**REGISTERED CHARITY NUMBER: 1198343** 

## **REPORT OF THE TRUSTEES AND** 

## **UNAUDITED FINANCIAL STATEMENTS** 

**FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

## **FOR** 

## **VETERANS INTO LOGISTICS** 

Wyatt Morris Golland Ltd Park House 200 Drake Street Rochdale Lancashire OL16 1PJ 



**VETERANS INTO LOGISTICS** 

## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

|||**Page**||
|---|---|---|---|
|**Reference and Administrative Details**||1||
|**Report of the Trustees**|2|to|8|
|**Independent Examiner's Report**||9||
|**Statement of Financial Activities**||10||
|**Balance Sheet**||11||
|**Cash Flow Statement**||12||
|**Notes to the Cash Flow Statement**||13||
|**Notes to the Financial Statements**|14|to|19|





**VETERANS INTO LOGISTICS** 

**REFERENCE AND ADMINISTRATIVE DETAILS FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

**TRUSTEES** D J Groves (appointed 16.6.22) A J Ellis (appointed 13.6.22) D G Warburton-Broadhurst H J Chapman Major I W Battersby (resigned 13.6.22) **PRINCIPAL ADDRESS** Office Suite 153 Birch mill Business Centre Heywood Old Road Heywood Lancashire OL10 2QQ **REGISTERED CHARITY NUMBER** 1198343 **INDEPENDENT EXAMINER** Wyatt Morris Golland Ltd Park House 200 Drake Street Rochdale Lancashire OL16 1PJ **LEGAL ADVISORS** Peninsula Group Victoria Place 2 Cheetham Hill Road Irlam Manchester M4 4FB **BANKERS** National Westminster Bank PLC 36 St Andrew Square Edinburgh EH2 2YB Metro Bank PLC 1 Southampton Row London WC1B 5HA 

## **Ambassadors** 

Major Ian Battersby Stuart Fitzgerald Anthony Sandle Darren Wright 

## **Senior Management Team** 

Major (R'td) John Harker MBE  -  General Manager  -  appointed 02/04/2023 Brian Ramsdale  -  Senior Instructor & Training Adviser  -  appointed 25/04/2022 Soosie Rhodes  -  Head of Fundraising and Marketing  -  appointed 05/09/2022 

Page 1 



**VETERANS INTO LOGISTICS** 

## **REPORT OF THE TRUSTEES FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

The trustees present their report with the financial statements of the charity for the period 23 March 2022 to 31 March 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019). 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives and aims** 

The objects of the charity are the prevention or relief of poverty and the relief of unemployment for public benefit in such ways as may be fit, including the up skilling of individuals, and assistance in finding employment. 

The Vision of the charity is to support vulnerable veterans from the armed forces who need help in finding employment. 

The Mission Statement of the charity is to reduce unemployment and homelessness amongst the ex-military community by creating a pathway for veterans or the long term unemployed, or other people with convictions, into logistical sectors. 

## **Main activities** 

The focus of the charity is to support ex-forces personnel and veterans, who require assistance in gaining HGV licences and facilitating them into employment. Although, the purposes of the charity extend this support to individuals with convictions, unemployed, people on a low income (less than £18,000 per annum), who require assistance in gaining HGV licences and support into paid employment. 

## **Public benefit** 

We are keen to illustrate our public benefit of the charity which alongside helping service leavers thrive outside of the military includes turning state dependents into taxpayers; and helping those interned to rebuild their lives on release from prison. 

Employment Turns a Veteran into Logistics Student from a State Dependent into a Taxpayer 

It costs circa £3,500 to train an individual to become a Class 1 HGV driver. One of our former students was a recipient of state benefits totalling £17,841. Now fully employed by one of our Commercial Business partners, the student is paying £5,500 in  Income Tax and £3,600 per year in National Insurance Contributions, or put another way the student has benefitted society to the tune of £27,001 per annum. 

## Internment 

Including policing and court costs it can cost up to £65,000 to imprison a person and a further £40,000 for each year they are imprisoned. Secondly, research shows that Employment on release from prison reduces reoffending from 55% to 19% in the first two years of resettlement (The Corbett Foundation). 

Veterans into Logistics work closely with both open and closed prisons to rehabilitate prisoners and to find them employment. 

For those in closed prisons the charity commissioned a doctor to carry out a medical to enable those interested to apply for a provisional HGV licence. Veterans who are passed as fit to driver are then sent a study pack and on release will take their CPC test, start their practical training, and move towards employment. 

Veterans in open prisons take their medical and study for their Module 2 examination whilst detained. In addition, they can take their CPC test, and start physical training whilst released on temporary licence (ROTL). 

Page 2 



## **VETERANS INTO LOGISTICS** 

## **REPORT OF THE TRUSTEES FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

## **ACHIEVEMENT AND PERFORMANCE** 

## **Charitable activities** 

## Achievements Against Objectives 

The Trustees are pleased by the performance of the charity to date, in terms of financial performance, the numbers trained, and the number helped into employment with: some 209 students trained during the period; a first-time pass rate of 56.75% for students; and 69 students being placed into employment with Veterans into Logistics partners and other successful students signposted towards employment. 

The Trustees would like to take this opportunity to thank the Office of Veterans Affairs (OVA) for the £100,000 Employment and Training Act 1973 grant awarded to the charity. Reaching the stated outputs of the grant documentation effectively became the primary objective of the charity for the period of these Financial Statements. 

The achievements against these objectives are tabulated below: 

||Measurement<br>Achieved|
|---|---|
|||
|C or C+E driver training|Full or partial training of 683 students<br>of which 54  veterans were trained by<br>staff employed under the OVA grant.<br>A further 35 veterans were trained by<br>other instructors or by  business<br>partners of Veterans into Logistics<br>300 veterans<br>Training Limited.|
|||
|Quality of training|75% first time passes<br>56.75% first time passes|
||<br>|
|CPC training|161 completed training of which 32<br>120 to complete CPC training<br>were veterans|
|<br>Finding employment for students|<br>80 veterans and 45 others found<br>No target set yet<br>employment|



## **Performance of Fundraising** 

Grant funding approaching £200,000 was received from the Cabinet Office; Rochdale Action Together; by the kind and very generous donation by one of our number, other like-minded organisations; and corporates. 

Nevertheless, to further its Aims the charity chose to work with third-party fundraisers to collect donations in retail outlets and to engage individuals in regular giving. The Trustees were delighted by the funds raised by the former which, from a standing start, totalled over £60,000 in a six-month period. Again, being in-line with that planned for. Whilst in its infancy, regular giving to the charity continues to grow steadily. 

## **Investment performance against objectives** 

In the period to 31st March 2023 the charity earned £107 in bank interest. No budget was set for the amount of interest to be earned. 

## **FINANCIAL REVIEW** 

## **Financial position at the end of the year** 

In its first year of operations the Charity has an excess of income over expenditure of £63,051, with the charity's income streams split between funds generated by the charity itself and the transfer of profits from Veterans into Logistics Trading Company Ltd., the charity's wholly owned subsidiary, (please see later); 

## **Principal funding sources** 

On a day-to-day basis the principal funding sources of the charity are grant and community funding. Thereafter, annually, the directors of Veterans into Logistics Trading Ltd. donate any profits made to the charity. 

## **Investment policy and objectives** 

In line with the 'Reserves Policy' the investment Policy of the Board of Trustees is to invest cash surplus to immediate requirement in interest bearing deposit accounts. In practice when the balance in the charity's current banking accounts exceeds £50,000 funds are transferred to a Deposit Account. 

Page 3 



**VETERANS INTO LOGISTICS** 

## **REPORT OF THE TRUSTEES FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

## **FINANCIAL REVIEW** 

## **Reserves policy** 

The Trustees are reassured by the way that the charity and Veterans into Logistics Trading Company Ltd. responded to the news that one of the major business partners of Veterans into Logistics Trading Company Ltd., the System Group, went into Administration in November 2022, owing Veterans into Logistics Trading Company Ltd. over £70,000. Despite this debt, little of which is likely to be recoverable, the charity was able to show a surplus, and Veterans into Logistics Trading Company Ltd. broke even as any profit was donated to Veterans into Logistics CIO. 

Having managed this issue and as a part of its strategic review the Board of Trustees will be reconsidering the amount of reserves needed to be held to maintain essential services and mitigate against the risk of unplanned closure and formalising its Reserves Policy. 

The Trustees have an informal Reserves Policy which requires unrestricted funds to be equivalent to two months' expenditure of the charity. 

## Amount of Reserves Held 

At the period ended 31st March 2023 the charity held a total in reserves £63,051, of which £55,581 represents restricted reserves and £7,470 represents unrestricted reserves. 

## Amount of Free Reserves 

As set out below we have calculated Free Reserves using the broad guidelines set out by the Charity Commission. Effectively, we have taken the charity's net assets of £63,051 and deducted restricted funding of £55,581 and fixed assets of £9,006 to give free negative reserves of £1,536. 

## **Explanation of any uncertainties about the Charity continuing as a going concern** 

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern and ensuring the long-term financial viability of the charity has been a key focus for the trustees, management, and staff. 

## The Charity 

As detailed elsewhere in our report the charity is reliant on grant funding. The trustees are aware that the charity's grant applications have been restricted pending lodgement to the Commission of the charity's first set of Financial Statements. 

Plans are in place to apply for grant funding from a different segment of donors once the CIO's accounts have been lodged with the Charities Commission. 

## Veterans into Logistics Trading Company Limited 

To improve the certainty of the continuation of funding from the DWP a member of staff has been dedicated to manage this business. Any profit from Veterans into Logistics Trading Limited will be donated to Veterans into Logistics CIO. Thereafter: 

- The General Manager and Ambassadors have been charged with securing a commercial partner to counter the loss of Adult Education Budget (AEB) work from the System Group and others; 

- Niche marketing whereby the trading company focuses on the training of Class 2 HGV drivers has been considered; 

- Plans are in-place for the charity to sub-contract the use of its dedicated training site; 

- Fleet vehicles have been sold in favour of their grant funded replacements; and 

- There is an ongoing review of employee and management structures. 

## **Funds in deficit** 

The charity does not have any funds materially in deficit, nor was the subsidiary in deficit on 31st March 2023. 

Page 4 



**VETERANS INTO LOGISTICS** 

## **REPORT OF THE TRUSTEES FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

## **FINANCIAL REVIEW** 

## A Description of the Principal Risks Facing the Charity 

Implicit in the training of the ex-military is the need for the charity to appropriately support a student's mental health. The charity has a suite of policies to protect those students who are vulnerable to ensure that concerns are effectively identified, reported, and responded to. 

## The principal risks facing the charity include the below: 

Reputational -The risk of damaging our reputation through regulatory [and other] failings associated with the delivery of our services Our reputation and good standing in the veterans' community is critical to our business. 

This risk is managed through a robust series of controls; our endeavours to understand the expectations of the charity's stakeholder; integrating risk into our business planning; by redeveloping the Veterans into Logistics brand; and tracking social media post about the charity. 

## Financial Instability 

As detailed elsewhere in this report, both the charity and its subsidiary are overly dependent on grant funding. 

## Financial Pressure from limited growth, increasing costs and the inefficient use of Resources 

The cost-of-living crisis increases the risk that the public may not be as generous in giving as they previously were. Similarly, and again related to the cost-of-living crisis, business post the Covid-19 pandemic our own costs continue to climb leaving us with less to train veterans. Put simply donors want to know that the money they give to a charity is going to help the communities or mission they support. 

## Community Funding 

Community funding has remained steady and seems unaffected by the cost-of-living crisis. In terms of mitigating against rising costs and the efficiency of our expenditure, the Board of Trustees continue to scrub each line of expense on a monthly basis and recommend appropriate savings to mitigate ongoing cost challenges. 

## Liquidity 

Cash availability is an ongoing risk to the charity.  This risk is tightly monitored and reported to the Board of Trustees monthly. 

## Data Protection 

There has been a spate of high-profile data breaches in the charity sector in the last few years, with some organisations receiving large fines from the Information Commissioner's Office (ICO) for failing to protect the data of their users. 

A new suite of IT policies was introduced in April 2023 and staff seminars were held. 

## Cyber Security 

Charities are a prime target for cyber criminals due to the large amounts of data they hold and the limited resources available to invest in protecting it. Given the infancy of the charity our cyber security protocols, despite being recently strengthened, may in due course need further strengthening. 

## IT systems 

The Charity has recently benefited from a grant from Microsoft to operate Not-for-profit systems to support the charity, this covers Office 365 which includes email, teams, OneDrive, SharePoint and Dynamics, together with enhanced security products which cover 2-factor authentication and data loss prevention tools. 

To this effect and to overcome challenges with disparate systems and processes, Veterans into Logistics have identified a platform operating model to support multi areas of the charity without the need to operate separate systems. The differentiator will be the interface to access these platforms and associated feature rich functionality via a portal. 

Veterans into Logistics have commenced a project to overhaul their IT systems. The aims of which are to: improve time efficiencies in administration processes; help to understand capacity requirements; improve and digitise new services; improve and digitise new processes; provide an effective portal; and introduce a more effective booking system for appointments. 

These improvements will assist in realising two goals as detailed below: 

## IT Systems 

## i. Digital Business Environment (DBE) 

Veterans into Logistics strategy is, to where possible, fully digital enable our service delivery model. To achieve this, market leading Software as a Service (SaaS) products which support not for profit organisations are being deployed. The IT strategy provides full digital integration, business intelligence through a big data approach, and an effective cyber security protection framework. 

Page 5 



**VETERANS INTO LOGISTICS** 

## **REPORT OF THE TRUSTEES FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

## **FINANCIAL REVIEW** 

The benefit of this approach means that we operate a standards-based process environment, reduce wasteful operating cost spend, ensuring we can scale and grow with minimal incremental cost and provides a secure & trusted IT environment. 

## ii. Candidate Experience 

The digital business environment is key to enabling the delivery of a rich engagement environment, the DBE provides for a portal access channel, ultimately the goal is providing training services to ex-military personnel. We will provide digital access through an online portal presence leading to a strong brand advocacy. 

The following demonstrates some of the benefits that require IT systems support which include: - 

- Candidate Experience 

- Automated business operations capability 

- Progressive business to business process integration stack 

- A fully personalised self-service access model 

- Operating a Secure platform in line with GDPR legislation 

## Compliance 

In terms of compliance the charity has mapped out its compliance with the Charities Code and where appropriate will improve systems and controls over the coming months to ensure further compliance. 

## Governance, leadership, and culture 

Poor governance and leadership mean that charities fail to meet their strategic, ethical, and regulatory objectives. 

Post the end of the accounting period covered by these Financial Statements the charity improved governance, leadership and the culture of the charity by recruiting a general manager to oversee the day-to-day activities of the charity, and against a review of the skill-set of the Board a skilled marketeer, PR and communications expert to strengthen the Board of Trustees skill-set. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** 

Veterans into Logistics is a Charitable Incorporated Organisation governed by a constitution drawn in accordance with Charity Commission Guidance Note CC22b. 

It was formed from the transfer of assets and liabilities of Veterans into Logistics CIC on the 23 March 2022 when the CIC converted to a CIO. 

## **Subsidiary** 

The charity has a wholly owned subsidiary Veterans into Logistics Trading Ltd., a private company (incorporated in England and Wales) limited by shares. Veterans into Logistics charity number 1198343 is the only shareholder of Veterans into Logistics Trading Ltd., and any profits made are donated fully to Veterans into Logistics CIO. 

## **Recruitment and appointment of new trustees** 

The appointment of a new trustee is by appointment only. The charity actively seeks out individuals to support the interest of veterans and to be a board champion for each of the charity's key functions. 

## **Organisational structure** 

## Day-to-Day Operations 

The running of the day-to-day operations of the charity is delegated to the general manager. The general manager apportions work amongst the staff of the charity and reports to the Trustees 

Page 6 



**VETERANS INTO LOGISTICS** 

## **REPORT OF THE TRUSTEES FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT Decision making** 

The Board of Trustees has the responsibility of discharging the following matters : 

## Strategic 

Agreement of and the approval of any changes to the Charity's Vision, Mission Statement and Values; Review and approval of the Charity's Strategic Plans; 

Review and approval of the Charity's Annual Business Plans; Agreement of the overall Risk Appetite for the Charity; Approval of all matters to be put to members at the AGM; and Changes to the Constitution. 

## Structural 

Determination of the size, structure, and composition of the Board of Trustees; Monitoring of the effectiveness of governance structures in the Charity. 

## Appointments and remuneration 

Appointment and the review the performance of the Managing Director; Appointment and review of the performance of the Head of Fundraising and Marketing; Election of the Chairperson, and the members of any sub-Committees; and Development of the Board of Trustees Succession Plan. 

## Financial matters 

Agreement of significant changes to Accounting Policies; Approval of the Annual Report and Accounts; Approval of long-term cash deposits of over £50,000; and 

Approval and payment of the expenses of the Charity as it may deem necessary or expedient. 

## Corporate governance matters 

Ensuring the Charity complies with all Legislation, Regulation, and the Charities Code of Corporate Governance. 

## Delegation, monitoring, and control 

Agreement of key Policies and compliance with them; 

Formal and rigorous annual review of the Board's own performance and that of individual Board members; monitoring of the performance of the Charity against its objectives; 

Agreement of the appointment of the External Accountants and their fees; 

Establishment and approval of Terms of Reference for sub-Committees and any amendments to those Terms of Reference; Receiving of reports from sub-Committees; 

Review the Risk Framework of the Charity; and Overseeing the Charity's systems of control, inspection, and report. 

## Other 

Approve the levels of Insurance cover including Members & Officers Liability cover; and 

Authorise the execution on behalf of the Charity of all forms and other necessary documents. 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees 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 application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards 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 that the charity will continue in business. 

Page 7 



## **VETERANS INTO LOGISTICS** 

## **REPORT OF THE TRUSTEES FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued** 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 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 prevention and detection of fraud and other irregularities. 

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

Approved by order of the board of trustees on 31 October 2023 and signed on its behalf by: 

A J Ellis - Trustee 

Page 8 



## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VETERANS INTO LOGISTICS** 

## **Independent examiner's report to the trustees of Veterans Into Logistics** 

I report to the charity trustees on my examination of the accounts of Veterans Into Logistics (the Trust) for the period 23 March 2022 to 31 March 2023. 

## **Responsibilities and basis of report** 

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). 

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. 

## **Independent examiner's statement** 

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair 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 connection 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. 

## Patricia Richards FCA DChA 

Wyatt Morris Golland Ltd Park House 200 Drake Street Rochdale Lancashire OL16 1PJ 

31 October 2023 

Page 9 



## **VETERANS INTO LOGISTICS** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

|Unrestricted<br>funds<br>Notes<br>£<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>2<br>**258,407**<br>Other trading activities<br>3<br>**103,148**<br>Investment income<br>4<br>**107**<br>Other income<br>**7,980**<br>**Total**<br>**369,642**<br>**EXPENDITURE ON**<br>Raising funds<br>5<br>**247,925**<br>**Charitable activities**<br>6<br>Charitable Expenditure<br>**114,247**<br>**Total**<br>**362,172**<br>**NET INCOME**<br>**7,470**<br>**TOTAL FUNDS CARRIED FORWARD**<br>**7,470**|Restricted<br>funds<br>£<br>**174,721**<br>**-**<br>**-**<br>**-**<br>**174,721**<br>**-**<br>**119,140**<br>**119,140**<br>**55,581**<br>**55,581**|Total<br>funds<br>£<br>**433,128**<br>**103,148**<br>**107**<br>**7,980**|
|---|---|---|
|||**544,363**|
|||**247,925**<br>**233,387**|
|||**481,312**|
|||**63,051**|
|||**63,051**|



The notes form part of these financial statements 

Page 10 



## **VETERANS INTO LOGISTICS** 

## **BALANCE SHEET 31 MARCH 2023** 

|Unrestricted<br>funds<br>Notes<br>£<br>**FIXED ASSETS**<br>Tangible assets<br>10<br>**9,005**<br>Investments<br>11<br>**1**<br>**9,006**<br>**CURRENT ASSETS**<br>Stocks<br>12<br>**1,720**<br>Debtors<br>13<br>**27,449**<br>Cash at bank and in hand<br>**68,169**<br>**97,338**<br>**CREDITORS**<br>Amounts falling due within one year<br>14<br>**(98,874)**<br>**NET CURRENT ASSETS**<br>**(1,536)**<br>**TOTAL ASSETS LESS CURRENT LIABILITIES**<br>**7,470**<br>**NET ASSETS**<br>**7,470**<br>**FUNDS**<br>15<br>Unrestricted funds<br>Restricted funds<br>**TOTAL FUNDS**|Restricted<br>funds<br>£<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**55,581**<br>**55,581**<br>**-**<br>**55,581**<br>**55,581**<br>**55,581**|Total<br>funds<br>£<br>**9,005**<br>**1**<br>**9,006**<br>**1,720**<br>**27,449**<br>**123,750**<br>**152,919**<br>**(98,874)**<br>**54,045**<br>**63,051**<br>**63,051**<br>**7,470**<br>**55,581**<br>**63,051**|
|---|---|---|



The financial statements were approved by the Board of Trustees and authorised for issue on 31 October 2023 and were signed on its behalf by: 

A J Ellis - Trustee 

The notes form part of these financial statements 

Page 11 



## **VETERANS INTO LOGISTICS** 

## **CASH FLOW STATEMENT FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

|Notes<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Net cash provided by operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Purchase of fixed asset investments<br>Interest received<br>Net cash (used in)/provided by investing activities<br>**Change in cash and cash equivalents in the**<br>**reporting period**<br>**Cash and cash equivalents at the beginning of**<br>**the reporting period**<br>**Cash and cash equivalents at the end of the**<br>**reporting period**|**£**<br>**135,813**<br>**135,813**<br>**(12,169)**<br>**(1)**<br>**107**<br>**(12,063)**<br>**123,750**<br>**-**<br>**123,750**|
|---|---|



The notes form part of these financial statements 

Page 12 



## **VETERANS INTO LOGISTICS** 

## **NOTES TO THE CASH FLOW STATEMENT FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** 

|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**||
|---|---|
|**Net income for the reporting period (as per the Statement of Financial**<br>**Activities)**<br>**Adjustments for:**<br>Depreciation charges<br>Interest received<br>Increase in stocks<br>Increase in debtors<br>Increase in creditors<br>**Net cash provided by operations**|**£**<br>**63,051**<br>**3,164**<br>**(107)**<br>**(1,720)**<br>**(27,449)**<br>**98,874**|
||**135,813**|



## **2. ANALYSIS OF CHANGES IN NET FUNDS** 

||At 23.3.22||Cash flow|**At 31.3.23**|
|---|---|---|---|---|
||£||£|**£**|
|**Net cash**|||||
|Cash at bank and in hand||**-**|**123,750**|**123,750**|
|||**-**|**123,750**|**123,750**|
|**Total**||**-**|**123,750**|**123,750**|



The notes form part of these financial statements 

Page 13 



**VETERANS INTO LOGISTICS** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

## **1. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. 

## **Critical accounting judgements and key sources of estimation uncertainty** 

In the process of applying the entity's accounting policies management have not made any judgements that would have a significant effect on the amounts recognised in the financial statements. No estimations have been made that would have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 

## **Income** 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

## **Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

## **Tangible fixed assets** 

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 

|Plant and machinery|- 33% on cost|
|---|---|
|Motor vehicles|- 25% on reducing balance|
|Computer equipment|- 20% on cost|



## **Stocks** 

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. 

## **Taxation** 

The charity is exempt from tax on its charitable activities. 

## **Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

## **2. DONATIONS AND LEGACIES** 

|Donations<br>Donation from Veterans Into Logistics Trading Limited<br>Grants<br>Community fundraising|**£**<br>**7,495**<br>**5,863**<br>**221,638**<br>**198,132**|
|---|---|
||**433,128**|



continued... 

Page 14 



**VETERANS INTO LOGISTICS** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

## **2. DONATIONS AND LEGACIES - continued** 

Grants received, included in the above, are as follows: 

|DWP grant funding<br>Workers Education Association<br>ASDA<br>Rochdale Action Together<br>Cabinet Office<br>Paypal funds<br>Trustee grant<br>Ring of Red M60<br>High Sheriff Trust<br>Development Fund<br>Designated North West Funding<br>**OTHER TRADING ACTIVITIES**<br>Training income<br>**INVESTMENT INCOME**<br>Deposit account interest<br>**RAISING FUNDS**<br>**Raising donations and legacies**<br>Staff costs<br>Community funding collections<br>Fundraising costs<br>Marketing and website<br>**CHARITABLE ACTIVITIES COSTS**<br>Support<br>Direct<br>costs (see<br>Costs<br>note 7)<br>£<br>£<br>Charitable Expenditure<br>**220,267**<br>**13,120**|**£**<br>**18,917**<br>**28,000**<br>**40,000**<br>**5,000**<br>**100,000**<br>**148**<br>**5,000**<br>**3,729**<br>**5,000**<br>**14,678**<br>**1,166**|**£**<br>**18,917**<br>**28,000**<br>**40,000**<br>**5,000**<br>**100,000**<br>**148**<br>**5,000**<br>**3,729**<br>**5,000**<br>**14,678**<br>**1,166**|
|---|---|---|
||**221,638**||
||**£**<br>**103,148**||
||**£**<br>**107**<br>**£**<br>**93,204**<br>**132,955**<br>**20,490**<br>**1,276**|**£**<br>**107**|
||**247,925**||
||Totals<br>£<br>**233,387**||



## **3.** 

## **4.** 

## **5. RAISING FUNDS** 

## **6. CHARITABLE ACTIVITIES COSTS** 

Page 15 

continued... 



**VETERANS INTO LOGISTICS** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

## **7. SUPPORT COSTS** 

|**SUPPORT COSTS**||||
|---|---|---|---|
|||Governance||
||Finance|costs|Totals|
||£|£|£|
|Charitable Expenditure|**217**|**12,903**|**13,120**|



## **8. TRUSTEES' REMUNERATION AND BENEFITS** 

Major I Battersby was a Trustee from the formation of Veterans into Logistics CIO on transfer from Veterans into Logistics CIC. He resigned as a Trustee on 13 June 2022, and was not paid any remuneration during this period. Major I Battersby was employed by Veterans into Logistics CIO shortly after his resignation as a Trustee after being selected for the post during a recruitment process. 

H J Chapman, a trustee in the year, received HGV training from Veterans into Logistics CIO during the year but reimbursed Veterans into Logistics CIO for the cost of the training. 

There was no Trustees remuneration or other expenses or benefits in the year. 

## **9. STAFF COSTS** 

During the period 23 March 2022 to 15 August 2022 the average number of staff was 12. Veterans into Logistics Trading Limited was formed on 16 August 2022 and half of the staff were employed by the limited company leaving an average of 6 in Veterans into Logistics CIO for 16 August 2022 to 31 March 2023. This related to 3 in management and 3 in instructors. 

Wages and Salaries in the year were £229,727. 

No employees received emoluments in excess of £60,000. 

The total salaries paid to key management personnel in the year was £80,121. 

## **10. TANGIBLE FIXED ASSETS** 

|**TANGIBLE FIXED ASSETS**|||||
|---|---|---|---|---|
||Plant and|Motor|Computer||
||machinery|vehicles|equipment|Totals|
||£|£|£|£|
|**COST**|||||
|Additions|**3,142**|**6,219**|**2,808**|**12,169**|
|**DEPRECIATION**|||||
|Charge for year|**1,047**|**1,555**|**562**|**3,164**|
|**NET BOOK VALUE**|||||
|At 31 March 2023|**2,095**|**4,664**|**2,246**|**9,005**|



## **11. FIXED ASSET INVESTMENTS** 

|**FIXED ASSET INVESTMENTS**||
|---|---|
||Shares in|
||group|
||undertakings|
||£|
|**MARKET VALUE**||
|Additions|**1**|
|**NET BOOK VALUE**||
|At 31 March 2023|**1**|



There were no investment assets outside the UK. The investment relates to the share capital of the trading subsidiary Veterans into Logistics Trading Ltd. 

Page 16 

continued... 



**VETERANS INTO LOGISTICS** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

|**12.**|**STOCKS**|||
|---|---|---|---|
||||**£**|
||Stocks||**1,720**|
|**13.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
||||**£**|
||Trade debtors||**4,142**|
||VAT||**22,505**|
||Prepayments and accrued income||**802**|
||||**27,449**|
|**14.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
||||**£**|
||Taxation and social security||**7,113**|
||Other creditors||**91,761**|
||||**98,874**|
|**15.**|**MOVEMENT IN FUNDS**|||
|||Net||
|||movement|At|
|||in funds|31.3.23|
|||£|£|
||**Unrestricted funds**|||
||General fund|**7,470**|**7,470**|
||**Restricted funds**|||
||ASDA|**31,283**|**31,283**|
||Rochdale Action Together|**500**|**500**|
||Cabinet Office|**1,354**|**1,354**|
||Trustee grant|**3,598**|**3,598**|
||Ring of Red M60|**2,374**|**2,374**|
||High Sheriff Trust|**628**|**628**|
||Development Fund|**14,678**|**14,678**|
||Restricted North West Funds|**1,166**|**1,166**|
|||**55,581**|**55,581**|
||**TOTAL FUNDS**|**63,051**|**63,051**|



continued... 

Page 17 



**VETERANS INTO LOGISTICS** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

## **15. MOVEMENT IN FUNDS - continued** 

Net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>**Restricted funds**<br>ASDA<br>Rochdale Action Together<br>Cabinet Office<br>Paypal funds<br>Trustee grant<br>Ring of Red M60<br>High Sheriff Trust<br>Development Fund<br>Restricted North West Funds<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>**369,642**<br>**40,000**<br>**5,000**<br>**100,000**<br>**148**<br>**5,000**<br>**3,729**<br>**5,000**<br>**14,678**<br>**1,166**<br>**174,721**<br>**544,363**|Resources<br>Movement<br>expended<br>in funds<br>£<br>£<br>**(362,172)**<br>**7,470**<br>**(8,717)**<br>**31,283**<br>**(4,500)**<br>**500**<br>**(98,646)**<br>**1,354**<br>**(148)**<br>**-**<br>**(1,402)**<br>**3,598**<br>**(1,355)**<br>**2,374**<br>**(4,372)**<br>**628**<br>**-**<br>**14,678**<br>**-**<br>**1,166**<br>**(119,140)**<br>**55,581**<br>**(481,312)**<br>**63,051**|Resources<br>Movement<br>expended<br>in funds<br>£<br>£<br>**(362,172)**<br>**7,470**<br>**(8,717)**<br>**31,283**<br>**(4,500)**<br>**500**<br>**(98,646)**<br>**1,354**<br>**(148)**<br>**-**<br>**(1,402)**<br>**3,598**<br>**(1,355)**<br>**2,374**<br>**(4,372)**<br>**628**<br>**-**<br>**14,678**<br>**-**<br>**1,166**<br>**(119,140)**<br>**55,581**<br>**(481,312)**<br>**63,051**|
|---|---|---|---|
||||**55,581**|
||||**63,051**|



## **16. RELATED PARTY DISCLOSURES** 

## Veterans Into Logistics CIC 

On 23 March 2022 the net assets and operations of Veterans Into Logistics CIC (Company number 12669295) were transferred to Veterans into Logistics CIO at net book value which shows as a donation of £1,981 in the Income and Expenditure account. 

## Trustees 

A restricted donation of £5,000 was received in the period from one of the Trustees. details are shown in note 15. 

## Veterans Into Logistics Trading Limited 

Veterans Into Logistics CIO own 100% of the share capital of Veterans Into Logistics Trading Limited. 

There were joint contracts of employment, and joint administrative and book keeping shared between Veterans into Logistics Trading Limited and Veterans into Logistics CIO. 

Donations totalling £5,863 were included in the CIO accounts for the year ended 31March 2023 from Veterans into Logistics Trading Ltd. At 31 March 2023 £68,232 was due from Veterans into Logistics CIO to Veterans Into Logistics Trading Ltd. 

Major D Groves is a trustee of Veterans into Logistics CIO and a director of Veterans into Logistics Trading Ltd. 

Mr D Wright and Major I Battersby are classed as Key Management Personnel of Veterans into Logistics CIO and are also directors of Veterans Into Logistics Trading Limited. 

Major I Battersby was a Trustee from the formation of Veterans into Logistics CIO on transfer from Veterans into Logistics CIC.  He resigned as a Trustee on 13 June 2022, and was not paid any remuneration during this period. 

## Veterans Training Academy Limited 

Mr D Wright is a director of Veterans Training Academy Limited, and is one of the Key Management Personnel of Veterans into Logistics CIO. 

There is a debtor at 31 March 2023 of £4,142 due to Veterans into Logistics CIO from Veterans Trading Academy Limited. There is a creditor at 31 March 2023 of £15,993 due to Veterans Training Academy Limited. 

continued... 

Page 18 



**VETERANS INTO LOGISTICS** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 23 MARCH 2022 TO 31 MARCH 2023** 

## **17. RESTRICTED FUNDS** 

## Asda Grant 

The charity was awarded £40,000 to train 10 people who approached us to be HGV drivers. Subsequently, the charity determined to only draw down the grant to train veterans. 

## Rochdale Action Together 

This grant was awarded to help veterans and underprivileged local people gain a HGV licence. 

## Cabinet Office Grant 

This grant was awarded by the Minister of State for Employment enabling the charity to employ two driving instructors and administrative manager in the period March 2022 to March 2023 

## PayPal Funds 

A grant from the PayPal Foundation for stationery. 

## Trustee Grant 

Originally granted to enable the charity to house those students not from the northwest in hotels. Post the year-end the restrictions on the donation have been widened 

## Ring of Red M60 

Funds were donated and used to train veterans to be HGV drivers 

## High Sheriff Trust 

The Grant was issued for the purchase of Hi-Viz clothing £750, Learner Plates £22.50 with the balance of the £5,000 to be used to pay test fees. 

## Development Trust [Army Benevolent Fund] 

The charity was awarded £14,678 from ABF The Soldiers’ Charity to fund the following for Army only veterans’ training costs: 

-             60 x medicals -             3 x full training costs 

- 40 x digital tachograph cards 

- Project name:  Army Veterans into Employment 

- Delivery timescale: This project covers a 3-month period, to assist with vital training costs supporting 60 Army veterans into HGV driving careers. 

- Project Outcome: 60 army veterans retrained as HGV drivers over 3 months leading to employment through our logistics partners 

Subsequently, after the year end March 2023, the charity reapplied to use unspent funds [short three months timescale] to train further veterans.  This request was acceded to. 

## Northwest area 

Our face-2-face collectors were asked by a retail outlet in Lancaster to only use the £1,166 collected to train a veteran from their area. 

Page 19