Charity number."1189928 Values Education for Life CIO Trustees, Report and Financial Statement For the period ended 30 November 2022
Values Education for Life CIO CONTENTS Page Contents Reference and adminisirative details of the CIO, itsTrustees and advisers Trustee's statement Trustees, report Independent examiner's report Statement of financial activities io Balance sheet li Statement of cash flows 12 Notes to the financial statements 13-23 Page I
Values Education for Life CIO Reference and administrative details of the CIO, its Trustees and advisers For the period ended 30 November 2022 Trustees Mr D Rowse, Chair lappointed 12 June 2020) Mrj Eyre (appointed 12 June 2020) Mr C Clark (appointed 12 June 2020. resigned 09/08/2022) Mrs C Downes (appointed 12 June 2020) Mrs G Carter (appointed l May 2022) Charity registered number 1189928 Principal office Community House Coleshill Road Atherstone CV9 IBN Independent Examlner Mrs Pauline Hegarty Bankers HSBC plc 34 Poplar Road Solihull West Midlands B913AF Solicttors Lodders Solicitors LLP Number 10 Elm Court Arden Street Stratford upon Avon Wanmickshire CV37 6PA Chartered Building Surveyors Helme and Partners Ltd 3 Berry Close Great Bowden Market Harborough 16 7ES Page 2
Values Education for Life CIO Report of the Trustees For the period ending 30 November 2022 The Trustee5 present their ststement for the period. Keresley College VEFL CIO took on the ownership of what then became Keresley College on the 8th October 2020. which included a lease for seven years. the previous head of school on a selfemployed contract and a further six TUPED members of staff from the previous owner. This allowed for the full-time education of 18 year 10 and 11 students. some of whom were to take their GCSES in English. Maths, Science and Art that coming summer. The transition wa5 not easy due to Covid still being very active and after the difficult experien of transitioning from one employer to another staff were very sensitive to any suggestions of change. In spite of these difficulties all year 11 students successfully completed their GCSE courses and gained a placement at the local FE college. Although the charity was contracted to WCC LEA for student referrals fijrther recruÈtment during 2021 was very low and there We only 3 studentswho wentforward into the new academicyear 21122. This posed a considerable financial strain on the finances of the charity which was not sustainable and although the situation improved sli8htly overthe remainder of the academic year and three more fee paying students attended the college the trustees decided that it was prudent to close Keresley College. Nevertheless and in order to minimise any disruption to the education of students the trustees decided to keep the college open for the remainder of that academic year and as most of the student5 were in year 11 Closu would have minimal effect on their education. During this period the charity approached the LEA on a number of occasions and requested an increase in student referrals in order to keep the college open. which resulted in little action although no reason ft)r this was ever gtven. The decision to close the college was taken with great reluttance, but the charity was pleased to keep Keresley open until a majority of students had successfully taken their public examinations and olrtained a placement in FE. an apprenticeship or employment. thereby successfully completing their secondary education. Building Better Opportunities: The work on this project has continued to help young people between the ages of 16 to 18 lor 25 where they were disabledl who were Not in Education. Employment or Trdining. This has been accomplished by providing training programs to develop life skills, personal confidence and self-esteem needed to apply for and retain employment. The voung people referred to the charity are predominately from the North Warwickshire area. This second phase of the funding for the projert has been extended until the end of March 2023 due to the difficulties caused by the restrittions that were in p13ce due to Covid. This also had the effect of disrupting the normal delivery of the various components of the program due to the inability to meet face to face or in groups. This was successfully overcome by offering one to one consultations with young people either through phone ca115 or Zoom meetings. Unfortunately, group meetings were terminated as there was a reluctance on the part of the young people to attend them once the restrictions were lifted. We intend to run a series of group meetings during the next financial year before the project ends if there are sufficient numbers to justify them. Page 3
Values Education for Life ao Report of the Tru5tee5 For the period ending 30 November 2022 The project has continued to successfully provide excellent support for vulnerable young people who do not have the confidence and Social skills required to apply for and successfully flourish within the workplace. General Considerationsfor the future It is recognised by the trustees that future developments may be inhibited by a lack of a ntrOl support team at the core of the activities of the charity. In this respect the charity will be seeking to establish either directly or through bought in provision a team of people who are well qualified and experienced in jointly taking forward and developing the important work of the chartty into the future. D Rowse- Truste Date: //,, Page 4
Values Education for Life CIO Report of the Trustees For the period ending 30 November 2022 The Trustees present their annual report together with the financial statements of the CIO for the period to 30 November 2022. Objectives and activities . Policies and objectives The advancement of education of young people under 25 through the provision of personal, social. moral and health education and the publication of the useful results of research into the same so as to enable them to develop to their full capacity as individuals and members of society. In setting objectives and planning for artNities. the Trustees have given due consideration to general guidance published by the Charity o)mmission relating to public benefit. includin8 the guidance 'Public benefit: running a charity IPB21'. b. Strategies for achieving objectives The CIO ran a school for young people at risk of exclusion from main stream education until the end of July 2022. It also continues to deliver the'BBO Progress, projert which will finally come to an end in March 2023. It also intends to= al maintain the current 'Helping Hand5, project based in Camp Hill Nuneaton bl develop the'success for Ail, projert c. Activities undertaken to achieve objectives Helping Hands project- a project aimed at young people beeen the ages of 12 and 18. offering them the opportunity to regain their self-esteem and sense of personal responsibility within a social and educational context. ii. Success For All- a project aimed at understanding the specific theory aftd good prartice which underpins the educational intervention programme run by the charity- iii. BBO Progress projert- a project aimed at supporting young people who are NEt0 move forniard into education. training or employment. d. Main artivities undertaken to fvrther the aus purpose for the public benefit The Trustees of the CIO are aware of the Charity Commisslon'sguldan on public benefit and this now forms part of the Induction Pack for new Trustees. The Public Benefit provided by the CIO include: -the education of young people The beneficiaries are all members of the public and local communrty. Further details can be found in the activities ndertaken to achieve objectives section of the Trustees report. Achievements and performance a. Review of activities See the Trustee's Statement on pages 3 and 4 for a review of the yearfs activities. Page 5
Values Education for Life CIO Report of the Trustees For the period ending 30 Novernber 2022 Financial Review . Going conrn After making appropriate enquiries, the Trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable tsture. For this reason, they continue to adopt the going concern basis in preparing financial statements. b. Reserve policy All non restricted funds which are received by the CIO are spent on the projects that the CIO is undertaking- any left at the end of the financial year are carried forward for use in the new financial year. All restricted funds are used on the projects that the funds were obtained for. Again where a project is running over more than one financial year, these funds are carried over into the new financial year. The Trustees have declared the balance of the money received from the sale of College House as a restricted asset, the income from which will be used to support the projects that we are running and also to extend the work that we are currently doing. The Trustees have examined the cilys requirements for reserves in the light of the main risks to the organisation. It is the Trustee's policy to maintain sufficient reserves to finan the day to day running of the cio for a period of approximately 12 months. The unrestricted reserves of the CIO at 30 November 2022 amounted to £106,841 and will be sufficient to support the CIO in the immediate future. The Trustees have reviewed the major internal and external risks to which the CIO is exposed and systems have been established to mitigate those risks. These procedures are periodically reviewed to ensure that they still meet the needs of the CIO. c. Material investments policy The investment portFolio is marlaged on a discretionary basis in line with the Trustee Ethical Policy statements. The value of the investment portft)lio at 30 November 2022 was £73.628. The performance of the funds is monitored on a regular basis. d. Financial risk management objertives and policies Cashflow risk The CIO'S artivities expose it primariFy to the financial risks of changes in interest rates. Credit risk The CIO'S principal financial assets are bank balances and cash, trade and other receivables, and investments. The CIO'S credit risk is primarily attributable to its trade recetvables. The amounts presented in the balance sheet are net of allowance5 for doubthjl receivables. An allowance for impainnent is made where the is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverabiltiy of the cash flows. The credit risk on liquid funds 15 limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The CIO has no significant concentration of credit risk, with exposure spread over a large Page 6
Values Education for Life CIO Report of the Trustees For the period ending 30 November 2022 number of counterparties and customers. Liquidity risk In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future development5, the CIO uses a mixture of long-tem) bank account5 and investments. Further details regarding liquidity risk can be found in the statement of accounting policies in the financial statements. e. Financial overvtew At the start of the financial year the CIO had funds available amounting to £199.937. This was made up of £115,851 in bank deposit5, and £77,266 in the investment account. There was also a positive balance of £6,820 due from debtor5 after netting off what was due to our creditors. During the financial yearthe CIO received fees of £227.878 for the education of students at Keresley College, it also received £23,793 in grants and £3.001 in donations. interest and investment income. A total of £254,672. Expenditure during the financial year amounted to £349,166. The expenditu at Keresley College was £321,984,. on the BBO project £18,gS8and general expenditure to fund the charitycame to £8,224. Over the financial Yearthe wasan excess of expenditure over income of £94,494 which was funded frown the reserves. The difficult financial position as described in the previous set of accounts wa5 ongoing and affected the cashflow of the charity and continued to do so for the first five months of the year overthose five months the cashflow position was difficult. Despite an increase in recruitment the CIO was paying out more each month than it was receiving in income. The Trustees regularly met to consider the financial position of the charity as well as the recruitment of students to Keresley College. which was haemorrhagin8 money from the CIO'S current account. Although the level of recruitment increased, the number of students on roll was below the numberthat wa5 required to break even over the full year. Furthermore. the majority of the students recrnited were Year 11 students who would only be attending until the end of Jijne. Once all the Year 11 students left the financial posltion would be such that the income received would not SUPPOrt the expenditure of the College. Based on previou5 years. experience. the required level of recruitment for the new term was unlikely to be sufficient to meet the level of monthly expenditure until the end of the Autumn term. This would have meant that the cashflow of the charity would have again been in negative territory for at least four months. The Trustee5 attempted to obtain a guarantee of a minimurn level of recruitment from the LEA. but they were unable to provide any support in that area. Therefore the Trustees took the difficult decision to close Keresley College. This decision was based on the financial projections. the dtfficuty in recruitment. lack of support from the LEA and other issues. Structure, governante and management a. cOtitUtion Values Education for Life CIO is a registered chartty. number 1189928. and is constituted under the CIO Foundation, date 12 June 2020 Page 7
Values Education for Life CIO Report of the Trustees For the period ending 30 November 2022 Structure. governance and managefnent (contÉnued) b. Methods of appointment or election of Tru5tee5 The management of the CIO is the responsibility of the Trustees who are elected and co-opted under the terms of the CIO foundation. c. Organisational structure and decision-making policies Detsils of the CIO, itsTrusteesand advisorsfor theyearended 30 November 2022 can be found on page 2. d. Policies adopted for the induction and training of Trustees New Trustees undergo a briefing on their legal obligations under charity law. the content of the constitution, the decision making processes. and recent financial performance of the CIO. The new Trustees also meet otherTrustees. Trusiees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. e. Financial risk rnanagement The Trustees have a55e5sed the major risks to which the CIO is exposed, in particular those related to the operations and finances of the CIO, and are satisfied that Systems and procedures are in place to mitlEate exposure to the major risks. Statement of Tru5tees' responsibilities The Trustees are responsible for preparing the Trusteeg reFM)rt and the financial statements in accordance with applicable law and the United Kingdom Accounting Standards Iuntted Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the CS0 and of its incoming resources and application of resources, including its income and expenditure. for that period. In prep3ring these financial statements, the Trustees are required to= Select suitable accounting policies and then apply them consistently: Obsetve the methods and principles of the charities SORP IFRS 102)- Make judgements and accounting estimates that are reasonable and prudent- State whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial statements: Prepare the financial statements on the goinE concem basis unless it Is inappropriate to presume that the CIO will continue in busine5S. The Trustees are responsible for keepirE adequate accounting records that are sufficient to show and explain the CIO'S transactions and disclose wtth reasonable accuracy at any time the financial position of the CIO and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity {Accounts and Reports) Regulations 2008 and the provision5 of the Trust Deed. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of th Mr D Rowse Trustee Page 8
Values Education for Life CIO Independent examinerfs report For the period ended 30 November 2022 Independent examlnerfs report to the Trustees of Values Education for Life CIO I'the Cl(Y) I report to the charity Trustees on my examination of the accounts of the CIO for the period ended 30 November 2022. Re5ponsibilitie5 and basis of report As the Trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirement5 of the Charities Att 20111'the 2011 ACVI. I report in respect of my examination ofthe ci¢Ysaccountscarried out undersection 145 of the 2011 Art and in carrying out my examination I hève followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011Art. Independent examinerfs statement Since the CIO'S gross income exceeded £250,(KKI your examiner rnust be a member of a body listed in sertion 145 of the 2011 Act. I confim) that l am qualified to undertake the examination because l am a member of the ICAEW which is one of the listed bodies. Your attention is drawn to the fact that the CIO has prepared the accounts in accordance with Accounring 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 IFRS 1021 in preference to the Accounting and Reporting by Charities: Statement of Recommended Prartice issued on l April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this ha5 been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after l January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= l- accounting records were not kept in respect of the CIO as required by settion 130 of the 2011 Act- or 2 - the accounts do not accord with those records- or 3 - the accounts do not comply with the applirdble requirements conceming the forn) and content of accounts set out in the Ch3rities (Accounts and Report51 Regulations 21K)8 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connertion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made 501ely to the CIO'S Trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Reportsl Regulations 21K18. My work ha5 been undertaken so that I might state to the CIO'S Trustees those matters I am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the CIO and the CIO'S Trustees as a body, for my work or for this report. Signed.. Dated: Page 9
Values Education for Life CIO Statement of financial activities For the period ended 30 November 2022 Unre5trirted funds Restricted 2022 funds 2022 Totsl funds Totsl funds 2022 2021 Income from: Donations and legacies Charitable activities Investments 23.745 227.878 23.793 227,878 3.001 212,475 372,880 2,307 3,lJ)I Total Income 3.1)49 251,623 254,672 587,662 Expenditure on: Charitable activities 8.224 340,942 349,166 391,463 Totsl Expenditure 8.224 340.942 349,166 391.463 Net income before net gains on investments Net losses on investments 5.175 3.638 89,319 94,494 3,638 196,199 3,738 Net movement in funds 8,813 89319 98,132 199,937 Reconcilliation of funds: Total funds brought forward Net movement in funds 185.092 8.813 14,845 89,319 199.937 98,132 199,937 Total funds Carried forward 14 176,279 74,474 101.805 199,937 The notes on pages 13 to 23 form part of these financial statements Page 10
Values Education for Life CIO Balance sheet As at 30 November 2022 2022 2022 2021 Note Flxed assets Investments li 73,628 77,266 Current assets Debtors Cash at bank and in hand 12 1,546 92,142 93,688 20,082 115,851 135,933 Creditors: amounts falling due within one year Creditors: amounts falling due after one year 13 21 6.271 59,240 6S,SII 13.262 Net current assets 28,177 Total net assets 101,805 199,937 Charrty funds Restricted funds Unrestricted funds 14 74,474 176,279 14,845 185,092 14 Total funds 101,805 199,937 The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf by: Mr D Rovtse MrJE Trustee Trustee The note5 on pages 13 to 23 fomi part of these financial statements Page 11
Values Education for Life CIO Statement of cash flows from operating activtties For the period ended 30 November 2022 2022 2021 Note Cash flows from operating activities Net cash used in operating artivitie5 17 26.577 187,081 Cash flov from investing activwties Dividend5, interest and rents from investments Transfer from Trust into fixed asset investments 2.868 2,298 -73,528 Net cash used in investing activities 2,868 -71.230 Cash flows from financing activities Net cash provided by financing artivities Change in cash and cash equivalents in the period Cash and cash equivalent at beginning of period 23.709 115,851 115,851 Cash and cash equivalents at the end of the period 18 92,142 115.851 The notes on pages 13 to 23 form part of these financial statements Page 12
Values Education for Life CIO Notes to the financial Statements For the period ended 30 Novernber 2022 l General Inforn)atson Values Education for Life is a charitable incorporated organisation ICIOI registered with the Charity Commission in England and Wales. The address of the registered office is given on the CIO infom)ation page of the financial statements. The primary objerttve5 of the CIO are set out in the Trustee's report. 2 Accounting policies 2.1 Basi5 of prepar*ion of financial statements The financial statements have been prepared in accordante with the Charities SORP IFRS 102)- 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 IFRS 1021 leffective I January 20191 the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charitie5 IAccounts and Reports) Regulations 2008 only to the extent required to provide a 'true and frdirf view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities- Statement of Recommended Practice effertive from l April 2tX)5 which has since been withdrawn. Values Education for Lrfe meets the definition of a public benefft entity under FRS 102. Assets and liabilities are initially recognised at historical c05t or transattion value unless othenvise stated in the relevant accounting policy. 2.2 Going concem After making appropriate enquiries. the Trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concerrE basis in preparing the financial statements. 2.3 Income All income is recognised once the CIO has entitlement to the income. it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependant on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuraLry the amount receivable. Evidence of entttlement to a legacy exists when the CIO has sufficient evidence that a gift has been left to them {throuEh knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it 15 probable that it will be received and the fair value of the amount receivable. which will generaify be the expected cash amount to be distributed to the CIO. can be reliably measured. Grants are included in the Statement of financial attivities on a re1vable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt. its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 13
Values Education for Life CIO Notes to the financial statements For the period ended 30 November 2022 Other income is recognised in the period in which it is recebvable and to the extent the goods have been provided or on completion of service. 2.4 Expenditu Expenditure is recoEnised once there is a legal or constructive obligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity- The costs of each activity are made up of the total of direct cost5 and shared costs, including support costs involved in undertaking each artivity- Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single attivity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs a allocated on the basis of time spent. and depreciation charges allocated on the portion of the assets use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the CIO'S objectsves. as well as any support costs. All expenditure is inclustve of irrecoverable VAT. 2.5 Interest re1¥able Interest on ftjnds held on dep051t is included when receNable and the amount can be measured reliably by the CIO- this is nomially upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Taxation The CIO is considered to pass the tests set out in Paragraph I Schedule 6 of the Finan Art 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the CIO is potentially exempt from taxatiork in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Sertion 256 of the Taxation of Chargeable Gains Act 1992, to the extent thot such income or gains are applied exclusively to charttable purposes. 2.7 Investments Fixed asset investment5 are a form of financial instrument and are initially recognised at their trartrsartion cost and subsequently measured at fair value at the Balance sheet date. unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investmentgains and losses, whether realised or unrealised are combined and presented as Gains/lLossesl on Investmen in the Statement of financial artivities. 2.8 Debtor5 Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 14
Values Education for Life CIO Notes to the financial statements For the period ended 30 November 2022 Accounting Policies (continued) 2.10 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amountthat the CIO anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 2.11 Operating leases Rentals paid under operating leases are charged to the Statement of financial attivities on a straight line basis over the lease term. 2.12 Pensions The CIO operates a defined contribution pension scheme and the pension charge represents the amounts payable by the CIO to the fund in respect of the period. 2.13 Fund accounting General funds are unrestricted funds which are available to use at the discretion of the Trustees in furtherance of the general objectives of the CIO and which have not been designated for other purposes. Designated funds comprise unrestrirted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial ststements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the CIO for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Income from donations and legacies Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Donations from Values Education for Life Trust Donations from ex-staff Grants 189,662 23,745 23,745 22,813 23,745 23,793 212,475 Page IS
Values Education for Life CIO Notes to the financial ststements For the period ended 30 November 2022 Income from charitable artivities Restricted funds 2022 Totsl funds 2022 Total funds Z021 Education of young people- pupil fees 227,878 22778 372,880 Investment income Unrestricted funds 2022 Total funds 2022 Totsl funds 2021 Income from listed investments Interest receivable 2.868 133 3.001 2.868 133 3,001 2.298 2.307 Analysis of expenditure on charitable activities Summary by fund type Unrestrirted Restrirted funds funds 2022 2022 Totsl funds 2022 Totsl funds Z021 Education of young people 8,224 340,942 349.166 391,463 Analysis of expenditure by activrties Artivities undertaken directly 2022 Support Total funds 2022 Totsl funds 2021 2022 Education of young people 187,508 161,658 349,166 391.463 Page 16
Values Education for Life CIO Notes to the financial ststements For the period ended 30 November 2022 Analys of expenditure by activities {continued) Analysis of direct costs Total funds 2022 Total fund5 2021 Staff costs Educational costs (Support) Training and other staff costs 184,599 7.548 2,909 240,498 10,833 5,661 195.056 256.992 Analysis of support Costs Total funds 2022 Total funds 2021 Repairs and maintenance Premises Transport Communications 11.503 95.462 4.382 5,804 15,422 13.327 6.126 354 1,730 154.110 12,832 37.519 13.543 2,534 26,805 27.904 9,318 276 Professional Fees Insurance Bank charges Other Expenditure 3,740 134,471 Independent examine¢s remuneration 2022 2021 Fees payable to the CIO'5 independent examiner for the independent examination of the CIO'S annual accounts 1,000 2,5(X) Page 17
Values Education for Life CIO Notes to the financial statements For the period ended 30 November 2022 staff Costs 2022 2021 Wages and salaries Social security costs Pension costs 175,990 2,058 6,551 184,599 225,599 11.335 3.564 240.498 The average number of persons employed by the CIO during the period was a5 follows: 2023 No. 2022 No. Staff 13 No employee received remuneration amounting to more than £fA).(XY) in either year. io Trustees. remuneration and expenses During the period. no Trustee received any remuneration or other benefit. During the period ended 30 November 2022, travel expenses totalling £3,288 were reimbursed to 2 Trustees.12021-£3.0661 Page 18
Values Education for Life ao Notes to the financial statements For the period ended 30 November 2022 li Fixed asset investments Ltsted Listed investments investments 2022 2021 Market value At 1st December Revaluations 77,266 3,638 73,528 3,738 At 30 November 73,628 77,266 Net book value At 30 November 73,628 77,266 12 Debtors 2022 2021 Trade debtors 1,546 20,082 13 Creditt>rs 2023 2022 Amounts falling due within one year Amountsfrdlling due after one year 6,271 59,240 13,262 65,511 13,262 Page 19
Values Education for Life ao Notes to the financial statements For the period ended 30 November 2022 14 staternent of funds- current period Balance at Balance at 30 Gainsl November (Losses) 2022 December 2021 Income Expenditure Unrestrirted fund5 Oesignated funds Proceeds from sale of property 183.406 3,638 179.768 General funds General funds 3.049 8,224 3,489 Total Unrestrirted fund5 185,092 3.(9 8.224 3,638 176,279 Restrirted funds Kere51ey College BBO in Coventry and Warwickshire Youth Endowment Fund 8,047 4.932 1.866 227,878 23.745 321,984 18,958 86.059 9,719 1,866 14,845 251,623 340.942 74,474 Total of funds 199.937 254.672 349,166 3,638 101,805 Page 20
Values Education for Life CIO Notes to the financial statements For the period ended 30 November 2022 14 Statement of funds (continued) Details of funds: Sale of ro In 2015 the Value Education for Life Trust sold the propeity it owned in Birmingham and after payment of all due expenses was left with £212.1))). The Trustee5 decided that £200,tKKJ of this money should be allocated for the purchaselrefurbishmentldevelopment of a new 'Safe School, for the benefit educationally and socially disadvantaged young people within the area it was operating in. The funds were transferred into the CIO on closure of the Trust. Keresle Colle Keresley College was a Safe School operated by the chartty, bringing education to excluded pupi15 aged 13- 18 in North Warwickshire and Nuneaton and Bedworth. The School was closed in July 2022 due to insufficient numbers to cover the costs of running the school. Buildin Better O ortunities BBO for oun le in Covent and Warwickshire BBO Progress is a project funded by the National Lottery Community Fund and the European Social Fund as part of the 'Building Better Opportunities. programrne. The project aims to assist the most marginalised and disengaged young people not in employment. education or training. or at risk of the same, to move closer to or into employment by providing targeted and specialist support to individuals the Coventry and Warwickshiie Local Enterprise Partnership area. Youth Endowment Fund Comprised of a grant from the Youth Endowmwnt Fund which allowed 'Success for All, to employ three senior academics to support its work by extensively identifying the specific theory and good practice which underpins the intervention program which the Chair designed. The unspent funds of £6,256 were transferred into the CIO on closure of the Trust. Page 21
Values Education for Life CIO Notes to the financial 5tstements For the period ended 30 November 2022 15 Summary of funds Summary of fund5- current period Balan at Balan at 30 Gains/ November (L055e5) 2022 November 2021 Incorne Expendrture Designated funds General funds Restricted funds 183.406 1.686 I445 183,406 7,127 74,474 3.049 251,623 8.224 340,942 3,638 199,937 254,672 349,166 3.638 101,805 16 Analysis of net assets between funds Analysis of net assets between fvnds- current period Unrestricted Restricted fvnds funds 2022 2022 Total funds 2022 Fixed asset investments Current assets Creditors due within one year Creditors due after one year Totsl 73,628 92,142 73.628 93,688 -6,271 -59,240 101.805 1,546 6,271 59,240 63,965 165,770 17 Reconciliation of net movement in funds to net cash flow from operdting activities 2022 2021 Net income for the period (as per Statement of Financial Activities) 98,132 199,937 Adjustments for: Gainslllossesl on investments Dividends, interests and rents from investments Decrease/lincreasel in debtors Increase in creditors 3,638 2,868 18.536 52,249 -3,738 -2,298 -?0,082 13,262 Net cash provided by operating artivities 26,577 197,081 Page 22
Values Education for Life CIO Notes to the financial statements For the period ended 30 November 2022 18 Analysis of cash and cash equivalents 2022 2021 Cash in hand 92,142 115,851 Total cash and cash equivalents 92.142 115,851 19 Pension commitments The CIO operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the CIO in an independently administered fund. The pension cost charge represents contributions payable by the CIO to the fund and amounted to £6551 in the period. 20 Operating lease commitments At 30 November 2022 the CIO had arrdnged with WCC the return of the building to the LEA as it no longer met the minimum provision required by WCC. The LEA ha5 submitted a dilapidations report in which it suggests that the charity is expected to contribute a minimum of £59.240 to return the building to the state that the LEA expect. Given the conditions in the lease which was agreed by both parties. the charity has questioned the figure and placed the matter in the hands of its professional advisors. This amount has been provtded for within the accounts. 21 Related party tran5artions There were no related party transactions during this financial year. Page 23