Annual Report 2016/2017

Accounts

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Report of the Trustees

Report of the trustees for the year ended 30 June 2017

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 30 June 2017. 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 2015).

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: 09189998 (England and Wales)

Registered Charity number
1162425

Registered office
71-75 Shelton Street, Covent Garden, London, WC2H 9JQ

Trustees
S Hurley - resigned 23.8.16
G O Parnavelas - resigned 23.8.16
D J Rough
A R D Small
S D Try
D Waugh
K Evans - appointed 16.8.16
A Evans - appointed 16.8.16

Company Secretary
L Willows

Independent examiner
F Earl ACA
Institute of Chartered Accountants in England & Wales
3 Harvey Drive
Sittingbourne
Kent
ME10 4UR

Approved by order of the Board of Trustees on 29 August 2017 and signed on its behalf by:
Approved by Dan Waugh
D Waugh - Trustee, Chairman

Independent Examiner’s Report

Independent examiner’s report to the trustees of Young Gamblers Education Trust

I report on the accounts for the year ended 30 June 2017 set out on pages 22 to 30.

Respective responsibilities of trustees and examiner

The charity’s Trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity’s Trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of Institute of Chartered Accountants in England & Wales.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

  • examine the accounts under Section 145 of the 2011 Act
  • to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and
  • to state whether particular matters have come to my attention.

Basis of the independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. 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 seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view ‘ and the report is limited to those matters set out in the statements below.

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 386 and 387 of the Companies Act 2006; and
  • to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the 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 2015)

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.

F Earl ACA
F Earl ACA
Institute of Chartered Accountants in England & Wales

Date: 25 August 2017

Financial Activities

Statement of financial activities for the year ended 30 June 2017

        Year Ended
30.6.17
Period
1.9.15 to 30.6.16
   
Notes
Unrestricted fund
£
Restricted fund
£
Total funds
£
Total funds
£
INCOME AND ENDOWMENTS FROM          
Donations and legacies   70,270 221,831 292,101 116,042
Total   70,270 221,831 292,101 116,042
EXPENDITURE ON          
Charitable activities
Workshop consultancy
  - - - 14,550
Other   62,945 162,492 225,437 51,511
Total   62,945 162,492 225,437 66,061
NET INCOME   7,325 59,339 66,664 49,981
           
RECONCILIATION OF FUNDS          
Total funds brought forward   213 49,506 49,719 (262)
TOTAL FUNDS CARRIED FORWARD   7,538 108,845 116,383 49,719
           
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
         

Balance Sheet

Balance sheet at 30 June 2017

     
Unrestricted fund
 
Restricted fund
30.6.17
Total funds
30.6.16
Total funds
  Notes £ £ £ £
FIXED ASSETS          
Tangible assets 6 450 2,320 2,770 1,608
CURRENT ASSETS          
Debtors 7 19 - 19 -
Cash at bank   7,068 110,757 117,825 49,072
    7,087 110,757 117,844 49,072
CREDITORS          
Amounts falling due within one year 8 1 (4,232) (4,231) (961)
NET CURRENT ASSETS   7,088 106,525 113,613 48,111
           
TOTAL ASSETS LESS CURRENT LIABILITIES   7,538 108,845 116,383 49,719
           
NET ASSETS   7,538 108,845 116,383 49,719
           
FUNDS 9        
Unrestricted funds       7,538 213
Restricted funds       108,845 49,506
TOTAL FUNDS       116,383 49,719

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 30 June 2017 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 special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of Trustees on 29 August 2017 and were signed on its behalf by:
Approved by Dan Waugh
D Waugh - Trustee, Chairman

Financial Statements

Notes to the financial statements for the year ended 30 June 2017

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 2015)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ EFA, the 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.

Computer equipment - 25% on reducing balance

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. NET INCOME/(EXPENDITURE)

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

  Year Ended
30.6.17
Period
1.9.15 to 30.6.16
Depreciation - owned assets £
922
£
536

3. TRUSTEES’ REMUNERATION AND BENEFITS

There were no trustees’ remuneration or other benefits for the year ended 30 June 2017 nor for the period ended 30 June 2016.

Trustees’ expenses
The total amount of expenditure for Trustees is £2,861.80. This amount related to travel and subsistence for 2 Trustees for the financial year ended 30 June 2017. There were no Trustees expenditure for the period ended 30 June 2016.

4. STAFF COSTS

The average monthly number of employees during the year was as follows:

  Year Ended
30.6.17
Period
1.9.15 to 30.6.16
Employees 5 -

No employees received emoluments in excess of £60,000.

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

  Unrestricted fund Restricted fund Total funds
  £ £ £
INCOME AND ENDOWMENTS FROM      
Donations and legacies 655 115,387 116,042
Total 655 115,387 116,042
EXPENDITURE ON      
Charitable activities      
Workshop consultancy - 14,550 14,550
Other 180 51,331 51,511
Total 180 65,881 66,061
NET INCOME
RECONCILIATION OF FUNDS
475 49,506 49,981
Total funds brought forward (262) - (262)
TOTAL FUNDS CARRIED FORWARD 213 49,506 49,719

6. TANGIBLE FIXED ASSETS

Computer equipment  
  £
COST  
At 1 July 2016 2,709
Additions 2,084
At 30 June 2017 4,793
DEPRECIATION  
At 1 July 2016 1,101
Charge for year 922
At 30 June 2017 2,023
NET BOOK VALUE  
At 30 June 2017 2,770
At 30 June 2016 1,608

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

  30.6.17 30.6.16
  £ £
Prepayments 19 1

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

  30.6.17 30.6.16
  £ £
Trade creditors (1) 1
Social security and other taxes 3,172 -
Accrued expenses 1,060 960
  4,231 961

9. MOVEMENT IN FUNDS

  At 1.7.16 Net movement in funds At 30.6.17
  £ £ £
Unrestricted funds      
Unrestricted Fund 213 7,325 7,538
Restricted funds      
Restricted Fund 49,506 59,339 108,845
TOTAL FUNDS 49,719 66,664 116,383

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

  Incoming resources Resources expended Movement in funds
  £ £ £
Unrestricted funds      
Unrestricted Fund 70,270 (62,945) 7,325
Restricted funds      
Restricted Fund 221,831 (162,492) 59,339
TOTAL FUNDS 292,101 (225,437) 66,664

10. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 June 2017.

Income and Expenditure

Reconciliation of income and expenditure for the year ended 1 September 2015 to 30 June 2016

    UK GAAP Effect of transition
to FRS 102
FRS 102
  Notes £ £ £
INCOME AND ENDOWMENTS FROM        
Donations and legacies   116,042 - 116,042
EXPENDITURE ON        
Charitable activities   14,550 - 14,550
OBSOLETE Governance costs   1,073 (1,073) -
Other   50,438 1,073 51,511
Total   66,061 - 66,061
         
NET INCOME   49,981 - 49,981

Reconciliation of Funds

Reconciliation of funds at 1 September 2015 (date of transition to FRS 102)

    UK GAAP Effect of transition
to FRS 102
FRS 102
  Notes £ £ £
    - - -
TOTAL ASSETS LESS CURRENT LIABILITIES   - - -
    - - -
FUNDS        
         
TOTAL FUNDS   - - -

Reconciliation of funds at 30 June 2016

    UK GAAP Effect of transition
to FRS 102
FRS 102
  Notes £ £ £
FIXED ASSETS        
Tangible assets   1,608 - 1,608
CURRENT ASSETS        
Cash at bank   49,072 - 49,072
CREDITORS        
Amounts falling due within one year   (961) - (961)
NET CURRENT ASSETS   48,111 - 48,111
         
TOTAL ASSETS LESS CURRENT LIABILITIES   49,719 - 49,719
         
NET ASSETS   49,719 - 49,719
         
FUNDS        
Unrestricted funds   213 - 213
URestricted funds   49,506 - 49,506
TOTAL FUNDS   49,719 - 49,719

Detailed statement of financial activities for the year ended 30 June 2017

  Year Ended
30.6.17
Period
1.9.15 to 30.6.16
  £ £
INCOME AND ENDOWMENTS    
     
Donations and legacies    
Gifts 1 (2)
Donations 292,100 116,044
  292,101 116,042
Total incoming resources 292,101 116,042
EXPENDITURE    
     
Charitable activities    
Workshop consultancy - 14,550
Other    
Employee salaries 74,864 -
Social security 978 -
Bank interest - 77
  75,842 77
Support costs    
Finance    
Bank charges 174 114
Other    
Insurance 636 370
Light and heat - 783
Resource design 17,670 6,558
Accreditation 1,510 3,034
Sundries 372 526
Donations 220 180
Admin expenses 854 50
Telephone 3,376 1,020
Postage and stationery 5,649 2,223
Advertising - 181
Subscriptions 235 393
Web hosting 659 432
Freelance staff 86,415 26,229
Travelling 14,576 7,732
Clothing costs 498 -
Hotels and substance 4,453 -
Computer software 881 -
Training costs 190 -
Refreshments 2,162 -
Marketing materials 5,699 -
Computer equipment 921 536
  146,976 50,247
Governance costs    
Accountancy and legal fees 2,445 1,073
Total resources expended 225,437 66,061
Net income 66,664 49,981