Charlty No: 229988 North West Young People's Development Trust Report and Accounts For The Year Ended 31 March 2022 (g mha MOORE & SMALLEY
NORTH WEST YOUNG PEOPLE'S DEVELOPMENT TRUST CONTENTS Page Charity information Trustees, annual report Independent examinerfs report Statement of financial activities Balance sheet Notes to the accounts
NORTH WEST YOUNG PEOPLE'S DEVELOPMENT TRUST TRUSTEES AND ADVISERS CHARITY INFORMATION Trustees who served in the year Mrs K M Barton JP FCA Mr N J Clough LLB Mr M J Hanson BA FCA ACIB Ms W Priscott Chair of Trustees Mrs K M Barton JP FCA Charity number 229988 Charity administrator Mr M J Hanson Honorary Treasurer Charity address Mrs K M Barton JP FCA 16 Eden Park Road Cheadle Hulme Cheadle Cheshire SK8 6RG Independent examlner N Mason FCA DChA MHA Moore and Smalley Richard House 9 Winckley Square Preston Lsncashire PR1 3HP Sollcltors Bromleys Solicitors LLP 50 Wellington Road Ashton-under-Lyne Lancashire OL6 6XL
NORTH WEST YOUNG PEOPLE'S DEVELOPMENT TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022 The trustees present their report and the unaudited financial statements of the eharily for the year ended 31 March 2022. The trustees have adopted the provisions of the Statement of Recommended Pracliee ISORPI Accounting and Reporting by Charities" IFRS1021 in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in notes lo the accounts and comply with the charity's goveming document, the Charities Act 2011 and Accounting and Reporting by Charities." Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. Structure. governanco and managgment Governing document and history The Trust was established and regulated by indenture dated 29 September 1856 and subsequently amended by a scheme of the Charity Commissioners in 1876 and by schemes made by the Board of Education in 1903 and 1925. In 1903, the Trust acquired land in Poullon-Le-Fylde on which a school was built lo provide for the education and accommodation of underprivileged young men from the North West area. Additional land was purchased for agricultural education purposes. In 1973 the propety was taken over by Lancashire County Council who ran it as a controlled community home until 2006 when il ceased operation. In 1994 the Trust's powers were extended and the scheme was regi3lered with the Charity Commission on 15 February 1994. The charity's name was changed to North Wesl Young People's Development Trust. In 2013 the buildings and 54 acres of land were sold for development purposes for £6,091,694 leaving 79 acres of agricultural land which the Trust retains and receives rental income from an Agricultural Tenancy. It is the intention of the Trust to retain the exisb'ng, and potential future sale proceeds and to utilise such funds to meet ils objectives. OrganiTsatiTon of the charity The charity and its property are administered and managed by the body of trustees listed on page 1. The body of trustees consists of 4 co-opted Iruslees, appointed for a term of 5 years by a resolution of the trustees passed at a special meeting. The Iruslees meet at least four times a year. The Trustee Body is responsible for maintaining effective Board succession strategies and for the Recruitment, appointment and induction and training of new Iruslees. The Trust seeks to maintain the necessary range of skills and experience within the Trustee Body to ensure that it is effectively managed and meets the charitable objectives.
NORTH WEST YOUNG PEOPLE'S DEVELOPMENT TRUST TRUSTEES. ANNUAL REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 Objectives and activities The Constitution and Instrument of Management allows for the application of income from the charity being disbursed for the benefit of young persons under the age of 25 years in the following manner". in promoting the education (including the social and physical training) of such persons who are in need of financial assistance in such ways as the Iruslees think fit,. b for the relief of such persons who are in condition5 of need, hardship or distress either in gifts in kind or grants of money. The trustees have embarked on a project of researching, investigating and interviewing to seek out well slruclured, effective and efticienl Servi providers with a proven track record of helping and developing young people with a view to partnering with them in sustainable relationships to channel distributions in the future. Grant making policy A policy for the assessment and awarding of grants is in place to ensure that grant making activities are relevant to and contribute to the achievement of the aims and objectives of the charity. Public benefit The trustees have considered the Charity Commission guidance on public benefit and are taking this into account when considering the options available for ulilising the funds. Distributions from income were made during the year to the organisations set out in note 5 to support key projects in the North West. Achievements and performance Main achievements of charity during the year The trustees have effectively managed the remaining land assets under their control and have prepared and implemented formalised grant making processes, an enhanced Risk Management Framework and administrative policies and procedures. Investments are in place to produce a stream of income which can be distributed lo partners who meet the requirements of OLJr due diligence processes. Financial review During the year, the Iruslees invested no additional funds into the COIF Charities Investment Fund. The fair value of these Investments at 31 March 2022 was £5,787,463. The Trust received dividends of £172,11612021'. £166,738) on these investments during the year. The charity has a net surplus for the year before transfers and gainsllosses on investments held of £64,682 12021". £106, 1411. Details are shown on the Statement of Financial Activities on page 6. The net increase in funds after taking account of unrealised investment gains of £492,148 was £556,830. The net assets of the charity at 31 March 2022 amounted lo £6,764,54212021." £6,207,712). Investment policy The intended benefit of the investment policy is to create sufficient income and Capital growth to enable the Trust to carry out ils purposes consislenlly year by year with due and proper consideration for future needs and the maintenance of, and if possible, enhancement of the value of Invested funds whilst they are retained. The spread of investments and national and world events continues lo be monitored. The Iruslees have agreed to never commit expenditure prior to receiving income and to continue investing in regulated charitable investment funds rather than speculatively or via unregulated fund$.
NORTH WEST YOUNG PEOPLE'S DEVELOPMENT TRUST TRUSTEES. ANNUAL REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 Resenies pollcy The general unrestricted reserves as at the year end were £6,764,542 12021.. £6,207,7121. The trustees have adopted a reserves policy which is in line with the Charity Commission Charity Financial Reserves guidance, which aims lo protect the Trust from drops in income whilst allowing Il to take advantage of new opportunities. Tax status The charity has exempl status through its registration with the Charity Commission. Plans for future periods The Iruslees will continue lo support local organisalions by the way of making grants. This report was approved by the Iruslees on 3010112023 and signed on their behalf by.. Mrs K M Barton JP FCA
NORTH WEST YOUNG PEOPLE'S DEVELOPMENT TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 I report to the Charity trustees on my examination of the accounts of the charity for the year ended 31 March 2022 which are sel out on pages 6 to 13. Responslbllltles and basls of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe Acl'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in Carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my allenlion in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act,. or the accounts do not accord with those records", or the accounts do not comply with the applicable requirements coneerning the form and content of accounts set out in the Charities IAccounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view, which is not a matter considered as part of an independent examination. 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. Nicola Mason FCA DChA MHA Moore and Smalley Chartered Accountants Preston 3010112023
NORTH WEST YOUNG PEOPLE'S DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 Unrestrlcted General Funds Total 2022 Total 2021 Note Income from.. Investments Other 181.315 355 181,315 355 180,007 382 Total income 181,670 181,670 180,389 Expendlture on: Raising funds Charitable activities 2,144 114.844 2,144 114,844 3,089 71,159 Total expenditure 116.988 116,988 74,248 Net surplus before gainslllossesl 64,682 64,682 106,141 Net gainsl{losses) on investments 492.148 492,148 823,400 Net movement in funds 556,830 556,830 929,541 Reconciliation of funds: Total funds brought forward at 1 April 2021 6,207,712 6,207,712 5,278,171 Total funds carried forward at 31 March 2022 6,764.542 6,764,542 6,207,712 All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above. All income and expenditure in the year ended 31 March 2022 and 31 March 2021 related lo unreslricled funds.
NORTH WEST YOUNG PEOPLE'S DEVELOPMENT TRUST BALANCE SHEET AS AT 31 MARCH 2022 Unrestrlcted funds 2022 2021 Note Fixed assets Investments 5,930.463 5,930,463 5,438,315 5,438,315 Current assets Debtors Cash al bank and In hand 836.037 771,210 836.037 771,210 Creditors: Amounts falling due within one year 11.9581 11,8131 Net current assets 834.079 769,397 Net assets 6,764,542 6,207,712 Funds of the charity: Unrestricted funds 6,764,542 6,207,712 Total charity funds 6.764.542 6,207,712 All assets and liabilities in the current and previous year relate to unrestricted funds. This report was approved by the Iruslees on 3010112023 signed on their behalf by.. Mrs K M Barton JP FCA
NORTH WEST YOUNG PEOPLE'S DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollcles Basis of preparation The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charib'es." Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and UK Generally Accepted Accounting Practs.. The financial statements have been prepared lo give a 'true and fair, view and have departed from the Charities IAccounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities.. Slalement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost convents'on, modified lo include rtain items at fair value. The fi'nancial statements are presented in sterling which is the functional currency of the charity and rounded lo the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise slated. Going concern The financial statements have been prepared on a going concern basis and the trustees believe that no material uncertainties exist. The trustees consider that the Charity has sufficient reserves lo meet liabilities as they fall due for a period of at least twelve months from the dale of signing the accounts. Income recognition All income is recognised once the charity has enlitlemenl to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. The charity is not registered for VAT,. expenditure is accounted for inclusive of VAT. Grants payable are payments made lo third parties in furtherance of the charitable objects of the Trust. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainly as to the liming of the grant or the amount of grant payable.
NORTH WEST YOUNG PEOPLE'S DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollcles {contlnuedl Costs of raising funds The costs of raising funds consist of insurance costs, repairs and maintenance costs associated with the income receivable on investment properties. Charitable activities Costs of charitable activities include grants made, governance costs and legal and professional fees. Investment propertles Investment property is held by the charity to earn rental income or for capital appreciation or both. Investment property is measured at the Iruslees, estimate of fair value based on an online valuation source. Fixed asset investments Investments are a form of basic financial Instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet dale using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Ttust does not acquire put options, derivatives or other complex financial instruments. Realised gains and losses All gains and losses are taken lo the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proTreds and their opening carying value or their purchase value If acquired subsequent lo the first day of the financial year. Unrealised gains and losses are calculated as the difference beeen the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Fund accountlng General unrestricted funds represent funds that are not subject to any restrictions regarding their use and are available for application on general purposes by the charity. Financial instruments Financial instruments are classified and accounted for, according lo the Substan of the conlraclual arrangement, as either financial assets, financial liabilities or equity inslrumenls. An equity instrument is any contract that evidences a residual interest of the Trust after deducting all of its liabilities. Significant estimates and judgements The only significant estimate used in the accounts is the fair value of investment property which is based on an estimated market value from an online valuation source.
NORTH WEST YOUNG PEOPLE'S DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Investment Income Unrestricted 2022 2021 Property investment Income Deposit account Interest Dividends receivable from COIF investments 8,050 1,149 172,116 11,460 1.809 166,738 181.315 180,007 Other Income Unrestricted 2022 2021 Substation and wayleave 355 382 355 382 Ralslng funds Unrestricted 2022 2021 Premises Costs Property insurance Repairs and maintenance costs Subscriptions Other premises costs 682 356 1,739 558 257 535 1,106 2,144 3,089 -10-
NORTH WEST YOUNG PEOPLE'S DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Expendlture on charltable actlvltles Unrestricted 2022 2021 Direct costs Grant paid - Fortalice Grant paid - Power 2 Ltd Grant paid - Manchester Carers Grant paid - The PrInS Trust Grant paid- Manchester YMCA Grant paid - MyBnk Grant paid - Manchester Young Lives Grant paid - Well Minds Grant paid - Outward Bound Trust 10,000 10,000 15,000 15,000 25,000 25,000 15,000 15,000 12,680 5,000 22,750 105.430 65.000 Support costs Legal and professional fees Website costs 5,862 484 3,248 213 6,346 3,461 Governance costs Legal and professional fees Trustee indemnity insurance Trustee meeting expenses Bank charges Independent examiner's fee 449 612 173 54 1,780 367 533 257 1,485 3,068 2,698 114,844 71,159 Governance costs Support Total costs Total costs Basis of costs 2022 2021 apportionment Legal and professional fees Website costs Trustee indemnity insurance Trustee meeting expenses Bank charges Independent examinerfs fee 449 5,863 483 6.312 483 612 173 3,615 Time spent 213 Support 533 Governance 257 Governance 56 1,485 Governance 612 173 54 1,780 1.780 3,068 6,346 ,414 6,159 Indomnity insurancg Professional indemnity insurance al a cost of £612 was held during the year to 31 March 202212021". £5331 tts indemnify the trustees against potential claims.
NORTH WEST YOUNG PEOPLE'S DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Related party transactions There were no transactions with related parties in the current or previous year. Trustees, remuneration and expenses No remuneration was paid to the Iruslees in respert of their services as trustees during the year. Expenses of £17312021. £2571 were incurred in respect of the Iruslees, meeting expenses. Fixed asset investments COIF Investment Charities Property Investment Fund Total Fair value as at 1 April 2021 Additions Disposal proceeds Nel investment gains 143,000 5,295,315 5.438.315 492,148 492,148 Fair value at 31 March 2022 143.000 5,787,463 5.930.463 Historical cost al 31 March 2022 151,478 3,841,800 3,993,278 The fair value of the investment property is based on the Iruslees, estimate of the market value at 31 March 2022 based on an online valuation source. 10 Debtors due within 1 year 2022 2021 Accounts receivable -12-
NORTH WEST YOUNG PEOPLE'S DEVELOPMENT TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 11 Credltors.. amounts falllng due wlthln one year 2022 2021 Accruals 1,958 1,813 1,958 1,813 12 Inalienable and historic fixed assets The Trust owns land at Garstang Road, Blackpool, which is not included in the aceounls. The original cost of the land is not known. The Trustees consider that the costs involved in obtaining a valuation would outweigh the benefits that would be derived by users of the accounts. -13-