REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Catzero Limited |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Catzero Limited |
Catzero Limited |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Report of the Trustees | 1 | to | 8 |
Report of the Independent Auditors | 9 | to | 12 |
Statement of Financial Activities | 13 |
Balance Sheet | 14 |
Cash Flow Statement | 15 |
Notes to the Cash Flow Statement | 16 |
Notes to the Financial Statements | 17 | to | 28 |
Catzero Limited (Registered number: 06777504) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019). |
Catzero Limited (Registered number: 06777504) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
OBJECTIVES AND ACTIVITIES |
CatZero: Delivering Lasting Personal Change |
Summary of 2023 |
Each of our programmes are unique, with varying goals; some are aimed at moving people into Employment, Education or training (EET) and others at supporting families. With the latter programmes we are especially focussed on early intervention and empowering families to prevent family breakdown. Additional support is also given to prevent individuals and families drifting into crisis. CatZero helps to resolve underlying issues, including non-school attendance and criminal behaviour, thus opening doors for people to have a better chance of moving into EET at a later date. |
During the year CatZero delivered eight different programmes, supporting 410 individuals. A total of 117 new participants took part in one of our six individual programmes, with 228 family members from 55 families receiving support through our two full families programmes in Grimsby and Hull. In addition, staff supported 65 individuals as part of our 'Once CatZero, Always CatZero' guarantee, offering in work support, help updating CVs as people advance their careers and supporting them with any issues they faced along the way. |
2023 saw the sixth year of our families programme in North East Lincolnshire, primarily funded by the Big Lottery Reaching Communities Fund, working in partnership with CPO (Creating Positive Opportunities) supporting children, young people and their families. The Big Lottery have confirmed tapered funding for a further three years meaning this programme will now continue until at least December 2026. |
The families programme focussing on the Preston Road area of East Hull came to an end at the start of 2023 after three years. The Big Lottery agreed to 50% funding for a second programme focussing on the West Hull area to work with at least 25 families each year, targeting early intervention to deliver meaningful change to prevent them drifting to the point of crisis. This second programme started in April and runs until March 2026. |
Charitable Purpose and Principal Activity |
People of all ages, often with complex underlying issues, are supported to overcome the barriers that prevent them moving into education, training or employment. CatZero's uniqueness comes from how we do things, not just what we do. Our experienced and dedicated team builds trust and confidence in individuals, with programmes of self-analysis, development and challenge. The result is lasting personal change. |
Our background |
From our bases in Hull and Grimsby, our dedicated team - many who have been with us since inception - lead a variety of different programmes for all ages. Launched in December 2008 to work with NEETS (young people not in education, employment or training), we have now extended our reach to the long-term unemployed, older people with specific needs, service veterans and full families. We look to continue this work as we move into 2024, our 16th year. |
Our work in some of the most deprived and challenging areas of East Yorkshire, Hull, North and North East Lincolnshire, supports people to overcome their own personal barriers, using a combination of academic training, teamwork and emotional and practical support. That support is long-term too, as our 'progressions' team engages participants over the months and years ahead: 'Once CatZero, Always CatZero', is our ethos. |
Over the last 15 years, CatZero has provided intensive support to over 4,000 individuals and supported over 200 families. Many individuals have successfully moved into sustainable employment, with others going into further training, completing short term qualifications and / or into work experience and short and long-term volunteering. CatZero also helps with issues such as transition from primary to secondary school, school attendance and GCSE exam preparation and attendance and supports families to build positive lives within their communities. |
It is significant that some of the largest private enterprises and charities locally and nationally support the work we do. We also attract grant-funding from leading organisations that understand how our bespoke programming, unique teambuilding and personal mentoring engages individuals who are willing to change. |
Catzero Limited (Registered number: 06777504) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
Our programme 'sailing' experience, using the 72ft CatZero Challenge yacht, offers participants an intense journey. Held towards the end of our formal programmes, it pulls together everything that is learned - building confidence, teamwork and focus in an intense and challenging environment. There is nowhere to hide on these sails, which can only be truly appreciated if experienced. |
We have rigorous procedures and processes in place to manage our obligations to health and safety, safeguarding and governance. |
Catzero Limited (Registered number: 06777504) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
OBJECTIVES AND ACTIVITIES |
Significant Activities |
Funding |
CatZero received income from over 50 different sources throughout 2023, including philanthropic donors, family trusts local business and individuals as well as applying to grant making organisations for funding. We also have some wonderful fundraisers and raise income from the utilisation of our yacht when it is not being used for Programmes. |
The majority of our costs are staff costs as we work intensively with individuals and families on their personal development, supporting them through every step. Our core costs are kept to a minimum due to the generous pro-bono support of many local businesses. |
As a result, we are pleased to report a small surplus for the year, which has been achieved as a result of our continued innovative ways of working, the proactiveness and commitment of management and staff as well as the support of our funders. |
We continue to be very proud of the amazing work and resilience of the team, who work exceptionally hard at making the organisation a success, and equally so of the participants who, despite facing challenging conditions, have achieved many personal successes. |
Our 2023 supporters |
The majority of our income is reliant on us submitting funding bids and grant applications with nearly 50% of our funding resulting from grant applications. CatZero is also very fortunate to have some generous philanthropic donors and local business' who have helped support our work with 24% of funding being raised this way. Without these individuals, businesses and family trusts we could not exist. We also raise funds through utilising the yacht when not in use for programmes and have a number of dedicated individuals who raise funds on our behalf. |
We are also fortunate to have the support of a number of dedicated volunteers who give up their time to act as volunteer sea staff, maintain the boat and support our land-based events. In 2023, we had 49 volunteers who gave up nearly 400 days. |
Thank you to all our supporters, the army of volunteers who give up their time, the many business offering in-kind support, financial help and employment or training opportunities for our participants. We are grateful to the many charities and grant-making organisations that fund our delivery and our many partner organisations, services and statutory organisations that CatZero work alongside. Your continued support really does help to change people's lives. |
During the year, we make particular thanks to the following, who were major funders of our programmes in 2023, ABF Soldiers Charity, BBC Children in Need, Big Lottery Reaching Communities, Clothworkers Foundation, Fishmongers' Fisheries Charitable Trust, Garfield Weston Foundation, Hawerby Family Trust, Hull Community Led Local Development Fund, J Marr Seafoods, JF Brignall Charitable Trust, King Charles III Charitable Fund, Office of the Humberside Police Crime Commissioner, Sir James Reckitt Charity, Triangle Trust, Tribune Trust, Trusthouse Foundation, Veterans Foundation we thank them all. |
We also thank the following who supported our programmes: Association of Sail Training (ASTO), Broome Family Trust, CG Gibson Charitable Trust, Charles and Elsie Sykes Charitable Trust, City & Guilds, Good Shipping, Hesslewood Children's Trust, Highways England, Joseph Rank Benevolent Fund, Lord Hanson Foundation, Mathew Good Trust, Seafood Grimsby and Humber Alliance, Souter Charitable Trust, Unite along with many other funders, fundraisers and personal donors. |
In addition, we have a range of partners that provide significant in-kind support or donations, including Associated British Ports (ABP), Aligra, Andrew Jackson Solicitors, Aquavista, ARCO, Beal Homes, B. Cooke & Sons, DRAX, Enrolled Freeman of Grimsby, Harris Lacey and Swain Chartered Accountants, Humber Learning Consortium, Huttons Medical, IT@Spectrum, Jupiter IT Solutions, KCOM, Kildale Marine, Point Engineering, JR Rix and Sons, SCMS, The Sewell Group, Trinity House Maritime Charity, William Jackson Food Group and Wykeland. |
Catzero Limited (Registered number: 06777504) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
OBJECTIVES AND ACTIVITIES |
Of course, we have many other in-kind partners and other supporters year-in-year-out and we thank them all. For a full list of our 'friends' and full details of our 2023 activities, please go to our website www.catzero.org where you will find our 2023 end of year report. |
The success of CatZero for over a decade is due, without doubt, to the dedicated team of staff, trustees and volunteers. They combine experience, professionalism and commitment to deliver true and effective change to participants. By building confidence and trust, they challenge and support individuals - allowing them to turn their lives around in the long-term. Many of the team have remained with CatZero since its inception, growing and developing along with the organisation and its participants. |
CatZero could not continue without this amazing support. |
Public benefit |
As a charity principally working intensively with participants with the aim of moving them into employment, further education or vocational training, the trustees believe this meets the public benefit test as required under charity law. The Trustees hold a regard to CC / CCNI Guidance in relation to public benefit. |
STRATEGIC REPORT |
Achievement and performance |
Charitable activities |
In addition to achieving the contractual agreements, referred to above, CatZero continues to secure donations and contributions through small grants applications, corporate support and fundraising events, which enable the organisation to meet its objectives. |
Financial review |
Financial position |
The financial position of the charity is disclosed in the attached financial statements. |
Reserves policy |
Catzero, along with all the charity sector, is encouraged to have a robust reserves policy that provides all external agencies, fund providers and the organisation itself, confidence in the future delivery of services. This can only be evidenced if the reserves are sufficient to support a long term strategy. |
The Trustees have established a reserves policy with the long-term objective to build and maintain at least six months operating expenditure estimated at £500,000. This would cover funding uncertainties and unexpected or planned additional expenditure in order to ensure that the Charity is able to meet commitments and to continue as a going concern. The current policy is to therefore, reach a reserve fund in excess of £500,000 within a 3 year period to 2027. |
In addition to a 'general reserve', it is the intention to build a 'capital replacement reserve' that will be used as a means to provide for major repairs and unexpected capital cost for the operating vessel Catzero would not exist if the unique nature of the programmes do not involve the opportunities that this vessel provides. The current level of free reserves are £180,120, £10,000 of which have been internally restricted as designated funds. The Charity realise that the current financial figures do not meet their stated reserves policy. |
The Trustees are actively diversifying their services so that they are less reliant on grant income and increasing the amount of corporate income so they have a more even balance of funding. |
Fixed assets |
The Trustees are informed that the open market value of CatZero, its Challenge 72 yacht is around £500,000, which is above its net book value in the Financial Statements. |
This yacht provides the unique opportunity to deliver significant experiences to our participants as well as enabling fundraising through commercial sails. |
Catzero Limited (Registered number: 06777504) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
STRATEGIC REPORT |
Our future |
CatZero as an organisation has developed to really understand the needs of children and young people and disadvantage families and identify what can have the biggest positive impact to support their development. This has led to our specialist early intervention delivery of working with full families, which has been identified as good practice in its own right. This approach complements and builds upon our individual specific programmes that support teenagers, long-term unemployed and veterans. |
CatZero's strategy aims to establish personal development teams within each geographical area of the Humber's subregion which have identified has having long-time high deprivation indicators. Development and impact from our initial full families programme in Grimsby shows this has the biggest impact on improving the long term life chances and outcomes of children and young people and their families. This approach will be CatZero's main area of development for the next 3 to 5 years. |
As part of this stategy, both the Grimsby and Hull Full Families programmes continue to develop and go from strength to strength. The team is also now scoping Goole and consulting the community with a view to establishing a full families programme in the area. |
We continue our programme to support Service Veterans, with funding once again through ABF Soldiers, and have extended this support to serving personnel and their families. The Children in Need programme continues throughout 2024 and we continue our fantastic partnership with The Fishmongers Company and the charity 'Beyond Food' also supported by the Fishmongers. In addition, 2024 sees us start a number of programmes in Goole funded by DRAX and the Wind Farms Community Fund, as well as our UK Shared Prosperity Funded programmes in Hull. |
There is so much we could tell you about as we make true inroads in helping to create new futures for our participants. You can find more on our website www.catzero.org |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Recruitment and appointment of new trustees |
Trustees have identified a key set of skills and experience required in order to support the development and continued success of the organisation including Leadership, management, financial, health and strategic skills, with Trustees considered and appointed based upon experience and knowledge which would be beneficial to the organisation. |
Trustees oversee, through regular meetings, the key elements of the charity including financial monitoring, health and safety reviews, budget allocation and cash flow forecasting, review of policies and procedures alongside interrogating the project outcomes and milestones in line with funding objectives. |
Risk management |
The trustees identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Catzero Limited (Registered number: 06777504) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
Registered office |
Trustees |
The Board expressed their thanks to Jim Dick, who was leaving the organisation, having founded the charity back in 2008. Thanks were also expressed to Charles Lewis who had also been with CatZero since its conception. The last fifteen years of service and strong governance have made a significant difference. |
Company Secretary |
Auditors |
Chartered Accountants and Statutory Auditors |
Suite 1 |
The Riverside Building |
Hessle |
East Yorkshire |
HU13 0DZ |
Chief Executive Officer |
Dave Bertholini |
Key Management |
Clare Bradley-Taylor |
Danny Watson |
Pete Tighe |
Sarah Coulson |
Catzero Limited (Registered number: 06777504) |
Report of the Trustees |
for the Year Ended 31 December 2023 |
TRUSTEES' RESPONSIBILITY STATEMENT |
The Trustees (who are also the Directors of CATZERO for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to: |
- select suitable accounting policies and then apply them consistently; |
- observe the methods and principles in the Charity SORP; |
- make judgements and estimates that are reasonable and prudent; and |
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
In so far as the Trustees are aware: |
- there is no relevant audit information of which the charitable company's auditors are unaware; and |
- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
AUDITORS |
The auditors, Harris Lacey and Swain, will be proposed for re-appointment at the 2024 Annual General Meeting. |
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on |
Report of the Independent Auditors to the Members of |
Catzero Limited |
Opinion |
We have audited the financial statements of Catzero Limited (the 'charitable company') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. |
Other information |
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Catzero Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of trustees' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of trustees |
As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Catzero Limited |
Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
Audit response to risks identified |
- the nature of the industry and sector, control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets |
- results of our enquiries of management and their own identification and assessment of the risks of irregularities; |
- any matters we identified having obtained and reviewed the companies' documentation of their policies and procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- the matters discussed among the audit engagement team including regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code and local tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
Audit response to risks identified |
Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- reading minutes of meetings of those charged with governance |
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Report of the Independent Auditors to the Members of |
Catzero Limited |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. |
Use of our report |
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
The Riverside Building |
Hessle |
East Yorkshire |
HU13 0DZ |
Catzero Limited |
Statement of Financial Activities |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 5 |
Other trading activities | 3 |
Investment income | 4 |
Total |
EXPENDITURE ON |
Charitable activities | 6 |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
Transfers between funds | 17 | 24,996 | (24,996 | ) | - | - |
Net movement in funds | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 366,532 |
Catzero Limited (Registered number: 06777504) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( |
) | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 17 |
Unrestricted funds | 185,250 |
Restricted funds | 181,282 |
TOTAL FUNDS | 366,532 |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Catzero Limited |
Cash Flow Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 107,594 | (17,988 | ) |
Interest paid | (2,266 | ) | (1,987 | ) |
Net cash provided by/(used in) operating activities | 105,328 | (19,975 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (11,162 | ) | (5,028 | ) |
Interest received | 3,383 | 454 |
Net cash used in investing activities | (7,779 | ) | (4,574 | ) |
Cash flows from financing activities |
Loan repayments in year | (4,000 | ) | (4,000 | ) |
Loan interest paid | 281 | - |
Net cash used in financing activities | (3,719 | ) | (4,000 | ) |
Change in cash and cash equivalents in the reporting period |
93,830 |
(28,549 |
) |
Cash and cash equivalents at the beginning of the reporting period |
204,597 |
233,146 |
Cash and cash equivalents at the end of the reporting period |
298,427 |
204,597 |
Catzero Limited |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES |
2023 | 2022 |
£ | £ |
Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) |
1,610 |
(17,458 |
) |
Adjustments for: |
Depreciation charges | 39,026 | 35,545 |
Interest received | (3,383 | ) | (454 | ) |
Interest paid | 2,266 | 1,987 |
Increase in debtors | (55,523 | ) | (2,783 | ) |
Increase/(decrease) in creditors | 123,598 | (34,825 | ) |
Net cash provided by/(used in) operations | 107,594 | (17,988 | ) |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 204,597 | 93,830 | 298,427 |
204,597 | 93,830 | 298,427 |
Debt |
Debts falling due within 1 year | (4,968 | ) | - | (4,968 | ) |
Debts falling due after 1 year | (28,699 | ) | 3,719 | (24,980 | ) |
(33,667 | ) | 3,719 | (29,948 | ) |
Total | 170,930 | 97,549 | 268,479 |
Catzero Limited |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. |
Income |
Income received for services provided is accounted for on an accruals basis. |
Cash donations, gifts and legacies are included in full in the income and expenditure account as they are received. Any significant non-cash donations are included in the income and expenditure account at the trustees' estimate of their market value when received. The value of voluntary help is not included in the accounts. |
Grants and other funding of a revenue nature are deferred and released to the income and expenditure account over the period to which they relate. |
Bank interest is included in the income and expenditure account on an accruals basis. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Allocation and apportionment of costs |
All costs are allocated between the expenditure categories of the Statement of Financial Activities on the basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Vessel | - |
Fixtures and fittings | - |
Computer equipment | - |
It was deemed appropriate to revalue the yacht CatZero to ensure the carrying amount reported reflected the market value. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Catzero Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contact that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Trade and other debtors are recognised initially at transaction price less attributable transactions costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less impairment losses in the case of trade debtors. |
Estimates and judgements |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Directors' best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Directors do not consider there to be any material estimates and judgements. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
2. | DONATIONS AND LEGACIES |
Donations received in the financial year of £25,000 and over, includes: |
2023 | 2022 |
£ | £ |
Anonymous | £25,000 | £25,000 |
Armed Forces Convent Trust | - | £35,875 |
ABF Soldiers | £29,500 | - |
Big Lottery Fund | £115,123 | £68,860 |
Children in Need | £26,000 | £26,500 |
Fishmongers | £40,000 | £61,938 |
Garfield Weston | £30,000 | - |
Hawerby Trust | £25,000 | £25,000 |
Hull Community Led Local Development | £27,938 | £111,289 |
J Marr Seafood | - | £25,000 |
James Reckitt Trust | - | £72,000 |
JF Brignall Charitable Trust | £35,000 | £35,000 |
Scunthorpe Community Led Local Development | - | £31,518 |
PCC CRF Programme | £45,546 | £38,718 |
Trusthouse Foundation | £30,000 | £30,000 |
Veteran Foundations | - | £30,000 |
Youth Futures Fund | - | £27,632 |
Catzero Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | OTHER TRADING ACTIVITIES |
2023 | 2022 |
£ | £ |
Corporate and other income | 313,211 | 222,634 |
4. | INVESTMENT INCOME |
2023 | 2022 |
£ | £ |
Deposit account interest |
5. | INCOME FROM CHARITABLE ACTIVITIES |
2023 | 2022 |
Activity | £ | £ |
Loan release | Charitable activities | - | 24,996 |
6. | CHARITABLE ACTIVITIES COSTS |
Support |
Direct | costs (see |
Costs | note 7) | Totals |
£ | £ | £ |
Charitable activities | 580,704 | 213,539 | 794,243 |
7. | SUPPORT COSTS |
Indirect | Governance |
costs | costs | Totals |
£ | £ | £ |
Charitable activities | 209,539 | 4,000 | 213,539 |
Support costs, included in the above, are as follows: |
2023 | 2022 |
Charitable | Total |
activities | activities |
£ | £ |
Administration wages | 162,631 | 132,731 |
Rent, rates, water and refuse | 23,951 | 21,399 |
Insurance | 6,096 | 7,031 |
Light and heat | 4,685 | 3,597 |
Telephone | 3,046 | 3,433 |
Post stationery and printing | 755 | 1,227 |
Information technology | 4,056 | 7,306 |
Repairs and renewals | 2,053 | 1,675 |
Interest payable and similar charges | 2,266 | 1,987 |
Amortisation of loan | - | 24,996 |
Auditors' remuneration | 4,000 | 4,000 |
213,539 | 209,382 |
Catzero Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
9. | AUDITORS' REMUNERATION |
2023 | 2022 |
£ | £ |
Fees payable to the charity's auditors and their associates for the audit of the charity's financial statements |
4,000 |
4,000 |
10. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
11. | STAFF COSTS |
The staff costs for the year are as follows: |
2023 | 2022 |
Gross Wages | 490,076 | 557,313 |
Employers NIC costs | 42,574 | 55,556 |
Employers Pension costs | 11,021 | 12,338 |
543,671 | 625,207 |
The average monthly number of employees during the year was as follows: |
2023 | 2022 |
Management & Administration | 5 | 4 |
Sailing | 1 | 1 |
Programme Delivery | 10 | 14 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |
2023 | 2022 |
£60,001 - £70,000 |
Catzero Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | STAFF COSTS - continued |
The Charity is supported by approximately 49 unpaid volunteers. |
12. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
Vessel | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
If the Vessel had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 540,631 | 540,631 |
Aggregate depreciation | (395,202 | ) | (368,170 | ) |
Value of Vessel if not revalued | 145,429 | 175,461 |
The boat was revalued by Nigel Ling Marine Surveyor (I.Eng FCMS MCIArb MRINA) as at 31 December 2013 at the market value of £500,000. This value is deemed reasonable by the Trustees. |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Accrued income |
Prepayments |
Catzero Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans (see note 16) |
Trade creditors |
Social security and other taxes |
Deferred income |
Accrued expenses |
Included within creditors above is deferred income totalling £150,702 (2022 - £22,850). The movement in the year is as follows: |
Charitable activities | Total |
£ | £ |
At 1 January 2023 | 22,850 | 22,850 |
Released from previous years | (22,850 | ) | (22,850 | ) |
Deferred in the current year | 150,702 | 150,702 |
At 31 December 2023 | 150,702 | 150,702 |
Incoming resources have only been deferred in respect of monies received in advance of the services being delivered. |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans (see note 16) | 28,699 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year on demand: |
Other loans | 4,968 | 4,968 |
Amounts falling between one and two years: |
Other loans - 1-2 years |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
Catzero Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
17. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.1.23 | in funds | funds | 31.12.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 185,250 | (40,126 | ) | 24,996 | 170,120 |
Designated funds | - | 10,000 | - | 10,000 |
(30,126 | ) |
Restricted funds |
ASTO | - | 828 | - | 828 |
Joseph Rank | - | 672 | - | 672 |
Restricted Fund | 181,282 | (1,500 | ) | (24,996 | ) | 154,786 |
Police Crime Commission Violence | - | 31,736 | - | 31,736 |
31,736 | ( |
) |
TOTAL FUNDS | 1,610 | 368,142 |
Catzero Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
17. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 311,738 | (351,864 | ) | (40,126 | ) |
Designated funds | 10,000 | - | 10,000 |
( |
) | (30,126 | ) |
Restricted funds |
Big Lottery Fund | 151,123 | (151,123 | ) | - |
Trusthouse Foundation | 30,000 | (30,000 | ) | - |
Hawerby Trust | 25,000 | (25,000 | ) | - |
ASTO | 828 | - | 828 |
Hull Veterans | 15,000 | (15,000 | ) | - |
Hull CLLD | 27,938 | (27,938 | ) | - |
ABF Soldiers | 29,500 | (29,500 | ) | - |
Armed Forces Covenant Trust | 875 | (875 | ) | - |
Joseph Rank | 1,500 | (828 | ) | 672 |
Hesslewood Children's Trust | 2,000 | (2,000 | ) | - |
Children in Need | 26,000 | (26,000 | ) | - |
Triangle Trust | 15,000 | (15,000 | ) | - |
TK Foundation | 8,914 | (8,914 | ) | - |
Fishmongers (restricted) | 20,000 | (20,000 | ) | - |
Restricted Fund | - | (1,500 | ) | (1,500 | ) |
PC CMC | 24,855 | (24,855 | ) | - |
Police Crime Commission Violence | 77,282 | (45,546 | ) | 31,736 |
Learning For Life | 4,500 | (4,500 | ) | - |
Prince's Trust | 2,000 | (2,000 | ) | - |
Trinity House | 6,000 | (6,000 | ) | - |
The Clothworkers Foundation | 5,800 | (5,800 | ) | - |
( |
) | 31,736 |
TOTAL FUNDS | ( |
) | 1,610 |
Comparatives for movement in funds |
Net |
movement | At |
At 1.1.22 | in funds | 31.12.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 177,712 | 7,538 | 185,250 |
Restricted funds |
Restricted Fund | 206,278 | (24,996 | ) | 181,282 |
TOTAL FUNDS | 383,990 | (17,458 | ) | 366,532 |
Catzero Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
17. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 364,289 | (356,751 | ) | 7,538 |
Restricted funds |
Big Lottery Fund | 69,210 | (69,210 | ) | - |
Trusthouse Foundation | 30,000 | (30,000 | ) | - |
ASTO | 1,456 | (1,456 | ) | - |
Humber Learning Consortium | 5,987 | (5,987 | ) | - |
Hull Veterans | 30,000 | (30,000 | ) | - |
Hull CLLD | 111,289 | (111,289 | ) | - |
Scunthorpe CLLD | 31,518 | (31,518 | ) | - |
ABF Soldiers | 23,500 | (23,500 | ) | - |
Tribune Trust | 5,000 | (5,000 | ) | - |
Wynne Griffiths | 1,000 | (1,000 | ) | - |
Armed Forces Covenant Trust | 35,875 | (35,875 | ) | - |
Youth Future Fund | 27,632 | (27,632 | ) | - |
Sail Training Youth Development Fund | 6,000 | (6,000 | ) | - |
Joseph Rank | 665 | (665 | ) | - |
Hesslewood Children's Trust | 2,000 | (2,000 | ) | - |
Hymers School | 13,500 | (13,500 | ) | - |
Larsons/SCMS | 6,000 | (6,000 | ) | - |
Children in Need | 26,500 | (26,500 | ) | - |
Yorkshire Water | 5,000 | (5,000 | ) | - |
CRF Programme | 38,718 | (38,718 | ) | - |
Huddersfield University | 540 | (540 | ) | - |
Triangle Trust | 15,000 | (15,000 | ) | - |
TK Foundation | 10,000 | (10,000 | ) | - |
Fishmongers (restricted) | 20,000 | (20,000 | ) | - |
ARCO | 10,000 | (10,000 | ) | - |
New Beacon School | 12,069 | (12,069 | ) | - |
Aligra | 4,200 | (4,200 | ) | - |
Restricted Fund | - | (24,996 | ) | (24,996 | ) |
542,659 | (567,655 | ) | (24,996 | ) |
TOTAL FUNDS | 906,948 | (924,406 | ) | (17,458 | ) |
Catzero Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
17. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1.1.22 | in funds | funds | 31.12.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 177,712 | (32,588 | ) | 24,996 | 170,120 |
Designated funds | - | 10,000 | - | 10,000 |
177,712 | (22,588 | ) | 24,996 | 180,120 |
Restricted funds |
ASTO | - | 828 | - | 828 |
Joseph Rank | - | 672 | - | 672 |
Restricted Fund | 206,278 | (26,496 | ) | (24,996 | ) | 154,786 |
Police Crime Commission Violence | - | 31,736 | - | 31,736 |
206,278 | 6,740 | (24,996 | ) | 188,022 |
TOTAL FUNDS | 383,990 | (15,848 | ) | - | 368,142 |
Catzero Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
17. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 676,027 | (708,615 | ) | (32,588 | ) |
Designated funds | 10,000 | - | 10,000 |
686,027 | (708,615 | ) | (22,588 | ) |
Restricted funds |
Big Lottery Fund | 220,333 | (220,333 | ) | - |
Trusthouse Foundation | 60,000 | (60,000 | ) | - |
Hawerby Trust | 25,000 | (25,000 | ) | - |
ASTO | 2,284 | (1,456 | ) | 828 |
Humber Learning Consortium | 5,987 | (5,987 | ) | - |
Hull Veterans | 45,000 | (45,000 | ) | - |
Hull CLLD | 139,227 | (139,227 | ) | - |
Scunthorpe CLLD | 31,518 | (31,518 | ) | - |
ABF Soldiers | 53,000 | (53,000 | ) | - |
Tribune Trust | 5,000 | (5,000 | ) | - |
Wynne Griffiths | 1,000 | (1,000 | ) | - |
Armed Forces Covenant Trust | 36,750 | (36,750 | ) | - |
Youth Future Fund | 27,632 | (27,632 | ) | - |
Sail Training Youth Development Fund | 6,000 | (6,000 | ) | - |
Joseph Rank | 2,165 | (1,493 | ) | 672 |
Hesslewood Children's Trust | 4,000 | (4,000 | ) | - |
Hymers School | 13,500 | (13,500 | ) | - |
Larsons/SCMS | 6,000 | (6,000 | ) | - |
Children in Need | 52,500 | (52,500 | ) | - |
Yorkshire Water | 5,000 | (5,000 | ) | - |
CRF Programme | 38,718 | (38,718 | ) | - |
Huddersfield University | 540 | (540 | ) | - |
Triangle Trust | 30,000 | (30,000 | ) | - |
TK Foundation | 18,914 | (18,914 | ) | - |
Fishmongers (restricted) | 40,000 | (40,000 | ) | - |
ARCO | 10,000 | (10,000 | ) | - |
New Beacon School | 12,069 | (12,069 | ) | - |
Aligra | 4,200 | (4,200 | ) | - |
Restricted Fund | - | (26,496 | ) | (26,496 | ) |
PC CMC | 24,855 | (24,855 | ) | - |
Police Crime Commission Violence | 77,282 | (45,546 | ) | 31,736 |
Learning For Life | 4,500 | (4,500 | ) | - |
Prince's Trust | 2,000 | (2,000 | ) | - |
Trinity House | 6,000 | (6,000 | ) | - |
The Clothworkers Foundation | 5,800 | (5,800 | ) | - |
1,016,774 | (1,010,034 | ) | 6,740 |
TOTAL FUNDS | 1,702,801 | (1,718,649 | ) | (15,848 | ) |
Catzero Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
18. | RELATED PARTY DISCLOSURES |
19. | TRUSTEES INDEMNITY INSURANCE |
The company has Indemnity Insurance for Officers and Trustees of the Company. The premium amounted to £nil for the year (2022 - £1,047). |
20. | LEGAL STATUS OF THE CHARITY |
The charity is a company limited by guarantee and has no share capital. |