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2021-12-31-accounts

‘AIGHLIFE(9 (A company limited by guarantee)

ANNUAL REPORT

For the Year Ended 31[st] December 2021

Company registration number: 07415399 Charity registration number: 1151868

The Highlife Centre 2021 Annual Report

STATEMENT OF TRUSTEES' RESPONSIBILITIES

Report of the Trustees for the year ending 31 December 2021

The Trustees are pleased to present their annual directors’ report together with the consolidated financial statements of the charity for the year ending 31 December 2021 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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) (effective 1 January 2015).

OUR AIMS AND OBJECTIVES

Purpose and Aims

Our charity’s purposes as set out in the objects contained in the company’s Memorandum of Articles and Association are:

The aim of the Charity is to address unemployment, disadvantage and inequality. We do this by developing and increasing the knowledge and skills of individuals who are at the margins of society, enabling those individuals to develop and increase their chances of sustainable employment so that their quality of life is improved and are able to lead full and productive lives.

Our aims fully reflect the purposes that the charity was set up to further.

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The Highlife Centre 2021 Annual Report

THE FOCUS OF OUR WORK

Ensuring our work delivers our aims

Our main objectives for the year continued to provide a platform enabling people from disadvantaged backgrounds to turn their aspirations into reality; have a sense of belonging and to access the resources and skills to develop their careers and quality of life.

We deliver this through targeted services aimed at removing barriers to work, promoting self-employment, raising awareness to improve health and wellbeing, acquiring and improvement of skills and tackling social isolation. Our three key services remain as follows:

  1. Business and Entrepreneurial Development - support for individuals, social enterprises and community businesses to equip them with the knowledge and skills needed to start and grow a business.

  2. Youth Development – creating opportunities for young people to overcome barriers; empowering and enabling them to be leaders who affect social change.

  3. Community Development – reducing isolation and improving cohesion through arts, cultural and heritage events.

How our activities deliver public benefit

We delivered the following projects in the financial year 2021

Acknowledgements

We continue to appreciate all our staff, volunteer funders and partners who support our work every year.

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The Highlife Centre 2021 Annual Report

OUTLINING OUR PERFORMANCE & ACHIEVEMENTS

1. ACCELERATE PROJECT Funded by ESF & Big Lottery Fund – CDA led. Completed in February 2021.

This project provided business support and training to beneficiaries that are long-term unemployed and inactive from Black and Asian Minority Ethnic communities but not exclusively. Due to the impact of COVID19 pandemic, the needs and demands of our client groups changed to prioritise providing emergency services and basic needs; as such, we had to make a decision to suspend business and employment services in February 2021 until 2022.

2. CAPACITY BUILDING AND RESILIENCE SUPPORT Funded by Coventry City Council

We continued to support smaller organisations to develop their capacity and resilience in the year 2021 as well as redeveloping the centre’s website to include sales of training resources as part of sustainable activities. This project is still a work in progress.

3. COLOURED SYNERGY FESTIVAL Funded by the Heart of England Community Foundation

An outdoor street food and music festival involving a celebration of African, Caribbean and Indian genres and cuisine including food demonstrations with recipes made available to the public. This activity was part of “This is Africa” programming for the Coventry City of Culture.

4. COVID-19 CRISIS MANAGEMENT – RECOVERY PROJECT Funded by The National Lottery Community Fund

Reducing the immediate impact of COVID-19 crisis has had the Highlife Centre and its beneficiaries, specifically young people from the Black Minority Community.

5. ARTS COUNCIL - CULTURE RECOVERY FUND Funded by The Arts Council

To deliver COVID-19 crisis management and recovery projects for arts and cultural activities for “This is Africa 2021-2022” as part of the Coventry City of Culture.

6. HERITAGE FUND - RECOVERY FUND Funded by The National Lottery Heritage Fund

A six months project to gather people, teams, and members of the African community to be part of heritage activities for Coventry City of Culture year, reconnect with young people, as well as implement activities that will enable them to restart, protect and sustain the African heritage.

7. THIS IS AFRICA 2021-2022 – UNITY THROUGH SPORTS Funded by the University of Warwick

Deliver ‘Unity through Sports’ as part of the “This is Africa” for the City of Culture Programme.

8. THE ACT-UP HERITAGE PROJECT Funded by The National Lottery Heritage Fund

The Act-Up Heritage Project is a youth-led history, heritage, and identity education project for young people to explore and learn about their heritage and develop pathways to transfer heritage leadership to the younger generation and develop sustainable programmes to inspire the younger generation.

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The Highlife Centre 2021 Annual Report

9. COVENTRY COMMUNITY CHAMPIONS PROGRAMME Funded by Coventry City Council

The project is to recruit community champions to pass on the key COVID-19 messages to the community in line with national and local guidance.

10. COVENTRY BLACK COMMUNITY TASKFORCE Funded by The National Lottery Community Fund

The project is to improve the living conditions of people, increase understanding of services available, reduced mental health and stress of people, reduce isolation, and improve the educational attainment of children and young people.

11. YOUTH VISION PROJECT Funded by The National Lottery Community Fund

The project will generate a cohort of young leaders and equip them to articulate their voices across various platforms, seizing opportunities that foreground their influence, and create a sea-change in local leadership amongst the youth.

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The Highlife Centre 2021 Annual Report

FINANCIAL REVIEW

The year 2021 was a very busy year, with the centre’s focus on three key strategic aims:

  1. Providing impactful services

  2. Sustainability

  3. Resilience and growth

For the provision of impactful services, this is evidenced in the work we delivered during the financial year as above. Our main focus was on delivering the Coventry City of Culture activities, and also navigating the impact of COVID-19 through recovery projects.

For sustainability, we relocated to new premises (WAVA Hall) that allow for delivering services that generate organic income to sustain the services of the charity. Activities for hall rental and other business services are underway.

Finally, for resilience and growth, we continued to deliver recovery programmes that developed the capacity and capability of senior management as well as begin the update of a strategic plan for 2023-2026.

Principal Funding Sources

The principal funding sources for the charity are currently by way of grant and contract income from the following funding bodies:

Reserves Policy

The board has re-examined the charity’s 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 in tangible fixed assets held by the Charity should be three months of the core running costs of the charity. The cost of expenditure for 2022 is expected to remain the same as in 2021, approximating the operating cost associated with running the new premises at £34,626 per quarter (Including staff salaries and on costs). The trustees are confident that they would be able to continue the current activities of the charity in the event of a significant drop in funding.

PLANS FOR FUTURE PERIODS

For the financial year 2022, the organisation will continue to deliver the activities around these three core services:

  1. Business and Entrepreneurial Development - support for individuals, social enterprises and community businesses to equip them with the knowledge and skills needed to start and grow a business.

  2. Youth Development – creating opportunities for young people to overcome barriers; empowering and enabling them to be leaders who affect social change.

  3. Community Development – reducing isolation and improving cohesion through arts, cultural and heritage events.

We will continue to deliver recovery projects in the new year specifically in development support around marketing and funding models. We will continue to seek grant funding for new and existing projects and seek opportunities to build capacity and ensure the organisation is resilient in the future years. Sustainability and increasing unrestricted funds will be our main focus for 2022 and future years.

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The Highlife Centre 2021 Annual Report

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Highlife Centre is a charitable company limited by guarantee, incorporated on 21[st] October 2010 and registered as a charity on 2[nd] May 2013. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.

Recruitment and Appointment of Trustees

The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as Directors. Under the requirements of the Memorandum and Articles of Association, the directors are elected to serve for a period of two years after which they must be re-elected at the next Annual General Meeting. All directors give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in the notes to the accounts. The directors seek to ensure that the needs of beneficiaries are appropriately reflected through the diversity of the trustee body where five directors are from minority backgrounds and one is white British equivalent to 90% to 10% ethnicity ratio of beneficiaries. In an effort to maintain this broad skill mix, the directors have been selected as having the following skills: business, strategy, community and finance.

Trustee Induction and Training

All trustees are familiar with the practical work of the charity. Project and activities updates are prepared and presented at each board meeting to ensure that trustees understand the work of the Charity. All Trustees receive upto date governing documents and any documents setting up the framework of the Charity. Resources and financial position are set out in the latest published accounts and presented to Trustees in advance prior to board meetings. New trustees inducted are sent a welcome pack containing the following documents:

Risk management

The chief executive and the trustees review and update the risk register annually. Systems and procedures are established to mitigate the risks the charity faces. The board and the senior management team work on a strategic plan. The plan has led to the establishment of a sustainability arm, WAVA Hall in this financial year, and for the diversification of funding and activities. Internal control risks are minimised by the implementation of procedures for the authorisation of all transactions and projects.

Appropriate procedures are in place to ensure compliance with the health and safety of staff, volunteers, clients and visitors to the centre. The continuing implementation of a code of practice, financial policies and procedures, safeguarding and complaints procedure and a business continuity policy ensures a consistent quality of delivery for all operational aspects of the charity. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity.

Organisational Structure

The Highlife Centre has a board of Trustees of six members from a variety of professional backgrounds relevant to the work of the charity. The chief executive sits on the board but has no voting rights and prepares all documents in advance for review prior to board meetings. The day-to-day responsibility for the provision of the services rests with the Chief Executive who works closely with the chair of Trustees. The Chief Executive is responsible for ensuring that the charity delivers the services specified and that key performance indicators are met. They are also responsible for the day-to-day operational management of the Centre, individual supervision of the staff team and also ensuring that the team continues to develop their skills and working practices in line with good practice.

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The Highlife Centre 2021 Annual Report

RESPONSIBILITIES OF THE BOARD

Company law requires the board of directors/trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the Trustees follow best practices and:

The Board of Trustees is responsible for maintaining proper 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 1985. The board of Trustees is 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.

Members of the Board

The Board of Trustees, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 2. In accordance with company law, as the company’s directors, we certify that:

Accountants and Independent Examiners

McGlone and Wardzynski Limited were re-appointed as the charitable company’s accountants during the year and have expressed their willingness to continue in that capacity. This report has been prepared in accordance with the Statement of Recommended Practice:

Accounting and Reporting by Charities (issued in March 2005) and in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small entities.

Approved by the Trustees on 26[th] August 2022 and signed on its behalf by:

Daisy Oppon (Sep 29, 2022 13:36 GMT+1)

__________

Daisy Oppon Chair of Trustees

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The Highlife Centre 2021 Annual Report

Financial Statement and Annual Report for Year Ending 2021 The Highlife Centre ~~31 Barras Green~~ Coventry CV2 4LY

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Charity registration number 1151868

Company registration number 07415399 (England and Wales)

THE HIGHLIFE CENTRE LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

THE HIGHLIFE CENTRE LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs D Oppon
Mr T Labeodan
Mr K Asiedu-Offei
Kyei Nketia (Appointed 4 January 2022)
Shabana Sarguro (Appointed 4 January 2022)
Charity number 1151868
Company number 07415399
Registered office 31 Barras Green
Coventry
West Midlands
CV2 4LY
Independent examiner McGlone Wardzynski Limited
14 Queens Road
Eagle House
Coventry
CV1 3EG

THE HIGHLIFE CENTRE LIMITED

CONTENTS

Page
Trustees' report
Independent examiner's report 2
Statement of financial activities 3 - 4
Balance sheet 5
Notes to the financial statements 6 - 16

THE HIGHLIFE CENTRE LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees, who are also the directors of The Highlife Centre Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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 Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE HIGHLIFE CENTRE LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE HIGHLIFE CENTRE LIMITED

I report to the Trustees on my examination of the financial statements of The Highlife Centre Limited (the Charity) for the year ended 31 December 2021.

Responsibilities and basis of report

As the Trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the Charity 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 the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Association of Accounting Technicians, which is one of the listed bodies.

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:

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 financial statements to be reached.

James Rose

James Rose (Sep 29, 2022 14:41 GMT+1)

Mr James Rose FMAAT

14 Queens Road Eagle House Coventry CV1 3EG

Dated: .........................Sep 29, 2022

THE HIGHLIFE CENTRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

Current financial year Current financial year Current financial year
Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£		 Total Total
funds funds
2021 2021 2021 2020
£ £ £ £
Income and endowments from:
Donations and legacies
3		 19,054 307,655 326,709 326,809
Investments
4		 5 - 5 -
Other income
5		 6,473 - 6,473 7,419
Total income 25,532 307,655 333,187 334,228
Expenditure on:
Charitable activities
6		 7,747 415,555 423,302 170,823
17,785
(107,900)
867
(867)
18,652
(108,767)
Net incoming/(outgoing) resources before transfers (90,115) 163,405
Gross transfers between funds
Net income/(expenditure) for the year/
(867) - -
Net movement in funds (90,115) 163,405
Fund balances at 1 January 2021 2,178 204,400 206,578 43,173
Fund balances at 31 December 2021 20,830 95,633 116,463 206,578

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE HIGHLIFE CENTRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021

Prior financial year

Prior financial year Prior financial year Prior financial year
Unrestricted
Restricted
funds
funds
2020
2020
Notes
£
£		 Total
funds funds
2020 2020 2020
£ £ £
Income and endowments from:
Donations and legacies
3		 42,727 284,082 326,809
Other income
5		 4,119 3,300 7,419
Total income 46,846 287,382 334,228
Expenditure on:
Charitable activities
6		 50,940 119,883 170,823
Net incoming/(outgoing) resources before transfers
Gross transfers between funds
Net income/(expenditure) for the year/
Net movement in funds
(4,094) 167,499 163,405
(1,491) 1,491 -
(5,585) 168,990 163,405
Fund balances at 1 January 2020 7,764 35,410 43,173
Fund balances at 31 December 2020 2,179 20,440 206,578

THE HIGHLIFE CENTRE LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes 2021 2020
£ £ £ £
Fixed assets
Tangible assets
10
Current assets		 19,054
96,635
115,689
(9,404)		 10,178
106,285
116,463
95,633
20,830
116,463		 13,387
190,580
203,967
(9,363)		 11,974
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within
one year
12
Net current assets 194,604
Total assets less current liabilities
206,578
Income funds
Restricted funds
13		 204,399
Unrestricted funds 2,179
206,578

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2021.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Sep 29, 2022 The financial statements were approved by the Trustees on .........................

Daisy Oppon (Sep 29, 2022 13:36 GMT+1)

..............................

Mrs D Oppon Trustee

Company registration number 07415399

THE HIGHLIFE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

The Highlife Centre Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 31 Barras Green, Coventry, West Midlands, CV2 4LY.

Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE HIGHLIFE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

1.5 Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 15% reducing balance method
Computers 33% straight line method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

THE HIGHLIFE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.10 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose

THE HIGHLIFE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2021
2021
£
£		 Unrestricted
Restricted
funds
funds
2021
2021
£
£		 Unrestricted
Restricted
funds
funds
2021
2021
£
£		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
Unrestricted
Restricted		 Total
funds funds funds funds
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
Donations and gifts - - - 100 - 100
Grants received 19,054 267,468 286,522 42,627 284,082 326,709
Contracts received - 40,187 40,187 - - -
19,054 307,655 326,709 42,727 284,082 326,809

4 Investments

Unrestricted Total
funds
2021 2020
£ £
Interest receivable 5 -

5 Other income

Unrestricted Unrestricted Restricted Total
funds funds funds
2021 2020 2020 2020
£ £ £ £
Other income 6,473 4,119 3,300 7,419

Other income includes £1,060 (2020: £3,300) employers allowance.

THE HIGHLIFE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

6 Charitable activities

Business,
youth &
community
development
Business,
youth &
community
development
2021
2020
£
£
Staff costs
136,169
46,793
Depreciation and impairment
1,796
1,878
Rent & utilities
29,077
5,373
Insurance
526
709
Office costs and administration
4,675
2,883
Computer software and maintenance
1,867
1,924
Subscriptions
-
847
Sundry expenses
8,861
6,049
Professional, accountancy and legal fees
21,164
807
Advertising & marketing
34,769
2,815
Consultancy fees
75,091
42,116
Bank Charges
188
928
Equipment
43,504
2,559
PPE costs
6,644
53,642
Repairs & maintenance
10,330
-
Events & exhibition costs
46,671
-
421,332
169,323
Share of governance costs (see note 7)
1,970
1,500
423,302
170,823
Analysis by fund
Unrestricted funds
7,747
50,940
Restricted funds
415,555
119,883
423,302
170,823		 Business,
youth &
community
development
Business,
youth &
community
development
2021
2020
£
£
Staff costs
136,169
46,793
Depreciation and impairment
1,796
1,878
Rent & utilities
29,077
5,373
Insurance
526
709
Office costs and administration
4,675
2,883
Computer software and maintenance
1,867
1,924
Subscriptions
-
847
Sundry expenses
8,861
6,049
Professional, accountancy and legal fees
21,164
807
Advertising & marketing
34,769
2,815
Consultancy fees
75,091
42,116
Bank Charges
188
928
Equipment
43,504
2,559
PPE costs
6,644
53,642
Repairs & maintenance
10,330
-
Events & exhibition costs
46,671
-
421,332
169,323
Share of governance costs (see note 7)
1,970
1,500
423,302
170,823
Analysis by fund
Unrestricted funds
7,747
50,940
Restricted funds
415,555
119,883
423,302
170,823
2021
£
Staff costs 136,169
Depreciation and impairment 1,796
Rent & utilities 29,077
Insurance 526
Office costs and administration 4,675
Computer software and maintenance 1,867
Subscriptions -
Sundry expenses 8,861
Professional, accountancy and legal fees 21,164
Advertising & marketing 34,769
Consultancy fees 75,091
Bank Charges 188
Equipment 43,504
PPE costs 6,644
Repairs & maintenance 10,330
Events & exhibition costs 46,671
421,332
Share of governance costs (see note 7) 1,970
Analysis by fund
423,302
Unrestricted funds 7,747
Restricted funds 415,555
423,302

THE HIGHLIFE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

7 Support costs

Support costs
Support
costs
Governance
costs		 2021 2020
£ £ £ £
Accountancy fees - 1,970 1,970 1,500
- 1,970 1,970 1,500
Analysed between
Charitable activities - 1,970 1,970 1,500

Governance costs includes costs for independent examination.

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. (2020 - £Nil)

No trustees have received any other benefits from the charity during the year. (2020 - £Nil)

9 Employees

The average monthly number of employees during the year was: 2

2021 2020
Number Number
Administration Staff 1 1
Chief Executive Office 1 1
Total 2 2
Employment costs 2021 2020
£ £
Wages and salaries 134,496 42,700
Social security costs 1,060 3,300
Other pension costs 613 793
136,169 46,793

Included in wages and sessional staff was gross wages £14,540 (2020 £40,000) and £119,955 (£2,270) for self-employed sessional workers.

The Executive Officer received remuneration of £6,125 (2020 £36,748). They received gross salary of £5,444 (2020 £32,656), employers national insurance of £549 (2020 £3,300) and employer pension costs of £132 (2020 £792).

THE HIGHLIFE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

9
Employees
(Continued)		 9
Employees
(Continued)		 9
Employees
(Continued)		 9
Employees
(Continued)
There were no employees whose annual remuneration was more than £60,000.
10
Tangible fixed assets
Fixtures and
fittings
Computers
£
£
Cost
At 1 January 2021
35,897
939
At 31 December 2021
35,897
939
Depreciation and impairment
At 1 January 2021
23,923
939
Depreciation charged in the year
1,796
-
At 31 December 2021
25,719
939
Carrying amount
At 31 December 2021
10,178
-
At 31 December 2020
11,974
-
11
Debtors
2021
Amounts falling due within one year:
£
Trade debtors
19,054
Other debtors
-
19,054
12
Creditors: amounts falling due within one year		 Total
£ £ £
35,897 939 36,836
35,897 939 36,836
23,923 939 24,862
1,796 - 1,796
25,719 939 26,658
10,178 - 10,178
11,974 - 11,974
2021 2020
£ £
19,054 13,210
- 177
19,054 13,387
12
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2021 2020
£ £
326 -
- 286
6,978 6,977
2,100 2,100
9,404 9,363

THE HIGHLIFE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

13 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 January
2020
r
£		 Balance at
1 January
2020
r
£		 Movement in funds Movement in funds Movement in funds Movement in funds
Incoming
esources
Resources
expended		 Transfers
Balance at
1 January 2021
r		 Incoming
esources
Resources
expended		 Transfers
Balance at
31 December
2021
£ £ £ £ £ £ £ £ £
-
11,483
1,495
-		 -
Heart of England 10,000 (463) - 9,537 (10,971) 1,434 -
Inspiring to Achieve 7,959 (19,826) - (384) - - 384 -
Arts Council Research Project 13,450 (14,574) - 371 - -
-		 (371) -
Active Citizens 4,000 (3,516) - 484 - (484) -
Accerlerate Project - - - - - 26,091 (26,654) 563 -
Heart of England Covid - 4,000
71,564
14,800
54,900
37,916
91,224		 (3,178) - 822 - - (822) -
Arts Council Culture Recovery - (6,020) - 65,544 24,776
6,084		 (90,586) 266 -
Heritage Fund Emergency - (15,129) 329 49,980 (55,104) (960) -
Heritage Recovery Fund - (4,920) - - - - - -
NLCF Covid Emergency - (39,078) 1,162 - - - - -
NLCF Covid Crisis Management - (13,178) - 78,046 -
(75,882)
1,000
(1,150)
47,029
(13,998)
14,096
(15,233)
99,119
(47,578)
89,460
(78,399)
307,655
(415,555)		 (75,882) (2,164) -
This is Africa - - - - - (1,150) 150 -
Coventry Black Community Taskforce - - - - - (13,998) - 33,031
Coventry Community Champions - - - - - (15,233) 1,137 -
Youth Vision Project - - - - - (47,578) - 51,541
Hertitage Fund Art-up - - - - - (78,399) - 11,061
- 287,382
(119,883)
35,409 1,491 204,400 (867) 95,633

THE HIGHLIFE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

13 Restricted funds (Continued)

The unrestricted grants this year were:-

Business and employment support to unemployed and inactive individuals

· Arts Council Research Project

To deliver covid-19 crisis management and recovery plan for arts and cultural projects for 2021.

· Heart of England Food and travel supplies

· Arts Council - Culture Recovery Fund

To deliver covid-19 crisis management and recovery plan for arts and cultural projects for 2021.

To deliver an emergency project with three key deliverables: Run risk management reviews, develop long term strategic and sustainable plan, conduct consultations with a wider and diverse audience.

· This is Africa

Deliver ‘Unity through Sports’ as part of This is Africa for City of Culture Programme.

· Coventry City Council - Coventry Community Champions Programme The project is to recruit community champions to pass on the key COVID-19 messages to the community in line with national and local guidance.

THE HIGHLIFE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

13 Restricted funds (Continued)
· The National Lottery Community Fund - Coventry Black Community Taskforce
The project is to improve the living conditions of people, increase understanding of services available,
reduced mental health and stress pf people, reduce isolation, and improve the educational attainment
of children and young people.

· The National Lottery Community Fund - Youth Vision Project

The project will generate a cohort of young leaders and equip them to articulate their voices across various platforms, seizing opportunities that foregrounds their influence, and create a sea-change in local leadership amongst the youth.

· Heritage Fund

The Act-Up Heritage Project is a youth-led history, heritage, and identity education project for young people to explore and learn about their heritage and develop pathways to transfer heritage leadership to the younger generation, and develop sustainable programmes to inspire the younger generation.

THE HIGHLIFE CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

14 Related party transactions

There were no disclosable related party transactions during the year (2020 - none).

15
Cash generated from operations		 2021 2020
£
163,405
-
1,878
4,603
(Deficit)/surpus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cash (absorbed by)/generated from operations		 £
(90,115)
(5)
1,796
(5,667)
41 (2,851)
167,035
(93,950)