Our Annual Report - YouthNet

Trustees’ report
FINANCIAL REVIEW (continued)
Reserves policy
(continued)
The
aim of the
current target of £500,000 - £800,000 is too ensure that the charity’s
ambitions and financial commitments can
be met. YouthNet’s level of free reserves is under
continuous review by the trustees and executive staff, f, in line withh the charity’ ’s strategic plans
and projected income and expenditure.
Risk
management
The
organisationn undertakess a thoroughh risk assessment and crisis management approach.
The
trustees have assessed the major risks to which the charity is exposed, and a are satisfied
that systems are in place to identify and manage YouthNet’s exposure to the major risks on a
rolling basis.
The
Safeguarding project was overhauled
during thee year, reviewing and revising all aspects
of YouthNet’s activities, including security and the protection of vulnerable young adults.
STATEMENT OF
TRUSTEES’ ’ RESPONSIBILITIES
The
trustees (who are also directors of
YouthNet for the purposes of company law) are
responsible for preparing the trustees’ report and financial f statements in accordance with
applicable law and a United Kingdom Accounting
Standards (United Kingdom Generally
Accepted Accounting Practice).
Company law requires r the trustees to prepare financial statements for each
financial year
which give a true and fair view of the state of affairs of o the charitable company
and the group
and of the incoming resources and application off resources, including the income and
expenditure, of the t group for that period. Under company law the trustees must not approve
the financial statements unless they are satisfied that they give a true and fair view of the state
of affairs of the
charitable company and the group and of the incoming
resources and
application of resources, including the income and expenditure, of the group for f that period.
In preparing these financial statements, the trustees aree required to:
• select suitable accountingg policies and
then apply them consistently;
• observe the
methods and principles in the Statement of Recommended Practice
(Accounting
and Reporting by Charities) (the Charities’ SORP);
• make judgements and estimates that are reasonable and prudent;
• state whether applicablee United Kingdom Accounting Standards have been followed,
subject to any material departures disclosed and explained in the financial statements; s
and
• prepare the financial statements on the going concern basis unless it is inappropriatei
to
presume that the charitable company
will continue in operation.
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