REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
TURNERS COURT YOUTH TRUST |
(A COMPANY LIMITED BY GUARANTEE) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
TURNERS COURT YOUTH TRUST |
(A COMPANY LIMITED BY GUARANTEE) |
TURNERS COURT YOUTH TRUST |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Report of the Trustees | 1 | to | 2 |
Statement of Financial Activities | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 | to | 8 |
TURNERS COURT YOUTH TRUST (REGISTERED NUMBER: 00104372) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
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 March 2024. 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 |
To give grants to charities and small community groups in the Thames Valley region, which aim to help children, young people and families in particular, but not exclusively, those children and young people with emotional or behavioural problems so that they may grow to full maturity as individuals and members of society. |
Aims |
To enable children and young people to reach their full potential and parents and carers to fulfil their role and responsibilities. |
ACHIEVEMENT AND PERFORMANCE |
During the year the Trust received investment income totalling £14,774 ( 2023 : £16,754). The Trust distributed grants totalling £16,000 to:- |
- Oxfordshire Youth |
- Didcot Train |
- Clear Sky Children |
- Wycombe Youth |
- Home Start Banbury |
- Home Start Reading |
- Andrew Simpson Foundation |
- At The Bus |
- 5 On It |
- Jacari |
The Trustees intend to meet at least three times a year and to distribute in grants annual investment income net of costs. |
FINANCIAL REVIEW |
Principal funding sources |
The principal source of income is the portfolio of investments managed by the Charity's investment advisers. The Trustees recognise that the value of investments vary over time due to market conditions and note that the market value of the investments has increased since 2023. The Trustees consider the portfolio is suitably spread for the charity's needs. |
Investment policy and objectives |
Funds surplus to immediate requirements are invested to provide income and some protection against inflation. To obtain a spread of risk and retain accessibility, these funds are invested on behalf of the Trust by Brewin Dolphin and reviewed at trustees meetings. |
Reserves policy |
The reserves of the Trust consist of the remains of a capital fund set up at 31 March 1998 from the proceeds of the sale of a farm and buildings previously owned by the Trust. As a Grant Making Trust the Trustees consider it necessary to maintain the reserves in order to generate sufficient income to support worthwhile grants. |
FUTURE PLANS |
The Trust will continue as a Grant Making Trust awarding grants out of capital and income to causes set out under Objectives above. |
TURNERS COURT YOUTH TRUST (REGISTERED NUMBER: 00104372) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
Turners Court Youth Trust is a company limited by guarantee which is governed by its Memorandum and Articles of Association adopted by special resolution on 20 July 1995. It is registered as a Charity with the Charity Commission. |
Recruitment and appointment of new trustees |
New Trustees are introduced to the Trust by recommendation to the Board of Trustees. They are asked to complete an application form setting out their experiences and qualifications and two members of the current Board of Trustees would interview them prior to their appointment. |
Organisational structure |
The Board of Trustees which consists of at least five members, administers the Charity. |
All decisions must have the approval of the Board. However, for decisions that need to be made at short notice, the Chairman of the Trust is consulted and any decisions then brought to the Board for ratification. |
Induction and training of new trustees |
New Trustees are given an introduction to the history of the Charity and its objectives by existing Trustees. |
Risk management |
The Trustees have a duty to 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 |
Registered office |
Trustees |
Company Secretary |
Approved by order of the board of trustees on |
TURNERS COURT YOUTH TRUST |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Investment income | 2 |
EXPENDITURE ON |
Raising funds | 3 |
Charitable activities |
Donations to charities | 16,000 | - | 16,000 | 13,955 |
Governance costs | 1,864 | - | 1,864 | 1,498 |
Support costs | 8,730 | - | 8,730 | - |
Total |
Net gains/(losses) on investments | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 463,658 |
TURNERS COURT YOUTH TRUST (REGISTERED NUMBER: 00104372) |
BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 7 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS | ( |
) | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 9 |
Unrestricted funds | 463,658 |
TOTAL FUNDS | 463,658 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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. |
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 |
TURNERS COURT YOUTH TRUST |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. |
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 |
Expenditure on charitable activities represents direct functional costs of the activity. |
Governance costs |
Governance costs comprise the costs relating to the general running of the Charity. |
Allocation and apportionment of costs |
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. The Charity has only one activity, the making of donations. Other costs such as Governance Costs are therefore identified on the face of the SOFA. |
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. |
The Trust has no restricted funds. |
Investments |
Investments are held in listed investments under managed funds and are valued at the bid price as at the year end. |
TURNERS COURT YOUTH TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | INVESTMENT INCOME |
31.3.24 | 31.3.23 |
£ | £ |
Deposit account interest |
Investment Income | 14,715 | 16,745 |
3. | RAISING FUNDS |
Investment management costs |
31.3.24 | 31.3.23 |
£ | £ |
Portfolio management | 4,399 | 4,463 |
4. | SUPPORT COSTS |
Governance |
Management | costs | Totals |
£ | £ | £ |
Governance costs | - | 1,864 | 1,864 |
Support costs | 8,730 | - | 8,730 |
8,730 | 1,864 | 10,594 |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
No trustees were employed by the charity and so consequently there were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Investment income |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Donations to charities | 13,955 | - | 13,955 |
Governance costs | 1,498 | - | 1,498 |
Total |
Net gains/(losses) on investments | ( |
) | ( |
) |
TURNERS COURT YOUTH TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 491,882 | - |
TOTAL FUNDS CARRIED FORWARD | 463,658 | - | 463,658 |
7. | FIXED ASSET INVESTMENTS |
At the balance sheet date, the book cost of the investments was £375,800 (2023 : £371,086). |
There were no investment assets held outside the UK. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Accrued expenses |
9. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.23 | in funds | 31.3.24 |
£ | £ | £ |
Unrestricted funds |
Unrestricted Funds | 463,658 | 15,983 | 479,641 |
TOTAL FUNDS | 15,983 | 479,641 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
Unrestricted Funds | 14,774 | (30,993 | ) | 32,202 | 15,983 |
TOTAL FUNDS | ( |
) | 15,983 |
TURNERS COURT YOUTH TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
Unrestricted Funds | 491,882 | (28,224 | ) | 463,658 |
TOTAL FUNDS | 491,882 | (28,224 | ) | 463,658 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
Unrestricted Funds | 16,754 | (19,916 | ) | (25,062 | ) | (28,224 | ) |
TOTAL FUNDS | 16,754 | (19,916 | ) | (25,062 | ) | (28,224 | ) |
10. | RELATED PARTY DISCLOSURES |
During the year, a company owned by Mr A D Parks, a Trustee, charged the charity £805 (2023: £792) for professional services supplied. A total of £998 (2023: £612) was paid to Mrs S Pickering, a Trustee, for administrative services. |