2022-07-31-accounts

Charity Number: 1197209 Company number: 10855551

Youth Realities Limited

Trustees’ report and financial statements For the year ended 31 July 2022

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Youth Realities Limited

Trustees’ annual report for the year ended 31 July 2022

Reference and administration details

Charity number 1197209

Registered office and operational address

Registered office Pulse Community Flat, Flat 15 Osler Court, 9 Charcot Road, London, NW9 5XW

Trustees

Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Anthony Lewis Chair Roslyn Adonteng Neil Meyrick Pooja Sitpura (resigned 25 April 2023) Sara Kirkpatrick Stella Sookun (resigned 25 August 2021)

Key management personnel

Talia Kensit CEO

Bankers

HSBC PO Box 27 101-103 Station Road Edgware Middlesex HA8 7JJ

Independent Examiner

Patrick Morrello ACA Third Sector Accountancy Limited Holyoake House Hanover Street Manchester M60 0AS

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Independent examiner’s report to the trustees of Youth Realities

The trustees present their report and the unaudited financial statements for the year ended 31 July 2022. Included within the trustees’ report is the directors’ report as required by company law.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

The charity’s objects (‘objects’) are exclusively charitable and specifically restricted to the following public benefits:

1. The advancement of education, the protection and preservation of health of young people aged between 1125 living or studying in the London Borough of Barnet in particular but not exclusively by the provision of educational and creative workshops to help young people better understand teenage relationship abuse and wider social issues.

2. To preserve and protect the good health of young people aged 11-25 living or studying in the London Borough of Barnet who have experience of relationship abuse or other forms of abuse by the provision of support and advocacy by trained professionals.

3. To act as a resource for young people aged between 11-25 living or studying in the London Borough of Barnet by providing advice and assistance and organising programmes of physical, educational and other activities as a means of:

4. a. advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals;

5. b. advancing education;

6. c. relieving unemployment;

7. d. providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, infirmity or disability, poverty, social and economic circumstances and experiences of relationship violence and abuse with a view to improving the conditions of life of such persons.

In order to achieve the above objectives, Youth Realities provides the following activities:

• Specialist one-to-one and group support for survivors of abuse and violence, inclusive of advocacy, emotional and practical development support;

• Educational activities and workshops within schools and communities;

• Creative group activities that aid wellbeing enhancement, such as fitness and arts;

• Other bespoke and necessary activities required in order to achieve the objectives of the charity.

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

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Independent examiner’s report to the trustees of Youth Realities

Achievements and performance

The charity's main activities and who it tries to help are described above. All its charitable activities focus on young people and are undertaken to further charity’s charitable purposes for the public benefit.

Since establishment in 2017, the charity has:

• Supported over 200 young people to exit abusive environments through specialist one-to-one support;

• Engaged over 2000 young people in healthy relationships education, and of 900 who engaged in feedback, 97% would recommend the learning and 90% learnt more about domestic abuse;

• Worked with multiple partner organisations, including local authorities, schools and VCS organisations to run creative bespoke programmes to enhance the wellbeing and safety of young people, such as two youth-led films, a music video, a podcast and research projects to better local understanding of teenage relationship abuse and violence;

• Won two awards;

• Obtained and maintained financial stability through the award of multi-year grant funding to sustain the charities activities until 2024.

Beneficiaries of our services

• The key beneficiaries of our service are young women and girls aged 11-25, making up 80% of beneficiaries engaged in 2022;

• Our beneficiaries, especially those engaged in the one-to-one programme, have a range of complex and adverse experiences of harm, including:

• intimate partner, extra-familial and intra-familial violence and abuse

• social and academic exclusion, including engagement in crime

• care experienced

• poverty experienced

• substance misuse or dependency

• experiences of social and structural oppression, including racism, misogyny and ableism resulting in personal and systemic harm, e.g lack of access to support, homelessness, imprisonment and more.

Financial review

In the year ended 31 July 2022 the charity had income of £141,960 (2021: £180,971), and expenditure of £200,352 (2021: £132,384). As at 31 July 2022 the charity had total reserves of £81,175, of which £27,195 were restricted to specific purposes.

For financial year 2022-2023, the charity has a confirmed income of £286,588, of which £200,063 derives from 7 approved multi-year grants that will support is sustaining the charity between the years of 2022-2025.

Reserves policy

It is the policy of Youth Realities to operate a 3 month operating costs reserve, for the financial year ending July 2022, this was £46,650. The charity held £37,535 in reserves at the end of the financial year. The charity has continued to build reserves since the year end through the delivery of workshops and programmes in schools.

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Independent examiner’s report to the trustees of Youth Realities

Plans for the future

The charity will continue to deliver its life saving services for young people in and around the London Borough of Barnet, whilst continuing to grow and expand work to reach more young people in need. This will include structural development internally, and the diversification of income streams for increased sustainability. The charity has a robust Theory of Change outlining the agreed direction of work over the next 3 years.

Structure, governance and management

As outlined in the governing document of the charity:

To be considered for appointment as a Trustee, a person must:

• 1) be a natural person aged 16 years or older

• 2) Not be disqualified from acting under the provisions of article 22

• 3) The minimum number of trutees shall be 3 (unless otherwise determined by ordinary resolution) but shall not be subject to any maximum

• 4) The first trustees shall be those persons notified to Companies House as the first directors of the charity.

• 5) A trustee may not appoint an alternate trustee or anyone to act on their behalf at meetings of the trustees.

Appointment of trustees

• 1) The charity may appoint a person who is willing to act to be a trustee; and

• 2) Determine the rotation in which any additional trustees are to retire

Trustees are appointed through a fair and thorough process, which is inclusive of:

• a) A multi-stage interview process with the Chief Executive of the charity, the chair of tustees and where relevant, beneficiaries of the charity

• b) In the case the role for chair of trustees is being appointed, the vice-chair or interim-chair of trustees will conduct the interview, alongside the Chief Executive or relevant representative.

No person other than a trustee retiring by rotation may be appointed a trustee at any general meeting unless:

• a) They are recommended for re-election by the trustees; or

• b) Not less than fourteen nor more than thirty-five clear days before the date of the meeting, the charity is given a notice that:

• i) Is signed by a member entitled to vote at the meeting;

• ii) States the members intention to propose the appointment of a person as a director;

• iii) Contains the details that, if the person were to be appointed, the charity would have to file at Companies House; and

• iv) is signed by the person who is to be proposed to show their willingness to be appointed.

Structure

The organisation is a charitable company and registered as a charity on 20 December 2021.

The charity was established under its memorandum and articles of association which established the objects and powers of the charity and its rules of governance.

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Independent examiner’s report to the trustees of Youth Realities

Members of the charity have no liability to contribute to the assets of the charity and no personal liability for settling its debts and liabilities in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 9 to the accounts.

Related parties and relationships with other organisations

For the financial year ending July 2022, the charity was not operating within any formal partnerships or consortiums.

Remuneration policy for key management personnel

Remuneration for management is agreed by trustees, the charity does not operate within the boundaries of any specific payment policies.

Risk management

The trustees work closely with the CEO to identify, monitor and mitigate all risks to the charity, through robust risk register and assessment frameworks that are updated quarterly and as when required.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. 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 UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements

• 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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Independent examiner’s report to the trustees of Youth Realities

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees’ annual report has been approved by the trustees on ………………………….. and signed on their behalf by

Neil Meyrick, Treasurer

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Independent examiner’s report to the trustees of Youth Realities Limited

I report on the accounts of the charity for the year ended 31 July 2022 set out on pages 8 to 20.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed.

It is my responsibility to:

• examine the accounts under section 145 of the Charities Act,

• to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and

• to state whether particular matters have come to my attention.

Basis of independent examiner’s statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

1. which gives me reasonable cause to believe that in, any material respect, the requirements:

2. to keep accounting records in accordance with section 130 of the Charities Act; and

3. to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act

have not been met; or

1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Patrick Morrello ACA Third Sector Accountancy Limited Holyoake House Hanover Street Manchester M60 0AS

Date:

23 / 05 / 2023

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Youth Realities Limited

Statement of Financial Activities (including Income and Expenditure account) for the year ended 31 July 2022

----- Start of picture text -----
As restated
Unrestricted Restricted Total funds Unrestricted Restricted Total funds
funds funds 2022 funds funds 2021
Note £ £ £ £ £ £
Income from:
Donations and legacies 3 22,104 89,553 111,657 72,902 91,289 164,191
Charitable activities 4 30,303 - 30,303 16,780 - 16,780
Total income 52,407 89,553 141,960 89,682 91,289 180,971
Expenditure on:
Raising funds 5 7,000 - 7,000 - - -
Charitable activities 6 95,508 97,844 193,352 8,644 123,740 132,384
Total expenditure 102,508 97,844 200,352 8,644 123,740 132,384
Net income/(expenditure) for the year 7 (50,101) (8,291) (58,392) 81,038 (32,451) 48,587
Reconciliation of funds
Total funds brought forward 87,636 51,931 139,567 6,598 84,382 90,980
Total funds carried forward 37,535 43,640 81,175 87,636 51,931 139,567
----- End of picture text -----

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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Youth Realities Limited Company number 10855551

Balance sheet as at 31 July 2022

----- Start of picture text -----
As restated
Note 2022 2021
£ £ £ £
Fixed assets
Tangible assets 12 - 250
Current assets
Debtors 13 7,722 37,911
Cash at bank and in hand 93,760 110,759
Total current assets 101,482 148,670
Liabilities
Creditors: amounts falling
due in less than one year 14 (20,307) (9,353)
Net current assets 81,175 139,317
Total assets less current liabilities 81,175 139,567
Net assets 81,175 139,567
The funds of the charity:
Restricted income funds 15 43,640 51,931
Unrestricted income funds 16 37,535 87,636
Total charity funds 81,175 139,567
----- End of picture text -----

For the year in question, the company was entitled to exemption from an audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006,

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts are prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The notes on pages 10 to 20 form part of these accounts.

23 / 05 / 2023

Approved by the trustees on and signed on their behalf by:

Neil Meyrick, Treasurer

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Youth Realities Limited

Notes to the accounts for the year ended 31 July 2022

1 Accounting policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a Basis of preparation

The financial statements have been prepared 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) issued in October 2019 - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Youth Realities Limited meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £ sterling.

b Preparation of the accounts on a going concern basis

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

c Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.

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Youth Realities Limited

Notes to the accounts for the year ended 31 July 2022 (continued)

d Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity.

Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

e Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

• Costs of raising funds comprise the costs of applying for grants and requesting donations.

• Expenditure on charitable activities includes the costs of youth activities undertaken to further the purposes of the charity.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

f Operating leases

Operating leases are leases in which the title to the assets, and the risks and rewards of ownership, remain with the lessor. Rental charges are charged on a straight line basis over the term of the lease.

g Tangible fixed assets

Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:

Office equipment 25%

h Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

i Cash at bank and in hand

Cash at bank and cash 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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Youth Realities Limited

Notes to the accounts for the year ended 31 July 2022 (continued)

j Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

k 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.

l Pensions

Employees of the charity are entitled to join a defined contribution scheme. The charity’s contribution is restricted to the contributions disclosed in note 8. There were no outstanding contributions at the year end.

2 Legal status of the charity

The charity is a company limited by guarantee registered in England and Wales and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The registered office address is disclosed on page 1.

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Youth Realities Limited

Notes to the accounts for the year ended 31 July 2022 (continued)

3 Income from donations and legacies

----- Start of picture text -----
As restated
Unrestricted Restricted Total 2022 Unrestricted Restricted Total 2021
£ £ £ £ £ £
Donations 1,482 - 1,482 497 - 497
Grants 20,622 89,553 110,175 72,405 91,289 163,694
Total 22,104 89,553 111,657 72,902 91,289 164,191
4 Income from charitable activities
Unrestricted Restricted Total 2022 Unrestricted Restricted Total 2021
£ £ £ £ £ £
Workshops and training income 30,303 - 30,303 16,780 - 16,780
Total 30,303 - 30,303 16,780 - 16,780
----- End of picture text -----

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Youth Realities Limited

Notes to the accounts for the year ended 31 July 2022 (continued)

----- Start of picture text -----
5 Cost of raising funds
2022 2021
£ £
Staff costs 7,000 -
6 Analysis of expenditure on charitable activities
2022 2021
£ £
Staff costs, sessional and expenses 148,961 102,681
Project costs 18,040 13,638
Office costs 12,378 8,154
Professional and consulting 8,742 4,420
Other costs 5,231 3,491
193,352 132,384
Unrestricted expenditure 95,508 8,644
Restricted expenditure 97,844 123,740
193,352 132,384
7 Net income/(expenditure) for the year
This is stated after charging/(crediting): 2022 2021
£ £
Depreciation 250 250
Operating lease rentals:
Property 9,600 4,800
Independent examiner's fee 240 -
Independent examiner's fee - other services 1,848 -
8 Staff costs
Staff costs during the year were as follows:
2022 2021
£ £
Wages and salaries 131,367 68,704
Social security costs 9,976 4,303
Pension costs 1,880 947
143,223 73,954
----- End of picture text -----

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Youth Realities Limited

Notes to the accounts for the year ended 31 July 2022 (continued)

No employees has employee benefits in excess of £60,000 (2021: Nil).

The average number of staff employed during the period was 5.5 (2021: 4).

The key management personnel of the charity comprise the trustees and the Chief Executive Officer. The total employee benefits of the key management personnel of the charity were £38,706.

9 Trustee remuneration and expenses, and related party transactions

Neither the management committee nor any persons connected with them received any remuneration or reimbursed expenses during the year (2021: Nil).

None of the trustees received any expenses during the year.

Aggregate donations from related parties were £Nil.

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year (2021: nil).

10 Government grants

The government grants recognised in the accounts were as follows:

The National Lottery Awards for All The National Lottery Covid Fund Home Office Grass Roots The National Lottery LCR	2022 £ 8,750 - - - 8,750	2021 £ - 9,900 8,725 41,790 60,415

11 Corporation tax

The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

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Youth Realities Limited

Notes to the accounts for the year ended 31 July 2022 (continued)

----- Start of picture text -----
12 Fixed assets: tangible assets
Office
equipment
Cost £
At 1 August 2021 998
At 31 July 2022 998
Depreciation
At 1 August 2021 748
Charge for the year 250
At 31 July 2022 998
Net book value
-
At 31 July 2022
At 31 July 2021 250
13 Debtors
2022 2021
£ £
Trade debtors 5,709 -
Accrued income - 35,986
Prepayments 2,013 1,925
7,722 37,911
14 Creditors: amounts falling due within one year
As restated
2022 2021
£ £
Trade creditors 3,633 760
Accruals 4,080 600
Net pay owed to staff 8,162 5,585
Deferred income - -
Taxation and social security costs 4,432 2,408
20,307 9,353
----- End of picture text -----

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Youth Realities Limited

Notes to the accounts for the year ended 31 July 2022 (continued)

15 Analysis of movements in restricted funds

Balance at 1 August 2021 as restated £ - - Against Knives - don Youth - ldren in Need - ards4All Supervision - e National Lottery 20,895 dur Foundation 10,000 ive Londoners 21,036 al 51,931 m p a r a t i v e p e r i o d Balance at 1 August 2020 as restated £ tricted funds 84,382 al 84,382 ul Hamlyn undation epin Dance - Young net Foundation	Income £ 35,000 7,390 6,113 1,295 31,005 8,750 - - - 89,553 Income £ 91,289 91,289	Expenditure £ (27,734) (3,686) - (1,295) (23,618) (1,628) (20,895) (6,463) (12,525) (97,844) Expenditure £ (123,740) (123,740)	Transfers £ - - - - - - - - - - Transfers £ - -	Balance at 31 July 2022 £ 7,266 3,704 6,113 - 7,387 7,122 - 3,537 8,511 43,640 Balance at 31 July 2021 £ 51,931 51,931

In the previous financial period the company was not a charity and details of individual restricted funds are not available for that period.

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Youth Realities Limited

Notes to the accounts for the year ended 31 July 2022 (continued)

Name of restricted fund Description, nature and purposes of the fund Paul Hamlyn Funds towards salary costs for a specialist young person's domestic abuse Foundation worker Deepin Dance - Young For running young women's dance programme Barnet Foundation Art Against Knives Year one of three year partnership to deliver specialist, creative support to young women London Youth Delivery of Good for Girls programme for girls aged 9-14 Children in Need Funds towards salary costs for a specialist young person's domestic abuse worker The National Lottery One year clinical supervision for staff Badur Foundation Funds towards salary costs for a Creative Support Worker and office supplies Active Londoners Funds to run young women's dance programme

16 Analysis of movement in unrestricted funds

m p a r a t i v e p e r i o d neral fund f neral fund	Balance at 1 August 2021 £ 87,636 87,636 Balance at 1 August 2020 £ 6,598 6,598	Income £ 52,407 52,407 Income £ 89,682 89,682	Expenditure £ (102,508) (102,508) Expenditure £ (8,644) (8,644)	Transfers £ - - Transfers £ - -	As at 31 July 2022 £ 37,535 37,535 As at 31 July 2021 £ 87,636 87,636

unrestricted fund Description, nature and purposes of the fund General fund The free reserves after allowing for all designated funds

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Youth Realities Limited

Notes to the accounts for the year ended 31 July 2022 (continued)

17 Analysis of net assets between funds

----- Start of picture text -----
General Designated Restricted
fund funds funds Total 2022
£ £ £ £
Net current assets/(liabilities) 37,535 - 43,640 81,175
Total 37,535 - 43,640 81,175
Comparative period - as restated
General Designated Restricted
fund funds funds Total 2021
£ £ £ £
Tangible fixed assets 250 - - 250
Net current assets/(liabilities) 87,386 - 51,931 139,317
Total 87,636 - 51,931 139,567
----- End of picture text -----

18 Operating lease commitments

The charity's total future minimum lease payments under non-cancellable operating leases is as follows

s than one year	2022 2021 £ £ 2,400 2,400 2,400 2,400 Property

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Youth Realities Limited

Notes to the accounts for the year ended 31 July 2022 (continued)

19 Prior period adjustment

On 20 December 2021 the company was entered on the register of charities, having previous adopted charitable objects and articles of association. It was then required to prepare accounts in accordance with the Charities SORP (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) issued in October 2019).

The company have previously accounted for grants using the accruals basis, as permitted by Section 24 of FRS102. This is however not permitted by the Charities SORP, and so the following adjustments were made to reserves and to the previous year's income:

Reserves as previously stated 31 July 2020 Prior period adjustment Reserves as restated 31 July 2020 Reserves as previously stated 31 July 2021 Prior period adjustment Reserves as restated 31 July 2022 Prior period adjustment Surplus for the year ended 31 July 2021 as restated Surplus for the year ended 31 July 2021 as previously stated	£ 6,598 84,382 90,980 87,638 51,931 139,569 81,040 (32,453) 48,587

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