2023-08-31-accounts - Hitchin Youth Trust

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				Pages
Trustees' annual report (incorporating		the	Directors' report)	1to 11
Independent auditor's	report to the members			12to 15
Statement offinancial	activities (including		income and
expenditure account)				16
Statement offinancial	position			17
Notes to the financial	statements			18to 27

Reference	and adm	inistrative	inistrative	details
Registered	charity	name		Hitchin Youth Trust
Charity registration		number		302398
Company	registration		number	00399872
Principal office and offic		registered		Lamboume House 111Walsworth Road
				Hitchin
				SG49SP
The trustees
				Mr P AT Kelly
				Mr AJ Hardy Mrs J Morgan		Resigned 31"January 2024
				Mr D RMclntosh
				Mr T C Stalkartt
				Miss L Evans
				Mrs C Skeels
				Mrs SBrown
				Mrs AJ Mills
				MrJ G Edwards
				Mrs T Hoque
				Mrs J Donnelly
				Ms K Sabine
				Mrs SWatkinson
				Ms G Carpenter
				Mrs FHojeer		Appointed		28'" February 2024
Company	secretary			Mr D R Mclntosh Mrs SWatldnson		Resigned 27e September 2023 Appointed 27" September 2023
Auditor				Hicks and Company
				Chartered Accountants	and	Statutory	Auditors
				First Floor
				99Bancroft
				Hitchin
				SGS 1NQ
Bankers				Barctays Bank
				5/8 High Street
				Hitchin
				SG5 1BJ

Year end	ed 31August	2023
Investment	managers	UBS Wealth Management	Limited
(Until April	2023)	5Broadgate
		London
		EC2M 2QS
Investment	managers	Cazenove Capital
(From April	2023)	1 London Wall Place
		London
		EC2Y 5AU

Aid awards approved	and cancelled	and cancelled	during the year	during the year	during the year	were:
								2023	2022
									8
Organisational awards								40,115	30,558
Organisational awards	—Mental	Health Recovery
(COVID-19 support)									75,000
Personal grants								26,521	22,570
School trip grants								9,448	10,553
Bursary awards								5,300	1,830
Tracy Ryan Hardship	Fund							110	886
Photocopying for Youth Organisations								346	274
Total grant aid awards								81,840	141,671
Unclaimed grants over the last 5		years therefore			cancelled			(7,715)	(11,417)
Organisational award	for Mental	Health		Recovery		redesignated	in
year ended 31 August	2024 towards		counselling		project			(15,197)
Total awards cancelled								(22,912)	(11,417)

whi	ch	is made	up of:
							2023
							8
		Net expense					(76,325)
		Realised	gain on investments				152,887
		Unrealised loss on revaluation		ofinvestments			(46,387)
		Total net increase in funds					30,175
As	at	the 31 August 2023 the Trust		had Unrestricted	General	Funds ofE4,958,345	This comprises:
							2023
							8
		Tangible	fixed assets and investments				4,947,624
		Current	assets				50,801
		Current	liabilities				(40,080)
		Total					4,958,345

							2023	2023	2022
							Unrestricted
							funds	Total funds	Total funds
						Note		8	f
Income and endowments
Donations and legacies						5	50,845	50,845	38,780
Investment income						6	62,576	62,576	16,489
Total income							113,421	113,421	55,269
Expenditure
Expenditure on raising funds:
Net investment		management		costs		7	20,228	20,228	31,410
Expenditure on charitable			activities			8,9	169,518	169,518	213,848
Other expenditure						10
Total expenditure							189,746	189,746	245,258
Net(expense)							(76,325)	(76,325)	(189,989)
Net gains/(losses)	on investments					11	106,500	106,500	(822,998)
Net income/(losses)		and	net movement		in funds		30,175	30,175	(1,012,987)
Reconciliation of	funds
Total funds brought		forward					4,928,170	4,928,170	5,941,157
Total funds carried		forward					4,958,345	4,958,345	4,928,170

			2023	2022
		Note
Fixed assets
Tangible fixed assets		15	123,505	124,285
Investments		16	4,824,119	4,876,434
			4,947,624	5,000,719
Current assets
Debtors		17	4,579	4,714
Cash at bank and in hand			46,222	10,103
			50,801	14,817
Creditors: amounts	falling due within one year	18	(40,080)	(87,366)
Net current liabilities			10,721	(72,549)
Total assets less current liabilities			4,958,345	4,928,170
Net assets			4,958,345	4,928,170
Funds ofthe charity
Unrestricted funds			4,958,345	4,928,170
Total charity funds		20	4,958,345	4,928,170

			Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2023	Funds	2022
				E	E	E
Donations
Donations					35	35
Other donations		and legacies
Cost of providing		facilities free of
charge to other youth organisatfons			50,845	50,845	38,745	38,745
			50,845	50,845	38,780	38,780
Investment	income
			Unrestricted	Total Funds	Unrestricted	Total Funds
			Funds	2023	Funds	2022
			E	E	E
Income from	listed investments		57,209	57,209	16,205	16,205
Bank interest	receivable		5,387	5,367	284	284
			62,576	62,576	1B,489	16,489

Investme	nt management cos	ts
		Unrestricted	Total	Funds	Unrestricted	Total	Funds
		Funds		2023	Funds		2022
		E		E	E		E
Porffolio	management	20,228		20,228	31,410		31,410
		20,228		20,228	31,410		31,410

Expenditure on	ch	arit	able	activities	by fund type
					Unrestricted	Total Funds	Unrestricted	Total Funds
					Funds	2023	Funds	2022
						g	F	6
Grants, Awards, Bursaries and
Donations					85,385	85,385	150,863	150,863
In house Youth Groups					79,123	79,123	58,215	58,215
Supportcosts					5,010	5,010	4,770	4,770
					169,518	169,518	213,848	213,848
Expenditure on charitable				activities	by activity type
					Activities		Total	Total
					undertaken	Support	funds	funds
					directly	Costs	2023	2022
							E	6
Grants, Awards,	Bursaries			and
Donations					85,385		85,385	150,863
In house Youth Groups					79,123		79,123	58,215
Governance costs						5,010	5,010	4,770
					164,508	5,010	169,518	213,848
Other expenditure
					Unrestricted	Total Funds	Unrestricted	Total Funds
					Funds	2023	Funds	2022
					6	8		f:
Loss on disposal	of	tangible		fixed
assets held for charity's			own	use
Net gains/(losses)		on	investments
					Unrestricted	Total Funds	Unrestricted	Total Funds
					Funds	2023	Funds	2022
					5	E		5
Realised gains/(losses)			on fisted
investments					152,887	152,887	(87,196)	(87,196)
Unrealised (losses)		on listed
investments					(46,387)	(46,387)	(735,802)	(735,802)
Net gains/(losses)	on investments				106,500	106,500	(822,998)	(822,998)

Net income i	s stated after charging/(crediting):
		2023	2022
		R	6
Depreciation	oftangible fixed assets	780	587
Loss on disposal oftangible fixed assets
Fees payable	for the audit ofthe financial statements	1,650	1,570

Staff co	sts
The tote'I	staff costs	and	employee		benefits for		the reporting	period are analysed as follows:
								2023 R	2022 f
Wages and salaries								16,099	13,889
Employer	contributions		to pension		plans			296	230
								16,395	14,119
The average head		count of employees				during	the year was	1 (2022: 1).The average	number of
full-time	equivalent	emp'loyees		during the year			is analysed as follows:
								2023	2022
								No.	No.
Number	ofstaff							1	1

15. Tangible fixed assets
		Furniture,
	Freehold	Fixtures
	Land and	and
	Building	Equipment	Total
		6	6
Cost or valuation
At 1 September 2022	121,429	8,782	130,211
Additions
Disposals
At 31August 2023	121,429	8,782	130,211
Depreciation
At 1 September 2022		5,926	5,926
Charge for the year		780	780
Disposals
At 31August 2023		6,706	6,706
Carrying amount
At 31August 2023	121,429	2,076	123,505
At 31 August 2022	121,429	2,856	124,285

g g ppy F117,929. The total cost ofland and buildings 6. Investments	, is therefore f121,42	p 9.
	Cash or
	cash	Listed
	equivalents 8	investments F	Total f
Cost or valuation
At 1 September 2022	156,326	4,720,108	4,876,434
Additions	502,376	5,040,848	5,543,224
Disposals	(271,118)	(5,278,034)	(5,549,152)
Fair value movements		(46,387)	(46,387)
At 31August 2023	387,584	4,436,535	4,824,119
Impairment
At 1 September 2022 and 31August 2023
Carrying amount
At 31August 2023	387,584	4,436,535	4,824,119
At 31 August 2022	156,326	4,720,108	4,876,434

The	listed investments a	re	split as	follows;
					2023	2022
					9
	Bond investments				543,570	1,166,007
	Equity investments				3,110,807	3,554,101
	Alternative investments				782,158
	Cash held within	multi-asset		fund	225,453
	Money Market Time					132,731
	Accounts and Investments			on call	162,131	23,595
					4,824,119	4,876,434
	Historical cost at 31		August		4,870,507	5,273,607
17.	Debtors
					2023	2022
					9
	Prepayments and accrued income				4,541	4,676
	Other debtors				38	38
					4,579	4,714
18.	Creditors: amounts		falling	due within one year
					2023	2022
					9	F
	Grants approved unpaid				31,283	50,559
	Trade creditors
	Accruals and deferred		income		8,027	36,037
	Social security and	other taxes
	Other creditors				770	770
					40,080	87,366

			At				Transfer	At
		I	September			Gains and	between	31August
			2022	Income	Expenditure	(losses)	funds	2023
			E	E	E	E	E	E
General funds			4,803,885	113,421	(188,966)	106,500		4,816,483
Capital
expenditure	fund		124,285		(780)			123,505
			4,928,170	113,421	(189,746)	106,500		4,958,345
			At				Transfer	At
		I	September			Gains and	between	31August
			2021	Income	Expenditure	(losses)	funds	2022
			E	E	E	F		F
General funds			5,818,220	55,269	(244,671)	(822,998)	(1,935)	4,803,885
Capital
expenditure	fund		122,937		(587)		1,935	124,285
			5,941,157	55,269	(245,258)	(822,998)		4,928,170

Analysis of net ass	ets between funds
		Unrestricted	Total
		Funds	Funds
			2023
Tangible fixed assets		123,505	123,505
Investments		4,824,119	4,824,119
Current assets		50,801	50,801
Creditors less than	1 year	(40,080)	(40,080)
Net assets		4,958,345	4,958,345
		Unrestricted	Total
		Funds	Funds
			2022
			E
Tangible fixed assets		124,285	124,285
Investments		4,876,434	4,876,434
Current assets		14,817	14,817
Creditors less than	1 year	(87,366)	(87,366)
Net assets		4,928,170	4,928,170