FARSET YOUTH AND COMMUNITY DEVELOPMENT LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Restrictsd funds funds 2024 2024 Total Unrestrlctsd Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Charitable activitles Investrnents 118.675 118,675 109,544 109,544 Total Income 118.675 118.682 109.544 109,553 Expendlture on: Charitable activities 218 124.162 124,380 221 157,674 157.895 Tolal oxpondlture 218 124,162 124,380 221 157,674 157.895 Net expendlture and movement In funds (211) (5.487) (5,698) (212) (48.130) (48,342) Reconclllatlon of funds: Fund balances at 1 April 2023 42.236 17.018 59.254 42,448 65,148 107,596 Fund balances at 31 March 2024 42,025 11.531 53,556 42,236 17.018 59.254 The statement of financlal actilAties includes all gains and losses recognised in the year. All income and expenditure derive from continuin9 ad1vit$. 16-
FARSET YOUTH AND COMMUNITY DEVELOPMENT LIMITED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notès Current assets Debtors Cash at bank and in hand 13 37,464 25,917 39.964 28,578 63.381 68.542 Creditors: amounts falllng duo wlthln one yoar 14 (9.825) (9,288) Net current assets 53.556 59,254 Income funds Restricted fvnds Unrestricted funds 16 11.531 42.025 17.018 42,236 53.556 59,254 The company is entitted to the exemption from the audit reqU1ment contsined in sectton 477 of the Companies Act 2006, for the year ended 31 March 2024, although an audit has been carried out under section 144 of the Charities Act2011. The directors acknovAedge their responsibilitres for complying vth the requirements of the Companies Act 2006 with respect to aceounting records and the preparation of financial statements. 17-
FARSET YOUTH AND COMMUNITY DEVELOPMENT LIMITED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The members have not requlred the company to obtain an audrt of its financial statements under the requirements of the Companies Act 2006. for the year in question in accordance V*ith section 476. These financial statements have been prepared In accordance with the provisions applicable to companies subj'ect to the small companies reglme. The finanal statements were approved by the Trustees on 19 September 2024 Mr R A Jones Trustee Company registration number N1020232 18-
FARSET YOUTH AND COMMUNITY DEVELOPMENT LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notss Cash flows from operatlng activities Cash absorbed by operations 20 (5.168) (27,578) Investing activities Repayment of loans Investment Income recelved 2.500 12,000 Net cash gonerated from Investlng actlvltles 2.507 12.009 Net cash used In finan¢lng activities Net deerease In cash and Gash equivalents (2.661) 115,569) Cash and cash equivalent5 at beginnin9 of year 28.578 44.147 Cash and cash equlvalents at end of year 25.917 28.578 19-
FARSET YOUTH AND COMMUNITY DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcl (Contlnued 8asi¢ flnanclal liabilities Basic ffinancial liabilities, including creditors and bank loans are initialty recognised at transaction price unless the arrangement constitutes a financing transa¢tion. vthere the debt instrumenl is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classthed as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade credltors are obligations to pay for goods or services that have been acquired in the Ordin course of operations from suppliers. Amounts payable are classified as current liabilities rf payment is due within one year or less. If not, they are presented as nonvcurrent liabilities. Trade creditors are recognised Inrtially at tr8nsactlon prlce and subsequenuy measured at amortised cost usin9 the effective interest method. Derecognhlon of financial Ilabilities Financial liabilities are derecognised en drity's contraclual obligattons expire or are discharged or cancelled. 1.9 Employeo beneffts The cost of any unused holiday entitlement is recognised in the period in which the employee's serVeS are received. Temination beneffts are recognised immediately as an expense when the charty is demonstrably committed to terminate the employment of an empk)yee or to Provide temiination beneffts. 1.10 Retirement bèneffts Payments to defined contribution retirement benefft schemes are charged as an expense as they fall due. Crltlcal a¢¢ountlng osllmatss and Judgernents In the application of the charity's accounting policies, the trustees are required to make judgements. estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results May differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is fevised where the revision affects Lmly that period. or in the period of the revision and future periods where the revision affects both current and future periods. Incomo from charflablo actlvltles Restricted funds 2024 Rostrictsd fund8 2023 DSD - Respect Project 118,675 109,544
FARSET YOUTH AND COMMUNITY DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Bank interest ceiVed Expendlture on charltsble actlvltles FYCDL Respect Project 2024 Totsl FYCDL Respect Project 2023 Total 2024 2024 2023 2023 Dirèct costs Staff costs Depreciation and Impairment Bank fees Telephone nsurance Meetings & conferences L•9al & professional feas Printing. postage & stationery Training 7,304 111.194 118.498 28.408 118.510 146,918 931 191 503 931 221 1,005 701 1,970 102 30 188 1.154 757 2.000 120 218 1,154 757 2.000 120 30 502 701 1.970 102 513 513 650 1,520 650 1.520 7.334 115.926 123.260 29.641 124.377 154.018 Share of support and governance costs Isee note 6} Govemance 1,120 1,120 3.877 3.877 7.334 117,046 124.380 29,641 128,254 157,895 Analysls by fund Unrestricted funds Restricted funds 30 7,304 188 116.858 218 124,162 30 29,611 191 128.063 221 157,674 7,334 117.046 124,380 29,641 128,254 157.895 Support costs allocated to activitiès 2024 2023 Govemance costs 1,120 3.877 Analysed beten. Charbtable a¢ts'vities 1,120 3,877 -23-
FARSET YOUTH AND COMMUNITY DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net rnovement In fvnds 2024 2023 The net movement in funds is stated after ¢harginty(crediting)'. Fees payable for the audit of the charity's financial ststements Depreciation of owned tangible fixed assets 1.120 3,877 931 Audltor's remuneratlon Fees payable to the charity's auditor and associates.. 2024 2023 For audit $8rvlces Audit of the financial statements of the charity 1.120 3,877 Trustees None of the trustees {or any persons connected with them) re¢etved any remuneration or benefits from the charity during the year. 10 Employees The average monthty number of employees during the year was: 2024 Number 2023 Number Emptoyees Trustees Totsl 10 12 Employment costs 2024 2023 Wages and salaries Social security ¢osts Other pension costs 110.705 7.133 660 135.714 10.528 676 118,498 146,918 There mre no emDloyees whose annual rernUnerat vras more than £60.000. Remuneration of koy management personnel The remuneration of key management personnel was as follows: 11 Taxatlon The charity is exempt from taxation on tts activilies because all its income is applied for charitable purposes. -24-
FARSET YOUTH AND COMMUNITY DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Tangible fixed assets Plant and Flxtures and Comwier equiOnt ffttings Total Cost At 1 April 2023 153.670 61,593 224 215,487 At 31 March 2024 153,670 61.593 224 215,487 Depreciallon and impairment At 1 Aprll 2023 153.670 61.593 224 215.487 At 31 March 2024 153.670 61.593 224 215,487 Carrying amount 13 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors 37,459 39.959 37.464 39,964 14 Credltors: amounts falllng duè wlthln one yoar 2024 2023 Other taxation and social security Trade Creditors Other creditors Accruals and deferred income 2.971 1.040 3.000 2.814 5,401 3,887 9.825 9,288 15 Rellremènt benefit schemes 2024 2023 Defined contrlbutlon schemès Charge to profft or loss in SpeCt of defined contribution schemes 660 676 The charily operates a defined Contribution pension scheme for all qualifylng employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. -25-
FARSET YOUTH AND COMMUNITY DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Rostrictod funds The restricted funds of the charity comprise the unexpended balances of donations and grdnts held on trust subject to specific conditions by donors as to how they may be used. At 1 Aprfl 2023 Incomlng resourcos Resources At 31 March oxpended 2024 Restricted Funds 17.018 118,675 (124.162) 11,531 Prnvlous yèar: At 1 Aprll 2022 Incomlng Resour¢è$ At 31 March resource$ exponded 2023 Restrtcted Funds 65.148 109.544 (157,674) 17.018 17 Unrestrieted funds The unrestricted funds of the charity comprise the unexpended batances of donations and grants which are not subject to Specif condttions by donors and grantors as to how they may be used. These include desSgnated funds 4thlch have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incomlng resources Resourcès At 31 March expended 2024 General funds 42,236 (218) 42.025 Pr•vious year: At 1 Aprfl 2022 Incomlng resource5 Resources At 31 March expended 2023 General funds 42.448 (221) 42.236 18 Analysls of net assets between funds Unrèstricted funds 2024 Restricted funds 2024 Total 2024 At 34 Marth 2024: Current assetsl(liabilitres} 42.025 11.531 53.556 42,025 11.531 53.556
FARSET YOUTH AND COMMUNITY DEVELOPMENT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Analysls of net assets bètween funds (Continued) Unrnstrlcted funds 2023 Restri¢tsd funds 2023 Total 2023 At 31 March 2023: Cuent assetsl(liabilities) 42,236 17.018 59.254 42,236 17.018 59.254 19 Related party transactions The Trusees in Farset Youth and Communty Development Limtted (FYCDL) are also trustees in Farset Development Limited (FDL)- Included In debtors is a loan balance of £37,459 (2023-. £39.959) due from FDL. During ihe year. the company invoiced FDL £24.000 (2023: £25,01)O) for management charges. FYCDL also paid FDL a total of £2.000 (2023-. £1.970> for room hiring. 20 Cash generated from operatlons 2024 2023 Deficit for the year {5.698) (48.342) Adjustments for.. Investment Income recognised In statement of financial activities Depreciation and impaiment of tangible fixed assets 17) (9) 931 Movements ifl working capttal.. {Increase)Idecrease in debto Increase in creditors 17.682 2,160 537 Cash absorbed by operatlons (5.168) (27,578) 21 Analysis of changes In netfvnds The charty had no material debt duriNJ the year. -27-