CHARITY REGISTRATION NUMBER.. 1207223 Gateshead Youth Project Unaudited Financial Statements 30 November 2024 HAFFNER HOFF LTD Accountants 2nd Floor- Parkgales Bury New Road Preslwich Manchester M25 OTL Gateshead Youth Project Financial Statements Period from 27 February 2024 to 30 November 2024 Page Trustees, annual report Statement of financial activities Statement of financial position Notes to the financial stalements Gateshead Youth Project Trustees, Annual Report Period from 27 February 2024 to 30 November 2024 The trustees present their report and the unaudited financial statements ol the charity for the perlod ended 30 November 2024. R8f•rencè and administrativè details Reg15tered ¢harlty name Gateshead Youth Project Charity rgglstration numb•r 1207223 Principal office 30 Denmark Street Gateshead NE8 1NQ The tru$t¢g$ M Dresdner J Kaufman P Abenson (Appointed 27 February 20241 (Appointeé 27 February 20241 (Appointed 27 February 20241 Ac¢ountant$ Haffner Hoff Ltd Accounlanls 2nd Floor- Parkgates Bkjry New Road Pyèstwich Manchesltsr M25 OTL Gateshead Youth Project Trustees. Annual Report l¢oniinuedl Period from 27 February 2024 to 30 November 2024 Stru¢ture, governance and management Gateshead Youth Projèct is ¢onslituted by a ¢onstilulion and is 8 Charitable Incorporated Organisation ICIOI. 11 was r8gisl&red as a Gharily on 27 February 24 with a charity number 1207223. Recruitment and appointment of new trustees would be in line with Ihe conslilulion and with the consent of the trustees. The criteria set for the SLJilable candidate would be someone who is sensitive to the needs and demands of the organisalion. There is no chief executive officer. The day-104lay affairs are undertaken by the trustees. All major decisions are taken collectively by the trustees, and 211 the trustees give of their lime freely. The trustees are unpaid, and delails of any related party transactions are disclosed as applicable in the notes to the accounts. Th8 arrangèments for setting the pay of the charity's employees are the sole domain of the trustees. There are no polic1es for the induction or training of new trustees. Rlsk review The trustees aGtively ieview the major risks which the charity laces on a regular basis and believe that m3inlaining reserve5 al the current level, combined with an annual review ol controls over the key financial systems, will provide sufficient resources in the event o12dverse conditions. The Iruslees have also examined other operational and business risks laced by the chaiily and confirm Ihal there are estsblished systems lo miligale the significant risks. The risks faced by the trust are principally operational risks from inÈffe¢tive grant making. These risks are managed by thè trustees res&ar¢hing potential beneficiaries before granting donations. Report back and review procedures strengthen these safeguards lo ensure public benefit is achieved from all grant5. Gateshead Youth Project Trustees, Annual Report1¢gnllnuedJ Period from 27 February 2024 to 30 November 2024 Objectlves and a¢tivities The objects of the CIO are as follows.. To act as a resour¢e for ¢hildren and young people livirig in Gateshead and the surrounding areas by prOv￿ding advice and assistance and organising programrnes of physical, educational and other a¢ty'vilie$ 8$ 8 means of.. al advancing in life and helping ¢hildren and young people by developing their skills, capacities and capabilities to enable them lo participate in 50ciely as independent, mature and responsible individuals. bl providing recreational and leisure time a¢tivity in the interests of social welfare for children and young people with a view lo improving the condition5 of life of such persons., including by the provision of grants lo other organisations with similar objects Public benefit The Iruslees confirm that they have referred to the guicsance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning fLJture activities and selling grant making policy for the year. Grant making policy There were no grants paid during the year. The trustees Consider they have mel the public benefit lesl and outline these achievements below. The trustees will set up a system lo measLJrè the success of achièving thè Staled aims In future periods. The trustees consider the shorter-lerm aims lo be similar lo the longer term aims and assess the achievement of the charity in the same way. Achièvements and pèrforman¢e The charity received £4,981 in donations during the year of which £NIL was paid out by way of direct Costs, grants and support cosls. These activities and grants were made in line with the slated objects of the charty. The charity has low govern8nce costs comprising professiona1 fees. Grants made during the year are as detailed in the a¢¢ounts. Thère were no material fundraising Costs during the year. There were no relaled party transactions during the year. There was a net income and nel movement in funds for the year amounting lo £4,981. Gateshead Youth Project Trustees. Annual Report (¢ontlnued) Period from 27 February 2024 to 30 November 2024 Flnan¢lal review Reserves policy The unrestricted fund represents the unrestricted funds arising from past operating results. The Iiuslees are satisfied that the balance of the fund is an acceptable level of reserves given th$ nature of revenue receipts against grants payable and will aim in future to have more reserves in hand for any eventuality. In Considering the limited financial obligations of the charity, the Iruslees have resolved lo mainlain a minimum reserve roughly equal lo the nel current assets of the charity. The I￿e reserves being Ihe net ¢urienl assets sland at £4.981. all of which are unreslricled. The Iruslees, annual report was approved on 23 October 2025 and signed on behalf of the board of Iruslees by.. P Abenson Trustee Gateshead Youth Project Statement of Financial Activities Period from 27 February 2024 to 30 November 2024 Perlod from 27 Feb 24 to 30 Nov 24 Ullrestricled funds Total funds Note Income and endowments Donations and legacies Total income 4,981 4,981 4,981 4,981 Nèt income and nat movèm•nt in fund$ 4,981 4,981 Reconciliation of funds Total funds brought forward Total funds carried foThvard 4.981 4,981 The statement of financial activities inclLJdes all gains and losses recognised in the year. All income and expendiltjre derive from Continuing a¢livilies. The notes on page5 7 to 10 form part of these finanelal statements. Gateshead Youth Project ststement of Financial Position 30 November 2024 30 Nov 24 Note Currènt assets Cash al bank and in hand 4.981 Net current assets 4,981 Total assets less ¢urrent liabilities 4,981 Funds of the Charity Unrestricted funds 4,981 Total charity fund$ 4,981 These financial statements were 8pproved by the board of trustees and authorised for issue on 23 0¢to￿r 2025, and are signed on behalf of the board by.. P Aben$¢n Trustee The note5 on page5 7 to 10 form part of these financial 5tatement5. Gateshead Youth Project Notes to the Financial Statements Period from 27 February 2024 to 30 November 2024 General information The charity is 8 public benefit entity and a r&gist8rèd charity in England and Wales and is a Charitable Incorporated Organisation. The address of the principal office is 30 Denmark Street, Gateshead NE8 1NQ. Statemgnt of ¢omplÉance These financial slalemenls have been p￿pared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Slalemenl of Recommended Practice appliGable lo charities preparing their accounts in accordance with the Financial Rèporting St8ndard applicable in the UK and Republic ol Ireland IFRS 1021 Icharilies SORP IFRS 10211 and the Charities Act 2011. Accounting policies Basls of preparation The financial statements have been PTep8red on the historical cost basis, as modified by the revaluation ot certain financial assets and liabilities and investment properties rneasured at fair value through income or expenditure. The financial slalements are prepared in slerling. which is the functional currency of the enlily. Going concern There are no rllalerial uncertainties about the charity's abilrty lo Continue. Judgements and key $our¢es of estimation uncertainty The preparation ol the financial statements did not require management lo make judgement5, eslimales and assumptions that affect the amounts r$FX)rted. Fund accounting Unreslricled funds are available for use at the discretion of the Iruslees to fLJrther any of the charity's purposes. Designated funds am kJnrestri¢l&d funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected lo restrictions on their expenditure declared by the donor or through the terms ol an appeal and fall into one of two sub-classes.. reslricled income funds or endowment funds. Gateshead Youth Project Notes to the Financial Statements icontinued) Period from 27 February 2024 to 30 November 2024 Ac¢ounting policies (conlinuedl Incomlng rèsaur¢e$ All incoming resources are included in Ihe statement of financial activities when enlillement has passed lo the charity., it is probable that the economic benefits associated with the transa¢lion will flow to the charity and the amount can be reliably measured. The following spe¢ifiG policies are applied to particular Galegories of income.. income from donations or grants is re¢ognised when there is evidence of entitlement to th& gift, receipt is probable, and ils amount can be measured reliably. legacy income is recognised when receipt is piobable and entillemenl is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale valLJe. Donated fa¢ilities and services are reco9nised in the accounts when re¢eived il the value can be reliably measured. No amounts are in¢luded for the contribution ol gener81 volunteers. income from contra¢ts for the supply ol services is recognised with ihe delivery of the contractèd servi¢è. This is olassified as unrestricted funds unless there is a conlraclual requirement for il lo be spent on a particular purpose and returned if unspent, in which case il may be regarded as restricted. Resources expèndèd Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is ¢lassified under headings ol the statemenl ol financial activities to which it relates-. expenditure on raising funds includès the ¢osts ol all fundraising activities, events, non-charitable trading activities. and th& sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneliciar1es. includin9 those support costs and costs relating to thè govem8nce of the charity apportioned lo charitable activities. other expenditure includes all expenditure that is neither related lo raising funds for the charity nor part of ils expenditure on charitable aclivilies. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs allributable lo a single activity are allo¢ated directly to that a¢tivily. Shar&d costs are apportioned between the activities they conlribute to on a ￿asonable. justifiable and consislenl basis. Financial instrurnents A financial asset or a financial liability is ￿cOgnised only when the charity becomes a party to the conlraclual provisions of the inslrumenl. Basi¢ financial instruments are initially recognised al the amounl receivable or payable including any related transaction costs. Gateshead Youth Project Notes to the Financial Statements (¢on¢inuedl Period from 27 February 2024 to 30 November 2024 Accounting policles (conlinuedj Flnan¢i•l instruments l¢ontirtuedJ Current assets 2nd current liabilities are subsequenlty measured al the cash or other consideration expected lo be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publi¢ly traded or their fair value can otherwise be measured reliably, the investmènt is subséquently measured 81 fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequèntly measL¢red al cost less impairment. Other financial instrumènts. including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that Is not a market rate, in which case the asset is measured at the present value ol the future payments discounted al a market rate of interest IDr a similar debt instrument. Other financial instruments are subsequently measured al fair value, with any changes recognised in the slal8menl of financial aclivilies, with the exception of hedging instruments in a degignaled hedging relationship. Financial assets that are measured al Cost or amtsrtised oosl are reviewed for objective evidencè of impairment al the end of each reporting dale. If Ihere is obiec11ve evidence of impairment. an impairment l(>ss is recognised under the appropriate heading in the slalemenl of financial activities in which the initial gain was recognised. For all equity instruments fegardless of signifi¢8n¢e, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either a$5essed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, lo the exlenl that the reversal does not result in a carrying amount of the financial 8S5el that exceeds what the carrying amount would have been had the iTnpairmenl not previously been recognised. Donations and legacies Unrestricted Total Funds Funds 2024 Donations Donations 4,981 4,981 Staff costs The 8ver8ge head count of employees during the period was Nil. No employee received employee benefits of more than £60.000 during the year12024'. Nill. Gateshead Youth Project Notes to the Financial Statements (continued) Period from 27 February 2024 to 30 November 2024 Trustee remuneration and expenses No remun$ration or other benefits from employment with the charity or a rèlatèd enlily were received by the trustees. Analysis of charitable funds Unre$trl¢t¢d funds At27 Feb 2024 At30 Nov 2024 In¢ome General funds 4,981 4,981 Analysls of n¢1 assets between funds Unrestricted Total Funds Funds 2024 Current assets 4,981 4.981 Taxation Gateshead Youth Project is a registered charity and therefore is not liable lo income lax or corporation tax on income derived from its charitable activities, as il falls within the various exemptions available to registerèd charitiès. 10