2021-03-31-accounts

y-notts (Registered charity, number 224651) Financial statements for the year ended 31 March 2021

Page	Contents
2 - 3	Trustees’ annual report
4	Independent examiner’s report
5	Receipts & payments account
6	Statement of assets & liabilities
7	Notes to the accounts

y-notts Trustees’ annual report for the year ended 31 March 2021

Full name y-notts

Registered charity number 224651

Principal address PO BOX 9065, Nottingham, NG4 9BH

Trustees

Lynne Morgan, Chairman Madge Marshall Sarah Read Natasha McDonald Sonia Rowe Paul Jackson Vivien Sadler Diana Frempong Ben Waymark Neil Robinson, from 21/11/2020

Independent examiner

John O’Brien, employee of Community Accounting Plus, Units 1 & 2 North West, 41 Talbot Street, Nottingham, NG1 5GL

Governance and management

The charity is operated under the rules of its Deed of Variation dated 22/11/2007 and most recently amended constitution adopted on 23/11/2011.

Recruitment is currently a referral by current trustee recommendation. Upon appointment of trustees a majority vote is required.

Objectives and activities

The objects of the Association are the relief of poverty, advancement of education and advancement of religion among women and young people of either sex, in particular but without prejudice to the generality of the foregoing, in the county of Nottinghamshire, by such exclusively charitable means as the charity trustees shall from time to time determine.

Public benefit statement

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit'.

Summary of the main activities undertaken for the public benefit

The charity gives financial assistance in the form of grants to young people usually aged between 15 and 30 for the purpose of furthering their education, training and personal development. Those people wishing to make application should be resident in the Nottinghamshire area.

Our grants are available to all disadvantaged young people in the county of Nottinghamshire regardless of race, creed, ethnicity or previous history.

2

y-notts

Summary of the main achievements during the period

During the period 25 applications were processed with 16 granted and 9 declined. Total awarded during the period £28,397.

Financial review

We are pleased that despite the pandemic reducing the number of applications received, we were still able to support many of those in need.

The charity’s policy on reserves

Our policy on reserves is that unrestricted general funds not committed are invested in interest bearing bank accounts or income generating investment funds until required by the Charity. The Trustees ensure that enough funds are held in reserve to be able to continue the present level of activity for a period of up to one year. This policy is reviewed annually.

Financial risks

Our income is reliant upon the success, or otherwise, of investments, some of which are linked to the stock market. These are managed on behalf of the Charity by Charles Stanley & Co. Limited (investment managers).

Signed on behalf of the charity’s trustees:

Signed ______ Date _ Lynne Morgan, Trustee

3

Independent examiner’s report to the trustees of y-notts for the year ended 31 March 2021

I report to the trustees on my examination of the accounts of y-notts (the charity) for the year ended 31 March 2021.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the accounts do not accord with those records.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed ____ Date _______ John O’Brien MSc, FCCA, FCIE Employee of Community Accounting Plus

4

y-notts Receipts & payments account for the year ended 31 March 2021

2020 £ Receipts 49289 Investment income 49289 Total receipts Payments 60 Bank charges 108 Equipment, repairs & renewals 32 Gifts 36509 Grants & donations paid 216 Home office space 272 Hospitality & refreshments 648 Independent examination fee 70 Insurance 20000 Investment portfolio 79 Memberships & subscriptions 187 Payroll fees 395 Printing, postage & stationery 240 Room hire 964 Telephone & internet 21 Travel expenses 3635 Wages, NI & pension 178 Website 63614 Total payments (14325) Net receipts/(payments) 39382 Cash funds at start of this period 25057 Cash funds at end of this period	2021 £ 37563
	37563
	69 364 55 28397 244 - 660 116 - 79 187 371 - 720 - 3604 25
	34891
	2672 25057
	27729

5

y-notts Statement of assets and liabilities at 31 March 2021

2020 £ Cash assets Note 25057 Bank accounts 25057 Other monetary assets 10285 Debtors 2 885297 Investments 3 895582 Assets retained for the charity’s own use Laptop purchased February 2019, cost £549. General equipment. Liabilities (10688) Creditors 4 (10688)	2021 £ 27729
	27729
	9480 1061063
	1070543
	(17196)
	(17196)

These financial statements are accepted on behalf of the charity by:

Signed _____ Dated _____ Sarah Read, Trustee

6

y-notts Notes to the accounts for the year ended 31 March 2021

1. Receipts & payments accounts

Receipts and payments accounts contain a summary of money received and money spent during the period and a list of assets and liabilities at the end of the period. Usually, cash received and cash spent will include transactions through bank accounts and cash in hand.

2. Debtors

Investment income Prepayment: Insurance nvestments Capital portfolio (market value) Capital account	£ 9424 56 9480 £ 1060524 539
	1061063

3. Investments

The portfolio of investments is managed by Charles Stanley & Co. Limited. The investment management fee charged for the year out of the capital account was £7,138.

4. Creditors

Grants & donations paid Independent examination fee Management fee (capital account) Payroll fees	£ 14631 660 1889 16
	17196

5. Trustees’ remuneration

Trustees received no expenses, remuneration or benefits in this period.

6. Related party transactions

There were no related party transactions in this period.

7. Glossary of terms

Creditors: These are amounts owed by the charity, but not paid during the accounting period.

Debtors: These are amounts owed to the charity, but not received in the accounting period.

Prepayments: These are services that the charity has paid for in advance, but not used during the accounting period.

7