HIGHLIFEI'¥> C E N T R E (A company Ilmlted by guarantee) ANNUAL REPORT For the Year Ended 315t December 2024 Company registration number: 07415399 Charity registration number". 1151868 The Hlghllfe Cenlre 2024 Annval Report STATEMENT OF TRUSTEES, RESPONSIBILITIES Report of the Trustees for the year endlng 31 December 2024 The Trustees are pleased to present their annual directors, report together with the charity's consolidated financial statements for the year ending 31 December 2024, 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 1021 (effective l January 2015). OUR AIMS AND OBJECTIVES Purpose and Alms We are an agile and forward-thinking organisation that coireates impactful programmes with our service users and partners. Our vision is lo create a welcoming environment that removes life-improving barriers for people from disadvantaged and Global Majority backgrounds. Our mission enables our beneficiaries to become confident and productive in their communities. They can have a sense of purpose, access resoLJrces and skills that cou Id turn their aspirations into reality, and make positive changes in their lives to aspire to and actt ieve their full potential. Our charity's purposes, as set out in the objects contained in the company's Memorandum of Articles and Association, are: The relief of unemployment for the benefit of the public in ways that may be thought fit, including assistance in finding employment. The advancement of educalion by developing individual capabilities, competencies, skills, and understanding enables them to participate in society as independent, mature. and responsible individuals. This includes providing preschool and out-of-school education. The prevention or relief of poverty or financial hardship in the UK and internationally (Africa) by providing or assisting in the provision of education, training, healthcare projects and all the necessary support designed to enable individuals to generate a sustainable income and be self- sufficient. Promote social inclusion for the public benefit ty preventing people from becoming socially excluded, relieving the needs of those who are socially excluded, and assisting them in integrating into society through the advancement of the arts, Culture. and heritsge. To develop the capacity and skills of the members of the Black and Asian groups and those for whom English isn't their first language in the UK in such a way that they are better able to identify and help meet their needs and to participate more fully in society. Promote the voluntary sector by providing training and development, support for people working within it, and meeting and off ice space for voluntary sector organisations. Updated 2024 The Hlghllfe Centre 2024 Annual Report THE FOCUS OF OUR WORK Ensurfng our work deltvers our alms The charity addresses issues of social and economic disadvantage and inequality in the areas of- well- being. unemployment, social isolation, and poverty. We achieve this by developing and enhancing the knowledge and skills of individuals who are at the margins of society, enabling them to improve their chances of sustainable em ployment and, in turn, enhance their quality of life, ultimately leading to full and productive lives. Our aims fully reflect the purposes for which the charity was set up. We offer a wide range of services that directly meet the needs of our client groups. These seNices are grouped into three main categories: l. Youth leadership development that creates opportunities for young people to overcome barriers, empowering them to be leaders who affect social change. 2. Community support activities such as foodbank, coffee and lunch clubs, well-being activities, creative arts, and cultural and heritage events. 3. Business and Entrepreneurial support that develops the entrepreneurial abilities of long-term unemployed clients through one.to-one mentoring and training sessions. We aim to improve and strengthen clients, immediate financial circumstances through the abovementioned services. We support our clients facing financial hardship by offering specific services, such as food banks to help families reduce their shopping costs, providing advice and guidance on how to access suitable state benefits to ease their hardships, and signposting them to other local services like citizen advice, loca I family hubs. and social supermarkets across the city that can fu rther assist in red ucing f inancial difficulties. We also subsidise travel costs to and f rom these services to improve accessi bility. For employment aspirations and ambitions. we predominantly focus on supporting unemployed and long- term unemployed clients to consider self-employment as an alternative to employment, This is a niche area, and we are the only organisation delivering culturally appropriate support to minority groups in Coventry and Warwickshire. We provide flexible and interactive training and one-to-one mentoring, buslness and enterprise support services that take clients through developing their confidence, business awareness, business planning, marketing, finance, and legal matters, up to the stage when they are ready to register their business. Addilionally. we also provide post-start support that includes hot-desking and business incubation spaces. We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to individuals and groups we are set up to seNe. The review also helps us ensure our aim, objectives and activities remain focused on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our f uture activities. In particular, the trustees consicler how planned activities will contribute to the aims a nd objectives they have set. Acknowledgements We continue to appreciate all our staff, volunteers, partners and most importantly our principal funders who without them would not have achieved our impact. Prfnclpal Fundlng Sources The principal funding sources for the charity are currently by way of grant funding. contract and trading income. Our grant funders for 2024 financial year are: The National Lottery Community Fund Youth Investment Fund The Heritage Lottery Fund Heart of England Community Foundation West Midlands Combined Authority Oak Foundation The Hlghllfe Cenlre 2024 Annval Report OUTLINING OUR PERFORMANCE & ACHIEVEMENTS We delivered the following projects in the 2024 financial year. Youth Vlslon Project Funded by The National Lottery Communlty Fund 202y2026. The project improves the leadership aspiration and skills of young people and equips them to articulate their voices across various platforms, seizing opportunities that foreground their influence. and create a sea change in local leadership. Output- Number of cllents engag 166 young people engaged and supported in 2024, engaged in 14 different activities categorised under three key strand. Aspiration and Leadership, Talent Development and Empowerment and Progression. LlvfrLeam-Work Project Development Plan Feasibility Study Funded by the Oak Fouiidation 2024.2025 In 2024, the Centre continued to explore the feasibility of community.led housing project. Funding received from the Oak Foundation enabled us to work with consultants to bring this vision to life, leadlngto the archttectural design and shaplng of LlvfrLearTrWork proJecL Hlghllfe Centre Refurblshment Project Funded by the Youth Inveslmeiit Fund - 2023-2024 The Youth Investment Fund IYIFI supports voluntary, community and social enterprise youth organisations to deliver, expand and create h igh-quality local youth provision in targeted commu nities across England. The Highlife Centre secured funds to refurbish the centre from November 2023 to the end of De￿mber 2024. The flnal evaluatlon vldeo can be seen here: youtube.cotn/watch?reload-9&v=GWDrljghOes&feature=youtu.be. Updated 2024 The Hlghltte Cenlre 2024 Annual Report African Heritage Resillence Project Funded by The National Lottery Heritage Fund - 2024-2025 AHRP is an exploratory research project to determine the feasibility of collaborative work with African heritage organisations across the East and West Midlands regions. The project was delivered from 5 January 2024 to 31 March 2025 to collaborate with the 12 African heritage orga nisations in developi ng a strategic approach that fosters a collaborative framework grounded in trust, participation. and engagement from the Black community. In the end. a collaboratlon was formed leadlng to the development of an AfrScan Herftage Collaboratlve Network. Inclu8lve Communltle8 Project Funded by The Heart of England Communlty Foundation - 2024 The Savanna Community Support Partnership ISCSPI was a nine-month legacy project designed to continue the popular, in.demand activities delivered during the Coventry City of Culture 2021/2022. Three partners delivered the project in comprehensive set of activities that promote art, culture. and heritage through storytelling, art workshops, food culture, the Development of a virtual reality exhibition platform, and capability- strengthening training. The project benefited 457 chlldren and 244 famllles, as well as the three partners who developed th8lr capabi1Stles. *'"• Communty-Led Buslness Support Project Funded by The West Midlands Combined Authority - 2024-2026 The Community Led Business Support Project aims to ernpower community-led organisations to collaborate with the West Midlands Region's Race Equalities Taskforce IRETI and Business Growth West Midlands IBGWMI. Its goal is to connect local businesses with growth-focused support and enable more ethnic minority-led businesses to access the region's BGWM and commercial enterprise assistance. Through these efforts, the West Mldlands asplres to become a model reglon that actlvely supports the growth of ethnlfrled buslnesses. The Hlghllfe Centre 2024 Annual Report FINANCIAL REVIEW Provlding impactful sepAces Six projects were delivered this year with four of those continuing into 2025 and two into 2026. AII projects had a significant and lasting impact on benef iciaries a well as the Centre itself. The refurbishment project, although finalised at the end of 2024, has already seen game changing interest in the numbers of people that engage in the centre and use the space. We that the refursbished spaces offering entrepreneurial growth and development will grow to become a sustainable venture enabling the charity to be self-suff icient. Reserves Pollcy The board has re-examined the charity's reserve requirements 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 direct cost for operating the charity as of De￿mber 2024 is approximately £40k per quarter (excluding staff salaries and other costs). An increase of circa SK due to high inf lation, and cost of living costs. The trustees are confident that they could continue the charity's current activities in the event of a significa nt drop in funding. PLANS FOR FUTURE PERIODS For the f inancial year 2025, the orga nisation will continue to deliver the activities around these three core services: l. Youth leadership development that creates opportunities for young people to overcome barriers, empowering them to be leaders who affect social change. 2. Community support activities such as foodbank, coffee and lunch clubs, well-being activities, creative arts, and cultural and heritage events. 3. Business and Entrepreneurial support that develops the entrepreneurial abilities of long-tefm unemployed clients through one-ttrone mentoring and training sessions. With all sustainable projects in pla￿, we will promote and commercialise the spaces to generate unrestricted income whilst also continuing to deliver existing projects. We will also continue to develop the Live-Learn-Work housing project for young people. We will continue to seek grant funding for new and existing projects and seek opportunities to build capacity and ensu re the organisation is resilient in the future years. As in 2024, increasing unrestricted funds will be our focus for 2025 and future years. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Document The Highlife Centre is a charitable company limited by guarantee, incorporated on 21$1 October 2010 and registered as a charity on 2nd May 2013. The company was estsblished under a Memorandum of Association, which established its objects and powers and is governed by its Articles of Association. If the company is wound up, members must contribute an amount not exceeding £1. Recrultment and Appolntment of Trustees The company's directors are also charity trustees for charity law and are known as Directors under the company's Articles. Under the Memorandum and Articles of Association requirements, the directors are elected to serve for 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. Updated 2024 The Hlghllfe Cenlre 2024 Annval Report The directots seek to ensure that the needs of beneficiaries are appropriately reflected through the diversity of the trustee body, which has all f ive directors from minority backgrounds. To ma intain this broad skill mix, the directors have been selected as having the following skills: business. strategy, community and finance. Trustee Inductlon and Tralnlng All trustees are familia r with the practical work of the charity. Project a nd activity updates are prepared and presented at each board meeting to ensure that trustees understand the work of the Charity. All trustees receive up-to-date governing documents and any documents that set up the charity's framework. Resources and financial positions are set out in the latest published accounts and presented to Trustees before board meetings. New trustees inducted are sent a welcome pack containing the following documents: Memorandum and Articles. Organisational Chart Trustee handbook I nformation about existing trustees Latest f inancial statement Organisational Framework Rlsk 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 managementteam adhere to a strategic plan. The plan has led to the estsblishment of a sustainability arm, WAVA Hall to support diversif ication of f unds. Internal control risks are minimised by the implementation of proced ures 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, f ina ncial 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. Organlsatlonal Structure The five trustees are from various professional backgrounds relevant to the charity's work in governing the Highlife Centre. The chief executive sits on the board but has no voting rights and prepares all documents for review before board meetings. The day-to-day responsibility for providing the seNices rests with the chief executive. who works closely with the chair of the 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 ensuring that the team continues to develop their skills and working practices in line with good practice. Updated 2024 The Hlghllfe Centre 2024 Annual Report RESPONSIBILITIES OF THE BOARD Company law requires the board of directors/trustees to prepare financial statements for each financial year, which gives an accurate and fair view of the state of the affairs of the charitable company as of the balance sheet date. The statement also includes income and expenditure for the financial year. In preparing those financial statements, the Trustees follow best practices and.. Select suitable accounting policies and then apply them consistently; Make judgements and estimates that are reasonable and prudent,. and Prepare the financial statements on a concern basis unless it is not appropriate to assume that the company will continLie on that basis. The Board of Trustees is responsible for maintaining proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Charity. This ensures that the financial statements comply with the Companies Act 1985. The board of trustees is also responsible for safeguarding the assets of the Charity and, hence, for taking reasonable steps to prevent and detect fraud and other i rregularities. Members of the Board The Board of Trustees, directors for company law and trustees for 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: So far as we are aware, there is no relevant audit information on the company's Auditors are unaware of. As the company's directors. we have taken all the steps to make ourselves aware of any relevant audit information and establish that the charity's accountants are aware of that information, Accountsnts and Independent Examlners McGlone and Wardzynski Limited were re-appointed as the Charity's accountants during the year and expressed their willingness to continue. This report has been prepared according to the Statement of Recommended Practice ie: Accounting and Reporting by Charities (issued in March 20051 and in accordance with the special provisions of Part Vll of the Companies Act 1985 relating to small entities. Approved by the Trustees on . 2911012025 and signed on its behalf by: Dalsy Oppon Chair of Trustees Updated 2024 Charity reglstration number 1151868 (England and Wales) Company registratlon number 0741S399 THE HIGHLIFE CENTRE LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE HIGHLIFE CENTRE LIMITED LEGALAND ADMINISTRATIVE INFORMATION Trustee8 Mrs D Oppon Mr T Labeodan Mr K Asiedu-offei Kyei Nketia Angela Baban8 P Ramidl (Appointed 1 January 2025) (Appointed 1 January 2025) Charity number {England and Wale81 1151868 Company number 07415399 Reglstered offlce 31 Barras Green Coventry West Midlands CV2 4LY Independent examlner McGlone Wardzynski Limited First Floor Eagle Housè 14 Queens Road Coventry CV13EG THE HIGHLIFE CENTRE LIMITED CONTENTS Page Trustees, report Independent examinefs report Statement of financial activities Balance sheet Noles to the financial statements 6-18 THE HIGHLIFE CENTRE LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees, who are also the diredors of The Highlife Centre Limited for the purpose of company law, are responsible for preparing the Trustees, Report and the financial slatements 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 slate 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 finanGial statements, the Trustees are required to.. selecl suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable arsd prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless It is inappropriate lo presume that the Charity will continue in operation. The Trustees are responsible for keeplng adequate accounting ￿CordS thal disclose with rèasonable accuracy at any time the financial posilion 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 Charty 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 Tru51ees on my examination of the financial statements of The Highlife Centre Limited (Ihe Charity) for the year ended 31 December 2024. Responslbllitles 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. Having satisfied myself thal the financial statements of the Charity are not required to be audited undef Part 16 of the Companies Act 2006 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 Ihe Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5)(b) of the Charilies Act 2011. Independent examlnèV8 3tatsm8nt Since the Charity's gross income exceeded £250,000, the independent examiner musl be a member of a body listed in section 145 of the Charities Act 2011. 1 confirm that l am qualified lo undertake the 8xamination because l am a member of Association ofAccounting Technicians, which is one of the listed bodies. I have completed my examination. I confirm thal no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Charity as required by seclion 386 of the Companies Act 2006. the financial ststemenls do nol accord with those records; or the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 otheT than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination., or the financial slalements have not beèn prepared in accordance wlth the method5 and principles of the Statement of Recommended Practice for accounting and reports'ng by charities applicable to charities preparing their financial statements in accordance with the Finanrial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102), I have no concerns and have come across no other matters in connection with the examination to which altenlion should be drawn in thi5 report in order to enable a proper understanding of the financial slalements to be reached. Mr James Rose FMAAT First Floor Eagle House 14 Queens Road Coventry CV13EG Dated:......,..,.... THE HIGHLIFE CENTRE LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Current financial year Unrestricted Restrictsd funds funds 2024 2024 Totsl Totsl 2024 2023 Not08 and en wments fro Donalions and lega¢ies Investmenls Other income 62,889 6.116 5,000 708,033 770,922 6,116 5,000 354,849 208 5,386 Total In¢ome 74,005 708,033 782,038 360,443 enditure on: Charitable aclivities 48,800 380,478 429,278 214,238 Not Incomlng resources before tran8fer• 25.205 327,555 352,760 146,205 Gross transfers be￿een funds 318,193 (318,193) Net Income for the yearl Net movement In fund8 343,398 9,362 352,760 146,205 Fund balances at 1 January 2024 116,960 115,696 232,656 86,451 Fund b•lance• at 31 December 2024 460,358 125,058 585,416 232,656 The statement of financial activities includes all gains and losses recognised In the year. The slalement 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 wilh 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 2024 Prlor financial year Unre8trlGted Restrlctod funds funds 2023 2023 Total 2023 Nots8 me and en wments fr Donations and legacies Investments Other income 130.917 208 5,386 223,932 354,849 208 5,386 Totsl Income 136,511 223,932 360,443 enditure on: Charitable activities 77,342 136,896 214.238 Net Incomlng resources before transfern 59,169 87,038 146,205 Not Income for the yearl Net movement In funds 59,169 87,036 146,205 Fund balances at 1 January 2023 57,791 204,400 86,451 Fund balanceB at 31 December 2023 118,￿0 95,633 232,656 THE HIGHLIFE CENTRE LIMITED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assèts Tangible assets 12 309,643 7,506 Current assets Debtors Cash at bank and in hand 13 32,269 331,741 339,474 364,010 339.474 Credltory: amounts falllng due wlthln one year 15 (18,318) (20.508) Net current a88ets 345,692 318,966 Total assets less current Ilabilities 655,335 326,472 Credltors: amounts falllng due after more than one year 16 169,919> 193,816> Net a88ets 585,416 232.656 The funds of the Charlty Restrioted funds Unrestrictèd funds 18 19 125,058 460,358 115,698 118,960 585,416 232,656 The company is enlStled to the exemptlon from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024. The directors acknowledge their responsibilitiès for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial slatemenls. The members have not required the company to obtain an audlt of Its financial statements for the year in question in accordance wilh section 476. These financial statements have been prepared in accordance with the provision5 applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on . 2911012025 z&1 Oct 025 11..17..24 GMT) Trustso Company registration number 07415399 (England and Wales) THE HIGHLIFE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Charity Information The Highlife Centre Limited is a private company limited by guarantee incorporated in England and Wales. The regislered office is 31 Barras Green, Coventry, West Midlands, CV2 4LY. Each of the Iruslees 15 liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation 1.1 Accountlng convenllon The financial slalements have been prepared in accordance with Ihe Charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and thè Charities SORP Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities prepanng their accounts in accordance with the Financial R8porting Standard applicable in the UK and Républic of Ireland (FRS 102)" 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 lo prepare a statement of cash flows. The financial statements are prepared in sterling, which is the functional currèncy of the Charity. Monètary amounts in Ihese financial statements are rounded lo Ihe nearest £. The financial statements have been prepared under the historical Cost convention, Imodified to include the revaluation of freehold properties and lo include investment properties and certain financial instruments al falr valuel. The principal accounting policies adopted are set out below. 1.2 Golng ¢oncern At the time of approving the financial statements, the Truslees have a reasonable expectation that the Charity has adèquate resources lo continue in operational èxistence for the foreseeable future. Thus the Trustees conlinue to adopt the going Con￿rn basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricled funds are available for use at the discretlon of the Trustees in furtherance of their charitable objectives. Designated funds are allO￿ted for specific expendlture forecasted in the following year subject to conditions of capital loan agreement. Restrided funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are sel out in the noles to the financial statements. Endowment funds are subject to specific condltions by donors that the capital must be maintained by the Charity. 1A Income Income is reGognised 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 Ihal in¢ome will be received. Cash donations are recognised on receipt. other donations are recognised On￿ the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. THE HIGHLIFE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Legacies are recognised on receipt or otherwise if the Charty has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is nol known. the legacy is treated as contingent asset. 1.$ Expendlture All expenditure 15 recognised once there 15 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 lo that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consislenl with the use of resources, with Gentral staff costs allocated on the basis of lime spent, and depreciation charges allocated on the portion of the assel's use. Other support costs are allocated based on the spread of staff wsts. Charitable expendilure comprises those costs incurred by the charity in the delivery of its activities and serVi￿S for 115 beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nalure necessary to support them. These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, slralegic rnanagemenl and trustees's meetings and reimbursed expenses. 1.6 Tanglble flxed assets Tangible fixed assets are initialty measured at Cost and subsequently measured at cost or valuatlon, net of depreciation and any impairment losses. Depreciallon Is recognised 50 as to write off the cosl or valuation of assets less their residual values over their useful lives on the following bases.. Leasehold improvemenls Fixtures and fittings Office equipment slraighl line method over 25 yèars ISOA reducing balan￿ method 33¥0 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 carrylng value of the asset, and is recognised in the statement of financial adivilies. 1.7 Impaimient of flxed assets At each reporting end date. the Charity reviews the carrying amounts of its tangible assels 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 eslimaled in order to determine Ihe extent of the impairment loss (rf 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 wlthin borrowings in current liabilities. THE HIGHLIFE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.9 Financlal instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Inslruments15sues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charty becomes party to the contractual provisions of the instrumenl. Financial assets and liabilities are offset, with Ihe net amounts presented in the financial statements, when Ihere is a legally enforceable right to set off the recognlsed amounts and there is an intenlion to settle on a net basis or to realise the asset and settle the liabilily simultaneously. 8asl¢ flnanclal 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 iransaclion, where the transaction is measured al 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 flnancial liabilities Basic financial liabilities, including creditors and bank loans are Inltlally recognlsed al transaction price unless the arrangement conslitules a financing Iransaclion, where the debt instrument is measured al the present value of the future payments discounted at a market rate of interesl. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost, uslng the effectlve Interest rate method. Trade credllors are obligations to pay for goods or s8rvices thal 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. Derecognltlon of flnanclal Ilabllltles Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 1.10 T•xatlon The charity is considered lo 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 lax 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 exlenl that such income or gains are applied exclusively lo charitable purposes. 1.11 Employee benefits The cosl 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 cornmitted to terminate the employment of an employee or to provide terminalion benefits. 1.12 Retirement benefits Payments to defined contribution retirement benefrt schemes 8re charged as an expense as they fall due. THE HIGHLIFE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Contlnued) 1.13 Fund structure Unrestricted income funds are general funds that are available for use at the trustees's discr8tion in furtherance of the objectives of the charity. Reslricled income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to thal area or purpose Crltlcal a¢countlng estimate8 and judgements In the application of the Charity's accounting policies, the Trustees are requlred to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are nol readily apparent from other sources. The eslimates and associated assumptions are based on historical experience and other factors Ihat are considered to be r81evant. Actual results may differ from Ih8se estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in whlch the eslimate Is fevised 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. Donatlons and legacle8 Unrn•trlctod Rostrlcted funds funds Total Unrestrided Restricted funds funds Total 2024 2024 2024 2023 2023 2023 Donations and glfts Granls received Contracts received 15,000 22,483 25,406 15,000 730.516 25,406 708,033 112,029 18,888 223,932 335,961 18,888 62,889 708,033 770,922 130,917 223.932 354,849 Income from Investments Unrestrlcted Unrestrlcted funds funds 2024 2023 Inlerest receivable 6,118 208 THE HIGHLIFE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Other income Unrestricted Unrestrlcted fund$ funds 2024 2023 Other income 5,000 5,386 Other income includes £5,00012023'. £5,212) employers allowance. Charltsblo a¢tlvltles Buslno¥•, Buslness, youth & youth & communlty communlty development development 2024 2023 Stsff Costs Depreciation and impairrnent Rent & utilitios Insurance Partnership delivery costs Office rK)sts and administralion Subscriptions Sundry expenses Professional, accountanGy and legal fees Advert15ing & marketing Consultancy fees Bank Charges Equipment Repairs & maintenance Events costs 208,018 16,055 32,772 3,824 38.763 9,378 1,525 5,113 69,037 8,377 22,500 190 1,024 3,349 7,373 135,528 1,325 27,671 3,526 3.937 8,592 11,537 2,323 1,259 7,234 1,439 5,266 2,657 427,298 212,294 Share of governance costs (see note 7) 1,980 429,278 214,238 Anatysls by fund Unrestricted fvnds Restricted funds 48,800 380,478 77,342 136,896 429,278 214,238 10- THE HIGHLIFE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support Costs allocated to actlvities 2024 2023 Governance costs 1,980 Accountancy fees 1,980 Net movement In fund• 2024 2023 The nel movement in funds is staled after chargingl(cr8diting)'. Fees payable for the independent examination of th8 charity's financial statements Depreciation of owned tangible fix8d asse18 300 16,055 300 1,325 Tw¥tseg None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.12023 - £Nil) 10 Employees The average monthly number of employees during th8 year was.. 2024 Numbor 2023 Number Administration Staff Chlef Executive Offic8 Total Employment Cogts 2024 2023 Wages and sessional slaff Social security costs Other pension ¢osls 198,036 7,789 2,193 126,559 5,212 3,757 208,018 135,528 Included in wages and sessional staff was gross wages £114,734 (2023 £84,627) and £83,302 (2023 £41,932) for self-employed sessional workers. The Execulive Officer received remuneration of £64,538 {2023 £58,599). They received gross salary of £56,65512023 £51,474), employers national insurance of£6,563 (2023 £5,848) and employer pension Costs of £1,320 (2023 £1,056). 11 THE HIGHLIFE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Employees (Continued) The number of employees whose annual remuneration was more than £60,000 is as follows: 2024 Number 2023 Number £60,001 to £70,000 11 Taxatlon The charity is exempl from taxation on ils activities because all its income is applied for charitable purposes. 12 Tanglble flxed assets L•4••hold FIxtUr￿ and lrnprovoments Ilttlngl Offlco equlpmgnt Total Cogt At 1 January 2024 Additions Business combinations 35,987 939 36,926 310,684 7,508 310,684 7,508 At 31 December 2024 310,684 35,987 8,447 355,118 Depreclatlon and Impalrniont Al 1 January 2024 Depreciation charged in th& year 28,481 1,125 939 2,503 29,420 16,055 12,427 At 31 Dècember 2024 12,427 29,606 3,442 45,475 Carylng amount At 31 December 2024 298,257 6,381 5,005 309,843 At 31 December 2023 7,506 7,506 13 Debtors 2024 2023 Amounts falllng duo within one year: Trade debtors Other debtors 100 32,169 32,269 12- THE HIGHLIFE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Loans and overdrdfts 2024 2023 Bank loans 85,721 109,618 Payable within one year Payable after one year 15,802 69,919 15,802 93,816 The bank loan is unsecured. Interest is charged at a rate of 7.900A per annum. 16 Credltor8: amounts falllng due wlthin one year 2024 2023 Note8 Bank loans Other taxation and social s&¢urity Other creditors Accruals and deferred income 14 15,802 15,802 2,606 416 2,100 2,100 18,318 20,508 16 Credltors: amounts falllng due after more than one year 2024 2023 Notes Bank loans 14 89,919 93.818 17 Retlrement beneflt schemes 2024 2023 Deflned contrlbutlon Schemes Charge to profil or Ios5 in respect of defined contribution schemes 2,193 3,757 The Charity operates a defined contribulion pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund. 13- rD* o¢on Oi N ¢£+ o o (v) cw r£* ¢ry (V) tr- a> ffj ffj ¢D*o Otr* u•0 C >%E THE HIGHLIFE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unreslrided funds by the trustees for specific purposes. At 1 January 2024 Incoming Resources rosourca• expendgd Transfer8 At31 December 2024 Designated funds General funds 4,472 69,533 4,472 455,886 116,960 (48,8001 318,193 116,960 74,005 (48,800) 318.193 460,358 Previouo year: At 1 January 2023 Incomlng rnsource• Rè8ource8 expended Transfern At31 D8¢èmbèr 2023 General funds 57,791 136,511 (77,342) 116,960 20 Analy818 of net assets be￿o•n funds Unregtrlctsd funds 2024 Regtrf¢tsd funds 2024 Total 2024 At 31 Decèmber 2024: Tangible assets Current asselsl(liabililies) Long t8mi liabilities 309,643 220.634 {69,919) 309,643 345,692 {69,9191 125,058 460,358 125,058 585,416 Unr08trlcted fund$ 2023 Restrlcted funds 2023 Total 2023 At 31 December 2023: Tangible assets Current asselsl(liabilities) Long term liabilities 7,506 203,270 {93,816) 7,506 318.966 (93,8161 115,896 116,960 115,896 232,656 21 Related party transactions There were no disclosable related paty transactions during the year12023 - none). 17- THE HIGHLIFE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Cash generated from operations 2024 2023 Surplus for the year 352.760 146,205 Adjuslments for: InvÈstm&nt income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets (6,116) 16,055 (208) 1,325 Movements In worklng capltal: (Increase) in debtors (Decreasellincrease in creditors {32,269> (2,190) 1,522 Cash generatsd from operatlons 328,240 148.844 18- The Highlife Centre Ltd - Annual Charity Accounts for the Year Ended 31 st December 2024 Final Audit Report 2025-10-29 Created.. 202&10-29 By: UcGlone Wardzynskl Llmlt¢d IAc£ounts MCGLONE-WARDZYNSKI.COMI ststus.. 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