COMPA FOR LIFE FOUNDATION The Compass For Life Foundation Unaudited Report and Accounts For the year ended 31 December 2021 Charity Registralion No. 1181273 **The Compass For Life Foundation Contents** ||**PAGE**| |---|---| |Legal and Administrative Information|1| |Report of the Trustees|2 - 6| |Independent Examiner's Report|7| |Statement of Financial Activities|8| |Balance Sheet|9| |Notes forming part of the Financial Statements|10 - 13| ## The Compass for Life Foundation 1;<;H;D9; 7D: 7:C?D?IJH7J?L; ?D[TZ ## (>?;< )N;9KJ?L; : K[[P^[c A69 87A ## 0H?D9?F7B /<MZaM^e +)+* `[ ,* 8QOQYNQ^ +)+*' ## -<:=/<=:1! 38>1:7.7/1 .70 6.7.31617< HTQ :[aZPM`U[Z U_ M ^QSU_`Q^QP OTM^U`e% ZaYNQ^ **1*+0,% MZP U_ O[Z_`U`a`QP aZPQ^ M O[Z_`U`a`U[Z PM`QP *["#] 5aSa_` +)*2' HTQ H^a_` cM_ Q_`MNXU_TQP Ne `TQ H^a_`QQ_ a_UZS P[ZM`U[Z_ R^[Y \^UbM`Q UZPUbUPaMX_' HTQ H^a_` MO`UbQXe RaZP^MU_Q_ MZP _QQW_ `[ O[Z`UZaQ `TQ OTM^U`MNXQ c[^W PQ_U^QP Ne `TQ `^a_`QQ_ Ne S^[c`T UZ RaZPUZS MY[aZ`_ MZP _[a^OQ_' BQc `^a_`QQ_ M^Q M\\[UZ`QP Ne `TQ QdU_`UZS `^a_`QQ_ MZP _Q^bQ R[^ `T^QQ eQM^_ MR`Q^ cTUOT `TQe YMe \a` `TQY_QXbQ_ R[^cM^P R[^ ^Q&M\\[UZ`YQZ`' HTQ 7[Z_`U`a`U[Z \^[bUPQ_ R[^ M YUZUYaY [R + `^a_`QQ_' 5` `TQ ]aM^`Q^Xe `^a_`QQ_k YQQ`UZS_% `TQ `^a_`QQ_ MS^QQ `TQ N^[MP _`^M`QSe MZP M^QM_ [R MO`UbU`e R[^ `TQ :[aZPM`U[Z% UZOXaPUZS O[Z_UPQ^M`U[Z [R S^MZ` YMWUZS MZP ^U_W YMZMSQYQZ` \[XUOUQ_ MZP \Q^R[^YMZOQ' HTQ PMe&`[&PMe MPYUZU_`^M`U[Z [R S^MZ`_ MZP `TQ \^[OQ__UZS MZP TMZPXUZS [R M\\XUOM`U[Z_ \^U[^ `[ O[Z_UPQ^M`U[Z Ne `TQ ^QXQbMZ` _aN&O[YYU``QQ U_ PQXQSM`QP `[ `TQ 7TUQR 9dQOa`UbQ MZP `TQ 7TUQR C\Q^M`UZS CRRUOQ^' HTQ `^a_`QQ_ TMbQ PQbQX[\QP M O[PQ [R O[ZPaO` R[^ `^a_`QQ_ UZOXaPUZS R[^YMX _`M`QYQZ`_ [R ^[XQ MZP ^Q_\[Z_UNUXU`UQ_ MZP \^[bU_U[Z R[^ `^a_`QQ `^MUZUZS' BQc `^a_`QQ_ YMe NQ _[aST` Ne [\QZ MPbQ^`U_QYQZ` [^ `T^[aST M PUMX[SaQ cU`T \QQ^_ UZ ^QXQbMZ` _QO`[^_% UZOXaPUZS OTM^U`MNXQ' CZ M\\[UZ`YQZ` ZQc `^a_`QQ_ _USZ M X `^a_`QQ PQOXM^M`U[Z _`M`QYQZ` O[YYU``UZS `TQY `[ SUbUZS [R `TQU^ `UYQ MZP Qd\Q^`U_Q' HTQ UZPaO`U[Z \^[OQ__ R[XX[c_ `TQ =7G5 S[[P \^MO`UOQ SaUPQ% cU`T M R[^YMX UZPaO`U[Z \^[S^MYYQ R[^ MZe ZQcXe M\\[UZ`QP `^a_`QQ' HTU_ UZOXaPQ_ MZ UZU`UMX YQQ`UZS cU`T `TQ 7TMU^ MZP `TQ `^a_`QQ_% R[XX[cQP Ne M _Q^UQ_ [R _T[^` YQQ`UZS_ cU`T `TQ 7TUQR 9dQOa`UbQ [Z UZbQ_`YQZ`_% `TQ S^MZ` YMWUZS \^[OQ__% \[cQ^_ MZP ^Q_\[Z_UNUXU`UQ_ [R `TQ `^a_`QQ N[M^P' HTQ cQXO[YQ \MOW UZOXaPQ_ M N^UQR TU_`[^e [R `TQ H^a_`% O[\e `^a_`QQ N[M^P YUZa`Q_% MZP cTQZ M\\XUOMNXQ M O[\e [R `TQ XM_` `T^QQ eQM^_ [R MZZaMX ^Q\[^`_ MZP MOO[aZ`_% M O[\e [R `TQ S[bQ^ZUZS `^a_` PQQP MZP M O[\e [R `TQ 7TM^U`e 7[YYU__U[Zk_ SaUPMZOQ jHTQ 9__QZ`UMX H^a_`QQ3 KTM` L[a BQQP `[ ?Z[ck MZP j7TM^U`UQ_ MZP DaNXUO 6QZQRU`k' 5XX `^a_`QQ_ SUbQ [R `TQU^ `UYQ R^QQXe MZP Z[ `^a_`QQ ^QYaZQ^M`U[Z cM_ \MUP UZ `TQ eQM^' 8Q`MUX_ [R MZe `^a_`QQ Qd\QZ_Q_ MZP ^QXM`QP \M^`e `^MZ_MO`U[Z_ M^Q PU_OX[_QP UZ Z[`Q + `[ `TQ MOO[aZ`_' H^a_`QQ_ M^Q ^Q]aU^QP `[ PU_OX[_Q MXX ^QXQbMZ` UZ`Q^Q_`_ MZP ^QSU_`Q^ `TQY cU`T `TQ 7TUQR 9dQOa`UbQ MZP UZ MOO[^PMZOQ cU`T `TQ H^a_`k_ \[XUOe cU`TP^Mc R^[Y PQOU_U[Z_ cTQ^Q M O[ZRXUO` [R UZ`Q^Q_` M^U_Q_' BQU`TQ^ `TQ H^a_` Z[^ MZe [R `TQ `^a_`QQ_ TMbQ UZ`Q^Q_`_ cU`T `TQ QPaOM`U[Z _QO`[^ Na` MZe _aOT UZ`Q^Q_`_ c[aXP NQ PU_OX[_QP' ## Compass for Life Foundation ## 1?IA C7D7=;C;DJ HTQ `^a_`QQ_ TMbQ O[Z_UPQ^QP `TQ YMV[^ ^U_W_ `[ cTUOT `TQ OTM^U`e U_ Qd\[_QP MZP TMbQ ^QbUQcQP `T[_Q ^U_W_ MZP Q_`MNXU_TQP _e_`QY_ MZP \^[OQPa^Q_ `[ YMZMSQ `T[_Q ^U_W_' HTQ `^a_`QQ_ O[Z_UPQ^ bM^UMNUXU`e [R UZO[YQ R^[Y P[ZM`U[Z_ MZP `TQ \U\QXUZQ [R RQQ \MeUZS @95_ `TQ OTM^U`ek_ YMV[^ RUZMZOUMX ^U_W' Ca^ YMV[^ [\Q^M`U[ZMX ^U_W U_ `TQ Qd`QZ` `[ cTUOT `TQ \^[S^MYYQ _aOOQ__RaXXe MPbMZOQ_ `TQ PQbQX[\YQZ` [R ^QOU\UQZ`_' HTQ `^a_`QQ_ YMZMSQ `TU_ ^U_W Ne ^Q`MUZUZS `^a_`QQ_ [R _aRRUOUQZ` _WUXX MZP Qd\Q^`U_Q' KQ TMbQ MX_[ QZSMSQP cU`T M ^Q_QM^OT \M^`ZQ^ `[ Q_`MNXU_T M ^[Na_` YQ`T[P [R NM_QXUZUZS MZP `^MOWUZS `TQ PQbQX[\YQZ` [R `T[_Q cQ _a\\[^` MO^[__ `TQ O[T[^`_ cQ _Q^bQ' HTU_ ^QbUQc \^[OQ__ ^Q`MUZ_ [a^ R[Oa_ [Z `TQ \aNXUO NQZQRU` PQ^UbQP R^[Y [a^ RaZPUZS [R `TQU^ c[^W' B[`Q3 HTQ :[aZPM`U[Z O[Z`UZaQP `[ [\Q^M`Q `T^[aST[a` `TQ 7CJ=8 DMZPQYUO cU`T _[YQ M^QM_ [R c[^W ^Q_`^UO`QP PaQ `[ XUYU`M`U[Z_ [Z RMOQ&`[&RMOQ O[Z`MO`' ## /8@;9J?L;I 7D: 79J?L?J?;I ; FK8B?9 8;D; FHE=H7CC;I :;B?L;H;: FK8B?9 8;D;?;L;C;DJI 7D: F;H?;L;C;DJ HTQ _aOOQ__ [R `TQ \^[S^MYYQ U_ QbMXaM`QP bUM `TQ a_Q [R \^Q MZP \[_` `^MUZUZS _a^bQe_ `TM` cQ^Q MOOQ__UNXQ `[ \M^`UOU\MZ`_ [Z _YM^` \T[ZQ_ MZP UDMP_ M_ cQXX_ M_ XM\`[\_ MZP D7_' HTQ _a^bQe_ M^Q MZ[ZeY[a_ _[ cQ cUXX NQ `^MOWUZS \[\aXM`U[Z_ MZP _aNS^[a\_% ^M`TQ^ `TMZ UZPUbUPaMX_ \Q^ _Q' =` U_ UY\[^`MZ` cQ WQQ\ `TU_ `e\Q [R _a^bQe MZ[ZeY[a_ PaQ `[ `TQ _QZ_U`UbQ ZM`a^Q [R _[YQ [R `TQ ]aQ_`U[Z_' KQ TMbQ P[ZQ M _`aPe cU`T [bQ^ .%))) OTUXP^QZ MZP e[aZS \Q[\XQ cTUOT _T[cQP `TM` [bQ^ TMXR #.-!$ [R [XPQ^ \a\UX_ #*/&+-$ c[aXP Z[` MZ_cQ^ T[ZQ_`Xe UR `TQe WZQc `TQe O[aXP NQ UPQZ`URUQP' 5_ cQXX M_ `TQ 7[Y\M__ R[^ @URQ ]aQ_`U[Z_ cQ UZOXaPQP [a^ bMXUPM`QP ]aQ_`U[Z_ [Z3 - ! 8QY[S^M\TUO_ - ! ; ?B:H;D! =Z `TQ ZQd` *+ Y[Z`T_ `TQ `^a_`QQ_ MZ`UOU\M`Q MZ UZO^QM_Q UZ `TQ ZaYNQ^_ [R @95_ MP[\`UZS `TQ \^[S^MYYQ MO^[__ MXX _OT[[X_ aZPQ^ `TQU^ _a\Q^bU_U[Z' KQ TMbQ MX^QMPe MS^QQP cU`T A[ZY[a`T_TU^Q MZP CXPTMY PQXUbQ^e [R `TQ \^[S^MYYQ UZ M `[`MX [R -) _OT[[X_' KQ M^Q c[^WUZS cU`T [`TQ^_ `[ MS^QQ `Q^Y_' ## 3HKIJ;;IR H;IFEDI?8?B?J?;I ?D H;B7J?ED JE J>; **INCOME AND ENDOWMENTS FROM:**
Donations and Legacies
**3**
Programme income
**4**
Other Income
**5**
**Total**
**EXPENDITURE ON:**
Charitable activities
**6**
Raising Funds
**Total**
**Net expenditure and net movements in funds**
**RECONCILIATION OF FUNDS:**
Total Funds bought forward|**Restricted**
**Funds**
**2021**
**£**
-
-
-
-
-
-
-
-
15,676|**Unrestricted**
**Funds**
**2021**
**£**
1,766
12,556
-
14,322
40,986
-
40,986
(26,664)
26,463|**Total**
**2021**
**£**
1,766
12,556
-
14,322
40,986
-
40,986
(26,664)
42,139|**Total**
**2020**
15,591
71,770
1,449| |---|---|---|---|---| |||||88,810| |||||92,885
-| |||||92,885| |||||(4,075)| |||||46,214| |||||| |**Total Funds carried forward**|15,676|(201)|15,475|42,139| |||||| |||||| Page Eight ## **The Compass For Life Foundation Balance Sheet As at 31 December 2021** ||||**2021**|||**2020**|| |---|---|---|---|---|---|---|---| ||**Note**|**£**||**£**|**£**||**£**| |**Current Assets**|||||||| |Debtors|**9**|-|||35,069||| |Cash at bank||26,275|||11,570||| |||26,275|||46,639||| |**Creditors Amounts falling due**|||||||| |**within one year**|**10**|(10,800)|||(4,500)||| |**Net current assets**||||15,475|||42,139| |**Net assets**||||15,475|||42,139| |**Funds**|||||||| |Unrestricted funds|**11**|||(201)|||26,463| |Restricted funds|**11**|||15,676|||15,676| |**Total Funds**||||15,475|||42,139| Approved by the Trustees on and signed on their behalf by:23 January 2023 ................................................................ **A.Gourbault** Trustee C.I.O No. 1181273 Page Nine **The Compass For Life Foundation Notes to the Financial Statements For the year ended 31 December 2021** ## **1 Accounting Policies** ## **Charity information** The Compass For Life Foundation is a charity registered in England and Wales. The registered office is 22 South Audley Street, London, W1K 2NY. ## **1.1 Basis of preparation** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. The principal accounting policies, which are applied consistently, are set out below. ## **1.2 Going Concern** The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have considered the impact the Covid-19 when making their assessment. Although the charity has had limited resources in terms of school income, due to the limited operations there are no significant concerns at this stage and the going concern basis is deemed appropriate. ## **1.3 Incoming Resources** All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability. ## **1.4 Resources Expended** Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. ## **1.5 Fund Accounting** The charity receives donations and fees and uses these as sources for delivery of the aims of the Foundation. ## **1.6 Taxation** The entity is a registered charity and has no trading income, and is therefore exempt from taxation. ## **1.7 Allocation of overhead and support costs** Overhead and support costs have been allocated first between charitable activity and governance. Overhead and support costs relating to Charitable Activities have been apportioned in recognition that the administrative costs of awarding, monitoring and delivering the programme. The allocation of overhead and support costs is analysed in note 6. Page Ten ## **The Compass For Life Foundation Notes to the Financial Statements (Continued) For the year ended 31 December 2021** ## **1.8 Critical Accounting Estimates and Areas of Judgement** In application of the Charity's accounting policies, the board is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There are no estimates and assumptions which are believed to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in the current period. ## **1.9 Financial instuments** Debtors and creditors receivable or payable within one year of the reporting date are carried at initially at their transaction price and subsequently at settlement value. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest. Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments valued at the amount prepaid after taking accounts of any trade discounts due. Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **2. Net expenditure for the year** |This is stated after charging:|**Restricted**
**2021**
**£**|**Unrestricted**
**2021**
**£**|**Total**
**2021**
**£**|**Total**
**2020**
**£**| |---|---|---|---|---| |Accounts preparation|-|1,960|1,960|1,750| |Independent examiner's remuneration
-
**3.**
**Voluntary Income - Donations and Legacies**
**Restricted**
**2021**
**£**
Donations
-
-
For the year ended 2020 there were £0 restricted donations.
**Restricted**
**4.**
**Programme income**
**2021**
**£**
Programme income
-||3,440
**Unrestricted**
**2021**
**£**
1,766
1,766
**Unrestricted**
**2021**
**£**
12,556|3,440
**Total**
**2021**
**£**
1,766
1,766
**Total**
**2021**
**£**
12,556
**Total**
**2021**
**£**
-|2,750| |||||**Total**
**2020**
**£**
15,591| |||||15,591| |||||**Total**
**2020**
**£**
71,770| |**5.**
**Other Income**|**Restricted**
**2021**|**Unrestricted**
**2021**||| |||||**Total**
**2020**| |Sale of workbooks|**£**|**£**||**£**| |||||| ||-|-||1,449| Page Eleven ## **The Compass For Life Foundation Notes to the Financial Statements (Continued) For the year ended 31 December 2021** ## **6. Expenditure** |**6.**|**Expenditure**||||| |---|---|---|---|---|---| |||**Restricted**|**Unrestricted**|**Total**|**Total**| |||**2021**|**2021**|**2021**|**2020**| |||**£**|**£**|**£**|**£**| ||**Direct costs allocated to activities**||||| ||Books|-|-|-|2,418| ||Advertising & Marketing|-|3,466|3,466|420| ||Consulting|-|25,298|25,298|77,158| ||Legal fees|-|-|-|3,024| ||Postage and printing|-|-|-|1,865| ||Insurance|-|-|-|337| ||Subscriptions|-|251|251|112| ||Bad debt|-|4,264|4,264|-| |||-|33,279|33,279|85,334| ||**Support costs allocated to activities**||||| ||Accountancy fees|-|2,307|2,307|4,802| ||**Governance costs allocated to activities**||||| ||Independent examination fees|-|5,400|5,400|2,750| ||**Total**|-|40,986|40,986|92,886| |**7.**|**Employee Costs**||||| ||The average monthly number of employees were:||||| |||||**2021**|**2020**| ||Average number of employees|||-|-| |**8.**|**Trustees and Key Management Personnel**||||| ||None of the trustees received remuneration in the period. No trustee received reimbursement of expenses during the||||| ||period.||||| |**9.**|**Debtors**|||**2021**|**2020**| |||||**£**|**£**| ||Trade debtors|||-|35,069| |||||-|35,069| |**10.**|**Creditors: Amounts falling due within one year**|||**2021**|**2020**| |||||**£**|**£**| ||Accruals|||5,400|4,500| ||Other creditors|||5,400|-| |||||10,800|4,500| Page Twelve **The Compass For Life Foundation Notes to the Financial Statements (Continued) For the year ended 31 December 2021** ## **11. Movement in Funds** |**At 31 December**
**2020**
**£**
15,676
26,463
42,139
**At 18 December**
**2019**
**£**
15,676
30,538
Total funds
46,214
Unrestricted Funds
Restricted Funds
Restricted Funds
Unrestricted Funds|**Income**
**£**
-
14,322
14,322
**Income**
**£**
-
88,810
88,810|**Expenditure**
**£**
-
(40,986)
(40,986)
**Expenditure**
**£**
-
(92,885)
(92,885)|**Transfers**
**£**
-
-
-
**Transfers**
**£**
-
-
-|| |---|---|---|---|---| |||||**At 31 December**
**2021**| |||||**£**
15,676
(201)| |||||15,475| |||||**At 31 December**
**2020**
**£**
15,676
26,463| |||||42,139| ## **12. Allocation of Net Assets between Funds** |**12.**
**Allocation of Net Assets between Funds**||||| |---|---|---|---|---| |Restricted Funds||**2021**||| ||**Fixed**
**Assets**
**£**
**-**|**Current**
**Assets**
**£**
15,676
-
15,676|**Current**
**Liabilities**
**£**
-
(201)|**Total**
**£**| |||||15,676| |Unrestricted funds|-|||(201)| |Total funds
-|-||(201)|15,475| |||||| |Unrestricted funds
Total funds
Restricted Funds||**2020**||| ||**Fixed**
**Assets**
**£**
**-**|**Current**
**Assets**
**£**
15,676|**Current**
**Liabilities**
**£**
-|**Total**
**£**| |||||15,676| ||-|26,463|-|26,463| |||||| |||42,139|-|42,139| |||||| ## **13. Related Party Transactions** The Chief Executive’s time has been donated by Chrysalis Worldwide, a company he directs. There were no other related party transactions. Page Thirteen