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2024-03-31-accounts

Young Tongues Annual Report

Period: 2023/2024

1. Executive Summary

The Young Tongues officially became an Incorporated Charitable Organisation (ICO) in September 2023, registered under Charity Number 1204866. During the process of securing a dedicated bank account, a collaborative fundraising agreement was established with the Oracle Cancer Trust (1142037) through the creation of the Young Tongues Fund. This partnership allowed fundraising activities to commence while ensuring all funds raised would be transferred to the Young Tongues once fully operational.

On 15th January 2024, Metro Bank approved and granted a dedicated bank account for the Young Tongues, marking a significant step towards financial independence. Throughout the financial year, the organisation successfully raised a total of £2,679.60 through community fundraising initiatives alone. Operational overheads amounted to £871.14, resulting in a closing balance of £1,807.86.

This financial progress reflects the Young Tongues' commitment to responsible financial management and effective fundraising strategies in its foundational year as an ICO.

2. Income Summary

Date Item description Code Code description Income
15.01.2024 Oracle Cancer Trust - Young
Tongues Fund
207 Community Fundraising £1,900.71
23.02.2024 Eventbrite 207 Community Fundraising £55.00
29.02.2024 Eventbrite 207 Community Fundraising £85.00
11.03.2024 JustGiving 207 Community Fundraising £322.08
18.03.2024 JustGiving 207 Community Fundraising £316.81
TOTAL £2,679.60

3. Expenditure Summary

Date Item description Code Code description Outgoing
26.01.2024 Wordpress 351 Website £100.80
13.02.2024 Scout Insurance Services 330 Insurance £310.00
20.02.2024 Envato - Website theme 351 Website £54.55
20.02.2024 Non-Sterling Transaction 323 Non Sterling Transaction Fee £1.63
22.02.2024 123 Reg Ltd - Website Hosting 351 Website £85.97
14.03.2024 Ohmclothingltd 381 Fundraising Costs £24.28
28.03.2024 Loomly 355 Digital Marketing £285.96
28.03.2024 Non-Sterling Transaction 323 Non Sterling Transaction Fee £8.55
TOTAL £871.74

4. Activities, progress and challenges

As a newly established charity, Young Tongues is committed to building a financially sustainable future that enables organisational growth, delivering on our charitable objectives through daily activities, and developing, as well as implementing good governance principles. The key challenge these first few months of being a registered charity has been limited resources, as our trustee and founder Barbara Fountain operated on a voluntary basis alongside part-time paid employment. However, progress has been made with the successful securing of a grant that will allow Barbara to receive a part-time freelance wage, enabling full-time dedication to the management and development of Young Tongues in the next financial year. As per our constitution a quorum of trustees (without the participation of Barbara Fountain) met and agreed for Barbara Fountain to take on the role of CEO & Founder, in addition to her duties as trustee.

Despite limited resources, the following activities took place during these first few months in alignment with our key objectives:

Objective 2: Awareness & Education

Objective 3: Policy Campaigning

Objective 4: Research

5. Approval and Sign-Off

Prepared By Barbara Fountain Date 06.01.2025

Approved By Laura Marston Date 09.01.2025 Kathryn Hall Susan Smith

End of Report

Date Item description **Code ** Code description Income Outgoing Balance
15.01.2024 OpeningBank account £0.00
15.01.2024 Oracle Cancer Trust - YoungTongues Fu 207 CommunityFundraising £1,900.71 £1,900.71
26.01.2024 Wordpress 351 Website £100.80 £1,799.91
13.02.2024 Scout Insurance Services 330 Insurance £310.00 £1,489.91
20.02.2024 Envato - Website theme 351 Website £54.55 £1,435.36
20.02.2024 Non-SterlingTransaction 323 Non SterlingTransaction Fee £1.63 £1,433.73
22.02.2024 123 RegLtd - Website Hosting 351 Website £85.97 £1,347.76
23.02.2024 Eventbrite 207 CommunityFundraising £55.00 £1,402.76
29.02.2024 Eventbrite 207 CommunityFundraising £85.00 £1,487.76
11.03.2024 JustGiving 207 CommunityFundraising £322.08 £1,809.84
14.03.2024 Ohmclothingltd 381 FundraisingCosts £24.28 £1,785.56
18.03.2024 JustGiving 207 CommunityFundraising £316.81 £2,102.37
28.03.2024 Loomly 355 Digital Marketing £285.96 £1,816.41
28.03.2024 Non-SterlingTransaction 323 Non SterlingTransaction Fee £8.55 £1,807.86
TOTAL £2,679.60 £871.74
Profit and Loss
YoungTongues
For theyear ended 31 March 2024
Account 2024
Turnover
CommunityFundraising £2,679.60
Total Turnover £2,679.60
Gross Profit
£2,679.60
Administrative Costs
Digital Marketing £285.96
FundraisingCosts £24.28
Insurance £310.00
Non SterlingTransaction Fee £10.18
Website £241.32
Total Administrative Costs £871.74
Closing Bank Balance
£1,807.86
Balance Sheet
Account 31 Mar 2024
Current Assets
Cash at bank and in hand
YoungTongues 1,807.86
Total Current Assets 0
Net Current Assets(Liabilities)
0
Total Assets less Current Liabilities
0
Net Assets
0
Capital and Reserves
ClosingBank Balance 1,807.86