REGISTERED COMPANY NUMBER: 04370289 REGISTERED CHARITY NUMBER: 1093838
Report of the Trustees and Consolidated Financial Statements for the year ended 31st August 2025 for THE VINE TRUST WALSALL AND SUBSIDIARIES
DJH Walsall Ltd Unit 4 Rossway Business Park Wharf Approach Walsall West Midlands WS9 8BX
THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289)
Contents of the Consolidated Financial Statements for the year ended 31st August 2025
| Page | |
|---|---|
| Charity Reference and Administrative Details | 1 |
| Trustees Annual Report | 2 |
| Independent Examiners Report | 9 |
| Consolidated Statement of Financial Activities | 10 |
| Consolidated Balance Sheet | 11 |
| 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 Details Year ended 31st August 2025
Incorporation 8[th] February 2002 Charity registration number 1093838 Company registration number 04370289 Directors M.A. Harland J.P. Sargent D. Lomax J.A. Blackwood-Reid R.K. Theper J.N. Barker Chief executive officer & Company secretary K.R. Davis DL Registered Office 33 Lower Hall Lane Walsall West Midlands WS1 1RR Independent Examiner David Wright DJH Walsall Ltd Unit 4 Rossway Business Park Wharf Approach Walsall WS9 8BX
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VINE TRUST WALSALL (REGISTERED NUMBER 04370289)
Trustees’ Annual Report Year ended 31st August 2025
The Trustees, who are also directors of the charity for the purposes of the Companies Act, present their report and the financial statements of the charity for the year ended 31[st] August 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) 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 charity law. The trustees who have served during the year and since the year end were as follows:
L.A. Johnson (Resigned 18.03.2026, Chair during the reporting period until November 2025) M.A. Harland (Vice Chair during the reporting period; Chair since November 2025) P.B.J. Powell (Resigned 01.03.2025)
J.P. Sargent D. Lomax J.A. Blackwood-Reid R.K. Theper (Appointed 19.09.2024) J.N. Barker (Appointed 14.01.2025)
CEO & Company Secretary
K.R. Davis DL
The Vine Trust co-owns The Mercian Trust alongside The Queen Mary’s Foundation, holding equal responsibility and strategic oversight. As a founding partner, the Vine Trust actively participates in governance, leadership decisions, and the strategic direction of Mercian. The Trust also owns The Ladder Apprenticeship Foundation, through which it advances employment, skills and progression pathways for young people and adults across Birmingham, the Black Country and Staffordshire.
Trustee Report (by M.A. Harland, Chair)
As Chair, I am pleased to present this report on behalf of the Trustees for a year of significant growth, consolidation and outward impact across the Vine Trust Group. During 2024/25, the Group deepened its contribution to young people's life chances through education, apprenticeships, employability, employer engagement, civic participation and community-rooted leadership.
A defining feature of the year was the strengthening of our group reach. Through The Mercian Trust, the Vine Trust’s educational influence expanded materially, with New Leaf School joining the Trust on 1 April 2025 and Rushall Primary School and Oakwood School joining on 1 June 2025. This took Mercian to 12 schools serving more than 10,000 pupils and employing over 1,000 staff across a diverse family of grammar, comprehensive, primary, special, studio and alternative provision settings.
Alongside this, The Ladder Apprenticeship Foundation delivered one of its strongest operational years to date. Working with key partners including Performance Through People, Compass Foundation, Birmingham Virtual School and the West Midlands Careers Hub, Ladder combined employer engagement with practical learner support. Its programmes during the year included over 1,266 direct learner and educator
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VINE TRUST WALSALL (REGISTERED NUMBER 04370289)
Trustees’ Annual Report Year ended 31st August 2025
participations and interactions across major commissioned initiatives, in addition to broader employer and campaign reach across the region.
I also want to recognise the continuing contribution of Kevin Davis DL as Chief Executive. His leadership across the Vine Trust Group has continued to connect education, employability, civic partnerships, faithbased collaboration and social enterprise in a way that strengthens both the organisation's mission and its regional influence. During the year Kevin was recognised nationally through the Goldman Sachs 10,000 Small Businesses UK Biggest Growth Story Award - an achievement that reflects not only his own leadership journey but also the scale, credibility and impact of the Vine Trust Group model.
I wish to record my thanks to my fellow Trustees, to the Mercian and Ladder leadership teams, and to the wider partners, staff and volunteers whose commitment has helped sustain this work. I also want to place on record the Board's appreciation to Lorraine Johnson for her years of service and leadership as Chair. The Trust benefits from the foundation she helped to build, and I am grateful for the opportunity to succeed her and support the next phase of the Group's development.
Strategic Report (by K.R. Davis DL, Chief Executive)
During 2024/25, the Vine Trust continued to advance its mission of preparing young people for life and godliness through the interconnected themes of Employment, Enterprise, Education and Engagement. The period was marked by tangible growth in educational footprint, stronger delivery through Ladder Foundation, and increasing clarity about the Group’s future role as a parent charity and strategic catalyst
Employment
The Ladder Apprenticeship Foundation delivered substantial outcomes during the year and remains the Group’s principal vehicle for supporting employment, employability and apprenticeships. Its operating model combines employer brokerage, learner preparation, partnership delivery and place-based campaigning. The Foundation’s strategic partnership with Performance Through People continued to provide a practical clearinghouse model for Birmingham, the Black Country and Staffordshire.
The flagship Xcelerate Your Future programme, funded through the Compass Foundation, focused on individuals from Birmingham’s most disadvantaged wards and produced strong progression outcomes. The programme reached 100 individuals through community engagement and recruitment; 12 participants enrolled on the structured three-week programme and 9 completed; 9 completed accredited training in Food Hygiene, First Aid and COSHH; 11 attended mental health and budgeting workshops; and 8 were onboarded with Constellation and progressed into paid work opportunities or job starts. The programme also strengthened Ladder’s employer relationships within Compass UK & Ireland divisions, including Chartwells and Levy.
In addition, Ladder delivered the Alternative Provision Schools Step on Step Up programme through the Ladder Skills Academy at Millennium Point. Across 11 AP schools, the programme delivered 66 half-day sessions and 1,026 student interactions covering construction, hospitality, health and social care, advanced manufacturing and engineering, and digital pathways. Reported feedback was strong, with 95% of students saying they enjoyed the sessions and 96% finding them engaging. Birmingham Virtual School’s Find Your Future programme also engaged 240 students aged 14 to 19, with 70% saying the programme helped with career choices and 70% reporting improved confidence in applying maths and English.
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VINE TRUST WALSALL (REGISTERED NUMBER 04370289)
Trustees’ Annual Report Year ended 31st August 2025
Ladder also delivered Teacher Encounters with 14 teachers from 11 schools and colleges, with 100% of participating teachers reporting enhanced understanding of employer pathways and saying they would discuss apprenticeships with their students. Together, these activities show a rounded model that influences learners, teachers and employers rather than operating only at one point in the pipeline.
Education
Through the Vine Trust’s co-ownership and governance role within The Mercian Trust, education remains a central expression of the Group’s mission. During 2024/25 Mercian welcomed three new schools into the Trust: New Leaf School from 1 April 2025, followed by Rushall Primary School and Oakwood School from 1 June 2025. This represented a significant strategic milestone, expanding Mercian’s footprint to 12 schools and widening the age range, contexts and communities served.
The Group therefore ended the period with influence across more than 10,000 students and over 1,000 staff. Mercian’s school family now spans selective and non-selective secondary education, primary education, special provision, alternative provision and technical or vocationally-inflected settings. This breadth reflects the Vine Trust’s longstanding commitment to second chances, aspiration and educational excellence, while also strengthening the resilience and scale of the wider group.
Alongside growth, the year also involved continuing school improvement, governance development and quality assurance across the Trust. The Mercian ecosystem continued to include the Ladder School and Walsall Studio School, both of which remain closely aligned to the Vine Trust’s original vision of transforming young lives through education linked to employability, enterprise and character formation.
Engagement
The Vine Trust continued to exercise influence beyond direct service delivery through strategic partnerships, civic engagement and place-based work. This included active support for the development of the Alumwell Resource Centre, raising £3M, for its host charity, helping advance a project designed to strengthen community provision and neighbourhood renewal in Walsall. It also included the Group's contribution, through Kevin Davis, to the Darlaston Plan for Neighbourhoods and to Walsall's Town Dealrelated agenda, reflecting a continuing commitment to regeneration, skills, social value and long-term community transformation across the borough.
The Group's engagement work also extended into faith and community collaboration. Through links with Love Black Country and its local expression, Love Walsall, the Trust supported activity that encourages churches to work together in outreach, prayer, leadership connection and practical service across the town. Taken together, these civic and faith-based relationships reinforce the Trust's wider purpose: not only to support individual progression, but also to contribute to stronger communities and places.
Enterprise
The year also saw the continued repositioning of the Vine Trust as a parent and strategic oversight body rather than primarily a property-holding or direct delivery organisation. Following the strategic decisions taken in the previous period in relation to Lower Hall Lane, the Trust continued to align its operating model and asset base with its core charitable strengths.
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VINE TRUST WALSALL (REGISTERED NUMBER 04370289)
Trustees’ Annual Report Year ended 31st August 2025
This has created greater clarity about the role of the parent charity within the group: providing governance, vision, convening power and mission alignment across education, employment and community transformation, while enabling subsidiaries and associated entities to deliver specialist impact at scale.
Objectives and Activities
Vision
“Our work with young people will be a catalyst for Christ-centred community transformation.”
Mission
“Preparing young people for life and godliness.”
Charitable Objectives
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To advance the Christian religion among women and young people
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To advance education
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To relieve poverty
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To provide recreational and leisure facilities irrespective of ethnic origin, gender, or religious belief to improve life conditions
Public benefit and group delivery
In setting objectives and planning activities, the Trustees have had regard to the Charity Commission’s guidance on public benefit. The Trustees believe the Vine Trust Group delivers public benefit through improved educational outcomes, expanded access to apprenticeships and employment, stronger employer engagement with local talent, and practical opportunities for progression among young people and adults who might otherwise face barriers to opportunity.
During the period, this public benefit was expressed through two complementary platforms. Mercian Trust delivered benefit at educational scale through its schools and academies, while Ladder Foundation delivered targeted employability and apprenticeship interventions through commissioned programmes and employer partnerships. Together, these platforms enabled the Group to combine depth of mission with breadth of reach.
Financial Review
Reserves Policy
The Trustees continue to target approximately 13 weeks’ expenditure in reserves in order to mitigate risk and retain flexibility to respond to future opportunities. This reserves approach is reviewed alongside the financial performance of the parent charity and the risk profile of the wider group. Shortfalls are addressed through prudent financial management, strategic asset decisions and operating efficiencies.
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VINE TRUST WALSALL (REGISTERED NUMBER 04370289)
Trustees’ Annual Report Year ended 31st August 2025
Financial Overview
The parent charity’s unrestricted funds, restricted capital interest in Mercian, and the consolidated position of the Group are set out in the financial statements. The Trustees remain satisfied that the Group continues to operate on a going concern basis and that resources are being deployed in furtherance of the charity’s objects.
Plans for Future Periods
Looking ahead, the Vine Trust intends to continue strengthening its role as a mission-led parent charity and strategic catalyst across education, employment and community transformation. In practical terms, this means continuing to provide active strategic leadership within The Mercian Trust and The Ladder Apprenticeship Foundation, while also pursuing carefully chosen growth and influence opportunities that align with the Trust's purpose and values.
For Mercian, priorities include consolidating the successful integration of the new schools welcomed during 2024/25, sustaining improvement and quality assurance across the Trust, and building confidence in the next phase of leadership and governance development. For Ladder, priorities include securing more sustainable commissioning, deepening employer engagement, maximising the Ladder Skills Academy, and scaling evidence-based programmes such as Xcelerate Your Future where resources allow. Across the Group, the Trustees also want to build on the strategic momentum reflected in Kevin Davis's Goldman Sachs growth work by sharpening the Group's long-term growth story, partnership model and regional reach.
At Group level, the Trustees wish to see stronger alignment between educational pathways, employer demand, and place-based economic inclusion. This includes continued support for Walsall-focused regeneration and community transformation, the further development of civic and faith partnerships, and ongoing work to encourage Business in the Community to recognise Walsall more fully within its future place-based agenda. The Trust will therefore continue to pursue a model that links school improvement, employability, apprenticeships, regeneration, social enterprise and collaborative community leadership in service of long-term transformation.
Governance
The Vine Trust is a charitable company limited by guarantee and continues to operate as the parent body within a wider family of mission-led entities. The charity also uses the trading style “Vine Trust Group” when describing its wider family of subsidiary entities, strategic interests and associated activities. This reflects the broader group context through which the Vine Trust pursues its charitable purposes and public benefit. Through this group structure, the charity supports and oversees activity in education, skills, employability, social enterprise and community regeneration.
Vine Trust Group governance continues to provide strategic oversight across the parent charity and its wider interests, including its founding and membership role in The Mercian Trust and its ownership of The Ladder Apprenticeship Foundation. Trustees review strategy, risk, financial stewardship, compliance and major organisational developments on a regular basis. Day-to-day leadership is delegated to the Chief Executive and, within subsidiaries and partner structures, to the relevant operational leaders.
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VINE TRUST WALSALL (REGISTERED NUMBER 04370289)
Trustees’ Annual Report Year ended 31st August 2025
Within The Mercian Trust, the Vine Trust exercises governance influence through both membership and trustee representation. The Vine Trust is represented on the Mercian Members Board and, during and around the period, this included Lorraine Johnson (to be succeeded by Jacqui Blackwood-Reid) and Wendy Williamson. The Vine Trust also has the ability to nominate trustees/directors to the Mercian Trust Board. During the period, Kevin Davis served in that capacity and, as Chair, continued to chair Mercian. Following Mark Harland’s departure from the Mercian board, one nominated vacancy remained. This began to be addressed in the new financial year, and Raj Thepper took office in January 2026.
In addition to its formal role within the governance of The Mercian Trust, the Vine Trust retains the right to nominate governors to Walsall Studio School and The Ladder School, both of which were directly founded through the work of the charity. This arrangement enables the Vine Trust to maintain an appropriate connection to the founding mission and ethos of these schools, and to continue contributing to their strategic development and public benefit through governance participation within the wider Mercian governance framework.
Within The Ladder Apprenticeship Foundation, the trustee directors are Kevin Davis and Eddie Stride.
Principal risks and uncertainties
The Trustees 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. During the year, the Trustees continued to monitor risk in the following broad areas: governance and management; operational and delivery risk; financial sustainability; environmental and external risk; safeguarding and reputational matters; and legal and regulatory compliance.
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Education growth and integration risk arising from the onboarding of new schools into Mercian, mitigated through structured governance, executive leadership, school improvement support and ongoing quality assurance.
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Funding volatility and commissioning uncertainty within the apprenticeships and employability landscape, mitigated through partnership development, diversified propositions and repeatable delivery models through Ladder Foundation.
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Employer confidence and labour market uncertainty, mitigated by maintaining employer-facing value, brokerage capability and practical progression routes for learners.
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Parent charity capacity and infrastructure risk during strategic repositioning, mitigated through focused governance, lean operating arrangements and alignment of assets with mission.
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Safeguarding and reputational risk, mitigated through safeguarding policies, partner protocols, trustee oversight and the use of established governance processes across the Group.
Trustees Responsibilities
The Trustees (who are also directors of Vine Trust Walsall for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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VINE TRUST WALSALL (REGISTERED NUMBER 04370289)
Trustees’ Annual Report Year ended 31st August 2025
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Select suitable accounting policies and then apply them consistently.
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Observe the methods and principles in the Charities SORP 2019 (FRS 102).
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Make judgements and estimates that are reasonable and prudent.
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State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
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Prepare the financial statements on the going concern basis unless it is 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 position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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 trustees are satisfied that adequate systems and procedures are in operation to mitigate against the major risks faced by the charity should any of these risks materialise.
In approving the Trustees’ Annual Report, we also approve the Strategic Report included therein, in our capacity as company directors.
On behalf of the board
…………………………………………………………….
M.A. Harland Chair
Date.………………………………………………………
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THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289)
Independent Examiner’s Report to the Members and Trustees Year ended 31st August 2025
I report to the charity trustees on my examination of the accounts of the company for the year ended 31[st] August 2025 which are set out on pages 7 to 20.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
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 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
David Wright (Independent Examiner) For and on behalf of DJH Walsall Ltd Unit 4 Rossway Business Park Wharf Approach Walsall WS9 8BX 2026
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THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289)
Consolidated Statement of Financial Activities (including Income and Expenditure Account) Year ended 31st August 2025
| Note Unrestricted Funds £ Income and endowments from: Donations and legacies 2 52,060 Charitable activities 3 - Other trading activities 4 39,215 Other 5 6,302 _ Total income and endowments 97,577 _ Expenditure on: Charitable activities 7 168,040 _ Total expenditure 168,040 _ Net Gain/(Loss) on investments 15 - _ Net income / (expenditure) (71,463) Other recognised gains/(losses): Impairment losses - Profit/(Loss) on disposal (20,012) _ Net movement in funds (91,475) Reconciliation of funds: Total funds brought forward 126,013 _ Total funds carried forward 34,538 ~~_~~ |
2025 Restricted Funds £ - - - - _ - _ - _ - _ 6,882,898 _ 6,882,898 - - _ 6,882,898 50,284,376 _ 57,167,274 ~~_~~ |
Total Funds £ 52,060 - 39,215 6,302 _ 97,577 _ 168,040 _ 168,040 _ 6,882,898 _ 6,812,435 - (20,012) _ 6,792,423 50,410,389 _ 57,202,812 ~~_~~ |
2024 Total Funds £ 3,880 - 72,510 10,175 _ 86,565 __ 85,333 __ 85,333 _ (369,639) _ (368,407) (150,000) - _ (518,407) 50,928,796 _ 50,410,389 |
|---|---|---|---|
| ~~____~~ |
All income and expenditure derive from continuing activities.
The Statement of Financial Activities includes all gains and losses recognised in the year.
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THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289)
Consolidated Balance Sheet Year ended 31st August 2025
| Note Fixed Assets Tangible assets 13 Investments 15 Current Assets Debtors 16 Cash at bank and in hand Creditors Amounts falling due within one year 17 Net current assets/(liabilities) Total assets less current liabilities Creditors Amounts falling due after more than one year 18 Charity Funds Unrestricted funds 19 Restricted capital funds 19 |
2025 £ - 57,167,274 _ 57,167,274 7,508 39,656 _ 47,164 (11,626) _ 35,538 _ 57,202,812 (-) _ 57,202,812 ~~_~~ 34,538 57,167,274 _ 57,202,812 ~~_~~ |
2024 £ 233,235 50,284,376 _ 50,517,611 32,501 - _ 32,501 (113,723) _ (81,222) _ 50,436,389 (26,000) ____ 50,410,389 |
|---|---|---|
| ~~_~~ 126,013 50,284,376 _ 50,410,389 |
||
| ~~____~~ |
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 Companies Act 2006.
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 2026 and were signed on its behalf by:
..................................................... M.A. Harland Trustee
The notes form part of these financial statements
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THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289)
Charity Balance Sheet Year ended 31st August 2025
| Note Fixed Assets Tangible assets 14 Current Assets Debtors 16 Cash at bank and in hand Creditors Amounts falling due within one year 17 Net current assets/(liabilities) Total assets less current liabilities Creditors Amounts falling due after more than one year 18 Charity Funds Unrestricted funds Restricted funds |
2025 £ - 78,161 39,222 _ 117,383 (8,026) _ 109,357 _ 109,357 (-) _ 109,357 ~~_~~ 109,357 - _ 109,357 ~~____~~ |
2024 £ 233,235 102,905 - _ 102,905 (110,127) _ (7,222) _ 226,013 (26,000) _ 200,013 |
|---|---|---|
| ~~_~~ 200,013 - _ 200,013 |
||
| ~~____~~ |
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 Companies Act 2006.
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 2026 and were signed on its behalf by:
.....................................................
M.A. Harland Trustee
The notes form part of these financial statements
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THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289)
Consolidated Statement of Cash Flows Year ended 31st August 2025
| Note 2025 £ Net cash flows from operating activities 21 (6,998,317) Cash flows from investing activities Sale of tangible fixed assets 14 211,889 Change in tangible fixed asset investments 15 6,882,898 _ (Decrease) in cash and cash Equivalents in the year 97,469 Cash and cash equivalent at 1 September 2024 (58,058) _ Cash and cash equivalents at 31 August 2025 39,411 ~~__~~ |
2024 £ 370,061 - (369,639) _ 422 (58,480) _ (58,058) |
|---|---|
| ~~__~~ |
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THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289)
Notes to the Financial Statements Year ended 31st August 2025
1. Accounting Policies
General information and basis 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 on page 1 of these financial statements. The nature of the charity’s operations and principal activities are to empower, educate, engage, and employ young people.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern 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 of 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 transactions 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 restricted 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 (FRS 102).
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THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289)
Notes to the Financial Statements Year ended 31st August 2025
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 is recognised 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 obligation can be measured reliably. It is categorised under the following headings:
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Costs of raising funds
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Expenditure on charitable activities includes provision of personal coaching services; and
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Other expenditure represents those items not falling into the categories above
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
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 objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular 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, fixtures etc - 20% to 25% on cost
Freehold land and buildings are stated at valuation in 2019 carried out by Cosnett Price Chartered Surveyors. The Trustees have reviewed the carrying value for impairment.
Investments
Investments are recognised 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 / (losses) on investments’ in the SOFA if their fair value can be measured reliably.
Debtors and creditors 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 borrowings are initially recognised at the transaction 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 or loss unless the asset is
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THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289)
Notes to the Financial Statements Year ended 31st August 2025
carried at a revalued amount where the impairment loss is a revaluation decrease.
Leasing commitments
Rentals paid under operating leases are charged to the statement of financial activity on a straight line basis over the period of the lease.
Employee benefits
Where employees have rendered service 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 benefits
The charity contributes to a defined contribution pension scheme for certain members of staff. Contributions 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 1 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 unrestricted funds of £71,463 for the year and at 31 August 2025 had unrestricted funds of £34,538. 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 statements on the going concern basis.
2. Income from donations and legacies
| Donations Unrestricted – General All of the above income was attributable to unrestricted funds. Income from charitable activities Total All of the above income was attributable to unrestricted funds. |
2025 £ 52,060 ~~_~~ 2025 £ - _ - ~~____~~ |
2024 £ 3,880 |
|---|---|---|
| ~~_~~ 2024 £ - _ - |
||
| ~~____~~ |
3. Income from charitable activities
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THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289)
Notes to the Financial Statements Year ended 31st August 2025
4. Income from trading activities
| ome from trading activities | ||
|---|---|---|
| Property cost recharges Support cost recharges Total |
2025 £ 39,215 - _ 32,215 ~~_~~ |
2024 £ 72,510 - ____ 72,510 |
| ~~____~~ |
All of the above income was attributable to unrestricted funds.
5. Other income
| er income | ||
|---|---|---|
Photocopier usage Bank interest received Other |
2025 £ - 302 6,000 ~~____~~ |
2024 £ 10,175 - - |
| ~~____~~ |
£Nil (2024: £10,175) of the above income was attributable to restricted funds.
6. Analysis of expenditure on charitable activities
| Property Support Ladder Total |
Direct Costs £ 28,722 - 48,008 _ 76,730 ~~_~~ |
Support Costs £ - 111,322 - _ 111,322 ~~_~~ |
Total £ 28,722 111,322 48,008 _ 188,052 ~~_~~ |
|---|---|---|---|
Page 17
THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289)
Notes to the Financial Statements Year ended 31st August 2025
| 7. Charitable activities cost Wages & salaries Training Rent, rates & water Insurance Heat & light Repairs & maintenance Advertising & marketing Post, print & stationery Telephone Travel, subs & entertaining General expenses Legal & professional fees Cleaning Depreciation Loss on disposal of tangible assets Loss on impairment Governance Total 8. Governance costs Professional fees Independent Examination Fees Bank charges and interest Total 9. Net income for year Net income is stated after charging: Depreciation/impairment of tangible assets (Profit)/Loss on disposal of tangible assets Change in fair value movement of investments |
2025 £ 70,121 48,008 4,480 3,455 13,987 4,880 - 3,067 3,828 - 2,606 2,715 1,920 1,335 20,012 - 7,638 _ 188,052 ~~_~~ 2025 £ 1,383 2,278 3,977 _ 7,638 ~~_~~ 2025 £ 1,335 20,012 (6,882,898) ~~____~~ |
2024 £ 1,021 - 2,782 3,867 38,668 4,733 359 6,287 5,133 - 477 - 6,120 1,681 - 150,000 14,225 ____ 235,333 |
|---|---|---|
| ~~_~~ 2024 £ - 3,041 11,184 _ 14,225 |
||
| ~~____~~ 2024 £ 151,681 - 369,639 |
||
| ~~____~~ |
10. Independent Examiners remuneration
The independent examiner’s remuneration, including irrecoverable VAT, amounts to a fee of £2,904 (2024: £3,041) and for accounts and other services £Nil (2024: £Nil).
Page 18
THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289)
Notes to the Financial Statements Year ended 31st August 2025
11. Trustees’ and key management personnel remuneration and expenses
The trustees neither received nor waived any remuneration during the year (2024: £Nil).
The trustees did not have any expenses reimbursed during the year (2024: £Nil).
The total employee benefits (including employer pension contributions) received by key management personnel is £55,660 (2024: £Nil). The Trust considers its key management personnel to be the Chief Executive Officer.
12. Staff costs and employee benefits
| The average number of employees and full time equivalent (FTE) during | The average number of employees and full time equivalent (FTE) during | The average number of employees and full time equivalent (FTE) during | the year was as | follows: |
|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2024 | |
| Number | FTE | Number | FTE | |
| Charitable activities | 2 | 2 | 2 | 2 |
| ~~____~~ | ~~____~~ | ~~____~~ | ~~____~~ |
The total staff costs and employee benefits were as follows:
| The total staff costs and employee benefits were as follows: | ||
|---|---|---|
| Wages and salaries Social security costs Pension costs Total |
2025 £ 66,588 1,851 1,682 _ 70,121 ~~_~~ |
2024 £ 1,200 - (179) ____ 1,021 |
| ~~____~~ |
No employees received total employee benefits (excluding employer pension costs) of more than £60,000.
13. Tangible Fixed Assets – Group
| Land & | Plant & | Total | |
|---|---|---|---|
| Buildings | Machinery | ||
| £ | £ | £ | |
| Cost | |||
| At 1st September 2024 | 593,477 | 180,636 | 774,113 |
| Additions | - | - | - |
| Disposals | (593,477) | (180,636) | (774,113) |
| ____ | ____ | ____ | |
| At 31st August 2025 | - | - | - |
| ____ | ____ | ____ | |
| Depreciation | |||
| At 1st September 2024 | 363,477 | 177,401 | 540,878 |
| Charge for year | - | 1,335 | 1,335 |
| Depreciation on disposal | (363,477) | (178,738) | (542,215) |
| ____ | ____ | ____ |
Page 19
THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289)
Notes to the Financial Statements Year ended 31st August 2025
| At 31st August 2025 Net Book Values At 31st August 2025 At 31st August 2024 14. Tangible Fixed Assets – Charity Cost At 1st September 2024 Additions Disposal At 31st August 2025 Depreciation At 1st September 2024 Charge for year Depreciation on disposal At 31st August 2025 Net Book Values At 31st August 2025 At 31st August 2024 15. Fixed Assets Investments Valuation At 1st September 2024 At 31st August 2025 Impairment At 1st September 2024 Gain in year At 31st August 2025 |
- _ - ~~_~~ 230,000 ~~_~~ Land & Buildings Plant & £ 593,477 - (593,477) _ - _ 363,477 - (363,477) _ - _ - ~~_~~ 230,000 ~~____~~ |
- - _ _ - - ~~_~~ ~~_~~ 3,235 233,235 ~~_~~ ~~_~~ Machinery Total £ £ 180,636 774,113 - - (180,636) (774,113) _ _ - - _ _ 177,401 540,878 1,335 1,335 (178,736) (542,213) _ _ - - _ _ - - ~~_~~ ~~_~~ 3,235 233,235 ~~_~~ ~~_~~ Other Investments £ 23,919,000 _ 23,919,000 _ (26,365,376) (6,882,898) ____ (33,248,274) |
- ____ - |
|---|---|---|---|
| ~~____~~ 233,235 |
|||
| ~~_~~ Total £ 774,113 - (774,113) _ - _ 540,878 1,335 (542,213) _ - ____ - |
|||
| ~~____~~ 233,235 |
Page 20
THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289)
Notes to the Financial Statements Year ended 31st August 2025
| Carrying amount At 31st August 2025 At 31st August 2024 |
____ 57,167,274 |
|---|---|
| ~~____~~ 50,284,376 |
~~____~~
The investment represents the charity’s interest in The Mercian Trust a Multi Academy Trust (MAT) formed by a group of Government funded schools working together under a common banner and an overarching structure of governance. It has, as its members, The Vine Trust Walsall, with effectively two voting member seats, and The Queen Mary’s Foundation, with effectively three voting member seats.
From the ‘significant Influence’ that its two seats (one corporate membership and one individual appointee) give, the interest in The Mercian Trust is stated at 40% of its total restricted Funds at 31st August 2025 according to the Audited Accounts. Its registered office address is Mercian House, Sutton Road, Walsall, WS1 2PG. At the year end, the aggregate reserves of The Mercian Trust amounted to £147,419,791 (2024: £128,296,076) of which £142,918,184 (2024: £125,710,939) were restricted, following an increase in funds of £19,123,715 for the year (2024: decrease of £606,961).
The investment is restricted as representing government funding solely for the purpose of educating students in the Mercian Trust Schools.
16. Debtors: Amounts falling due within one year
| Trade debtors Amounts owed by group companies Prepayments and accrued income Other debtors Total |
Group 2025 2024 £ £ 5,847 31,571 - - 629 930 1,032 - _ _ 7,508 32,501 ~~_~~ ~~_~~ |
Charity 2025 2024 £ £ 5,847 31,571 70,653 70,404 629 930 1,032 - _ _ 78,161 102,905 ~~_~~ ~~_~~ |
Charity 2025 2024 £ £ 5,847 31,571 70,653 70,404 629 930 1,032 - _ _ 78,161 102,905 ~~_~~ ~~_~~ |
|---|---|---|---|
| ~~____~~ |
17. Creditors: Amounts falling due within one year
| Bank loans and overdrafts Trade creditors Taxation and social security Accruals and deferred income Other creditors Total |
Group 2025 2024 £ £ 245 58,058 4,472 4,976 683 15 6,226 6,740 - 43,934 _ _ 11,626 113,723 ~~_~~ ~~_~~ |
Charity 2025 2024 £ £ 245 58,062 4,472 4,976 683 15 2,626 3,140 - 43,934 _ _ 8,026 110,127 ~~_~~ ~~_~~ |
Charity 2025 2024 £ £ 245 58,062 4,472 4,976 683 15 2,626 3,140 - 43,934 _ _ 8,026 110,127 ~~_~~ ~~_~~ |
|---|---|---|---|
| ~~____~~ |
Page 21
THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289)
Notes to the Financial Statements Year ended 31st August 2025
| 18. Creditors: Amounts falling due after more than one year Group 2025 2024 £ £ Other creditors - 26,000 ~~_~~ ~~_~~ 19. Fund Reconciliation Balance at 1stSept 2024 Income Expenditure £ £ £ Unrestricted Funds General funds 126,013 97,577 (168,040) _ _ _ 126,013 97,577 (168,040) _ _ _ Restricted Capital Funds Mercian Trust 50,284,376 - - _ _ _ 50,284,376 - - _ _ _ 50,410,389 97,577 (168,040) ~~_~~ ~~_~~ ~~_~~ 20. Analysis of net assets between funds Unrestricted Funds £ Tangible fixed assets - Current assets 47,164 Current liabilities (11,626) Creditors falling due after more than one year (-) _ Total 35,538 ~~____~~ |
|
|---|---|
Page 22
THE VINE TRUST WALSALL AND SUBSIDIARIES (REGISTERED NUMBER 04370289)
Notes to the Financial Statements
Year ended 31st August 2025
21. Reconciliation of net movement in funds to net cash flow from operating activities
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Net income/(expenditure) for the year | (91,475) | (148,768) |
| Depreciation of tangible fixed assets | 1,335 | 1,681 |
| (Gain)/loss on investments | (6,882,898) | 369,639 |
| (Gain)/loss on fixed assets | 20,012 | - |
| Impairment (gain)/loss | - | 150,000 |
| (Increase)/decrease in debtors | 24,993 | (7,539) |
| Increase/(decrease) in creditors | (70,284) | 5,048 |
| –––––––– | –––––––– | |
| (6,998,317) | 370,061 | |
| –––––––– | –––––––– |
22. Pensions and Similar Obligations
The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £1,682 (2024: £27).
23. Ultimate controlling party
During the year, the Charity was under the control of the Trustees.
24. Transactions with Trustees
At 31[st] August 2025 the charity owed £Nil (2024: £26,000) to House on the Corner, and £Nil (2024: £33,000) to Bentley Beginnings, charities in which P B Powell is a trustee.
The Company has taken advantage of the exemptions contained within Financial Reporting 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 23