REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
THE YOUNG URBAN ARTS FOUNDATION LIMITED |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
THE YOUNG URBAN ARTS FOUNDATION LIMITED |
THE YOUNG URBAN ARTS FOUNDATION LIMITED |
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 | 15 |
THE YOUNG URBAN ARTS FOUNDATION LIMITED (REGISTERED NUMBER: 06658860) |
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). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The Young Urban Arts Foundation Limited (the "Charity") is a company limited by guarantee, incorporated on 29 July 2008 and registered as a charity on 12 December 2014. It has the objects and powers of the charitable company and is governed under its articles of association. |
The directors of the company (the "Board") are also charity trustees for the purposes of charity law. Prospective Board members are nominated by the Board and elected by members of the organisation at the Annual General Meeting. All members of the Board give their time voluntarily and receive no benefits from the Charity. |
Public benefit |
The board referred to the guidance contained in the Charity Commission's general guidance on public benefit, and 'The Advancement of Religion for the Public Benefit' in particular, when reviewing the aims and objectives and in planning the charity's future activities. In particular, the trustees consider how the planned activities will contribute to the aims and objectives set. |
ACHIEVEMENT AND PERFORMANCE |
The Charity generated incoming resources for the year ending 31st December 2023 of £462,066 (2022: £430,508). £417,317 was spent on charitable activities during 2023 (2022: £301,749), the majority of which went towards staff costs and resources to deliver programme activities. The Charity had a surplus of £44,749 (2022: £56,471) during the year. Overall the Charity closed the year with funds carried forward of £338,144 (2022: £293,395), of which £262,853 is unrestricted and the remaining £75,291 restricted. |
This year-on-year growth has enabled the Charity to continue to expand its vital operations in an exceptionally challenging climate of ongoing statutory cuts to youth services. Over 2023, YUAF's Outreach Media Bus saw a 14% increase in participants, with further significant growth in YUAF's Pathways and Futures programmes, resulting in an average increase in engagement of 38%. Over the course of the year, YUAF successfully delivered workshops to 510 young people in 28 out of 32 London boroughs. The Charity continues to focus on areas of the highest need, with 54% of participants in YUAF's programmes living among the 25% most deprived areas of Greater London. Increasing access to marginalised and minoritised young people continues to be a key strategic focus, with 79% of YUAF's participants identifying as Global Majority heritages. The impact of YUAF's work has been transformative, with 90-95% of young people reporting an increase in their wellbeing, confidence, and skills. |
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. |
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102). |
THE YOUNG URBAN ARTS FOUNDATION LIMITED (REGISTERED NUMBER: 06658860) |
REPORT OF THE TRUSTEES |
for the year ended 31 December 2023 |
FINANCIAL REVIEW |
Reserves policy |
The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on activities and receiving resources through voluntary income. The trustees consider that the ideal level of reserves as at 31 December 2023 would be three months of resources expended which is approximately £104,000. |
The free reserves as at 31 December 2023 were £136,929 in surplus. In calculating the reserves, the trustees have excluded from total funds fixed assets and any restricted funds. |
The trustees are actively pursuing sources of funding in order to ensure that there are sufficient reserves to provide financial stability and flexibility, and are confident that it will be in a position to continue to make grants out of funds raised. |
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. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
THE YOUNG URBAN ARTS FOUNDATION LIMITED (REGISTERED NUMBER: 06658860) |
REPORT OF THE TRUSTEES |
for the year ended 31 December 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Independent Examiner |
Raffingers LLP |
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
THE YOUNG URBAN ARTS FOUNDATION LIMITED |
Independent examiner's report to the trustees of The Young Urban Arts Foundation Limited ('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 |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. |
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. |
Mr Yedidya A Zaiden, ACCA |
Raffingers LLP |
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
25 September 2024 |
THE YOUNG URBAN ARTS FOUNDATION LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
for the year ended 31 December 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities |
Other trading activities | 3 |
Investment income | 4 |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities | 5 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 293,395 |
CONTINUING OPERATIONS |
All income and expenditure has arisen from continuing activities. |
THE YOUNG URBAN ARTS FOUNDATION LIMITED (REGISTERED NUMBER: 06658860) |
BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
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 |
FUNDS | 15 |
Unrestricted funds | 264,862 |
Restricted funds | 28,533 |
TOTAL FUNDS | 293,395 |
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 YOUNG URBAN ARTS FOUNDATION LIMITED (REGISTERED NUMBER: 06658860) |
BALANCE SHEET - continued |
31 December 2023 |
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. |
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 |
THE YOUNG URBAN ARTS FOUNDATION 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. |
Assessment of going concern |
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. |
The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as going concern. Notwithstanding the net current liabilities position, the trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due and note that the major loan creditor has offered its continued support. |
Exemption from preparing cash flow statement |
The financial statements do not include a cash flow statement because the charitable company, as a small reporting entity, is exempt from the requirements to prepare such a statement under Charities SORP (FRS 102) Update Bulletin 1, Module 14. |
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. |
Charitable activities |
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. |
Governance costs |
Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the audit fees and costs linked to the strategic management of the charity. |
Allocation and apportionment of costs |
Overhead and support costs relating to charitable activities have been apportioned based on staff time where applicable. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
THE YOUNG URBAN ARTS FOUNDATION LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
1. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Motor vehicles | - |
Computer equipment | - |
Taxation |
The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. |
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. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
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 |
2023 | 2022 |
£ | £ |
Donations |
Grants |
The grants received in the year to 31 December 2023 were as follows: |
2023 |
£ |
Paul Hamlyn Foundation | 30,000 |
John Lyon's Charity | 38,000 |
THE YOUNG URBAN ARTS FOUNDATION LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | DONATIONS AND LEGACIES - continued |
Postcode Society Trust | 23,354 |
The National Lottery | 53,370 |
Sony Music Social Justice Fund | 50,541 |
Garfield Weston Foundation | 30,000 |
The A.D. Charitable Trust | 25,000 |
Other grants below £20,000 | 87,103 |
337,368 |
3. | OTHER TRADING ACTIVITIES |
2023 | 2022 |
£ | £ |
Other income | 400 | 12,126 |
4. | INVESTMENT INCOME |
2023 | 2022 |
£ | £ |
Bank account interest | 1,111 | 112 |
5. | CHARITABLE ACTIVITIES COSTS |
Support |
Direct | costs (see |
Costs | note 6) | Totals |
£ | £ | £ |
Charitable activities | 240,169 | 162,068 | 402,237 |
6. | SUPPORT COSTS |
Governance |
Management | Finance | costs | Totals |
£ | £ | £ | £ |
Charitable activities | 145,711 | 284 | 16,073 | 162,068 |
THE YOUNG URBAN ARTS FOUNDATION LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
7. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
There were Independent Examiners fees of £3,600 for the year ended 31 December 2023. |
8. | 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. |
9. | STAFF COSTS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
114,349 | 142,318 |
The average monthly number of employees during the year was as follows: |
2023 | 2022 |
Management, operational and admin |
THE YOUNG URBAN ARTS FOUNDATION LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
10. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | 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 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
THE YOUNG URBAN ARTS FOUNDATION LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 14) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year on demand: |
Bank loans |
Amounts falling between one and two years: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments: |
Bank loans | 11,227 | 16,571 |
THE YOUNG URBAN ARTS FOUNDATION LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
15. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.1.23 | in funds | 31.12.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 264,862 | (2,009 | ) | 262,853 |
Restricted funds |
Restricted funds | 28,533 | 46,758 | 75,291 |
TOTAL FUNDS | 44,749 | 338,144 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 196,845 | (198,854 | ) | (2,009 | ) |
Restricted funds |
Restricted funds | 265,221 | (218,463 | ) | 46,758 |
TOTAL FUNDS | ( |
) | 44,749 |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.1.22 | in funds | funds | 31.12.22 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 126,435 | (75 | ) | 138,502 | 264,862 |
Restricted funds |
Restricted funds | 110,489 | 56,546 | (138,502 | ) | 28,533 |
TOTAL FUNDS | 236,924 | 56,471 | - | 293,395 |
THE YOUNG URBAN ARTS FOUNDATION LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
15. | 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 | 180,628 | (180,703 | ) | (75 | ) |
Restricted funds |
Restricted funds | 249,880 | (193,334 | ) | 56,546 |
TOTAL FUNDS | 430,508 | (374,037 | ) | 56,471 |
Unrestricted funds represent funds available to the trustees for the general purposes of the charity. |
Restricted funds |
During the year, the charity received grants to be applied fo specific purposes and projects. |
16. | RELATED PARTY DISCLOSURES |