The trustees present their report and financial statements for the year ended 31 December 2019.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's memorandum and articles of association , the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)
The objects are to:
(a) relieve the poverty and distress of young people who are suffering from the effects of homelessness or bad housing, or the threat of homelessness, particularly through a comprehensive housing aid and advice service; and
(b) advance education of the public about the needs of young people who are suffering from the effects of homelessness, bad housing or threatened homelessness; and
(c) the relief of unemployment for the public benefit, in particular young people, in such ways as may be thought fit, including assistance to find employment.
The principa l a ctivity of the charity, in meeting its objects, is supporting young people aged 16-30 years, in the transition to independent living. This is achieved through:-
- facilitating access to a network of employment/training services
- raising awareness and changing attitudes in the community in order to achieve a wider recognition that young people have valid housing needs.
During the year the charity disposed of the leasehold property.
During the year the property lease was sold for £35,000 and the board are currently investigating charitable activities that meet the restrictions of this restricted fund to enable the charitable objectives to be continued. In the absence of any suitable project(s) being identified by the board within a reasonable timescale, the remaining funds will be donated to another charitable organisation with similar objectives. Further advice from the Charity Commission with regard to this matter is being sought.
The unrestricted funds at the year end are overdrawn by £6,375. This relates to unavoidable statutory costs. The trustees are seeking advice from the Charity Commission regarding their options for meeting these costs.
The trustees have assessed the major risks to which the charity is exposed, on an on-going basis and where appropriate take n action to mitigate those risks.
None of the trustees ha ve any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The articles of association require one third of the trustees shall retire by rotation but may offer themselves up for re-election.
The board of trustees seeks to ensure the needs of young people are appropriately reflected through the diversity of the trustee body. To enhance the potential pool of trustees, the charity has sought to identify young people and ex-clients who would be willing to become members of the centre and use their own experiences to assist the charity.
The more traditional business and financial skills are well represented on the board . In an effort to maintain this broad skill mix, the organisation holds up-to-date information on each member's skills and aptitudes. In the event of particular skills being lost due to retirement, individuals are approached to offer themselves for election to the board .
The charity is managed by a board of trustees headed by a chairperson, with a designated treasurer. Trustees live or work in the local area; have skills and expertise in the voluntary sector; local community groups; youth services; local business; financial sector management and possess the requisite skills for managing a charitable company .
The trustees' r eport was approved by the Board of Trustees.
It is your duty to ensure that Links Housing Advice and Support For Young People has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Links Housing Advice and Support For Young People. You consider that Links Housing Advice and Support For Young People is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of Links Housing Advice and Support For Young People. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Links Housing Advice and Support For Young People is a private company limited by guarantee incorporated in England and Wales. The registered office is St Matthews House, Haugh Lane, Hexham, Northumberland, NE46 3PU.
The financial statements have been prepared in accordance with the charity's governing document "Company Memorandum & Articles of Association", the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
As detailed in the Trustees Report, funds have been received on the sale of the leasehold property. The trustees are seeking further advice from the Charity Commission regarding the options now available, to enable the charity to continue to operate. A t the time of approving the financial statements, the trustees have a reasonable expectation that the charity will continue to operate for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Provisions for future repairs are provided in order to comply with the terms of the leases of the properties. The provision is considered to be binding when, under the terms of the lease, redecoration is required to the properties every 5 years .
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Acco m m - odation
Acco m m - odation
Accomodation
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
The average monthly number of employees during the year was:
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
£- (2018 - £331,605) of impairment losses are recognised in administration expenses in the profit and loss account.