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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|
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|Reference|and adm|inistrative
|inistrative
|details|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||||||
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|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||
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|Grant|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)|
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|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|
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||||||||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|
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||||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|
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||||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|
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|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|
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|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|
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|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)|
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|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|
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|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|
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|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|
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|g g ppy
F117,929. The total cost ofland and buildings
6. Investments|,
is therefore f121,42|p
9.|
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|---|---|---|---|
||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|
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|The|listed investments
a|re|split as|follows;|||
|---|---|---|---|---|---|---|
||||||2023|2022|
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||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|
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||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|
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||||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|
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|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|