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 regISte￿d 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￿$5 lo stsle-of-
Ihe-art facilities for a cost of £5 per year and only 50p ptsr visit. Inside the Youth Zone young people will havé a
choice of over 20 fun and engaging activities every session, in¢luding sports. arts. music, media, dance, drama,
cooking. employability, and enterprise workshops. and much more.
Horizon Youth Zone is being delivered in partnership with Onside and North East Lincolnshire Council and is
supported by 8 number of businesses, philanthropists, and ¢harilabltr foundations.
STRUCTURE GOVERNANCE AND MANAGEMENT
Governing Document
Grimsby Youth Zone is a ¢ompany limited by guarantee without share capital and ￿gIStered under the
Companies Act 2006, registration number 12210018. The company is governed by ils MemorandLJm and Arti¢les
of Association dated 16 September 2019. Management of the company'5 affairs is vested in the co- Directors. It
is a Charity ￿gIStered with the Charity Commission on 28 January 2020.
In the event of a winding-up. the present mèmbers 8nd those who have ceased lo be a member within one year
of su¢h an event have guaranteed the liabilities of the company lo the sum not exceeding ten pounds each.
Recruitment and appointment of Trustees
The first Directors were the subscribers to the memor8ndum as nolif1ed lo Companies House as the first D1￿ClOr$
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 OffI￿r 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 Cur￿nt 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
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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 I￿land 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 cOn￿M 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 a￿OuntIng 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.
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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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LU (C U

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
Dtrfer￿d 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
un￿striCted 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
c￿ditOrS 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