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COMPANY REGISTRATION NUMBER: SC227515
CHARITY REGISTRATION NUMBER: SC032663
Hyzone Limited
Company Limited by Guarantee
Unaudited Financial Statements
31 January 2024
Hyzone Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 January 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
7
Hyzone Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 January 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 January 2024 .
Reference and administrative details
Registered charity name
Hyzone Limited
Charity registration number
SC032663
Company registration number
SC227515
Principal office and registered
St John's Church Centre
office
Duke Street
Hamilton
ML3 7DT
The trustees
Mr A F Adamson
Mrs A Plummer
(Resigned 7 September 2023)
Rev J Hood
Mr R Young
Mrs M McCartney
Ms L Auld
Rev R Blackman
Ms E Sommerville
Rev J Storrie
(Appointed 7 September 2023)
Company secretary
Mr R Young
Independent examiner
Andrew B Wilson CA Partner, Nelson Gilmour Smith
47 Cadzow Street
Hamilton
ML3 6ED
Structure, governance and management
Hyzone is a registered charity and a company limited by guarantee. The company is governed by a Board of Directors, who meets bi monthly to discuss the ongoing business of Hyzone. The day to day running of the project is overseen by a management group, made up of the chair of the board, project coordinator, board members, and a representative from Youth Learning Services and aims to have a young person involved soon. The project co-ordinator is responsible for the line management of the part time staff, as well as volunteer coordination and the running of the project. Two groups of volunteers support the work of Hyzone - a 'resource group', which is involved in the face to face youth work, and a 'support group' who offer support to the staff members on a one to one basis.
Objectives and activities
Hyzone's youth service provision aims to support and nurture positive relationship building. We aim to do so by providing positive creative experiences for young people. We set our objectives and targets within our youth service provision using a framework strategy of 'Zones'. This strategy provides opportunities for young people who reside in Hamilton and the surrounding Lanarkshire areas. At Hyzone we promote "active participation" and inclusivity' for young people providing opportunities for them to to broaden their ambitions. At Hyzone young people can increase the opportunities to make positive changes in their life.
Achievements and performance
The period 2023-24 was successful in assisting young people to make positive change and improve aspects of mental health and physical well-being. Young people were given the opportunity to express themselves freely without prejudice or judgment in safe spaces. As a youth service provider, we followed on from previous youth engagement, working with young people on a long term basis providing continuity of support and guidance which has had a positive impact on their life. We maintained a strong online presence offering young people support, counseling and guidance through times of crisis which proved to be extremely important in reducing the negative impact of youth isolation and poor mental health. It has been a successful year in being able to assist and support young people in finding employment and college places. The recruitment of Hyzone young volunteers has been of great importance as they act as peer mentors to others and also contribute to Hyzone's youth strategy.
Working in partnership with other youth agencies throughout 2023/2024 has been crucial in terms of sharing resources to better meet the needs of young people. Hyzone continues to use 'Zones' for our youth service strategy to engage and work with young people. 'Zones' are headed under e.g. Sunday Drop-In, Active, Culture and Street.
Financial review
For the financial year to 31st January 2024 our total income was £44,862 (2023: £46,281). This year we had the normal contributions of £3,000 each from two of the three churches, namely St John's, and Hamilton Old Parish. Additionally, we received a further £183 from St John's and £300 from St Mary's Episcopal Church. We also received £28,379 (2023: £28,334) from The National Lottery Community Fund and £10,000 (2023: £11,500) from The Robertson Trust. Budget expenditure and cash flows have been prepared for the next financial period. We recognise the work of our project coordinator/manager, all the volunteers and the Trustees, each playing their part in the Hyzone project and we thank them for their efforts.
Plans for future periods
Hyzone aims to continue providing a youth service provision for young people into the future.
Our main core funders are "The National Lottery Community Fund" and "The Robertson Trust", we also have greatly appreciated satellite funding from St John's Church Hamilton and Hamilton Old Parish Church.
Hyzone is working and engaging with young people to offer support and guidance and to provide positive creative experiences to enhance their life journey.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 26 September 2024 and signed on behalf of the board of trustees by:
Rev J Hood Ms E Sommerville
Chair Finance Director
Hyzone Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Hyzone Limited
Year ended 31 January 2024
I report on the financial statements for the year ended 31 January 2024, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes.
Respective responsibilities of trustees and examiner
The charity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
- to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations
have not been met, or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Andrew B Wilson CA Partner, Nelson Gilmour Smith
Independent Examiner
47 Cadzow Street Hamilton ML3 6ED
11 October 2024
Hyzone Limited
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 January 2024
2024
2023
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
16,483
28,379
44,862
46,281
--------
--------
--------
--------
Total income
16,483
28,379
44,862
46,281
--------
--------
--------
--------
Expenditure
Expenditure on charitable activities
6,7
20,634
18,995
39,629
34,495
--------
--------
--------
--------
Total expenditure
20,634
18,995
39,629
34,495
--------
--------
--------
--------
--------
--------
--------
--------
Net income and net movement in funds
( 4,151)
9,384
5,233
11,786
--------
--------
--------
--------
Reconciliation of funds
Total funds brought forward
13,039
20,463
33,502
21,716
--------
--------
--------
--------
Total funds carried forward
8,888
29,847
38,735
33,502
--------
--------
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Hyzone Limited
Company Limited by Guarantee
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Current assets
Cash at bank and in hand
40,415
34,342
Creditors: amounts falling due within one year
13
1,680
840
--------
--------
Net current assets
38,735
33,502
--------
--------
Total assets less current liabilities
38,735
33,502
--------
--------
Net assets
38,735
33,502
--------
--------
Funds of the charity
Restricted funds
29,847
20,463
Unrestricted funds
8,888
13,039
--------
--------
Total charity funds
15
38,735
33,502
--------
--------
For the year ending 31 January 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Rev J Hood Ms E Sommerville
Chair Finance Director
Hyzone Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is St John's Church Centre, Duke Street, Hamilton, ML3 7DT.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
Hyzone Limited is a company limited by Guarantee and not having a share capital.
5. Donations and legacies
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Donations
Town Centre Churches Donations
6,483
6,483
Grants
The National Lottery Community Fund (Young Start)
28,379
28,379
Robertson Trust
10,000
10,000
--------
--------
--------
16,483
28,379
44,862
--------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
Town Centre Churches Donations
6,447
6,447
Grants
The National Lottery Community Fund (Young Start)
28,334
28,334
Robertson Trust
11,500
11,500
--------
--------
--------
17,947
28,334
46,281
--------
--------
--------
6. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Youth Activities
19,163
18,995
38,158
Support costs
1,471
1,471
--------
--------
--------
20,634
18,995
39,629
--------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Youth Activities
19,011
14,037
33,048
Support costs
1,447
1,447
--------
--------
--------
20,458
14,037
34,495
--------
--------
--------
7. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Youth Activities
38,158
631
38,789
33,655
Governance costs
840
840
840
--------
-------
--------
--------
38,158
1,471
39,629
34,495
--------
-------
--------
--------
8. Analysis of support costs
Independent examination fees
Payroll fees
Companies House Fee
Total 2024
Total 2023
£
£
£
£
£
Governance costs
840
618
13
1,471
1,447
----
----
----
-------
-------
9. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
840
840
----
----
10. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024
2023
£
£
Wages and salaries
32,176
29,534
Employer contributions to pension plans
673
596
--------
--------
32,849
30,130
--------
--------
The average head count of employees during the year was 1 (2023: 1 ). The average number of full-time equivalent employees during the year is analysed as follows:
2024
2023
No.
No.
Number of administrative staff
1
1
----
----
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
11. Trustee remuneration and expenses
No trustees received remuneration or reimbursement of expenses during the year.
12. Tangible fixed assets
Equipment
Total
£
£
Cost
At 1 February 2023 and 31 January 2024
7,900
7,900
-------
-------
Depreciation
At 1 February 2023 and 31 January 2024
7,900
7,900
-------
-------
Carrying amount
At 31 January 2024
-------
-------
At 31 January 2023
-------
-------
13. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
1,680
840
-------
----
14. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 673 (2023: £ 596 ).
15. Analysis of charitable funds
Unrestricted funds
At 1 February 2023
Income
Expenditure
At 31 January 2024
£
£
£
£
General funds
13,039
16,483
(20,634)
8,888
--------
--------
--------
-------
At 1 February 2022
Income
Expenditure
At 31 January 2023
£
£
£
£
General funds
15,550
17,947
(20,458)
13,039
--------
--------
--------
--------
Restricted funds
At 1 February 2023
Income
Expenditure
At 31 January 2024
£
£
£
£
The National Lottery Community Fund (Young Start)
20,463
28,379
(18,995)
29,847
--------
--------
--------
--------
At 1 February 2022
Income
Expenditure
At 31 January 2023
£
£
£
£
The National Lottery Community Fund (Young Start)
6,166
28,334
(14,037)
20,463
-------
--------
--------
--------
The National Lottery Community Fund (Young Start)
This three year grant will help to pay the salaries of the coordinator and part time youth workers, plus the cost of arts and craft materials, music equipment, IT equipment, transport expenses, office materials and phone/internet costs.
16. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Current assets
10,568
29,847
40,415
Creditors less than 1 year
(1,680)
(1,680)
--------
--------
--------
Net assets
8,888
29,847
38,735
--------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Current assets
13,879
20,463
34,342
Creditors less than 1 year
(840)
(840)
--------
--------
--------
Net assets
13,039
20,463
33,502
--------
--------
--------