiès for more an¢J better places for young people lo go. The Trustees of Grimsby Youth Zone believe they have complied with thè duty in se¢lion 17 of the Charities A¢t 2011 to have due reg8rd to the public benefit guidance published by the Charily Commission. Volunteers, contribution Throughout the period all members of the Board of Truslees made invaluabl& voluntary contributions lo the Charily's work in terms of governance. professional and business experien, financial planning, fundraising and leading initiatives across the project. Such ¢ontribulions were. on average. equivalent lo one full day each calendar month. In addition, the engagement work with young people has been supported by a pool ofdedicaled volunteers, giving on aver8ge 9 hours 8 week of volunteer time lo support the Youth Development Group. Investment ActivStles Under the memorandurn and articles of association, thè ¢haritable company has the power lo make any investment which the Trustees see fit. Investments are made where required to ftjrther the aims and obie¢lives of the Charity. Currently. the Charity 5 not currently hold any investments other than cash on deposit wilh Handelsbanken. FINANCIAL REVIEW A summary of the results for the year is shown below.. 2024 Incoming resources Outgoing resources 3,090,035 1245,8251 Nel incoming resources 2,844.210 The charity is sel up and in its pre-opening phase wlh donations being received lo fund the design and construction of the Youth Zone and recruitment of the CEO. Reserves Policy The 8oard of Trustees of Grimsby Youth Zone have delermined that unrestrided, 'free', rtrserves Should be maintained al a minimum of 3 to 6 months of day to day running costs. plus any designated fvnds for specific projects al the Trustees discretion. Trustees feel this reserves policy appropriately reflects Ihe risks to which the Charity is exposed. Due consideration has been given lo these activities in the annual review of the reserves policy and. currently. these costs remain minirnal in the pre-opening phase. Once Grimsby Youth Zone is operational. running costs for 3 months Iminirnuml and 6 months Imaximuml will be calculated, and reserves will be maintained within the two figures. Page 4
GRIMSBY YOUTH ZONE Trustees, Report for the year ended 31 March 2024 (continued) Total reservtrs 8s at 31 March 2024, the charity had lotal funds of £4,165.638 12023.. £1,321.4281, of which £587.630 were unreslricled12023.. £228,549) and £3,578,008 were restricted12023.' £1,092.8791. Free reserves were a surplus of £587,63012023.. 228,5491. This amount ol free reserves amounts Its over 12 months. cover of Cost given the current 518ge of the project during the pre-opening stage. The policy will be reviewed by the Board annually, lo assess whether the current level is 51111 appropriate. Future plans Over the next year, we will begin recruiting the senior leadership team, including the Head of Youth Work, Head of HR and Operation5, and Head of Fundraising and Marketing. These key roles will support the pre-opening phase alongside the Chief Executive Icurrenlly in posll. Addilionally, we aim lo expand the Youth Zone's family of revenue funders to ensure Ihal the pre-opening and the first three years of operational costs 8r8 fully funded. We anticipate that the building work will be completed by JulylAugust 2025, with a go81 of full opening and operation by the end of 2025. Ahead of opening, our focus will be on recruiting and training a wider learn of staff and volunteers, and developing a safe. positive, and enriching program for young people to be delivered post- opening. Fundraising statement Onside works in collaboration wilh Horizon Youth Zone Board and CEO lo secure the first three years of ievenue fundin9. This funding is secured throuoh a combination of public and private sector conlribulions, with support from the Local Authority (Northeast LinwlnshI Council) alongside venLIe donations typically received from philanthropic individuals and corporations. Our fundraising efforts focus on securing gifts of £25,000 per annutn lor higherl for four years. Donors who contribute at this level are known as Founder Patrons, and their gifts are unrestricted and support Ihe revenue costs ol Horizon Youth Zone, some of which may also be allocaled to the Youth Zone's reserves. These funds are primarily raised through one-on-one meetings between the Onside Senior Philanthropy Manager for Horizon and prospe¢tive donors. Occasionally. we host èvents lo bring together groups of donors and prospective donors. Horizon does not directly contact the public for fvndraising." however, some key $18keholders, such as Iruslees or supporters, may undertake their own challenges to raise money for the Youth Zone. Horizon has also secured funding from the Heritage Lottery to 5UPPOrt local young people in leaming about their local heritage and beyond, both before and after the Youth Zone's opening. Upon opening, the Head of Fundraising and Marketing, with the support of the CEO, will develop a new fundr8ising strategy to steward existing donors and diversify income streams. The charity operates in compliance with the Fundraising Regulatorfs Code of Pra¢ti¢e. We do not employ third parties forfundraising. nor do we engage in mass fundraising campaigns, cold calling, or slreet-based Collections. To dale, we have received zero complaints aboul our fundraising activities. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trLJStees Iwho are also directors of Grimsby Youth Zone for the purposes of company lawl are responsible for preparing the Trustees, Report (incorporating the dire¢tors' report) and the financial statements in accordan¢e with applicable18w and United Kingdom Accounting Standards, including Financial Reporting Standard 102." The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted A¢coLJnling Practice). Company law requires the Irustees lo prepare financial statements for each financial year which givé a true and fair view ol the state of affairs of the ¢haritable company and of th8 income and expenditure, of the charitable company for that year. In prèparing these financial slalements, the trustees are required to.. select suitsble accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent.. state whether appli¢able UK Accounting Standards have been followed. subject to any material departurss disclosed and explained in the financial statements, and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charitable company will continue in business. Page S
GRIMSBY YOUTH ZONE Trustees, Report for the year ended 31 March 2024 {continuèd) The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy al any line the financial position of the charitable ¢ompany and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the 8ssels of th& charitable company and hence for taking Teasonable steps for the prevention and detection of fraud and other irregLJlarities. In so far as the trustees are aware.. there is no relevant audit infomiation of whi¢h the Charitable ¢ompanls auditors are unaware., and the Iruslees have taken all steps that they ought to have taken to make themselves aware of any relevant audit informats'on and to establish that the auditors are aware of that information. The financial statements comply with Curnt sl8lulory requirements, the company's Memorandum and Articles of Association and the Charities SORP. The Trustees, Report was prepared in accordance with the special provisions rglaling to small wmp8nies. The Trustees report was approved and was signed on behalf of the Trustees by.. C Jensen Trustee Oate.. 11 September 2024 Page 6
GRIMSBY YOUTH ZONE Independent auditor's report to the members of Grimsby Youth Zone Opinion We have audited the financial slalements of Grimsby Youth Zone (the 'charity I for the year ended 31 March 2024 which comprise the Stslement of Financial Activities. the Balance Sheet, the Slalement of Cash Flows and the notes to the financial statements, including a sutnmary of significant accounting policies. The financial reporting fratnework that has been applied in their preparation is applicable law 8nd United Kingdom A¢¢ounling Standards, including Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and RepublA¢ of Iland Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view ol the state of the charitable companls affairs as at 31 March 2024 and of ils incoming resources and application of resources lor the year then endtsd., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi¢e', and have been prepared in a¢¢ordan¢e with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Inlemational Siandards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitabl& company in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Stsndard, and we have fuifille¢J our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going cOnM basis of accounting in Ihe preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any malttrial uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on Ihe Charity's abilily to continue as a going concern for a period of at least 12 months from when the financial statements a aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are des¢ribed in the relevant sections of this report. Other infomiation The other information comprises the information included in the annu81 report, including the trustees. report, other than the financial statemen15 and our auditor's report Ihertron. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and. except to Ihe extenl otherwise explicitly stated in our report. we do not express any form of assurance ¢onclusion thereon. Our responsibility 15 to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misststed. If we idenlify such maltrrial inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statemenls thernselves, If, based on Ihe work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinion$ on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit". the information given in the trustees. report, which In¢ludes the directors. report prepared forthe purposes of company law, lor the financial year for which the financial slalewenls are prepared is consistent with the financial statements.. and the directors, report in¢luded within the trustees, report has been prepared in a¢¢ordance with applicable legal requiitrments. PL7ge 7
GRIMSBY YOUTH ZONE Independent auditor's report to the members of Grimsby Youth Zone {continued) Matt•rs on which we are required to report by exception In the light of the knowledge and undeislanding of the charity and ils environment obtained in the course ol the audit, we have nol identified malerial misstat¢menls in the directors, report included with the trustees. report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate and Pfoper aOuntIng records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial siatements are not in agreement with the accounting records and retums.. or certain disclosures ol trustees, remuneration specified by law are not rnade., or we have not received all the information and explanations we qUIre for our audit., or the. triJ.8tgps were not pntitled to prepare the financial 8latpment% in ¥etrordt)ncp. with Ihg small campanies regime and take advantage of the small companies exempts'ons in preparing Ihg Iruslees, report and from the requir&menl lo prepare a strategic report. Responsibilities of trustoes As explained more fully in the trustees. responsibilities statement, the trustees, Iwho are also the directors of the charitable Company for the purposes of company lawl are responsible for the preparation of the financial statements and for being Satisfied that they give 8 true and fair view, and for such internal control as the trustees determine is necessary to enable thè preparation of financial statements that are free frorn material rnisstatement. whether due to fraud or error. In preparing the finan¢i81 statements. the trustees are responsible for assessing Ihe charity's ability to continue as a going concern, disclosing, as appli¢able. matters related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Company or lo cease operations, or have no realistic alternative bul lo do so. Auditorfs responslbllltias for thè audit of the financial 5tatement5 Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl, whether due to fraud Dr error, and to issue an auditor's report that includtrs our opinion. Reasonable assurance is a high level of assuran, but is not a guaranlee that an audit condLJCted in accordance with ISAS IUKI will always delect 8 material misslalernenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalemenls. The extent to which our pro¢edurgs are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations relatèd lo company. employment and financial reporting legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Charities Act 2011. We assessed the susceptibility of the company's financial statements lo material misstatement, including obtaining an understanding of how fraud might o¢¢ur, by making enquiries of management, considering the internal conlrols in place and discussion amongst the engagement team. W& detemined that the principal risk5 were related to the recognition of income and expenditure on fixed assets. In response to the risks identified we designed procedures which included, bul were not limited lo reviewing Trijc -lee5 Fllealing minutes, examining the donation recnrdo anA ès¥Jniininn t!?ts le*ots agrtsemenl aD.d expendilu invoices for the development. There are inherent limitatlDns in the audit procedLJres described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-¢omplian¢e. Malerial misstalements that arise due lo fraud can be harder lo delecl than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities lor the audit of the financial slatemenis is located on the Financial Reporting Council's website at.. http.'Ilwww.Irc.org.uklaudilorsresponsibililies. This description forms part of our auditor's r&port. Poge 8
GRIMSBY YOUTH ZONE Independent auditor's report to the members of Grimsby Youth Zone (continued) Use of our report This report is made solely to the charitable comp8ny's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Ad. Our audit work has been undertaken so that we might state lo the charitable company's members those matters we are required lo slate to them in an auditors, report and for no other purpose. To the fullest exlenl pemitted by law, we do not a¢¢ept or assume responsibility to anyone other than th& ¢haritable company and ils members as a body, for our aLJdit work, for this report, or for the opinions we hav8 fomied. Paul Newton FCA Isenlor Statutory Auditor) for and on behalf of Jacob Cavenagh & Sk¢•t Statutory Auditor Chartar•d Accountants 5 Robin Hood Lane Sutton Surrey SM12SW Dated.. 11 September 2024 Poge 9
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GRIMSBY YOUTH ZONE Balance Sheet as at 31 March 2024 2024 2023 Notes Fixed assets Tangible assets 10 3,812,265 1.1 S9,769 Current assets Debtors Cash at bank and in hand 62.036 2,177.867 55.878 1,289,882 2,239.903 1,345.760 Creditors". Amounts falling due wthin one year 12 11.886,5301 11,184.1011 Net current assets 353.373 161,659 Net assèts 15 4.165.638 1,321,428 Funds Unresiricted Funds Restricted Funds 14 14 587.630 3,578.008 228,549 1,092,879 Total funds 4,165.638 1.321,428 The financial statements have been prepare¢J in accordance wilh the provisions applicable lo enliligs SLJbject lo the small companies regime. Thes& financial statements were approved by the board of trustees and aulhorised for issue on and are signed Dn behalf of the board by.. 111912024 C Jensen Trustee Company registered number.. 12210018 The notes on pages 13 to 20 forrn part of these financial statements. P(Tge 11
GRIMSBY YOUTH ZONE Statement of Cash Flows for the year ended 31 March 2024 2024 2023 Cash flows from opèrating a¢tivities Cash generated frorll operations 3,453,756 1,505,997 Investing actlvltlès Investment income Purchase of tangible fixed assets 17,940 12,583,711) 612 1441,3271 Cash flows lusèd inl investing activitie5 12,56Jf,7711 1440,7151 Net increase In cash 887,985 1,065,282 Cash brought forward at 1 April 1,289.882 224,600 Cash ¢arrted forward at 31 March 2,177.867 1,289.882 (il Cash flows from operating actlvltles Net income 2,844,210 421,891 Adjustments for- Investment income Depreciation Ilncreasel in debtors Increase in creditors 117,9401 371 16,1581 633,273 16121 155.8781 1,140,596 Cash gènerated from operations 3.453,756 1,505,997 PL7ge 12
GRIMSBY YOUTH ZONE Notes to the Financial Statements for the year ended 31 March 2024 (continued) Accounting Policies Grimsby Youth Zone is a private charitable company limited by guarantee. The charitable cornpany is incorporated in England and Waltrs. The address of the registered office 15.. CIO Wilkin Chaprnan LLP, Cartergale House. 26 Chantry Lane, Grimsby DN31 2LJ 1.1 Basis of preparation The financial statements have been prepared under the Companies Act 2006 and the Charities Act 2011, and in a¢¢ordance with the Charities Statement of Recommended Practice ICh8rities SORP IFRS 10211, and Financial Reporting Stsndard 102 IFRS 1021. The financial slalements are prepared in sterling, rounded lo the nearest pound. The charity is a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction valLJe unless otherwise slated in the relevant accounting policy. 1.2 Golng concern The Charity has maintained a financially stable state over the last financial year. The Trustees have taken a number of steps to assess the Youth Zone's ability lo continue as a going concem., all key donors h8ve been contacted in order to identify any challenges for them in mainiaining their support and Trustees were delighted that all the parties remain fully committed lo the project. The Trtjstees believe we are well on Irack lo securing the Founder Patrons required Prior to opening. as well as working Iow8rds raising the full capital requirement needed lo complete the build. Whilst il is never possible to be certain of the future, the Trustees consider Ihal the steps taken are sufficient lo classify the ¢harily as a going concern and are confident in the Youth Zone's ability lo meel ils short and medium term obligations. 1.3 Income All income is recognised once the Charity has entitlement lo the income, il is probable that Ihe income will be re¢$ived and the amount of income receivable can be measured reliably. Grants are included in the Statement of fin8n¢ial activities on a receivable basis. The ba18nce of income received for specific purposes bul not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt. its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income 15 received, the income is accrued. Income tax recoverable in relation to donations is recognised at the time the donation is receivable. 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer 8conDmic benefit lo a third paty, it is probable th81 a transfer of economic benefits will be required in seltlement and the amount of the obligation can b& measured reliably. Expenditu is classified by 8¢tivity. The costs of each activity are made up of Ihe toial of direct costs and shared costs, including support costs involved in undertaking each adivily. Direct costs attributable lo a single activity are 8llo¢ated directly lo th81 aclivity. Expenditure on raising ftjnds includes all expenditure incurred by the Charity to raise funds for ils chariiable purposes and includes costs of a11 fundr8ising activities, events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the a¢tivities which further the Charity's objectives, as well as any associated support cosis. l expenditure is inclusive of irrecoverable VAT. Page 13
GRIMSBY YOUTH ZONE Notes to the Financial Statements for the year ended 31 March 2024 (continued) ACCOUNTING POLICIES l¢ontinuedl 1.5 Tangible fixed assets Tangible fixed assets costing £500 Dr more are capitalised and recognistrd when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised 81 cost. After recognition, under the cost model, iangible fixed assets are measured at cost less accLJmulated depreciation and any accurnulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intènded working condition should be included in the measurement of cost. Depreciation is recognised $0 as lo write off the cost of assets less their residual values ov8r their useful lives on the following bases.. Computer equipment- 3 years Assets in the course of construction are included at costs incurred lo dale. Depreciation on these assets is not charged until they are brought inlo use. 1.6 08btors Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. 1.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short malurily of three months or less from the dale of 8cquisilion or opening of the deposit or similar account. 1.8 Creditors Creditors a cOgnised where the charity has a present obligation arising from a past event that will probably resull in the transfer of funds lo a third paty and the amount due to settle the obligation Can be measured or estimated reliably. Creditors are re¢ognised al their settlement amount. 1.9 Flnancial Instruments The Charity only has financial asstrts and financial liabilities of a kind that qualify as basic fin8n¢ial instruments. Basic financial instrLJments are initially recognised al transaction value and subsequendy m885ured 81 their settlement value. 1.10 Funds Unrestricted funds are those which are not subj&cl lo any special restrith'ons and they can be used as the Trustees decide in furtherance of the general objectives ol the charity. Restricted funds are funds which are lo be used in accordance with specific restri¢tions imposed by donors or which have been raised by the Charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial siatements. Investment income is allocated to the appropriate fund. 1.11 Accountlng èstimates and judgements There were no significant estimates and judgements made by the charity. Poge 14
GRIMSBY YOUTH ZONE Notes to the Financial Statements for the year ended 31 March 2024 {continued) Donations and lega¢le$ 2024 Total 2023 Total Unrestricted Restricted Donations Grants Gift aid 330,868 5.000 6,250 330,868 2,734.537 6.250 433,178 31,002 2.729,537 Total 342.118 2.729,537 3.071,655 464,180 Income from other trading a¢tivitles 2024 Total 2023 Total Unre5trict¢d Restricted YPDG ftjndraising event 440 440 4,363 Inve$tmènt income 2024 Total 2023 Totsl Unrestricted Restrlcted Bank interest 17,940 17,940 612 Expenditure on ralsing funds 2024 Total 2023 Total Unrestrlcted Restri¢tèd Advertising and marketing PR and networking Fundraising wsts 799 754 3.349 799 769 3,349 1,368 671 15 4.902 4.917 2,045 Audltor's remuneration The auditor's remuneration amounts lo a fee lexclLJding VATI of £4,500 for the audit and £1,100 for a¢¢ounts preparation12023.' £1,740 nel was paid lo a previou5 Independenl Examiner). Page 15
GRIMSBY YOUTH ZONE Notes to the Financial Statements for the year ended 31 March 2024 (continued) Expenditure on charitable activities 2024 Total 2023 Totsl Unrestricted Restricted Staff costs (note 81 Staff DBS checks Insurance Bank charges Independent examiner fee Audit fee Accountancy fee IT website and software Other supplies and sundry costs Marketing and comms Recruitment Training expenses Trips and activities Telephones Legal and professional Capiial project fees Deprecialion 61,763 204 932 77 61,763 204 43 352 64 2,088 587 14 1,519 91 5,400 1,320 1,767 1.136 5,400 1,320 2,057 1,136 290 163 35 259 11.700 4.579 20.368 587 180 129,562 371 11,700 4,579 20,398 628 180 129,562 371 465 30 41 41,750 962 239,946 240,908 45,219 Stsff costs 2024 2023 Wages and salaries Social security costs Pension costs 58,808 1,546 1.409 61.763 Average nijrnber of employees Key management personnel remuneration 31.592 No member of staff received payments in excess of £60,000 in the current or prior year. Poge 16
GRIMSBY YOUTH ZONE Notes to the Financial Statements for the year ended 31 March 2024 (continued) Tru5tees' remuneration and expenses During Ihe year, no Iruslees received any remuneration or other benefits12023.. £nill. No trustees were reimbursed expenses in the year12023'. £nill. 10 Tangible fixed a55ets Assets under the course of construction Computer equipment Totsl Cost At 1 April 2023 Addition5 1,159,769 2,650,628 1.159,769 2,652,867 2,239 At 31 March 2024 3,810.397 2,239 3,812.636 Dèpreciation At 1 April 2023 Charge 371 371 Al 31 March 2024 371 371 Net book value At 31 MarGh 2024 3,810.397 1,868 3.812,265 At 31 March 2023 1,159,769 1.159,769 11 Debtors 2024 2023 Trade debtors 54.260 1.526 6,250 55,000 878 Prepayments and accrued income Gift aid receivable 62,036 55,878 All amounts fall due within one year. Pnge17
GRIMSBY YOUTH ZONE Notes to the Financial Statements for the year ended 31 March 2024 (continued) 12 Creditors.. Amounts falling due within one year 2024 2023 Trade creditors Tax and social security Accruals and deferred income YIF grant repayable Other creditors 1,300,101 8,472 101,874 469,019 7,064 345,910 48.543 789.648 1,886.530 1.184,101 13 Deferred income 2024 2023 Deferred income at 1 April 2023 Release from previous periods Deferred in the year 57,500 150.0001 17,500 57,500 Deferred income al 31 Mar¢h 2024 25,000 57,500 Dtrferd income consists of pledged donations that were given for future years. Page18
GRIMSBY YOUTH ZONE Notes to the Financial Statements for the year ended 31 March 2024 Icontinuedl 14 Funds Balance at 1 April 2023 Income Expenditure Balance at 31 March 2024 unstriCted funds General funds 228.549 360.058 19771 587,630 Restrlcted funds Capital YPDG National Lottery Heritsge YIF- Social Investment Business 1.095,000 806 133,2791 1,095,000 806 174,4311 440 14401 141,1521 30.352 2.729,537 1203,2561 2,556.633 1.092.879 2.729.977 1244,8481 3.578,008 Total funds 1,321,428 3,090,035 1245.8251 4.165.638 Balance at 1 AprÉl 2022 Income Expenditure Balance at 31 March 2023 Unrestrictèd funds General funds 77,285 158,790 17.5261 228,549 Restricted fund5 Capital YPDG National Lottery Heritage Buckingham Palace Trip YIF- Social Investment Business 820,000 2,252 275.000 4,363 1,095,000 806 133,2791 15,8091 133.2791 16501 650 30,352 30.352 822,252 310,365 139,7381 1,092.879 Total funds 899.537 469,155 147,2641 1,321,428 Capital.. these are funds received to be used in the ¢onstrucii'on of the Horizon Zone in Grimsby. The National Loltery Heritage Fund is supporting Grimsby Youth Zone with a 9ranl of up to £2,697,727 that will support capital and revenue costs lo ensure the Youth Zone's appe81 within a Heritsge Action Zone. The grant will be ¢5aimed in 2024-25. YIF.. The Youth Investment Fund is supporting the Youth Zone with a grant of up lo £7,084,170 that will SLJPPOrt construction. fees and revenue costs incurred up to 1 April 2025. YPDG.. Young People's Development Group funds raised vi8 challenges are to sUPPOrt the venue costs towards the young people's activities. Poge 19
GRIMSBY YOUTH ZONE Notes to the Financial Statements for the year ended 31 March 2024 (continued) 15 Analysis of net assets between funds Unrestricted Restricted Total Fund balances at 31 March 2024 are presented by. Tangible fixed assets Current assets Creditors due within one year 3,812.265 3,812,265 1160,1491 2.239,903 174,1081 11.886,5301 2,400,052 11,812,422) Total net assets at 31 March 2024 587.630 3,578,008 4,165,638 Unrestrfctèd Restri¢ted Total Fund bal8n¢es 8131 March 2023 are represented by= Tangible fixed assets Current 8$5ets cditOrS due within one year 34,417 1,345,760 11,151,628) 1,125.352 1.159,769 1.345,760 132,4731 11.184,1011 Total net assets at 31 March 2023 228,549 1,092,879 1,321,428 16 Related party transactions There were no related paty transactions during the year. 17 Capltal commitments Al the year end, Ihe charity had the following ¢apit81 commitments.. Capital commitments al 31 March 2024 8,167,229 Capital commitments at 31 March 2023 Poge 20