Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre
Financial Statements
for the year ended 31 March 2024
Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre
| Charity Information | |
|---|---|
| Business address | Scotch Street Youth & Community Centre |
| 106c Moy Road | |
| Portadown | |
| Co Armagh | |
| BT62 1QP | |
| Trustees | Gordon Woolsey |
| Jenni Stewart | |
| Sasha Madill | |
| Emma Hylands | |
| Bethany Ebron | |
| Jessica Maye | |
| Melissa Burney | |
| Alison Cordner | |
| Emma Salt | |
| Sarah McVeigh | |
| Ian Best | |
| Management | Chairperson Gordon Woolsey |
| Vice Chairperson Bethany Ebron | |
| SecretaryJenni Stewart | |
| Treasurer Melissa Burney | |
| Project Manager Andrew McCreery | |
| (Contract concluded - June 2023) | |
| Leader in Charge Anastazja Wisniewska | |
| Accountants | JSR |
| 44a Blackisland Road | |
| Annaghmore | |
| Portadown | |
| BT62 1NE | |
| Bankers | Danske Bank |
| 45-48 High Street | |
| Portadown | |
| Co Armagh | |
| BT62 1LB | |
| HMRC Charity Number | XT38572 |
| Charity Commission for NI | |
| Charity Number | 102160 |
Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre
| Contents | ||
|---|---|---|
| Page | ||
| Report of the trustees | 1 - 4 | |
| Independent Examiners Report | 5 | |
| Statement of Financial Activities | 6 | |
| Balance sheet | 7 | |
| Notes to the financial statements | 8 - 15 |
Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre
Report of the Trustees for the year ended 31 March 2024
The trustees have pleasure in presenting their report together with the unaudited financial statements of the charity for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act (NI) 1964 and Charities (NI) Order l987.
Structure, Governance and Management
The Trust (the charity) is an unincorporated trust, constituted under a deed of trust, and is registered as a charity with HRMC. Scotch Street Youth & Community Centre was registered with HMRC under charity number XT38572. This is the thirteenth set of annual accounts being prepared for the charity, but the second set of accounts being prepared on the accruals basis; in line with CCNI guidelines and the Charities SORP.
The trustees and officers are appointed on an annual basis.
The trustees meet regularly to discuss the broad strategy of the charity to include areas of activity for the charity, assessment of reserves and risk management. The day-to-day administration of the charity is delegated to a core Senor Management Team comprising of 2 Trustees and 2 senior staff members.
Trustees
The Trustees who served during the year were as follows: Gordon Woolsey Jenni Stewart Sasha Madill Emma Hylands Bethany Ebron Jessica Maye Melissa Burney Alison Cordner Emma Salt Sarah McVeigh Ian Best
Risk Management
The trustees actively review any major risks, which the charity faces on a regular basis and believe that maintaining reserves at current levels, combined with ongoing reviews of the controls over key financial systems, will provide sufficient resources for the incoming year. The trustees have also examined other operational and business risks faced by the Charity and confirm that they have established systems to mitigate the most significant risks.
Objectives and Activities
- Public Benefit
The advancement of citizenship or community development: The direct benefits which flow from this purpose include giving children, young people and the wider community, a programme of social, educational and recreational activities within a safe and secure environment where self esteem and confidence will grow in addition to respecting equality, diversity and inter dependence. These benefits will be demonstrated through continued and increased numbers of people attending the events organised by Scotch Street Youth & Community Centre and the continued positive impact upon the lives of those we work with. The charity’s beneficiaries are people living in the townland of Scotch Street and the wider Armagh, Banbridge & Craigavon area. The only private benefit flowing from this purpose is the Organisation’s programme of ongoing training that a trustee may attend in relation to good governance, finance etc. Through this training trustees gain skills and expertise which are transferable to other settings. These benefits are incidental and necessary to ensure the benefit is provided to our beneficiaries.
Page 1
Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre
Report of the Trustees for the year ended 31 March 2024
Financial Review
The Financial Statements are presented in the standard format required by the Charities SORP (Statement of Recommended Practice), and in accordance with The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 as required by The Chairity Commission for Northern Ireland.
The Statement of Financial Activities on page 6 shows the gross income from all sources.
Scotch Street Youth & Community Centre is reliant upon grant income from various funders such as The National Lottery, Armagh Banbridge & Craigavon Borough Council, BBC Children in Need and many others to finance the various outreach programmes operated by SSYCC. In addition to grants received SSYCC also generate income through various activities, the income from which are then used to support the ongoing running costs of the charity. A brief summary of the financial position for the year is outlined below:
Total income £ 204,588 (previous year; £ 299,066 ) Total Outgoings £ 226,547 (previous year; £ 286,856 ) Deficit for year £(21,959 ) (Surplus in previous year; £ 12,210 )
Investment Policy
Apart from retaining a prudent amount in reserves most of the charity’s funds are spent in the short term.
Reserves Policy
The trustees aim to maintain sufficient reserves to enable the trust to continue in the furtherance of its objectives.
Chair & Vice Chairs reflections on the year and plans for the future
SSYCC remains committed to delivering on its strategic plan, launched in October 2020, following extensive consultation and development of a five-year roadmap (2020-2025). This plan, shaped by members, volunteers, staff, and the management committee, established a clear vision and mission for our organisation:
Vision:
SSYCC’s vision is of a welcoming, vibrant and inclusive society where people are supported to achieve their full potential, and everyone actively participates in community life.
Mission:
SSYCC’s mission is to make a positive difference by encouraging participation, strengthening community relationships and providing opportunities for learning and development.
From April 2023 to March 2024, we conducted three management committee meetings. We extend our gratitude to all committee members for their dedication and invaluable contributions to the governance of our organisation.
Strengthening Partnerships
Collaboration remains a cornerstone of our success. We are deeply grateful to our partner organisations for their unwavering support in addressing the needs of children, young people, and the communities we serve. Over the past year, SSYCC has delivered an extensive range of programmes across the local area and the wider Armagh, Banbridge, and Craigavon Borough Council region. Our continued partnership and conclusion of the Uniting Communities through Sport & Creativity project, funded by the Department for Communities (DfC), has allowed us to lead an impactful initiative alongside Healthy Kidz and Oasis Youth and leave a lasting legacy.
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Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre
Report of the Trustees
for the year ended 31 March 2024
iRural Project: A Lasting Impact
The iRural project has played a pivotal role in our growth over the past year. This initiative has profoundly benefited children and young people in rural communities while also strengthening the organisations that serve them. By enhancing existing efforts and ensuring long-term sustainability, iRural has helped rural youth organisations continue their vital work beyond the project's conclusion earlier this year.
We extend our sincere thanks to the staff and volunteer teams across the ABC area for their hard work and dedication in making these projects a resounding success.
Advocacy and Representation
SSYCC has remained a strong advocate for children, young people, and rural communities. Our staff and committee members actively participate in various committees, steering groups, and action groups to highlight the challenges and needs of these communities.
To measure and evaluate our impact effectively, our staff continue to utilise Upshot, an online monitoring and evaluation tool, which enables us to collect valuable data and demonstrate the significance of our work.
Key Achievements
Since our last AGM, SSYCC has engaged in a wide range of activities across multiple programmes, including the SSYCC Programme of Work which includes the EA Rural Project, iRural Project and Uniting Communities.
Over the past year:
-
1050 individual members participated in our programmes.
-
391 structured sessions were delivered.
-
Additional young people were engaged through our detached youth work in the Scotch Street area.
-
140 children benefited from the Schools Transition Programme.
-
A total of 7920 attendances were recorded across all programmes.
Governance and Operations
The Senior Management Team (SMT), comprising the Chairperson, Vice-Chairperson and Leader in Charge of SSYCC's programme continued to meet bi-monthly to oversee operational and strategic decision-making.
Funding and Sustainability
Securing funding remains a top priority, and considerable efforts have been made over the past 12 months to access essential resources. We successfully secured funding not only for our centre but also for our partners involved in the EA Rural project, benefiting organisations throughout the ABC council area.
Alongside our core funders – EA Youth Service and The National Lottery Community Fund - we have also collaborated with:
-
Department for Communities
-
TADA/Departments of Agriculture and Rural Affairs
-
Armagh City, Banbridge & Craigavon Borough Council (Core Funding)
-
T:BUC/Executive Office
-
BBC Children In Need We Move Fund: Youth Social Action
-
EA Small Grants
We sincerely thank all our funders for their invaluable support and recognise the dedication of our staff in preparing funding applications, reports, evaluations, and financial submissions.
Page 3
Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre
Report of the Trustees
for the year ended 31 March 2024
Looking Ahead
As we move into the next year, our focus will be on continuing the successful delivery of our EA Rural Project across the wider ABC area and also identifying new funding opportunities to ensure SSYCC continues to meet the evolving needs of children, young people, and rural communities across the ABC council area.
Trustee responsibilities in relation to the accounts
Law applicable to charities in Northern Ireland requires the trustees to prepare accounts for each financial year, which give a true and fair view of the charity’s financial activities during the year and of its financial position at the year-end. In preparing these accounts, the trustees are required to:
-
Select suitable accounting policies and apply them consistently
-
Make judgements and estimates that are reasonable and prudent
-
State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the accounts
-
Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities (NI) Order l987 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Trustees and signed on its behalf by
Mr Gordon Woolsey Bethany Ebron Chairperson/ Trustee Vice Chairperson/ Trustee
28 February 2025
Date
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Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre
Year Ended 31[st] March 2024 Independent Examiners Report
I report on accounts of Scotch Street Youth & Community Centre for the year ended 31 March 2024 as set out on pages 6 to 15.
Respective Responsibilities of Committee and Independent Examiner
The Trustees of the charity are responsible for the preparation of the accounts which comply with The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and that they are in accordance with the requirements of Charity Commission for Northern Ireland. Having satisfied myself that the charity is not subject to audit and is eligible for independent examination, it is my responsibility to state, on the basis of my examination, whether particular matters have come to my attention.
Basis of Independent Examiner’s Report
My examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanation from you as directors concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent Examiner’s Statement
In connection with my examination, no matter has come to my attention:
-
(i) which gives me reasonable cause to believe that in any material respect the requirements:
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of Registration of Clubs (Accounts) Regulations (Northern Ireland) have not been met; or
-
(ii) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Jonathan Ross FCA
JSR Chartered Accountants 44 Blackisland Road Annaghmore Portadown Co Armagh BT62 1NE
28 February 2025 Date:
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Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre
Statement of Financial Activities for the year ended 31 March 2024
| For the year ended 31 March 2024 Incoming Resources Notes Voluntary income 2 Activities for generating funds 3 Investment income - interest received 4 Total Incoming Resources Resources Expended Cost of generating funds 5 Charitable activities 6 Running Costs/ Administrative costs 8 Governance Costs 9 Other Resources Expended Total Resources Expended Net incoming/ outgoing resources before transfers Gross transfers between funds Net incoming resources before other recognised gains and losses Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14, 16 |
Unrestricted Funds £ - 10,552 - 10,552 1,217 - 528 - - 1,745 8,807 - 8,807 8,807 8,486 17,293 |
Restricted Funds £ 194,036 - - 194,036 - 87,658 130,273 6,871 - 224,802 (30,766 ) - (30,766 ) (30,766 ) 64,374 33,608 |
Total Funds £ 194,036 10,552 - 204,588 1,217 87,658 130,801 6,871 - 226,547 (21,959) - (21,959) (21,959) 72,860 50,901 |
Prior year £ 286,062 13,004 - |
|---|---|---|---|---|
| 299,066 | ||||
| 904 112,384 172,643 925 - |
||||
| 286,856 | ||||
| 12,210 | ||||
| - | ||||
| 12,210 12,210 60,650 |
||||
| 72,860 |
There is no difference between the net movement in funds stated above, and the historical cost equivalent. All of the charity’s activities derived from continuing operations during the year. The charity has no recognised gains or losses other than those shown above and therefore no separate statement of total recognised gains and losses has been presented.
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Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre Year ended 31[st] March 2024 Balance sheet/ Statement of Financial Position
| Notes: Fixed Assets Tangible fixed assets 10 Investments Current Assets 11 Creditors: amounts falling due within one year 12 Net Current Assets Total assets less current liabilities Creditors: amounts falling due after more than one year 13 Net assets Represented by: Unrestricted funds 14, 16 Restricted funds |
2024 £ 31,576 - 31,576 44,022 24,697 |
2023 £ 39,470 - |
|---|---|---|
| 39,470 72,214 38,824 |
||
| 19,325 50,901 - 50,901 17,293 33,608 50,901 |
33,390 | |
| 72,860 - |
||
| 72,860 | ||
| 8,486 64,374 |
||
| 72,860 |
Approval of Account
28 February 2025
The foregoing Balance Sheet Account was approved by the trustees on:___
Signed on behalf of the trustees
______ Gordon Woolsey Chairperson/ Trustee
______ Bethany Ebron Vice Chairperson/ Trustee
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Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre
Notes to the financial statements for the year ended 31 March 2024
1. Accounting policies
The accounting policies adopted by the Charity are set out below:
1.1. Basis of preparation
The financial statements have been prepared in accordance with the provisions of The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015.
The accounts are prepared under the historical cost convention. The results of the charity’s operations, which are described in the trustee’s report, are all continuing.
There are no material uncertainties about the charities ability to continue.
1.2. Cash flow statement
The charity has taken advantage of the exemption provided by Financial Reporting Standard No 1 and has not prepared a cash flow statement.
1.3 Funds Structure
Restricted funds are funds, which are to be used in accordance with specific restrictions imposed by the donor.
Unrestricted funds comprise those funds, which the Trustees are free to use for any purpose in furtherance of the charitable objects.
1.4 Incoming Funds
All incoming resources are recognised once the Charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
1.5 Resources Expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under heading that aggregate all costs related to the category.
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Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre Notes to the financial statements
for the year ended 31 March 2024
1.6 Value Added Tax
SSYCC is not registered for VAT. All expenses are noted inclusive of the VAT element.
1.7 Tangible fixed assets and depreciation
Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life, as follows:
Buildings - 20% reducing balance Office equipment - 20% reducing balance
1.8 Stock
Stock is valued at the lower of cost and net realisable value.
1.9 Grants
Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets.
| 2. Voluntary Income Grant Income - National Lottery Grant Income - No 1 Acc Grant Income - No 2 Acc Grant Income - TCC 3. Activities for generating funds Admission Income Venue hire Fundraising Tuck Shop Sundry Income - No 1 Acc Sundry Income - TNL |
Unrestricted £ - - - - - Unrestricted £ 5,769 1,325 1,361 1,799 - 298 10,552 |
Restricted £ 85,959 108,077 - - 194,036 Restricted £ - - - - - - - |
Total Funds £ 85,959 108,077 - - 194,036 Total Funds £ 5,769 1,325 1,361 1,799 - 298 10,552 |
Prior year £ 228,713 34,645 8,954 13,750 |
|---|---|---|---|---|
| 286,062 | ||||
| Prior year £ 7,363 515 3,980 1,146 - - |
||||
| 13,004 |
Page 9
Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre
Notes to the financial statements for the year ended 31 March 2024
| 4. Investment Income Bank Interest 5. Cost of generating funds Purchases - Tuck shop 6. Cost of charitable activities Programme costs Programme costs - TCC Programme costs - TNL Donations - No 1 Acc Donations - TNL 7. Investment Costs |
Unrestricted £ - - Unrestricted £ 1,217 1,217 Unrestricted £ - - - - - - Unrestricted £ - |
Restricted £ - - Restricted £ - - Restricted £ 51,139 9,262 26,878 379 - 87,658 Restricted £ - |
Total Funds Prior year £ £ - - - - Total Funds Prior year £ £ 1,217 904 - 1,217 904 Total Funds Prior year £ £ 51,139 13,811 9,262 850 26,878 96,046 379 - - 1,677 87,658 112,384 Total Funds Prior year £ £ - - - Page 10 |
Prior year £ - |
|---|---|---|---|---|
| - | ||||
| Prior year £ 904 |
||||
| 904 | ||||
| Prior year £ 13,811 850 96,046 - 1,677 |
||||
| 112,384 | ||||
| Prior year £ |
||||
| - |
Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre
Notes to the financial statements for the year ended 31 March 2024
8. Running costs/ Administrative expenses
| Wages & salaries Staff Pension Staff expenses Staff training Running costs Recruitment costs Printing, postage & stationery Admin costs Bank fees Sundry Repairs & Maintenance Depreciation 9. Governance Costs Legal & professional Accountancy |
Unrestricted £ - - - - - - - - - 495 33 - 528 |
Restricted £ 97,656 3,628 998 585 15,499 - - 1,474 166 971 1,402 7,894 130,273 |
Total Funds £ 97,656 3,628 998 585 15,499 - - 1,474 166 1,466 1,435 7,894 130,801 |
Prior year £ 135,147 6,730 2,938 919 14,318 - - 437 186 729 1,372 9,867 |
||||
|---|---|---|---|---|---|---|---|---|
| 172,643 | ||||||||
| Unrestricted £ - - - |
Restricted £ 6,016 855 6,871 |
Total Funds £ 6,016 855 6,871 |
Prior year £ - 925 925 |
|||||
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Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre
Notes to the financial statements for the year ended 31 March 2024
| 10. Tangible Fixed Assets Cost At 1 April 2023 Additions Disposals At 31 March 2024 Depreciation At 1 April 2023 Charge Disposals At 31 March 2024 Net Book Value At 31 March 2024 At 31 March 2023 11. Current Assets Cash at bank and in hand Debtors |
Buildings £ 61,427 - - 61,427 29,790 6,327 36,117 25,310 31,637 |
Plant & Machinery £ - - - - |
Furniture & Equipment £ 22,850 - - 22,850 15,017 1,567 16,584 6,266 7,833 2024 £ 44,022 - 44,022 |
Total £ 84,277 - - |
||
|---|---|---|---|---|---|---|
| 84,277 | ||||||
| 44,807 7,894 - |
||||||
| 52,701 | ||||||
| 31,576 | ||||||
| 39,470 | ||||||
| 2023 £ 55,808 16,406 72,214 |
||||||
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Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre
Notes to the financial statements for the year ended 31 March 2024
12. Creditors less than 1 year
| 12. Creditors less than 1 year Deferred income Accruals 13. Creditors more than 1 year Bank loans & Overdrafts |
2024 £ 23,808 889 24,697 2024 £ - |
2023 £ 37,949 875 |
||
| 38,824 | ||||
| 2023 £ - |
||||
14. Analysis of Net Assets between Funds
| 2024 Tangible Fixed Assets Investment property Current Assets Creditors: falling due within one year Creditors: amounts falling due after more than one year 2023 Tangible Fixed Assets Investment property Current Assets Creditors: falling due within one year Creditors: falling due after more than 1 year |
Unrestricted £ - - - - - - Unrestricted £ - - - - - |
Restricted £ 31,576 - 44,022 (24,698) (24,698) 26,202 Restricted £ 39,470 - 72,214 (38,824) 72,860 |
Total Funds £ 31,576 - 44,022 (24,698) (24,698) |
|---|---|---|---|
| 26,202 | |||
| Total Funds £ 39,470 72,214 (38,824) |
|||
| 72,860 |
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Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre
Notes to the financial statements for the year ended 31 March 2024
| 15. Trustee & Staff Costs Staff costs Included withing the staff costs noted above: Wages Social Security/ National Insurance costs |
Unrestricted £ - - Unrestricted £ - |
Restricted £ 97,656 97,656 Restricted £ 96,680 976 97,656 |
Total Funds £ 97,656 97,656 Total Funds £ 96,680 976 97,656 |
Prior year £ 135,147 |
|---|---|---|---|---|
| 135,147 | ||||
| Prior year £ 135,147 6,037 |
||||
| 141,184 |
FRS 102 and the Charities SORP require the disclosure of the average number of staff employed during the reporting period.
| Average staff numbers 16. Reconciliation of Reserves B/fwd 1 April 2023 Surplus C/fwd 31 March 2024 |
Unrestricted £ 8,486 8,807 17,293 |
Restricted £ 64,374 - 30,766 33,608 |
2024 6 Total Funds £ 72,860 - 21,959 50,901 |
2023 5 |
|---|---|---|---|---|
| Prior year £ 60,650 12,210 |
||||
| 72,860 |
17. Trustees remuneration
The Trustees all fulfil their duties in a voluntary capacity, as such no Trustee received any remuneration or other benefits for their duties undertaken in this capacity.
No Trustee expenses have been incurred by the charity in the year under review (2023: £Nil).
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Docusign Envelope ID: 287B4741-9569-4E9D-886D-01EE311CCBC8
Scotch Street Youth & Community Centre
Notes to the financial statements
for the year ended 31 March 2024
18. Related Party Transactions
Under FRS102 and the Charities SORP, charities are required to disclose any Related Party Transactions. FRS 102 Para 9.15 defines a related party as follows “… include a charity’s trustees and their close family members and those entities’ to which they control or in which they have an interest.”
Mr D Woolsey has been a big supporter of SSYCC since its inception; the management and committee of SSYCC are very grateful to Mr D Woolsey for his continued and on-going support of SSYCC. Mr D Woolsey, owns the land and property that SSYCC operate from, Mr D Woolsey has made this land and property available to SSYCC at a rate and terms below market value rent.
The FRS requires disclosure of the following: Description of the relationship - Mr D Woolsey, father to Mr G Woolsey (chairperson), owns the land upon which SSYCC operates from.
Description of the transactions – SSYCC has an ongoing rental agreement with Mr D Woolsey. Amounts involved – SSYCC pay a monthly rent which totalled £6,500 for the year ended 31[st] March 2024; (2023; £7,800). During the current year Mr D Woolsey very kindly waived the rental fee for two months. Outstanding balance – SSYCC did not owe any money to Mr D Woolsey at 31/3/24 (2023; £Nil); and there are no provisions made for any doubtful debts.
Amounts written off – No balances have been written off by SSYCC in the year to 31/3/24. Guarantees given/ received – no guarantee’s have been given or received between SSYCC and Mr D Woolsey.
The committee are of the opinion that no other elements are necessary to full understanding of the nature of the transactions with this related party.
19. Controlling party
The board of trustees is the ultimate controlling party.
Page 15