REGISTERED NUMBER: 14606941 Chwity numb¢r. 1203633 PRESTON YOUTH ZONE LTD TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD 20 JANUARY 2023 TO 31 MARCH 2024 DonnellyBentley Chartered Accountants Hazlemere 70 Chorley New Road Bolton BL14BY llii ADEP4X63 1811012024 COMPANIES HOUSE 22
PRESTON YOUTH ZONE LTO IA Company limiled by guarantee) CONTENTS Page Reference and adminlstratfv• d•talls of th• charity. Its trustws ar ad¥ls¢rs Trus¢ees' report (including Directors. Report) Ind•p•nd•nt auditors. r•port 9-11 ststèment of fin•n¢i•l activitles (including Income and Expendknre AccouTht) 12 8alance sheet 13 ststem•nt of ¢¥sh flows 14 Notes to Ihe financ•al sLitements 15-24
PRESTON YOiITh ZONE LTD IA Company limit•d by 9uarante•) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE PERIOD 20 JANUARY 2023 TO 31 MARCH 2024 Trust••s Guy Topping (Chairl (appointed 20 January 2023) Michael Jonathan Gregory (appointed 12 March 2024) A¢Jri8n Shaun Phillips (appointed 20 January 20231 John Gèorge Chesworth {3ppoint8d 20 January 20231 FKJna Louise Norcross lappoinled 20 January 20231 Venkata Dhamia Kovvuri (appointed 4 Seplwnber 20241 Sarah Louise Page {appnted 4 September 20241 Senior Management Team TNn Jacques- Chief ExecLtrtive Company reglster•d numb•r 14606941 Charity registered number 1203833 Registered offic• Suite Gè Atria. Spa Road. 8cAton. UK. BL1 4AG Independent auditors DonnellyBenlley. Haaemere. 70 Chcwky New Road. BoltC. BL1 4BY Bankers Handdsbank8n. Edward Ml Quay. Navigath Way. Preston. PR2 2YF
PRESTON YOUTH ZONE LTD IA ¢ompany Ilmited by guaranta•l TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORTI FOR THE PERIOO 20 JANUARY 2023 TO 31 AIARCH 2024 Thè Trusteès, who arè also 04rectors of the ccnpany, present the¥ Directcws. report for the purposes of $8CtKJn 417 of the Companies Act 21JK and TnJstees' Annual Repryt for the purposes of seth.on 162 of the Charities Act 2011 together with ihe Financial Siatwnents of the Charity for w.od 20 JanLbary 2023 to 31 March 2024. Preston Youth Zone Ltd was incorporated on 20 January 2023 ICc¥npany ristratiOn number.. 146069411 as a company limited by guarant and wislered as a Charty on 19 June 2023 (Charty registration number: 1203633). Objg¢tive¥ and a¢tsviti•s- who wo ar¢ Preston Youth Zone. recentty named by young people as'vaurr. WIF be a purpose buift facilty for the city's young People aged 8- 19, and up to 25 for thos& Mth disabilit. The Youth Zone will be IcKated in the ¢ity Centre. on thè cornèr of Tbarn Street and Crooked Lane, and is expèctèd to bè Completed in 2025. It is CO comp(nI of a wider devebpment funded by Preston Towns Fund sees the development of several srtes wthin the Harri5 QLJarter. To9elher, these will create an entertainment, Cuttural and community hub in the heart of the City - bringing social and education81 benefits lo the local communrty. As well as the Youth Zone. (Ge finished the Harris Quarter programme wll include a new nema 8nd entertainment ¢(xnplex and the fUrbishMenI of the Grade I listed Harris Museum, Art Gallery and L6brary. Prest Youth Zone will join a nehvc¥k of similar independent y¢xrth organiSatn5 that all share the sam8 principS, devebped by ihe Charty Onside Youth Zones. whh is building 21st century youth facilities across the UK. Youlh Zones are based upon a pmen model. which has been established in several other town$ and cities across the country, and young people from Preston will have access to a varièty of faniastrc activities for cost ol only £5 for an annual membership and 50p per visit_ The Youth Zone wll prowde a safe environrnent. whèrè young people can spend thr 1Su time, helping each youThJ person to ratse their aspiralion5. a5 well as improve their physical and mental heah. Up to 20 different activities will tske place each night. such as fcotball. boxing. dancing. climbing. creattv& arts, music. drama and employability training all for Sop per visit. The Onside Youth Zone miyyel uses a 1qUe partnership aptKoa¢h: drawing together the Lal Aulhority. private sector businesses. young Pecle and the w¢der local communtty. This partnership approach aims lo establish the Youth Zone right in the heart of the community for the long te, whilsl meeting the needs of young people today. Preparation f¢y Preston Youth Zone has been taking place for a number of years. wth all the ¢apilal ftlnding in place to develop this amazing new facility, and an active revenue fundraising ¢ampagn UndeaY this will provide the necessary funds requi to opèratè the Youth Zone fc the first three years. Towards the end of the financi81 period we gained access to the srte lo complete Ihe tree re[T81 which was followed by a successful archaeological survey. The contraclrK (Triton Construction) offi¢ialty eommÈnead their works on 06 Jul 2023 this was a signffjcant milestone in the Youth Zone's development history. We look forward to con5tru¢ts"on works progressing at pace throughout 24r25 and offiual opening taking place in Auwmn 2025 vthen Preston's young People can begin io benefit from their amazing Youth Zone. Structure ovemance and mana ement GOrnIng Oocumenl Preston Youth Zone is a cc*npany limited by guarantee wthout share capitsl and registered under the Companies Act 2006, registration number 146(941. The ¢ompany is govemed by its Memorandum and Articles of Association dated 20 January 2023. Management of the company's affairs Is vested in the co-Dire¢tors. It is a Charity registered wth the Charity CommissiC on 19 June 2023. In the event ol a winding up, the preSt members and those who have ceased to be a member withtn one year of such an event have guaranteed the liabiliiies of the company to the sum not exceeding ten pounds each.
PRESTON YOUTH ZONE LTD (A company limited by guwantee) TRUSTEES. REPORT IINCLUOING DIRECTORS. REPORT AND STRATEGIC REPORTI FOR THE PERIOD 20 JANUARY 2023 TO 31 MARCH 2024 The dir8clcshrustees who s•Tred durirrfJ the we: Guy Topping (Chairl (appornted 20 January 20231 Michael Jonathan Gregory lappointed 12 March 20241 Adrian Shaun Phillips lappoint8d 20 January 20231 John George Chesworth lapwnted 20 January 20231 Fiona Louise Nor¢ross (appnI 20 January 2023) Recrnitment and appointment of Trustees (Direclor5) The first Directors were the subscribers to the memorandum as notified to CompanEs House as Ihe first Directors of the Charity. A person appoint as a Director thereupon b0eS a Member of the Charity and a Drreclors who ceases to hold offKe for any reason thereupLm ceases lo be a Member of the Charity. Directors have the )wer to appoint, by ordinary r&solutTron, any person to bè a Dire¢¢¢y who is willing to act as such. New Directors will be recruited according to the needs of the Chanty and the suitability of possib ¢andidates. A unanimous appfoval of existing Directors woukj W to Ihwr apWntrInL The Memorandum and Articles of Asgxiation statès Ihat the ftumr of members IDir8Ctors} shall have r maximum and shall not be less than three. At the first Annual General MeetirJ all Dio¢tors rnust retr and séék re-election. At eath subsequent Annual General meeb.ng onethird ofthe Dire¢lors arè required lo retiré by rotatbn and seek rè-app05nlment if thèy wish to continue. The Membefs of the Charity are its Directors fcf the time b&ng and the only Fwsons elyible to be Members of the Charity are its Directors. Full details of the rules are contained tn the company's PAemoraThJum and Artide5 of Assiation, dated on incorporation on 20 J8lluary 2023. tch may be insp8Cted at the Preston Youth Zon8 registered office. A pay review will be rdcted annually by the Chief Executive each JanuarylFebruary with a proposal bn9 brought to thè Nomination & Remuneratson C(ymmittee. The CEO remains responsblè for the proposal of the Organisation's employees remuneration %wth oversighl from the Committee. The Committee shall be ¢onsult8d on the CEO'S propo$ed total planned aggrege employee costs for the next financial year, including the proposed standard annLsal salary uplift. prior to the setting of the annual budget. A number of xenanos may be presented to the CommittÈÈ whh consider eNomiC Cl1t10ns. individual perfom)ance and the finan(ial security of the Organisation. Once agreed, this will be presented foruOn and erKJorsement by the Directors wih any applicable changes implemented from the 1 April. There is no commitmenl to a perpetual annual irease. hcr44ever due consideration wll be taken each year. Any consideraiion around re%rading jobs wll involve a revtew ofthe pay Structure to ensur8 deci5ion5 are bein9 made fairly a¢ross the Organisation's stsff team_ The CEO will seek approval of the Chair in response to mid-year regrading or salary uplift requests. The Nominatn & Remuneration Committee in collaboration with the Chair of the board 15 respsible for setting the salary arKi remuneralion of the Chief Exe¢utwe. Organisational Structur• Preston Youlh Zone is governed by it5 Trustee Boarf whKh i% responsible for selt.rng ihe 5tregi¢ dI110n of the organisation and Ihe policy of thè Charlty. The Trustees carry the ultimate responsib'lty lor the conduct of Preston Youth Zone and for ensuring that the Charity satisfies its legal and contractual obligations. Trustees meet approximatety 5 times a year ar may delegate the implemenlation of their decisions or day40-day operatKJn of thè organisation to senior management. any employee of the Chanty. person or committee as thèy see fit. Any commiltee must include at least one Truslee. The Trusteè Board is independent from management.
PRESTON YOUTH ZONE LTD {A Company Ilmi¢¢d by guarant•el TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT FOR THE PERIOO 2Q JANUARY 2023 TO 31 MARCtrI 2024 Decis¢ons are delermined by a majtyity of voles. In the case of an &Juality of vote5 the Chaim)an of the meeting h85 the casting vote. Risk managem•n¢ The Trustaes have sIdered Ihe maTr)r risks to whth the Charty 15 exposed and have established svitable risk management and control procedures. R¢lat•d party transactions Are disclosed in Note 17 to the finanrial statements. Objective and activities Preston Youth Zone's objeds are to help and edLrcate thildren and young pe¢A)le resident in Preston and gjrrounding areas through th&r lersure time actNitie5 by promoting their lull physical and spiritual potential in order that they may grow to fijll maturity as indNiduals and membefs of sctiety and their conditions of life may improve. A¢hiev¢mènts during th• pèriod We ace indebted to the capilal tunders who have committed 10 5UPWt Youth Zone. Preston Towns Fund and the Govemrnent's Youth Investment Fund have ¢ommrtied thwr support to the capital project along with strateglc funder$ BAE Systems and the Eric Wrighl Charitable Trust; logether these funders havè provided all of the rinances needed lor the construction and fft out of thè faultty provide all the remaining capitsl funding required and have beèn instrumèntal in driving the project forward. Preston Cty Council. Preston Tfms Fund, the Youth Investment Fund have also pledged revenue supporl during the p-openIng phase and early years of the Youth Zone's Operatn. The Founder Patron campai. which provide5 a swnifi(nt proportion of the operating revenue for the Youth Zone. aims to secure a total of £3.4m to support the first four years of running co5t5 of the Youth Zone., this will come from a combinalNJn of supporters at Founder Patron1£100k over four years) and Cornerstone Patron levels 1£400k over four year51. We are pleased to report that we have already confirmed pledges ol support from BAE Syslems, the Eric Wright charitab Trust. Bespoke Healthcare. and Pringle Hom&s. This group is growing. and we are moving positively towards our target of securing 34 Fojnder Patrons prior to opening. alongside othèr lunders who have committed to supwrting the Youth Zone. In the lead up to incorporation and throughout 2023r24, the Charity's Trustees and partners have worked tirelessty to ensure the project remains on course despite delays experienced hISt"cal. We are grateftjl for the resolute support of all the Youth Zone's funders. supporters and champions have remained cornmrtted to our work wlh young people. Thankfully. we reach the end of Ihe cUTnI financial period in a positive postion. able to report a start to construction and just a 5h¢yt perifyj remaining before we able to bring this inClbIe facility to lrfe. Preslon Youth Zone enjoys the gjpport of Onside Youth ze5 {tharity number 1125893) in its developmenl and wll become a member of the growing side of Y(¥Jth Zones. Public b•n•fit All the activities ofthe Chanty las summarised at4)vel were undertaken to further its charitse PLwposes for wblic benefit. The provision ol a h4gh-quality cty centre facility for young people responds to a clear, ongoing demand from young people, parents and wder communities for mtre and better plares for young people to go. Although providing a service to all ywng people. prest Youth Zone 11 fws on attendan and parb'cipalion by ywng mefflbers across the enlire Community who will be able lo enjoy affordable access to all the OPkK)rtunilies that the faalities will provide. This wll lead to improved achievements and enhanced aspiratKJns amongst young members of the local community. They will be happier. heatthrer and make more Constructive use oltheir leisure time which consequently will help reduce nuisance and aniisocial behavior_ L(ger temi public benefrts will indude improved e811h, reduced uime. enhanced leaming and employability and greater comfflunity cohe5ion_
PRESTON YOUTH ZONE LTD IA company limited by guarant•8) TRUSTEES. REPORT IINCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT} FOR THE PERIOD 20 JANUARY 2023 TO 31 MARCH 2024 The Trustees of Prèston Youth Zone bdthe they have complied with the duty in section 17 of the Charities Act 2011 to have'due regarttto Ihe publthefirsNJ4dan¢e b1hed by the Charity COM¥son. Voluntee. contribution Throughout Ihe period all membws of the Board of Tfustees made invahjable voluntary contributions to the Charity'5 work in lemis of govemance, professional and busines5 e¥perien¢e. financial planning, fijndraising and ading inih"alives across the project. Suth contribull(x were. average. equivalent to full days each calendar monlh. but ttc8sirMally We significantly mre. Investment Activities Under the memcvn¢Jum and articks of assOciatn. the charitable ¢ompany has the power fo make any investmwt which the Trustees see fit. Inveslment5 a made where required lo further the aims and objècts ol the Charity. Currently, the Charity does not currently hcAd any investments Other than cash on deposit w¢th Handelsbanken plc. Flnancial rnvi•w A sumrnary of the results is shtrwn belthv". Incoming re50ur Outwng resour$ Net incoming resources 1.531.186 (172.708) 1.358.458 Totsl resee$ al 31 Mar¢h 2024 tre £1,358.458. The charity is still in its ewty life wth grants and donab.rms being re1ve to lund the dè&gn and construction of lh• Youth Zone. The charity contsnues to culbvate further.donab"ons to support fvture revenue from a variety of sources as ouuined above Isee"achievements in the period-l. ReSerS Policy The Charity has secu¢ the funding to complete Ihe construction of the Youlh Zone and the Founder Patron {venuel campaign ts well undeaY. The Trustees have prepared projections of the operating costs on¢e completed. The Board of Trustees of Pres{ Youth Zone has established a fesèNes policy which appropriately reflects ltte risks to which the Charity is exFosetl. Once lh& Youth Zone is operating and in compliance %Mth su¢h policy. it will review regulady both tha sum it wishes to hold in reserve5 in the unreslricled budget and the ba51S for that figure. The reserves pdicy does not consider expenditure is linked to restricted projects and therefore ¢overed by restricted funds. In feviewng the potential costs that could arise shoukl a sKJnfficarit reduction in income be InCue0. thè Trustees have determined that unresth"cled. 'free'. reseThes should be maintsined at approximatety 3 months running cost5. This is based on th8 running costs when the Youth Zone is lully 0ratIonal and is not therefore based on the expenditure in these accounts. The Trustees manage PSt0 Youth Zone's finances so ihat an adequate level of reserves ¢8n be maintsined in compliance wth the reserves pdicy. At 31 March 2024 this was £347,140. this amounts to approximately 3.5 months. cover of opwath)nal co$ once we a ftjlly operational. Total reserves at 31 hftarch 2024 were £1.358,458 of thich £1.011,318 are restricted reserve$ and £347.140 are unrestn'cled reserves. £1,012,049 of total resefves.can only be realised by disposing of fixed assels. Principal Funding Sourc•s The Directors wish to record their Ihanks to all those indNiduals and companies who have made donations or pledged Iheii support to the work of the Charity: this includes all those listed aL¥)ve plus other anonymous donors.
PRESTON YOUTH ZONE LTD IA compY Ilmlt¢d by guarantee) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE PERIOD 20 JANUARY 2023 TO 31 MARCH 2024 We cannot overstsle th8 imprnCe of the Fnder Palrons have committed Ihwr support lo Preston Youth -zone so far. BAE Systems, Er Wright charitats Trusl, Beswke Healthcare and Pringle Homes have shown incredible enthuwasm and generogty toward the project, and Iheir invdvement will only aid lo the credibility of our work, hglping to draw fvrther supwt from the kKal busne55 and philanthrop community. Future plans With all parties fulty committed to the cuWetion of Prest( Youth Zone, is continulng to execute the construction of an incredible facilty. wth plan5 to devatÈ in the interior lo provide a wethming, high spec 8nd attractive impression lo all visiting young people. As construdion progresses, th& Youth Zone will Icok to gnificantly increase the gze of the leam employed: with just 4 members of staff in place, the Chief ExejtiYe 11 ad on this exercise. ¢reab"n9 3 large delivery supwt team to indude toth paKI stsff and Volunteers. who 11 be recmited and inducted ready for opening. Al the same time. the campaign vAI1 ¢tinUe to grow the Youth Zone's famity of Founder Patrons a target of ensuring that the YoLrth Zone's preopening and first three years of running costs are fijlty funded. Preston YoLrth Zone already benefits frcffl a Board of exwi#Ked and ctynmrtted Trustees. To build on this. arKI in preparation for full operaticn, the organisation 11 conb.nue to expan11 the Boafd of Directors l Trustees including portlolios for finance. legal. safeguar¢Jing. People. etc. who will provide effective go¥emance, oversight and support across the lull spectrum of Youth Zone ¢)peratirms and athities. ststomont of Trn$tegs' responsibilities The Trustees (who are also the Direclors of Preston Youth Zone for the purpose of company lawl are responsible fcf preparing the Trustees. Annual Report and the finanaal statements in accordance applicable law and Uniled Kingdom Accounting Standards (United Kingdryn Generalty A¢cepted Aceountsng Prackn"cel. Company law requires the Trustees to prepwe fjnancial statements f¢* each financial year. which give a true and fair view ol the state of affair5 of the Charitab company and of the income and expenditure. of the charilabk? company for that period. In preparirKJ these financ¢al slatements. the Truslees are QuIred to: sefecl suitable acnting policies and then apply them con&stsntly: observe the methods and principles in the Charities SORP.. make judgements and eslimales that a reasonable and prudenl.. stste whether applicablè UK Accounting Standards have been follThed. subjectto any material departures disclosed and expLiined in the financial statèmènts-, prepare the financh?I statements on the wing concwn basis unless il is inappropriate to presume that the charitable compa)y will contnue in business. The Trustees are responsible for keeping adequate aCCntIng records that disclose with reasonable accuracy * y time the financial pO&t1 of the chantable company and enaNe them to ensure that the financial stalements comply with the Companies Acl 2006. They are a150 responsible for saleglrarding the asseis of the charitable ¢omp8ny and hence for taking reasmable steps fry the preventK¥n and detectwjn of fraud and other irregularities. Th8 financial statements comply with current Statut requirements, the company's Memorandum and Articles of Association and the Charilies SORP.
PRESTON YOUTH zoNe LTO IA company Ilmtt•d by guarantee) TRUSTEes' RepoRT IINCLUDING OIRECTORS. REPORT AND STRATEGIC RepoRT) FOR THE PERIOD 20 JANUARY 2023 TO 31 IAARCH 2024 Stat•m•nt as to Oixlosuv• to our Au¢#to In 50 far as Trustees are avare at ¢)r appro¥irb3 Ihis rwL There is rdevanl iftfumation. brI infomation needed by tho awlitor in c•nn•¢kn'on with prepaiing their rewl. Of¢h the aJitor is Lmawart, and The trustees have taken all steps that they oughl to have taken to make Ihemsd¥es aware of relev•)t audil Infonnation artd ¢0 e51aWth th the alor LS of this itirm)n. Small Company •x•mpllon In prepamg this repm the direLors h•ve laken gth¥antap af the specwl w0¥10n$ of Part 15 of the Companias AGI 2006 relating to small CoMpanS. The Trustees rewi was apwovgj was sw on of th• Trustees by: Fiona Norcross Company Oirector arhj Trusts• 15 October 2024
PRESTON YOLrrH ZONE LTD (A MponY limited by guaranta•) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF PRESTON Yoimi ZONE LTD Opin5on We have 8uijited.the finanrJal-statwi)ents of Preston Yth Zone Lld (the 'charrtable company) for the pariod en'ded 31 March 2024 comprise the statement of financial activits"es. the balance sheel, the siatemenl of ca5hflow5 and notes to the finawal statements. including a summary of sb3nificant aco)unting kX)liciès. The financial reporting framework that has bn applied in their preparation rs appIable law and United Kingdom Accounting Standards. including Financial Re¥Ing Slandard 102 The FInaral ReptIng sIard applicable in the UK and Republi¢ ol Ireland {United "ngdoM Generally Accepted Accounling Practicel. In our opinion the fina11 statenI& 94ve a trLJe and fair eW of the state of the ¢haritable CoMpY'S affairs as al 31 2024, and of its incoming resources and application of resourras, including it5 income and expenditure, the p8riod Ihen ended: have been propedy prepared adance with Uniled Kingdom Generally Accepled A¢¢oufiting Praciice.. and have been prepafed ffi accordance with the requirements of the Companies kt 2fkn. Ba515 for opinion We conducted our audit in accordance Intemational Stsndarils on Audrtw)g (UK) {ISAs IUKI} and applicable law. Our spOnbIlLeS under those standards are further described in the Audrtorfs responsibilities for the audit of the financial statements section of our rep(yt. We a ind&ndnt of the charitable company in accordance with the ethical requ1m•nI$ that are rdevant to audit of the financial statement5 in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical SponSibl1111es in accordance with these requirements. We believ& that thè audrt eviden we have obtained is suffKlt and appropriate lo provide a basis for our optnion. Coneluslons"r•latinwto going concern In auditing the financKg1 5tatemertts. we have CtUde Ihat the trustees. use of the going concern basis of accotjnling in the preparation of the financial statements is approp¥iale. Based on Ihe work we have perfom)8d, we have not wjentified any material uncertainties relating lo events or conditions that, indNidually or cdlectNely. may cast sKJnificant doubt on the chafitable company's abilrty lo continue as 8 going COnC8m a period of at leasl m(thS from when ihe finanrial 5tatem¢nts ar• authorised for issue. Our responsibiliti8s and the responsibilities ol the trustees SpeCI to gryng conwn are described in the relevant sections of thi5 report. Other inforniation The other informab'on ¢omprises the infomiation inclLKled in the trustees. reFK)rt other than the financial statements and our audf(orfs report thereon. Our opinion on the fmancial statements does not cover the other informatK)n and, exp1 to the exient oththwse explicrtly staled in wr reporL we do not express any fomi of assuranca conclusion thereon. Our respmsibility is lo raad other information and. in do9 so. consider whether the other information Is matenally inconsslent wth.the financial statement5 or r kn¢yMedge obtained in the audit or otherwise appears to be matertally misstated. If we idenltfy such matèrial inconsistencies ¢xapparent malerial misstatements. we are qUId to dglènxinè whèther Ihefe is a material misstatement in the financial statements themselves. If, based on the work we have performed. we condude that thére is a material misstatement of this other infcrtMat. we are required lo rèp(*t tt)at fact.
PRESTON Yoimi ZONE LTD {A company limited by guarant••) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF PRESTON YOUTrI ZONE LTD We have nothing to rep(yt in this regard. Oplrilons on oth•r matt•rs pvèscribed" by the CompaTrles Act 2006 In our w'n¢on, based on the wryk undwtsken in the c(Awse ol the audit: the infomation given in the trustees. report Ivthich indudes the directors, report) for Ihe financial period for which the financial stalemenls afe prepared is ¢onssstenl with the financial statements., and the directors. report have been prepared in a¢wdance with applicable legal requirements. Pllatters on which we are required to r¢p¢rt by UptklTr In the light of our knovAedge and understanding ol the charitable company ar rt5 environment obtsinod in tho ourse of the audit, we have not identffjed rnate mi55tstemen15 in the Jiie¢tors' report. We have nothin9 to report in resp8Ct ofthe follov•ing matters in relatKKTr to which the Ccthpanias Act 2006 requires usso report to you if. in wr Onion= adeqvale accounting racords have not been kepL or retums adequaie fty our audrt have not been reCved from branches not vlsrted by us: or the financial slalements a not in agrèement the accounting records and retLwns.' c certain disclosures of directors, femunerats.on specthed by law are not made". or we have not received all Ihe informalion and expLqnati¢5 we require for s)ur audit: or the tnJ5tees were not entitled to prepare the financial statements in accordance wlh the small compani$' regime and take advantage of the small companies, exempb"on5 in preparing the directors, rewi and trom the reqUIrnent to prepare a strategic r¢FKvL Responsibilities of trustees AS explained more lully in the trustees, respMsibiliknes statement set out on pa9e 7. the trustees (who are also thè ditOrS of thè charitable company for the purposes of.company law} are responsible for the preparation of Ihe financial statements and for b•ng salisfed thai they gNe a true and fair view, and for such internal conlrc4 as the iruslees determine is necessary to enable the preparalion of financial statemenis that are free from material
sstatement, whether dLte to fraud (Y wor.
In preparing the finanfjial ststement$, the Irustees are responsible for a55e551ng the charitable ¢ompany's ability to continue as a going concern. disckjsing, as appltcablè. matters related to going concem and using the gtyng ¢on¢em basis of accounting unless the trustees erther intend to ILquid8te the ¢hawilablè Company or to cease operations, or have no realistic af(emati¥e but to do so_ Audltovs rnsponsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whethèr Ihe financial statements as a whole are Ifee from material misslatemenl. whether due to fraud or error, and lo Issue an auditorf5 report thal indudes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI wll always detect a material missiatement when it exists. Misstatements can arise from fraud or error and are material if, indivHlualty or in the aggregate, they could reasonably be expected to influenc• the ecomIC decisi$ of uws taken Ihe basis ol these financial stalgm8nts. Irregularities. in¢luding fratjd, are instances of non-cOMlance with laws and regulations. We design procedures in line with our reSpOnbIlItS. cwtlined above. to detect material misstatements in reswl of irregularities, including fraud. The extent to which our pr¢xedures are capalje of delecling irwularilies. induding fraud is detailed below-. We k*)tsined an understanding of Ihe legal and regulatory framework applicable lo the c(xnpany and the sedor in which il operates and consdered the risk of n( - compliance wtth applicable laws or regulations. 10
PRESTON YOUTH ZONE LTD {A company limited by guarantee} INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF PRESTON YoiTfH ZONE LTD W8 d&t8minèd that th• following laws and regulations wwé most sKJnificant". the Companies Act 2006. the Charities Act 2011. Accounting and Reporting by Charit. Statement of Recommended Practice applicab lo charities preparing their accounts in accordan wlh the Financial and ReportirKJ Standard applicable to the Unrted Kingdom and Republic of Ireland {FRS1021. tFK)se that relate lo safeguardin9 and child protection and ihose that relate to empknyment law. We ¢Jesned audit procedures to respond to the risk. recogni5ing that the risk of not detecting a material misstatement due to fraud is hher than the risk of not delecling one resulting from error. as fraud may bnvolvg ddib¢iate C(ealmenl. for eXarnp. forgery or inlellbonal misrgpr8sentations. or Ihfwgh coifusion. We obtained an understanding of how the company is conv.n9 th those Wl and regulatory frameworks by making enquiries of the managemenl. We eorroborated enqumes througth our review of board minutes. Our tests also dUded agreeing the financial 51atemeniS disc105ures lo vnderfying supporting documentation. There are inherent limitations bn the audit procedures described above and, the further removed non-compliancè with laws and regUlati(S is from the events and transactions reflected in the financial statements, the less likely we would become awa of it. We did not identfy any key oth"t matters relatiro to irreguLintie5. ¥KludwTrg fraud. We also addressed the risk of management override of inlemal ¢cffitrds, including testing joumals and ev81uating whether there was evidence of Jy"as by the managn8nt or trustees that represenled a risk of matèrial misststement due to fraud. A furthèr description tS our resF¥Msbilities for the audil of the financial siatements is IcKaled on the Financial Reporting Council's ebSite at.. whw.frc.ory.ukjauditrysresponsibiliti.es. This descripth?n fonns part of OUT auth"lor's report. Use of our report This report is made solely to the charitable company's members, as a bryty. in arxordan¢e ¥th Chapter 3 of Part 16 of the Companies Act 2(K16. Our audrt w(xk has been undertaken so that we might state to the charitable company'5 member5 those mattersthe are required to state to them in an audrtcf's report and for no other purpose. To the fulKest extent pemiitted by law. we do nol accept W 855ume rèsrthsibility to anyone other than the charitable company and the chartable Company's members a$ a tr)dy. for our audit work, for this report. or for the opinions we have fom. Cath•rin• Col• FCA (Senior Statutory Auditor) for and on behalf of Donnelly 88ntley Limrted Chartered Accountants Statutory Auditors Hazleme 70 Chorfey New Road 8olton 8L1 4BY 15 October 2024
PRESTON YOUTH ZONE LTD IA ¢omyny limited by guarants•) STATEMENT OF FINANCIAL ACTMTIES INCORPORAnNG INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD 20 JANUARY 2023 TO 31 IAARCH 2024 Unrestricted Restricted fvnd$ funds 2024 2024 Total funds 2024 INCOME FROM: Don8tions and legacie5 Othèr trading activities Investsnents 347,695 1,779 2,192 1.179.500 1.527,195 1,779 TOTAL INCOME 351,866 1 179500 1 531 166 XPENDITURE ON: charitse activities 4.526 168.182 172.708 TOTAL EXPENL)rruRE 4.526 168.182 172,708 NET INCOME BEFORE TRANSFERS 347.140 1,011,318 1.358.458 Transfers befvthn Funds NET INCOME BEFORE OTHER RECOGNISEO GAINS AND LOSSES 347.140 1.011.318 1.358,458 NET MOVEPAENT IN FUNDS 347.140 1.011.318 1.358.458 RECONCILIATION OF FUNOS: Total funds tought f8rd TOTAL FUNDS CARRIED FORWARD 347.140 1,011.318 The notes on pages 15 to 24 fcffti part of these fin£#81 Statements. All Iorne and expen¢Jiture derive ¢(tinuing athivii*S. The Statement of Financial Athities includes all gains and bosses recognised during the year. 12
PRESTON YOUTH ZONE LTD IA Company limil by guar•nteel REGISTERED NUMBER: 14606941 BALANce SHEET AS AT 31 MARCH 2024 2024 FIXED AsseTS Tangble assets 1.012,049 CURRE14T ASSETS 276,042 963.781 Cash at and in hand 1.239.823 CREOITORS." amounts falling due T*ilhin ye 10 893 414 NET CURRENT AsSs ASSETS CHARITY FUIIDS Restricted funds UrKestrithd fvn¢Js 1,011,318 TOTAL FUNDS 1 358 458 The financial $lai¢rnents We apwoved and arthon.sed lor issue by the Truste8s on 1 S October 2024 and Signed on Iheir behaff. by.. Norcross Company Director and Twslee The note$ on page$ 1S to 24 frmi p•1 of Ihese finwcial slatements. 13
PRESTON YOUTH ZONE LTD IA company lom1t by guarantee) STATEMENT OF CASH FLOWS FOR THE PERIOD 20 JANUARY 2023 TO 31 hlARCH 2024 2024 Not• Cash flows from op•rating activitt Net cash provlded by operab.ng actiw.ties 13 1 973,892 Cash flows from inyesling activit*s: Bank interest received Purchase of tangible fixed assets 2,192 1.012.303 Nel ¢ash in Investing activlti 1.010,111 Net Incre In ¢ash and cash equlvalents In the wiod 963.781 Cash and cash equivalwits bght forward Cash and ush ¢quival•nts carriad forward 14 963.781 rhe notes on pages 15 10 24 f(xm part ol these financial stslements. 14
PRESTON YOUTH ZONE LTD IA company limited by gyarant••l NOTES TO THE FINANCIAL STATEMEpirs FOR THE PERIOD 20 JANUARY 2023 TO 31 AIARCH 2024 ACCOUNTING POLICIES 1.1 8asls of preparation of financial Statements The financial slatements have been prepared in a¢¢ordan¢e with Accounting and Reporting by Charities.. Statement of Recommended Practice applicabl8 to charities preparing their account5 in accordarlce with Ihe Finanual Repo"n9 Slandard apicae tn the UK and Republic of Ireland issugd in October 2019. the Financral Repoth'ThJ Standard applicable in th$ United Kingdom and republic of Ireland IFRS 1021 the Chantiès Act 2011. the Companies Act 2006 and UK Generally A¢¢opted Accounting Practice. Preslm Youth Zon¥ Ltd meets the definilion of a pubfic benefft enlity under FRS 102. Assets arKI liabilities are In"alty wcwised at historical cost or transaction Value unkss OtrWise stated in the relevant accounbng polw. 1.2 Company status The company is a company limrted by guarantee incortwaled in England and Wath. The members of the company are thè Trustèes named on page 2. In the event ofthe company bwng wound up, the liability in respect of the guarantee is limited to £10 per member of the Mpafty. The address of the registered office is Suite Ge Atria, Spa Road. 8tyton. UK. BL14AG. 1.3 Income All income is ¥KILKled in Ihe Staiement of Finan¢ial Athiiies (SOFA) (ce the company has tiuemeni io tho income. after any performance conditions have been mel. it is probable that the income will be received, and the amount of income receivable Can be measur8d reliably. For donatic(tS to be fecognised the charity will have been notified of the amounts and the Settment date in writing. If there are any ¢di1)n5 attathed to the donation and Ihis requires a level of perlomance before litment can be obtained, then Incorr is deferred until those conditions are lulty met or the fulfilmenl of those CdIt)N$ is wrthin th8 control of the charity and it is probable that will be fulfilled. Gifts kind donated for disinlxdion arè Includ at valuatson and recognised 85 income when they are distributed to the projects. Gifts (lonated for resalè are induded as income when they are sold. Donated facililies are in¢luded at thè value to the company where this can be quanttheij and a third paty is bearing the cost. No amounts are Ind in the financial slalemenls for ser¥eS thjnated by volunteers. Oonated servus facilities we reccwised whw Ihe company has control over the item. any conditK)ns as50ci8led the Iated rtem have been met. the receipt of economic benefit from the use of the ¢Thnpany of the item is wobable and that )nOmIC benefit can be meawrgd reliably. On receipt. donaied profesgon31 services and donaled faolities we recognised on the basis of Ihe value ol the gift to the company which is the amount the company would have been willing to pay to obtain ServIS or tscilities of equivaleni economic benefit on the open market.. a corresponding amount Is Ihen ¢{yJfi1$ed in expenditure in the pen"oJ of recebpt. 15
PRESTON YOUTH ZONE LTD IA ¢ompany limit•d by guarant••) NOTES TO THE FINANCIAL STATEMEKrs FOR THE PERIOD 20 JANUARY 2023 TO 31 MARCH 2024 Inc(Th& from trading acbvitkes indudes inc(Mre eamed frcrfn fundrai>ng events and trading activities lo raise fund5 for the charity. Income is received in exchange supplying g)ods and services in order to raise funds and is recognised when entitlement has occuffed. Incorne tax recoverable in relati to datr"rS receNed under Gbft AKI or deeds of covenanl is cognised at the D"me of Ihe donatK)n. Incryne lax recoverable in relati( lo inveslment is reccwis8d at the time the investment inwne is {l¥ab. 1.4 Grants Income from govemment aThJ other gran15 are reorynised ai fair value when tha charity has entiuemenl after any performance condib.ons have been met. it is prObae that Ihe income will be recVed and the amojnl can be MeaJred rdiably. If enb"Uemenl is rt Fnet then these amounts afe defefred. 1.5 Int•r•st rnc•ivabl• Interest on funds hehj on deposit is included when TeNable and the amount can be measured riably by the cornpany: this is nonnalty notificat of the int8rest paid or payab by the Bank. 1.6 Expgndlture AJI expenditure is accounted for on an accruals basis and has been CSsfied under headings that aggregate all costs related to the category. Expendituo is rècoynisèd erte there.is a legal or constru¢tive obligation to transfw econiynic benefit to a third party, it is probable that a transfer of economi¢ benefits will be required in settlement and the arnount of the obligation can be measured reliably. Expendilure is claSfied by aclivity. The costs of each activity ar8 made up of Ihe total of direct costs and shared costs, including supp(Ml costs invofved in undertaking each activity. Direct costs attritr¥Jtable to a single activity are allocated direcuy to that activity. Shared ¢osts which contribule to more than one activity and support costs whi¢h are not attributsble to a single activity are aF)P(yton8d betwè8n those ath"vities on a baS consistent with the use of resources. Central staff costs are albcated on the basis of tsme spent. and dep181 charges allocated on Ihe portion of Ihe asset's use. Funthaising costs are those incLwred in Seeng ¥Ontary Contributn$ and do not include Ihe costs of di5semin8ting inf(ymaiion in SUPkXJrt of the ¢haritabk activttTes. Support costs are those costs incurred d1CtlY in support of expenditure on the objects of ihe company. Costs of gerwaling fund5 are Costs incurred in attracb.ng Votuntary income. and those incuNed in Irading actNrties that rnise funds. Charitable activitiesarKI G¢)vwnance ¢osts arecosts incurred on the companls charitable OP8rations, including 5UPPOrt co$ and costs relaling to Ihe g)v8mance of the company apportioned to charitable ath"vities. 16
PRESTON YOUTH ZONE LTD {A cofflpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOO 20 JANUARY 2023 TO 31 PIARCH 2024 1.7 Tangtt>le fixed ass•ts and d¢pre¢iatlon Tangible fixed assets carried at C05t. net of depr8tyati and any Pfovi&on for impaimient. Depreciation is provided at rates calcuL4led to 7write off the cost of fixed assets, less Ihwr eslimaled redual value, over Iheir expgctod useful lives on the following bases.. Computer equipment 33% straWt line Thè property is ¢Lnty under C(stbOn and will not be delated untl construction has been completed. 1.8 Opernting I•S Rentals under operab.ng leases are charged to the Siatement of financial activities incorporalw)g income and expendilure ac¢(nI on a straight line basis over Ihe lease temi. 1.9 Oebtors and creditors receivablelp•yablÈ within on• y•ar Debtors and creditors wth no stated interest rale and re¢eivable or payable within one year are recorded al transacti price. Any losses arising from impairment are recconi5ed in expenditvre. 1.10 Cash at bank and in hand Cash at bank and in hand incfudes cash and short lerm highty liquid vestrnents wth a 5h¢)rt maturity ol three months or less from the date of acquisilbon or opening of the deposit or similar account. 1.11 Provisions Liabilities are Tecognised when the ts an Obla"0n at the Balar sheet date as a result of a past event. it is probablè that a transfer of economic benefft wll be required in settlement, and the amount ol the settlement can be estimated relki14y. 1.12 Financial instruments Thè company only has finanaal assets and financial li#b*lrties of a kind that qualify as basic financial instruments. Basic ffinancial instruments are initially re¢(NJnised at transadK)n value and subsequently measured at thwr settlwnent value with the exception of bank loans ¥thich are 5ubseouenUy measured al amortised cosl u&ng the effective interest melhod. 1.13 Pension5 Thè company opwates a defined Contributm pension scheme and the penyon charge represents the amounts payable by the company to the fund in Spect of the perh)d. 17
PRESTON YOUTH ZOP4E LTD IA company lirnit•d by guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 20 JANUARY 2023 TO 31 MARCH 2024 1.14 Fund accounting Unrestricted fvnd5 are available for usè at the discrèb.on of tho Tfustees in furtherance of th8 gènèral jectNes of the company and whh have not been designated for other PLtrposès. Dèsignated fijnds comprise unrestricted fun(Js that have sèt asid& by the tTUStee5 parb'cular purposes. The aim and use ofeath doswated fund is set in the note lo the a¢¢rwnls. Restricted funds are funds which a lo be used in aCtdanCe wrth specific restridions imposed by donors or which have been faised by Ihe company for particular purposes. The costs of raising and administering such ftJnds are charged against the specific fund. The aim and use of each restricled fund is set out in the rleS to Ihe finanoal ststements. 1.15Tax Tho charity is an exempt charity within Ihe meanin9 of Schedu 3 of Ihe Charilies Act 2011 and 1$ considered to pass the tesl set out in Paragraph 1 Schèdule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. 1.16Judgemenls and k•y sourc•s of estimation uncertaiiity The prèparati¢ of these finartcial slatements requKÈ eèrtain judgements, estim8le$ and assumptions that affect the reported amounts of assets, liabilrties, income and expenses. Estimales and judgements are conlinu3lJy evalvaled and a basèd on historical experience and other fa¢tors. including expectations of futu evenis that are believed to be reaxjnable under the arcumstarKes. 1.17 Golng Concem The financial statements have been prepared on a g¢iThJ concem basis as the Iruslees belTeve that no material uncertainties exist. The trnstees have considered the level of fvnds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is Sufficient with Ihe Ve1 of feserves fc the charity lo be able lo continue as a going concem. INCOME FROM DONATIONS AND LEGACIES Unrestricted funds 2024 R¢stri¢t¢d funds 2024 Total lunds 2024 Donalith 'Goiiemin¢nl grants 347.695 347,695 1.179.500 1,179.500 Tot81 doftalions and legacies 347.695 1,179,500 1.527.195 18
PRESTON YOUTH ZONE LTD {A company limited by gu•r•ntsel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 20 JANUARY 2023 TO 31 MARCH 2024 FUNDRAISING INCOME Unrestricted fund$ 2024 Restricted funds 2024 Total funds 2024 Events inccffje 1.779 INVESTMENT INCOME Vnrestrietod funds 2024 Restri¢tÈd funds 2024 Total funds 2024 Bank Hitgresl rKeived 2,192 SUPPORT COSTS Charitable Activitieg ¢o$ts Totsl 2024 Office costs Insurance Other staff costs Audit fees Accountan¢y fees Marketing Onside management charge5 Young People Development Group aciivity costs Vvages and salaries Pension cost OepreciatKJn - computers 8aftk charges 13.582 620 1.916 4.250 2.450 8.643 120,462 1,326 18,669 327 254 209 172,708 13.582 620 1.916 4,250 2.450 8,643 120,462 1,326 18,669 327 254 209 172 708 Costs of £168,182 are allributsble to restricted funds and costs of £4.526 are attributsble to unrestricted funds. INCOMEIIEXPENOITUREI This is slated after ¢harging- 2024 Depreciation of tangible fixed assets Auditorfs remuneration 254 4.250 19
PRESTON YOUTH ZONE LTD IA company limited by guaranleo) NOTES TO THE FINANCIAL STATEMEPWS FOR THE PERIOD 20 JANUARY 2023 TO 31 MARCH 2024 STAFF COSTS Staff costs were as folIcw. 2024 Wages and salaries Pension costs 18,669 327 18,996 The average number of pwscfft5 erybyed by the ¢ompany during the penc•J was as follows.. 2024 No. Administration Delivery Key management personnel are considered lo be the Chief Executive. The total amount of employee beneffts paid to Ihe key management peTre& fry the pen'trj was £5.845. Ther& afe no employees who rec&ved total employee beneffts of more than £60.000. TANG18LE FIXED ASSETS Preston yOh Zone building under constru¢iion Computsr E¢wipment Total Cost Additi"ons Disposals 1.8.021 4.282 1.012,303 At 31 March 2024 1008 021 4282 1.012 303 Deprneiatlon Charge for the period Eliminated on disposal 254 254 At 31 March 2024 254 254 Net book value At 31 March 2024 1.008,021 4,028 1.012.049 Preston Youth Zone has entwed into a 125 year lease with Preston City Council to lease the bnd on which the buikling is being constfucted.
PRESTON YoufH ZONE LTD IA comp•ny limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 20 JANUARY 2023 TO 31 MARCH 2024 DEBTORS 2024 Other dgbl Prepaymenis and accrued income 275,846 196 276.042 10. CREDtroRS: Amounts falling due within one year 2024 Trade creditors Olher laxalion and social security A¢¢ruals and deferre(1 income 71.815 1.640 812,628 893,414 11. STATEMENT OF FUNDS STATEMENT OF FUNDS- FOR THE PERIOD Balan¢¢ on Incorporation In¢om¢ Expendituro Tran$f•rs Balance at Be??n 31 March Funds 2024 Unrestrict•d Funds General Fur5 351.666 351.666 4.526 4,526 347.14 Restricted Funds Restricted Funds 1.179,gJO 1.179.9)0 168.182 108.182 1011 318 1011318 Total of Funds 1.531.166 172.708 1.3$8.458 21
PRESTON YOUTH ZONE LTD IA ComnY limited by guar•ntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 20 JANUARY 2023 TO 31 MARCH 2024 Restrict•d Funds Balan¢ on Incorporation Income Expenditure Fund Balance at Transf•rs 31 March 2024 yt Investment Fund- revenue grant Ytxjth Inveslnnt Fund- ca"tal granl Ministry of Housing. Communities and Local Govemment Ifomi8rty Depl. for Levelling Up- apitsl grant 167.928 (167.9281 12541 404740 606.578 Total ' 1.179.10 168.182 1.011.318 The restricted funds relate to monres received to lund the initial CC$1¢.0n an¢J fitting wt of Ihe building and the operating costs of PstOn Youth Zone. 12. ANALYSIS OF ASSETS BETWEEN FUNDS Unrestricted Restricted fvnd$ fvnd$ Total fvnds Tangible fixed assets Current assets Creditors due wlhin one year 731 1,239.823 893,414 347,140 1.011.318 1.012,049 1.239,823 893.414 1.3S8,458 1,011318 13. RECONCILIATION OF MOVEMENT IN FUNDS TO NET CASH FLOW FROPI OPERATING ACTIVITIES 2024 Net incomellexpenditurel for the period las per StateMt of Financial Adr¥ities) 1,358,458 Adjustm•nt for: Depreciatiortr charges Bank interest received llncrèaseydèaStr in debtors {decreaseyincrease In eredito 254 {2.1921 .1276.0421 893,414 Net cash provided by operabng actiwit*s 1,973,892
PRESTON YOUTH ZONE LTD IA ¢ompany limit by guarants¢) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 20 JANUARY 2023 TO 31 MARCH 2024 14. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 Cash at bank and in hand 963,781 Total 963,781 15. PENSION COPAMITMENTS The company operates a defined contribution5 pensi scheme. The assets of the scheme are hgld Separately from those of the company in an irvJepwKtently *Jministwed fund. The pension cost charg8 represents contributions payable by the company to the fvnd and amounted to £327. There was £174 of outstanding employer pension contribubrjns al 31 March 2024. 16. TRANSACTIONS wrrH DIREGfoRS During the period, no trustees received any remuneratK)n. During the period. no trustees receNed any beI5 in kind. During the riod. no tnjstees reNed any reimbursement of expenses. 17. RELATED PARTY TRANSACTIONS Fia Norcross, who is a directorof Preston Youth Zone. is a memberofthe key management personnel of Onside. During the period to 31 March 2024. Preston YoLth Zone Ltd paid £585..120 to Onside by way ol a proje Services fee. This fee is charged in relation lo Onside's responsibilty for the devekjpment and delivery of all aspects of Pton Youth Zone including.. fundraising, planning. construction and fit out ol the building, development of partnership5 and community engagement, ruitmenl anrj training of stsff and yUnteerS and so¢uring the first 3 years of revenue fvnding. During the period Ihe charitsble company received donalion5 that amounted to £72.000 from DirectorsrusteeS of the tharilable cornpany ty othw wnpanies with a shared Director John Chesworth, who is a director of Preston Youth Zone, is the independt chair ofthe City of Preston T(Mn Fund Board. Adrian Phillips, who is a director of Prèston Youth Zone. is the chsef executive of Preston City Council. Preston City Cotsncil is the accoLtrntable body for a Tovm's Fund grant from the Ministry ofHosing. CommunttEs and Local Go¥emment IfornEdy Department for Levelling Up. Housing and CcMnmunities)- The role of the T<Mn Fund Board is to dèterminè the allocab.on of this grant and to oversee the preparation and ImpMenta.0n ofthe Ttywn Invesbnent PLan. During the period to 31 March 2024, Preston Youth Zone received £606,578. Preston Y(KJth Zone has entered inlo a 125 yegr Eease wrth pSt0n City Council to lease the land on - which the Youth Zone building is being constructed. P4eston Youth Zone has not been charged any rent in the period to 31 March 2024. 23
PRESTON YOUTH ZONE LTO IA company limit•d by guarante•) NOTES TO THE FINANCIAL STATEMEKrs FOR THE PERIOD 20 JANUARY 2023 TO 31 MARCH 2024 18. CONTROLLING PARTY There is no ¢ffitrc41ing parfy. 24