REGISTERED COMPANY NUMBER: 04370289 REGISTERED CHARITY NUM8ER: 1093838 Report of the Trustees and Consolidated Financial Ststements for the year ended 31st August 2023 for THE VINE TRUST WALSALL AND SUBSIDIARIES "AD3SZKS3* 2410512024 COMPANIES HOUSE A17
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DJH Walsall Ltd 3 Floor International House 20 Hatherton Street Walsall West Midlands W542LA
THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 043702891 Contents of the Consolidated Financial Statements for the year ended 31st August 2023 Page Charity Reference and Administrative Detsils Trustees Annual Report Independent Examiners Report Consolidated Statement of Financial Activities io Con501idated Balance Sheet li Charity Balance Sheet 12 Statement of Cashflows 13 Notes to the Financial Statements 14
THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 4370289) Charity Reference and Administrative Detsi15 Year ended 31st August 2023 Incorporation 8 February 2002 Charity registration number 1093838 Company registration number 04370289 Director5 M.A. Harland P.BJ. Powell J.P. Sargent D. Lomax L.A. Johnson J.A. Blackwood-Reid Chief executive officer & Company secretary K.R. Davis Registered Office 33 Lower Hall Lane Walsall West Midlands WSI IRR Independent Examiners DJH Walsall Ltd 3. Floor International House 20 Hatherton Stfeet Walsall WS4 2LA Page I
VINE TRUST WAiSALL IREGISTERED NUMBER 043702891 Trustees. Annual Report Year ended 31s1 August 2023 The Trustees. who are also directors of the charity for the purpose5 of the Companies Act, present their report and the financial statements of the charity for the year ended 31° August 2023. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" {FRS 1021 in preparing the annual report and financial statements of the charity. Trustees of the charity The directors of the charitable company are its trustees for the purposes of tharity law. The trustees who have served during the year and since the year end were a5 follows: P.B.J. Powell (Chair- August 20231 M.A.Harland (Vice Chairl J.P. Sargent D. Lomax L.A. Johnson (Chair-september 20231 l.A. Blackwood-Reid J.R. Tipper Iresigned December 20221 CEO & Company Secretary K.R. Davis Objetlives and artivlties Ine Trust Group Vision 'Our work with young people will be o cotofystfor Christ centred community tronsformotion, Wine Trust Group mIlon 'Preparing young peoplefor life ond godliness. Objectives To odvunce the Christi¢in religion among women andyoung people of either sex, To t7dvonce rheir educotion. To relieve their povert To provide focilities for recreationol ond other leisure time occupotion for the said per50n5 irrespective of ethnic origtin, gender or religious belief. in the interests of social welfare and with the objectof improving their conditions of life, Operations l. Empowerment - The aim is that our work with young people can be a catalyst for community transformation. 2. Education - To promote a learning culture via the development of a wider range of learning opportunities and training programmes. which will equip young people with confidence, aspirations, skills and the qualifications required to reach their goa15 and sustain employment. Page 2
VINE TRUST WALSALL {REGISTERED NUMBER 04370289) Trustees, Annual Report Year ended 31st August 2023 3. Engagement- To engage all young people in positive activities which will enable them to participate and be respected as responsible citizens in the community offering them access to specialist information, advice and guidance. 4. Employment- To work with partners to provide programmes which will prepare and supportyoung people for the world of work. 5. Enterprise- To model sustainability by growing market share. and developing new sewi5 and products, to increase the Trust's economic value and impact within the community. For such other charitable purposes according to the law5 of England and Wale5 in such parts of the United Kingdom or the world as the dirertors in their absolute discretion may from time to time decide. History The Vine Trust Walsall was conceived in 1989 as a direct result of the farsighted vision of local churches. Their conception was based around their concern that the system had failed to deal adequately for an increasing number of the youth of Walsall, who were seen a5 a burden to society in general. They purchased the derelict Vine Inn. to be a positNe base for young people. The 'Vine Trust. was born. The Christian ethos is the foundation of the Vine Trust and is the Motivation in providing young people with the necessary education, training and practical skills leading to permanent employment and fulfilling lives. Public benefit ststement The Trustees have paid due regard to the Charity Commission's guidance on public benefit when examining their aims, objectives and future plans of the organisation. Principle l.a. What are the benefits? The identifiable benefit or benefits are recognised from the quantifiable improvements we have made in the situations and opportunities for young people classed as hard to engage, and the challenging of negative ttitudes in the communities in which they live. Principle l.b. The Benefits os reloted to our oims Outcomes Young people can be a catalyst for community transformation Young people can reach their full academic and vocational potential Every young person can be employed without impediment Every young person in our sphere of influence will be able to make informed decisions for work, training lifestyle and faith Principle l.c. Ensuring our work deliver5 our aims We review our aims, objectives and activities each year. In this year, we continue to embed the group's 5- year plan. The plan focusses on key areas of work and the benefits to the young people we have set out to help. We have referred to the guidance contained in the Charity Commission's general guidance on Publi Benefit when reviewing our aims and activities and planning our future activities, and are satisfied our activities pose no detriment or harm (Principle Icl Page 3
VINE TRUST WALSALI (REGISTERED NUMBER 04370289) Trustees. Annual Report Year ended 31st August 2023 Principle 2. Who used ond benefittedfrom our services Benefit to the public. Through its strategic oversight, the Vine Tnjst has worked to ensure these young people acce55 education. SUPPOrt, counselling. positive activities and work skills programmes. with the airn to get them back into mainstream education. at schools or colleges or into further training and work. STRATEGIC REPORT During 2022123 The Vine Trust has sought to respond to the need5 of young people. by 'preparing thern for life and godliness,. From initiatives in Education, (through its Mercian multi academy Trust) and to a range of Social Enterprises (coffee shops. events. workspace letting) and employer awareness initiatives, to transform Employment opportunities for Young People (through our Ladder campaigns). The Group have sought to Empower its communities to make it suitable foryoung people. through the themes of Live, WorK play. Learn, and Worship. Achievements and performance Employment The Ladder Apprenticeship Foundation a Subsidiary of the Vine Trust Walsall, part of the Vine Trust Group, which we also trade as, promotes social mobility through education and work. Building on the success of the regional campaigns (London. Black Country, Birmingham. Staffordshire, Shropshirel and through the support of our delivery partners. media partner, and patrons. the Ladder Apprenticeship Foundation is our social mobility initiative, championing locally, the creation of apprenticeships and vocational learning through regional newspaper campaigns and events. The Foundation is rooted in its aim to develop models of artivity, which support its strategy to "Engage. Educate & Emplo young people across the UK. Our delivery Partners manage our approved clearing houses in each campaign area. In Coventry & Warwickshire, it is Coventry and Chamber Training. in the Black Country and Greater Birmingham, it is Performance Through People, and in Shropshire & Telford it is SBC Training. We are pleased to continue our West Midland's campaigns in greater Birmingham. Black country. and Coventry and Warwickshire. This year. saw the close of our 3r6 phase of the Shropshire Campaign. with our partners, we are exploring a 4, phase. as and when funding is realised. The Mercian Trust oversee and run.the Ladder Alternative Provision School, and its newly constiucted building in the St Matthews Quarter of Walsall. which achieved a 'Good OFSTED outcome this year. With our Clearing House Partne.r Performance Through People. and the support of the Greater Birmingham Local Enterprise Partnership, the Ladder Skill academy was opened by Mayor Andy Street. The new Academy offers young people the opportunity to have a go at a variety ofcareers, gaining experience in construction, modern manufacturing, digital technology. dentistry. retail, childcare and healthcare. Page 4
VINE TRUST WALSALL {REGISTERED NUMBER 043702891 Trustees, Annual Report Year ended 31st August 2023 The Academy was visited throughout the year byyear 11 and 13 students, who had the opportunity to undertake a variety of have-a-go sessions. The Ladder Skills Academy* will form part of the Ladder Legacy in Birmingham, working with over 70 partner5 including independent training providers, colle6es. universities. and employers. We will be providing a one-stop shop focusing on supporting individuals and especially young people aged between 16 to 29. We are working to raise aspirations, offering independent and appropriate information and guidance to develop the next generation of skn.lled workers. leaders. and entrepreneur5. Schools will be offered the opportunity to bring their students to the Academy to undertake 'have a EO, sessions outside the traditional academic settin& promoting all career pathways. With our Black Country media partner. Midlands News Association, we brought our first awards to the sub region. Our headline sponsor was Wolverhampton City Council, and saw apprentices. employers and training providers gather in the tity of Wolverhampton to celebrate apprenticeships. Enter prlse Vine Workspaces- 33 Lower Hall Lane The Trust's Lower Hall Lane site has an extended facility to the original Vine building, which has provided, in keeping with the charitvs objects. We are pleased to continue to house further tenants in Wa15all Money Advice, the Message Trust, and Walsall Community Church. We also welcomed Love Walsall to the space. part of Love 81ack Country charity which seeks to see the spiritual. 50tial. economic and ecological transformation of the Black Country. The Trust restaurant space continues to be leased by TheTzble Cic. to run a coffee shop. with a commitment, to still be a meeting place for the community, and train young people. Education Mercian Trust The Vine Trust Walsall is a founding Member of the Mercian Trust. a 'co-owner' alongside the Queen Mary's Foundation. The Trust 15 a company limited by guarantee and an exempt charity. The charitable company's articles of association are the primary governing documents of the Trust, and with the formation of the multi academy trust on l January 2018. new articles were adopted then, which were approved by the Secretary of State for Education. These provided for five members as follows= Queen Mary's Schools Foundation Two persons appointed by Queen Mary'5 Schools Foundation Irine Trust Walsall One person appointed by Vine Trust Walsall The Trust is governed by the Trustees who are appointed as follows= Two trustees appointed bythe members Three trustees appointed by the Foundation Two trustees appointed by Vine Trust W3lsall Trustees co-opt additional trustees with the consent of a majority of the members. Page 5
VINE TRUST WALSALL (REGISTERED NUMBER 04370289) Trustees, Annual Report Year ended 315t August 2023 The above appointee5 act as trustees for the charitable actNities of the Trust and are also the directors of the charitable company for the purposes of company law. Two trustee5 (who had previously serve(i on the Quaerere Academies Trust board) were co-opted onto the Board following the Trust mergeron 1st May 2022. where the 3x 03 Academies transferred into The Mercian Trust. The Members approve the chair. of the board of Trustee- Directors. currently Kevin Davis Ivine Trust CEO), who chairs a board of up to 13 Trustees. Kevin Davis as Board Chair also chairs the meetingof the chairs of the Mercian Local Goveming Bodies ILGBSI, and line manages the Trust CEO'S. Responsibility for day-to-day leadership and management of the Trust is delegated to the CEO loan Parkesl, senior leaders in the Central Team and the Head teachers of each of the TrusY5 schools. The Mercian Trust multi academy trust operate5 9 academies across Walsall and Sandwell, including 6 x 11- 19 academies. a 11-16 academy. a 14-19 Studio School and an 11-19 Alternative Provision Free School. The schools in the Trust are.. Aldridge School Queen Mary's Grammar School Queen Mary's High School Shire Oak Academy Walsall Studio School (founded by the Wine Trust Walsall The Ladder School, Walsall Ifounded by the Vine Trust Walsall) 03 Academy Great Barr Academy 03 Academy Langley Academy 03 Academy Tipton Academy The Trust has a combined pupil capacity of 10,61XI and had a roll of 9,689 in the school census on 6 October Z023 {including post 161. and circa 900 staff. The balance sheet investment represents the charity's interest in The Mercian Trust a Multi Academy Trust IMATI. with effectively two voting member seats, and The Queen Mary's Foundation with effertively three voting member seats. From the 'significant Influence, that its two seats lone corpK)rate membership and one individual appointee) gives, the interest in The Mercian Trust Stated at 40% of its total restricted funds. according to its Audited Account5. The investment is restricted as representinggovernment funding solely for the purpose of educating students in the Mercian Trust Schools. During the year the MAT ExecutNe.Team including head teachers held meetings each half term to discuss all aspect5 of the Trust's work, develop strategy and refine proposals to the board of Trustees. Whe course of action requires significant expenditure (capital projects. staffin& etc.) or more detailed scrutiny of educational impart, they refer decisions through the appropriate committee. The Vine Trust, and the Queen Marfs Foundation. jointly approve the annual accounts, the make-up of the board of Director5 1 Trustees. and meet regularly with their approved chair, and the CEO who is the Accounting Officer. Page 6
VINE TRUST WALSALL (REGISTERED NUMBER 043702891 Trustees. Annual Report Year ended 31st August 2023 Building on the significant growth via trust merger in the previous year, the most significant achievement5 in this period have been consolidating the work of the Trust to enable successful schools. This has included the provision of school improvement support. teacher development and staff continuous professional development and the Trust's multi-disciplinary team of clinicians and therapists to support vulnerable students and students with SEND. 3 of our schools were inspected during this period. Q3 Academy Tipton was judged Good in 3 of 5 judgements and rated Requires Improvement overall. Queen Mary's Grammar khool was judged to be Outstanding in all judgements in its first inspection for more than a decade. The Ladder School was judged to be Good in all judgements in its first inspertion since opening irb 2019 As the founder of the Ladder school, and Walsall Studio School. (now operating as Studio School and Sixth) the Vine Trust nominates and approves the appointments of the Local Governing Body. and Head Teachers. The Ladder Alternative Provision School, envisioned by CEO Kevin Davis. is named after the Trust's Ladder initiative, and we welcomed the completion of the St Matthew5, Educ3tion Quarter. with the build for the Ladder school, and a long awaited extension for Walsall Studio School. named after Vine CEO. and Mercian Chair- Kevin Davis. Engagement The Trust has continued to work with partners to promote the economic inclusion and social mobility agenda in the St Matthe5 Quarter, and the wider Black Country. To this end, CEO Kevin Davis serves on the Walsall Town's Board, steering the regeneration and recovery of the Town. which also includes the St Matthews Quarter, where the schools, and the Vine, Lower Hall Lane building are located. Working with the Mercian Trust Kevin Davi5 has secured a circa £IM investment to acquire and develop a row of shops in the Quarter. This Digital Skills Hub will be the third academic facility in the developed area. The CEO'S non-exec role with the Black Country Local Enterprise Partnership. ha5 seen the Trust'5 'Economy of Togetherf strategy integrated into the LEP. Reserves Policy The Trustees have examined the tharitys requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested irb tangible fixed assets held by the charity should be where po55ible be approximately 3 month5 of the expenditure. The Trustees had decided that the proceeds of sale of the Goldmine Centre, would be used to underpin this policy. The purpose of the reserve is: To keep sufficient in general reserves to cover approximately 13 weeks expenditure. To capitalise on opportunities and future needs. To meet substantial redundancy costs in the event of the winding up of the Charity. Support with Cashflow challenges. The reserves where possible are rbeeded to meet the working capital requirement5 of the charity and the Trustees are confident that at this level they would be able to continue the current activities of the charity in Page 7
VINE TRUST WALSALL (REGISTERED NUMBER 04370289) Trustees, Annual Report Year ended 31st August 2023 the event of a significant drop in funding. The present level of reserves available to the charity falls significantly short of this target level. Although the strategy is to continue to build reserves through planned operating surpluses, the Trustees understand it unlikely that the target range can be reached for at least three years, hence the move to sell the Vine Building. In the short term. the Trustees have curtailed existing artivitie5 and expenditure. The reserves policy is to be reviewed annually at the Annual General Meeting prior to the publication of the annual pOrt. Plans for Ire periods The creation of both the Mercian Trust. and The Ladder Apprenticeship Foundation, ha5 enabled the Vine to become a strategic organisation. With the LEP'S dissolved in 2023, the Trust. continues to seek greater dissemination of the Economy of Together with wider partners. to create an equal and equitable Black Country a bettereducated Black Country a more enterprising Black Country, with greater social responsibility and a healthier Black Country that is environmentally friendly It will continue to oversee the Mercian Trust. and the La(Jder 3pprentice5hip Foundation. Structurei governance and manazement Vine Trust Walsall is the 'parent' or controlling member of a group of charitable companies trading overall as the Vine Trust Group. The Group board of Trustee Directors consists of dirertors of the Subsidiary boards as well as independent Vine Trust Walsall members. Members are responsible individually and collettively for overseeing the conduct and affairs of the charity. and for supeNising Group manègement. to whom the Board had delegated certain authority for the day-to-day conduct of the charity. They are also responsible for- Strategic Planning Process Operating Planning Monitoring Senior Management Monitoring the Effectivene55 of the Board and it5 Committees Setting and Monitoring the Effectiveness of Corp)rate Policies Managing Risk The Integrity of Corporate Internal Control and Management Overseeing Information System5 Overseeing Communications Policy Partner Board Mercian Trust- Two Vine Trust directors of the board are part of the Members board. Chief Executive Officer The office of the Group Chief Executive ICEOI is the senior officer of the Group Trust and has delegated powers from the ard of Trustee Directors, to manage the strategic and operation. Page 8
VINE TRUST WALSALL (REGISTERED NUMBER 043702891 Trustees, Annual Report Year ended 31sl Au8USt 2023 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 1985. It operates as an innovative faith inspired Charitable company, working to support and elevate the lives of 'hard to reach. young people113-25 year olds). Truslee5 Re5FnsibilitieS The Trustees Iwho are also directors of Vine Trust Walsall for the purposes of company lawl are responsible for preparing the Trustees. Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the tharitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the method5 and principles in the Charities SORP 2019 IFRS 102}. make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statement5. prepare the financial statements on the going concern basis unle55 it 15 inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records, which disclose with reasonable accuracy at any time the financial p051tion of the charitable company and to enable them to ensure that the financi31 statements comply with the Companies Act 2(K16. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustee5 have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. On an annual basis the trustees attivety review risk in terms of the following areas.. governance and management, operational. finan. environmental and external risk, and legal regulation compliance This information is then used to develop a risk management Strate for the organisation. including the identification of existing controls in operation ènd any new controls the trustees consider necessary. The current risk management strategy forms part of a planning process, against which the trustees review progress formally every six months within the context of a four-year strategic business plan. The trustees are satisfied that adequate systems and procedures are in operation to mitigate against the major risks fad by the charity should any of these risk5 materialise. In approving the Trustees, Annual Report, we also approve the Strateeic Report included therein, in our capacity a5 company directors. Page 9
VINE TRUST WALSALL (RÉGISTERED NUMBER 04370289) Trnstees. Annual Report Year ended 31st AuEUSt 2023 On behalf of the board L John50n Chair Date... Page 10
THE VINE TRUST WAiSALL AND SUBSIDIARIES IREGISTERED NUMBER 04370289) Independent Examinerfs Report to the Members and Tntstees Year ended 31st AuEust 2023 I report to the charity trustee5 on my examination of the accounts of the company for the year ended 31" August 2023 which are set out on pages 12 to 25. RPOnsIbl11t1eS and basis of report As the charity trustees of the company land also tt5 directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 AcY}. 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 company's accounts as carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 1451511bl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to rny attention in connection with the examination giving me cause to be15eve that in any material respect.. atcounting records were not kept in respect of the company as quired 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 21X)6 Act other than any requirement that the accounts give a 'true and fair Vie which is not a matter considered as part of an independent examination,- or 4. the 3ccounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Prattice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financhal Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters in connection with the examination to which attention strK*uld be drawn in this report in order to enable a proper understanding of the accounts to be reached. John Davis FCA Ilndependent Examine For and on behalf of DJH Walsall Ltd 3rd Floor International House 20 Hatherton Street Walsall WSI 2LA zs 2024 Page 11
THE VINE TRUST WALSALL ANO SUBSIDIARIES (REGISTERÉD NUMBER 043702891 Consolidated Statement of Financial Arti¥itres (including Income and Expenditure Account) Year ended 31st August 2023 2023 2022 Note Unrestricted Funds Restricted Furbds Total Funds Total Funds Income and endowments frorn: Government grants: JRS Scheme WM8C Covid SUPFlOrt Donations ènd legacies Charitable activities 2,471 4.410 8.2LM) 56,155 2.350 4,410 8,200 56,155 2,350 8.176 5.915 50,242 Other trading activities Other Total intome and endowments 71,115 71.115 66,804 Expenditure on: Charitable activities 116.895 116,895 113,906 Total expenditure 116.895 116,895 113,906 Net Eains on investments 16 4,033,098 4,033,098 25,704,917 Net income l (expenditure) 145,7801 4,033.098 3,987.318 25,652,823 Other recoEnised Eainslllossesl". Losses on revaluation of fixed assets Net movement in funds 145.7801 4,033.098 3,987,318 25.652,823 Reconciliation of funds: Total funds brought forward 320.561 46,620,917 46,941,478 21,290,454 Total funds carried forward 274.781 50,654.015 50.928,796 46,943,277 All income and expenditure derive from continuing activitie5. The Statement of Financial Attivities include5 all gains and105ses recognised in the year. Page 12
THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289) Consolidated Balance Sheet Year ended 31st August 2023 Note 2023 2022 Fixed A55ets Tangible assets Investments 13 15 384,916 50.654.015 386,736 46.620,917 51.038.931 47.007,653 Current Assets Debtors Cash at bank and in hand 16 24.962 423 26.079 3,190 25.385 29.269 Creditors Amounts falling due within one year 17 {76.5201 136,444} Net current wetsllliabilities) {51.1351 17,1751 Total assets less current liabilitie5 Creditors Amounts falling due after more than one year 50,987,796 47,000,478 18 159,0(Kll 159,0001 50.928.796 46,941,478 Charity Funds Unrestricted funds 19 274.781 320,561 Restricted capital funds 19 .654,015 46,620,917 50.928,796 46,941.478 For the financial year in question, the tompany was entitled to exemption under section 477 of the Companie5 Act 2006 relating to small companies. No member5 have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Att 26. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subjert to the small companies, regime. The financial statements were approved by the Board of Trustees on signed on its behalf by.. 2024 and were L Johnson Trustee The note5 form part of these financial statements Page 13
THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 043702891 Charity Balance Sheet Year ended 31st August 2023 Note 2023 2022 Fixed A55els Tangible assets 14 384.916 386,736 Current A55ets Debtors Cash at bank and in hand 16 95,366 382 88,242 I,ioi 95,748 89.343 Creditors Amounts falling due within one year 17 {73.8211 134.6441 Net current assetsllliabilities} 21.927 54,699 Totsl asset5 les5 current liabilities Creditors Amounts falling due after more than one year 406,843 441,435 18 159.0001 159.0001 347.843 382,435 Charity Funds Unrestricted funds Restrirted f unds 347.843 382,435 347.843 382,435 For the financial year in question. the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companie5 Act 2(KJ6. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies Subject to the small companies. regime. The financial statements were approved by the Board of Trustees on signed on its behalf by- 2024 and were L johnson Trustee The notes fom) part of these finantial statements Page 14
THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289) Consolidated Statement of Cash Flows Year ended 3tst August 2023 Note 2023 2022 Net cash flo frorn opefating artivities 22 14,075.0251 125,738,869) Cash flows fvom Investlng artNities Purchase of tangible fixed assets Change in tangible fixed asset investments 14 14 15.905} 25,704,917 4.033,098 Cash flow5 from financing activities Interest paid 13 IDecreasel in cash and cash Equivalents in the year 141,9271 139,8571 cash.and cash equivalent at I September 2022 116.S531 23.304 Cash and cash equivalents at 31 August 2023 {58.4801 116,5531 Page 15
THE VINE TRUST WALSALL AND SUBSIDIARIES IREGISTERED NUMBER 043702891 Note5 to the Financial Statements Year ended 315t August 2023 Accounting Policie5 General information and basls of preparation Vine Trust Walsall is a charitable company incorporated in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information or) page l of these financial staternents. The nature of the chèrivs operations and principal activities are to empower, educate, engage, and employyoung people. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and ReFK)rting 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 IFRS 1021 issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companies Art 2(M)6 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concem basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency ot the charity and rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Basis of consolidation The group financial statements consolidate the accounts of the Company and its subsidiary undertakings. Intra-group transattions and profits are eliminated on consolidation. Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the Specific fund. The aim and use of each restritted fund is set out in the notes to the financial statements. Income All incoming resources are included in the SOFA when the charity is legally entitled to the income after any performance conditions have been met. the amount can be measured reliably and it is probable that the income will be received. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is Within the control of the charity and it is probable that they will be fulfilled. No amount is included in the financial statements for volunteer time in line with the SORP IFRS 1021. Page 16
THE VINE TRUST WALSALL AND SUBSIDIARIES IREGISTERED NUMBER 04370Z89) Notes to the Financial Statements Year ended 31st August 2023 Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure 15 reco8nised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligatK>n can be measured reliably. It is categorised under the following headings- Costs of raising funds Expenditure on charitable activities includes provision of personal coaching services.. and Other expenditure represents those item5 not falling into the categories above Irrecoverable VAT is charged as an expense against the activity for which expenditure ar05e. Support costs allocation Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objerts of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to partic¢Jlar headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. The analysis of these costs is included in note 7. Tangible fixed assets Depreciation is provided at the following annual rates in order to write of each asset over its useful economic life. Land and buildings - not depreciated Motor vehicles. fixfures etc - 20% to 25% on cost Freehold land and buildings are stated at valuation in 2019 carried out by Cosnett Price Chartered Surveyor5. The Trustees have reviewed the carrying value for impairrnent. Investments Investments are recogni5ed initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains I Ilossesl on investments, in the SOFA if their fair value can be measured reliably- Debtors and treditors receivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Loans and borrowings Loans and EM7rrowings are initially recognised at the transartion price including transaction costs. Subsequently. they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. Impairment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or105s unless the asset 15 Page 17
THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 043702891 Notes to the Financial Statements Year ended 31st August 2023 carried at a revalued amount where the impainnent loss is a revaluation decrease. Leasing commilments Renta15 paid under operating leases are charged to the statement of financial activity on a straight line basis over the period of the lease. Employee beneflts Where employees have rendered seThice to the charity. short term benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. Pension benefrts The charity contributes to a defined contributkon pension scheme for rtain members of staff. Contribution5 are expensed as they become payable. Taxation The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph l Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Going concern As shown in the financial statements the Group had a net deficit on unrestrirted funds of £45,780 for the year and at 31 August 2023 had unrestrirted funds of £274.781. The Group have prepared income and cash flow projections for a period of 12 months. On this basis and on indications from supporters that they will continue to provide additional financial resources as required, the Trustees consider it appropriate to prepare the financial statement5 on the going concern basis. Income from donation5 and legacies 2023 2022 Donations Unrestricted- General 4,410 8,176 All of the above income was attributable to unrestricted funds. Incorne from charitable artivities 2023 2022 Restaurant Ladder School 8,200 5,915 Total 8,200 5,915 All of the above income was attributable to unrestricted funds. Page 18
THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289) Notes to the Financial Statements Year ended 31st AuEust 2023 4. Income from trading artivities 2023 2022 Property cost recharges Support cost retharges Other 26.072 30.083 18,222 30,583 1,437 Total 56,155 SO,242 All of the above income was attributable to unrestricted funds. 5. Other income 2023 2022 Photocopier usage 2,350 £2,35012022= £Nill of the above income was attributable to restricted funds. Analysis of expenditure on charitable activities Direct Costs Support Costs Total Property Support Ladder 30.676 48.630 1,940 31,929 3,660 62.605 52,290 2,000 Total 81,246 35.649 116,895 Page 19
THE VINE TRUST WALSALI AND SUBSIDIARIES (REGISTERED NUMBER 04370289) Notes to the Financial Statements Year ended 31st August 2023 Charilable activities cost 2023 2022 Wages & salaries Training Rent, rates & water Insurance Heat & light Repairs & maintenance Advertlsing & marketing Post, print & stationery Telephone Travel, subs & entertaining General expenses Legal & professional fees Cleaning Depreciation Governance 38.141 53,456 1,375 4,707 5.129 13.808 11,303 3.150 8,100 6,562 28 108 1,200 4,700 1,086 4,186 778 3,522 28,847 8,674 8,397 6,169 163 3,626 1,820 8,918 Total 116,895 118,898 Governance costs 2023 2022 Professional fees Independent ExamiTTration Fees Bank charges and interest 3,525 5,393 3,4 786 Total 8.918 4,186 Net income for year Net income is stated after charging= 2023 2022 Depreciation of tangible assets Change in fair value movement of investments Profit on sale of tangible asset5 1.820 1,086 14,033,098) 125,704,917) io. Independent Examiners remuneration The independent examinerfs remuneration amounts to a fee of £3,52512022= £3,400) and for accounts and others services £Nil12022- £Nill. Page 20
THE VINE TRUST WALSALL ANO SUBSIDIARIES IREGisfERED NUMBER 04370289) Notes to the Financial Statements Year ended 31st August 2023 ii. Trustees. and key management personnel remuneration and expenses The trustees neither received nor waived any remuneration during the year12022: £Nill. The trustees did not have any expenses reimbursed during the year12022- £Nill. The total employee benefits (including employer pension contributions) received by key management personnel 15 £26.60812022.. E36,6041. The Trust conshlers its key management personnel to be the Chief Executive Officer. 12. Staff costs and employee benef The average number of employees and full time equivalent {FTEI during the year was as follow5.. 2023 2023 2022 2022 FTE Number FTE Number Charitable activities The total staff costs and employee benefits were as follows= 2023 2022 Wages and salaries Social security costs Pension costs 37.042 50,71S 1.276 1,465 1,099 Total 38,141 53,456 No employees receNed total employee benefits (excluding employer pension c05tsl of more than £60.000. Page 21
THE VINE TRUST WALSALL AND SUBSIDIARIES IREGISTERED NUMBER 043702891 Notes to the Financial Statements Year ended 31st Augusi 2023 13. Tangible Fixed Assets- Group Land & Building5 Plant & Machinery Total Cost At I September 2Q22 Additions Di5posa15 593.477 180.636 774.113 At 31°August 2023 593,477 180,636 774,113 Oepreciation At I" September 2022 Charge for year Depreciation on disposal 213,477 173,9(K) 1,820 387,377 1,820 At 31 August 2023 213,477 175.720 389,197 Net Book Values At 31" August 2023 380,CX)O 4.916 384.916 At 31" August 2022 380.000 6.736 386.736 14. Tanglble Fixed Assets- Charity Land & Buildings Plant & Machinery Total Cost At I" September 2022 Additions 593.477 180,636 774,113 At 31. August 2023 593.477 180,636 774.113 Depreciation At I" September 2022 Charge for year Depreciation on disposal 213.477 173,900 1,820 387.377 1,820 At 31" August 2023 213,477 175.720 389,197 Net Book Values At 31 August 2023 380,000 4.916 384,916 At 31" August 2022 380,000 6,736 386,736 Page 22
THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289) Notes to the Financial Statements Year ended 31st Augusl 2023 15. Fixed Assets Investments Other Investment5 Valuation At I" September 2022 23,919,(XJO At 31 August 2023 23,919,LNyJ Impairment At I"September 2022 Gain in year 122,701,917) 14,033,098) At 31 August 2023 126,735,015) Carrying arnount At 31" August 2023 50,654,015 At 31° August 2022 46,620,917 The investment represents the chariws interest in The Mercian Trust a Multi Academy Trust IMATI formed by a group of Government funded schools working together under a common banner and an overarching strutture of governance. It has, as its members. The Vine Trust Walsall, with effectively two voting member seats, and The Queen Marfs Foundation, with effecttvely three voting member seats. From the 'significant Influence, that its two seats lone corporate membership and one individual appointee) gives, the interest in The Mercian Trust is stated at 40% of its total restricted Funds at 315t August 2023 according to the Audited Accounts. Its registered office address is Mercian House, Sutton Road, Walsall. WSI 2PG. At the year end. the aggregate reserves of The Mercian Trust amounted to £128.903,037 12022: £119,486,895} of which £126.635,037 12022= £116,552,293) were restricted, following an increase in funds of £9.416.142 for the year12022= increase of £64,814.1131- The investment is restricted a5 representing government funding solely for the purpose of educating students in the Mercian Trust Schools. 16. Debtors: Am(wnts falling due within one year Group Charity 2023 2022 2023 2022 Trade debtors Amounts owed by group companies Prepayment5 and accrued income Other debtors 22.193 11,314 22.193 70,404 2.769 11,313 62,164 2,884 11,881 2.769 11.881 Total 24,962 26.079 95.366 88,242 Page 23
THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370Z89) Notes to the Flnancial Statements Year ended 31st August 2023 17. Creditors: Amounts falling due within one year Group Charity 2023 2022 2023 2022 Bank loans and overdrafts Trade creditor5 Taxation and social security Actruals and deferred income Other creditors 58,904 7.340 224 9,448 605 19,743 9.177 58,904 7.340 224. 6,747 605 19,743 9,177 6.163 1,361 4,363 1,361 Total 76.521 36,444 73,820 34,644 18. Credilor5: Amounts falling due after more than one year Group Charity 2023 2022 2023 2022 Other creditors 59,1Y)O 59.000 s9.C0 59,000 19. Fund Reconciliation Balance at 1" Sept 2022 Income Expenditure Gains I (Losses) Balance at 31 August 2023 Unrestricted Funds General funds 320.561 71.115 1116,8951 274.781 320.561 71.115 1116,8951 274.781 Restricted Capital Funds Mercian Trust 46,620,917 4,033,098 50,654,015 46.620,917 4,033.098 50,654,015 46,941.478 71.115 {116.8951 4.033,098 50,928,796 Page 24
THE VINE TRUST WALSALL AND SUBSIDIARIES IREGISTERED NUMBER 04370289) Notes to the Financial StatemeTrt5 Year ended 31st August 2023 20. Analysis of net assets between funds Unrestricted Funds Restricted Funds Total Funds Tangible fixed assets Current assets Current liabilities Creditors falling due after more than one year 384,916 25,385 176,5201 159.OCM)I 50.654.015 51.038,931 25,385 176.5201 159.0001 Total 274,781 SO,654,015 50,928,796 21. Reconciliation of net rnovement in funds to net cash flow from operating activitie5 2023 2022 Net lexpenditurel for the year Interest payable Depreciation and impairment of tangible fixed assets Gains on investments Profit on sale of fixed assets Deuease in debtors Increase in creditors 145.7801 152,0941 1,820 1,086 {4.033,0981 125.704.9171 1,117 916 8,221 8,834 14.075.025) 125,738,870) 22. Pensions and Similar Obligati(v The charity operates a defined contribution pension plan for its employees. The amount recogni5ed as an expense in the period wa5 £1,09912022.. £1.4651. 23. Ultimate controlling party During the year. the Charity was under the control of the Trustees. 24. Tran5artions with Trustees At 31" August 2023 the charity owed £26.c (2022.. £26.OCQ) to House on the Corner, and £33,00012022= £33,0} to Bentley Beginnings, charities in which P B Powell is a trustee. The Company has taken advantage of the exemptions contained within Financial Reportirbg Standard No.8 not to disclose intra-group transactions on the basis that all subsidiaries are 100% owned and all transactions with other Group companies are eliminated in the consolidated financial statements. Page 25