Charity number: 1189928 Values Education for Life CIO Trustees, Report and Financial Ststement For the period ended 30th November 2023 Values Educatlon for Life CIO Page Contents Reference and administratlve details of the CIO. its Trustees and advisers Trustee's statement Trustees, report Independent examiner's report Statement of financial activities io Balance sheet li Statement of cash flov 12 Notes to the flnancial statements 13-23 Page I Values Educatlon for Llfe CIO Reference and admlnistrative detalls of the CIO. its Trust￿ and advisers For the period ended 30 November 2023 Trustees Mr D Rowse. Chair {appointed 12 June 20201 Mr J Eyre (appointed 12 June 2020) Mrs C Downes (appointed 12 June 2020) Mrs G Carter {appointed l May 2022, resigned 30th April 20231 Mrs C. Everitt (appointed 7th November 2023 1 Charity reglstered number 1189928 Prlnclpal office Community House Coleshill Road Atherstone CV9 IBN Independent Examlner Mrs Pauline Hegarty Bankers HSBC pl 34 Poplar Road Sollhull West Midlands B913AF Sollc¥tors lodders Solicitor5 LLP Number 10 Elm Court Arden Street Stratford upon Avon Wanvickshire CV37 6PA Chartered BulldlnE Surveyors Helme and Partners Ltd 3 Berry Close Great Bowden Market Harborough LE16 7ES Page 2 Values Educatlon for Life ao Report of the Trustees For the period ended 30 November 2023 The Trustees present their statement for the period. Keresley College: It was the Trustees intention to hand back the Keresley College buildin& which was leased. three months after informing Warwick5hire County Council of our intention to do so. The Authority was informed of our decision by the end ofjuly 2022, with a proposed hand over date of 315t Ortober. Once clearance of the contents of the building commenced, it was obvious that it would take longer than we had originalfy anticipated. Eventually. the hand over date was agreed as 9th December. A large amount of the educational resources were donated io a number of educational establlshments. We were also able to donate a substantial quantitiy of the furniture to local Schools. Even so. there was a considerable number of items that remained. It was eventually decided that the only reaSi5tic way to get rid of the rernainder of the items was to engage a licensed clearance firm to complete the task. The building was eventually cleared by the 6th December 2022 and it was fomially handed over to the owners on the 9th December. During September, the authority arranged for the premises to be surveyed prior to our leaving. We also en8a8ed the firm of suNeyors who had conducted a survey of the building on our behalf before we entered into a lease with Warwlckshire County Council. to conduct a survey on our behalf. We received a Dilapidation Report from WCC'S Surveyors during February 2023 which indicated thal WCC expected the charity to pay for the suggested dilapidations. The Trustees placed the matter in the hands of our surveyors. who responded to the report on the 2nd March. Other than a conflrmation of receipt nothing further was heard until August. when we received a further copy of the Dilapidation Report, this time from WCC'S Legal Services. This was again sent to our surveyors who agaln responded on our behalf. They again received an acknowledgement for this communication. No further contact has been received. The Trustees are puzzled over the lack of communication from WCC as they have not refused to pay for any necessary work that they may be responsib￿ for. All they have requested. through our agent. is an accurate assessment of the dilapidations thot occurred during their occupancy, based on the 5tste of the building when they took it over. They also pointed out that a large amount of the dilapidations listed in the report were not. accordin8 to the lease that they signed, their responsibility. They are still waiting for Warwickshire County Council to respond to the letters that have been sent. Bulldln8 Better Opportiinltles: At the start of this financial year, there wa5 only four months remaining of this project, as it was due to complete at the end of March 2023. Young people between the ages of 16 to 181 or if disabled, to 251 who were Not in Education, Training or Employment were helped by providing training programs to improve their life skills, personal confidence and self-esteem. They were also encouraged to apply for either jobs or for training courses related to the type of job that they were interested in. Despite there only being four months of the project left, the staff continued to deal with the young people who had been referred. They also set up a number of new training courses which v￿￿ offered to all other providers to advert15e to their cohort of students. By the time the end of March arrived. a5 the charity had not had any success With new fundin& the staff running the project did not have their contracts renewed. The Trustees would like to thank all the staff employed on the BBO project for all their hard work over the period that BBO has been running. They worked well as a team and despite the disruption caused by the pandemic, they continued to support all the young people who were referred to the best of their ability. Their hard work and professionalism was Page 3 Values Education for Ufe CIO Report of the Twstees For the peri¢xl ended 30 November 2023 noted and commented on by the staff of the or8anisation running the project. Wa￿1(ksh￿re Police and Crime Commissioner. ￿CceSS for All Shortly after the ending of the BBO project. the Trustees were infomied that a bid for fuTrdin8 from the WP&CC, made by the Chair of Trustees, had been successful. The project narned 'Success for ￿1, was funded by a grant of just under £15,000 and would last for a year. It will operate in collaboration with local community groups, social 5eryices, other local government agencies and voluntary organisation5 to provide a local "voice" to encourage residents to identify specific needs which will help reduce anti-social behaviour, violence and crime in their neighbourhood and focus on support for those young people who are most at risk of entering a life of crirne and possible related violence. The project add￿sseS the needs of younE people who have been Identified as being at hlgh rlsk of education and social exclusion as a result of anti social behaviour and involvement in gangs. leading to criminal attivity, including acts of criminal or domestic violen￿. This targeted pro8am and activities are aimed at diverting children and young people away from crime and anti-social behaviour with an emphasis on reduting and preventin8 knife and other violent crime. It also works to reduce substance abuse of all kind5 and the detrimental effett that this has on their local communitv, together wrth intervention to reduce offending and reoffendin8. General C0Tr51deratlons for the fU￿re It is recognised by the Trustees that future developments may be inhibited by a lack of a central support team at the core of the activltle5 of the charity. As part of the effort to Improve the situation, the Trustees have engaged a fund- raiser to generate Income to address the problem that they face in terms of lack of a support team. They recognise that this will be a lon8 term project, but anticipate that if the fund-raiser is successful, then it will be posslble to employ secretarial and financial staff to SUPPOrt the work of the Trustees and develop the work of the charlty. D Rowse- Trustee Date: A7 £* Page 4 Values Educatlon for Life CIO Report of the Trustees For the period ended 30 November 2023 The Trustees present their annual report together with the financial ststements of the CIO for the period to 30 November2023. Oblectlves and artivities a. Policles and oblectlves 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 fesearch into the same so as to enable them to develop to thelr full capaclty as individuals and members of society. In setting objectives and planning for activities, the Trustees have given due consideration to 8eneral guidance published by the Charity Commission relating to public benefrt. including the 8uidance'Public benefft: running a charity IP821'. b. Strategles for achlevlng objertlves 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, project which will finally come to an end in March 2023. It also intend5 to: al maintain the current 'Helping Hands, project based in Camp Hill Nuneaton bl develop the 'Success for All, projèct c. Artlvltle5 undertaken to achle¥e oblertlves l. Helping Hands projert- a project aimed at young people between 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 and good practice which underpins the educational intervention programme run by the charity. iii. BBO Progress project- a project aimed at supporting young people who are NEET to move forward into education. training or employment. d. Maln artlvltles undertaken to fvrther the alys PUryK¥Se for the publk benefft The Trustees of the CIO a￿ aware of the Charity Commission'sguidance on public benefit and this now forms part of the Indurtion Pack for new Trustees, The Public Benefit provide(J by the CIO Include= -the education of youn8 people The beneficiarie5 are all members of the public arKI local community. Further details can be found in the activities undertaken to achleve objectives section of the Tntstees report. Achievernents and perforniance . Review of artivltie5 See the Trustee's Statement on pages 3 and 4 for a review of the yearfs activities. Page 5 Values Educatlon for Llfe CIO Report of the Trustees For the perlod ended 30 November 2023 Flnanclal Revlew a. Going concern 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 Boing concern basis in preparin8 financial statements. b. Reserve pollcv 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. A8ain 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 ￿te1Ved from the sale of College House as a restricted asset, the income from which will be used to support the projects that we are runnin8 and also to extend the work that we are currently doin8. The Trustees have examlned the CIO'S requirementsfor ￿SerVeS In the lighi of the main risks to the organisation. It Is the Trustee's policy to maintaln sufflcient reserves to finance the day to day running of the CIO for a period of approximately 12 rnonths. The unTestricted reserrfes of the CIO at 30 November 2023 amounted to £89.313 and will be sufficient to support the CIO in the immediate futu￿. The Trustees have reviewed the major intemal and external risks to which the CIO15 exposed and systems have been establlshed to mitigate those risks. These procedures are periodically reviewed to ensure that they still meet the needs of the CIO. c. Materlal Investments polky The investment portfolio is monaged on a discretionary basis in line with the Trustee Ethical Policy statements. The value ofthe investment portfolio at 30 Novernber2023 was £75.027.The perfomiance of the funds is monitored on re8ular basis. d. Flnanclal rlsk management obJe¢tlves •nd polldes Cashflow rlsk The CIO'S actlvltles expose It primarily to the financial risks of changes in interest rates. Credlt rlsk The CIO'S principal financial assets are bank balances and cash, trade and other receivables, and Investments. The CIIYS credit risk is primarily attributable to its trade re￿1vableS. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowan￿ for impaimient is made where there is an Identif￿ loss event which, based on previous experience. is evidence of a redurtion in the recoverability of the cash flows. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The CIO ha5 no significant concentration of credit risk, with exposure spread over a large number of Page 6 Values Education for Life CIO Report ol the Trustee5 For the perlod ended 30 November 2023 counterparties and customers. Llquldlty rfsk In order to maintain liquidity to ensure that sufficient funds are available foT ongoing operations and future developments, the CIO uses a mixture of lon8-temi bank accounts and investments. Further details regarding liquidity risk can be found in the statement of accounting ￿lIcIeS in the financial statements. e. Flnanclal oveThlew The Closure ot Keresley College has resulted in a large reduction in the income of the Charity, but also in a large drop in the expenditure. At the start of the financial year the CIO had £101,805 avallable for use on its work. Thls conslsted of £73,628 in fixed assets linvestmentsl and £28,177 in current assets (cash in the bank). This takes into account the amount set aside for creditors, the bulk of which is the amount1£59,2401 that Warwickshire County Council are suggestlng that the Charity pay for dilapidations to the building used for Keresley College. During the financial year the CIO received income of £22.751. This con5i5ted of £21.816 received in 8rants- £7,740 for the BBO project and £14,076 from the Warwickshire Police and Crime Commi5sionerfor the Success for All project. The Investment account over the year increased in value by £1,398. A further £685 was received in bank interest. Finally £250 was received in donatlons whlch represented gifts from organisations and individuals who had benefltted by receiving items from Keresley College. The expenditure during the financlal year amounted to £36.641. This comprised £13,126 on the'BBO project,, £7,004 on the 'Success for All, project funded by the WP&CC. The balance of £16,511 was spent on the Chaflty's runnin8 Costs. This years excess of expenditure over income1£12,492} was taken from the reserves, which at the end of the year stood at £89,313,. This takes into account the amount set aside for creditors. The Trustees have appointed a part-time fundraiser with the aim that funds can be raised to cover the fixed outgoings of the charity a5 well as bringing in sufficient funds to meet the costs of employing staff to cover the secretarial and financial work of the charity. Structur¢. governance and managernent a. Constltutlon Values Education for knfe CIO 15 a registered charity. number 1189928, and is constituted under the CIO Foundation, date 12 June 2020 Page 7 Values Education for Life ao Report of the Trustees For the period ended 30 November 2023 Structurei governan￿ arKI management (continued) b. Methods of appointment or electkln of Trustees The management of the CK) is the responsibility of the Trustees who are elerted and co-opted under the terms of the CIO foundation. c. Or8anlsational structure and declslofvrnaking policies Details of the CIO, its Trustees and advisors for the year ended 30 November 2023 can be found on page 2. d. Pollcles adopted for th• indurtlon and tralnln8 of Trustees New Trustees under80 a brlefing on their legal obligations under tharity law. the content of the constitution, the decision making processes. and recent financial performance of the CIO. The new Trustees also meet other Trustees. Trustees are encouraged to attend appropriate external trainin8 events where these will facilitate the undertaking of their role. e. Flnanclal rlsk management The Trustees have assessed the major risks to which the CIO is exp05e(l. in partlcular those related to the operations and finances of the CIO. and are satisfied that systems and procedures are in place to mitl8ate exposure to the major risks. Statement of Tntstee< re5ponslbllltles The Trustees are responsible for preparing the Trustees. report and the financial statements In accordance with applicable law and the United Kingdom Accountin8 Standards (United Kingdom Generally Accepted Accountin8 Practice). The law applbcable to charities in En8land 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 CIO and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistently- Observe the methods and principles of the charities SORP {FRS 1021: Make judgements and accounting estimates that are reasonable and prudent. State whether applicable UK Accounting Standards IFRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements; Prepare the financial statements on the going concern basis unless it is inappropriate to presume thèt the CIO will continue in business. The Trustees are responsible for keepSnB adequate actounting records that are sufficient to show and explain the CIO'S transactions and disclose with reasonable accuracy at any time the financial posltlon of the CIO and enable them to ensure that the financial stètements cornp￿ with the Charities Art 2011, the Chartty (Accounts and Reports) Regulations 2008 and the provisions 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 detertion of fraud and other irregularities. Approved by orderof the member5 0 he board of Trustees on li &fY)25t . Page 9 Values Educatlon for Ufe CIO Statement of flnancial activities For the perlod ended 30 November 2023 Unrestsicted fvnds Restrlcted 2023 fvnds 2023 Totsl funds Totsl funds 2023 2022 Income from: Donations and legacies Charitable activities Investments 250 250 21,816 685 23.793 227,878 3,001 21,816 Total Income 935 21,816 22.751 254,672 Expendlture on: Charitable activitie5 16,511 20,130 36,641 349,166 Totsl Expendlture 16.511 20.130 36.641 349,166 Net Income I￿re net 8alns/1055es on Investments Net gainsllosses on investments 15,576 1,398 1,686 13,890 1,398 -94,494 -3,638 Net movement In funds 14,178 1,686 12,492 -98,132 Reconcllllatlon of funds: Total funds brought fotward Net movement in funds 176,279 14,178 74,474 101,805 12,492 199,937 -98132 Totsl fvnds carrled forward 14 162.101 72,788 89.313 101,805 The notes on pages 13 to 23 forrn part of these financial statements Page 10 Values Educatlon for Life ao Balance sheet As at 30 November 2023 2023 2023 2022 Flxed assets Investments li 75,027 73,628 Current assets Debtors Cash at bank and in hand 12 5,593 1,546 92,142 93.688 74,059 Creditors: amounts falling due within one year Creditor5.' amounts falling due after one year 13 21 533 59,240 59.773 6,271 59.240 Net current assets 14,28 Total net assets £ 89,313 101,805 Charlty funds Restrirted funds Unrestricted funds 14 14 72,788 162,101 -74,474 176,279 Total funds 89,313 101,805 The financial statements were approved and authorised for issue by the Trustees on 21 and si8ned on their behalf by.. Mr D Rowse Trustee Mr J Eyre Trustee The notes on pages 13 to 23 form part of these financial statements Page 11 Values Educatlon for Life ao Statement of cash flows from operatlng actlvftles For the period ended 30 November 2023 2023 2022 Note Cash flows from operating activits Net cash used in operating activities 17 23,676 -26,577 Cash flows frorn Inve5tlng artivities Dividends, interest and rents from investments Transfer from Trust into fixed asset Investments 2,868 Net cash tssed In investing artivitses 2,868 Cash flows from financing acti¥ities Net cash provlded by flnan¢ln8 artlvltles Chan8e In cash and cash equivalents In the perlod Cash and cash equivalent at beglnning of period 23,676 92,142 -23,709 115,851 Cash and cash equlvalents at the end of the perk•d 18 68,466 92,142 The notes on pages 13 to 23 form part of ihese financial statements Page 12 Values EduG*lon for Life CIO Notes to the financial statements For the perlod ended 30 November 2023 l General Infomwtlon 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 inforn)ation page of the financial statements. The primary objectives of the CIO are set out in the Trustee'5 report. 2 Accountlng pollcles 2.1 Basls of preparatlon of financlal statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Recommended Practlce appllcable io charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective I January 20191 the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to 8ive a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved following the Charities SORP IFRS 102) published in Ortober 2019 rather than the Accounting and Reporting by Charltles.. Statement of Recommended Practi￿ effective from l Aprll 2ts)S which ha$ Since been withdrawn. Values Education for Ufe meets the definition of a public benefit entity under FRS 102. Assets and liabillties are initially recognlsed at hlstorlcal cost or transaction value unless otheThilse stated In the relevant accounting policy. 2.2 Goln8 concern After making appropriate enquiries, the Trustees have a reasonable expectation that the CIO has adequate resources to contlnue in operational existence for the foreseeable future. For this ￿aSOn, they continue io adopt the going concern 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 recebved and the amount of income receivable can be measured reliably. The recognstion of income from legacies is dependant on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entrtlement to a legacy exists when the CIO has sufficient evidence that a gift has been left to them Ithrou8h knowled8e 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. Recelpt of a legacy must be recognlsed when It is probable that it will be received and the fair value of the amount re￿ivable. which will generally be the expected cash amount to be distrlbuted to the CIO. can be reliably measured. Grants are included in the Statement of financial activities on a receivable bas15. The balance of income received for specific purposes but not expended during the period is shown in the relevant fund5 on the Balance sheet. Where income is received in advance of entitlement of receipt, its reco8nition 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 Educatlon for Llfe CIO Notes to the financial statements For the perlod ended 30 November 2023 Other income is recognised in the period in which it is receNable and to the extent the goods have been provided or on completion of service. 2.4 Expendlture Expenditure is reco8nised On￿ there 15 a legal or constructive obligation to transfer economic beneflt to a third party. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obli8ation can be measured reliably. Expenditure is classified by activity- The costs of each artivity are made up of the total of direct costs and shared costs, including support costs invofved in undertaking each activity. 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 artivity are aPFK)rtioned between those activities on a ba515 consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the assets use. Expendlture on charltable artlvttles Is Incurred on dlrectly undertaking the actrrfities which further the CIO'S objertives, as well as any support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest recelvable Interest on funds held on deposit is included when receNable and the amount can be measured reliably by the CIO,. this Is normally upon notlflcatlon of the Interest pald or payable by the Instltutlon wlth whom the funds are deposited. 2.6 Ta￿lon The CIO is consldered to pass the tests set out In Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the CIO is Potentially exempt from taxation in respect of income or capital Bains receNed within categories covered by Chapter 3 Part 11 of the Corporation Tax Att 2010 or Section 256 of the Taxatron of Chargeable Gains Act 1992, to the extent that such Income or gains are applied exclusiveW to charitable purposes. 2.7 Investments Flxed asset Investments are a form of financial instmment and are initialty recogni5ed at their transaction 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. Investment Bains a￿1 losses, whether reallsed or unrealised are combined and presented as Gain51lLossesl on Investmen￿ in the Statement of financial activities. 2.8 Debtors Trade and other debtor5 are recognised at the settlement arnount 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 5hort-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 Educatlon for Llfe CIO Notes to the financial statements For the period ended 30 November 20Z3 Accountin8 Policies Icontinuedl 2.10 Llabillties and provlslons Llabilities are recognised when there 15 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 amount that the CIO ènticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or Se￿iCe5 it must Provide. 2.11 Operating leases Rentals paid under operatin8 leases are char8ed to the Statement of financial actNities on a straight Ilne bèsls 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 a￿ 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 comprlse unrestrlcted funds that have been set aslde by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used In accordance with speclfic restrlctlons Imposed by donors or which have been raised by the CIO for particular purposes. The costs of raising and adrninistering such funds are char8ed agalnst the speclflc fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Income from donatlons and lewies Total fvnds 2023 Total funds 2022 funds 2023 funds 2023 Donations from Values Education for Life Trust Donations Grants 250 250 21,816 48 23,745 21.816 250 21,816 22,066 23,793 Page 15 Values Educatlon for Llle CIO Notes to the financial statements For the period ended 30 November 2023 Income from charitable artivities Restricted fvnds 2023 Totsl funds 2023 Totsl funds 2022 Education of young people 227,878 Invostment ificom? Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Income from listed investments Interest recelvable 2,868 133 3,001 685 685 Analysls of expendlture on charltable actlvltles Summary by fund type Unrestrlcted Restrlrted funds funds 2023 2023 Total funds 2023 Totsl funds 2022 Education of younB people 16,511 20,130 36,641 349.166 Anatysis of expenditure by actfvities Actlvltles undertaken dire 2023 Support Totsl funds 2023 Total funds 2022 2023 Education of young people 19.2 17.441 36,641 349.166 Page 16 Values Educatlon for Ufe CIO Note5 to the financial sLiternents For the perlod ended 30 November 2023 Analy5 of expenditure by activitie5 (continued) Analysls of dlrect costs Totsl fvnds 2023 Total funds 2022 Staff costs Educational costs Isupportl Training and other staff costs 16,423 252 766 184,599 7,548 2,909 17,441 195,056 Analysls of support costs Totsl funds 2023 Total fund5 2022 Repairs and maintenance p￿rniseS Transport Communications 400 5,611 1,563 11,503 95,462 4,382 5,804 15,422 13,327 6,126 354 1,730 154,110 Professional Fees Insurance Bank charges Other Expenditure 8,758 2,599 200 19,200 Independent examIne￿5 remuneratlon 2023 2022 Fees payable to the CIO'S independent examiner for the independent examination of the CIO'S annual accounts Page 17 Values Educatlon for Ufe CIO Notes to the flnancial statements For the perlod ended 30 November 2023 Staff Costs 2023 2022 Wage5 and Salaries Social security costs Pension costs 13,902 37 175,990 2,058 6,551 184,599 16,423 The average number of persons employed by the CIO dudng the period was as follows.. 2023 No. 2022 No. Staff No employee received remuneration amountin8 to more than £60,LW In either year. io Tru5tees' remuneratlon and expenws Durlng the period, no Tw5tee received any remunerntknn or other benefit. During the period ended 30 November 2023. travel expenses totalling £2.011.35 were reimbursed to 2 Trustees.12022-£3.2881 Page 18 Values Educatlon for Ufe ao Notes to the flnanclal statements For the period ended 30 November 2023 li Fixed asset investments Listed Llsted Investments Investments 2023 2022 Market value At 1st December Revaluatlons 73,628 1.398 77.266 -3,638 At 30 November 75.027 73.628 Net book value At 30 November 75,027 73,628 12 Debtors 2023 202Z Trade debtors 5,593 1,546 13 Creditors 2023 2022 Amounts falling due within one year Amounts falling due after one year 533 59240 6,271 59,240 59,773 65,511 Page 19 Values Educatlon for Ufe CIO Notes to the flnan¢ial statements For the perlod ended 30 November 2023 14 Statement of fvnds- current period Balan￿ at 8alance at 30 Gainsl November (Losses) 2023 December 2022 Incomt Expenditure Unrestricted funds Designated funds Funds available 179.768 1,398 181.166 General funds General funds 935 16,511 19,065 Total Unrestrlcted fvnds 176.Z79 935 16,511 1,398 162,101 Re5trlcted funds Bala￿ at Transfers between Funds 6,199 4,333 December 2022 86,059 9,719 Income Expendlture Keresley College BBO in Coventry and Wanvickshire Youth Endowment Fund wp&cc 79,860 7.740 13,126 14.076 7.072 74,474 21.816 20,130 72,788 Total of fvnds 101,805 22.751 36,641 1,398 89,313 Page 20 Values Educatlon for Lffe CIO Notes to the flnandal sLitements For the period ended 30 November 2023 14 ststement <>f funds (continued) Detalls of funds: Sale of ro ert In 2015 the Value Education for Life Trust sold the property it owned in Birn)ingham and after payment of all due expenses was left with £212,(KK). The Trustees decided that £21J).IJX) 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 bt was operatlng in. The funds were transferred into the CIO on closure of the Trust. Keresle Colle Keresley College was a Safe School operated by the charity. bringing education to excluded pupils a8ed 13- 18 in North Warwickshire and Nuneaton and Bedworth. The School wa5 c105ed in July 2022 due to insufficlent numbers to cover the costs of running the school. in un in hir BBO Progress is a projertfunded by the National Lotterycommunity Fund and the European Social Fund as part of the 'Building Better Opportunities, programme. The project aims to asslst the most mar8inalised and disengaged young people not In employment, education or trainin& or at risk of the same, to move closer to or into employment by providing targeted and speciallst support to individuals in the Coventry and Wan¥ickshire Local Enterprise Partnership area. Youth End wm Fund Comprised of a grant from the Youth Endowment Fund which allowed 'Success for All, to employ three senior academics to SUPPOrt its work by extensively identifyin8 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. Warwickshire Police and Crime Commissioner Success for All is a project funded by the Warwickshire Police and Crime Commissioner which addresses the needs of young people who have been identified as bein8 at high risk of education and social exclusion as a result of anti social behoviour and involvement in 8angs. leading to criminal activity. including acts of criminal or domesticviolence. It bs based in Camp Hill in Nuneaton. Page 21 Values Educatlon for Life CIO Notes to the financial statements For the period ended 30 November 2023 15 Summary of funds Summary of fvnds- currert period Balance at Balance at 30 Galnsl November (Losses) 2023 November 2022 Income Expendlture Designated funds General funds Restricted fund5 183.406 7,127 74,474 1,398 184,804 22,703 72,788 935 21.816 16,511 20.130 101,805 22,751 36,641 1.398 89,313 16 Analysls of net a$5ets between funds Analysis of net assets between funds- Curnent perlod Unrestrlcted Restrlrted funds fvnd5 2023 2023 Totsl funds 2023 Flxed asset investments Current assets Creditors due within one year C￿dItorS due after one year Totsl 75,027 87.074 75,027 74,059 -533 -59,240 89,313 13.015 533 59.240 72,788 162,101 17 Reconclllatlon of net movement In fvrtds to net cash flow from operating artivitles 2023 2022 Net income for the period las per Ststement of Financial Activities) 12,492 -98,132 Adjustments for: Gainslllos5es1 on investments Dividends, interests and rents from investments Decrease/lincreasel in debtor5 Increase in creditors 1.398 3,638 4.047 5,739 18,536 5Z,249 Net cash provided by operating artivities 23,676 -26,577 Page 22 Values Educatlon for Life CIO Notes to the fin?ncial statements For the period ended 30 November 2023 Analysis of cash and cash equl¥alents 2023 2022 Cash in hand 68,466 92,142 Totsl cash and cash equivalents 68,466 92,142 19 Penslon commltrnents 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 £2.484 in the period. zo Operntln8 le•se commttments At 30 November 2022 the CIO had arranged with WCC the return of the buildlng to the LEA as It no longer met the minimum provision required by WCC. The LEA has submitted a dilapidatlons report in which it SU88ests 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 conditlons in the lease which was agreed by both parties, the charity has questioned the fi8ure and placed the matter in the hands of its professlonal advisor5. This amount has been provided for within the accounts. 21 Related party tran5artlons The￿ were no related party transactions during this financlal year. Page 23