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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 2024

for

Hull Youth Support Trust

Hull Youth Support Trust

Contents of the Financial Statements

for the year ended 31 December 2024

| 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 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 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice (FRS 102) applicable in the UK and Republic of Ireland (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Hull Youth Support Trust (“HYST”) is dedicated to helping young and often economically disadvantaged people become financially independent by starting their own businesses.

Public benefit

The trustees confirm that they have complied with their duty under Section 4 of the Charities Act 2011 to have due regard to the public benefit guidance issued by the Charity Commission.

Although active delivery has been paused, the trustees remain committed to ensuring that the charity’s future structure and activities continue to promote public benefit by supporting young people in Hull to become financially independent through enterprise and self-employment.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the financial year ending 31 December 2024, the charity has remained largely static due to a lack of available funding to undertake the much-needed renovation of our building, as outlined in last year’s report. We continue to be grateful to our Corporate Trustee, HEY Smile Foundation, who provide operational and governance support.

Despite these limitations, the trustees have continued to ensure that HYST remains compliant with all legal and regulatory obligations under the Charities Act 2011 and the guidance of the Charity Commission. All governance, reporting, and administrative requirements have been fulfilled, and the trustees have maintained oversight of the charity’s assets and obligations.

While operational activity has been minimal, the trustees have worked to identify a sustainable future for HYST that protects its mission and the value it brings to young entrepreneurs in Hull.

FINANCIAL REVIEW

Principal funding sources

The charity’s limited financial activity in 2024 reflects its static position. The trustees continue to monitor reserves and liabilities carefully to ensure that the organisation remains solvent and compliant with reporting requirements.

Reserves policy

As the Charity moves towards new activities, the reserves policy has been adjusted to reflect reduced operational needs. The aim is to hold sufficient unrestricted reserves to meet any outstanding liabilities, including invoices, contractual obligations, and change related costs.

This approach ensures that all financial commitments can be dealt with responsibly and that the Charity can operate without risk to creditors or beneficiaries.

As part of the HEY Smile family of charities, any residual funds or commitments will be managed in accordance with group governance and Charity Commission requirements.

Hull Youth Support Trust (Registered number: 10099113)

Report of the Trustees

for the year ended 31 December 2024

FINANCIAL REVIEW

Going concern

The trustees remain grateful for the continued support of HEY Smile Foundation, which has provided core financial and operational assistance throughout the year. Despite these efforts, sustained financial pressures arising from increased property costs, coupled with reduced income generation, led to the charity becoming insolvent during the period. HEY Smile Foundation, as the principal creditor, has confirmed its ongoing commitment to ensuring an orderly resolution and exploring future options for the continuation of HYST's charitable objectives.

FUTURE PLANS

Looking ahead, discussions are ongoing for HYST to be taken over by an existing organisation specialising in youth entrepreneurship in Hull. This transition is intended to ensure that the objectives and ethos of the charity continue to benefit local young people, while providing the stability and funding that can support future growth.

The trustees believe this development will secure a positive legacy for HYST and the continuation of its charitable purpose under a more sustainable structure.

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 is constituted as a company limited by guarantee (Company Number 10099113) and a registered charity (Charity Number 1168969).

HYST joined the HEY Smile Foundation (Charity Number 1125856) family of charities in July 2020 while maintaining charitable independence.

The trustees are responsible for ensuring compliance with charity law, company law, and the rules of the Charity Commission. The board continues to oversee governance, compliance, and the management of assets while exploring the proposed transition to a successor organisation.

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.

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

Hull Youth Support Trust (Registered number: 10099113)

Report of the Trustees

for the year ended 31 December 2024

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

10099113 (England and Wales)

Registered Charity number

1168969

Registered office

The Loft

Gosshchalks

Dock Street

Hull

HU1 3AE

Trustees

A J Bowden

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 10 November 2025 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 2024.

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 - matters of concern identified

I have completed my examination.

In the course of my examination, I became aware of material uncertainties regarding the charity’s ability to continue as a going concern. These have been disclosed in the trustees’ report. Based on my review, I consider that attention should be drawn to this matter to enable a proper understanding of the accounts.

I confirm that no other matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

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; and

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 confirm that there are no other matters to which your attention should be drawn 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

10 November 2025

Hull Youth Support Trust

Statement of Financial Activities

for the year ended 31 December 2024

| 2024 |  | 2023

| Unrestricted |  | Total

| fund |  | funds

| Notes | £ | £ |

INCOME AND ENDOWMENTS FROM

Investment income | 2 | 195 |  | 26,124 |

EXPENDITURE ON

Raising funds | 3 | 2,692 |  | 48,702 |

NET INCOME/(EXPENDITURE) | (2,497 | ) | (22,578 | )

RECONCILIATION OF FUNDS

Total funds brought forward | (5,829 | ) | 16,749 |

TOTAL FUNDS CARRIED FORWARD | (8,326 | ) | (5,829 | )

Hull Youth Support Trust (Registered number: 10099113)

Balance Sheet

31 December 2024

| 2024 |  | 2023

| Unrestricted |  | Total

| fund |  | funds

| Notes | £ | £ |

FIXED ASSETS |

Tangible assets | 6 | - |  | 37 |

CURRENT ASSETS |

Debtors | 7 | 563 |  | 1,581 |

Cash at bank | 3,037 |  | 3,860 |

3,600 |  | 5,441 |

CREDITORS |

Amounts falling due within one year | 8 | (11,926 | ) | (11,307 | )

NET CURRENT ASSETS/(LIABILITIES) | (8,326 | ) | (5,866 | )

TOTAL ASSETS LESS CURRENT LIABILITIES | (8,326 | ) | (5,829 | )

NET ASSETS/(LIABILITIES) | (8,326 | ) | (5,829 | )

FUNDS | 9

Unrestricted funds | (8,326 | ) | (5,829 | )

TOTAL FUNDS | (8,326 | ) | (5,829 | )

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Hull Youth Support Trust (Registered number: 10099113)

Balance Sheet - continued

31 December 2024

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 10 November 2025 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 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.

| 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

| 2024 |  | 2023

£ | £ |

| Rents received | 195 |  | 26,124 |  |

Hull Youth Support Trust

Notes to the Financial Statements - continued

for the year ended 31 December 2024

3. | RAISING FUNDS

| Raising donations and legacies

| 2024 |  | 2023

£ | £ |

| Support costs | 2,692 |  | 48,702 |  |

4. | NET INCOME/(EXPENDITURE)

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

| 2024 |  | 2023

£ | £ |

| Depreciation - owned assets | 37 |  | 206 |  |

5. | TRUSTEES' REMUNERATION AND BENEFITS

| There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

| Trustees' expenses

| There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

6. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 and 31 December 2024 | 5,705 |  | 532 |  | 6,237 |  |

| DEPRECIATION

| At 1 January 2024 | 5,674 |  | 526 |  | 6,200 |  |

| Charge for year | 31 |  | 6 |  | 37 |  |

| At 31 December 2024 | 5,705 |  | 532 |  | 6,237 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  | - |  | - |  |

| At 31 December 2023 | 31 |  | 6 |  | 37 |  |

Hull Youth Support Trust

Notes to the Financial Statements - continued

for the year ended 31 December 2024

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024 | 2023 |

£ | £ |

| Trade debtors | 563 |  | 563 |  |

| Prepayments and accrued income | - |  | 1,018 |  |

563 |  | 1,581 |  |

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024 | 2023 |

£ | £ |

| Trade creditors | 11,026 |  | 10,407 |  |

| Accrued expenses | 900 |  | 900 |  |

11,926 |  | 11,307 |  |

9. | MOVEMENT IN FUNDS

| Net |  |

| movement |  | At |

| At 1/1/24 |  | in funds |  | 31/12/24 |

£ | £ | £ |

| Unrestricted funds

| General fund | (5,829 | ) | (2,497 | ) | (8,326 | ) |

| TOTAL FUNDS | (5,829 | ) | (2,497 | ) | (8,326 | ) |

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

| Incoming |  | Resources |  | Movement |

| resources |  | expended |  | in funds |

£ | £ | £ |

| Unrestricted funds

| General fund | 195 |  | (2,692 | ) | (2,497 | ) |

| TOTAL FUNDS | 195 |  | (2,692 | ) | (2,497 | ) |

Hull Youth Support Trust

Notes to the Financial Statements - continued

for the year ended 31 December 2024

9. | MOVEMENT IN FUNDS - continued

| Comparatives for 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 | ) |

| Comparative 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 | ) |

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

| Net |  |

| movement |  | At |

| At 1/1/23 |  | in funds |  | 31/12/24 |

£ | £ | £ |

| Unrestricted funds

| General fund | 16,749 |  | (25,075 | ) | (8,326 | ) |

| TOTAL FUNDS | 16,749 |  | (25,075 | ) | (8,326 | ) |

| 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 | 26,319 |  | (51,394 | ) | (25,075 | ) |

| TOTAL FUNDS | 26,319 |  | (51,394 | ) | (25,075 | ) |

Hull Youth Support Trust

Notes to the Financial Statements - continued

for the year ended 31 December 2024

10. | RELATED PARTY DISCLOSURES

| The HEY Smile Foundation provides operational management administration assistance.