## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
The trustees present their report and financial statements for the year ended 31 March 2024.
The Charitable Incorporated Organisation was constituted 16 November 2021 and is registered with the Charity Commission under charity number 1196593. It was formed to take on all the activities, obligations, assets and liabilities of Your Employment Service CIC (company registration number 08467469).
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CIO's governing document, the Charities Act 2011 and "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)".
## **Objectives and activities**
Yes Manchester CIO helps North Manchester residents to access employment, volunteering and learning opportunities, improve their digital skills, and achieve financial independence by providing supportive, whole person information, advice, and guidance for unemployed and under-employed individuals in North Manchester.
_The charity’s purpose & vision is to “create work ready communities by empowering people to overcome poverty and exclusion through employment, training and digital skills”_
_The charity’s mission is to “support individuals to build confidence, develop skills, raise aspirations and remove barriers to accessing new or better work, training or volunteering opportunities across Greater Manchester. Inspiring people to be the best they can be.”_
_Their values are to be always positive, community focused and person centred._
The charitable objects are the relief of unemployment and the relief of poverty. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the CIO should undertake.
## **Achievements and performance**
Yes Manchester CIO has delivered significant impact to communities of North Manchester over this financial year despite challenging financial headwinds both internally and in the external funding market.
In the year, 23-24, we engaged with 767 new customers, delivering support through 1630 appointments. We supported 235 people into meaningful employment and training opportunities through the delivery of core services. A 74% increase in impact compared to 22-23, owing to the increased focus on service efficiency and effectiveness. 80% of customers supported were in sustained employment for 6 months or longer, a indicator of the quality of the support and the strength of partnerships with employers.
Yes CIO have continued to develop existing employer partnerships through relationships with employers including Procure Plus, Manchester City Council and DWP, alongside establishing new routes into employment, bringing more opportunities to communities across the charity’s footprint in North Manchester, with a further 20 new employers engaged with in 23-24.
The demand for Yes’s services increased throughout the year 23-24 peaking NovMar where a the charity remained over-subscribed owing to the increased effectiveness of the charity’s service and also the increased work to raise the profile of the charity. A testament to the success of the charity this year.
## **Financial review**
During the year, the total incoming resources were £387,518 as compared to £373,286 in the previous year.
Total resources expended in the year were £391,944 as compared to £440,518 in the previous year.
The deficit for the year was £4,456 as compared to a deficit of £67,232 in the prior year.
It is to be noted the significant work that the management team have undertaken to reduce the charities cost base and increase efficiency to bring the annual deficit gap to a four figure sum in comparison to the significant amount of deficit in previous years.
## **Draft Financial Statements at 31 October 2024 at 15:53:28**
The charity financial policies requires that it should have sufficient reserves to provide for 3 months activity plus any statutory redundancy liability.
The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the CIO’s current activities while consideration is given to ways in which additional funds may be raised.
The trustees have assessed the major risks to which the CIO is exposed and are satisfied that systems are in place to mitigate exposure to these risks ongoing.
## **Structure, governance and management**
## **Governing Document**
The CIO is governed by its constitution adopted 16 November 2021.
## **Governing Body**
The trustees who served during the year and up to the date of signature of the financial statements were:
Anne Taylor (Resigned 13 October 2023)
Daniel Matthews
Lisa Fish
Martin Oldfield (Resigned 18 October 2023)
Rebecca Ord
Kirsty Evans
Jane Partington (Resigned 18 October 2023)
Daniel Holden (Appointed 24 January 2024)
Samuel Curtis (Appointed 24 January 2024)
Trustees are appointed in accordance with the charity’s constitution. Professional advisers and other appointments are appointed at the Annual General Meeting or by the Board of Trustees.
All trustees are required to complete an on-line course introducing the statutory responsibilities of the role on appointment and are professionals and / or have an interest in the CIO. The trustees are able to use other trustees or third party advisors if needed.
The Board of trustees meet a number of times throughout the year including the AGM meeting. The day to day running of the charity is the responsibility of the management team.
The trustees' report was approved by the Board of Trustees.
..............................
## **Daniel Matthews**
Chair of Trustees
Dated: .........................
**Charity Registration No. 1196593**
## **YES MANCHESTER CIO**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **YES MANCHESTER CIO**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Daniel Matthews Lisa Fish Rebecca Ord Kirsty Evans Daniel Holden Samuel Curtis
**Chief Executive Officer** Adam Green **Charity number** 1196593 **Principal address** 115 Briscoe Lane Manchester M40 2TP
**Auditor** Chadwick and Company (Manchester) Limited Chartered Accountants Statutory Auditors Capital House 272 Manchester Road Droylsden Manchester M43 6PW
## **YES MANCHESTER CIO**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Statement of trustees' responsibilities|3|
|Independent auditor's report|4 - 6|
|Statement of financial activities|7|
|Balance sheet|8|
|Notes to the financial statements|9 - 14|
## **YES MANCHESTER CIO**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
The trustees present their report and financial statements for the year ended 31 March 2024.
The Charitable Incorporated Organisation was constituted 16 November 2021 and is registered with the Charity Commission under charity number 1196593. It was formed to take on all the activities, obligations, assets and liabilities of Your Employment Service CIC (company registration number 08467469).
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CIO's governing document, the Charities Act 2011 and "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)".
## **Objectives and activities**
Yes Manchester CIO helps North Manchester residents to access employment, volunteering and learning opportunities, improve their digital skills, and achieve financial independence by providing supportive, wholeperson information, advice, and guidance for unemployed and under-employed individuals in North Manchester.
_The charity's purpose and vision is to "create work ready communities by empowering people to overcome poverty and exclusion through employment, training and digital skills"_
_The charity’s mission is to “support individuals to build confidence, develop skills, raise aspirations and remove barriers to accessing new or better work, training or volunteering opportunities across Greater Manchester. Inspiring people to be the best they can be.be the best that they can be”. Their values are to be always positive, community focused and person centred._
The charitable objects are the relief of unemployment and the relief of poverty.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the CIO should undertake.
## **Achievements and performance**
Yes Manchester CIO has delivered significant impact to communities of North Manchester over this financial year despite challenging financial headwinds both internally and in the external funding market.
In the year 2023/24, we engaged with 767 new customers, delivery support through 1,630 appointments. We supported 235 people into meaningful employment and training opportunities through the delivery of core services. A 74% increase in impact compared to 2022/23, owing to the increased focus on service efficiency and effectiveness. 80% of customers supported were in sustained employment for 6 months or longer, an indicator of the quality of the support and the strength of partnerships with employers.
Yes CIO have continued to develop existing employer partnerships through relationships with employers including Procure Plus, Manchester City Council and DWP, alongside establishing new routes into employment, bringing more opportunities to communities across the charity's footprint in North Manchester, with a further 20 new employers engaged within 2023/24.
The demand for Yes's services increased throughout the year 2023/24 peaking November - March where the charity remained over-subscribed owing to the increased effectiveness of the charity's service and also the increased work to raise the profile of the charity. A testament to the success of the charity this year.
- 1 -
## **YES MANCHESTER CIO**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **Financial review**
During the year, the total incoming resources were £387,518 as compared to £373,286 in the previous year.
Total resources expended in the year were £391,974 as compared to £440,518 in the previous year.
The deficit for the year was £4,456 as compared to a deficit of £67,232 in the prior year.
It is to be noted the significant work that the management team have undertaken to reduce the charities cost base and increase efficiency to bring the annual deficit gap to a four figure sum in comparison to the significant amount of deficit in previous years.
The charity's financial policies requires that it should have sufficient reserves to provide for 3 months activity plus any statutory redundancy liability.
The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the CIO’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees have assessed the major risks to which the CIO is exposed, and are satisfied that systems are in place to mitigate exposure to these risks.
## **Structure, governance and management Governing Document**
The CIO is governed by its constitution adopted 16 November 2021.
## **Governing Body**
|The trustees who served during the year and up to the date of signature of the financial statements were:|The trustees who served during the year and up to the date of signature of the financial statements were:|
|---|---|
|Anne Taylor|(Resigned 13 October 2023)|
|Daniel Matthews||
|Lisa Fish||
|Martin Oldfield|(Resigned 18 October 2023)|
|Rebecca Ord||
|Kirsty Evans||
|Jane Partington|(Resigned 18 October 2023)|
|Daniel Holden|(Appointed 24 January 2024)|
|Samuel Curtis|(Appointed 24 January 2024)|
Trustees are appointed in accordance with the charity’s constitution. Professional advisers and other appointments are appointed at the Annual General Meeting or by the Board of Trustees.
All trustees are required to complete an on-line course introducing the statutory responsibilities of the role on appointment and are professionals and / or have an interest in the CIO. The trustees are able to use other trustees or third party advisors if needed.
The Board of trustees meet a number of times throughout the year including the AGM meeting. The day to day running of the charity is the responsibility of the management team.
The trustees' report was approved by the Board of Trustees.
## **Daniel Matthews**
Chair of Trustees Dated: 22 January 2025
- 2 -
## **YES MANCHESTER CIO**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
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 and 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 CIO and of the incoming resources and application of resources of the CIO for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the CIO 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 trust deed. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 3 -
## **YES MANCHESTER CIO**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF YES MANCHESTER CIO**
## **Opinion**
We have audited the financial statements of Yes Manchester CIO (the ‘CIO’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law 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 Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 CIO in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled 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 concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the CIO’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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 we do not express any form of assurance conclusion thereon. Our responsibility is 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 misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the 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 to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
- 4 -
## **YES MANCHESTER CIO**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF YES MANCHESTER CIO**
## **Responsibilities of trustees**
As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the CIO’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Other matters**
Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 January 2019 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
- 5 -
## **YES MANCHESTER CIO**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF YES MANCHESTER CIO**
## **Use of our report**
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. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **Tracey Connor BSc FCA (Senior Statutory Auditor) for and on behalf of Chadwick and Company (Manchester) Limited**
## **Chartered Accountants**
## **Statutory Auditor**
Capital House Droylsden Manchester M43 6PW
## 23 January 2025
Chadwick and Company (Manchester) Limited is eligible for appointment as auditor of the CIO by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
- 6 -
## **YES MANCHESTER CIO**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income from:**
Charitable activities
**2**
387,518
-
**Total income**
387,518
-
**Expenditure on:**
Charitable activities
**3**
391,944
30
**Net expenditure for the year/**
**Net movement in funds**
(4,426)
(30)
Fund balances at 1 April
2023
111,516
1,944
**Fund balances at 31**
**March 2024**
107,090
1,914|**Total Unrestricted**
Restricted
**funds**
funds
**2024**
**2023**
2023
**£**
**£**
**£**
387,518
353,286
20,000
387,518
353,286
20,000
391,974
422,462
18,056
(4,456)
(69,176)
1,944
113,460
180,692
-
109,004
111,516
1,944|Total
2023
**£**
373,286
373,286
440,518
(67,232)
180,692
113,460|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 7 -
## **YES MANCHESTER CIO**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2024**_
|**Notes**
**Fixed assets**
Intangible assets
**6**
Tangible assets
**7**
**Current assets**
Debtors
**8**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**9**
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension liability**
**The funds of the CIO**
Restricted income funds
Unrestricted funds|**2024**
**£**
21,799
155,662
177,461
(93,137)|**£**
17,098
7,582
24,680
84,324
109,004
109,004
1,914
107,090
109,004|**2023**
**£**
44,979
134,955
179,934
(96,066)|**£**
19,387
10,205|
|---|---|---|---|---|
|||||29,592
83,868|
|||||113,460|
|||||113,460|
|||||1,944
111,516|
|||||113,460|
The financial statements were approved by the trustees on 22 January 2025
Daniel Matthews **Trustee**
- 8 -
## **YES MANCHESTER CIO**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
## **Charity information**
Yes Manchester CIO is a Charitable Incorporated Organisation registered in England and Wales, the address of the principal office is 115 Briscoe Lane, Manchester, M40 2TP.
As noted in the Trustees' Report the activities, obligations, assets and liabilities of the charity were transferred from Your Employment Service CIC (YES CIC) as a going concern.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the CIO's governing document, the Charities Act 2011 and "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 CIO is a Public Benefit Entity as defined by FRS 102.
The CIO has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the CIO. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are available only to be used for the purposes by which the grants were received.
## **1.4 Income**
Income is recognised when the CIO is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
- 9 -
## **YES MANCHESTER CIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
**(Continued)**
## **1.5 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 are allocated on the portion of the asset’s use.
Expenditure, which is charged on an accruals basis, is allocated between:
- expenditure incurred in generating funds;
- expenditure incurred directly in relation to charitable activities; and
- expenditure incurred in the governance of the Charity. This expenditure includes audit fees, certain legal and professional fees and a proportion of management costs considered to be involved in governance issues.
## **1.6 Intangible fixed assets other than goodwill**
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software 10% Straight line
## **1.7 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings 15% Straight line Computers 25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.8 Impairment of fixed assets**
At each reporting end date, the CIO reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
- 10 -
## **YES MANCHESTER CIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.10 Financial instruments**
The CIO has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the CIO's balance sheet when the CIO becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the CIO’s contractual obligations expire or are discharged or cancelled.
## **1.11 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the CIO is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.12 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 11 -
## **YES MANCHESTER CIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **2 Income from charitable activities**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
**Charitable income**
Income
387,517
-
Other income
1
-
387,518
-|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
387,517
353,286
20,000
1
-
-
387,518
353,286
20,000|**Total**
**2023**
**£**
373,286
-|
|---|---|---|
|||373,286|
## **3 Expenditure on charitable activities**
||**Heading**|**Heading**|
|---|---|---|
||**#ac982**|**#ac982**|
||**2024**|**2023**|
||**£**|**£**|
|**Direct costs**|||
|Staff costs|328,734|335,742|
|Depreciation and impairment|5,863|6,156|
|Staff welfare|1|824|
|Staff training|839|6,405|
|Premises expenses|3,995|11,061|
|Insurance|3,839|3,904|
|Computer running costs|22,662|21,721|
|Travelling expenses|505|590|
|Printing, postage and stationery|296|1,369|
|Catering|120|707|
|Telephone|3,018|1,845|
|North Manchester Business Network|30|18,056|
||369,902|408,380|
|**Share of support and governance costs (see note 4)**|||
|Support|8,716|18,852|
|Governance|13,356|13,286|
||391,974|440,518|
|**Analysis by fund**|||
|Unrestricted funds|391,944|422,462|
|Restricted funds|30|18,056|
||391,974|440,518|
- 12 -
## **YES MANCHESTER CIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
## **4 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Bank charges
-
-
Sundry expenses
2,829
-
Irrecoverable VAT
5,887
-
Audit fees
-
5,500
Legal and professional
-
7,856
8,716
13,356
Analysed between
Charitable activities
8,716
13,356|**2024**Support costs Governance
costs
**£**
£
£
-
300
-
2,829
6,867
-
5,887
11,685
-
5,500
-
5,500
7,856
-
7,786
22,072
18,852
13,286
22,072
18,852
13,286|**2023**
**£**
300
6,867
11,685
5,500
7,786|
|---|---|---|
|||32,138|
|||32,138|
Governance costs includes payments to the auditors of £5,500 (2023- £5,250) for audit fees.
## **5 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the CIO during the year.
## **6 Intangible fixed assets**
|**Intangible fixed assets**||
|---|---|
||**Software**|
||**£**|
|**Cost**||
|At 1 April 2023 and 31 March 2024|22,898|
|**Amortisation and impairment**||
|At 1 April 2023|3,510|
|Amortisation charged for the year|2,290|
|At 31 March 2024|5,800|
|**Carrying amount**||
|At 31 March 2024|17,098|
|At 31 March 2023|19,387|
- 13 -
## **YES MANCHESTER CIO**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2024**_
|**7**
**Tangible fixed assets**
**Fixtures and**
**fittings**
**Computers**
**£**
**£**
**Cost**
At 1 April 2023
3,729
11,914
Additions
950
-
At 31 March 2024
4,679
11,914
**Depreciation and impairment**
At 1 April 2023
717
4,721
Depreciation charged in the year
595
2,978
At 31 March 2024
1,312
7,699
**Carrying amount**
At 31 March 2024
3,367
4,215
At 31 March 2023
3,012
7,193
**8**
**Debtors**
**2024**
**Amounts falling due within one year:**
**£**
Trade debtors
21,799
Other debtors
-
Prepayments and accrued income
-
21,799
**9**
**Creditors: amounts falling due within one year**
**2024**
**Notes**
**£**
Other taxation and social security
1,657
Deferred income
41,667
Trade creditors
(1,247)
Other creditors
45,560
Accruals and deferred income
5,500
93,137|**Total**
**£**
15,643
950|
|---|---|
||16,593|
||5,438
3,573|
||9,011|
||7,582|
||10,205|
||**2023**
**£**
19,705
16,274
9,000|
||44,979|
||**2023**
**£**
2,100
41,667
312
46,487
5,500|
||96,066|
## **10 Related party transactions**
There were no related party transactions during the year.
- 14 -
Yes Manchester CIO 115 Briscoe Lane Manchester M40 2TP
22 January 2025
Chadwick & Company Chartered Accountants Capital House 272 Manchester Road Droylsden Manchester M43 6PW
Dear Sirs
We confirm to the best of our knowledge and belief, and having made appropriate enquiries of other trustees and officials of the charity, the following representations given to you in connection with your audit of the charity’s financial statements for the year ended 31 March 2024.
## **1. General**
We acknowledge as trustees our responsibility under the Charities Act 2011 for the financial statements which give a true and fair view and for making accurate representations to you. All the accounting records have been made available to you for the purpose of your audit and all the transactions undertaken by the charity have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of trustees, members and management meetings, have been made available to you.
The accounts fully include all aspects of Yes Manchester CIO.
## **2. Accounting policies**
The accounting policies used are detailed in the financial statements.
## **3. Income and Expenditure**
Except as disclosed in the financial statements, the results for the year were not materially affected by:-
- (a) Transactions of a sort not usually undertaken by the charity,
- (b) Circumstances of an exceptional or non-recurrent nature,
- (c) Charges or credits relating to prior periods or
- (d) Any change in the basis of accounting.
Any expenditure included in the financial statements (where receipts or vouchers were not available) was properly made in connection with the carrying on of the charity’s activity.
**Cont’d………2**
**- 2 -**
## **Cont’d…………….. Yes Manchester CIO**
## **4. Fixed Assets**
The charity has a satisfactory title to all fixed assets included in the financial statements.
All amounts of expenditure capitalised in respect of fixed assets as detailed in the financial statements represent expenditure incurred in acquiring additional assets or improving existing assets. No expenditure capitalised is of a revenue nature. All capital expenditure which was previously written off to expenses has now been identified and included in tangible fixed assets.
## **5. Liabilities**
All known liabilities of material amount at 31 March 2024 are shown in the financial statements.
## **6. Capital commitments**
At 31 March 2024 there were no commitments for capital expenditure.
## **7. Contingent Liabilities**
No contingent liabilities existed at 31 March 2024.
## **8. Post Balance Sheet Events**
There have been no further events since the balance sheet date which necessitate revision of the figures included in the financial statements or inclusion of a note thereto other than those already noted in the accounts. Should further material events occur, which may necessitate revision of the figures included in the financial statements or inclusion of a note thereto, we will advise you accordingly.
## **9. Transactions with Trustees**
There were no transactions with the trustees for the year ended 31 March 2024 except as noted in the accounts.
## **10. Other Related Party Transactions**
All transactions with related parties have been disclosed in the financial statements. We have made available to you all relevant information concerning such transactions and are not aware of any other matters which require disclosure in order to comply with the requirements of the Charities Act 2011, the SORP or accounting standards.
**Cont’d………3**
## **- 3 -**
## **Cont’d…………….. Yes Manchester CIO**
## **11. Going Concern**
We believe that the charity’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charity’s needs for the next twelve months and foreseeable future. We believe that no further disclosures relating to the charity’s ability to continue as a going concern need to be made in the financial statements.
## **12. Law and Regulations**
We are not aware of any irregularities, including fraud, involving management or employees of the charity; nor are we aware of any breaches or possible breaches of statute, regulations, contracts, or agreements which might prejudice the charity’s going concern status or that might result in the charity suffering significant penalties or other loss. No allegations of such irregularities, including fraud, or such breaches have come to our notice.
## **13. Loan and arrangements**
The charity has not had nor entered into any time during the year, any arrangement, transaction or agreement to provide credit facilities (including loans, quasi-loans or credit facilities) for trustees or officers nor to guarantee or provide security for such matters.
## **14. Grants and donations**
All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income.
Donated goods and services have been fully included in the accounts at the Trustees valuation in accordance with the SORP.
Yours faithfully
……………………………………………………………………………………..
Signed on behalf of the board of Trustees of Yes Manchester CIO
Date: