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REGISTERED COMPANY NUMBER: 10099113 (England and Wales)
REGISTERED CHARITY NUMBER: 1168969














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2023

for

Hull Youth Support Trust

Hull Youth Support Trust

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Report of the Trustees 1 to 3

Independent Examiner's Report 4

Statement of Financial Activities 5

Balance Sheet 6 to 7

Notes to the Financial Statements 8 to 12

Hull Youth Support Trust (Registered number: 10099113)

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).

The Hull Youth Support Trust is dedicated to helping young and often economically disadvantaged people become financially independent, by getting started in business. We provide affordable business units from where our beneficiaries grow their own business and access onsite business advice and support as well as networking and collaborating with like-minded individuals in the same and similar position to themselves.

OBJECTIVES AND ACTIVITIES
Objectives and aims
We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. It looks at the success of each key activity and the benefits these activities have brought to the people we are set up to help. The review also helps us to ensure that our aims, objectives and activities remain focused on our stated purposes.
Hull Youth Support Trust ("HYST") is dedicated to helping young entrepreneurs start and grow successful businesses. We do this by providing affordable business space for two years, as well as advice, support and mentoring.
Over the course of their time with us, businesses graduate to paying commercial rent, later moving on and vacating their unit for another start-up. HYST started in 2016 and operates 20 units in our business centre in Hull as well social spaces and meeting room facilities.
Our beneficiaries have a business idea, but don't have the financial means to rent commercial premises, or the social and business networks to help them get started or generate the levels of sales needed to make the business sustainable.
We believe self-employment supports social mobility and that for young people it is one route out of unemployment or underemployment, and as a result, improving their situation and achieving financial independence. We want to make self-employment accessible to young people with a good idea and the enthusiasm and commitment to turn it into reality - regardless of whether they have the money, family background or social networks to help them.

Significant activities
Our beneficiaries are usually unemployed or underemployed as well as those with an early growth business in need of guidance to become sustainable.
Through our enterprise centre we support entrepreneurs, predominantly aged 18 - 30 to become financially independent. We offer low-cost premises from which they can develop their businesses, alongside on-site advice, support and mentoring. We build relationships in the communities from which we draw our clients, so that we understand and respond to local needs.

Public benefit
We have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. All our charitable activities focus on advancement opportunities to allow young people of Hull and the surrounding areas to develop their capabilities, enable them to improve their economic wellbeing, and reduce or eliminate their reliance on state support.
We help entrepreneurs:
- Develop their business idea, create a viable business plan and help them access and apply for start-up funding.
- By providing a subsidised (sub-market rent) space on a sliding scale, reaching commercial levels over 2 years.
- By supporting them within our centre for 2 years, giving on-site support from the Centre Manager and external partners.


Hull Youth Support Trust (Registered number: 10099113)

Report of the Trustees
for the year ended 31 December 2023


ACHIEVEMENT AND PERFORMANCE
Charitable activities
As with most commercial businesses and charities, we have continued to navigate the Covid recovery phase and the cost of living crisis. In a listed building with aging heating and plumbing, this has certainly not been easy. For many of our resident young businesses, this has meant diversifying income streams, exploring business support opportunities and in some cases, simply holding their nerve as they navigated through the storm.
Our website, www.hullyouthsupporttrust.org was launched last year and showcases the amazing young businesses who are resident in our centre as well as some of those who have recently flown the nest but remain with us as HYST alumni.
For HYST and our Corporate Trustee HEY Smile Foundation (Smile), last years' focus had been on the future of our premises, working with the landlord, Hull City Council, to look at the long-term future of the space and our desire to redevelop it for the benefit of current and future entrepreneurs. This led to feasibility works being undertaken in preparation for Smile acquiring the listed building and undertaking a major programme of refurbishment in 2023/24. Unfortunately, due to funding restrictions, the planned refurbishment was not able to progress.

Fundraising activities
Due to the focus on acquiring and revitalising our home, fundraising activities were paused in 2022 and 2023. A fund-raising plan is now being developed to re-establish the charity.
We are grateful for the support of our Corporate Trustee Smile, who have covered our core salary costs during 2023.

FINANCIAL REVIEW
Principal funding sources
The Charity's principle funding sources are rents from commercial tenants and HYST clients, grants for specific projects and donations. These funds enable the Charity to run its centre and provide support and mentoring to its clients.
We continue to be grateful to our Corporate Trustee, HEY Smile Foundation, who provide operational and governance support.

Reserves policy
In formulating our reserves policy, we have taken account of the regular commitments of the Charity. Our aim is to achieve a position where we hold sufficient unrestricted reserves to fund our core costs for 4-6 months. This includes the rent subsidy, which is an integral part of our activity, in the event of unexpected events affecting the Charity's financial position including a fall in funds raised from outside the Charity.
By being part of the Smile family of charities, the collective financial strength means that investment is always available without needing to look to external sources.

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.

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Hull Youth Support Trust is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association dated 2nd April 2016. It was registered as a charity with the Charity Commission on 30th August 2016.
The charity joined the HEY Smile Foundation (Charity Number: 1125856) family of charities in July 2020 whilst still maintaining charitable independence.

Recruitment and appointment of new trustees
Trustees are appointed by way of ordinary resolution in accordance with the Memorandum and Articles of Association of the charity. We are currently looking for two new Trustees to join the Board.
The Board has established procedures for recruiting and supporting trustees. New trustees attend an induction meeting to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the decision-making process, the business plan and recent financial performance of the charity. They also meet the centre manager.


Hull Youth Support Trust (Registered number: 10099113)

Report of the Trustees
for the year ended 31 December 2023


STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
The Trustees have reviewed the major strategic, business and operational risks to which the Charity is exposed. Systems have been established and implemented to mitigate those risks and procedures have been implemented to minimise any potential impact on the Charity should any of those risks materialise.
The principal risk that the Charity faces is the condition of the enterprise centre. The Trustees have introduced the following strategies to mitigate this risk:
- Engagement with Councillors and officers regarding HYST's role in meeting the local authority's strategic objectives
- Engagement with the local authority as landlord
- Maintaining the facility as appropriate whilst looking to secure a long term lease or acquisition via HEY Smile Foundation and unlock funding potential
- Engagement with funders and philanthropists to support future redevelopment

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
10099113 (England and Wales)

Registered Charity number
1168969

Registered office
161 Unit 5 High Street
Hull
HU1 1NQ

Trustees
A J Bowden
M W Sadofsky (resigned 28/4/2023)
T J Wigglesworth

Company Secretary

Independent Examiner
David Marshall FCA
Marshall & Co
Chartered Accountants
& Chartered Tax Advisers
The Bloc
Springfield Way
Anlaby
Kingston upon Hull
East Yorkshire
HU10 6RJ

Approved by order of the board of trustees on 23 September 2024 and signed on its behalf by:





A J Bowden - Trustee

Independent Examiner's Report to the Trustees of
Hull Youth Support Trust


Independent examiner's report to the trustees of Hull Youth Support Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








David Marshall FCA

Marshall & Co
Chartered Accountants
& Chartered Tax Advisers
The Bloc
Springfield Way
Anlaby
Kingston upon Hull
East Yorkshire
HU10 6RJ

24 September 2024

Hull Youth Support Trust

Statement of Financial Activities
for the year ended 31 December 2023

2023 2022
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies - 25,967

Investment income 2 26,124 54,935
Total 26,124 80,902

EXPENDITURE ON
Raising funds 3 48,702 86,821


NET INCOME/(EXPENDITURE) (22,578 ) (5,919 )


RECONCILIATION OF FUNDS
Total funds brought forward 16,749 22,668

TOTAL FUNDS CARRIED FORWARD (5,829 ) 16,749

Hull Youth Support Trust (Registered number: 10099113)

Balance Sheet
31 December 2023

2023 2022
Unrestricted Total
fund funds
Notes £    £   
FIXED ASSETS
Tangible assets 6 37 243

CURRENT ASSETS
Debtors 7 1,581 27,803
Cash at bank 3,860 17,573
5,441 45,376

CREDITORS
Amounts falling due within one year 8 (11,307 ) (28,870 )

NET CURRENT ASSETS/(LIABILITIES) (5,866 ) 16,506

TOTAL ASSETS LESS CURRENT
LIABILITIES

(5,829

)

16,749

NET ASSETS/(LIABILITIES) (5,829 ) 16,749
FUNDS 9
Unrestricted funds (5,829 ) 16,749
TOTAL FUNDS (5,829 ) 16,749

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


Hull Youth Support Trust (Registered number: 10099113)

Balance Sheet - continued
31 December 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 23 September 2024 and were signed on its behalf by:





A J Bowden - Trustee

Hull Youth Support Trust

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.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. INVESTMENT INCOME
2023 2022
£    £   
Rents received 26,124 54,935


Hull Youth Support Trust

Notes to the Financial Statements - continued
for the year ended 31 December 2023


3. RAISING FUNDS

Raising donations and legacies
2023 2022
£    £   
Support costs 48,702 86,821

4. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 206 207

5. 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.


6. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 and 31 December 2023 5,705 532 6,237
DEPRECIATION
At 1 January 2023 5,643 351 5,994
Charge for year 31 175 206
At 31 December 2023 5,674 526 6,200
NET BOOK VALUE
At 31 December 2023 31 6 37
At 31 December 2022 62 181 243


Hull Youth Support Trust

Notes to the Financial Statements - continued
for the year ended 31 December 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 563 26,815
Prepayments and accrued income 1,018 988
1,581 27,803

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 10,407 27,070
Other creditors - 900
Accrued expenses 900 900
11,307 28,870

9. MOVEMENT IN FUNDS
Net
movement At
At 1/1/23 in funds 31/12/23
£    £    £   
Unrestricted funds
General fund 16,749 (22,578 ) (5,829 )

TOTAL FUNDS 16,749 (22,578 ) (5,829 )

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 26,124 (48,702 ) (22,578 )

TOTAL FUNDS 26,124 (48,702 ) (22,578 )


Hull Youth Support Trust

Notes to the Financial Statements - continued
for the year ended 31 December 2023


9. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1/1/22 in funds 31/12/22
£    £    £   
Unrestricted funds
General fund 22,668 (5,919 ) 16,749

TOTAL FUNDS 22,668 (5,919 ) 16,749

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 80,902 (86,821 ) (5,919 )

TOTAL FUNDS 80,902 (86,821 ) (5,919 )

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1/1/22 in funds 31/12/23
£    £    £   
Unrestricted funds
General fund 22,668 (28,497 ) (5,829 )

TOTAL FUNDS 22,668 (28,497 ) (5,829 )

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 107,026 (135,523 ) (28,497 )

TOTAL FUNDS 107,026 (135,523 ) (28,497 )

Hull Youth Support Trust

Notes to the Financial Statements - continued
for the year ended 31 December 2023


10. RELATED PARTY DISCLOSURES

The HEY Smile Foundation provides operational management administration assistance.