Registered Company Number. 05601rJ7 (England and Wales) e8[￿ered Charity Number. 1142935 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2024 FOR YOUTH ACTION LTD (Company Limlted by Guarantee Downham Associates Ac(ountants Suite 14. Frecktethn Business Centre Freckleton Stsee¢ Blackbum BB2 2AL YOUTH ACTION LTD (Company Limited by Guarantee) Contents of the Flnanclal Statements For the yeat ended 30 March 2024 Page Company Informati TTUStees' Report 2-11 Independent examinerfs Report 12 Statement of Financial Artivities 13 Balance Sheet 14 Notes to the Financial Statements 15-20 Grants and D￿atiOnS Sthedule 21 YOUTH ACTION LTD (Company Limited by Guarantee) Company Inforn￿tIon For the year ended 30 March 2024 TTusleeslDirector& FaTZW Sidat Ayaz Asshar Suhail Ainarkar Company Secretary. Amar Abbas Rw'stered Ofts: (and Busines8 addrn81 Unity House 49-51 PTestoD New Road B]ackburn BB2 6AE Company Number: 05￿1T37 Registered Charity Number. 1142935 Bankern: Lloydg Bank PIC Church Street Blatkbum Laneayhire BB2 IIQ Accountants: Freckleton Business Centre Freckleton Street Blatkburn BB2 2AL Soliators: Fort>es Solicitors Rutherford House 4 Wellinston Street (St Johns) Blackbum BBI 8DD YourH AcfioN LTD Icompany Llmited by Guaranlee) Trustees Report For the year ended Xl March 2024 The t￿SteeS who are also directors of the company for the Purpo￿ of the Companies Act 21￿, present their repoTt with the financRal statements of the eharity for the year ended 3(Ph Marth 2024. The tNstees have adopted the provisions ofthe Statementof Recommended Prdcti(T (SORP)'Amnting and ReEKtrrting by Charities. issued in 2015. Corpornte StatUB Youth Adion Ltd was incorporated under the Companles Act on 24th Cklober 2(1)5. The company is a private eompany limited by 8uarantee and does not have a share capital. The liability of eath member is limited lo an amount not exceeding £1. The company also became a registered d4rity {NumbeT 1142935) ffi 19th July 2011. TN8tee$ The Truste￿ who served during the year were as follow&. Ayaz As8har Suhail AinaTkaT Farzana Sidal Objertiveg and Artivlties foi the Public Bthefit The Truslees of the Ctrwity have had regard to the Charity Commission's 8uidance public benefit in drawin8 up its objectives. The principal activity of Youth Acti￿ Ltd is that of an independent youth charity or8anisation workin8 Wlth youns people a8ed 5 to 24 years old across the North Wut of En8land, providing a range of educatlon and training programmes. The aims are.. To offer young people activities, which motivate, eduote, makes Pr￿UctiVe use of tin￿ and improve5 the quality of life for young people in the Community: To offer activities whith promote self-help. empowernientand team work. which stren8thems the quality of life Eor young peopl¢ and the community as a whole: To encovTage and a￿15t young people in the area to actively participale in the 8roup activities,. To enhance multi-cultural understandin8 and mutual res To promote the views and interests of young people to official a8enaes and bodies with a view to enabling pa5itive thange,. and To work WAth youn8 people to equip them with the skills to be effertive leader5 in their communitie5 and brin8 about positive ￿Mmunity acti(m. YOUTH AcfioN LTD (Company LAmited by Guarantee) Trustees Report (eontinued) For the year ended 30 March 2024 Objertives and Activities for the Public Benefit (mntinued) At Youth Actiory we believe that a y(￿n8 person's ba¢k8round mustn't deterniine their future. Youn8 peopk from less advantaged backgrwnds t(x) often miss out on ettri¢thment opporttjnities to build the confidence and essential skills they need to succeed in later life. There are t￿) few opportunities for them to en8age in meanrn8ful way with role modeis and mentors in the world of work. Even when opportunities arise, some lack the confidence lo take them up. This means young people from less advantaged backgrounds a undeErepresented in the world of work. This is unacceptable. Youth Action's strategic mission 1$ "Inclusive, Engaged & Empoweri￿.. We are committed to deliverin8 this mission by ensuring.. - The youn8 people who access and SI￿ up lo Youth Aetion's servi￿ are induded in the shapin& des1￿1n8 and deci8ion-makin8 concernin8 Youth Action's provision of tailored opportunities in personal development and skills development. Young people en8a8e with the pro1￿S they take part in and gain reco8nition and accredltation for their achievements and efforts. That with Youth Action's support and guidanc¢ youn8 people are empowered to for8e a PL￿ltiVe future for themselves, make a con5trurtive impacl on their communities as aclive citizens and advocate the dTffeTence that posttive changes can make on the liv&s of other young people in s￿￿ety tLK4ay. As an organising seeking to instAI thararter and values An young peopl4 we tske our own cultureand values very seriously and we seek stall, volunleer6 and partners who share them. Drive Chan8e We are f(Kwsed and passionate about thangins the lives of young people. We are ambitious, deterniined and use evidence and OUT expertise to make thig happen. Reflect and Leam We value learnin8 and look closely al what'5 workin& what isn'L and how to do better. We proactively seek ways to improve our impact and share our learnin￿. Bring People Together We put young people at the heart of everything we do and unite youn8 people, gth001s, business, and I￿al partners to make a meaningful change to their lives. Valve Everyone We are an incluslve organi5ation that respects values and learns from the experienLY and backgrounds of each and every person we work with. Keep it Fun! We come with the positive attitudes, energy and ideas needed to athieve soals foT ourselves and our youns people. We believe is a key part of everythins we do. YOLfTH ACTION LTD (Company Llmlted by Guarantee) Tru8lee8 Report (continued) For the year ended 30 March 2024 RESPONDING TO EMRNAL EVENTS COST OF LtvtNG CRISIS Amidst Ihe exponential rise in the cost of livin& encompassing fL*)d, materials, and energy, the impact on the communities we serve has been profound. In response, we have intensified our efforts to support parents and carers across multiple fronts. These include initiatives in flnancial literacy, distributing energy vouchers. promoting energy effieiency. aeakn'ng referral pathways through partner agencies, and providing skills-building and employment SUPPOTL Throush these targeted actic4)s, we aim io aueviate some of the pressures faced by thiise in our communities. STRATEGY We empoweryoun8people toenhancetheir employability by equippin8 them toaddress real-world social issues. Our expertise lies in harnessing youth-led ￿la1 artion as a catalyst for peTsonal growth and development. We believe this approath is particularly impactful for enga8in8 youn8 people from disadvanta8ed or marginalised backgrounds, who often p)ssess direct experience of so£ial chall￿Se5 and are therefore Lmiquely motivated and equipped lo drive change. As ¥ result, not only do we prepare young people for the workforce, but we also nurture a generation of chan8emakers committed lo building a bettey. more equitsble society for everyone. While all our proith are youth-led, we ensure structured aclivities and provide adult guidan￿ to help youn8 people maxirnise their persmal eduotiory s(tial enteTprise development. and training opportunities to empower youn8 people and foster perso￿1 growth. Hamessin8 Social Artion: LeveTage yxial action as a tool to enhance employability and enterprise skills amons youns people. This will include helpins participants evidencp their achievanents and buildins SLKial capital to improve access to Workpla￿ markets. 10- Corporate Engagemenl and Volunteeiinf. Build our reputation as a leadin8 provider of ￿rpOrate employee engagement opportunities. Volunleer5 will reLYive trainin8 to beconie effective fractlitators and o)aches* gaining personal developM￿t alongside their Lvmmunity impacL Intemational Collaboration: Expand international partnerships to provide youn8 people with opportunities to engage in global cooperatiory leadership programmes, and cvltUTal exthange initiatives. Aceredited Trainlng and Stratesic Advice: Further diversify Youth Action's offerAn8s by developing accredited tratnins pro8rammes and providin8 StTategic advitt to partsiers OD youth èmployment and skills developmenL Securing Fundins for Enterprlse: Seek additional funding to grow wr thterprise pro8rammes, o)suring a wider reath and 8Teater impacl lor young people in developin8 employability and entrepreneurial skills. Lookin8 Ahead The year ahead presents a blend of SI￿lficant d)allenges and opportunities. We are committed to desi8nins programmes that addTes5 key i&sues suth as mentsl wellbein& emplOym￿t. and skills development. As we continue to navi8ate the post-pandemie landscape. Youth Actlon remains steadfast in its mission to support youn8 people and families at the heart of our ttlmmunities, ffiablins them to thrive and build brishteT futures. li YOUTH AcfioN LTD (Company Limiied by Guarantee) Tru8tee8 Report l(ontlnued) For the year ended ￿ March 2024 Public benefit The trustees are confAdent that the charity offers Servi￿ of real and practical use to the lo(%1 w)pulation and therefore complies with the responsibility placed on all charities ul￿et the Charitie5 Act 2011 to demonstrate a public benefit. Covermln8 doeument The tharity is controlled by its goven)in8 d(￿rnent and c(wtitute5 a lirnited Ll)mpany, limited by suarantee, as defined by the Companaes Act 2(K Method of AppOintMent￿e￿IDn The exislin8 trustees have the power to appoinvelect new tNstees. Financial Statements The attounts for the period ended 30th March 2024 aTe appffided herewith. There was a net defiat in the year of {£9,&35) and surplus of £61,764 in 2¢J23. Re8erves Poltcy and Ri8k Mana8ement The trustees carried out a review of the or8anisations structure in 2012 and revised its mission ststement. selling out the major Opportunities available and the risks to which the organisation is exposed. policy, infoTmed by this review, is to achieve our aims by Seeking funding from a wide range of stakeholders for specialist services from which to generate sustainable income for our cx)re purposes. The trustees have considered the efEects of this course of action and believe thaL to maintaln a level of 8ervices, reserves ofsix rnonthg expenditure need tobe retained. This will provide a cuthion lo enable allernalive ￿nd1ft8 to be obtained or. if considered necessary, a radical restructuring of the charitys ￿MMItMents and level of services to bè undertaken. Six months, expendihre in the cornin8 year has been estimated at £241,927, based on cosls, and thug the policy is met with the Charities net current a55ets at the year-end bein8 £1,201,368. The Charity recognises the to grow reserves for its future strbility and to mitigate against ￿tUre risk. Accordin8ly, we continue to adopt the 80ing-CfflLYrn ba515 in preparing the financial stalements, and as such will strive to build and maintain this level of resetves by fundraisins unrestricted incorne. YOUTH ACTION LTD (Company Limited by Guarantee Trustee6 Report (continued) For the year ended 30 March ststement of Tm8tees Responsibllltles The trustees areresponsible forpTeparing the financial statements in aCCordar￿e withapplicable law and United Kinsdom Generally Accepted Accountin8 Practice. Company law requires the tEVStees lo prepare financial ststements for eath flnartc￿ year. Under that law the trnstees have elected lo prepare the financial statemthts in ac¢ordancY with the United Kinsdom Generally Accepted Accountins Practice (United Kinsdom Accountins Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the charitable Company for that period. In preparin8 those finaneial staternents, the trustees are required to select suitable accounting poliaes and th￿ apply them consistently,. makejudsements and estirnates that are reasonable and prudenL' prepare the financial Statements on the 8oin8 concern basis unless it is inapproprlate to presume that the charitable company will continue in busine55. The trustees are responsible for keepin8 proper accounting records whith dixlose with reasonable accuracy at any time the linancial position of the charitsble company and to enable them to ensure that the financial statements comply with the Companies Act 2(K)6. They are also responsible for safe8uardins the a$￿t5 of the charitable company and hence for taking reas(mable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the spetial provisions of Part 15 of the Companies Act 2(rfJ6 relating to small companieg. On behalf of the board: Ayaz Asghar Trustee (Treasurer) -13- YOUTH ACTION LTD (Company LAmited by Guarniteel REPORT OF THE INDEPENDENT EXAMINER TO THE MEMBERS OF YOUTH AcfioN LTD For the year ended 30 Matth 2(Y24 I report on the financial statements of the tharity for the period ended 30March 2￿24, which are set out on pases 13 to 20. Respertive responsibilities of the tvustee6 and e%aminer The Charitys twstees are TespcmsiTr>le for the preparation of the acc￿unts. The chaTitys trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 {the 2011 Act) and that an independent examination is needed. It is my Tesponsibility to: examine the accountg under sertion 145 of the 2011 Act: to follow the pr(KeduTes laid down in the C*neral DiTecti(m5 8iven by the Charity Commissioner under rtion 145(5)(b) of the 2011 Ad; and to 8tale whether particular matters have come to my attention. Bails of Independent examlnerf8 rnport My examination wa5 carried out in accordance with the General Directions 8iven by the Charity Commissioner. An examination includes a review of the accounting records kept by the d￿rity and a compari50n of the accounts presented with those reeords. It also includes consideration of any unusual item5 or disclosures in the accounts, and the 8eekin8 of explanations from you ag tru$lee8 concerning any $uth matterg. The procedures undertaken do not provide all the eviden￿ that would be rw4uired in an audit and, consequently. no (yinion is given as lo whether the accounts present a 'trne and fair view, and the report is limited to those matters set out in the statement below. Independent examlnerfs statement In connection with my examinatio￿ no matter has eome to my attefttion: which gives me reasonable (gU5e to believe tha( in any rnaterial re5WL the Twvirements.. la) lo keep accountins records in accordance with section 130 of the Charities Act 2011: and (bl to prepare accounts which accord with the accountin8 records and to comply with the accounting requirements of the 2011 Art have rK)t beth met; or to whith in my Opinio￿ attention should be drawn in order to enable a proper understandin8 of the accountg lo be reached. Z3 /17 1 ZoZ* Abdul Salam Dowttham Associates Suite 14 Freckleton Bustness Centre Freckleton Street Blackburn BB2 2AL Date: z5liZ12oZ< 14- YOUTH ACTION LTD (Company Limited by Guarontee Statement of Financial Artivltles For the year ended 30 March 2024 Tolal Funds 2024 Totsl Funds 2023 Re5trl(ted Funds Note Income Erom: Donations and legaaes,. Donations 16,612 16,612 30,981 Charitable artivitie$.' Grants 28￿n 437.417 Activities from generatin8 fund$ tnvestments: Inlerest received 7551 7,551 1,738 Other. 23,864 TOTAL 330h17 330,417 494,1KKJ Expenditure on: Charitable activitie5 (170,126) 1170.126 (340252) 432235 TOTAL 160.291 1170.126) I9￿5) 61.764 NET MOVEMENT IN FUNDS 160 (170.1261 I9￿35} 61.764 RECONCILIATION OF FUNDS: Total fvnds brou8ht forward 1.831439 125L678 1191914 TOTAL FUNDS CARRIED FORWARD 1.661312 1244,844 2,254,678 There are no other recognised gains or lo￿$ for the year other than in the Statement of Financi￿ Activities. 15- YOUTh AcfioN LTD Icompany LEmited by Guarantee) Balance Sheet For the year ended 30 Marth 2024 2¢J23 Note FIXED ASSETS Tangible assets 1,014942 1,014,942 CURRENT ASSETS Debtors Z31660 Iml.748 I￿40& 260.965 978,712 Cash at bank and in hand 1,239,737 CREDITORS: Arnounts fallins due within (Ine year NET CUItRENT ASSETS 1264.408 1.239,737 2,254.679 TOTAL ASSETS LESS CURRENT LIABILIThES FUNDS Designated Restricted I.LS4095 208218 581531 1,454,095 378.344 422,240 2,254.679 Unre8tricted The directors are Satisfied that the LY)mp¥ny is entitled to exemption from the PTOVTsions of the Cornpanies Act 2(M)6 (the Act) relatin8 to the audit of the financial ststements for the year by virtue of sectlon 4T1, and that no member or members have requested an audit pursuant to sectii)n 476 of the Art. The directors acknowledge their responsibility for complying with the requirernents of the Act with Tespect to acwunling records and for the preparation of accounts. The trustees have prepared the accounts in accordance with section 398 of the Companies Act 21))6 and section 138 of the Charities Act 2011. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2(XK> re]attng to small charitable companies and with the Financial Reporting Standard 102 {effedive 1st January 2015). The f￿￿ncial Statements were appToved by the B(ord of Tru5tee5 (m 23 DeLYnber 2￿24 and were signed on its behalf by". Ayaz Asgh Truslee {Treasurer) -16- YOUTH AcfioN LTD (Company Limlted by Guarantee Notes to the Financial Statements For the year ended 30 Marth 2024 AcLofmtixg Policies Basis ofAccoMnling The accounts (financial ststements) have been prepared in accordan￿ with the Ststement of Recommended Praetice.. Aec(Amting and IW)OTthng by Charities PTeparing theiT a¢¢￿Trts In aceordanee with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland (FRS 1021 issued on 16th ]uly 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of IreIand {FRS 1(r2) and the Charitie5 Act 2011 and UK Generally Accepted Praclice as it applies from 1st January 2015. The accounts (flnancial statements) have been prepared to give a'true and fair VI￿ and have departed from the Charities IAcrwnt5 and Reports) Regulation5 2CK18 onty to the exlenl required to provide a'true and fair view. This departure has involved followtng AcLY)untins and Reportins by Charities preparing their accounts in accordance with the Financial Reportin8 standard applicable in the UK and Republic of Ireland IFRS 102) iswed cffl 16th July 2014 rather than the Attovntins and Reportin8 by Charities: Statement of Recommended Practitt eff￿1ve from 1st April 2(N)5 which has since been withdrawn. As a small companyi the Trust has taken advantsge of the exemption from preparin8 a cash flow 5talemenl. bl Ixcoming resources All income is accounted for (m a receivable basis. and stated after VAT. Specific grants received are accounted for as ￿trIcted funds. Ail grants received are included within the incomin8 resource of 'activities in the furtherance of the charitys objeclives,. EXpe1￿¥t￿re ExpenditUTe 15 included in the accounts when a liabiIity arise& Expenditure is cla55ified under the principal catesories of charitable and other expenditure rather than the type of expense, in order to provide more useful informJti(m to users of the financial statements. Charitable expenditure comprws dired expenditure on the aims of the dwity. 17- YourH ACTION LTD (Company Limited by Guarantee Note8 to the Financi￿ Slatements Iconttnued For the year ended 30 Marth 2024 Accounting Policies (continmed) Eypenditure (conlinHeA) Manasement and administration cL￿ts are those incurred in ccmnection with the manasement of the companfs assets, or8anisaiional administration and cornp]iance with constitutional and statutory requirements. dl Unrestricted funds are available for use at the diguetion of the directors in furtherance of the general objectives of the company. Restricted funds are funds subFct to swific restrictl(fL imposed by d￿OrS or by the purpose of the ppeal in which the fund5 are raised. Bank intere8t The financial statements reflect bank Interest received durin8 the year. Credit is not tsken for interest accrued but not received at the balan￿ sheet dale. TAxation The company 15 a registered charityand is therefore exempt from IncomeTax and Corporation Tax under the provisions of Section gJ5(1) of the Income and Corporation Taxeg Act 1988. sl Depreciation tkpreciation Ts provided on tangible fixed a&9ets at the followin8 annual Trtes in order lo write off each asset over its estimated useful life.. . FTeehold property Fixtures and fittin8S Computer Equipment Plant & Machinery 25% m cosl 33% on cost 25% rn a)8t All tansible fixed assets aTe capitalised at casL 18- YourH AcnoN LTD (Company Limited by Guarantee) Notes to the Financial Statements (continued) For the year ended 30 March 2024 D/￿et ChAYitAbk Eyendit4re UnrestrACted 2023 Funds Fund8 Tolat Total Staff coslg Rent and Tates Advertisin8 Gr￿t payments In5uTance Light and heat Repairs Bnd maintenance Printin& postage & statiLmery Telephone and intemet Travel and subsislenee Training events Computer runnin8 Professional fee5 ,959 1392 .959 1392 181.919 4.785 152,914 2,259 294 96.351 3,567 9.391 20,237 1200 1,386 28.427 22,068 4095 5JZ3 4,115 ION57 499 10,645 8230 20,915 4.115 IOA57 499 1.376 2£222 11,409 4131 143 Jiiii iii 5,705 Depreciation security cost General expenses Bank char8es Governan￿ costs (note 3) 18.612 3.185 iOm5 134 18,612 3.1&5 iOJ5 134 37225 6.370 20A29 267 67,953 13,589 515 170.126 170.126 340,152 432,235 Governance Costs Unrestrirted Funds ReBtrided Funds 2￿23 Total Total Accountancy 3J 3.311) 6.6CNJ 19- YOUTH ACTION LTD (Company Limited by Guarantee) Notes to the Financtal St*meThts (Lx>ntinued) For the year ended ￿ Marth 21V24 Net Incomiftg RtsoNrc¢sfor the YeAr The net income for the year is stated after thargin 2023 tkpTeLiation of tangible assets 37.21 67,953 StAff Costs Staff costs durins the yeaT were as follows: 2023 Wages and salaries &Kial security costs 150,378 31,540 181,919 124,081 28,811 152 914 The averase monthly number ofemploy*s durin8 the year were as follows.. 2024 2023 Programme CLThordination Fundraisin8 45 46 No employee eamed £60.0￿ per annum or more in this or the precedin8 year. Trnstees, Rem#n¢Mtion There was no remuneralion paid to any of the trustees for thi9 year or the preceding year. TNstee$' Eypenses There were no trustees, e%￿Se$ paid durin8 the peTiod ended ￿ Marth 2(r24 or the year ended 3L March 2(Y23. -20- YOUTh A￿ON LTD (Company Limited by Guarantee Note$ to the Financial Statements l(oThtinued For the year ended 30 March 2024 TAttglbleFixed Assets Freehold Propejty Fixtu￿ & Fittin88 Motor Vehlcle Totsl At l April 2(Q3 Additions Disposals 1,116,753 275,647 44,71X) 1,437,1(Kl 2,720 At 30 March 2024 1.116,753 278,367 44,7(Ki 1,439,820 Accumulated depreciation At l April 2(r23 Charge in year Eliminated on displ￿1 214.018 188J4 30,939 19,556 6.286 422,158 37,225 At 30 March 21f24 21£018 219523 459,3&3 Net book value At 30 March 2024 18,858 9W,436 At 30 March 21123 25,144 1,014,942 Debtors 2024 2(123 Wages VAT Trade DebtOTS Pension S(Kial security 1553 25,n8 223,(4JO 6,306 5.342 260,965 224 231660 All amounts are due within one year Creditors.. Amo*ntsfAlling dAe withtn one yeAr 2024 2Q23 Accruals and deferred income -21- YOUTH ACTION LTD (Company Llmited by Guarantee) Notes to the Finanetal Statements (continued) For the year ended 30 Marth 21)24 9. Movements infvnds Net movement in funds At 01.0423 De¥i8nated At 30.032024 Restsided fund8 Designated Property Ptojert fund8 378J4 1.44095 -170.U6 208218 IA54,095 L83Z439 -170,126 L661313 Unrefjtrirted fundg 160 58WI Total fund8 1154,679 -9W5 U44 Net movement in funds. included in the above are as follows: Incomin8 Movement in fund• RestrArted fund8 -170.126 -170,126 Unrestrirted funds 330.417 IA17 -170.126 40252 160 Desisnaled funds relate to Developrnent of knial Enterprise and Building refurbishment project. whldi is a key priority for the Trustees. io. Statstory infornwtion Youth Action Ltd is a private charitablecompany, limited by guarantee. regkstered in En8land and Wales. In the event of the charilable cornpany being w¢xmd up, the liability in respect of the suarantee is limited to £1 per member of the charity. The charitable Lry)mpanYs registered number and regi-qtered office address can be found on the Company Inforniation pa8e. YOUTH ACTION LTD (Company Limited by Guaranlee Grants and Donatiotts 5d￿￿ule For the year ended 30 MaKh 2024 We offer OUT sincere and grateful thanks for all those who have sUPPOrted Youth Action Ltd throughout the year either throu8h 8rant funding OT providing essential equipment for the benefit ofchildren and young people. o British Council o Blackburn with Darwen Borou￿ Council Cabinel Office Department for Work and Pensions o European Commission o Energy Saving Trusl o Lancashire County Council Lancashire Community Foundation National Lottery Community Fund UK Community Fwndation c UK Youth o Raspbery Pi FL￿ndatiOn o BTPIC VLKlafone Foundati(YL This page does not form part of the financ￿ statements