J U LY 2 0 2 4 # L I V E S T R A N S F O R M E D ## Annual Update **W W W. L I F E C H A N C E T R U S T. O R G . U K www.lifechancetrust.org.uk** ## A quick summary of our year Young people completed a 1:1 Mentoring Programme. 8 Volunteer Mentors recruited 9 Individual life skills workshops delivered 16 Young people supported 42 Young people referred and awaiting support 7 Mentor Training programmes delivered 3 3 Team members are now Mental Health First Aid qualified 1,476[Volunteer hours donated] We’ve been selected as the Newton Abbot Mayor’s chosen charity. Major Donors, Trusts and Foundations onboarded. **Community events we’ve taken part in:** - London Marathon - London Landmarks Half Marathon - Great West Run - RunPlymouth - Inflatable 5k - + a delicious Cake Sale at a local school! Raised via Community fundraising events: **£6,537.15** 2 What do we do? **The Life Chance Trust (LCT)** is a newly established youth charity in Devon. Our mission is to address the gap in current services by providing trauma-informed support to young people aged 16–25 who have experienced childhood trauma, have adverse childhood experiences (ACEs) or complex life histories. We offer specialised mentoring, wellbeing support, life skills training, and practical assistance. Our goal is to amplify the voices of young people, enabling them to challenge policies and stereotypes that overlook the impact of trauma on their development. We believe that, with appropriate support, childhood trauma can be overcome. ## **Our Charitable Objects:** To act as a resource for young people aged 16 to 25 in Devon and the surrounding areas who have been affected by childhood trauma by providing advice, advocacy and assistance and organising programmes of physical, educational and other activities as a means of: a) advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals; b) promoting and protecting their physical and mental health; c) advancing education; d) relieving unemployment and poverty; e) providing recreational and leisure time activities in the interests of social welfare with a view to improving their conditions of life. ## **Vision:** A world where young people can successfully manage the effects of traumatic childhood experiences to become happy, healthy, safe and independent adults. ## **Mission:** To transform the life chances of 16–25-year-olds, by building their confidence, resilience, motivation, skills and networks to find employment and realise their potential. ## **Values:** To Care - To Nurture - To Inspire ## **Strategic Aims:** - Programme Delivery: To deliver an ongoing innovative engagement programme for young people, combining wellbeing, life skills & face to face practical support. - Youth Voice Leadership: To grow peer involvement and youth leadership by empowering young people through learning programmes, active participation, and co-production of LCT’s work. - Trauma awareness: To address societal barriers to youth inclusion and combating stigma, improving awareness & understanding of the neuro-developmental effects of adversity in childhood. 3 ## achievements: ## Chair of board of Trustees’ perspective As Chair of the Board of Trustees for the Life Chance Trust, it is my privilege to present the Annual Report for the financial year 2023/2024. This year has been a period of significant progress and impact, marked by our unwavering commitment to provide opportunities and support to young people aged 1625 across Devon who have experienced complex challenges during childhood. In 2023/2024, the Trust has expanded its reach and enhanced its programs, ensuring that more young people can access the support and resources they require to improve their lives and future prospects. Our dedicated team has worked tirelessly to implement innovative projects and foster partnerships that amplify the youth voice in our current mission and future activities. ## Key achievements this year include: - Expansion of Services: We have successfully launched new initiatives focused on education, mental health, and vocational training, empowering participants to build better futures. - 1:1 Mentoring Programme: 8 young people have completed our mentoring programme, supported by 9 newly recruited volunteer mentors. Additionally, we have delivered three mentor training programs to maintain the high quality of the mentoring support we provide. - Community Engagement: Our engagement with local communities has deepened, resulting in stronger, more supportive networks that drive positive change. We have taken part in various local and national events including the London Marathon, London Landmarks Half Marathon, Great West Run, Run Plymouth, Inflatable 5k, and a delicious Cake Sale at a local school. - Fundraising Success: We have secured over £87,000 in funding to help expand our services and reach. From key major donors, Trust and Foundations, Local Organisations and the Local Authorities to name a few. Our expanding network of volunteer fundraisers have done a fantastic job raising £6,537.15 though community events. - Volunteer Contribution: This year, we recorded 1,476 volunteer hours donated, reflecting the - incredible commitment and generosity of our supporters. - Every Chance Board: Our youth board has provided the charity with input and endorsement around the services, and support to ensure it meets the needs of the young people we support based on the lived experiences of other young people who have faced childhood trauma and adversity. - Life Skills Workshops: We delivered 16 individual life skills workshops, further equipping young people with the tools they need for personal and professional development. - Mental Health Training: Three team members have become qualified Mental Health First Aiders, enhancing our ability to support the emotional well-being of our participants. - Ongoing Support: Currently, 7 young people are awaiting 1-2-1 Mentor support, a reminder of the ongoing need for our services and the importance of our work. These accomplishments are a testament to the hard work and dedication of our small team of staff, volunteers, donors, supporters and Trustees. Their collective efforts have made a tangible difference in the lives of those we serve, and I extend my deepest gratitude to each of them. Looking ahead, the Life Chance Trust remains committed to its mission to transform the Life Chances of young people between 16-25 year olds. We will continue to adapt and innovate, addressing emerging needs and challenges with resilience and compassion. Our focus will remain on creating lasting, positive change and providing life-changing opportunities to those young people we support. On behalf of the Board of Trustees, I thank you for your continued support and belief in our vision. Together, we can make a profound impact and ensure that everyone has the chance to lead a fulfilling and empowered life. Sincerely, Julie Scott-Bryant Chair of Board of Trustees Life Chance Trust 4 Trustees’ Annual Report Period ended 31 March 2024 The Trustees present their report and the audited financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published on 16 July 2014. ## Reference and administrative details **Registered Charity Name:** Life Chance Trust **Charity Registration Number:** 1199491 **Company Registration Number:** CE029579 **Principal Office:** Enviro Hub, 13 Marsh Barton Road, Marsh Barton, Exeter, EX2 8NU ## **The Trustees:** Julie Scott-Bryant (Chair) (Appointed 04 October 2022) Mark Clive Escott (Appointed 14 March 2023) Harry James Davidson (Appointed 14 November 2022) Simon Almond (Appointed 29 June 2022) Taylor Simmonds (Appointed 29 June 2022) Alison Nettleship (Appointed 29 June 2022) Denise Hawkins (Appointed 18 October 2023) Hannah Moon (Appointed 29 June 2022) ## **Independent Examiner:** Matthew Keane ACCA Plym House 3 Longbridge Road Marsh Mills Plymouth Devon PL6 8LT 5 ## Operational Report Life Chance Trust has undergone several changes over the last 6-8 months including a new Chair of Trustees appointed in October 2023 and then a new Head of Trust in December 2023. Many of these changes have been very positive for the structure, impact and understanding of the charity and its direction. ## **Structure, Management & Recruitment:** Over this last year the staffing and volunteer structure has improved and developed to include a Head of Trust and a Listening, Advocacy & Mentoring Coordinator, as well as 9 volunteer youth mentors. We also regularly use an external youth facilitator to help manage our workload of delivery. All staff and volunteer mentors go through a safer recruitment process, an in-depth induction process and two days of in-house face to face training as well as online modules of training including such things as safeguarding (Level 3), GDPR and equality and diversity training. Life Chance Trust staff and volunteer mentors are also trained or working towards the national qualification of Mental Health First Aid. Having capable, well trained and inducted individuals in the Trust are paramount to our values and safeguarding duties. Life Chance Trust currently has 7 trustees from a variety of backgrounds including a CEO of a multi academy trust, a lawyer, the trust’s founder, successful business people, charity consultants, HR specialists and a young person with lived experience. The Trust made the decision to review the strategic aims and objectives as well as the vision and mission after the first year of delivery. We learnt through communication and feedback with research, young people and professional input that some of the language would be better understood if re-phrased, hence the slight alterations in the vision and mission. We also noted that our original aim of supporting 25 young people by 2025 would be achieved quite quickly due to the growth of the team and therefore we had capacity to work with a higher number of young people. The decision was then taken to reframe our main aims. 6 ## Operational Report ## **Activities & Impact:** During the past year the Head of Trust has worked with the rest of the team to outline clear objectives and aims for the following year and beyond. Life Chance Trust supports the young people it works with on three main programmes of delivery: ## **Mentoring:** This is a 12-week, 1-2-1 mentoring programme. Young people are triaged, and adult mentors are assigned to young people to support them identify goals for themselves. Provision may include support getting into education, employment and training or volunteering, personal growth and independence, confidence and resilience as well as support to navigate and ‘hand hold’ into other areas of specialist support where appropriate. ## **Life Skills:** A programme of workshops delivered over 6 weeks for 2 hrs each week. Each workshop is on a specific life skills topic, delivered by trained and experienced youth facilitators: 1. Wellbeing 2. Cooking skills 3. Teamwork 4. Life admin & budgeting 5. Transport training. 6. CV and employment skills ## **Every Chance Board:** The Every Chance Board is a youth panel anchored in fun activities which informs the Trust’s work, and gradually nurtures young people towards becoming youth advocates/change makers and young trustees. Young people will also be supported to work with their peers to raise their voices on panels and policy groups. The Trust is also focused on collaborating with other youth groups and organisations to broaden our reach engaging young people in different areas across Devon to gain further insight into the services and support they need so the Trust has youth voice at its core. “Having my mentor gave me confidence to get back out there. Having someone to just get me out of my house weekly meant I slowly found myself wanting to do more. Now I am in sixth form and loving it. I go all the time. I’m also learning to drive and ask my mentor to watch!” M. 7 ## Outcomes & Aims ## **Mentoring:** In 2023-24 we successfully concluded our work with 8 young people, supporting them to achieve their goals and navigate some of the difficult situations that were presented to them. 14 young people were still being supported at the end of March 2024. We had set goals for ourselves in 2023 to develop a personal development plan for young people with support and guidance by the young people we work with through our programmes. We wanted to have clear understanding on the financials of the mentoring project and how we could best serve the young people we work with in a cost-effective way. We wanted to review our triage and tiering system to best allocate our mentors to young people to be as effective as possible whilst also maintaining all safeguarding and safety aspects. We were also keen to explore a successful transition model for after our programmes so that young people could continue to manage the effects of trauma in their lives. We are pleased to announce that we now have all of the above in place and are very proud of the work and structure of the mentoring programme and its effect on young people. With a larger team and structure of delivery in place we expect to support 52 young people through this programme by the end of the 2024-25 year. Our aim is that these young people will have improved: 1. Social skills and relationships 2. Opportunities for employment, volunteering education and training 3. Personal wellbeing and mental health along with enhanced self-worth and resilience 4. Physical health and lifestyles 5. Personal insight, self believe and personal growth and independence. ## **Life Skills Workshops:** In 2023-24 we delivered three, 6-week workshop programmes with 18 young people attending these workshops. We set ourselves the target of not only delivering these life skills workshops but to also create a space where young people could express a need for further support if needed. We also wanted to include a celebration of the hard work of young people and give access to further resources and practical support such as making a successful driving license application. We are very proud to say that by the end of the year we had created a gateway through the workshops that allowed young people to access further 1-2-1 support via our mentoring programme as well as creating celebration events at the end of every workshop programme. All young people were also able to gain support both practically and financially with things like driving licences and citizenship cards. We aim to deliver 5 more programmes to 48 young people in the next 12 months. 8 Outcomes & Aims ## **Every Chance Board (ECB):** In the past year Life Chance Trust supported 6 young people aged 16-25 with lived experience to form and maintain a youth forum. Working with the board of trustees and staff the ECB have clear terms of reference and objectives for young people including improved: 1. Empowerment and agency to advocate for themselves and their peers; 2. Leaderships skills, including public speaking, planning and decision making; 3. Sense of belonging and connection with others with similar experiences whilst developing personal growth; 4. Civic engagement, supporting young people to form community networking opportunities and strengthening community impact; The ECB have helped the Trust to identify ways to improve their delivery and acted as a critical friend for some of our processes and forms to ensure they are youth-led and young people friendly. **In summary, the Trust has worked hard over the last 12 months to identify any potential areas of review and create solutions whilst maintaining youth voice front and centre of what we do.** **The delivery programme has a clear structure benefiting from the learning from the Trust’s first year of delivery and ensuring that we are effective, whilst ensuring sustainability for the future.** “Doing these workshops really helped me with my transition to college. I learned so much like budgeting my money and how to get the bus.” K. “Thank-you so much to my mentor. I’m really upset our time has finished but thank-you for reassuring me that I can re-refer if I need to. You’re the best support worker I’ve ever had.” A. “I would definitely recommend having a mentor from life chance Trust. my daughter has had various support workers over the last few years but has never engaged well. As soon as she met her new mentor, she connected with her. she really enjoys spending time with her and has fun with different activities.” T. (parent) 9 9 ## Trustees’ Report ## **The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2024.** ## **Objectives and activities:** Public benefit - activities undertaken to further public benefit The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. ## **Statement of Trustees’ Responsibilities:** The trustees are responsible for preparing the trustees’ report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities 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 of the charity 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 in the Charities 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; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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 corporate and financial information included on the charitable company’s website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. ## **Financial Review** We are proud of an already strong track record in securing investment from a range of sources, with local and national trust funders, business and local authority support, community fundraising and individual supporter donations already reflected in our second reporting period. We have secured £59,286 in unrestricted funding, £ 65,537 in restricted funding with a combined income in 23/24 for the Charity of £ 87,000 which is a significant increase towards our service development and delivery. ## **Reserves Policy Statement** We continue to grow our reserves while seeking to invest the greatest possible amount in essential resources and service delivery to reach our charitable goals and demonstrate social impact / public benefit in a timely manner. As at the end of March 2024, the balance sheet shows an accumulated £31,016 of unrestricted funds, with forecast income due to cover staff and core costs for the year ahead. In light of the current financial position of the charity, and the analysis above, the Board has decided that the Life Chance Trust should hold free reserves sufficient to wind up the charity at a minimum, and aim for 6 months operating costs. Trustees aim to reach 3 months of core running costs by March 2025, and have agreed to work towards a target of achieving 6 months of core running costs by Nov 2025. The Board will consider whether free reserves above this level should be paid into a designated fund for a specified purpose or put into extra charitable activities in the current business plan period. In the longer term, the Life Chance Trust should not see high levels of reserves as the answer to uncertain funding. Rather, we will be working to reduce financial risk by diversifying income streams, in particular seeking to develop lower risk sources of income, and by adopting a flexible service model for projects, keeping the staff team agile, and drawing on additional ‘associate’ capacity and skills as required. The annual report was approved by the trustees of the charity 18th July 2024 and signed on its behalf by: Simon Almond Trustee Julie Scott-Bryant Chair and Trustee 1 0 ## **Independent Examiner’s Report to the Trustees of Life Chance Trust** I report to the trustees on my examination of the accounts of Life Chance Trust for year ended 31 March 2024. ## Responsibilities and basis of report: As the charity trustees of Life Chance 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 Life Chance Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## Independent examiner’s statement: 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 Life Chance 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 accounting 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. ## Matthew Keane ACCA Westcotts SW LLP Plym House, 3 Longbridge Road, Marsh Mills, Plymouth, Devon, PL6 8LT Date: 18th July 2024 1 1 Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognlsed Galns and Losses) Unrostricted,, funds,, Réstrlcted funds Totsl- 2024 2023, ', Not•,, ',Income and Endowments from: ',Donations and legacies ,,cither trading activib'es otal income 57.384 122,921 614, 59.286 65.531, 124,822 55,578 ,'Exp.enditure on: ,'Raising funds ,'Charitable activthes 33.081 22,290 Yotsl expenditure ',Net income Transfers belween iiinds 70 3311 291 291,, ',Net movement in funds 22,289, 32,203 54,49 33,288,, ',Reconclllatlon of funds otal funds brought forward,, 8.727, 24.561,, 33,28e 4.otal funds carried forward.,17___ I the chartys activities derive from continuing operations during the above two periods. The funds breakdown ft)r 2023 is shown in note 17. (Registration number: CE029579) Balance Sheel 31 March 2024 2024 Fixed assets Tangible assets 1.462 Current assets Debtors ,,Cash at bank arKJ in hand 35,170 90,064 34,711 Creditors: Amounts falling due within one year 16 Net current assets 86,318 32,219. Net assets Funds of the charity: Restricted income funds Restricted funds 56.764 24,561 Unrestricted income funds Unrestricted funds Total funds 17 For the financial year ending 31 March 2024 the charty was entitled to exemption from audit under section 477 of the Companies Ad 2006 ￿lating to small companies. Directors. responsibilities.. Yhe members have not required the charity to oblain an audit of its accounts for the year in question in accordance with section 476" and The directors acknowledge their responsibilities for complying with the requirements of the Act with ,,respect to accounting records and the preparation of accounts. The financial statements on pages 5 to 17 were approved by the trustees and authorised for issue on18th July 2024 and signed on their behalf by.. Simon Almond Trustee Julie Scott-Bryant Chairman and Trustee **Notes to the Financial Statements - Period ended 31 March 2024** ## **1. Charity Status** The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. The address of its registered office is: Enviro Hub, 13 Marsh Barton Road, Marsh Barton, Exeter, EX2 8NU ## **2. Accounting policies** ## **Statement of compliance** The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. ## **Basis of preparation** Life Chance Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. ## **Going concern** The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. ## **Income and endowments** Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability. ## **Donations and legacies** Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. ## **Grants receivable** Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released **.** ## **Expenditure** All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs. ## **Raising funds** These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. ## **Charitable activities** Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. ## **Support costs** Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. ## **Governance costs** These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. ## **Taxation** The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## **Tangible fixed assets** Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. ## **Depreciation and amortisation** Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class: Depreciation method and rate: Fixtures and fittings 3 years straight line ## **Cash and cash equivalents** Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 1 4 ## **Fund structure** Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. ## **Pensions and other post retirement obligations** The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. ## **Financial instruments** A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. 1 5 6 ,'Expendlture on charltable actlvltles Unrgstrictod funds General., Restricted funds Total;. 2024;, Note Staff costs 24,103 9.458 46,755 17,425 2,460 66,64Q Allocated support costs Govemance costs 2,46a 33,081 33,559 Unrgstrictgd funds General,, Rostrictad funds 2023:, Notè staff costs Nllocaled support costs Govemance costs 14,412 3,088 3.827 363 18,239 3,451;, 60CI Activity.. undgrtakgn.. Activlty diroctly.. support costs 2024;, ',Charitsble activities Actlvlty;, undertaken.. Activity directly.. support costs ' 2023 Charitable activiti8S In addition to the expenditure analysed above, there are also governance costs of £2,01012023- £600) which relate directly lo charitable activities. See note 7 for further details. ',7 Analysls of governance and support costs Charitable aclivilios oxponditure Unrestrlcted funds General,, Restrlcted funds Total,, '.Support costs 9,927. 7.498 Unrestricted funds General,, Restrlcted ', funds Total,, 2023;, sup.p.ort costs Support costs allocated to charitable activitie$ 2024 2023,, '.Staff costs ',Premises 2,618 1,378 124, 620 1,320 ',Communications and IT ',General Office 1,627;, 12,519;, 8 Net incomingloutgoing resources Net incoming resources for the year include: ',Depreciation of fixed assets 434. 31 9 XrusteRs remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during Ihe year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 10 ;'Staff costs The aggregate payroll costs were as follows: Staff costs during the year were: Wages and salaries ',Pension costs 17,989 250 833 75 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year was as follows.. No ',Number of staff No employee received emoluments of more than £60,000 during the year. '.11 ',Independent examiner's remuneration 2024 2023;, Examination of the financial stslements 60 '.12 Taxation The charity is a registered charity and is therefore exempt from tsxation. '.13 Tanglbl• fixed a5sots Furnlture and. equlpment. Total At 1 April 2023 Additions 1.100 826 1,100 826 31 March 2024 1.926 1,926 D•pr•clatlon 1 April 2023 Charg8 for the y8ar 31.. 433 433 31 March 2024 464 .'Net book valu• At 31 March 2024 1.462 1.462 At 31 M8rch 2023 1.069 1,069 '.14'.Debtors 2024 2023 Trade debtors Prepayments Accrued income 500 256 2,200 2,956 17 35.00 35.170 '.15 Cash and cash equlvalent8 2024 2023 Cash at bank 16 Cr•dltors'. amounts falllng duè wlthln one yèar 2024:. Other taxation and social s8curity Other creditors Accruals 954 938 600 2,492 1,201: 1,32LI 3,746 ,'19.'R8lated party transactlons ',During the year the charity made the following related party transactions.. Yhe Life Chance Group have made a three-year commitment from 2023 ofcore funding to establish the Lffg Chance Trust on 8 securg footing. Thg r81ats'onship belween the Iwo gntits'e8 18 govemed via a '.Memorandum of Understanding and relatedlappropriate policies and procedures. During the year, incorne was r8C8iV8d frorn Lif8 Chance Education Ltd for the sum of £51,550 during Ihe period 12022.. £22,500). In addition, a total of £nil 12022.. £4,914) was incurred by Life Chance '.Educ8tion and rechary8d to Lif8 Chanc8 Trust. Th8 charity shares dir8ctors 8nd tru5t88s in common .'between both entities. The￿ Is a final £35,000 due in the next financial yearfrom Life Chance Education (o Life Chance Trust. The above income forms a material element of the income of Life Chance Trust. t th8 bal8nc8 sh89t dat8 thg 8mount dug from was £35,00012023 - £Nill.. '17.'Fund$ Balance at 31 March 2024 Balance at 1 April 2023.. Incorning R850urce8'. resources 8xpendad'. Transf8r5'. Unrestrlcted funds General General Funds 8,727:. 59,286 .136,706)....-. -12911'.------------31,016 Re8trlcted funds The Belgrave Trust l The National Lottery Community Fund Oevon County Council {Growing Communities Fund) Th8 Norrn8n F8rnily Charitable Trast Localgiving and Postcodg Local Trust (People, Postcode Lott8ry1 Devon Community 'Foundalion Isedel-collings 'Foundalion Devon Fund) Awards for All i