## **Trustees’ Annual Report for the Year Ending 30 June 2023** The Trustees of Wheels Vocational and Life Skills Centre present their annual report and audited accounts for the year ended 30 June 2023 and confirm they comply with the requirements of the Charities Act 2011, the trust deed and the Charities SORP (FRS 102). ## **Our Aims** We aim to provide an Alternative Educational Offer within the surrounding areas for young people aged between 13 – 16 years old. ## **Our Objectives** To act as a resource for young people, within the West Midlands and surrounding areas, by providing advice and assistance and organizing programmes of physical, educational and other activities as a means of: - Advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals. - Advancing educational opportunities. - Relieving unemployment. - Providing recreational and leisure time activity in the interests of social welfare for young people who have need by reason of their age, infirmity or disability, poverty or social and economic circumstances with a view to improving the conditions of life of such young people. ## **Review of Activities and Achievements** Pupil numbers and income continually fluctuate. Currently, we continue to offer part time Day Student places (for up to three days per week). At present we have 24 students attending up to 3 days per week. Places are charged at £70.00 per day. Due to financial constraints, during Term 3 of the academic year, the Senior Leadership Team and the Board of Trustees made a decision to re-apply to the Department for Education to register as an Independent School. Additionally this decision was also as a consequence of continued requests and pressure from stakeholder schools for the Centre to take students on a full time basis (this is something that we are unable to facilitate unless without Independent School status). The process is lengthy and can take up to, and possibility in excess, of six months to achieve. The Senior Leadership Team will work through the application process during the summer with a view to being fully registered between September – December 2023. As we operate as a vocational centre and are only able to accommodate part time students, the Senior Leadership Team and Board of Governors, in order to reduce the organisations monthly financial outgoings, made a decision to downsize the operation. Notice was given to Stenprop (landlord of the Gainsborough Trading Estate) on Unit 4 and it was vacated on 31[st] July 2022. The organisation continues to operate out of Unit 3 and the contents of Unit 4 were condensed and either disposed of or consolidated into Unit 3. This decision has seen a reduction in the costs of rent, heat, light and energy, as well as a number of additional categories. It is hoped that these saving continue and the organisation remains financially viable. Despite having downsized the organisations physical capacity, the Centre is still able to expand upon student numbers but is restricted to fiscal considerations. ## **Academic** Vocational Studies remain the core of the Centre’s curriculum, with all students that are placed by stakeholders enrolled upon one or more vocational qualification and pathway. Numbers participating are relatively stable considering the economic situation of funding for Day Students. 1 AIM courses of study and accreditation are now being delivered and have widened the curriculum offer. In addition to the Skills for Work and Living qualification that the Centre was originally approved to deliver we are also now accredited to deliver an Employability and Development qualification and have a number of students enrolled on both qualifications. The following table details 2023 examination results. |**Date**
June 2023|**Award**|**Number of**
**Students**
**Entered**|**Pass Rate**|**% Pass**| |---|---|---|---|---| ||IMI Motor Vehicle Award|16|14|88%| ||IMI Motor Vehicle Certificate|4|3|75%| ||BTECVocationalStudies Certificate|8|7|88%| |||||| |||||| To further improve pupils’ outcomes it is evident that the Centre must: - Continue with the evaluation of our curriculum offer, lesson planning and ILPs. - As it is the intention to register as an Independent School in the forth coming months, it will be necessary to employ a Functional Skills tutor to deliver English and Maths to all full time students. This is a mandatory requirement of being an Independent School and this will foster continuity for our young people outside of their mainstream setting. - Maintain and develop alternative accreditation routes for students to be rewarded for their work. - Offer a consistent quality of tuition in studies by all staff. - Continue to provide Tutors with Professional Development regarding their Teaching and Learning strategies and maintain a robust framework of Assessment that accurately reflects areas for individual development and target setting. ## **Community Work** Social Enterprise activities continue which include the production of decorative garden ornaments constructed of concrete; bird boxes and insect houses made of wood, and seasonal carpentry crafts all of which have been offered for sale to local businesses who share the Industrial Estate and Visitors to the school. Students have undertaken a number of fund-raising activities and events in aid of Mental Health Foundation; - Eight-mile sponsored walk - £170 - Cake sale - £180.00 - T-shirt printing - £61.71 ## **Future Plans** The Centres’ Improvement Plan 2020 - 2023 is currently being redeveloped in accordance with the changing structure and operational requirements of the organisation. It is anticipated that by September 2023 this will be completed. The four main priorities are shown below. 1. Wheels Vocational and Life Skills Centre will continue to monitor and develop the physical nature of the provision to enable our young people to benefit from a sustainable curriculum offer, in a safe, suitable environment for the delivery of both vocational, practical and life skills courses. 2. The development of the curriculum will ensure that young people benefit from broad and diverse range of studies, preparing the for the opportunities, responsibilities and experiences of later life in modern Britain. 2 3. Linked with evaluation and monitoring student progress, the school will continue to help students into further education, training and employment. Promoting community networking and business links, the school will work with all stakeholders to ensure positive post-16 pathways for all students. 4. Curriculum development will ensure wider accreditation routes are available appropriate to students’ abilities. Staff CPD ensures questioning deepens Students’ understanding. Assessment promotes strategies to raise achievement, self-esteem and the final outcomes for Students. 5. Wheels Vocational and Life Skills Centre will develop staff expertise, and continue to promote Staff CPD to ensure the planning and delivery of the curriculum is successful and accessible by all students in order to prepare them for life post-16. Discussions continue to take place to extend our offer, insomuch as to provide an Alternative Programme for 16-19 year olds to help combat the NEET problem (Not in Education, Employment or Training). Wheels Vocational and Life Skills Centre would like to have the opportunity to increase its impact on the lives of young people who find it difficult to access mainstream colleges. The major difficultly to overcome remains the access to sustainable funding routes to enable not only the setup costs, but the employment of well-trained staff to deliver the qualifications. The Centre, has and will continue to explore ways in which this be achieved. ## **Our Finances** The financial statements show the Income as £149,292 and Expenditure as £354,050 other costs, the Centre has had a hard task to remain viable and solvent. As part of future financial planning, funding, negotiations with local schools/alternative provision/other such organisations are continuously being reviewed as 100% of the income of the Centre now arises from these commissioning organisations. It should be noted that the Centre continues to benefit from 100% reduction in Business Rates on the property we use for our charitable purposes. However, as an educational charity, we are unable to reclaim VAT input tax on our costs as we are exempt for VAT purposes. We also pay tax as an employer through the National Insurance Contributions we make. The substantial benefits our Centre makes to the lives and prospects of the young people in our care, their families and the local community is something we are proud of and is without cost to the Exchequer. ## **Financial Health** As stated, an increase in revenue is required for the Centre to maintain its provision for the young people it serves. The Trustees have due regard for the current financial situation and funds held by the Centre. There remains a concern that, unless strong collaborations with local schools/alternative provision/other such organisations, with long term agreements, the Centre faces an uncertain future. Notwithstanding the above, the closing value of our tangible assets, property, plant and equipment stands at £13,675. The centre currently operates at under 48% capacity. There is, therefore, sufficient room for expansion and the ability to increase income. ## **Reserves Policy** It has been decided that Reserves of approximately £200,000 (approx. 40%) of this funding should be held to offset any such situation. These funds would allow the Centre to maintain teaching staff in post for the short term whilst alternative funding is sourced. This Reserve will allow the Centre to provide education for those students remaining on roll and continue to operate. ## **Developments and Maintenance** Following the decision to give notice on Unit 4 and downsize the organisation’s building space, staff and volunteers worked to vacate the unit, restore it to it’s original condition and it was returned to the landlord on 31[st] July 2022. Equipment and resources were either reinstalled in Unit 3 or donated or disposed of as appropriate. 3 ## **Ethos, Strategy and Policies** The Ethos of the School remains constant: To provide each young person with a positive experience of learning within a practical training programme that is based on nurturing individual talents and providing opportunities for personal development. This enables students to be self-aware and to learn the skills that will help them manage their lives, their employability prospects and their relationships in the future. Central to this is the centre’s aim to actively promote inclusion, supported by social, educational and vocational networks. We are committed to safeguarding all young people in our care and all staff share this responsibility equally. The Centres’ Improvement Plan is active, in line with the key priorities stated and enjoys full Trustee approval. Trustees ensure that this is followed by regular contact with the Centre, the Business Manager and the Senior Leadership Team. The Centre’s website contains detailed information, advice and guidance relating to Policies and may be accessed via: www.wheelsvls.co.uk ## **Governance** Trustees give their time freely and without cost to the Centre. No expenses were paid to Trustees during the last year. Trustees accept that they have overall responsibility for the management of the Centre albeit with the input of the Business Manager and the Senior Leadership Team being highly regarded. The day to day running of the Centre remains the remit of the Senior Leadership Team, whilst the Trustees ensure the overarching ethos of the provision is maintained. ## **Recruitment and Remuneration** The Business Manager and the Senior Leadership Team, oversees the recruitment of all staff and determines the salary paid to each staff member. Whilst the Trustees delegate this responsibility to the Senior Leadership Team, the Chair monitors all such appointments and costings. ## **Risk Management** A SWOT (Strengths, Weaknesses, Opportunities and Threats) Analysis is critically reviewed every Term and shared with Trustees. A more detailed analysis is reviewed annually that includes Student Welfare, Health and Safety, Financial Sustainability and Community Awareness Issues. A Critical Incident Management Policy is also available for guidance and is reviewed annually. Our expanding curriculum offer demands additional staff who have the necessary skill sets and qualifications to deliver qualifications. It is important to note that included in the credit balance is the contingency for operating the company for a period of time should the Commissioning bodies withdraw their support as outlined in our Reserves Policy. The Trustees are satisfied that major risks have been identified and risks have been adequately mitigated by the Centre. It is accepted that such systems can only provide reasonable, but not absolute, assurance that risks have been well managed. ## **Charity Trustees** Mr Gareth Drew Rosedale Hermit Street Dudley West Midlands DY3 2BS 4 Alexandra Pejovic 3A Perryfields Road Bromsgrove B61 8SY Phillip Totney 2 Ankadine Road Stourbridge DY8 4UG ## **Business Manager: Clare Dulson** **Contact Details:** **Wheels Vocational and Life Skills Centre, Unit 3 Gainsborough Trading Estate, Rufford Road, Stourbridge, West Midlands, DY9 7ND** **Website: www.wheelsvls.co.uk** ## **Charity No. 1157795** ## **Professional Advisors:** **Bankers:** Barclays Bank, 27 Queensway, Halesowen B63 4AE **Accountants:** Sandwell Accountancy Services, 30 Upper High St, Cradley Heath B64 5HY **Insurances:** KGJ Insurance Brokers (Stourbridge) Ltd, 2 Hagley Rd, Stourbridge DY8 1QG 5 Cooyany rewSty￿1011 nunkn.. (knfAI83?-. Ch￿ty r¢gisEfatiOO r￿kner.. 1157741.: Wheels Vocational & Life Skills Centre Ltd IA conyarty 1owTed by suarani¢¢i Annual Kq￿ and FllwKial Siaiem ror the Year End¢d 30 June 2023 Sandwell A¢cO￿tanc￿ Smices L Cenified Public .4ccounonT5 Old Bank Bujldings L.pp¢r High Street Cradlo. Hcath 'est Midland8 B64 SHY 'heels fvo¢*tional & Life Skills Ctntre Ltd Contents R¢fereThce aTrJ Admini5tratiir I￿￿115 Trus*es' Repon 2ro4 tndepeTKtenr Examiv*'s Repon 5106 Statement of ALtINines 7tu8 Balance Shrtt s￿leMen1 of Cash Flow5 io otes lo ihe FI￿nila1 Sts*ment$ 11 u)?? Wheels Vo¢*tlonal & Llfe Skills CeDtre Ltd Reference and Admlnistrative Details Senior Y*N¥g¢m¢ttt I t*#dtrshlp Mr5 J Lur. Hc4d T￿cher Tt* Mrn C LKar. S¢1￿1 Buskn)ess Ma Mr R Edwation C￿1th Ch*rltv Registr•tloD I 157795 CompaRy Rt#htrxtlo• I)6(￿832? Rettsier￿ Offl¢¢ Old Bank Buildu Lpper Hi8h Stre Cradl¢y Heath Wen MidlaDd8 B64 SHY Rufford Ro STourbridgc DY9 7ND IJMleptndent S*Mtwtll Atcountaw Sm'i¢es Lld Cernfied Publhc Accowltants Old Bank BuLldings Upw High Strect Crwlley Heath Wcst Midla￿3 B64 SHY 'h¢els VocatioD*I & Life Skills Centre Ltd Trustees, Report The tyusiec5. WIK) direciors for the puryM)ses of ¢ort¥>any law. PTe5¢ni th¢ Jnnual report together with th¢ rJvan¢Jal staiements and auditOT%' r¢w)rt of the ihanthble iOTroany for the year ended 30 Jun¢ 9023. Objectivts **d •ctivl¢ks Objed5 To ad as a TC%)urce for yowlg people. ￿7th1￿ the W¢si Midlants arKI surrounding arus, by Pro￿dIng thice 8Dd aS51Sta￿e and organizing proryunes ofpbysieal. educaiionjl other aciLviiie5 as a of.. Ad￿ancIng in lifr ond helpin8 y¢)Iin8 people b). dc%'elopin8 theÉr skn'lls. Cap￿%1%¢$ 4nd capabiliti¢5 lo cThable Ih¢rn lo partL¢ip*e in S￿iety as iDd¢p¢t¥kthL mature and Te5pon5ibl¢ indivithjals. . AdvaThcing educJtional op￿illeS. . R¢li¢vins uJemplo￿t. . Providing rryreational leisure lime xliviry m the mterests of so¢ial w¢lfare yLwng peopl¢ wkn have n¢ed by rtdson of their age. infimknty or disabiliry. povthy or social aTrl tton0￿ ClTLwn￿￿ts with a view impToving the condilLons ofiife of such yOLm8 people. We aim 10 provide an Altrrn*ive EdwiM￿l Offer within the su¢YouthB arcas for yowi8 p￿>ple aged beNeen 14- 16 ycaTS old. A full Tr￿*￿eS Rewt 15 aYWt•ble a8 a PDF from th¢ Clwribes Commisshon 7*rb5ite Pwbllc bemefii Srud¢rtis euniinue 10 rnisc funds f￿ ¢lwithblc organisDtK>nS. Tbis year 5UPPOrt lJ•5 agait) been ￿vell to MaCmill￿ C¥nc¢r Swy)rt1£149 Taisdl. cornm￿1ty rel￿10￿8 were inw)v¢d by offerin8 a free of charB¢ -car Valdit)8 Servicc" for WOTkers on the industrial ests*. This pro¥ed ￿ be popular protrided So￿ents th¢ opwtLuiiry to prod￿¢ ￿v¢rtISIng posters to publicist the ¢vent. Litt¢r pirks around commwl ar￿5 bave also IKen a feanw¢ of tkns years work. So¢iai Enterpnse Activities b4vc ￿n¢t0￿￿ted Upr￿1 the prthtioo of b￿d trK*xe& planters aNJ the culiivaiion of flowets. small shnLbs. fruit aud &e8etables. Pre-Pth￿ corttsitlers have bccn for s41¢ io I￿81 b￿lneS￿$ who The trL8trts conf￿ that Ehey hav¢ CQTry>lied with the reqU￿rn￿ of sethon 17 of th¢ ChHrities Act 2011 have due regard to th¢ public benefit guida￿¢ publtsbed bv the Charity C¢)Twnwon for England and Wal¢s. Fln¥nci21 rtvk Poli¢y resen The Tn￿le¢S are co￿1ZAnt tbai local 4uthon.ry is en￿la1 for thc solv¢w of the xhool and Should this b¢ Wit￿1[¥￿￿ then closw¢ would swiftly folk>w. It has been dcridd that reseETre5 olapproximatcl>' £?(rf>.(MM) of thLS funding slw)uld be held io off-sd any Such $ituaiion. These fi￿￿J5 ThDuld allow the scbwl ￿ maintsirt teaebm8 stsff in post for the short icThn whilsl ali¢rnativ¢ fuudin¥ 1$ sourced. Th's r¢s¢rw¢ ￿1] allow the school lo provth educ3rion for those st￿ents r¢m&i111118 oo roll and contin1* to opff*e. Page 2 Wheels Vocxtlon*l & Life Skilb Centre Ltd Trustees, Report Trujlees ¥nd oftl¢en Ms A PeJ'ovi¢ MrPJTo MrGM Dmv MT5 C LCJT. kl¥)ol Busitiess Man The charitys a¢tiviiies expos¢ it nuth of nsks inclthg (￿di1 ri51 r¥sh Iknw Tisk ath4 Iiquidiiy risk. Thc u5¢ of den"vatives is sovullcd by th¢ charity's P)lieies an)toved by the board of trustcc& which provide WTillen principl¢s ots the we or rI￿ar￿la1 den"vativ¢s ￿ manNge thcs¢ Tisk5. Tk chanty does C￿}10￿ rfs* The ¢harity's activities exw it pnnmrily ￿ thc fTnwKia] risks of changes in (orei8n CUfTew exch￿￿ rdies and interest rn¢￿. The ch•n"ry w foreign excbwt fonvard con¢rnLts alld itst¢￿ rnt¢ $wap ¢ootracrs io hcdge Ihw ¢xw)5ures. ￿5¢ts and liabilities are held at fixed ra* ty engjrc ccrtaitity of ¢&sh fi￿. Cwtdh pisk Th¢ ¢hanty s prir*ipal rIn￿lat assets are bjnk iwlantts and ct8h. trade thher receivables. invcstrnents. ctwiry's crcdii risk pritnarily attributable to Lis tr¥Je rccci%'Jbl￿. Th¢ aryK>unts presetiied itt the balance th¢ei are net of allowaDce5 for th)ubrful T¢t•Tnbles. Ao sllowarKe for inyinrthi ￿ nwje wh¢Tr there ts an identified 1055 event b&4ed OTh preN70￿ cxperhenc¢. is ¢vid¢K¢ of & reduction tn tbe reco￿trabl]I￿ of th¢ flows. The CTedit risk OTb liquid fitrhth aTrJ den"V￿1ve finwKial ins1nA￿ bs limittyj b¢¢we ¢owiierparties are bath ￿th hi8h credii-raiings •S5]￿ed by int¢matiottal crtdii-rating agetKie The chan'ty h&s no si¥nificath eoncentrnUOD of cre4th'i nsK with ¢xposure swt*J over a large Dwnber of rfs* In order 10 mainlain liquidiry to that wffi¢ieiJt funts are avaijabk for ongoing Ope￿10n5 •nd fiMJ d¢v¢lopnwts. the charity uses 3 ￿￿X￿]re of long4￿￿ short-term de￿ fIr￿￿te. Further dewls T¢g¥rding lÈquidity risk can ￿ row￿ in ihe S¢al¢merrt or p)licies ill the firlw￿ Pw3 'heels Voe*tlonal & Life Skills CeDtre Ltd Trustees. Report Thc tTUSlttS Iwtho are also Ihe direeioTS of Wheels Vocarion•J & Life Skjlls Centre iAd for the PUTPQ5¢5 of mpany lawl are respons¥bl¢ for pr¢panng ihe trusiees. rwn and ihe finaniial 5¢ale￿￿nts in accOrda￿L wilh appli£ablc law and Lniied King&)m Accouniing StsJJdard5 ILnJtd Kingdom Generally Accq>t¢d A¢courttin PraLtiLel. itKlwlmg FRS 10? "Tr Fitwocial ReporuDg Sthndard aFplicablc ￿ the LK atkl Republic of Irela￿j.. Company law requtre5 the tnL%iees 10 pr¢pare financial s¢atemekts foi each fitwKial year. Und¢r company law the I￿￿tee$ musi rK)i approve th¢ fin•ll¢ial siaten*nts unless ihey are saii5fied that they ￿ve a tnje and fair view of tht stst¢ of affaJTS of the chantable cornpany and of th¢ in¥wmthg resources and appliL3rion of r¢50ur¢¥. irtcluding ILS inco￿￿ and ex￿dItUre. of the ¢han"table eompany for that pcriryj. In prepanng thest finarKial staiem¢Dts. tk tr￿￿te¢S are requjred ￿.. seleci suitabl¢ xr¢)UniJn8 pTrlicies and apply them consisT¢nily. ObS￿e the meihods and PTinrip1¢5 in th¢ Chanlies SORP: makc judgen*tt¢s and ￿lmaleS thai arc reasonable aThJ stste whcther opplk¢able accountin8 cowi$ing FRS 102 bave been folloFr r¢l¢vanL Inf(￿￿8110ft thai tky krKyw of wjd ofwhKh the%. know. the a￿Jib)r is unaw*¢. The re￿rt was 4yrovedby thr of the clmrity on ..LQ&.14Tr and 518p￿ on iL8 behalf by.. MTGMDrew Tntske Pag¢ 4 'heels VO￿tIonal & Life Skilb Centre Ltd Independent Examiner's Report lo the truyites of Wheels Voeational & Life Skills Ceotre Ltd ('the Companv,) I rcwt to the chtrity trwees my ex•mination of the xcounts of Conwany for etmtsj 30 Jw 2023. RespoM6bllltiu and b*sis of report As the chanry's tr￿sle¢S of the Con4wky I3￿j alw its dIreC￿T5 for the purtx)ses of company lawl you ar¢ rtyx)￿1bIt for pttPAratioD of the aec¢JuThts in xcoTd•n￿ with th¢ rrqUireu￿ts oftht Cotrymmes Act 2¢N)6 {'tht 21NJ6 Act'l. HAvin8 saiisfioj myyelf thr xEouDts of th¢ Cottyrty att n(M to be a￿"tea under Part 16 of the 21M)6 Aci auj aTE ¢IiBTbl¢ for exati)il￿tt00 I rer￿ m rc5pect of my ¢xamiDwon of your rhan'ty's accoutsts &s carried out under seclion 145 of the CbaTitie5 Aei ?01 I I'the 2011 Aci"). In carryin¥ oui my exarnination I hjve followed the DirectioL$ 8iveD by the Charity co￿￿￿1$510￿ urthr Stttion 14515Kb) of the 2011 Aci. Il"heels Vo¢*tlonxl & Life Skills Centre Ltd IndepeDden¢ Examiner's Report to the trn￿et$ of ￿'he￿5 Voc*tion*l & Life Skills Centre Ltd ('the Compani, Indepe0d¢#i tx*mlner's staiemellt I hai'L cornpltwl Jny examLnaiiott. I Confi￿ that ￿ rnattu5 hv¢ ¢on* th my atiention ID conn¢ctson with the examination ￿¥1￿8 cause io b¢li¢ve.' counting rtcorts wwe kept in re4)e¢i of Wheels VI￿1￿￿31 & Lif¢ Skills Cerhtre Ltd as rryuiTed by s¢¢tioo 386 of the 2￿ Affl; or 2. the acrounts do Thit a¢LY)rd with those records: or 3. the accourtts do tM)t comply with the XCO￿¢1￿8 r¢quiremtt)ts of Sec￿ 39t* of th¢ 2(th Atl other than any TquireTti¢nt th&1 xcounts 8j*t a"tnJe and fair vi¢W is TM)t a rnaller con5id¢r¢d L% pan oran depethi emmuwiion: or 4. the &¢out)ts have rxii been prepard in ￿0[dance with the metknts and pnnciples of the Stsknneni of RccomJM¥kd Ptadice for ac¢out)iin8 and re￿nIng by rljarities lapplicable w charities prepanTr8 their ccoun￿ in th¢ F1MEK￿l Rewiing Sthndard applubk in the UK and Republlc of Ir¢laNi IFRS 10?). I have concerns aTrl have com¢ ¥KTDSS tto ¢xh¢r matters in eonTKction with th¢ eiwnimtion to which atttniion should b¢ thxwn in thi.s rtrM)n tn Order to cnabl¢ a pri)P¢T ￿￿de￿Ing of the xcounts to b¢ mched. sand￿.¢11 Ac¢ounianry Ser%"iLes LIn￿led Certified Public AccountsnL% Old Bank Buildin8S Llpp¢r High Streei Crwjley Heath West Midlat B64 SHY Page 6 heels Voration*l & Life Skilb Centre Ltd Siatement of Fin#neial Attivitity for the Ye*r Ended 30 June 2023 (Including Income and Expenditure Ac¢ouDI and Statement of Total Rerognlsed GAlns Ind Lomes) restricted funds Tot*1 2023 t￿￿tiOnS 4nd le￿1¢5 Chari¢ablc xtsvities 1.040 148 ?5? Tothl irtcomr 1441,2y? 149 ?¥9 E¥peudlturt om: Raisin8 futMIs Chantable nclivittes 181 1354.IM? 1354.04? Totsl ex[￿dI￿re Net exp¢ndt¢ure 1354.050 1354.0501 ?(M.758 1204.7581 Nei movemertl in Funds (204,758) 1?04,7581 RttoDclll*thon of fumds TO￿ fu￿]$ brou¥hi lon¥ard 507,699 507.629 18 30:.871 Uvestricttd fyDds Toial 21)22 Don8tiOJLS and legacies Chan'thble aLliVities her irthmt 1.071 323.079 1.071 323,079 2.2 Totsl Ittcomr 326.350 326.350 Eipe•dlt•re om: Raising fwyjs ctWE"tsble activities 183) 1443.7681 18Jl 1441 7681 Totsl cA￿dIty￿r 1443.851 1443,8S11 Net expth1itu Nei nN)%"emeni In fun 1117.5011 1117.5011 Rttonclil*tlon of funds TO￿ fumts brought forwanl 625.130 625.130 18 507.6?9 507,6)9 Pw7 'beels Vor*tion¥l & Life Skills Centre Lid Stgtement of Finanei*l Activilies for the Y¢*r Ended 30 June 2023 IlncludlDg Income *nd Expenditure Account ind $1glement of Tot*1 Re¢ognised Galns #nd Loyses) All of the charity's ￿TI¥ll1¢S d¢n'v¢ from coniinuing op¢ratM)rt% dwing th¢ aiw)v¢ two ￿￿j5. Th¢ fiJThds breakdowi for 2022 15 sIM)￿t in 18. The notes on 11 ￿ 22 forni an inw part ofthese fm¥n¢ial sth*rn￿. Pag¢ 8 'heels Voc*tion*l & Llfe Skius Ctthtre Ltd (Registr*tlott number: 116608327) Balance Sheel *5 at 30 June 2023 2•23 2f122 Fi%td asJetS Tangible ass¢ts 12 13.675 I5,41￿) Currtp¢ x51ets DebioTS C&8b At and in haThl 13 14 9.566 288.081 50.112 459.431 297.￿7 509,543 Crtdltors". Amounts f•Jiln¥ due wiihim 00¢ y¢*r 15 18.451 117.3741 ?89.196 492,169 Iyet *ixti 30?,871 507.629 F•#d* of the ¢b*rlty". VDrtJtrltitd IDtome l•Mds Unr¢%trirled fw15 30? 171 507.629 Tot•1 f¥Ads 18 307 871 507.629 For the financial year ending 30 ju￿ ?023 the ¢lwrity was •Mided to exenyion from a￿111 section 477 of thc Conynkes Ad 21M)6 relattthg to sllMiI coryames. The n*¢mbers bave required thc cbarity tts obtsitt •th wmlit of its ¥¢otr)ts for the yew ftn wioD acixbrd8r￿c with sec1￿￿ 476". The directors acth)wledge their Tf5powibiliti¢s fot ¢ortwlyin8 wrth the wuirements of the Ati with rewt Th¢ fiDancial statenxnts on PAgts 7 th 22 wve appmved by the tru￿¢￿ and aut1W)ri￿ for issue on W si8hed on kbalfby.. MrGMDrew T￿￿¢¢ Tr nrt¢s on p¥es I I to 22 fonn inte8rn1 pth of thcx finwKial *tuncnts. 'heels Vw*tion*l & Life Skills Cekntre Ltd Statement of Cagh Flows for the Tr"ear Ended 30 June 2023 21123 2022 C45h nows from oper¥tifye aethl N¢t c&sh exrthjinjre Adj¥stme•ts to c*Jb nows from •ofrcasl itell Ikpr¢ciation Loss OD di5pwI offiK¢d held cbatiWs own vs¢ 1204.7581 1117.5011 3.366 3.815 1201.3921 Workln% capit•l adjll9tu￿Utl IkL-Tease in debtorg Decrease in crditows 13 15 40.546 50.935 Nd cash tlows from operaDng xtiviii¢s C¥$h nows (Tgth Inyejtlttt *¢ifvltks Pw¢has¢ of tan8ible fixkhd Sale of thnwbl¢ fix¢d assets I 169.7691 173.8¥61 12 77? Net ¢¥h flows from investing activiiie5 77? decrvdse in cath and cash equivalents 1171.350) Cash #NI r&8h equivaleDts ￿ l July Cash aT¥J cth qyiv41¢ttts at 30 JuDe 459.431 537 772 ?88.081 459,658 All tsf the cth fiows are derived fr￿Tr con¢inum8 (yerau4)n% durin8 th¢ abovc WKvJ$. The op pA8¢s 1 I ￿ 72 form an Inte￿￿ ptsrt oftt￿ fin￿￿111 swern￿. Pag¢ 10 WheeLq Vocational & Llfe Skills Centre Ltd ,Notes to the Financial Stalemtnt$ for the Ye•r Ended 30 June 2023 t Charllv slatvs Thc chan'ty 15 limit¢d by share capiul. ID EDgl*MI. The oddTe&s of re￿￿ered Ot￿(¢ is". Old Bank BuildinBS Upper High Stre¢1 Cradley Heaib Wcsl Midland* B64 SHY Thc pri￿1paI p￿¢ ofbustw is.. G￿￿E￿)￿u8h Trath"ng E5tste Ruftord Ro8J Stourbnd8e Wesi MidlaT¥Js DY9 7ND l Aceoullthil po of*fylfk•nt pomeles kev estlttmles priitipal x¢4)uniinB p)licies applitd in th¢ WePJT*ion of thr5¢ finartial sts*mtnts are set oui kkiw. Thcse policics have bcen ¢i)n$15tethily applied 10 all the years presented unless otherwise stated. St*ttmeni of comp￿￿nee The fLtwKial swtm¢nts h8ve beett in with Act￿11￿ aTrJ Reporting by ChoTities.' SIHIrnI of PrxiKe lapplicable to ihaniics w¢panrtg ihtir aL¢Y)Wlis in pth)rdanct with ihe Financtal Rq￿rtIng StaNJard applI￿ble in the UK and Republic of Ireland IFRS I(I?11 Iis5wd In Iktob¢r ?0191 . (Chanti¢5 SORP IFRS 10211. the Fi￿a￿￿1 Kqymulg Stsndard appl*able m the UK aod iiepublic of IrtlaDd {FRS 102) and the Act 2(Ml6. B•Jls of preparitlo* 'hee15 Vo¢aiional & Life Skn"115 Centre rnects thc definitioth of 8 publi¢ benefit entity under FRS 10? AS￿ts aThJ liabiliii¢s initially le¢0￿ed at or valuc unkss other￿¢ the relevant xe(rtLnting polKy Golng c•Dctrn Tk trus'tees cotksider there are no mMi•l the *bility th ¢oAtinlle as a OOiDg CO￿t￿ nor arry sigmficani ofuD¢aw that affed the cwiDg Val￿ ofuscts held by the cb•rity. IA¢orne *Bd tAdowN*Nts Ail Iticomc LS r¢cobmis¢￿ otK¢ th¢ ¥h￿ty Iw ¢ntsdetnent kn the wKome. li is probable that the will b¢ eiTr¢d ST￿ the att￿t ofthe income receivable can be rdi•bly. P•gell Wheels Vocational & Life Skills Centre Ltd l%otey to the Fin*ncial St*tements for the Year Ended 30 June 2023 oAdlet*cies DonatiorLS are recognised wh¢n th¢ charity h&$ been n(Mified in ￿lling of the al￿￿￿¢ a￿] Settle￿It date. In the ev¢Trt thai a dthuiion is subjcd to conditions thai require a lel'el of t*rfornwKe by th¢ ¢harity before th¢ chaniy is eniiil¢d to ihe fun&%. the iNome is delerred aThJ Th)1 re¢ognis¢d until either ￿se conditions full mei. or the fijifilmenl of ilK)5C COtLdJtkoJts is wholly *itbm thc conuol of the ¢kn"ty and it is pro￿￿ th¢ ndiiions wll b¢ fulfilled in the rerx)rting pen(bd. Expe•dll¥re 11 expenditure is reco￿￿ once thtte is a legal or i0Th81nKlive obligtion io thai exwKlilurc. il is pfvbable setrleff*ni is rcquircd atkl the amouni can k rrKasured I¢l￿bI).. All ¢i)sts are allocaied ¢0 th¢ applicable ¢xp¢nditur¢ h¢ading thai aggregaie skmilar Costs to that categorv. W'bere costs carl￿1 k dwectly aNnbut¢d io particulw h¢adin¥s they hai"e been ￿lOCated on a b&sis ¢onsiStent wjih the use OC resol￿r¢s. with central ststT costs alloca￿d on th¢ basis of tth)e WL deprc¢iarion charg¢s 4llo¢ai¢d OD the of th¢ 355¢¢ s ￿￿e. Other support costs are alkKaEd bas¢d on the sptad of stal[ctr￿¢s. Th¢sc Jr¢ ¢osts incurred in a¢tracuDg volunthry in¢omt. the maDagemeM of mvesmMts attd those iDcurred in tradin8 aciivitie5 rni5¢ Charitable ¢X￿￿1*ful¢ comprsses Ih)se LU*Sts 1DCuTr￿ by iIL¢ ¢hariiy irt the delivery of its aclivilies and services for its benefici4ric5. 11 costs thai can be allocaied diT¢rily To suth t*tiviiie5 and thos¢ rosts of a Support CMIS Supp(irt cusr5 Include ¢entr•l fimciions aThJ hav¢ b¢¢n all0¢a￿ 10 CO￿ ulegon¢s x ba5iS Lonsistent with the ￿ of rcsourcrt. for ¢xampl¢. ail(otin8 PTOPCrty cost5 by floor are&% w per capit4 stsff ¢05ts by the ILMC spent aTKi oth¢r ¢OSL8 by their usagc. Go%'ern*nee Costs Thisc Includ¢ th¢ vosts attriburable ￿ Ihe chaTiry'S fl)nyli•b¢e with ¢onSti￿￿O￿al and r¢qutietwits. includin8 audil stratrgic •rMI ￿￿￿Ing3 and reirnbur5cd T•x¥tiOII Th¢ chanty is coTh8idered w pJ5s thc t¢st5 Set ￿ in PawTapb I Schedul¢ O of the Finartt Aci 2010 and therefore Lt th¢ d¢fukitw of a ctrthriuble cotnp14 ny for L'K ri)rwraiiutt PUTP)sts. Arrordingly. the Charity Is poieniially exenwi frnm ￿￿#11[￿ in respeci of incorrK or capital gains received wyihin catcgori¢s covered by chapt￿ 3 Pan I l of Ihc Corywation Tax Act 2010 or Sertion 256 of the Tuat¥oJ of Chargcablc G￿￿5 Aci 199? 10 the exieni that tsr are applied exclusi%¢lJ to chantable purpos￿. T*ntlbk nxcd *s*etS ItMli%'idtsal fixed rositti8 £1Th).IYI or nkyt arc iniii•lly r¢¢trded •1 ¢oK Itss any Subscq￿thi xcumulaied depreciation and subscqLKnt itw*airftKni loss￿. Page 12 Wheels Vot*tlonal & Llfe Skilb CtDtre Ltd Yoles to the Fin*nci*l Statements for the Year Ended 30 June 2023 Deprttlatknn •id •nb)rtb*tlon Dcpreciaiion is pfoi'idcd on tangible fixed asxts go as w WTitc off the or val￿￿0￿ •Ay estim&te4 sithd value, over tkir ex￿¢4 w¢ful c¢owni¢ lifr as follm: AMet clasj FixDJfe$ rtttin8 Office equipn￿l Motor ye￿"(] Pignt INI rnacbit Ikprttlatlon nkthod #nd r¥le ?¢Y.'• Red￿ing bala]Ke b&%is 2￿/* Redwitt8 balance basis 21f,' Red￿￿ balazKc ba 2￿/• Redwin8 balartt b&sis Tr*de debto cours¢ of busitKM. ILSIII8 th¢ ¢ff¢rtiv¢ itt¢¢r¢5t rtKthod. l¢ss provi$Lon for inpinrtni. A proi'i5JoTh for thr inyirmcrrt of irade debthTS is esthblisba thete is obje¢rive etsidertt thai the cban'ty rK)i ￿ abk ￿ coll¢¢i all d )rding to th¢ origmj t¢rtrns of the rw¢Ththk5. C*sh t**h eq#l¥alents C*sh artd Lash ryu1￿3]e￿i5 eonwse haAI I￿* call dep)sits. and otr*r slMJrt4¢nn highly liquid investm¢nt5 that arc rcadily wnvcrtsblc io a knoryD of rash •DJ ar¢ sthiect to an imi8nifK4nt risk of ¢han8t tn value. Trade credltorg Trade LYe4JJioTS are obliWiixLS io pay for 8r￿S or services that have been xquired in the ordinarv course of busines5 from supplieT5 Ar¢ounts payabk ar¢ c1455ifi¢d *$ ¢utrrttt li•bilities if the rh•Tity docs not havc an ¢mc(mditional nghi. at the eThl of the rewin8 ￿rk}d. 10 defer Sen￿￿1 of the crEdits)r for •t IA81 tw¢lve months after ￿ reportin8 date. If thcre is ao u￿O￿li￿onal riBhi io defer sctt]ement for * least twelve ttM)nths Trade credltors are TecoBTrisoJ iniiialty ￿ the tr8DsactioD price aTbJ ¥jbseq￿lI]Y n￿SU[￿ ai 8ttx)nised co Slll8 th¢ int¢r¢st Inter¢s1.b¢anng Ix>￿1￿￿8$ •re iniTi4lly rtrorda li fair *alue, Eld of trxDsadion ros¢s. I￿£￿¢￿.be4rjUg bor￿￿1n95 are subwuenily carried at amnised coll. with rk diff¢ru￿¢ t¢Neen the proceeds. of trwjwtton costs. a￿1 Tb¢ an¥)wil rgdwwion T*￿￿15¢41 as • ¢h*Ec to th¢ of Financia] A¢tiiitsu over the wiod of the ￿ley2D1 and similar clw. BorroTriD8S are cla￿lfied Curre￿ Iwbiliiits unl￿ the cbariry aD uKoThlitionAI ri8bt io defer selllement of th¢ lia￿"]1￿ ffx ￿ It￿￿ t**lve afttt the date. P•gc 13 IVhe¢lJ Vocational & Life Skills Centre Ltd otes to the FinanciAI Stxtements for tht I'e*r Ended 30 June 2023 ForelzD txch*tt#é Trnnwctions in foreign currenci¢5 Tetortsj ai the T•t¢ of exchange 81 th¢ thte ofthe tranS￿tion Motlethry L$Se￿ and liabilities denominatrd in fiME1￿ ¢urrtncies ai bala￿¢ shctt da* *r ai th¢ rat¢s of rxcbatt¥e prevailing a¥ that dale. The results of overseas are translated * the average rn*5 of ¢x¢han8e during the penod arKI their balattce shec15 at the rdtes rn1￿8 ai the balaD¢e sheet dale. Excban8e differenc¢5 aTiStn8 on tra￿SlaTiOn of th¢ op¢nin8 nei &88ets and ruults ts( overseas op¢rdlioiis are report￿ in othtt conyeh¢Nsiv¢ itt¢un% and accumul8*d in quity18ttribuid EO ￿Th4OntrOllIE1g interests appropna*i. her cx¢h8tt8¢ dIffer￿￿¢S ar¢ Two￿lS¢d in thc SutCTrYm of FitwKial Aaiviti¢s in the wtod in which they Arise exeeN for: l) exchang¢ differences on trazwtions entuvj In￿ to hvjge ¢ernin foreiBD cwrew risks {see abov¢l: 31 tn the case of th¢ ¢owl]dai￿1 fina￿la1 ststaJ*rtts. exchange diff¢ruw on recei%'able from OT payable to a Cor¢l￿ operaiion for wkn.rh seiilemeni is planned nor I￿¢]Y 10 OCLiar {the￿I0[¢ rom1￿ pth of the inwcstnKnt in the forei8D operaiionl. wbicb are re¢ognis¢d m other compreh¢￿￿%.e iticotrk and Teponcd wKkr tquity. Fund str•rlur Unrestrictd income funds are g¢TKrnI fithds thai are availthl¢ for Lkse ai the tru5tc¢s discretion in fithratLce or the objectives of th¢ charity. Penslon> **d olher post retirtll*llf obll%#tlomi Th¢ cbarity op¢rn*s a defined eotstnbuiion pcnsiott Sche1￿ 1$ a r*nsion plan which fixed eonthbuiion5 are paid into a pension fu￿1 the Lhariry has no leyl or corn%inK¢iv¢ obligaiion lo pay further Ontributiorls tven if Th¢ does t)oi hold wffici¢M ￿5£ts ro ply ¢ryikoye£s thc b¢n¢fits relatsng io employe¢ S¢TViEe in the curTtni and prior p¢nod8. coE￿ribU￿oIL8 to defined ¢ontrtbution ptaDs are Tcrogoixd ID the ofFina￿la1 Athivilies they arc due. Ifcontyibwion payn￿￿1$ excecd thc rotitribuiion du¢ for %rYJ¢¢. the exccs5 15 rm*wsed Is a prcpayJn¢rLt. Fln*Arlal Fit)allLial assds arwj l￿b￿lUeS are wsed wbcn th¢ Charity becomes a pjrty lo the eoDtraCtuaJ provisiotts of the instrumEDt. Financial liabiliiie5 and cquity art clas51￿1 *cordU￿ w the substancc of the Contractual arran¥c]I￿nI5 tDL¢r¢d into. Att cquity insiTumettt is any conwx¢ thai efvidences a r¢51dual inieres( in th¢ ass¢L% of the chaT¥ty after ded￿1￿ all of its Iwbdli￿s. Pagc 14 Wheels Vocation*l & Life Skills Ctntre Ltd otej ¢0 the Fillanci￿ St*tements for the Y￿r Ended 30 June 202J Recvxnilw•p All liabilitits thre ini11￿lY mrwra at trnn5¥ti¢m price tr8nsactiott u)Stsl, exee for those financial a55ets C]￿lfi¢d os ai fair ¥aluc thrDugh rKofiT or loss. are mitially At fAir Val￿ Iwhilh is nomully ihe transaciion pnce excl￿11￿8 tyansxxion Costs). unless th¢ arrang¢rwi Con￿llUl¢S fIna￿En8 tra￿110￿. If an arran8emeni cor￿1￿￿￿eS a firthncin8 tr3EI5¥tioo thc fin3rKial assa or finarKial Iwbiliry 15 Me45￿ ￿ thc prc¥¢ni vaiuc of thc funw¢ pa)TtKnts discouDtrd at a market rat¢ of mi¢rtst for a FitwncÈaJ t%sets artd IMbiliti¢s on]y tslfsd in th¢ ststemeni of fi[￿￿￿1 p)sirion whm and only when there exists g le8ally enforceable ri8ht ￿ Sei off the recowd a￿Unts a￿1 the ¢b•n"ty ititetyjs either ￿ settle on n¢t b&%]"s. or lu r¢a115¢ th¢ th15ettle liability 51multan¢ou51y. fin*ncial 455tt ¢xpir¢ or wt s¢ttltyL bl tk ¢hwity ts¥nsfa5 party subswiiially all of the nsks and rewards of owllershtp of the fin&nciai asx OT cl the charity. despite r¢taiTh7J s(￿￿¢. but noi aiL risks artd r¢wwd5 of ommhip, has trartyf+3TuI wntrt>l of thc a55ffl 10 aTrx1￿rPafty. Financial I￿.1111e8 ar¢ on]y vAxn obli8atioD S[￿lfied iti is dischorgciL C￿￿Ik￿ or expires. Pa¥¢ is Vbeels Voe•¢ioDal & Llfe Skills Centre Ltd otes to ¢he Financial Statements for the Year Ettded 30 June 2023 Dcbi JnstnLments w￿.Ch the followinB ¢0￿"tiOr￿ are wbwtly Measu￿ •t anknised com u%in8 th¢ effective int¢r¢51 n*thod: lal The contwtt￿I retwn ￿ the ?￿Id¢r ts (il a fixed 3mothtt: (li) a p)sitI￿ fixed rate or • posiiiye v*nable rale. or {iiil a combination of a p)sitive or a ttg2tiv¢ r￿ed ratr aThl a positive vanable r*. (bl The contrath Tll•y for rePay￿ts of thc pr1￿1￿1 w the Teturn ￿ thc I￿lder Ibui noi to be linked to a 51ngle relevant ob5erv#ble of gener81 pricc Tnfiatioll of the curr¢rKy in whieb the de instrwneni is denominatryL PTO&Mkd li¢)ks are Doi lcvryed Icl Th¢ ¢ontiact may pro￿d¢ for a dderniinabl¢ variarion of the retum to the holder during the life of the Pro￿￿¢￿ that ILI the ntw T¥¢ satisfies condition la) and the vari*ion 1$ tK)i Colltingeni on tuturc events othtr than11 l a ofi Contractu￿ vawiable raie: 121 ￿ prolcci the holder againsl credit deierioration of th¢ tssuer. 131 changes in levies applied by a ¢etttral bank ￿ arisittg frotn chattw in ￿le¥a￿l or law." or lil) thc n¢w r￿e is a mftrkct r•t¢ of inte￿￿ and sawfi¢s la). Idl Th￿¢ is contrxts￿I provisiott that could. by its iemis. result in the ho14kr losing the prinrjpl anw)unl or any in*re5r attribu4bl¢ ￿ tht currcni periThl w pnorpcriods. le) Cvniraciual pro%isiotLS that p¢rmii issuer ￿ prepay a debt Ins1n￿l or p¢rmit the holder io pul li back 10 the issuer before mawrity are coniing¢ni ¢)n firture evety5. oth¢T io proicffl th¢ hold¢r 18ainst lh¢ credit dcl¢riorniion of the iSs￿r or a ¢hange in C4)n￿OI of the 1&s￿. or to pro1￿1 ￿lder or issucr a￿1￿$[ changes in levies 8pplicd by a r¢ntral bank or arising from changcs in r¢lo'aDI taxation or law. lfj ContracDJal prob'isioEts may Jxrnii the ￿telL¥10n of the f¢Tm of the delm InS￿me￿L provided that the rerurn ro ib¢ hold¢r &t)d any othcr c¢)nTrn¢tual provision5 appliuble during the ¢xle￿Ied tenn saiisfy th¢ conditions of P8TagTaph5 ia) LO Icl. Debi inst￿Tt￿niS thai are cla&%ified payable OT Tweivable ￿thin one y¢ar on u%Jtial recogni[￿￿ and which meet the abol'¢ ¢QDditLOnS arc mcasurd at the unth"scoun*d artM)unt of the cash or other consider*iion ¢ip¢¢t¢d io k pajd or teceKved of measured ai fwr Vol￿ throu8h profil or loss. Cotmniiments lo nwke and rtceive lo•n5 w*icb nxet the conditii)rt8 meniioned abov¢ are measured al c051 (which miy be nil) less Inv¢sttnents in non-conv¢rfibl¢ preference sharcs and non-puNable ordTfy￿ or Preferentt shares (where shar￿. are publlcly tr¥thd or their falr value is r¢lJ2bly rr￿asur&bj¢j tre me&swed ￿ fair value through Profit or loss. Wheff faw Val￿ ￿nn01 b¢ mea8￿ reliabty. investh*nts ar¢ at cosi less I￿1￿1￿$. InvesimeDlS in subsidiaries and associaics arc me&sur¢d ai cost 1¢55 For mveslll￿llts itl 5ubsidianes acquired for coTrsJderation T￿lUdin8 the of sharts qU&ll￿ng for nwer relief. cost is measured by referertee to the ￿TTr￿al wal￿ of th¢ shares l$s￿d plus fair %*lue of other cothsideration. Any premium is P#g¢ 16 'heeb VotadoD*l & Llfe Skills CeDtre Ltd Notes to the Financlal St*lements for tht Year Eoded 30 June 2023 Tr den'vative fina￿￿] i￿Str￿* ￿ Ted￿ ¢xwwe to foreign exchange risk irt¢r¢sL tate DeTiN'Ativ¢s are Inli￿lY recogni￿￿ ai fwr at th¢ d#t¢ a deri￿1Ve contrart ts entered inlo and 3r¢ 8ubsequenily rcmeasur¢d to their fair value at each re[￿￿8 date. Tr rc5uliing or 1055 1$ recow￿d in 51atem¢ni of financial xtkvilies imrnediaicly vnlcs5 the dcn'vatJV¢ LS designaied aExI etTLYiive as i hcdging )stsiuneni. in whicb the of th¢ ￿t>sAI￿)n ID swcmeni of arni*itses der¢tyts ot) the ot'thc l*d¥e rel￿On￿1p. Thc besi ¢vid¢ttc¢ of value is a quoied pnce for aD identical assd in #n adivc When qu¢xed pnc are unavailable. the pncc of o rmt tr4nsa¢tiort for an identical &8set provth J'idencc of fair Is lotks as the￿ has becn a siwficani cbaD8e LD economK CLrCUrn￿¢s or a wwficant 14)se of time Si￿£ the transaction wok plac¢. If th¢ maTk¢t ts ￿ts1 acttve and re¢eni van%xEU)ns of an identsca] their owll are noi 8 B￿d cstÈrnie of fair vah*. the fair vajue is esrimaied by usin8 a valuation 1ttly￿"q￿. J fTQm do#*do•s kz•cies f4ods Gentr*l Total fund* Donations and Icgxic5.' from ￿dIVIdual5 Tot#i for 2•23 l.U4U Tol•l for 2•22 4 l*¢omt from tlh*rlt*blt xllthl iillrtstrlrted (tsttds GeDer•l T•t*l Ru￿1￿& of educat￿11 seheTn¢ Total for 20ZJ 148.252 14¥.25? 148 Total for 2•22 i.079 5 Other Èneon U#re%tricted funds Genernl Totsl Tot*1 for 2•22 ?.2(Kl 22(XJ PaF 17 'hetls Vocational & Life Skills CtDtre Ltd Lyotes to the FiDan¢ial Statements for the Year Ended 30 June 2023 6 Expendllure •n r•hl*R fllnds Uwrnirkttd TotAI Getter*l ,Yole Al1¢xa￿d support Costs Total for 2023 Totxl f•r 2022 ¥3 83 Total foyts 7 Expendlture on £h•Ai¥blt #tttvlilej Lwre5trk¢ed (uods GeneT*I Tot#1 funds Running of ¢du¢atiottal ￿l￿rne GovernaTKe costs -146.71(Tr 346,710 Tot#l for 2023 354.fy1: 354.1>4? Tot*1 for 2022 443.768 443.768 Total exptndl1￿re In addtiion ￿ the exp¢TKiitw¢ analyyed aFx)ve. Ihcre ar¢ also ¥M)Venth￿t e4)sts of £346.710 12022 - £426,8551 wbi¢h rvlate direcdy ￿ chaTitJblc *tivÈiies. See notc for fith dwi Trnstees ftmuner*thn *•d txptllses No ￿￿tee$. nor any persoTL5 connected with th¢nL have ttteived any Ten￿￿￿tion the chan.ty dwing thc year. Page 18 Wheels VKAtional & Lift Skfilb CeDtrt Ltd Notes to the Fin*nCl￿ Statements for the Year Ended 30 June 2023 9 Staifcosts The 4ye8a* pa￿011 costs wrrc &5 follow3.' 2023 2022 St*ff to￿$ dttrth% tht ye#r Were: 17?.310 3.199 15.6?9 237.746 3,122 16.619 P¢llsiLm W5ts 191.138 257.487 The I￿nthlY avern8e of persons lincludm8 senior I leadeT5hip teaTnl e￿]0￿ by the chan.ty during th¢ ytsr expresgd as full W&8 &$ follow5.' 2023 2022 5 {2022. 61 of the above enyloyees pArtIC￿lated in the Dcfincd Contrilwmion Pcn510D khemc* No employre rece1T￿d ellM)luments of nxbre thAn £60.(XMI the yw. 2•23 2022 Examinatioth of the fmwial wter*DLq 4.140 3.99? 11 Txxado• The chan'ty is a rw#tr¢d ¢lwity •tyJ is thettfort ex•w fmm thxa11￿L Page 19 11-heels Voe*tion*l & Life Skills Centre Ltd Notei to the FipaD¢ial St*lements for the Ye*r Ended 30 June 2023 l2 Tanglbk fixed Fixtllres and M•tor vthltles Tot*1 At l July 2022 Additio 61.937 .5¥1 3.2(X) 65.137 1.581 At 30 JUK 2023 63.518 66,718 Depreclatlon At l y￿Y 2022 Charg¢ for the year 47.46_1 49.677 .366 157 Ai 30 Jun¢ 2023 Ntl boolk value AI 30 Jun¢ ?0?3 12.846 829 13.675 A¢ 30 JLEtte 2022 14.474 986 15.460 13 Ikbio 2023 2021 Tr￿ dcbto 9.5(rf) 50.112 14 Cash #lld t•sh equlvaJe*ts 2023 21122 Cash at bwnk ?88.081 454,431 PaBe 20 Wbeels VocatioD*I & Llfe Skiliq Centre Ltd Notes to the Finanei*l S¢a¢ements for the Yt*r Ended 30 June 2023 15 Credli•rs: f#lllng d•e wlthtn ••e ye¥r 2•23 2022 TrwJ¢ rr¢ditots ?.558 ?,015 626 6.315 7,390 555 Other credJiof5 A¢Cr￿lS ¥,451 17,374 16 Penslon *•d other gebeThrs Dtlkned ¢tsffjtrlbtstlott xhemt The chanty tsperaies a defined contritnrtiott pensioti s¢l*me. The peTtsion com charge for the yw T¢PY¢Sffl ontributions payable by the cbanry w the sctlcmc aTrJ ¥mowLt¢d 10 £3,1991?021 -£3.12? 17 Sh•re e*pli*l 18 Bal*•¢e •t I Juli 2022 BAl•Trce It 30 Jll#e 2023 resourees elperyded Vthrethl￿ funth 507.629 149.992 1354,050 302.871 Rrsourr txpt•ded B#laDcc Ai 30 2022 Jwli 2Q21 It￿Urt 625.130 326J50 443.1151 507.629 P￿21 'heels Voe*tlonal & Life Skills Centre Ltd Iloles to the Financial St*tements for the Year Ended 30 June 2023 19 Analysts of Det *sJets btt74eeTh f•Dd5 Unreslrlcted fllllds Gener•1 Tot*J funds *( JO June 21123 Tanyblc fixd ¥ss¢ts Current &ssets 13,675 ?97.fi47 13.675 ?97.647 CuTr¢nt liabilsiies Total net assets 30) 871 30?.871 Llnrejtrirted Tot*1 funds al JO Jun¢ 2022 Gentr•l Ta￿￿TrIe r￿ed &ssets CuTr¢Dt Current liabilitiC5 15.4(rf1 509.543 117.374 15.4tA) 509.54.1 117.i741 Total ftt &8sets 507.629 507.629 20 A••ty5is of fynd¥ At JO Jumt 2V?3 At l JrAlv 21122 Cash ar bank a￿j in b4TMI 459.411 459.431 Net d¢bt 459.431 459.431 AI.10 JuDe 2022 Al l Julv 21121 Cash ai bank in hafyl 532.77? 53?.77) Nd debt 53•.77? 53?.772 21 Related p•rt)' tr*th￿¢th￿S Pa8e 22 Wheets Voc*tlon*l & Llft Skills Centre Ltd Detailed St*ttnbtnl of Fin*ntial Aelivities for the Yur Ended 30 June 2023 Tot 21123 Total 2022 lfytomt a*d E•dov¢menis from: tk>naiitsn% legaiies lanal)Tred below) Cbaritsble activities latsalysed beknwl 1,071 323.079 221M) 148.?52 Total mcome 326.350 ExpeTrdll•re oa: Raising funds Iwwly5AJ below) Chnritsble actiiitics lan￿￿ bek)w) 18} 1354.(M? 1831 443.7681 Total exlxndiwre Net ¢xper*litttyt 354.050 1443,8511 1*04.758 1204.7581 Re¢oth¢lll•tl•* of 507.629 6?5.130 30? 871 507.629 Page 23 'heels Vocational & Life Skills CtDtre Ltd Detailed 5ta¢em¢nt of Financi*l Activities for the Ye*r Ended 30 June 2023 Tot 202J Total 2022 Appeals aNI donatsotss 1.071 Pnmary purpose trJdin8 ContraLtual from gi1verntt￿ or publir auttrM)n"tses 19.893 120,961 27.274 ?89.197 148 ?5? 1!3,079 Othér Income Rental Income Travel aThJ subsistence The awjii olth¢ rhwriws antsual accounts io ChoFi1oble Purch&s¢s Wagcs sthn.es Siaff pensiork% Subcontrart lost 17.3321 {172.3101 13.1991 110.7521 13.456) 116.913) 1237.7461 {3,1221 StatTtrJining Health safety Renl Rales Light. he31 a￿1 pow R￿￿]r5 alld renewaL8 Telephone and fax Computer SOftw￿e and main*narKe Printing. attd stationery Tr* subscTiplion5 HI￿ of plant and ￿hl￿try IOperaLin8 leascsl Sundry ex￿￿$¢$ Cleaning Motor exFnses Adv¢Ttising IT￿￿[￿k￿l examÈttrfs fee PrO[￿lOn￿l illd¢rMity irL%uraKe Le8al aDd PTofwional fees 11.557 13,7?f I 166,1711 16.3041 (53.9801 (1.6891 14.084) 19.6721 19.5541 17.1541 13.9691 16,0251 124.9731 13.3051 (2,9021 13.95YI 19.6061 1.5441 11521 126.1551 15401 {6.7181 {1.6011 14.1401 (10.6191 11.885) 12.6881 13.9921 112.7961 Pag¢ 24 'heeb VoratioBal & Life Skllls CeDtre Ltd Detxiled Statement of Financial Activities for tht Year Ended 30 June 2023 Tot*1 2023 Toi*l 2022 Bad debts written off 16.280} ?621 11.3161 (2391 1157) 11.651) (3.925 1126) {1.645 Iiia>i 11971 DepTeciLlion of plaDt arbj mxhllKry Depreciaiion of fixtu￿ a￿] fittings D￿￿1￿￿0￿ of motor v¢lJiclc5 ikpTttiLrion of offic¢ equipnKni IProfityloK sale of tawTrJk fixed hekl ￿ chan.tys ovm use 354.IW2 M3.768 202J 202J UJTestTifted Totxl 2022 GeTreraJ To 1,071 2023 2•23 Total 2022 Ge•enl Tot 19.893 19.893 27.274 Contracwal ￿corne fmm 80venllD￿l or wthlic aukn'nes 120.961 7.398 120.961 7.398 ?89.197 6.608 148.252 148252 11_3.079 2112.3 Tot*1 Tta%L'I and Subsi￿¢ The atyJTt of the ¢lwitys ¥couoty Page 25 'heels Vocational & Life Skills Ctntre Ltd Detailed Si•temeDt of Fin*nci•l Activities for ihe Ye*r Ended 30 June 2023 2•23 Unrutrkied 2023 Tot*l 2022 Gener*1 Total Ch¢ri14ble aL*i*iieY (7.3321 1172.3101 13.1991 (10.752) 13.4561 7.3321 117ry.3101 116.9131 1237.7461 13.1 ?2) 111.3371 11.5571 {3,7251 66.1711 Wa8¢s atwj sRlari SrHff pellsion8 Subcontract cost Siaff iiainJn¥ Health arwj 5wfcty Rent 110.7521 13.4561 1$3.9801 11.6891 14.0841 9.6721 9.5541 17.1541 13.969 16.0251 124.9731 {3.3051 12.9021 153.9801 11.689) {4.0841 {9.6721 19.554 17.1541 13.9691 16.0251 124.9731 13.305) 12.9021 Rates Li8hi, heal 8fKI power Repairs and renewals Telephone and fax Conwter softwMTe arhd mainww¢ ¢o&ts Priniing, posta8¢ and stat Trnde subscnpiiorss HI￿ of piani at)d m&hiw (Op￿ts￿l iea%esl Sundry ¢xp¢tses Cleaning Mo(i)r expens¢s Adv¢nisin8 Independem examittcrf$ f¢e Prof¢4ional indemniry ÉijgJran¢¢ Legal and professional fees Bad debis Written off Bank cbarge5 Depre¢i&iÈon of plant aThJ nmehthery D¢pr¢ciition of fLXDJre5 and fittio DepreciatiLm of rt￿10r vehicle5 D¢pr¢¢iation of officc cquipmeni IProfitVloss on sale of fixed &VLS held fi chan'ws own {3,9591 19.61)61 11,5441 13521 126.1551 15401 16,7381 I 1.0011 14.1401 {10.019 .8851 16280) 12621 IlJ161 {2391 {1571 (2.6881 13.99?> 112.796) 14.1401 110.019) 11.8851 16.?801 1?6?} {3.9251 {1.6451 1239) 11571 11.6511 22¥ 11<4.04? 1354.IM) 1443.76YI Pa8e 26 I'heels Voca¢lon*l & Life Skills Centrt Lid Detailed Statement of Finaneial Aeti)'ities for ihe I'elr F.nded JO June 2023 2023 Tolal Govern4n¢e rosts 'a¥es and saianes Staff pensM)ns Subconirdct cost StatYtrnirtln8 Ilealih and 5at¢ty Reni Ratts Li¥hc h¢* and Repwrs and rentV¥als T¢l¢phon¢ and tax (172.3101 13.1991 110.75:) 13.4.561 153.9801 I l.h891 14,0841 19.672Tr 19.5541 {7,1541 13.969) 16.0251 174.9711 13.3051 12.9021 Printin& ￿Stage and stationery Trade subJcripiions Hirt (Trf plant ma¢hJw 114miing leases) Sundry ¢.¥p¢nsc5 Motor exwjses Ad¥¢nising 11.6011 14.1401 110.6191 I I.%XSI 16.?801 Professional IndemmN insuraTK¢ Legal attd prnfessional fees Bad d¢bts Wnll¢n off Bank iharge Dorwiatsoo of plartt atyj tt)achtrKry Ikprtciaiion of fixmres and fittLngs Depreciaii4)ft of vehicles Depr¢riatsoD of offiG¢ ¢4wpn%nt 1i46.:101 This paF do¢$ Dot form part of the statutory fioatrMI sthterneDts. Cooyany rewSty￿1011 nunkn.. (knfAI83?-. Ch￿ty r¢gisEfatiOO r￿kner.. 1157741.: Wheels Vocational & Life Skills Centre Ltd IA conyarty 1owTed by suarani¢¢i Annual Kq￿ and FllwKial Siaiem ror the Year End¢d 30 June 2023 Sandwell A¢cO￿tanc￿ Smices L Cenified Public .4ccounonT5 Old Bank Bujldings L.pp¢r High Street Cradlo. Hcath 'est Midland8 B64 SHY 'heels fvo¢*tional & Life Skills Ctntre Ltd Contents R¢fereThce aTrJ Admini5tratiir I￿￿115 Trus*es' Repon 2ro4 tndepeTKtenr Examiv*'s Repon 5106 Statement of ALtINines 7tu8 Balance Shrtt s￿leMen1 of Cash Flow5 io otes lo ihe FI￿nila1 Sts*ment$ 11 u)?? Wheels Vo¢*tlonal & Llfe Skills CeDtre Ltd Reference and Admlnistrative Details Senior Y*N¥g¢m¢ttt I t*#dtrshlp Mr5 J Lur. Hc4d T￿cher Tt* Mrn C LKar. S¢1￿1 Buskn)ess Ma Mr R Edwation C￿1th Ch*rltv Registr•tloD I 157795 CompaRy Rt#htrxtlo• I)6(￿832? Rettsier￿ Offl¢¢ Old Bank Buildu Lpper Hi8h Stre Cradl¢y Heath Wen MidlaDd8 B64 SHY Rufford Ro STourbridgc DY9 7ND IJMleptndent S*Mtwtll Atcountaw Sm'i¢es Lld Cernfied Publhc Accowltants Old Bank BuLldings Upw High Strect Crwlley Heath Wcst Midla￿3 B64 SHY 'h¢els VocatioD*I & Life Skills Centre Ltd Trustees, Report The tyusiec5. WIK) direciors for the puryM)ses of ¢ort¥>any law. PTe5¢ni th¢ Jnnual report together with th¢ rJvan¢Jal staiements and auditOT%' r¢w)rt of the ihanthble iOTroany for the year ended 30 Jun¢ 9023. Objectivts **d •ctivl¢ks Objed5 To ad as a TC%)urce for yowlg people. ￿7th1￿ the W¢si Midlants arKI surrounding arus, by Pro￿dIng thice 8Dd aS51Sta￿e and organizing proryunes ofpbysieal. educaiionjl other aciLviiie5 as a of.. Ad￿ancIng in lifr ond helpin8 y¢)Iin8 people b). dc%'elopin8 theÉr skn'lls. Cap￿%1%¢$ 4nd capabiliti¢5 lo cThable Ih¢rn lo partL¢ip*e in S￿iety as iDd¢p¢t¥kthL mature and Te5pon5ibl¢ indivithjals. . AdvaThcing educJtional op￿illeS. . R¢li¢vins uJemplo￿t. . Providing rryreational leisure lime xliviry m the mterests of so¢ial w¢lfare yLwng peopl¢ wkn have n¢ed by rtdson of their age. infimknty or disabiliry. povthy or social aTrl tton0￿ ClTLwn￿￿ts with a view impToving the condilLons ofiife of such yOLm8 people. We aim 10 provide an Altrrn*ive EdwiM￿l Offer within the su¢YouthB arcas for yowi8 p￿>ple aged beNeen 14- 16 ycaTS old. A full Tr￿*￿eS Rewt 15 aYWt•ble a8 a PDF from th¢ Clwribes Commisshon 7*rb5ite Pwbllc bemefii Srud¢rtis euniinue 10 rnisc funds f￿ ¢lwithblc organisDtK>nS. Tbis year 5UPPOrt lJ•5 agait) been ￿vell to MaCmill￿ C¥nc¢r Swy)rt1£149 Taisdl. cornm￿1ty rel￿10￿8 were inw)v¢d by offerin8 a free of charB¢ -car Valdit)8 Servicc" for WOTkers on the industrial ests*. This pro¥ed ￿ be popular protrided So￿ents th¢ opwtLuiiry to prod￿¢ ￿v¢rtISIng posters to publicist the ¢vent. Litt¢r pirks around commwl ar￿5 bave also IKen a feanw¢ of tkns years work. So¢iai Enterpnse Activities b4vc ￿n¢t0￿￿ted Upr￿1 the prthtioo of b￿d trK*xe& planters aNJ the culiivaiion of flowets. small shnLbs. fruit aud &e8etables. Pre-Pth￿ corttsitlers have bccn for s41¢ io I￿81 b￿lneS￿$ who The trL8trts conf￿ that Ehey hav¢ CQTry>lied with the reqU￿rn￿ of sethon 17 of th¢ ChHrities Act 2011 have due regard to th¢ public benefit guida￿¢ publtsbed bv the Charity C¢)Twnwon for England and Wal¢s. Fln¥nci21 rtvk Poli¢y resen The Tn￿le¢S are co￿1ZAnt tbai local 4uthon.ry is en￿la1 for thc solv¢w of the xhool and Should this b¢ Wit￿1[¥￿￿ then closw¢ would swiftly folk>w. It has been dcridd that reseETre5 olapproximatcl>' £?(rf>.(MM) of thLS funding slw)uld be held io off-sd any Such $ituaiion. These fi￿￿J5 ThDuld allow the scbwl ￿ maintsirt teaebm8 stsff in post for the short icThn whilsl ali¢rnativ¢ fuudin¥ 1$ sourced. Th's r¢s¢rw¢ ￿1] allow the school lo provth educ3rion for those st￿ents r¢m&i111118 oo roll and contin1* to opff*e. Page 2 Wheels Vocxtlon*l & Life Skilb Centre Ltd Trustees, Report Trujlees ¥nd oftl¢en Ms A PeJ'ovi¢ MrPJTo MrGM Dmv MT5 C LCJT. kl¥)ol Busitiess Man The charitys a¢tiviiies expos¢ it nuth of nsks inclthg (￿di1 ri51 r¥sh Iknw Tisk ath4 Iiquidiiy risk. Thc u5¢ of den"vatives is sovullcd by th¢ charity's P)lieies an)toved by the board of trustcc& which provide WTillen principl¢s ots the we or rI￿ar￿la1 den"vativ¢s ￿ manNge thcs¢ Tisk5. Tk chanty does C￿}10￿ rfs* The ¢harity's activities exw it pnnmrily ￿ thc fTnwKia] risks of changes in (orei8n CUfTew exch￿￿ rdies and interest rn¢￿. The ch•n"ry w foreign excbwt fonvard con¢rnLts alld itst¢￿ rnt¢ $wap ¢ootracrs io hcdge Ihw ¢xw)5ures. ￿5¢ts and liabilities are held at fixed ra* ty engjrc ccrtaitity of ¢&sh fi￿. Cwtdh pisk Th¢ ¢hanty s prir*ipal rIn￿lat assets are bjnk iwlantts and ct8h. trade thher receivables. invcstrnents. ctwiry's crcdii risk pritnarily attributable to Lis tr¥Je rccci%'Jbl￿. Th¢ aryK>unts presetiied itt the balance th¢ei are net of allowaDce5 for th)ubrful T¢t•Tnbles. Ao sllowarKe for inyinrthi ￿ nwje wh¢Tr there ts an identified 1055 event b&4ed OTh preN70￿ cxperhenc¢. is ¢vid¢K¢ of & reduction tn tbe reco￿trabl]I￿ of th¢ flows. The CTedit risk OTb liquid fitrhth aTrJ den"V￿1ve finwKial ins1nA￿ bs limittyj b¢¢we ¢owiierparties are bath ￿th hi8h credii-raiings •S5]￿ed by int¢matiottal crtdii-rating agetKie The chan'ty h&s no si¥nificath eoncentrnUOD of cre4th'i nsK with ¢xposure swt*J over a large Dwnber of rfs* In order 10 mainlain liquidiry to that wffi¢ieiJt funts are avaijabk for ongoing Ope￿10n5 •nd fiMJ d¢v¢lopnwts. the charity uses 3 ￿￿X￿]re of long4￿￿ short-term de￿ fIr￿￿te. Further dewls T¢g¥rding lÈquidity risk can ￿ row￿ in ihe S¢al¢merrt or p)licies ill the firlw￿ Pw3 'heels Voe*tlonal & Life Skills CeDtre Ltd Trustees. Report Thc tTUSlttS Iwtho are also Ihe direeioTS of Wheels Vocarion•J & Life Skjlls Centre iAd for the PUTPQ5¢5 of mpany lawl are respons¥bl¢ for pr¢panng ihe trusiees. rwn and ihe finaniial 5¢ale￿￿nts in accOrda￿L wilh appli£ablc law and Lniied King&)m Accouniing StsJJdard5 ILnJtd Kingdom Generally Accq>t¢d A¢courttin PraLtiLel. itKlwlmg FRS 10? "Tr Fitwocial ReporuDg Sthndard aFplicablc ￿ the LK atkl Republic of Irela￿j.. Company law requtre5 the tnL%iees 10 pr¢pare financial s¢atemekts foi each fitwKial year. Und¢r company law the I￿￿tee$ musi rK)i approve th¢ fin•ll¢ial siaten*nts unless ihey are saii5fied that they ￿ve a tnje and fair view of tht stst¢ of affaJTS of the chantable cornpany and of th¢ in¥wmthg resources and appliL3rion of r¢50ur¢¥. irtcluding ILS inco￿￿ and ex￿dItUre. of the ¢han"table eompany for that pcriryj. In prepanng thest finarKial staiem¢Dts. tk tr￿￿te¢S are requjred ￿.. seleci suitabl¢ xr¢)UniJn8 pTrlicies and apply them consisT¢nily. ObS￿e the meihods and PTinrip1¢5 in th¢ Chanlies SORP: makc judgen*tt¢s and ￿lmaleS thai arc reasonable aThJ stste whcther opplk¢able accountin8 cowi$ing FRS 102 bave been folloFr r¢l¢vanL Inf(￿￿8110ft thai tky krKyw of wjd ofwhKh the%. know. the a￿Jib)r is unaw*¢. The re￿rt was 4yrovedby thr of the clmrity on ..LQ&.14Tr and 518p￿ on iL8 behalf by.. MTGMDrew Tntske Pag¢ 4 'heels VO￿tIonal & Life Skilb Centre Ltd Independent Examiner's Report lo the truyites of Wheels Voeational & Life Skills Ceotre Ltd ('the Companv,) I rcwt to the chtrity trwees my ex•mination of the xcounts of Conwany for etmtsj 30 Jw 2023. RespoM6bllltiu and b*sis of report As the chanry's tr￿sle¢S of the Con4wky I3￿j alw its dIreC￿T5 for the purtx)ses of company lawl you ar¢ rtyx)￿1bIt for pttPAratioD of the aec¢JuThts in xcoTd•n￿ with th¢ rrqUireu￿ts oftht Cotrymmes Act 2¢N)6 {'tht 21NJ6 Act'l. HAvin8 saiisfioj myyelf thr xEouDts of th¢ Cottyrty att n(M to be a￿"tea under Part 16 of the 21M)6 Aci auj aTE ¢IiBTbl¢ for exati)il￿tt00 I rer￿ m rc5pect of my ¢xamiDwon of your rhan'ty's accoutsts &s carried out under seclion 145 of the CbaTitie5 Aei ?01 I I'the 2011 Aci"). In carryin¥ oui my exarnination I hjve followed the DirectioL$ 8iveD by the Charity co￿￿￿1$510￿ urthr Stttion 14515Kb) of the 2011 Aci. Il"heels Vo¢*tlonxl & Life Skills Centre Ltd IndepeDden¢ Examiner's Report to the trn￿et$ of ￿'he￿5 Voc*tion*l & Life Skills Centre Ltd ('the Compani, Indepe0d¢#i tx*mlner's staiemellt I hai'L cornpltwl Jny examLnaiiott. I Confi￿ that ￿ rnattu5 hv¢ ¢on* th my atiention ID conn¢ctson with the examination ￿¥1￿8 cause io b¢li¢ve.' counting rtcorts wwe kept in re4)e¢i of Wheels VI￿1￿￿31 & Lif¢ Skills Cerhtre Ltd as rryuiTed by s¢¢tioo 386 of the 2￿ Affl; or 2. the acrounts do Thit a¢LY)rd with those records: or 3. the accourtts do tM)t comply with the XCO￿¢1￿8 r¢quiremtt)ts of Sec￿ 39t* of th¢ 2(th Atl other than any TquireTti¢nt th&1 xcounts 8j*t a"tnJe and fair vi¢W is TM)t a rnaller con5id¢r¢d L% pan oran depethi emmuwiion: or 4. the &¢out)ts have rxii been prepard in ￿0[dance with the metknts and pnnciples of the Stsknneni of RccomJM¥kd Ptadice for ac¢out)iin8 and re￿nIng by rljarities lapplicable w charities prepanTr8 their ccoun￿ in th¢ F1MEK￿l Rewiing Sthndard applubk in the UK and Republlc of Ir¢laNi IFRS 10?). I have concerns aTrl have com¢ ¥KTDSS tto ¢xh¢r matters in eonTKction with th¢ eiwnimtion to which atttniion should b¢ thxwn in thi.s rtrM)n tn Order to cnabl¢ a pri)P¢T ￿￿de￿Ing of the xcounts to b¢ mched. sand￿.¢11 Ac¢ounianry Ser%"iLes LIn￿led Certified Public AccountsnL% Old Bank Buildin8S Llpp¢r High Streei Crwjley Heath West Midlat B64 SHY Page 6 heels Voration*l & Life Skilb Centre Ltd Siatement of Fin#neial Attivitity for the Ye*r Ended 30 June 2023 (Including Income and Expenditure Ac¢ouDI and Statement of Total Rerognlsed GAlns Ind Lomes) restricted funds Tot*1 2023 t￿￿tiOnS 4nd le￿1¢5 Chari¢ablc xtsvities 1.040 148 ?5? Tothl irtcomr 1441,2y? 149 ?¥9 E¥peudlturt om: Raisin8 futMIs Chantable nclivittes 181 1354.IM? 1354.04? Totsl ex[￿dI￿re Net exp¢ndt¢ure 1354.050 1354.0501 ?(M.758 1204.7581 Nei movemertl in Funds (204,758) 1?04,7581 RttoDclll*thon of fumds TO￿ fu￿]$ brou¥hi lon¥ard 507,699 507.629 18 30:.871 Uvestricttd fyDds Toial 21)22 Don8tiOJLS and legacies Chan'thble aLliVities her irthmt 1.071 323.079 1.071 323,079 2.2 Totsl Ittcomr 326.350 326.350 Eipe•dlt•re om: Raising fwyjs ctWE"tsble activities 183) 1443.7681 18Jl 1441 7681 Totsl cA￿dIty￿r 1443.851 1443,8S11 Net expth1itu Nei nN)%"emeni In fun 1117.5011 1117.5011 Rttonclil*tlon of funds TO￿ fumts brought forwanl 625.130 625.130 18 507.6?9 507,6)9 Pw7 'beels Vor*tion¥l & Life Skills Centre Lid Stgtement of Finanei*l Activilies for the Y¢*r Ended 30 June 2023 IlncludlDg Income *nd Expenditure Account ind $1glement of Tot*1 Re¢ognised Galns #nd Loyses) All of the charity's ￿TI¥ll1¢S d¢n'v¢ from coniinuing op¢ratM)rt% dwing th¢ aiw)v¢ two ￿￿j5. Th¢ fiJThds breakdowi for 2022 15 sIM)￿t in 18. The notes on 11 ￿ 22 forni an inw part ofthese fm¥n¢ial sth*rn￿. Pag¢ 8 'heels Voc*tion*l & Llfe Skius Ctthtre Ltd (Registr*tlott number: 116608327) Balance Sheel *5 at 30 June 2023 2•23 2f122 Fi%td asJetS Tangible ass¢ts 12 13.675 I5,41￿) Currtp¢ x51ets DebioTS C&8b At and in haThl 13 14 9.566 288.081 50.112 459.431 297.￿7 509,543 Crtdltors". Amounts f•Jiln¥ due wiihim 00¢ y¢*r 15 18.451 117.3741 ?89.196 492,169 Iyet *ixti 30?,871 507.629 F•#d* of the ¢b*rlty". VDrtJtrltitd IDtome l•Mds Unr¢%trirled fw15 30? 171 507.629 Tot•1 f¥Ads 18 307 871 507.629 For the financial year ending 30 ju￿ ?023 the ¢lwrity was •Mided to exenyion from a￿111 section 477 of thc Conynkes Ad 21M)6 relattthg to sllMiI coryames. The n*¢mbers bave required thc cbarity tts obtsitt •th wmlit of its ¥¢otr)ts for the yew ftn wioD acixbrd8r￿c with sec1￿￿ 476". The directors acth)wledge their Tf5powibiliti¢s fot ¢ortwlyin8 wrth the wuirements of the Ati with rewt Th¢ fiDancial statenxnts on PAgts 7 th 22 wve appmved by the tru￿¢￿ and aut1W)ri￿ for issue on W si8hed on kbalfby.. MrGMDrew T￿￿¢¢ Tr nrt¢s on p¥es I I to 22 fonn inte8rn1 pth of thcx finwKial *tuncnts. 'heels Vw*tion*l & Life Skills Cekntre Ltd Statement of Cagh Flows for the Tr"ear Ended 30 June 2023 21123 2022 C45h nows from oper¥tifye aethl N¢t c&sh exrthjinjre Adj¥stme•ts to c*Jb nows from •ofrcasl itell Ikpr¢ciation Loss OD di5pwI offiK¢d held cbatiWs own vs¢ 1204.7581 1117.5011 3.366 3.815 1201.3921 Workln% capit•l adjll9tu￿Utl IkL-Tease in debtorg Decrease in crditows 13 15 40.546 50.935 Nd cash tlows from operaDng xtiviii¢s C¥$h nows (Tgth Inyejtlttt *¢ifvltks Pw¢has¢ of tan8ible fixkhd Sale of thnwbl¢ fix¢d assets I 169.7691 173.8¥61 12 77? Net ¢¥h flows from investing activiiie5 77? decrvdse in cath and cash equivalents 1171.350) Cash #NI r&8h equivaleDts ￿ l July Cash aT¥J cth qyiv41¢ttts at 30 JuDe 459.431 537 772 ?88.081 459,658 All tsf the cth fiows are derived fr￿Tr con¢inum8 (yerau4)n% durin8 th¢ abovc WKvJ$. The op pA8¢s 1 I ￿ 72 form an Inte￿￿ ptsrt oftt￿ fin￿￿111 swern￿. Pag¢ 10 WheeLq Vocational & Llfe Skills Centre Ltd ,Notes to the Financial Stalemtnt$ for the Ye•r Ended 30 June 2023 t Charllv slatvs Thc chan'ty 15 limit¢d by share capiul. ID EDgl*MI. The oddTe&s of re￿￿ered Ot￿(¢ is". Old Bank BuildinBS Upper High Stre¢1 Cradley Heaib Wcsl Midland* B64 SHY Thc pri￿1paI p￿¢ ofbustw is.. G￿￿E￿)￿u8h Trath"ng E5tste Ruftord Ro8J Stourbnd8e Wesi MidlaT¥Js DY9 7ND l Aceoullthil po of*fylfk•nt pomeles kev estlttmles priitipal x¢4)uniinB p)licies applitd in th¢ WePJT*ion of thr5¢ finartial sts*mtnts are set oui kkiw. Thcse policics have bcen ¢i)n$15tethily applied 10 all the years presented unless otherwise stated. St*ttmeni of comp￿￿nee The fLtwKial swtm¢nts h8ve beett in with Act￿11￿ aTrJ Reporting by ChoTities.' SIHIrnI of PrxiKe lapplicable to ihaniics w¢panrtg ihtir aL¢Y)Wlis in pth)rdanct with ihe Financtal Rq￿rtIng StaNJard applI￿ble in the UK and Republic of Ireland IFRS I(I?11 Iis5wd In Iktob¢r ?0191 . (Chanti¢5 SORP IFRS 10211. the Fi￿a￿￿1 Kqymulg Stsndard appl*able m the UK aod iiepublic of IrtlaDd {FRS 102) and the Act 2(Ml6. B•Jls of preparitlo* 'hee15 Vo¢aiional & Life Skn"115 Centre rnects thc definitioth of 8 publi¢ benefit entity under FRS 10? AS￿ts aThJ liabiliii¢s initially le¢0￿ed at or valuc unkss other￿¢ the relevant xe(rtLnting polKy Golng c•Dctrn Tk trus'tees cotksider there are no mMi•l the *bility th ¢oAtinlle as a OOiDg CO￿t￿ nor arry sigmficani ofuD¢aw that affed the cwiDg Val￿ ofuscts held by the cb•rity. IA¢orne *Bd tAdowN*Nts Ail Iticomc LS r¢cobmis¢￿ otK¢ th¢ ¥h￿ty Iw ¢ntsdetnent kn the wKome. li is probable that the will b¢ eiTr¢d ST￿ the att￿t ofthe income receivable can be rdi•bly. P•gell Wheels Vocational & Life Skills Centre Ltd l%otey to the Fin*ncial St*tements for the Year Ended 30 June 2023 oAdlet*cies DonatiorLS are recognised wh¢n th¢ charity h&$ been n(Mified in ￿lling of the al￿￿￿¢ a￿] Settle￿It date. In the ev¢Trt thai a dthuiion is subjcd to conditions thai require a lel'el of t*rfornwKe by th¢ ¢harity before th¢ chaniy is eniiil¢d to ihe fun&%. the iNome is delerred aThJ Th)1 re¢ognis¢d until either ￿se conditions full mei. or the fijifilmenl of ilK)5C COtLdJtkoJts is wholly *itbm thc conuol of the ¢kn"ty and it is pro￿￿ th¢ ndiiions wll b¢ fulfilled in the rerx)rting pen(bd. Expe•dll¥re 11 expenditure is reco￿￿ once thtte is a legal or i0Th81nKlive obligtion io thai exwKlilurc. il is pfvbable setrleff*ni is rcquircd atkl the amouni can k rrKasured I¢l￿bI).. All ¢i)sts are allocaied ¢0 th¢ applicable ¢xp¢nditur¢ h¢ading thai aggregaie skmilar Costs to that categorv. W'bere costs carl￿1 k dwectly aNnbut¢d io particulw h¢adin¥s they hai"e been ￿lOCated on a b&sis ¢onsiStent wjih the use OC resol￿r¢s. with central ststT costs alloca￿d on th¢ basis of tth)e WL deprc¢iarion charg¢s 4llo¢ai¢d OD the of th¢ 355¢¢ s ￿￿e. Other support costs are alkKaEd bas¢d on the sptad of stal[ctr￿¢s. Th¢sc Jr¢ ¢osts incurred in a¢tracuDg volunthry in¢omt. the maDagemeM of mvesmMts attd those iDcurred in tradin8 aciivitie5 rni5¢ Charitable ¢X￿￿1*ful¢ comprsses Ih)se LU*Sts 1DCuTr￿ by iIL¢ ¢hariiy irt the delivery of its aclivilies and services for its benefici4ric5. 11 costs thai can be allocaied diT¢rily To suth t*tiviiie5 and thos¢ rosts of a Support CMIS Supp(irt cusr5 Include ¢entr•l fimciions aThJ hav¢ b¢¢n all0¢a￿ 10 CO￿ ulegon¢s x ba5iS Lonsistent with the ￿ of rcsourcrt. for ¢xampl¢. ail(otin8 PTOPCrty cost5 by floor are&% w per capit4 stsff ¢05ts by the ILMC spent aTKi oth¢r ¢OSL8 by their usagc. Go%'ern*nee Costs Thisc Includ¢ th¢ vosts attriburable ￿ Ihe chaTiry'S fl)nyli•b¢e with ¢onSti￿￿O￿al and r¢qutietwits. includin8 audil stratrgic •rMI ￿￿￿Ing3 and reirnbur5cd T•x¥tiOII Th¢ chanty is coTh8idered w pJ5s thc t¢st5 Set ￿ in PawTapb I Schedul¢ O of the Finartt Aci 2010 and therefore Lt th¢ d¢fukitw of a ctrthriuble cotnp14 ny for L'K ri)rwraiiutt PUTP)sts. Arrordingly. the Charity Is poieniially exenwi frnm ￿￿#11[￿ in respeci of incorrK or capital gains received wyihin catcgori¢s covered by chapt￿ 3 Pan I l of Ihc Corywation Tax Act 2010 or Sertion 256 of the Tuat¥oJ of Chargcablc G￿￿5 Aci 199? 10 the exieni that tsr are applied exclusi%¢lJ to chantable purpos￿. T*ntlbk nxcd *s*etS ItMli%'idtsal fixed rositti8 £1Th).IYI or nkyt arc iniii•lly r¢¢trded •1 ¢oK Itss any Subscq￿thi xcumulaied depreciation and subscqLKnt itw*airftKni loss￿. Page 12 Wheels Vot*tlonal & Llfe Skilb CtDtre Ltd Yoles to the Fin*nci*l Statements for the Year Ended 30 June 2023 Deprttlatknn •id •nb)rtb*tlon Dcpreciaiion is pfoi'idcd on tangible fixed asxts go as w WTitc off the or val￿￿0￿ •Ay estim&te4 sithd value, over tkir ex￿¢4 w¢ful c¢owni¢ lifr as follm: AMet clasj FixDJfe$ rtttin8 Office equipn￿l Motor ye￿"(] Pignt INI rnacbit Ikprttlatlon nkthod #nd r¥le ?¢Y.'• Red￿ing bala]Ke b&%is 2￿/* Redwitt8 balance basis 21f,' Red￿￿ balazKc ba 2￿/• Redwin8 balartt b&sis Tr*de debto cours¢ of busitKM. ILSIII8 th¢ ¢ff¢rtiv¢ itt¢¢r¢5t rtKthod. l¢ss provi$Lon for inpinrtni. A proi'i5JoTh for thr inyirmcrrt of irade debthTS is esthblisba thete is obje¢rive etsidertt thai the cban'ty rK)i ￿ abk ￿ coll¢¢i all d )rding to th¢ origmj t¢rtrns of the rw¢Ththk5. C*sh t**h eq#l¥alents C*sh artd Lash ryu1￿3]e￿i5 eonwse haAI I￿* call dep)sits. and otr*r slMJrt4¢nn highly liquid investm¢nt5 that arc rcadily wnvcrtsblc io a knoryD of rash •DJ ar¢ sthiect to an imi8nifK4nt risk of ¢han8t tn value. Trade credltorg Trade LYe4JJioTS are obliWiixLS io pay for 8r￿S or services that have been xquired in the ordinarv course of busines5 from supplieT5 Ar¢ounts payabk ar¢ c1455ifi¢d *$ ¢utrrttt li•bilities if the rh•Tity docs not havc an ¢mc(mditional nghi. at the eThl of the rewin8 ￿rk}d. 10 defer Sen￿￿1 of the crEdits)r for •t IA81 tw¢lve months after ￿ reportin8 date. If thcre is ao u￿O￿li￿onal riBhi io defer sctt]ement for * least twelve ttM)nths Trade credltors are TecoBTrisoJ iniiialty ￿ the tr8DsactioD price aTbJ ¥jbseq￿lI]Y n￿SU[￿ ai 8ttx)nised co Slll8 th¢ int¢r¢st Inter¢s1.b¢anng Ix>￿1￿￿8$ •re iniTi4lly rtrorda li fair *alue, Eld of trxDsadion ros¢s. I￿£￿¢￿.be4rjUg bor￿￿1n95 are subwuenily carried at amnised coll. with rk diff¢ru￿¢ t¢Neen the proceeds. of trwjwtton costs. a￿1 Tb¢ an¥)wil rgdwwion T*￿￿15¢41 as • ¢h*Ec to th¢ of Financia] A¢tiiitsu over the wiod of the ￿ley2D1 and similar clw. BorroTriD8S are cla￿lfied Curre￿ Iwbiliiits unl￿ the cbariry aD uKoThlitionAI ri8bt io defer selllement of th¢ lia￿"]1￿ ffx ￿ It￿￿ t**lve afttt the date. P•gc 13 IVhe¢lJ Vocational & Life Skills Centre Ltd otes to the FinanciAI Stxtements for tht I'e*r Ended 30 June 2023 ForelzD txch*tt#é Trnnwctions in foreign currenci¢5 Tetortsj ai the T•t¢ of exchange 81 th¢ thte ofthe tranS￿tion Motlethry L$Se￿ and liabilities denominatrd in fiME1￿ ¢urrtncies ai bala￿¢ shctt da* *r ai th¢ rat¢s of rxcbatt¥e prevailing a¥ that dale. The results of overseas are translated * the average rn*5 of ¢x¢han8e during the penod arKI their balattce shec15 at the rdtes rn1￿8 ai the balaD¢e sheet dale. Excban8e differenc¢5 aTiStn8 on tra￿SlaTiOn of th¢ op¢nin8 nei &88ets and ruults ts( overseas op¢rdlioiis are report￿ in othtt conyeh¢Nsiv¢ itt¢un% and accumul8*d in quity18ttribuid EO ￿Th4OntrOllIE1g interests appropna*i. her cx¢h8tt8¢ dIffer￿￿¢S ar¢ Two￿lS¢d in thc SutCTrYm of FitwKial Aaiviti¢s in the wtod in which they Arise exeeN for: l) exchang¢ differences on trazwtions entuvj In￿ to hvjge ¢ernin foreiBD cwrew risks {see abov¢l: 31 tn the case of th¢ ¢owl]dai￿1 fina￿la1 ststaJ*rtts. exchange diff¢ruw on recei%'able from OT payable to a Cor¢l￿ operaiion for wkn.rh seiilemeni is planned nor I￿¢]Y 10 OCLiar {the￿I0[¢ rom1￿ pth of the inwcstnKnt in the forei8D operaiionl. wbicb are re¢ognis¢d m other compreh¢￿￿%.e iticotrk and Teponcd wKkr tquity. Fund str•rlur Unrestrictd income funds are g¢TKrnI fithds thai are availthl¢ for Lkse ai the tru5tc¢s discretion in fithratLce or the objectives of th¢ charity. Penslon> **d olher post retirtll*llf obll%#tlomi Th¢ cbarity op¢rn*s a defined eotstnbuiion pcnsiott Sche1￿ 1$ a r*nsion plan which fixed eonthbuiion5 are paid into a pension fu￿1 the Lhariry has no leyl or corn%inK¢iv¢ obligaiion lo pay further Ontributiorls tven if Th¢ does t)oi hold wffici¢M ￿5£ts ro ply ¢ryikoye£s thc b¢n¢fits relatsng io employe¢ S¢TViEe in the curTtni and prior p¢nod8. coE￿ribU￿oIL8 to defined ¢ontrtbution ptaDs are Tcrogoixd ID the ofFina￿la1 Athivilies they arc due. Ifcontyibwion payn￿￿1$ excecd thc rotitribuiion du¢ for %rYJ¢¢. the exccs5 15 rm*wsed Is a prcpayJn¢rLt. Fln*Arlal Fit)allLial assds arwj l￿b￿lUeS are wsed wbcn th¢ Charity becomes a pjrty lo the eoDtraCtuaJ provisiotts of the instrumEDt. Financial liabiliiie5 and cquity art clas51￿1 *cordU￿ w the substancc of the Contractual arran¥c]I￿nI5 tDL¢r¢d into. Att cquity insiTumettt is any conwx¢ thai efvidences a r¢51dual inieres( in th¢ ass¢L% of the chaT¥ty after ded￿1￿ all of its Iwbdli￿s. Pagc 14 Wheels Vocation*l & Life Skills Ctntre Ltd otej ¢0 the Fillanci￿ St*tements for the Y￿r Ended 30 June 202J Recvxnilw•p All liabilitits thre ini11￿lY mrwra at trnn5¥ti¢m price tr8nsactiott u)Stsl, exee for those financial a55ets C]￿lfi¢d os ai fair ¥aluc thrDugh rKofiT or loss. are mitially At fAir Val￿ Iwhilh is nomully ihe transaciion pnce excl￿11￿8 tyansxxion Costs). unless th¢ arrang¢rwi Con￿llUl¢S fIna￿En8 tra￿110￿. If an arran8emeni cor￿1￿￿￿eS a firthncin8 tr3EI5¥tioo thc fin3rKial assa or finarKial Iwbiliry 15 Me45￿ ￿ thc prc¥¢ni vaiuc of thc funw¢ pa)TtKnts discouDtrd at a market rat¢ of mi¢rtst for a FitwncÈaJ t%sets artd IMbiliti¢s on]y tslfsd in th¢ ststemeni of fi[￿￿￿1 p)sirion whm and only when there exists g le8ally enforceable ri8ht ￿ Sei off the recowd a￿Unts a￿1 the ¢b•n"ty ititetyjs either ￿ settle on n¢t b&%]"s. or lu r¢a115¢ th¢ th15ettle liability 51multan¢ou51y. fin*ncial 455tt ¢xpir¢ or wt s¢ttltyL bl tk ¢hwity ts¥nsfa5 party subswiiially all of the nsks and rewards of owllershtp of the fin&nciai asx OT cl the charity. despite r¢taiTh7J s(￿￿¢. but noi aiL risks artd r¢wwd5 of ommhip, has trartyf+3TuI wntrt>l of thc a55ffl 10 aTrx1￿rPafty. Financial I￿.1111e8 ar¢ on]y vAxn obli8atioD S[￿lfied iti is dischorgciL C￿￿Ik￿ or expires. Pa¥¢ is Vbeels Voe•¢ioDal & Llfe Skills Centre Ltd otes to ¢he Financial Statements for the Year Ettded 30 June 2023 Dcbi JnstnLments w￿.Ch the followinB ¢0￿"tiOr￿ are wbwtly Measu￿ •t anknised com u%in8 th¢ effective int¢r¢51 n*thod: lal The contwtt￿I retwn ￿ the ?￿Id¢r ts (il a fixed 3mothtt: (li) a p)sitI￿ fixed rate or • posiiiye v*nable rale. or {iiil a combination of a p)sitive or a ttg2tiv¢ r￿ed ratr aThl a positive vanable r*. (bl The contrath Tll•y for rePay￿ts of thc pr1￿1￿1 w the Teturn ￿ thc I￿lder Ibui noi to be linked to a 51ngle relevant ob5erv#ble of gener81 pricc Tnfiatioll of the curr¢rKy in whieb the de instrwneni is denominatryL PTO&Mkd li¢)ks are Doi lcvryed Icl Th¢ ¢ontiact may pro￿d¢ for a dderniinabl¢ variarion of the retum to the holder during the life of the Pro￿￿¢￿ that ILI the ntw T¥¢ satisfies condition la) and the vari*ion 1$ tK)i Colltingeni on tuturc events othtr than11 l a ofi Contractu￿ vawiable raie: 121 ￿ prolcci the holder againsl credit deierioration of th¢ tssuer. 131 changes in levies applied by a ¢etttral bank ￿ arisittg frotn chattw in ￿le¥a￿l or law." or lil) thc n¢w r￿e is a mftrkct r•t¢ of inte￿￿ and sawfi¢s la). Idl Th￿¢ is contrxts￿I provisiott that could. by its iemis. result in the ho14kr losing the prinrjpl anw)unl or any in*re5r attribu4bl¢ ￿ tht currcni periThl w pnorpcriods. le) Cvniraciual pro%isiotLS that p¢rmii issuer ￿ prepay a debt Ins1n￿l or p¢rmit the holder io pul li back 10 the issuer before mawrity are coniing¢ni ¢)n firture evety5. oth¢T io proicffl th¢ hold¢r 18ainst lh¢ credit dcl¢riorniion of the iSs￿r or a ¢hange in C4)n￿OI of the 1&s￿. or to pro1￿1 ￿lder or issucr a￿1￿$[ changes in levies 8pplicd by a r¢ntral bank or arising from changcs in r¢lo'aDI taxation or law. lfj ContracDJal prob'isioEts may Jxrnii the ￿telL¥10n of the f¢Tm of the delm InS￿me￿L provided that the rerurn ro ib¢ hold¢r &t)d any othcr c¢)nTrn¢tual provision5 appliuble during the ¢xle￿Ied tenn saiisfy th¢ conditions of P8TagTaph5 ia) LO Icl. Debi inst￿Tt￿niS thai are cla&%ified payable OT Tweivable ￿thin one y¢ar on u%Jtial recogni[￿￿ and which meet the abol'¢ ¢QDditLOnS arc mcasurd at the unth"scoun*d artM)unt of the cash or other consider*iion ¢ip¢¢t¢d io k pajd or teceKved of measured ai fwr Vol￿ throu8h profil or loss. Cotmniiments lo nwke and rtceive lo•n5 w*icb nxet the conditii)rt8 meniioned abov¢ are measured al c051 (which miy be nil) less Inv¢sttnents in non-conv¢rfibl¢ preference sharcs and non-puNable ordTfy￿ or Preferentt shares (where shar￿. are publlcly tr¥thd or their falr value is r¢lJ2bly rr￿asur&bj¢j tre me&swed ￿ fair value through Profit or loss. Wheff faw Val￿ ￿nn01 b¢ mea8￿ reliabty. investh*nts ar¢ at cosi less I￿1￿1￿$. InvesimeDlS in subsidiaries and associaics arc me&sur¢d ai cost 1¢55 For mveslll￿llts itl 5ubsidianes acquired for coTrsJderation T￿lUdin8 the of sharts qU&ll￿ng for nwer relief. cost is measured by referertee to the ￿TTr￿al wal￿ of th¢ shares l$s￿d plus fair %*lue of other cothsideration. Any premium is P#g¢ 16 'heeb VotadoD*l & Llfe Skills CeDtre Ltd Notes to the Financlal St*lements for tht Year Eoded 30 June 2023 Tr den'vative fina￿￿] i￿Str￿* ￿ Ted￿ ¢xwwe to foreign exchange risk irt¢r¢sL tate DeTiN'Ativ¢s are Inli￿lY recogni￿￿ ai fwr at th¢ d#t¢ a deri￿1Ve contrart ts entered inlo and 3r¢ 8ubsequenily rcmeasur¢d to their fair value at each re[￿￿8 date. Tr rc5uliing or 1055 1$ recow￿d in 51atem¢ni of financial xtkvilies imrnediaicly vnlcs5 the dcn'vatJV¢ LS designaied aExI etTLYiive as i hcdging )stsiuneni. in whicb the of th¢ ￿t>sAI￿)n ID swcmeni of arni*itses der¢tyts ot) the ot'thc l*d¥e rel￿On￿1p. Thc besi ¢vid¢ttc¢ of value is a quoied pnce for aD identical assd in #n adivc When qu¢xed pnc are unavailable. the pncc of o rmt tr4nsa¢tiort for an identical &8set provth J'idencc of fair Is lotks as the￿ has becn a siwficani cbaD8e LD economK CLrCUrn￿¢s or a wwficant 14)se of time Si￿£ the transaction wok plac¢. If th¢ maTk¢t ts ￿ts1 acttve and re¢eni van%xEU)ns of an identsca] their owll are noi 8 B￿d cstÈrnie of fair vah*. the fair vajue is esrimaied by usin8 a valuation 1ttly￿"q￿. J fTQm do#*do•s kz•cies f4ods Gentr*l Total fund* Donations and Icgxic5.' from ￿dIVIdual5 Tot#i for 2•23 l.U4U Tol•l for 2•22 4 l*¢omt from tlh*rlt*blt xllthl iillrtstrlrted (tsttds GeDer•l T•t*l Ru￿1￿& of educat￿11 seheTn¢ Total for 20ZJ 148.252 14¥.25? 148 Total for 2•22 i.079 5 Other Èneon U#re%tricted funds Genernl Totsl Tot*1 for 2•22 ?.2(Kl 22(XJ PaF 17 'hetls Vocational & Life Skills CtDtre Ltd Lyotes to the FiDan¢ial Statements for the Year Ended 30 June 2023 6 Expendllure •n r•hl*R fllnds Uwrnirkttd TotAI Getter*l ,Yole Al1¢xa￿d support Costs Total for 2023 Totxl f•r 2022 ¥3 83 Total foyts 7 Expendlture on £h•Ai¥blt #tttvlilej Lwre5trk¢ed (uods GeneT*I Tot#1 funds Running of ¢du¢atiottal ￿l￿rne GovernaTKe costs -146.71(Tr 346,710 Tot#l for 2023 354.fy1: 354.1>4? Tot*1 for 2022 443.768 443.768 Total exptndl1￿re In addtiion ￿ the exp¢TKiitw¢ analyyed aFx)ve. Ihcre ar¢ also ¥M)Venth￿t e4)sts of £346.710 12022 - £426,8551 wbi¢h rvlate direcdy ￿ chaTitJblc *tivÈiies. See notc for fith dwi Trnstees ftmuner*thn *•d txptllses No ￿￿tee$. nor any persoTL5 connected with th¢nL have ttteived any Ten￿￿￿tion the chan.ty dwing thc year. Page 18 Wheels VKAtional & Lift Skfilb CeDtrt Ltd Notes to the Fin*nCl￿ Statements for the Year Ended 30 June 2023 9 Staifcosts The 4ye8a* pa￿011 costs wrrc &5 follow3.' 2023 2022 St*ff to￿$ dttrth% tht ye#r Were: 17?.310 3.199 15.6?9 237.746 3,122 16.619 P¢llsiLm W5ts 191.138 257.487 The I￿nthlY avern8e of persons lincludm8 senior I leadeT5hip teaTnl e￿]0￿ by the chan.ty during th¢ ytsr expresgd as full W&8 &$ follow5.' 2023 2022 5 {2022. 61 of the above enyloyees pArtIC￿lated in the Dcfincd Contrilwmion Pcn510D khemc* No employre rece1T￿d ellM)luments of nxbre thAn £60.(XMI the yw. 2•23 2022 Examinatioth of the fmwial wter*DLq 4.140 3.99? 11 Txxado• The chan'ty is a rw#tr¢d ¢lwity •tyJ is thettfort ex•w fmm thxa11￿L Page 19 11-heels Voe*tion*l & Life Skills Centre Ltd Notei to the FipaD¢ial St*lements for the Ye*r Ended 30 June 2023 l2 Tanglbk fixed Fixtllres and M•tor vthltles Tot*1 At l July 2022 Additio 61.937 .5¥1 3.2(X) 65.137 1.581 At 30 JUK 2023 63.518 66,718 Depreclatlon At l y￿Y 2022 Charg¢ for the year 47.46_1 49.677 .366 157 Ai 30 Jun¢ 2023 Ntl boolk value AI 30 Jun¢ ?0?3 12.846 829 13.675 A¢ 30 JLEtte 2022 14.474 986 15.460 13 Ikbio 2023 2021 Tr￿ dcbto 9.5(rf) 50.112 14 Cash #lld t•sh equlvaJe*ts 2023 21122 Cash at bwnk ?88.081 454,431 PaBe 20 Wbeels VocatioD*I & Llfe Skiliq Centre Ltd Notes to the Finanei*l S¢a¢ements for the Yt*r Ended 30 June 2023 15 Credli•rs: f#lllng d•e wlthtn ••e ye¥r 2•23 2022 TrwJ¢ rr¢ditots ?.558 ?,015 626 6.315 7,390 555 Other credJiof5 A¢Cr￿lS ¥,451 17,374 16 Penslon *•d other gebeThrs Dtlkned ¢tsffjtrlbtstlott xhemt The chanty tsperaies a defined contritnrtiott pensioti s¢l*me. The peTtsion com charge for the yw T¢PY¢Sffl ontributions payable by the cbanry w the sctlcmc aTrJ ¥mowLt¢d 10 £3,1991?021 -£3.12? 17 Sh•re e*pli*l 18 Bal*•¢e •t I Juli 2022 BAl•Trce It 30 Jll#e 2023 resourees elperyded Vthrethl￿ funth 507.629 149.992 1354,050 302.871 Rrsourr txpt•ded B#laDcc Ai 30 2022 Jwli 2Q21 It￿Urt 625.130 326J50 443.1151 507.629 P￿21 'heels Voe*tlonal & Life Skills Centre Ltd Iloles to the Financial St*tements for the Year Ended 30 June 2023 19 Analysts of Det *sJets btt74eeTh f•Dd5 Unreslrlcted fllllds Gener•1 Tot*J funds *( JO June 21123 Tanyblc fixd ¥ss¢ts Current &ssets 13,675 ?97.fi47 13.675 ?97.647 CuTr¢nt liabilsiies Total net assets 30) 871 30?.871 Llnrejtrirted Tot*1 funds al JO Jun¢ 2022 Gentr•l Ta￿￿TrIe r￿ed &ssets CuTr¢Dt Current liabilitiC5 15.4(rf1 509.543 117.374 15.4tA) 509.54.1 117.i741 Total ftt &8sets 507.629 507.629 20 A••ty5is of fynd¥ At JO Jumt 2V?3 At l JrAlv 21122 Cash ar bank a￿j in b4TMI 459.411 459.431 Net d¢bt 459.431 459.431 AI.10 JuDe 2022 Al l Julv 21121 Cash ai bank in hafyl 532.77? 53?.77) Nd debt 53•.77? 53?.772 21 Related p•rt)' tr*th￿¢th￿S Pa8e 22 Wheets Voc*tlon*l & Llft Skills Centre Ltd Detailed St*ttnbtnl of Fin*ntial Aelivities for the Yur Ended 30 June 2023 Tot 21123 Total 2022 lfytomt a*d E•dov¢menis from: tk>naiitsn% legaiies lanal)Tred below) Cbaritsble activities latsalysed beknwl 1,071 323.079 221M) 148.?52 Total mcome 326.350 ExpeTrdll•re oa: Raising funds Iwwly5AJ below) Chnritsble actiiitics lan￿￿ bek)w) 18} 1354.(M? 1831 443.7681 Total exlxndiwre Net ¢xper*litttyt 354.050 1443,8511 1*04.758 1204.7581 Re¢oth¢lll•tl•* of 507.629 6?5.130 30? 871 507.629 Page 23 'heels Vocational & Life Skills CtDtre Ltd Detailed 5ta¢em¢nt of Financi*l Activities for the Ye*r Ended 30 June 2023 Tot 202J Total 2022 Appeals aNI donatsotss 1.071 Pnmary purpose trJdin8 ContraLtual from gi1verntt￿ or publir auttrM)n"tses 19.893 120,961 27.274 ?89.197 148 ?5? 1!3,079 Othér Income Rental Income Travel aThJ subsistence The awjii olth¢ rhwriws antsual accounts io ChoFi1oble Purch&s¢s Wagcs sthn.es Siaff pensiork% Subcontrart lost 17.3321 {172.3101 13.1991 110.7521 13.456) 116.913) 1237.7461 {3,1221 StatTtrJining Health safety Renl Rales Light. he31 a￿1 pow R￿￿]r5 alld renewaL8 Telephone and fax Computer SOftw￿e and main*narKe Printing. attd stationery Tr* subscTiplion5 HI￿ of plant and ￿hl￿try IOperaLin8 leascsl Sundry ex￿￿$¢$ Cleaning Motor exFnses Adv¢Ttising IT￿￿[￿k￿l examÈttrfs fee PrO[￿lOn￿l illd¢rMity irL%uraKe Le8al aDd PTofwional fees 11.557 13,7?f I 166,1711 16.3041 (53.9801 (1.6891 14.084) 19.6721 19.5541 17.1541 13.9691 16,0251 124.9731 13.3051 (2,9021 13.95YI 19.6061 1.5441 11521 126.1551 15401 {6.7181 {1.6011 14.1401 (10.6191 11.885) 12.6881 13.9921 112.7961 Pag¢ 24 'heeb VoratioBal & Life Skllls CeDtre Ltd Detxiled Statement of Financial Activities for tht Year Ended 30 June 2023 Tot*1 2023 Toi*l 2022 Bad debts written off 16.280} ?621 11.3161 (2391 1157) 11.651) (3.925 1126) {1.645 Iiia>i 11971 DepTeciLlion of plaDt arbj mxhllKry Depreciaiion of fixtu￿ a￿] fittings D￿￿1￿￿0￿ of motor v¢lJiclc5 ikpTttiLrion of offic¢ equipnKni IProfityloK sale of tawTrJk fixed hekl ￿ chan.tys ovm use 354.IW2 M3.768 202J 202J UJTestTifted Totxl 2022 GeTreraJ To 1,071 2023 2•23 Total 2022 Ge•enl Tot 19.893 19.893 27.274 Contracwal ￿corne fmm 80venllD￿l or wthlic aukn'nes 120.961 7.398 120.961 7.398 ?89.197 6.608 148.252 148252 11_3.079 2112.3 Tot*1 Tta%L'I and Subsi￿¢ The atyJTt of the ¢lwitys ¥couoty Page 25 'heels Vocational & Life Skills Ctntre Ltd Detailed Si•temeDt of Fin*nci•l Activities for ihe Ye*r Ended 30 June 2023 2•23 Unrutrkied 2023 Tot*l 2022 Gener*1 Total Ch¢ri14ble aL*i*iieY (7.3321 1172.3101 13.1991 (10.752) 13.4561 7.3321 117ry.3101 116.9131 1237.7461 13.1 ?2) 111.3371 11.5571 {3,7251 66.1711 Wa8¢s atwj sRlari SrHff pellsion8 Subcontract cost Siaff iiainJn¥ Health arwj 5wfcty Rent 110.7521 13.4561 1$3.9801 11.6891 14.0841 9.6721 9.5541 17.1541 13.969 16.0251 124.9731 {3.3051 12.9021 153.9801 11.689) {4.0841 {9.6721 19.554 17.1541 13.9691 16.0251 124.9731 13.305) 12.9021 Rates Li8hi, heal 8fKI power Repairs and renewals Telephone and fax Conwter softwMTe arhd mainww¢ ¢o&ts Priniing, posta8¢ and stat Trnde subscnpiiorss HI￿ of piani at)d m&hiw (Op￿ts￿l iea%esl Sundry ¢xp¢tses Cleaning Mo(i)r expens¢s Adv¢nisin8 Independem examittcrf$ f¢e Prof¢4ional indemniry ÉijgJran¢¢ Legal and professional fees Bad debis Written off Bank cbarge5 Depre¢i&iÈon of plant aThJ nmehthery D¢pr¢ciition of fLXDJre5 and fittio DepreciatiLm of rt￿10r vehicle5 D¢pr¢¢iation of officc cquipmeni IProfitVloss on sale of fixed &VLS held fi chan'ws own {3,9591 19.61)61 11,5441 13521 126.1551 15401 16,7381 I 1.0011 14.1401 {10.019 .8851 16280) 12621 IlJ161 {2391 {1571 (2.6881 13.99?> 112.796) 14.1401 110.019) 11.8851 16.?801 1?6?} {3.9251 {1.6451 1239) 11571 11.6511 22¥ 11<4.04? 1354.IM) 1443.76YI Pa8e 26 I'heels Voca¢lon*l & Life Skills Centrt Lid Detailed Statement of Finaneial Aeti)'ities for ihe I'elr F.nded JO June 2023 2023 Tolal Govern4n¢e rosts 'a¥es and saianes Staff pensM)ns Subconirdct cost StatYtrnirtln8 Ilealih and 5at¢ty Reni Ratts Li¥hc h¢* and Repwrs and rentV¥als T¢l¢phon¢ and tax (172.3101 13.1991 110.75:) 13.4.561 153.9801 I l.h891 14,0841 19.672Tr 19.5541 {7,1541 13.969) 16.0251 174.9711 13.3051 12.9021 Printin& ￿Stage and stationery Trade subJcripiions Hirt (Trf plant ma¢hJw 114miing leases) Sundry ¢.¥p¢nsc5 Motor exwjses Ad¥¢nising 11.6011 14.1401 110.6191 I I.%XSI 16.?801 Professional IndemmN insuraTK¢ Legal attd prnfessional fees Bad d¢bts Wnll¢n off Bank iharge Dorwiatsoo of plartt atyj tt)achtrKry Ikprtciaiion of fixmres and fittLngs Depreciaii4)ft of vehicles Depr¢riatsoD of offiG¢ ¢4wpn%nt 1i46.:101 This paF do¢$ Dot form part of the statutory fioatrMI sthterneDts.