Charity number: 1190942
BUDDY UP
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
BUDDY UP
| CONTENTS | |
|---|---|
| Page | |
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 - 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 21 |
BUDDY UP
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2023
Trustees Warren Christopher Townsend, Chairman Rowan Ring, Trustee Beth Alexandra Wilson, Trustee Charity registered number 1190942 Principal office 254A Chessington Road Ewell Epsom Surrey KT19 9XF Independent examiner MHA Victoria Court 17-21 Ashford Road Maidstone Kent ME14 5DA
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BUDDY UP
TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023
The trustees present their annual report and financial statements for the year ended 30 September 2023
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's constitution, the Charities Act 2011 and the Charities Statement of Recommended Practice (2019) and Financial Reporting Standard FRS 102.
Objectives and activities
a. Policies and objectives
The purpose of Buddy Up (as set out in our governing document) is to advance in life and help young people aged 10-17 through providing support and activities which develop their skills, capacities, and capabilities to enable them to participate in society as mature and responsible individuals.
The trustees are pleased that the achievements and performance of Buddy Up, as set out above, demonstrate the Charity Commission’s guidance on public benefit is being enacted.
b. Strategies for achieving objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
c. Grants policies
All monies received from grant-making is spent for the purposes set out in the Charity summary and is evidenced through our accounts.
Achievements and performance
a. Main achievements of the Charity
In the previous financial year, Buddy Up has seen a huge increase in demand with the organisation growing as a result.
Buddy Up continues to deliver mentoring across the county, with a more specific focus on Epsom and Ewell. We have been working across 19 schools, with staff seeing over 30 students a week.
The team has grown: taking on an additional 2 staff members, both working part-time.
This year we also celebrated delivering our 1,000th mentoring session to students in the borough.
Andy has forged new relationships with local organisations - one specifically being ‘Homes for Ukraine’, a charity supporting families in the UK displaced by war. As a result, Buddy Up is working closely with this charity, supporting students in secondary schools that have struggles with settling and adjusting to the UK.
Recent statistics from student surveys show that 83% of students believe they have changed as a result of the mentoring programme and 97% would recommend Buddy Up to a friend.
Andy continues to split his time between mentoring, leading the charity and applying for funding.
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BUDDY UP
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy and financial review
In our last financial year, we have received £28,415 (2022 - £3,139) in donations and £58,268 (2022 - £80,893) in awarded grants. The majority of our income goes towards wages, mentoring fees, travel and expenses.
The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately 6 months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to cover salaries and expenses based on a normal period of delivery.
At the year end, the Charity had a surplus of unrestricted funds totalling £42,268 (2022 - £3,076 surplus), and restricted funds of £NIL (2022 - £22,488 surplus).
c. Principal funding
The charity’s income is entirely dependent on grants and donations. Our mentoring remains free to the service user and our aim is that this remains the case.
Structure, governance and management
a. Constitution
Buddy Up is a registered charitable incorporated organisation, with charity number 1190942, and is constituted under a constitution. As such it has a company number CE023642, but does not fall under Companies Act 2006 regulations nor is it required to file with Companies House.
b. Methods of appointment or election of Trustees
New trustees are appointed by the existing trustees and serve for five years, after which they may put themselves forward for re-appointment. The governing document provides for a minimum of three trustees. There is no maximum limit.
c. Organisational structure and decision-making policies
The trustees meet at least four times a year. At these meetings, the trustees agree the broad strategy and areas of activity for the charity. The trustees review policies and performance, the day-to-day delivery, and the financials of the charity.
The trustees consider the board of trustees and the chief executive as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Trustees are required to disclose all relevant interests and register them with the CEO and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.
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BUDDY UP
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
Structure, governance and management (continued)
d. Policies adopted for the induction and training of Trustees
On appointment, new trustees sign a trustee declaration statement committing them to giving of their time and expertise. There is a formal induction programme for any newly appointed trustee, which includes an initial meeting with the Chair and the trustees, followed by a series of short meetings with the CEO to gain a greater understanding of the charitable purposes, the grant making process, powers, and responsibilities of the trustee. They are tasked with familiarising themselves with the governing document, review previous meetings minutes and the financial history of the charity.
e. Pay policy for key management personnel
The pay of the charity’s CEO is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity and its economy of operations, the trustees consider the remuneration is also bench-marked with charities of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.
f. Related party relationships
The Charity is not part of a wider network.
g. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
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BUDDY UP
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
Warren Christopher Townsend Chairman
Date: 10 July 2024
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BUDDY UP
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023
Independent Examiner's Report to the Trustees of Buddy Up ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 September 2023.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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BUDDY UP
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the 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, for my work or for this report.
Signed: Dated: 15 July 2024 D Boosey BA (Hons) FCA
MHA
Maidstone, United Kingdom
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BUDDY UP
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Note Income from: Donations and grants 2 Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Total transfers Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 62,443 77 62,520 23,328 23,328 - 39,192 3,076 39,192 42,268 |
Restricted funds 2023 £ 24,240 - 24,240 46,728 46,728 - (22,488) 22,488 (22,488) - |
Total funds 2023 £ 86,683 77 86,760 70,056 70,056 - 16,704 25,564 16,704 42,268 |
Total funds 2022 £ 84,032 1 |
|---|---|---|---|---|
| 84,033 | ||||
| 69,865 | ||||
| 69,865 | ||||
| - 14,168 |
||||
| 11,396 14,168 |
||||
| 25,564 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 21 form part of these financial statements.
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BALANCE SHEET AS AT 30 SEPTEMBER 2023
| Note Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
206 47,972 48,178 (5,910) |
2023 £ - - 42,268 42,268 42,268 - 42,268 42,268 |
34,221 682 34,903 (9,738) |
2022 £ 399 |
|---|---|---|---|---|
| 399 25,165 |
||||
| 25,564 | ||||
| 25,564 | ||||
| 22,488 3,076 |
||||
| 25,564 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Warren Christopher Townsend Chair of Trustees
Date: 10 July 2024
The notes on pages 10 to 21 form part of these financial statements.
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BUDDY UP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Buddy Up meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Going concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but 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 is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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BUDDY UP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
1. Accounting policies (continued)
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.5 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on the bases laid out below.
Depreciation is provided on the following basis:
Computer equipment - 33% straight-line
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
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 maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
1. Accounting policies (continued)
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
1.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.10 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
1.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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BUDDY UP
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
2. Income from donations and grants
| Donations Grants Total 2023 Donations Grants Total 2022 3. Analysis of grants Albert Hunt Coleman Trust KFC foundation Michael and Betty Little Trust National Lottery Main Grants Shanly Foundation Surrey Community Fund Surrey Downs Better Care Fund Tesco Stronger Starts/Groundwork Youth Endowment Fund |
Unrestricted funds 2023 £ 28,415 34,028 62,443 Unrestricted funds 2022 £ 3,139 36,532 39,671 |
Restricted funds 2023 £ - 24,240 24,240 Restricted funds 2022 £ - 44,361 44,361 2023 £ - 2,000 2,500 30,000 - - 1,028 - 1,000 21,740 58,268 |
Total funds 2023 £ 28,415 58,268 |
|---|---|---|---|
| 86,683 | |||
| Total funds 2022 £ 3,139 80,893 |
|||
| 84,032 | |||
| 2022 £ 2,000 2,000 2,000 - 8,640 1,000 5,612 17,280 - 42,361 |
|||
| 80,893 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
4. Investment income
| Bank interest receivable Bank interest receivable Analysis of expenditure on charitable activities Summary by fund type Mentoring services Mentoring services |
Unrestricted funds 2023 £ 23,328 Unrestricted funds 2022 £ 47,992 |
Unrestricted funds 2023 £ 77 Unrestricted funds 2022 £ 1 Restricted funds 2023 £ 46,728 Restricted funds 2022 £ 21,873 |
Total funds 2023 £ 77 |
|---|---|---|---|
| Total funds 2022 £ 1 |
|||
| Total 2023 £ 70,056 |
|||
| Total 2022 £ 69,865 |
5. Analysis of expenditure on charitable activities
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
6. Analysis of expenditure by activities
| Mentoring services Mentoring services Analysis of direct costs Staff costs Travel Total 2023 |
Activities undertaken directly 2023 £ 60,059 Activities undertaken directly 2022 £ 60,876 |
Support costs 2023 £ 9,997 Support costs 2022 £ 8,989 Total funds 2023 £ 56,985 3,074 60,059 |
Total funds 2023 £ 70,056 |
|---|---|---|---|
| Total funds 2022 £ 69,865 |
|||
| Total funds 2022 £ 57,420 3,456 |
|||
| 60,876 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Depreciation Bank Charges Advertising Accountancy and payroll Insurance Postage and stationery Sundry Training Computer costs Governance costs Total 2023 |
Total funds 2023 £ 399 265 3,270 192 481 80 214 234 170 4,692 9,997 |
Total funds 2022 £ 798 90 188 - 271 350 32 300 - 6,960 |
|---|---|---|
| 8,989 |
Governance costs consists of fees payable to the Charity's independent examiner for the preparation of the annual accounts and completion of an independent examination, as shown in Note 7. No other costs were deemed to be governance costs in the current or prior year.
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £3,000 ( 2022 - £1,800 ) , and accountancy fees of £1,692 (2022 - £5,160).
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
8. Staff costs
| Wages and mentoring fees Social security costs Contribution to defined contribution pension schemes |
2023 £ 51,271 4,889 825 56,985 |
2022 £ 51,940 4,538 942 |
|---|---|---|
| 57,420 |
The average number of persons employed by the Charity during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Employees | 2 | 1 |
No employee received remuneration amounting to more than £60,000 in either year.
During the year, the CEO received remuneration of £42,000 (2022 - £40,400) in his role as CEO and mentor, and was reimbursed travel expenses amounting to £2,159 (2022 - £2,164).
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 30 September 2023, no Trustee expenses have been incurred (2022 - £NIL).
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
10. Tangible fixed assets
| Cost or valuation At 1 October 2022 At 30 September 2023 Depreciation At 1 October 2022 Charge for the year At 30 September 2023 Net book value At 30 September 2023 11. Debtors Prepayments and accrued income Grants receivable 12. Creditors: Amounts falling due within one year Other taxation and social security Pension fund loan payable Other creditors Accruals |
2023 £ 206 - |
Computer equipment £ 1,197 1,197 798 399 1,197 - 2022 £ 193 34,028 |
|
|---|---|---|---|
| 206 | 34,221 | ||
| 2023 £ 1,142 208 - 4,560 |
2022 £ 1,207 - 1,931 6,600 |
||
| 5,910 | 9,738 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
| 13. Statement of funds Statement of funds - current year Unrestricted funds General Funds Restricted funds Youth Endowment Fund KFC Foundation Total of funds |
Balance at 1 October 2022 £ 3,076 Balance at 1 October 2022 £ 22,488 - 22,488 Balance at 1 October 2022 £ 25,564 |
Income £ 62,520 Income £ 21,740 2,500 24,240 Income £ 86,760 |
Expenditure £ (23,328) Expenditure £ (44,228) (2,500) (46,728) Expenditure £ (70,056) |
Balance at 30 September 2023 £ 42,268 |
|---|---|---|---|---|
| Balance at 30 September 2023 £ - - |
||||
| - | ||||
| Balance at 30 September 2023 £ 42,268 |
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
13. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds Youth Endowment Fund KFC Foundation Total of funds |
Balance at 1 October 2021 £ 11,396 - - - 11,396 |
Income £ 39,672 42,361 2,000 44,361 84,033 |
Expenditure £ (47,992) (19,873) (2,000) (21,873) (69,865) |
Balance at 30 September 2022 £ 3,076 |
|---|---|---|---|---|
| 22,488 - |
||||
| 22,488 | ||||
| 25,564 |
General funds
General funds come largely from awarded grants and regular donations. This money is used to cover all the Charity's activities, including mentors' salaries and fees, travel expenses, training costs and basic overheads.
Youth Endowment Fund
Grant funding was received as part of a multi-site trial to assist the Charity in delivering mentoring on behalf of Youth Endowment Fund. This funding covered the delivery of mentoring services for a set period of time and was fully utilised in the year.
KFC Foundation
Grant funding was secured from the KFC Foundation to expand the Charity's mentoring service and was fully utilised in the year.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Current assets 48,178 Creditors due within one year (5,910) Total 42,268 |
Total funds 2023 £ 48,178 (5,910) 42,268 |
|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 399 12,415 (9,738) 3,076 |
Restricted funds 2022 £ - 22,488 - 22,488 |
Total funds 2022 £ 399 34,903 (9,738) 25,564 |
|---|---|---|---|
15. Pension commitments
The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £825 (2022 - £941). Contributions totalling £209 were payable to the fund at the year end (2022 - £NIL).
16. Related party transactions
During the prior year, training was provided to the mentors by B Wilson, a trustee of the Charity, free of charge. The value of the training provided was £300. No comparable transaction took place in the current year.
Apart from key management personnel expenses reimbursed as disclosed in Note 8, there were no other related party transactions in the year (2022 - £NIL).
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