Docusign Envelope ID: 35547034-9BA3-4CB5-AA30-84CBA5282CDE The Compass For Life Foundation Unaudited Report and Accounts For the year ended 31 December 2023 Charity Registration No. 1181273 Docusign Envelope ID: 35547034-9BA3-4CB5-AA30-84CBA5282CDE ## **The Compass For Life Foundation Contents** ||**PAGE**| |---|---| |Legal and Administrative Information|1| |Report of the Trustees|2 - 8| |Statement of Financial Activities|9| |Balance Sheet|10| |Notes forming part of the Financial Statements|11 - 14| Docusign Envelope ID: 35547034-9BA3-4CB5-AA30-84CBA5282CDE ## **The Compass for Life Foundafion** ## **Reference and administrafive informafion** ## **Trustees** A Gourbault, Chair of Trustees R Lewis R Short S John ## **Chief Execufive** F Woodrow MBE DCM ## 15 Belgrave square SW1X 8PS ## **Charity Number** 1181273 ## **Accountants** Moore Kingston Smith, 6th Floor, 9 Appold Street, London EC2A 2AP ## **Bankers** HSBC Bank, 8 Canada Square, Canary Wharf, London E14 5HQ ## **Solicitors** SA Law, Gladstone Place, 36-38 Upper Marlborough Road, St Albans, Herffordshire, AL1 3UU Page 1 Docusign Envelope ID: 35547034-9BA3-4CB5-AA30-84CBA5282CDE year ended 31st December 2023. The financial statements have been prepared in accordance with the accounfing policies set out in note 1 to the accounts and comply with the charity’s consfitufion, the Charifies Act 2011 and the Statement of Recommended Pracfice: Accounfing and Reporfing by Charifies. December 2023. ## **Structure, governance and management** The Foundafion is a registered charity, number 1181273, and is consfituted under a consfitufion dated 1[st] August 2019. The Trust was established by the Trustees using donafions from private individuals. The Trust acfively fundraises and seeks to confinue the charitable work desired by the trustees by growth in funding amounts and sources. New trustees are appointed by the exisfing trustees and serve for three years after which they may put themselves forward for re-appointment. The Consfitufion provides for a minimum of 2 trustees. At the quarterly trustees’ meefings, the trustees agree the broad strategy and areas of acfivity for the Foundafion, including considerafion of grant making and risk management policies and performance. The day-to-day administrafion of grants and the processing and handling of applicafions prior to considerafion by the relevant subcommiftee is delegated to the Chief Execufive and the Chief Operafing Officer. The trustees have developed a code of conduct for trustees including formal statements of role and responsibilifies and provision for trustee training. New trustees may be sought by open adverfisement or through a dialogue with peers in relevant sectors, including charitable. On appointment new trustees sign a trustee declarafion statement commifting them to giving of their fime and experfise. The inducfion process follows the ICSA good pracfice guide, with a formal inducfion programme for any newly appointed trustee. This includes an inifial meefing with the Chair and the trustees, followed by a series of short meefings with the Chief Execufive on investments, the grant making process, powers and responsibilifies of the trustee board. Page 2 Docusign Envelope ID: 35547034-9BA3-4CB5-AA30-84CBA5282CDE The welcome pack includes a brief history of the Trust, copy trustee board minutes, and when applicable a copy of the last three years of annual reports and accounts, a copy of the governing trust deed and a copy of the Charity Commission’s guidance ‘The Essenfial Trustee: What You Need to Know’ and ‘Charifies and Public Benefit’. All trustees give of their fime freely and no trustee remunerafion was paid in the year. Details of any trustee expenses and related party transacfions are disclosed in note 7 to the accounts. Trustees are required to disclose all relevant interests and register them with the Chief Execufive and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises. Neither the Trust nor any of the trustees have interests with the educafion sector but any such interests would be disclosed. ## **Risk management** The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The trustees consider variability of income from donafions and the pipeline of feepaying LEAs the charity’s major financial risk. Future acfivifies include a push for donafions by individuals and by using the JustGiving plafform to raise funds from past and current recipients of the programme, as well as the wider networks of those involved in the foundafion. These have shown success, which will reflect in next year’s accounts. ## **Objecfives and acfivifies for the public benefit** The objects of the Foundafion are to enable children of all ages to find their power of purpose by giving them strategic skills, values and confidence to achieve their aspirafions and in parficular give children from disadvantaged backgrounds the same chance to fulfil their dreams as those from the most privileged backgrounds. The Foundafion aims to help re-invent real-life communifies combining tradifional and modern techniques to bring together children, parents, teachers, local businesses and individuals with the goal of helping children achieve their potenfial. Where possible, acfivifies will link directly to the UK Nafional Curriculum. Page 3 Docusign Envelope ID: 35547034-9BA3-4CB5-AA30-84CBA5282CDE The Foundafion carries out these objects by: 1. delivering the Compass for Life programme in schools. 2. delivering the Compass for Life programme in the community 3. conducfing research to idenfify the benefits provided and opportunifies for further improvement. By focusing on these we achieve our strategic priorifies of enabling children of all ages to find their power of purpose. ## **Grant making policy** The **Educafion Policy Insfitute** says disadvantaged pupils are on average 18 months behind the rest of the class in academic achievement by the age of 16. At the current rate, the study says it will take 500 years to close the gap. In 2016, the gap nafionally, at the end of secondary school, was sfill 18 months. In fact, disadvantaged pupils fall behind their more affluent peers by around 2 months each year over the course of secondary school. If we carry on at this pace, we will lose at least a further 3 generafions before equality of outcomes are realised through our educafion system. Poverty Commission’s 2014 ‘State of the Nafion’ report highlights, pupils from disadvantaged backgrounds are twice as likely to be not in educafion, employment, or training (NEET) and at higher risk of ending up in poverty as adults. The **Compass for Life Foundafion** has developed a programme that helps close this aftainment gap. Working together with teachers and parents, the inifial 24-week intervenfion helps children discover their intrinsic mofivafion and gives them the skills they need to realise their potenfial both at school and further into life. It provides a pracfical approach to achieving goals that many disadvantaged children currently think are impossible. It connects them with adults from similar backgrounds who have achieved their dreams. The Foundafion has established its funding policy to achieve its objects for the public benefit to enable children of all ages to find their power of purpose by giving them strategic skills, values and confidence to achieve their aspirafions and in parficular give children from disadvantaged backgrounds the same chance to fulfil their dreams as those from the most privileged backgrounds. Page 4 Docusign Envelope ID: 35547034-9BA3-4CB5-AA30-84CBA5282CDE ## ## **A review of our achievements and performance** The Foundafion has already delivered its programme in over 300 schools of which 100 have greater than 70% of children qualifying for pupil premium. It now wants to expand its operafion to reach more of the UK and a higher proporfion of disadvantaged children but also support the communifies they live in to enhance their outcomes. By the end of 2024 it aims to be working with all disadvantaged schools by partnership or franchise. To date the main demonstrable impacts have been: - Raising aspirafions of pupils as measured by school engagement - Raising aspirafions of teachers - Improving communicafion skills - Improving planning skills - Creafing leaders of the future - Encouraging life-long learning - Improving the connecfion between pupils, teachers and businesses - Improving their family relafionships and support within the communifies they live in. Assisfing parents to also follow their dreams and become coaches to their children. The Foundafion has established posifive relafionships with all stakeholders including schools, teachers, children, and suppliers. The trustees make decisions based on impact, integrity and in accordance with the values associated with the wider objecfives of the Foundafion. ## **Monitoring achievement** The success of the programme is evaluated via the use of pre and post training surveys that were accessible to parficipants on smart phones and iPads as wells as laptops and PCs. The surveys are anonymous so we will be tracking populafions and subgroups, rather than individuals per se. It is important we keep this type of survey anonymous due to the sensifive nature of some of the quesfions. We have done a study with over 5,000 children and young people which showed that over half (54%) of older pupils (16-24) would not answer honestly if they knew they could be idenfified. Page 5 Docusign Envelope ID: 35547034-9BA3-4CB5-AA30-84CBA5282CDE As well as the Compass for Life quesfions we included our validated quesfions on: - Demographics - Health and well-being – in parficular, physical acfivity & sleep behaviours - Emofional Health (including mental well-being, happiness, confidence, stress, and self-harm/suicide risks) - Substances - Aspirafions and looking to the future - Adverse Childhood Experiences **Note** We are looking to review these and use an easier an enhanced document. We intend to follow up these surveys with another survey a few of months after training to look at longer-term effects. ## **Financial review** The Trust’s work is enfirely reliant on donafions from individuals and income generated from fees from schools who pay for the programme. In the year income was £5,000 and expenditure was £15,566. The trustees ensure that year end reserves are sufficient to meet the commitments of the Foundafion over the next financial year to ensure its confinued viability, its stakeholders are protected and interrupfions to acfivifies towards the overall objecfives are avoided. Reserves were as expected on 31 December 2023. ## **Investment policy and performance** We do not acfively manage funds and use monies held to fund operafing expenses in line with our strategic objects. ## **Plans for the future** The Compass for Life Foundafions future plans include: 1. Raising the profile of the Foundafion and the work it does. This will be done in collaborafion with the delivery team who have a social media and office manager on a part fime basis, and by engaging a consultant to idenfify growth areas and manage the day-to-day operafions of the foundafion. Page 6 Docusign Envelope ID: 35547034-9BA3-4CB5-AA30-84CBA5282CDE 2. Increasing the amount of donafions from both corporate and private sources, specifically we are looking at running a JustGiving campaign and idenfifying other technologies and revenue streams that expand the reach and scale of the foundafion. 3. Sending requests direct to schools to encourage them to make applicafions for the grant. 4. Deepening its strategic alliances with research insfitufions and charifies within the UK and overseas to accelerate the delivery of the Compass For Life model in services that are complimentary to its aims. For example, we will be running a programme in Cardiff in collaborafion with United2Change, a specialist youth engagement organisafion that empowers young people to inform and influence decision-making. ## **Use of funds for disadvantaged children** In the next 12 months the trustees anficipate an increase in the numbers of LEAs adopfing the programme across all schools under their supervision. We have already agreed with Monmouthshire, Cardiff City and Educafion Achievement Service to work with some of the most disadvantaged children in their care and their communifies. ## **Trustees’ responsibilifies in relafion to the financial statements** statements in accordance with applicable law and United Kingdom Accounfing Standards. The law applicable to charifies in England and Wales requires the trustee(s) to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and applicafion of resources of the charity for that period. In preparing these financial statements, the trustees are required to: - select suitable accounfing policies and then apply them consistently; - observe the methods and principles of the Charifies SORP; - make judgements and esfimates that are reasonable and prudent; - state whether applicable accounfing standards have been followed, subject to any departures disclosed and explained in the financial statements; and, - inappropriate to presume that the charity will confinue in business. Page 7 Docusign Envelope ID: 35547034-9BA3-4CB5-AA30-84CBA5282CDE The trustees are responsible for keeping accounfing records which disclose with reasonable accuracy the financial posifion of the charity and enable them to ascertain to ensure that the financial statements comply with the Charifies Act 2011, the Charity (Accounts and Reports) Regulafions 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevenfion and detecfion of fraud and other irregularifies. The trustees are responsible for the maintenance and integrity of the charity and financial informafion included on the charity’s website. Approved by the trustees on and signed on their behalf by: 17-09-2024 Page 8 Docusign Envelope ID: 35547034-9BA3-4CB5-AA30-84CBA5282CDE ## **The Compass For Life Foundation Statement of Financial Activities For the year ended 31 December 2023** |**Note**
**INCOME AND ENDOWMENTS FROM:**
Donations and Legacies
**3**
Other Income
**4**
**Total**
**EXPENDITURE ON:**
Charitable activities
**5**
Raising Funds
**Total**
**Net expenditure and net movements in funds**
**RECONCILIATION OF FUNDS:**
Total Funds bought forward|**Restricted**
**Funds**
**2023**
**£**
-
-
-
-
-
-
-
15,676|**Unrestricted**
**Funds**
**2023**
**£**
5,000
-
5,000
15,566
-
15,566
(10,566)
(5,084)|**Total**
**2023**
**£**
5,000
-
5,000
15,566
-
15,566
(10,566)
10,592|**Total**
**2022**
2,100
238| |---|---|---|---|---| |||||2,338| |||||7,221
-| |||||7,221| |||||(4,883)| |||||15,475| |||||| |**Total Funds carried forward**|15,676|(15,650)|26|10,592| |||||| |||||| Page 9 Docusign Envelope ID: 35547034-9BA3-4CB5-AA30-84CBA5282CDE ## **The Compass For Life Foundation Balance Sheet As at 31 December 2023** |**Current Assets**
Cash at bank
**Creditors Amounts falling due**
**within one year**
**Net current assets**
**Net assets**
**Funds**
Unrestricted funds
Restricted funds
**Total Funds**|**Note**
**9**
**10**
**10**|**£**
**£**
**£**
**£**
4,994
22,664
4,994
22,664
(4,968)
(12,072)
26
10,592
26
10,592
(15,650)
(5,084)
15,676
15,676
26
10,592
**2022**
**2023**|**£**
**£**
**£**
**£**
4,994
22,664
4,994
22,664
(4,968)
(12,072)
26
10,592
26
10,592
(15,650)
(5,084)
15,676
15,676
26
10,592
**2022**
**2023**| |---|---|---|---| ||||10,592| ||||(5,084)| ||||15,676| ||||10,592| Approved by the Trustees on and signed on their behalf by: 17-09-2024 ................................................................ **A.Gourbault** Trustee C.I.O No. 1181273 Page 10 Docusign Envelope ID: 35547034-9BA3-4CB5-AA30-84CBA5282CDE **1 Accounting Policies** ## **The Compass For Life Foundation Notes to the Financial Statements For the year ended 31 December 2023** ## **Charity information** The Compass For Life Foundation is a charity registered in England and Wales. The registered office is 15 Belgrave Square, London, SW1X 8PS. ## **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 of external factors 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 5. Page 11 Docusign Envelope ID: 35547034-9BA3-4CB5-AA30-84CBA5282CDE ## **The Compass For Life Foundation Notes to the Financial Statements (Continued) For the year ended 31 December 2023** ## **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 instruments** 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**
**2023**
**£**|**Unrestricted**
**2023**
**£**|**Total**
**2023**
**£**|**Total**
**2022**
**£**| |---|---|---|---|---| |Accounts preparation|-|2,724
-|2,724|2,347| |Independent examiner's remuneration|-||-
**Total**
**2023**
**£**
5,000
5,000
**Total**
**2023**
**£**
-|3,689| |**3.**
**Voluntary Income - Donations and Legacies**
**Restricted**
**2023**
**£**
Donations
-
-
For the year ended 2023 there were £0 restricted donations.||**Unrestricted**
**2023**
**£**
5,000
5,000||**Total**
**2022**
**£**
2,100| |||||2,100| |||||| |**4.**
**Other Income**|**Restricted**
**2023**|**Unrestricted**
**2023**||| |||||**Total**
**2022**| |Sale of workbooks|**£**|**£**||**£**| |||||| ||-|-||238| |||||| |||||| Page 12 Docusign Envelope ID: 35547034-9BA3-4CB5-AA30-84CBA5282CDE ## **The Compass For Life Foundation Notes to the Financial Statements (Continued) For the year ended 31 December 2023** ## **5. Expenditure** |**Expenditure**||||| |---|---|---|---|---| |**Direct costs allocated to activities**
Bank Charges
Consulting
Subscriptions
**Support costs allocated to activities**
Accountancy fees
**Governance costs allocated to activities**
Independent examination fees
**Total**|**Restricted**
**2023**
**£**
-
-
-
-
-
-
-|**Unrestricted**
**2023**
**£**
49
12,308
-
12,357
3,208
-
15,566|**Total**
**2023**
**£**
49
12,308
-
12,357
3,208
-
15,566|**Total**| |||||**2022**
**£**
60
-
489| |||||549| |||||| |||||636| |||||| |||||6,036| |||||7,221| ## **6. Employee Costs** The average monthly number of employees were: Average number of employees |**2023**||**2022**|| |---|---|---|---| ||-||-| ## **7. Trustees and Key Management Personnel** None of the trustees received remuneration in the period. No trustee received reimbursement of expenses during the period. |**8.**
**Creditors: Amounts falling due within one year**
Accruals
Other creditors|**2023**
**£**
2,724
2,244
4,968|**2022**
**£**
6,036
6,036| |---|---|---| |||12,072| Page 13 Docusign Envelope ID: 35547034-9BA3-4CB5-AA30-84CBA5282CDE ## **The Compass For Life Foundation Notes to the Financial Statements (Continued) For the year ended 31 December 2023** ## **9. Movement in Funds** |**Movement in Funds**||||| |---|---|---|---|---| |**At 31 December**
**2022**
**£**
15,676
(5,084)
10,592
**At 31 December**
**2021**
**£**
15,676
(201)
Total funds
15,475
Unrestricted Funds
Restricted Funds
Restricted Funds
Unrestricted Funds|**Income**
**£**
-
5,000
5,000
**Income**
**£**
-
2,338
2,338|**Expenditure**
**£**
-
(15,566)
(15,566)
**Expenditure**
**£**
-
(7,221)
(7,221)|**Transfers**
**£**
-
-
-
**Transfers**
**£**
-
-
-|| |||||**At 31 December**
**2023**| |||||**£**
15,676
(15,650)| |||||26| |||||**At 31 December**
**2022**
**£**
15,676
(5,084)| |||||10,592| ## **10. Allocation of Net Assets between Funds** |**10.**
**Allocation of Net Assets between Funds**||||| |---|---|---|---|---| |Restricted Funds||**2023**||| ||**Fixed**
**Assets**
**£**
**-**|**Current**
**Assets**
**£**
15,676
-
15,676|**Current**
**Liabilities**
**£**
-
(15,650)|**Total**
**£**| |||||15,676| |Unrestricted funds|-|||(15,650)| |Total funds
-|-||(15,650)|26| |||||| |Unrestricted funds
Total funds
Restricted Funds||**2022**||| ||**Fixed**
**Assets**
**£**
**-**|**Current**
**Assets**
**£**
15,676|**Current**
**Liabilities**
**£**
-|**Total**
**£**| |||||15,676| ||-|-|(5,084)|(5,084)| |||||| |||15,676|(5,084)|10,592| |||||| ## **11. 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 14