Company No. 3089834 Charlty No. 1048755 Human•.' Values Foundation ¢sS Life.enriching values for everyone REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 The BigThink A SPACE TO EXPLORE OURSELVES. OUR VALUES AND OUR WORLD www.HumanValuesFoundation.com www.the-bi -think.or Patrons.. Sir Michael Moryllffgo, OBE, FKC, AKC, ProfKamran MOf￿, PhD and Dr Kevin A Aulon, PhD Education Advisor.. Sir Anthony seldo￿ MA, PhD, FRSA, A4BA, FRHISLS HUMAN VALUES FOIJNDATION ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 COIYTENTS Page 11.J, What We I)0 OUT Vision Our Theory of Change Impacts 2024 and Beyond Reference and Administrative Details 10-21 Trustees, Report 22 IndeFtndent Examiner's Report to the Trustees 23 Statement of Financial Activities 2024 24-25 Balance Sheet 26-30 Notes forn]ing part of the Financia] Statements OUR CORE VALUES Truth + Community • Peace + Responsibility • Love rr PON; rtFve io HUMAN VALUES FOUNDATION TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Objectlves and actlvities continued Public Benefit The Trustees confinn they have complied with and paid due regard to the Charity Commission's public benefit guidance when deterniining the Foundation's aims and objects'ves and planning future activities. We champion joined-up. 'Big Picture,, child- centred education that includes explicit social and emotional development along with nurturing Character strengths and the capacity to think critically. Our work builds on the traditional knowledge curriculum. incorporating several preventative elements. such as good mental health practices. resilienc¢. a moral compass and prowsocial behaviour. The collaborative and supportive whole-school community approaches that we advocate provide a quality education that raises the likelihood of all young citizens, whatever their backgrounds, fulfilling their potential and leading ambitious, purposeful, happy. healthy lives. The longer-tenn repercussions for society include helping to reduce the billions of pounds spent each year as a result of children's underachievement. personal difficulties, poor m¢ntal and physical health. involvement in crime. alcohol-related problems, substance abuse, anti-social behaviour. racial and religious dishannony, etc. Main Objectives for the year to 31 Mareh 2024 In March 2023. the Tn￿teeS refreshed and finalised the Strategic Plan. We set a tight budget for the year ahead as we focussed on developing a new programme to support children's vitslly impx)rtant early years. With mounting pressures on the education sector. we were detennined to improve morale and wsitively irn￿t the quality of life. learning outcomes and prospects for very young pupils. Against the backthop of the legacy of the Covid pandemic and teachers continuing to grapple with the welfare of many of their pupils, along with the changing education landscape. we resolved to pursue the following strategic pnorities: (l) Strengthen our core business activities (2) Communieate and eollaborate (3) Safeguard the Foundation's finaneiAI stsbility (4) Monitor progress. Strategies for achieving these objectives (l) Strengthen our core business activities With the urgent need for higher quality carly childhood education and to reduce, or better still, eliminate the gap in attainment by the age of five for many children growing up in socio-economically disadvantaged communities, under guidance and funding from the Education Endowment Foundation (EEF), during the spring and summer, focus on developing The Big 3 And Me (TB3) programme and training for the comprehensive Personal, Social and Emotional Development (PSED} of children aged 3 to 5. During the autumn, in line with the EEF grant-funded PTojecL lay the foundations for extending the reach of our pioneering work by piloting TB3 in nurseries and reception classes. Use the feedback and insights gained to make more evidence- based approaches to PSED available to schools and early years settings. HUMAN VALUES FOUNDATION TRUSTEES. ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Strategiesfor achI￿￿ng these objeclives continued Continue to refine and improve The Big 5 (TBS) programme to address the evolving needs of children aged 5 to l l. Promote evidence-infornled practices, extending the skillsets and expertise of teachers. practitioners and other members of staff. Raise awareness of the importance of regular, timetabled lessons to progressively enable learners to grasp and positively respond to opportunities to flourish and fulfil their potential as healthy, balanced and caring citizens. As values become more centre stage throughout the world, in workplaces, individuals, lives and society generally, and educationalists seek impactful, research- based training and products that empower children from their early years, ramp up our efforts to introduce TB3 and TB5 to nurseries and schools. Apply a range of marketing approaches. including flexible pricing plans for smaller entities. bespoke practitioner training and parent outreach plans. Offer free, online workshops to demonstra* the methodology and benefits of these key life skills programmes. Expand our ability to recruit nurseries and schools to TB3 and TB5 5 across a broad geographic range by steadily developing a network of enthusiasts who can support the introduction of the programmes into appropriate settings across the UK and in due course outside the UK. This initiative can embrace trainers for both on site and online training. (2) Communicate and eollaborate To extend our reach, expertise and impac( strengthen, initiate and develop partnerships with others who share our vision and values. Collaborate and engage with educational, school. academy and Early Years Icaders and practitioners and other like-minded organisations to help primary schools, reception providers and nurseries address new curriculum requirements and age-appropriate development goals. Demonstrate to settings with chilthen in the age range of 3 to I l years how our TB3 and TBS programmes nurture social and emotional skills that are protective factors for mental health and foster techniques for coping with the ubiquitous. high levels of stress and anxiety. With those also detern)ined to address challenges interfering with children's life. learning and wellbeing, raise awareness of how consistent use of these programmes equips childr¢n with the tools and resources they need to regulate their emotions, concentrate well, interact constructively with their peers and develop strong and fruitful relationships. Work with universities and educational institutions to secwe funding for specific research projects into the effectivencss of values-led education in general and our personal. social and emotional development programmes in partscular. (3) Safeguard the Foundation's financial stability Aim to increase revenues with an iMa￿native and relevant business model for growth, including campaigns to attract subscriptions for TB3 and TB5 and related training sessions and exploring other potential revenue-generating areas, such as supporting schools with parental outreach on relationships education and wellbeing. Retain, recruit, develop and suptx)rt skilled and confi(knt staff, volunteers and t￿￿tees, maintaining and growing opp)rtunities to network with others keen to advance young citizens. education experiences. J2 HUMAN VALUES FOUNDATION TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Strateglesfor achieving these objeclivew contlnued Maintain existing donorlfunder relationships and develop new ones, particularly in respect of our efforts to be a catalyst for advancing education and improving the life chances of children who are disadvantaged in various ways. Continue recovering reserves to an agreed level by managing the budget to plan. {4) Monitor progress Maintain periodic reviews of our strategic direction. tsking account of factors affecting the education sector. risks, costs and our resources. the paradigm shift taking place of necessity to transform and regenerate education, how technology is being applied, and global events, and make timely and appropriate adjustsnents in response to ever-changing realities. Continue assessing and monitoring progress towards achieving our aims and delivering on our strategic priorities. Significant activities that contributed towards achieving our objectives Our involvement throughout the financial year in the Education Endowment Foundation's rnission 'to answer the mosl impor¢anl questions as suggesied by the exisling evidence base and school priorities. priorilising ihe areas ihai are likely io be most beneficialfor socio- economically disadvanlaged children,. has been enorn]ously instrumental in aclll'eving our aims. As we continued to host free webinars, which included increasing the understanding by nursery practitioners, teachers and school leaders of the need for balancing academic learning with life skills development. and conducting training for schools taking up TB3 and TB5. we continuously gained insights into frontline predicaments and experiences. With our long track record of whole-child educatioo we responded with practical solutions, our principal activities being to.. ensure TB3 and TB5 are regarded as effective, comprehensive 'soft skills, programmes by using research and developing and refining them so they not only align with personal development expectations for children aged 3 to I I but exceed them train educators in conducting community values dialogues to promote shared values and cohesion amongst school staff, children and members of the wider community, particularly as sensitive topics are addresse(t such as those in the statutory Relationships, Sex and Health Education (RSHE) curriculum and protected characteristics further researclL design and deliver engaging. up-to-date teaching methods and best practices and incorporate in training sessions. Op￿rtunItieS to model and rehearse skills new to participants, thereby building their ability to apply them effectively make certain programme content remains aligned to and fulfils eX￿CtationS for Early Years Personal, Social and Emotional Development (PSED) and primary phase Spiritual, Moral. Social and Cultural (SMSC) provision and wider Personal, Social. Health and Economic (PSHE) education carry on seeking opinions from practising practitioners so that from the age of 3 to I I children continuously benefit from empowering. relevant and enjoyable learning experiences maintain the high quality of our programmes and recommended implementation methodologies through researcty monitoring, feedback and evaluation. 13 HUMAN VALUES FOUNDATION TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 ACHtEVEMENTS AND PERFORMANCE Perfornanee aehieved against set objectives Our team's detennination to be a guiding light enabled us to continue to operate Under the difficult financial climate and the breadth of hurdles prevailing in schools. (l) Strengthen our eore business activities Following excellent. infonnative workshops by the Education Endowment Foundation, w¢ successfully designed, built, pilote￿ analysed and reflected on our new programme The Big 3 Andme (TB3) for children aged 3 to 5 and the associated training. Such was the enthusiasm for the range of wsitive impacts on both children and staff after only one tenn, all the 12 settings involved in piloting TB3 elected to continue using it for the rest of the academic year. When one setting faced its Ofsted inspection, it was rated Outstanding for its Early Years provision. In January 2024 we began penetrating the early years market. Schools with children from the age of 3 or 4 upwards started subscribing for TB3 together with staff training. For sev¢ral schools. due to deficit budgets, this was feasible only because of contributions from grants we had received. We, along with school leaders, are enonnously appreciative of the funding from The Barleycorn TrusL the Joan Ainslie Charitable Trust. The 29 May 1961 Charity. The Shanly Foundation. The Catherine Cookson Charitable Trus( the Fowlcr Smith and Joncs Trust and Mrs L D Rope's Third Charitable Settlement. Using experience from piloting TB3. we refined TB5 to ensure teachers have the necessary training and resources required to meet the concerning social and cmotional needs of children aged 5 to I l and provide them with a broader education that better prepares them for their wondary schooling and beyond. The evidence- infornied practices we demonstrated in all training sessions were enthusiastically welcomed, along with the structured lesson kits that enrich pedagogy and enhance the expertise of teachers as they use them. We stressed how commitsnent to timetabled use of TB3 and TBS is needed to deliver on school improvement plans and missions. Staff were amazed at how children resN)nded and the long-tenn potential for their fulfilment as healthy, balanced and caring members of society. We began to apply a range of marketing approaches, including flexible pricing plans for smaller entities. bespoke practitioner training and to lead school community dialogues, promoting cohesion between staff. children. parents and carers. We hosted a series of free, virtual workshops to demonstrate the methodology and benefits of high quality, systematic personal, social and emotional d¢velopmenL highlighting effective practices from our life skills programmes. We are looking to develop a network of enthusiasts with relevant experience in nurseries and primary schools to support the introduction of our Personal Development programmes into relevant settings across the UK and in due course outside the UK. This will entail engaging trainers for both on site and online training. (2) Communieate and collaborate To extend our reach, eX￿rtiSe and impacL we refreshed. initiated and explored partnerships with others who share our vision and values. We collaborated and engaged with educational, school, academy and Early Years leaders and practitioners and other like-minded organisations to help nurseries and primary schools address new curriculum requirements and age-appropriate development goals. 14 HUMAN VALUES FOIJNDATION TRUSTEES. ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and Performance conrfnued Staff responsible for children aged 3 to I I were relieved to find how our TB3 and TB5 programmes incrementally nurture social and emotional skills that are protective factors for mental health and foster coping mechanisms for stress and anxiety. For those also detennined to address challenges interfering with children's quality of life, learning and wellbeing. they have been delighted to observe how consistent use of these programmes can be transfonnative, because of how they equip participants with the tools and resources they need to have a voice, regulate their emotions. interact well in different contexts and forni meaningful, enriching relationships. We have yet to identify universities and educational institutions with which we can Work to secure funding for specific research projects into the effectiveness of values- led education in general and our holistic (kvelopment programmes in particular. (3) Safeguard the Foundation's financial stability Ever since the pandemic, it has been a difficult period for the education sector and this has inevitably affected our income. The timing of the £22,000 grant we were awarded from the Education Endowment Foundation, on the strength of the impactful features in TB5. was very fortuitous. The autumn tern) piloting of TB3 proved very successful. Our Programme Developer and Trainer, Sarah Pengelly. is to be ongratulated on what she achieved working intensely for the first six months of our financial year with a team of excellent, skilled consultants. who were strongly driven to ensure our success. We are well positioned to improve our income streams now that we can provide continuity of high quality personal development programmes, starting with pre-school children aged 3 to 5 and cementing thi's with sorely needed staff training and learning materials for ages 5 to I l. We retained, recruited. develoFtd and supported our remarkably dedicated stsff, volunteers and trustees. and are gradually growing our network with others who are eager to advance young Citizens, education experiences. We are immensely grateful to our existing donors and funders and those who have recently contributed to our efforts to be an innovative catalyst for changing education and improving children's prospects, whatever their starting points. Wc necd to continue rebuilding reserves by managing the budget to plan. (4) Monltor progress The Covid-19 crisis and subsequent tough and turbulent conditions slowed down our intentions but we resolved to stick to our strategic direction. We responded to and adjusted our intended activities to remain on track, taking into account new realities as global events, risks. costs. our resources, the tilting towards more purposeful. relevant education and advances in technology went on evolving. Thanks to the generosity of modest supporters and The Allen Charitsble Trnst, in the spring of 2024 we were able to embark on refreshing The Big Think website to include TB3. We look forward to it enhancing visitors, and users. eX￿rienCeS. INCOME AND EXPENDITURE AND THK BALANCE SHEET Full detsils are set out on Pages 23 to 30. The Statement of Financial Activities records gross income for the year ended 31 March 2024 of £74,397 (2023: £72,382) with resources expended of £75.495 (2023: £95.946) representing a net deficit for the year of £1,098 (2023: deficit of £23.564). 15 HUMAN VALUES FOUNDATION TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Financial revlew contlnued The Balance Sheet records net assets at 31 March 2024 of £66.156 (2023: £67,255). High quality education starts with high quality educators. The Foundation is proud to have had the opportunity to develop a new. research-infornied programme to support children's rounded development and inspiring training that continues to advance the professionalism of their teachers. While the education sector strives to cope with the aftern]ath of the pandemic along with budget and staffing constraints, we have continued to be resilient and prepare for the move away from the current rigid education system to the re-alignment that is just over the horizon now with different thinking so no child is left behind. We are enonnously grateful for the funding we have received from all our wonderfully generous and loyal supporters and the grantmakers who. together have enabled us to strengthen, develop and expand our core work and support schools, particularly those in deprived regions of England. Income from our programmes, sundry products and training amounted to £15,013 (2023.. £20.163) while product development amounted to £31.170 (2023: £8,685). Principal Funding Sources Our work towards systemic improvements in the education children undergo, with a transfonnative approach to whole-child devclopmenL reinforced by collaboration across the whole school community. has always reflected the passion, expertise and creativity of our small, visionary team and volunteers. However, all this is possible only because of our wonderfully generous Members and Friends and leaders of trusts who have supported us during the year and those who continue to do so. The Human Values Foundation exists, is able to be a beacon of hope and make real and lasting differences thanks to all this generosity. Societal expectations for how pre-school and primary phase children are equipped for their life journeys are rising. The Big Think dialogic. experiential learning programmes support their development by laying foundations for a positive sense of themselves, social skills. respect for others, emotional wellbeing, critical thinking and self-detennination. Anned with essential attitudes, competencies, knowledge and values. TB3 and TB5 participants enjoy their early education experiences. can thrive. fulfil their potential and grow into happy, healthy, inspired citizens capable of making uplifting changes for a better world. Prior to the Fondemic. wc planncd to become a more self-sustaincd charity by adopting a new business model with annual subscriptions for out Ptogrammes. Progress towards achieving this goal has been hampered during the past four years by global events and the ongoing, harsh economic climate. We still need supp)rt from stakeholders and grant-making trusts and foundations so that we can pursue our goals and contribute to the regeneration of educatton that is far more beneficial for both individuals and the functioning of society. Teachers have been telling us about the urgent need for exemplary practices and materials to enable them to cope with the challenges their pupils are presenting that are outside their training and experience. We have been filling this gap with TB3 and TBS workshops and our purposeful lesson packs. bespoke. in-house training and extending teachers, capacity to facilitate the non-Co￿]ItiVC aspects of children's development. We remain optimistic about gaining financial supwrt that will enable us to achieve OUT longer-tern] objectives. 16 UMAN VALUES FOUNDATION TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal review condnued Our Supporters Day-to-day work undertaken by Rosemary Dewan as Secretary was unpaid (2023.. £nil). Rosemary has combined this resp)nsibility with her role as CEO since May 2009 and in view of the persistently tough economic conditions and the charity's ambitions. she continues to work in a voluntary capacity. as does our Treasurer, Vijitha Mohan. Investment Powers Under the Memorandum and Articles of Associatio￿ the Foundation has the power to make any investment that the Trustees see fit. Investment Policy Although the charity's outgoings have rnore often than not exceed its incomc, our aim has always been to keep a prudent amount in reserve. This is held in a deposit account. Income from this account was monitored with the average return over thc past year being 3.02 %. Reserves Policy The Trustees acknowledge the importance of building a reserve base. Sufficient reserves are pivotal as a strategic enabler for us to ensure o￿TationS continue without interruption or hann to the Foundation's products, services and projects. We aim to maintsin a minimum unrestricted base reserve commensurate with core operating capability and risk. The ongoing beleaguered education environment continued to impact our revenues and consequently. the reported free reserves of £15,812 at 31 March 2024 (being the general reserve less investment in intangible fixed assets) are still less than we would wish (2023.. £16,497). We are hugely grateful for funding that enables us to plan for and progress our core, evidence-infonned activities to support broader education aspirations and widen our reach into the crucially formative Early Years Foundation Stage (EYFS). PLANS FOR THE FUTURE Excited by the research-led Education Endowment Foundation impetus since early 2023. we will continue to help educationalists think and act differently to bring about the urgently needed changes to achieve a more relevant, holistic and empowering education for young people. Enlightened, changemaking teachers do not want to waitl They are inspired by our offerings and welcome the pragmatic approaches enabling them to rethink practices for leadership. curriculum content and FKdagogy that together pave the way for their pupils to flourish and shape a better tomorrow. We intend to progress our work on key areas of need for teachers and children and invest in ￿rsonnel to support our growth and ambitions. In line with the 4 Sustainable Development Goal to be functioning by 2030, that of Quality Education, we remain passionate about delivering our charitable activities. pI)STAINA8LE )EVELOPMEtr4T GfiALS 17 UMAN VALUES FOUNDATION TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 IKARCH 2024 Flnoncial review continued We are greatly encouiaged by how the education landscape is tilting towards our long- standing vision for empowering. whole-child development from the start of young citizens, schooling. With invigorated deterniination to be a solution provider for all children thriving, whatever their social backgrounds and innate abilities. subject to satisfactory fundÈng arrangements. we set these management objectives for the year that started on l April 2024.. (l) Strengthen our business activities Further develop The Big 3 Andme and The Big 5 Programmes so they not only align with the national curriculum for Personal Development in early years and primary schools but exceed expectations. Apply a range of marketing approaches to expand our reach, including fl¢xible pricing plans for small settings. bespoke practitioner training and community values dialogues. involving parents and carers. Continue offering free virtual workshops, sharing expertise and demonstrating the effectiveness of TB3 and TB5 methodologies and how the programme content prepares the emerging generation as changemakers, who will be able to confidently ontribute to shaping a better future personally, locally. nationally and globally. (2) Communicate and collaborate Complete the work to refresh and simplify The Big Think website. clarifying what TB3 and TBS are designed to achieve, enriching the user experience with research- infornied elements and making it a stimulating platfonn for those accessing the multi- media resources. Create training films that model effective implementation of the various features of the programmes thereby building confidence in unfamiliar, innovative practices and widening the geographical scope for upscaling our endeavours. In response to requests from Early Years practitioners, to deepen and reinforce learning. create a set of engaging stories about the qualities and character strengths of the three TB3 characters and how they cope with life's challenges. Maintain. initiate and develop partnerships with others who share our vision and values. Collaborate and engage with educational. school. academy and Early Years leaders and practitioners and other like-minded organisations to help primary schools, reception providers and nurseries to think th'fferently, move the more child- centred education dial forward and gain the understanding and skills that are needed for achieving age-appropriate development goals and instilling protective factors for managing mental health. stress and the plethora of anxieties children are facing. (3) Maintain the Foundation's financial stability Campaign to increase revenues, growing subscriptions for TB3 and TBS and related training sessions and exploring other potential revenue-generating areas. such as parent￿ outreach. supporting schools with their statutory consultation about Relationships. Sex and Health Education (RSHE). Retain, recruit, develop and support skn'lled and confident staff, volunteers and trustees, maintsining and growing opp)rtunities to network with others keen to advance the education experiences of pre-school and primary phase children. Maintain existing donor/funder relationships and develop new ones. particularly in relation to grant support making it feasible for small schools to afford TB3 and TB5 and attracting groups of schools with discounts. such as across a borough or within a multi-academy trust. Continue recovering reserves to an agreed level by managing the budget to plan. 18 HUMAN VALUES FOUNDATION TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Financlol revlew continued (4) Monitor progress Review our strategic direction throughout the year, taking account of factors affecting the education sector. risks. costs and our resources, the shift taking place of necessity to transfonn and regenerdte education, technological and artificial intelligence (AI) influences, and global events, making timely and appropriate adjustments in res￿nse to ever-changing realities. Continue assessing and monitoring progress towards achieving our aims and delivering on our strategic priorities. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Documents The Human Values Foundation is a charitable company limited by guarantee. inco￿Orated on 10 August 1995 and registered as a chan'ty on 21 August 1995. The company was established under a Memorandum of Association and is governcd by its Articles of Association and Rules. In the event of the company being wound up, the liability of its Members is limited to an amount not exceeding £1. Organisational Structure The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known a5 members of the Council of Management. The Council. consisting of from three to six Trustees, has the general control and management of the administration of the Foundation. The Council members are resw)nsible for setting p)licy and agreeing strategy and may regulate their meetings as they think fit. The Trustees meet together three ts'mes a year for the despatch of formal business and take the opportunity after the Annual General Meeting (AGM) to consider with Members. future strategies for the Foundation. During the 202312024 period, Rosemary Dewan (CEO and Secretary) and Vijitha Mohan (Honorary Treasurer), who together managed the day-to-day running of the Foundation, were in attendance at the Council meetings. The Trustees also much appreciate Sheila Evered's contributions as the Honorary Minutes Secretary. Recruitment and Appointment of Trustees Under the requirements of our Articles of Association, one third of the Trustees retires from office each year. A retiring Trustee is eligible for re-election. The Trustees are elected by ordinary resolution of the Members. The Trustees have the power to appoint any person to fill a casual vacancy. Any person so app)inted holds office until the next AGM and is then eligible for re-election. In accordance with the provisions of the Articles of Association and being eligible. Charles Fowler. who retires by rotation. will be standing for election in November 2024. We are enorniously grateful to Erica Terblanche, also due to retire. for her substantial contributions during her 7 years as a Trustee, particularly around the time when we were forniulating strategic plans to launch The Big Think. We are delighted to be retaining our connection with Ms Terblanche as an Ambassador for the Foundation. 19 UMAN VALUES FOUNDATION TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2024 Oryanisational strmcthre Continued Trustee Induction and Training On appointment, Trustees are given inforniation tailored to their experience. Literature supplied sets out the context withi'n which the Foundation operates. our products and services. and includes copies of the legal documents. the latest financial statements, minutes of previous Council and general meetings. and the risk register, together with guidance for trustees. During the course of a year. Tn￿teeS receive infornution via the Secretary to enable them to keep abr￿st of relevant laws, regulations and best practices. Related Parties The only related parties are the Trustees and a summary of transactions with them is set out in Note 14 to the Financial Ststements. Management of Risk During Council meetings. thc Trustees and Senior Management Team consider the major risks to which the charity is expx)s¢d, taking into account external factors. governance, regulatory. financial and operational requirements. For reasons of cost and practicality, the system of internal controls is intended to manage rather than eliminate risks and to give reasonable rather than absolute assurance. The Strategic Plan was refreshed and approved in March 2024. It covers the aims and objectives of the Foundation and is the basis for planning and progress reviews. In readiness for the stsrt of a financial year, we discuss our operating plans and establish a budget. During the year, actual perfonnance is monitored against strategic objectives, the financial results, variance from budget and a number of non-financial perfonnance indicators, to evaluate the achievement of outputs and outcomes. The principal risks idents'fied are uncertainties due to global economic and social factors, reliance on key personnel, financial, and IT failure. We have reviewed our financing and fundraising strategy taking into account future unpredictability, the need for flexibility as we navigate the turbulent environmenL and our resolve to constantly align our products and services with the learning priorities of teachers, young people and other stskeholders. TRUSTEES Trustees, insurance Charity trustee liability insurance is included in thc Foundation's Combined policy. Trnstees, interests As the company is limited by guarantee. no Trustees were interested at any time in any share capital of the Foundation. RESPONSIBILrriES OF THE TRUSTEES The Trustees (who are also the directors of the Human Values Foundation for the purposes of company law) are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). 20 HUMAN VALUES FOUNDATION TRUSTEES, ANNUAL REPORT (contlnued) FOR THE YEAR ENDED 31 MARCH 2024 Organlsational strncture contlnued United Kingdom company and cban'ty law requires the Trustees to prepare for each fiscal year, financial statements that give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its income and expenditure during that period. In preparing these financial statements, the Trustees have: selected suitable accounting policies and applied them consistently. made judgements and estimates that are reasonable and prudent. followed applicable accounting standards and statements of recommended practice without any material departures. prepared the financial statements on the going concern b&sis unless it is inappropriate to presume that the charity will continue in business; and reviewed the major risks to which the Foundation is exposed and satisfied themselves that these are being minimised. The Trustees are responsible for keeping adequate aLxounting records that are sufficient to show and explain the company's transactions and disclose, with reasonable accuracy at any time, the financial position of the charitable company. They must ensure the financial statements comply with the Companies Act 2006 and the Charities Act 2011. The Trustees are also responsible for the system of internal controls, for safeguarding the assets of the Foundation and hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities. Members of the Council of Management The current Trustees are given on Page 9. A new Trustee. to fill a casual vacancy, is appointed by the Boar(L taking into account the mix of skills and gender balance. tions Small com an exem This report has been prepared in accordance with the special provisions of Section 419(2) of the Companics Act 2006 relating to small entities. Approved by the Board and signed on its behalf on 28 September 2024. Ms R C Dewan, Secretary 21 HIIMAN VALITES FOLTNDATIOIN INDEPENDENI. EXAMINER'S REPORT TO THE TRUSTEES OF THE HUNIAN VALUES FOL,.NDATIOIN CHARITABLE CO,%IPA,NY FOR'fHE YEAR ENDED 31 I￿ARCH 2024 I report to the iharity trustees on my examination of the accounts ot the ch￿Itable company for the }'e(w ended 31 m1￿ch ?024 that are set out on PaLTes 23 to 30. Respective responsibilities of trustees and examiner and basis of report The charitable company's Trustees (and also its directors for the purpose of company law) are responsible foi- the prepariltion of the accounts in accordance with thL requirements of the Cumpanie.% Act 2006 ('the 2(X)6 Acl.). Having satisfied myself thal ihe account5 of Ihe company ¢￿e not required to be audited linder Part 16 of the 2006 Act and are elioible for independenl examindlion, I report in respect of my examination ot" yoiir charity s accounts as carried out under Section 145 ot the Charities Act 2011 ('the 2011 Act,). In ¢<￿1ng out my examinalion I have followed the Directions iven by the Ch