Registered number: 02707807 Charity number: 1011133
THE PACE CENTRE LIMITED
(A Company Limited by Guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
THE PACE CENTRE LIMITED (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Detalls of the Company, Its Trustees and Advlsers Trustees. Report 2-15 Independent Auditors. Report on the Financial Statements 16-19 Statement of Flnanclal Actlvlties 20 Balance Sheet 21-22 ststement of Cash Flows 23 Notes to the Financlal Statements 24-42
THE PACE CENTRE LIMITED {A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Mr Simon Adams (appoinled 26 March 2025) Mrs Karen Bradley, Deputy Chair Mr Andrew Coxall Mr Colin Hayfield, Chair Ms Emily Ingrams (appointed 26 November 2024) Mr Daniel Lawson (appointed 1 Seplember 2023) Mr Steven Markwell (appointed 26 March 2025) Ms Nicola Pearce (appointed 26 March 2025) Ms Kay Taylor Company registered number 02707807 Charity reglstered number 1011133 Registered office Bradbury Campus 156 Wendover Road Aylesbury BuckinghamshiTe HP22 STE Prlncipal operatlng office Coventon Road Aylesbury Buckinghamshire HP19 9JL Chlef executive offlcer Mr Richard Willshire (resigned 3111212024} Caroline Bennett {appointed 0110112025) Independent auditors Azels Audit Services Suites B & D Burnham Yard Beaconsfield Buckinghamshire HP9 2JH Page 1
THE PACE CENTRE LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The trustees have pleasure in presenting their annual report and audited financial slatemenls for the year ended 31 August 2024 for The Pace Centre Limited, also known as Pace. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounling and Reporting by Charities. {FRS 102) in preparing Ihe annual report and financial slatemenls of the charity. Trustees of the Charity The Company is managed by a Board of Trustees who are also Directors of the Company. The Board shall review the term of each trustee on a regular basis and refresh the Board as may be required. A list of trustees who have served during Ihe period or have been appointed since 31 August 2024 are.. Mr Colin Hayfield (Designated Chair September 24) Mrs Karen Bradley {Deputy Chair September 24) Mr Andrew Coxall Ms Kay Taylor Mr Daniel Lawson (appointed 28 November 23) Ms Emily Ingrams (appointed 26 November 24) Mrs Helen Shepherd {Chair resigned 24 September 24) Ms Sarah Craker {appoinled 28 November 2023, resigned 24 September 24) Mr lan Cairns (resigned 28 November 23) Mr David Irvine {resigned 24 September 24) Ms Satyabhama Pudarulh (resigned 24 September 24} Mr Simon Adams (appointed 26 March 2025) Mr Steven Markwell {appoinled 26 March 2025) Ms Nicola Pearce {appoinled 26 March 2025) The trustees have sel up a number of sub committees as follows.. Finance and Qperalions commillee.. lan Cairns (Chair up lo November 20231 Colin Hayfield (Chair November 2023- September 2024) Salyabhama Pudaruth (up lo September 2024) Dan Lawson (Chair September 2024- Present} Education committee.. Helen Shepherd (Chair up lo September 2024} David Irvine (up lo September 2024) Sarah Craker (up to Seplember 2024) Andrew Coxall (Chair September 2024 - Present) Child and Family committee.. Karen Bradley (up to September 2024) Kay Taylor (Chair) Emily Ingrams (November 2024- Present) Recruitment and onboarding of new Iruslees is ongoing. The full board will consist of Chair, Deputy and Safeguarding lead. Three subcommittees, with a Chair and two members each. Page 2
THE PACE CENTRE LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectives and activities Policies and objectives Our Aims and Objectives Our Purpose- Pace is a specialist charity thal is commilted lo ensuring thal children with neurodisabilities have the opportunity lo reach their fullest potential in life. Fundamental lo our approach is a belief in every child's abilily lo learn and make progress, whatever the physical or sensory challenges Ihey face. Pace delivers life- changing educational and clinical support lo babies, toddlers, children and young people with complex neurodisabilities and practical support and advice to Iheir families. We slrive lo continually advance best practice in our field. Our Vision.. The Pace vislon is thal every child in the UK with a neurodisability, and their family, can access educational and clinical support aligned with the Pace approach. To Ihal end, we work very intentionally lo share our expertise, to train other providers and practitioners and to campaign for better provision. Our Guiding Principles.. Our chlldren's current and future needs are at the core of everything we do. We have a positive belief in every child's ability to learn and strive conlinuously to ensure Ihal Ihey receive an education for life" which enables Ihem lo be as aclive and independent as possible and lo achieve their potenlial for a fulfilled life pa is a family centred charity. We use our collective knowledge and skills to achieve a comprehensive underslanding of the child and their family's unique challenges and goals in order to educale, empower and supporl. We always work in close partnership with our families We are committed to achieving and advancing best practice in our field through active engagemenl with other partners and aim to set the standard required in Iransdisciplinary skill sets, teamwork and approach to best meel the needs of children with neurodisabilities and related developmental challenges. We aim to demonslrate the impact of our approach through data collection and research The dedicalion of our slaff and community of supporters is a strength of the organisalion. We value and respect the conlribution thal every member of our community brings lo the work of Pace We always seek what is best for our children and families whilst providing value for money to those who fund our work. Pace has become a leading specialist centre for children with neurodisabilities with a growing repulation nationally, and Ihe continued aspiration for international growth. Our innovative combinalion of different educational and Iherapeulic approaches is genuinely unique and is highly effective in meeting the total learning needs of the developing child. We are Gommitted lo continuing research in our field and to the dissemination of our practice to others. Page 3
THE PACE CENTRE LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectives and activities {continuedl What makes us different? A strong focus on early assessment and largeled intensive intervention for babies and young children aged 0-3 years when their brain is most receptive lo new learning due to ils neuroplaslicily A commitment lo working in partnership wilh parents as equal partners in the educalion and development of their child A Iransdisciplinary and integrated educational approach which draws on bèst praclice from occupational therapy, conductive educalion, speech and language therapy, physiotherapy and special educalion to provide a rich and individually tailored learning environment for our children Pace's innovative model. developed over 30 years, which allows for atlenlion to detail, continual review and adaptation based on the changing needs of our children and their families The transdisciplinary skill set of our staff and the high level of expertise which they bring to our services for children with neurodisabilities Our commitment lo sharing and disseminating knowledge and skills in the field of neurodisabililies with other professionals, practitioners and parents. It is these facets of our practice that mark us out as an "Oulslanding. provider, as we always have been by Ofsted. Our latest Ofsted inspection took place in October 2023, and that report can be accessed at hllps'.Ilfiles.ofsted.goV.uv11rIleI5023S387 The needs we address.. Children's needs We work wilh children and young people aged 0-18 who have learning and developmental difficulties as result of a neurodisability particularly, bul not limited lo, sensory motor disorders such as cerebral palsy. Children who have a neurodisability such as cerebral palsy may find il more difficult lo move, engage in play, communicate, eat, drink, dress, draw, write, use technology, access Ihe school curriculum, socialise and develop independence. They may also have medical and orthopaedic needs as a result of Ihèir condition In addition lo our work with neurodisabililies, our therapy provision within Child and Family Servicès increasingly covers a wider range neurodivergence, including autistic spectrum disorder (ASD), attention deficit hyperactivity disorder (ADHDI, social emotional and mental health challenges (SEMH), behavioural challenges, school refusal and motor coordination challenges (including difficulty with handwriting and in accessing PE) We ensure that we address all Ihese needs as part of a holistic package of intervention, education and care We give great attention lo Ihe building blocks required for ongoing learning- sensory, perptIOn, motor, communication and play. As a result, children who attend Pace make accelerated progress and become active learners. They learn what they can do for themselves and develop confidence and belief in their own abilities. Page 4
THE PACE CENTRE LIMITED IA Company Limited by Guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectives and activities (continued) Families, needs We know that parents of disabled children are anxious about what the future holds for them and Iheir child. Like any parent, they want to do their very best for their child. Pace helps them by: Offering a warm, welcoming environment in which parents feel nurtured, supported and respected Providing 'hands on" training (particularly in our Child and Family service) and ongoing information, guidance and advice about their child's needs so that parenls feel empowered and informed in their parenting role Giving positive encouragement and hope for the fulure by providing very skilled therapeutic and educational intervention for their child at a lime when they need it most Including them wilhin our community of families from which they can find friendship and peer support Meeting the evolving needs of our families as the world SEND sees a step change in parental knowledge, expectations, and advocacy is a priority for us. Sector Needs The need to train and share expertise wilh our own staff and others in Ihe specialist area of neurodisabilities. Pace is commilled to building expertise in our specialism wilhin our own staff team and in the workforce generally. We offer the following training and development opportunities to our own staff and external practitioners.. student Placements: Pace is pleased to have been able to offer undergraduate placements for students in Occupational Therapy and Conductive Education. We also regularly host sludents wishing lo gain work experience as parl of their sixth form or higher education courses Training Courses.. Pace is developing an online training course thal supporls our staff and other specialist and non-specialist colleagues who work in neurodisability. Our focus is to meet the demand for affordable, flexible and self-managed learning. Our Impact.. We lake very seriously the need for us lo measure, report and learn from the outcomes we achieve for our children, young people and families, as evidenced by the continuing focus on that work within our strategic priorities outlined below in Ihe section Strategic Progress. Our website details bolh Ihe outcomes that we achieve for our children and also Ihe journey we are on developing our impact reporting practice. We continue lo focus on enhancing our outcome measurement and reporting frameworks, to enable us to better report our impact to stakeholders, lo improve our own practice and as a means to demonstrate and disseminate OLtr practice to others. Public Benefit The trustees confirm they have had regard lo the Charily Commission's guidance on public benefit, in establishing the annual objeclives and activities which will fulfil Pace's overall aims, the trustees have regard to the principles of public benefit at all limes. It is central to the charily's ethos lo assist children and young people on the basis of educational and medical suitability for the services offered and not to impose narrow geographical boundaries or unreasonable financial burdens on those that attend. Pace needs to fundraise on behalf of every child, whether they atlend full or part time, as the costs for each child substantially exceed the combination of statutory (LEA) funding and parental contribulions. In addition, Ihere have always been children in attendance who are not in receipt of any LEA funding, either for part or the whole of Iheir time at Pa. This is particularly true for children in our early years. service which is heavily subsidised by our charitable income. Page 5
THE PACE CENTRE LIMITED (A Company Llmited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Objectives and activities (continued) Our Values Our work is informed by our values which are deeply held. We are Child and Family Centred: We always place the children, young people and families we supporl al the very heart of all that we do Innovative: We are creative problem-solvers, both in meeting the needs of our children, young people and families and organisationally Specialist: We are committed lo achieving and continually advancing best practice in our field. We are intellectually curious and always seek to learn Dedicated: The dedication of our slaff and volunteers is greater than one finds in many organisations. We believe that this is an important part of our success Compassionate: Our practice is always informed by a sense of intelligent compassion for the children and families we support and by deep respect for each other. Intelligent compassion is always informed by what is in the best long-term interests of the child and Ihe family and Pace's long-term sustainability Aspirational: We aspire to Ihe very best outcomes for our children, young people and families. We aspire to be the best we can be, both as individuals and as an organisation. Our Pace "Ingredients. During the year we have worked hard to distil the ingredients of our practice that make Pace so distinct and impaclful. These ingredients reflect the needs, abilities and opportunities that exist for every child with a complex neurodisability and Ihey underpin every facel of our work. These ingredients are.. Access lo learning and curriculum Atlenlion and regulation Communication Daily life skills Emotional wellbeing Movement Play Relationships Sensory processing and loss. Slralegic Progress The following section oullines the 2023124 objeclives that the Irustees established and Pace's progress against them. Achievements and performance Objectives for 2023124 The board are happy with the progress made lo the 23124 objectives and the progress made in year where fundraising income has seen a significant drop. The financial realities of the year have meant that the objectives laid out in the previous financial statements have been under constant review,. where necessary, sound financial decisions that support Pace stability have been the focus for the organisalion. As such, an umbrella strategy will be launched in June 2025. This Strategy recognises the strained financial environment that Pace is working within and focuses Pa on financial sustainability whilst ensuring quality provision across our seNices. Page 6
THE PACE CENTRE LIMITED {A Company Limited by Guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and porformance (contlnued) The Irustees are keen to reducing our reliance on Fundraising lo deliver core services by creating replicable financially secure models that can help us achieve our vision .thal every child in the UK with a neurodisability, and their family, can access educalional and clinical support aligned with the Pace approach" ObjedNe$2Q23124 Adwilie13ndachievemenls l. Pace Digilal-PknanddelThpipha5e3 low learningmin3gemenlsyslernlloi4- 6coiecourses PaleliainingteamSdeyehpeda hybrid andii ethred byin-peisonlraining3nd iefleclion, Thi5h35reduied the wmbeiolhtAJiilhaloui stallaieiequiiedioEtoulolc&15,31311owed Ioimorellekibiltyasmanycoursei8ienowh3 ys. 7hieernoduleiaie ieatylo movedigital, The Otherarningm0dreSw1ll be ieadybylhe endoliheyeailoioul&its11lerqIQcQnVert lOoleNde5. 2, SMARfpiogramme- Cffilinuelolund nddeliveiPhiie 201PasmART Programme, loin[polateSmART cL3ssioom iolloutanddooiaulornalion in Paie5thoolanddevebpmenlofouiAT DooiAulomalionii nOW1[lete air055boih Child andlèmity3$1111welechnohgy5eNiceshai Ivndedandlaunched aloan libi3rywheielamilEes canhiielethnologylrom Pace. Tlisallows paienlslo beiuielhele(hnologyMeelilhe needsollheychildbeloiemoving loapurchase home. Page 7
THE PACE CENTRE LIMITED (A Company Limited by Guarantee} TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and perfomiance (continued) 3.Child &13M1-workl¥rth HIeYel0vrIher)py5eNe5 ale nDwarnappioved newspDlpurchase SUPPDiilor(hiklienandyoung pe0plevih)QUIielherapVas partollheiiEHPCbe IheyiTrschoOloiae1n3l[IepioSn. school.ba5ed Piim3ryMain51ieam pihi yeartwo, impiNngefficiencyand(oMplm(e. SupeMen113ity5utvey, clinicaland (uiiiculum Iiaweviorkme&uie5aC105S khool. Engage1th0Iher pioviderslo comeslo PaceiwlhlheeKperienceoldevelopingw(h impaclandoulcomeliamewoilsloilheNHS. Novembei2024. He(omeslo Pacewiihexpeiience deveknpingimpac12ndoulcome Iramewoiksloilhe NHI. Page 8
THE PACE CENTRE LIMITED {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achlevements and perfomiance Icontinuedl 5, Fundiaising. Idenlifyandiulihvale new, hhVa1ue,SI13leWtIundlnE partners TheeMe[gE$lr31egyIfjrflnani1IUll81Tr0kn'1ity changeslhelocuiolihelund13111Thgie3minlwo iemits. Novemk(2023 Iiwa ie51iuclweollhe lundi3ilingdertMenl, FocusonlniomeGenetalp)nvw ioTrliai15, Itwls 3ndgianli, ThenpubliclundraIn& focusOn events, iommunity,(orporateatindMdUa1g7g. Slalfing itKomegeneialronh35beenath31nge, leavryuionelulliime memberdownlorlheyear. TheHeidollncctheGenerali)nlocedt0lee negoli3liDn and proces1itLgoliihod irKome. Wherewe neEoliiled3 7.5% iKie31eairoiialllA 35well3ssecuiinga2,5% ¥ue35eloi24ll5. AddiliOn31,Wedeve1Opeda newlullcoil iecovery model. P31eiveie5uiieislulina(hievenew placernenli3iihiilee. Piospeilwedon015havebeenpJenlifiedlorihe IiunlhialaI3ppeaItoSUp)rt1hepUI(kieo1lhe Iiee holdolourWen(bverRwdlile. Objectives for 2024125 strategy Conlinues to drive for a robusl financial future defining a 3-to-5-year Strategy and business model. Developing self-funding high-qualily specialist core setwices, where fundraising contributes added value opportunities, growlh. and development, and giving access to seNices to those who cannot afford it. Resourcing New leadership: Establish and embed the new leadership leam. The new leadership ieam now consists of Head Teacher, Richard Smilh, who was appointed in September 2024 (internal candidale).. Kurt Auslin-Archer Director of Therapy Services was appointed in November 2024 (external candidale), and Caroline Bennett, CEO started in January 2025 (internal candidate). Better Systems: Establish new systems that ensure efficiency, effective data managemenl and compliance with GDPR, HCPC and meels Ofsted and DFE requirements for automated data sharing across Pace. As well as considering family experiences in accessing information. Page 9
THE PACE CENTRE LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and perfomiance {continuedl Child and Family Therapy Services: Strategic focus: Develop a strategy for child and family therapy seNices to grow income, increase reach, and move to a full-year therapy offering. Consider Ihe market, affordability, and charitable purpose. Ensuring development with both non-profit, commercial. and private demand. Marketing and Communications: Develop and deliver a robust communication and markeling plan to support the income growlh of the child and family therapy services. School: Therapy Service Delivery Model review: Identify and deliver therapy staffing models for schools with consideration to the changing SEND environment and parental expectations. Reflecting on the difference in progress and development between early years, primary and secondary school, considering the impact of the cost base. Consistency and communication: Support parental experience as they move through Pace school with Irauma-informed. consistent, delivery that not only manages, but exceeds parental expectations. Income Generation Positive ongoing relationships: Establish, develop and maintain relationships with all stakeholders across Trusts, Foundations, and commissioners, both LA and Private. Through clear, transparent communications. Impact reporting and timely and fair negotiations. Innovations and Synergy: We will consolidate Fundraising efforts lo reduce fundraising costs. We will reestablish income through new events, community, and corporate relationships. Through a dala-driven donor- centric slrategy, we will reengage lapsed donors as part of a low-cost acquisition plan, increasing our active donor base and income after a challenging two years. Fundraising standards information A fundraising slralegy has been prepared and approved by Ihe trustees which identifies our income streams and Ihe approach taken for each activity. This strategy takes into account best practice and current standards. Since the introduction of GDPR from 25 May 2018 we have continued to review and, where appropriate, revise our policies and procedures including.. data caplure, complaints procedure, transferring of data and the implemenlalion of the data subjects, preferences. All fundraising is done in house and not outsourced to any professional fundraisers or commercial participators. Pace has opted to join the Fundraising Regulator. The Fundraising Regulator holds the Code of Fundraising Practice for Ihe UK. We follow Ihe standards for charitable fundraising, ensuring that our fundraising is respeclful, open, honest and accountable to the public. Pace has nol knowingly failed to comply with the slandards of practice. Pace has not received any complaints regarding its fundraising efforts in the period ended 31 August 2024 or lo the date of this report. Page 10
THE PACE CENTRE LIMITED {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and performance (continued Financial revlew The truslees remain focused on the need to continue to maintain and improve Ihe charity's financial sustainability. Over previous years, the charity had successfully grown income across ils key areas of activity and was operating within its reserves policy. Unfortunately, 2023124 has seen fundraising drop considerably, exploiting our biggesl risk, of Ihe relian on Fundraising income to run our core services. This has taken us oulside of the reserves policy. Pace is delivering against a 1 year umbrella strategic plan and budget which reflects financial position of the last 12 months. At the start of the financial year 2024125, Pace is developing a three-year slralegy that aims to meet the objeclives shared above. As a result of the challenging year, in which there were many successes that will refiect in the next financial year, there is an overall net loss in income over expenditure of (£250,233). This comprises of (£132,259) Unrestricted and (£117,974) Reslricted. Investment Policy The Iruslees feel Ihat Ihe most appropriate policy for investing the unrestricted reseNe is a deposit account or fixed-lerm deposit (with a maximum maturity of two years) with a major UK inslitution, preferably in a product that has been designed for the charity sector. Risk Review The trustees, together with staff, have implemented controls and procedures throughoul the organisalion to minimise external and internal risk and ensure a consistently high quality of education and care for the children and appropriate working conditions for staff. At a stralegic level, and as noled elsewhere in this report, the trustees have continued lo focus on the mitigation of Ihe key risks,. the need to maximise the cash resources of the charily and Ihe need for Ihe charily to conlinue to be sustainable. The key risks have been identlfled as follows.. Loss of Ofsted outstandlng.. If the School does not meet the practice, educational and regulatory standards required of a school as measured by Ofsted and Ihe Deparlment for Education. The risk would be that our repulation as an Outstanding school would be losl and this would impacl on pupil placement at Ihe school and our charitable fundraising. To mitigate Ihis risk, on joining the organisalion, all staff members receive rigorous induction Iraining including safeguarding, health and safety, educational and clinical practice modules, observation and assessment by Ihe senior team. In addition, all staff members are required lo read all Ihe regulatory policies held on the organisation's intranet in their first monlh and their supervisor ensures Ihat this has been done. The Director of Education reviews these policies on a regular basis and any changes are communicaled to all staff. If a breach, however small, is noticed. all slaff are reminded of the policy. Regulatory training is carried out for all staff routinely throughout the year. Pa has very clear and robust standards of practice which are shared with new staff and existing staff al performance reviews. In 2020 a School subcommittee of trustees lo review processes and procedures was set up as planned. Page 11
THE PACE CENTRE LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and perfomiance (continued) Serious Incident.. Safeguarding of children at Pace is paramounl. The risk is Ihal a serious incident relating lo non-compliance with the statutory guidance would affect our reputational risk and the placing of children at the school. All staff members have training in child protection as soon after their appointment as possible. Any issues are brought lo the designated safeguarding officer's altenlion and followed up immediately. There are termly safeguarding and health and safely monitoring meetings which review any mallers. Nominated trustees have overall responsibilily for safeguarding and health and safety and carry out spot checks from time to lime lo ensure compliance. Safeguarding and health and safely are on all Senior School Management team, Leadership team and Trustee meeting agenda. Financial instability.. Pace cannot continue to rely on Fundraising to support ils core services. The financial peaks and troughs over the last 30 years demonstrate the volatilily of this model. The risks are twofold. 11 Pace lose income and use reserves to a value that risks il's going concern status. 21 Pace doesn't have the fltnds to evolved and develop, making it less attractive to funders and donors alike. To mitigate this risk, Pace's emerging 2024125 strategy focuses on cost recovery models, bursary funding and added value fundraising. Going concern The financial slalements have been prepared on a going concern basis. The Iruslees have considered the level of funds held and the expected level of income and expenditure for 12 months from the dale of approval of these financial slatemenls. Cash flow is monitored by management and reviewed by the trustees on a regular basis. In order to provide support to the charity, in 2016 a long-term interest free loan facility of £1.000,000 was provided by a donor whilst the suslainabilily strategy first adopted in 2016 comes lo fruition, as detailed in note 17. Al the beginning of the year £500,000 had been drawn down all of which has been converted into donations. Taking into account the charity's unrestricted reserves, cash balances and the availability of the undrawn balance of this loan facilily of £500,000, the Iruslees have a reasonable expectation that Pace will have adequate resources lo conlinue in operational existence for the foreseeable future and il is therefore appropriate to adopl the going concern basis of accounting for these financial statements. The Iruslees are confident that Pace remains a going concern. Page 12
THE PACE CENTRE LIMITED IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Reserves policy The trustees reviewed and updated their policy for the charity in 2022 and they maintain that Ihe minimum level of reserves (excluding funds not otherwise committed or restricted) should be between 4 and 12 months of budgeted expenditure. This level has been set to cover expected overheads including wages in the event that no more monies are received so thal the organisalion could cover its cosls in an orderly manner. The strategi plan and budget have been prepared to achieve this objective. At 31 August 2024 the total reserves were £3,067,566 {2023.' £3,317,799). The restricted reserves, which can only be spent as directed by the donor were £1,898,743 12023.. £2,006,717). These reserves principally represent incuired capital cosls on the development at Wendover Road and are being released as the development cost is deprecialed. The total deprecialion charge for the period against reslricted balances is £91,455. Unrestricted reserves at 31 Augusl 2024 were £1,168,823 {2023.' £1,301,082) representing 4 monlhs of operating expendilure. Structure, governance and management a. Constitution The Pace Centre Limited is registered as a charitable company limited by guarantee and was sel up by a Trust deed. Page 13
THE PACE CENTRE LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 structure, governance and management (continued) b. Methods of appointment or election of Trustee5 The management of the Company is Ihe responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. The Irustees are appointed by the Board who elect or re-elect the truslees. The Board of Trustees reviews the term of each trustee on a regular basis to refresh the Board as may be required. An induction programme is in place which involves both information and training delivered by senior slaff. Truslees are also invited to lake an active part in the life of Pace al open days, fundraising and other corporate events. The day lo day activities of the charily are run by the Leadership team consisting of the Chief Executive, Head Teacher and Ihe Director of Therapy Services. The charity's key management personnel is based on benchmarking against similar roles at similar size charities and is approved by the trustees. The organisation has seen a higher than normal turnover of key staff in the leadership team in the last 12 months. The Direclor of Clinical Service Lindsay Hardy left in February 2024, and Kurt Auslin-Archer the new Director of Therapy Services (renamed to align with the market} joined Pace in November 2024. Headleacher and Director of Education Claire Smart left in August 2024, with Dèputy Headleacher Richard Smith stepping up as of September 2024 to take the role of Headteacher. Rich Willshire, CEO left Pace in December 2024, Caroline Bennett COO has stepped up lo lake the role of CEO as of January 2025. The position of COO has been removed from headcount. The finance function remains outsourced to Hillier Hopkins LLP. The board has also seen four trustees leave within the year. All for varying personal reasons. lan Cairns, Helen Shepherd. David Irvine and Ms Saiyabhama Pudarulh stepped down. The organisation look Ihe decision to hall the subcommittee meetings whilst recruilmenl of trustees was undeNay. The Subcommittees are due lo 51art in June 2025, three more Iruslees have been ralified on 26 March 2025. Small company provision In preparing this report. the trustees have taken advantage of the small companies, exemption provided by section 415A ofthe Companies Act 2006. Page 14
THE PACE CENTRE LIMITED (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Statement of Trustees, responsibilities The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing Ihe Trustees, Report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and applicalion of resources, including ils income and expenditure, for that period. In preparing Ihese financial slalements, Ihe Truslees are required to.. select suitable accounting policies and then apply them consistently., observe the melhods and principles ofthe Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudenl., stale whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in Ihe financial slatemenls., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Company will conlinue in business. The Trustees are responsible for keeping adequale accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy al any lime the financial position of Ihe Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assels of the Company and hence for taking reasonable steps for the prevention and deleclion of fraud and other irregularities. Dlsclosure of information to auditors Each of the persons who are Trustees al the time when this Trustees, Report is approved has confirmed that.. so far as thal Trustee is aware. there is no relevanl audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that oughl to have been taken as a Trustee in order lo be aware of any relevant audit information and to establish Ihal the charity's auditors are aware of that information. Auditors The auditors, Azets Audit Services, have indicated their willingness lo continue in office. The designated Trustees will propose a motion reappointing the auditors al a meeting of the Trustees. Approved by order oflhe members of the board of Trustees and signed on their behalf by: Colin Hayfield Date.. 20 May 2025 Page 15
THE PACE CENTRE LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE PACE CENTRE LIMITED Oplnion We have audited the financial slalements of The Pace Centre Limited (the 'charitable company,) for the year ended 31 August 2024 which comprise the Statement of Financial Activities. the Balance Sheet, the Slalemenl of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financlal Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the charitable company's affairs as al 31 August 2024 and of ils incoming resources and application of resources, including its income and expenditure for Ihe year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounling Practice,. and have been prepared in accordance wilh the requirements of the Companies Acl 2006. Basis for opinion We conducted our audit in accordance wilh International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those slandards are further described in the Auditors, responsibilities for the audit of Ihe financial statements section of our report. We are independent of the charitable company in accordance with Ihe ethical requirements Ihal are relevanl lo our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Slandard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihat the audit evidence we have obtained is sufficient and appropriale lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of Ihe financial statements is appropriate. Based on the work we have performed, we have nol identified any rnalerial uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability to continue as a going concern for a period of al least twelve months from when the financial slalemenls are authorised for issue. Our responsibilities and Ihe responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Page 16
THE PACE CENTRE LIMITED IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE PACE CENTRE LIMITED (CONTINUED) other informatlon The other information comprises the information included in the Annual Report other than Ihe financial statements and our Auditors, Report thereon. The Trustees are responsible for the olher information contained within Ihe Annual Report. Our opinion on the financial slatemenls does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the olher information and, in doing so, consider whelher the other informalion is malerially inconsistent wilh the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required lo determine whether this gives rise to a material misstatement in the financial slatements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of Ihis other information, we are required to report that faGt. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matlers where the Charilies (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the information given in the Trustees, Report is inconsistent in any material respecl with Ihe financial statements. or SLtfficienl accounting records have nol been kept., or the financial statements are not in agreement with the accounting records and relurns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statemenl, the Trustees {who are also Ihe direGlors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Truslees delermine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial slalements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, mallers relaled to going concern and using the going concern basis of accounling unless Ihe Truslees either intend to liquidale the charitable company or to cease operations, or have no realistic alternative bul to do so. Page 17
THE PACE CENTRE LIMITED IA Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE PACE CENTRE LIMITED ICONTINUEDI Auditors. responsibillties for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslatement, whether due to fraud or error, and to issue an Auditors, Report Ihal includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK> will always detect a material misslatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in Ihe aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are inslances of non-compliance with laws and regulations. Weour our We design procedures in line with our responsibilites, outlined above, lo detect material misslalemenls in respect of irregularities, including fraud. The exlent to which our procedures are capable of delecling irregularities, including fraud is detailed below.. We obtain and update our understanding of the enlily, ils activities, its control environment, and likely future developments, including in relation lo the legal and regulatory framework applicable and how Ihe entity is complying with Ihat framework. Based on this understanding, we identify and assess the risks of material misslalement of the financial slalements, whether due to fraud or error, design and perform aL¢dit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. This includes consideration of the risk of acts by the entily Ihal were contrary to applicable laws and regulations, including fraud. In response to the risk ol irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included.. Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud., Reviewing minutes of meetings ofthose charged with governance,. Assessing the extent of compliance with the laws and regulations considered to have a direct malerial effeot on the financial statements or the operalions of the company through enquiry and inspection., Reviewing financial statement disclosures and tesling to supporting documentation lo assess compliance with applicable laws and regulations. Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjuslmenls for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in Ihe financial slalements or non-compliance with regulation. This risk increases the more that compliance with a law or reglflalion is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk of nol detecting a material misslatement resulling from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklaudilorsres onsibilities. This description forms part of our Auditors, Report. Page 18
THE PACE CENTRE LIMITED (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE PACE CENTRE LIMITED (CONTINUED) Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charitable CoMpanS members those matters we are required to state to Ihem in an Auditors, Reporl and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ihe charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. A2ots Paul Creasey (Senior Statutory Auditor) For and on behalf of Azets Audit Services Suites B & D Burnham Yard Beaconsfield Buckinghamshire HP9 2JH Date: 27 May 2025 Azels Audit Services are eligible to acl as auditors in terms of section 1212 of the Companies Acl 2006. Page 19
THE PACE CENTRE LIMITED (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Other trading activities Investments Other income 260,327 465,196 2,688,996 66,622 27,136 725,523 2,688,996 66,622 27,136 t,075,378 2, 559, 364 227,947 23,430 2,773 Total Income 260,327 3,247,950 3,508,277 3,888,892 Expendlture on: Raising funds Charitable activities 233,648 3,147,121 233,648 3,525,422 340. 788 3,317,427 378,301 Total expenditure 378,301 3,380,769 3,759,070 3,657,615 Net gains on investments 560 560 Net movement in funds 1117,9741 1132,259) 1250,2331 231,277 Reconciliation of funds: Total funds brought forward Net movement in funds 2,016,717 (117,9741 1,301,082 (132,259) 3,317,799 {250,233) 3,086,522 231,277 Total funds carried fOard 1,898,743 1,168,823 3,067,566 3,317,799 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 24 to 42 form part of these financial slalemenls. Page 20
THE PACE CENTRE LIMITED {A Company Limlted by Guarantee) REGISTERED NUMBER: 02707807 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Flxed assets Tangible assets 14 1,863,241 1,966,824 1,863,241 1,966,824 Current assets Debtors 15 16 645,294 348,665 626,758 220,879 8T8,990 1, 153,687 Investments Cash at bank and in hand 1,620,717 2, 253,556 Creditors.. amounts falling due wilhin one year 17 (416,392) (902,581) Net current assets 1,204,325 1,350,975 Totsl assets less current liabilities 3,067,566 3,317,799 Totsl net assets 3,067,566 3,377,799 Charity funds Restricted funds Unrestricted funds 19 19 1,898,743 1,168,823 2,016,717 1,301,082 Total funds 3,067,566 3,317,799 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparalion of financial slalemenls. The financial slalemenls have been prepared in accordance with the provisions applicable lo enlities subject to the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Colln Hayfield Dale.. 20 May 2025 Page 21
THE PACE CENTRE LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 02707807 BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024 The notes on pages 24 to 42 form part ofthese financial slalements. Page 22
THE PACE CENTRE LIMITED {A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities (see note 22) 11,084,390) 630,438 Cash flows from investing activlties Interest received Purchase of tangible fixed assels Movement on investments 4,639 4,033 (24,344) (77,358) 552,822 Net cash provlded byl{used in} investing activities 557,461 {97,669) Change in cash and cash equivalents in the year Cash and cash equivalents at Ihe beginning of the year (526,9291 1,153,687 532,769 620,918 Cash and cash equlvalents at the end of the year 626,758 1, 153,687 The notes on pages 24 to 42 form part of these financial statements Page 23
THE PACE CENTRE LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General information The Pace Centre Limited is a charitable company limited by guarantee incorporated in England and Wales within the United Kingdom. The Company's registered office is Bradbury Campus, 156 Wendover Road, Aylesbury, Buckinghamshire, HP22 STE. The financial statements are presented in sterling which is Ihe functional currency of the Company and rounded to Ihe nearest £. The significant accounting policies applied in the preparation of these financial slalements are set out below. These policies have been consistently applied to all years presented unless olheNise stated. Accounting policies 2.1 Basis of preparation of financlal statements The financial slalemenls have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practi 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 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2008. The Pace Centre Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevanl accounling policy. 2.2 Going concern The financial statements have been prepared on a going concern basis. The Trustees have considered the level of funds held and the expecled level of income and expenditure for 12 months from the dale of approval of these financial statements. Cashflow is monitored by managemenl and reviewed by the trustees on a regular basis. Page 24
THE PACE CENTRE LIMITED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.3 Income All income is recognised once the Company has entitlement to Ihe income, it is probable that Ihe income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlemenl, the probabilily of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entillemenl lo a legacy exists when the Company has sufficient evidence that a gift has been left to them {Ihrough knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that the property in question will not be required to salisfy claims in the estate. Receipt of a legacy musl be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed lo the Company. can be reliably measured. Grants are included in the Slalement of Financial Activities on a receivable basis. The balance of ncome received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Vvhere income is received in advance of entitlement of receipl, its recognilion is deferred and included in credilors as deferred income. Where entillemenl occurs before income is received, the income is accrued. Income tax recoverable in relalion to investment income is recognised at the lime the inveslmenl income is receivable. other income is recognised in the period in which il is receivable and to the extent the goods have been provided or on completion of the service. Income from Charilable Activities is measured at the fair value of the consideration received or re1vable for services rendered, and is recognised as the serviGes are delivered. Donaled professional services and donated facilities are recognised as income when the Charily has control over the item, any conditions associated with the donated item have been met, the receipt of the economic benefit from the use by the Charily of the item is probable and that economic benefit can be measured reliably. In accordance with the Charilies SORP (FRS102), Ihe value of general volunteer time is not recognised although the Trustees, annual report sets out more information about their contribution. On receipt. donated professional services and donated facilities are recognised on the basis of the value of Ihe gift lo the Charity which is the amount the Charity would have been willing lo pay to obtain services or facilities of equivalent economic benefit on the open market. a corresponding amount is then recognised in expendilure in the period of receipt. For donations lo be recognised Ihe Charily will have been notified of Ihe amounts and the setllement dale in writing. If there are conditions attached to Ihe donation and this requires a level of performance before entitlement can be obtained, then income is deferrred until those conditions are fully mel or the fulfilmenl of those conditions is within the control of the Charity and il is probable that Ihey will be fulfilled. As provided in the SORP {FRS102) no amount is included in the financial slalements for volunteer time. Investment income is earned through holding assets for investment purposes such as on short term bank deposit and solely comprises bank interest. Page 25
THE PACE CENTRE LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policles (continued) 2.4 Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings Ihat aggregate all costs related lo the category. Expenditure is recognised where there is a legal or constructive obligation to make payments lo third parties, it is probable that Ihe selllemenl will be required and the amount of the obligation can be measured reliably. 11 is calegorised under the following headings.. Costs of raising funds includes the costs associated with the Fundraising team. including payroll for the members of that team and Ihe direct costs of fundraising events. Expenditure on charitable activities includes the cost of clinical and teaching staff logether with the costs of providing ihe educational and therapeutic inlervenlions. Other expenditure represents those items not falling into the categories above. Support costs allocation Support costs are those that assist the work of the Charity bul do nol directly represent charilable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Charity and include strategy development. Where support costs cannot be directly altribuled to particular headings they have been allocated to cosl of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. General overheads have been allocated on a staff pro rata basis. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company., this is normally upon notification of the interest paid or payable by the instilulion with whom Ihe funds are deposiled. 2.6 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cosl model. tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Page 26
THE PACE CENTRE LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (contlnued) 2.6 Tangible fixed assets and depreclation (continued) Depreciation is charged so as to allocate the cost of tangible fixed assels less their residual value over their estimated useful lives. Depreciation is provided on the following bases.. Freehold property Fixtures and fillings Office equipmenl Compuler equipment 25 10 32 years straight line 3 to 10 years straight line 310 10 years straight line 3 to 10 years straight line Assets costing over £5,000 are capilalised al cost. Assets costing over £2,000 are capilalised at cost at the discretion of the Chief Executive. 2.7 Debtors Trade and olher debtors are recognised at Ihe settlement amount after any trade discount offered. Prepayments are valued at Ihe amount prepaid net of any Irade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments wilh a short malurily of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Liabllities and provisions Liabilities are recognised when there is an obligalion at the Balance Sheet date as a result of a past evenl, it is probable that a transfer of economic benefit will be required in selllement, and the amount of Ihe setllemenl can be eslimated reliably. Liabilities are recognised al the amount that the Company anlicipates it will pay to settle the debl or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at Ihe best estimate of the amounls required to settle Ihe obligalion. Where the effect of Ihe lime value of money is material, the provision is based on the present value of Ihose amounts, discounted at the pre-lax discount rate that rellecls the risks specific to the liability. The unwinding of Ihe discount is recognised in the Statement of Financial Activilies as a finance cost. 2.10 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic rinancial instrumenls. Basic financial inslrumenls are initially recognised at Iransaclion value and subsequently measured at their settlement value with Ihe exception of bank loans which are subsequently measured at amortised cost using Ihe effective interest method. Page 27
THE PACE CENTRE LIMITED IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.11 Leases Rentals payable and receivable under operating leases are charged lo the slalemenl of financial activities on a straight line basis over the period of the lease. 2.12 Tax The Charity is an exempt Charity within the meaning of schedule 3 of the Charities Act 2011 and is considered lo pass the tests set out in Paragraph 1 Schedule 6 Finance Acl 2010 and therefore il meets the definition of a charitable company for UK Corporation tax purposes. 2.13 Employee benefits When employees have rendered service to the Charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounled amount expeoled to be paid in exchange for that service. The Charily operates a defined contribution plan for the benefit of ils employees. Contributions are expensed as they become payable. 2.14 Pensions The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect oflhe year. 2.15 Fund accounting General funds are unreslricled funds which are available for use at Ihe discretion of the Trustees in furtherance of the general objectives of Ihe Charity and which have not been designated for other purposes. Reslricled funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Investment income, gains and losses are allocaled lo the appropriate fund. Page 28
THE PACE CENTRE LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donations and legacies Restrlcted Unrestricted funds funds 2024 2024 Total funds 2024 Donations Grants 193,920 66,407 110,765 354,431 304,685 420,838 260.327 465,196 725,523 Restricted Unreslricted funds funds 2023 2023 Tolal funds 2023 Donalions Legacies Grants 349,020 147,563 22,324 556,471 496,583 22,324 556,471 349,020 726,358 1,075,378 Income from charitable activities Unrestricted funds 2024 Total funds 2024 LEA Funding other Therapy sessions provided lo children 0-18 Training Provision of staff to other schools Non LEA funding of school places 1,990,364 1,317 66,506 1,759 479,748 149,302 1,990,364 1,317 66,S06 1,759 479,748 149,302 2,688,996 2,688,996 Page 29
THE PACE CENTRE LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charitable actlvltles (continued) Unrostrictgd funds 2023 Total lunds 2023 LEA funding other Non LEA funding of school places Th8rapy sessions provided lo children 0-18 Provision of staff to other schools Training 1, 922, 740 10,460 109, 605 34,842 465,521 16. 196 1,922,740 10,460 109, 605 34,842 465, 521 16.196 2, 559,364 2,559,364 Income from other trading actlv5tlè8 Income from fundraislng events Unrestrlcted funds 2024 Total funds 2024 Community fundraising Evenls 42,159 24,463 42,159 24,463 66,622 66,622 Reslricl8d UnrestriGted funds funds 2023 2023 Tolal funds 2023 Community fundraising Events 7T8 103,980 123,189 104, 758 123, 189 778 227,169 227,947 Page 30
THE PACE CENTRE LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Investment income Unrestrlcted funds 2024 Total funds 2024 Inveslmenl income 27,136 27,136 Unrestricted funds 2023 Total funds 2023 Investment income 23,430 23,430 Other incoming resources Totsl funds 2024 Other income Unrestricted funds 2023 Tolal funds 2023 Olher income 2,773 2,773 Page 31
THE PACE CENTRE LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Expenditure on raising funds Costs of raising voluntary income Unrestricted funds 2024 Total funds 2024 Event & function costs Facilities and other costs Salaries and consultancy including iraining 38,841 7,525 187,282 38,841 7,525 187,282 233.648 233,648 The support cosls for 2024 are made up of salaries of £32.081, which is included in the salaries and consultancy including training figure above, and facilities and other costs of £7,525. Restiict6d Unr8slrioted funds funds 2023 2023 Total funds 2023 Event & function costs Support costs Salaries and consullancy including training 3, 157 33,969 28,948 274, t 14 37,126 28,948 274,114 3, 157 337,031 340, 188 The support costs are made up of salaries of £22,848 and facilities and other costs of £6.100. Page 32
THE PACE CENTRE LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysls of expendlture on charitable activities Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Salaries and consultancy including training Facililies and other costs Classroom resources Depreciation Governance cosls 231,873 11,058 43,915 91,455 2,596,306 387,686 122,699 12,131 28,299 2,828,179 398,744 166,614 103,586 28,299 378,301 3,147,121 3,525,422 Restricted Unrestricted funds funds 2023 2023 Total 2023 Salaries and consultancy including training Facilities and other costs Classroom resources 352,461 41,237 24, 222 94,287 2,322,573 303,249 90,624 11,133 11,107 66, 534 2,675,034 344,486 114,846 105,420 11,107 66,534 Deprecialion Training Governance costs 512,207 2, 805,220 3,317,427 Page 33
THE PACE CENTRE LIMITED IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Analysis of expendlture by activities Activlties undertaken directly 2024 Support costs Total funds 2024 2024 Salaries and consultancy including training Facilities 2,070,885 256,251 166.614 103,586 757,294 142,493 2,828,179 398,744 166,614 103,586 28,299 Classroom resources Depreciation Governanoe 28,299 2,597,336 928,086 3,52S,422 Activities undertaken direclly 2023 Support costs 2023 Tolal funds 2023 Salaries and consL¢ltancy including training Facilities and other cosls Classroom resources Depreciation Training Governance costs 2,328,509 251,964 174,846 105,420 11,107 53,072 346, 525 92,522 2, 675,034 344,486 114,846 105,420 11,107 66,534 13,462 2,864,918 452,509 3,317,427 11. Auditors. remuneration 2024 2023 Auditorfs renumeralion 12,300 12,300 Page 34
THE PACE CENTRE LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Staff costs 2024 2023 Wages and salaries Social securily costs Contribution to defined contribution pension schemes 2,584,896 214,469 125,773 2,541,890 211,534 94, 763 2,925,138 2,848, 187 The average number of persons employed by the Company during the year was as follows- 2024 2023 Raising funds Charitable activities Governance and support 83 21 98 12 109 116 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 2023 No. In the band £60,001- £70,000 The staff costs for key management personnel in the year was £232,525 (2023= £261,555). 13. Trustees, remuneration and expenses During the year, no Trustees received any remuneralion or other benefits (2023 - £NIL). During the year ended 31 August 2024, no Trustee expenses have been incurred (2023- £NIL). Page 35
THE PACE CENTRE LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Tangible fixed assets Freehold Fixtures and property fittings Office equipment Computer equipment Total Cost or valuation At 1 September 2023 Disposals 3,323,788 21,516 21,720 120,255 141,452> 3,487,279 (41,452) At 31 Augusl 2024 3,323,788 21,516 21,720 78,803 3,445,827 Depreciation Al 1 September 2023 Charge for the year On disposals 1,424,018 87,675 2,151 2,151 9,113 3,175 85,173 10,514 (41,384) 1,520,455 103,515 (41,384) At 31 August 2024 1,511,693 4,302 12,288 54,303 1,582,586 Net book value Al 31 August 2024 1,812,095 17,214 9,432 24,500 1,863,241 Al 31 August 2023 1,899,770 19,365 12,607 35,082 1,966,824 15. Debtors 2024 2023 Due within one year Trade debtors other debtors Prepayments and accrued income 360,234 678 284,382 139,947 16,993 63,939 645,294 220, 879 Page 36
THE PACE CENTRE LIMITED {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Current asset investments 2024 2023 Short lerm deposils Other investments 333,955 14,710 865,675 13,315 348,665 878, 990 17. Creditors: Amounts falling due within one year 2024 2023 Trade creditors other taxalion and social security other creditors Accruals and deferred income 22,765 49,865 17,120 326,642 60,329 49,587 20,271 772,394 416,392 902,581 In 2016, a generous benefactor pledged an interest free loan of up lo £1,000,000 lo be available for at least three years, since extended so that the facility is available until 31 sl August 2024. By 31 Augusl 2023, £500,000 of this loan had been drawn down, Since being drawn down, £500,000 has been converled lo a donation leaving none oulstanding al 31 August 2024 12023-nil). There remains an undrawn loan facility of £500,000. The loan remains under review annually. The loan facility has now been extended lo August 2026. 18. Accruals and deferred Income 2024 2023 Deferred income at 1 September 2023 Resources deferred during the year Amounts released from previous periods 725,122 307,790 {725,1221 596,971 725,122 (596,971) Deferred income at 31 August 2024 307,790 725, 122 All deferred income, which represents term fees invoiced in advance, is included within Credilors'.amounts falling due within one year. Page 37
THE PACE CENTRE LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Statement of funds Statement of funds - current year Balance at 1 September 2023 Balance at Gainsl 31 August (Losses) 2024 Income Expenditure Unrestricted funds General fund 1,301,082 3,247,950 13,380,769) 560 1,168.823 Restricted funds Leasehold Building fund First Steps Appeal fund Salary fund Other equipment and services fund 30,454 1,797,236 61,709 14,1121 (76,8511 (216,6501 26,342 1,720,385 55,307 210,248 127,318 50,079 180,688) 96,709 2,016,717 260,327 1378,301) 1,898,743 Totsl of funds 3,317,799 3,508,277 {3,759,0701 560 3,067,566 Page 38
THE PACE CENTRE LIMITED (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 19. Statement of funds (continued) statement of funds - prior year Balance al 1 September 2022 Balance at 31 Augusl 2023 Income Expenditur8 Unrestricted funds General Fund 904,239 3, 539,094 (3, 142,251) 1,301, 082 Restricted funds Leasehold Building fund First Steps Appeal fund Salary fund Other equipment and services fund 38,536 1,874, 142 120,352 149,253 (8,082) 30,454 (76,906) 1,797,236 (344, 580) 61,709 (85, 796) 127,318 285,937 63,861 2, 182,283 349, 798 (515,364) 2,016,717 Total of funds 3, 086,522 3, 888, 892 (3,657,615) 3,317, 799 The Leasehold Building fund was set up in 1996 to record Ihe cost of the new development of the Covenlon Road site against donations received for that purpose. The total fund al 31 August 2024 represents the depreciated historical cost of the building and subsequent extensions. The original building and improvements are carried out under lince granted by the freeholder. The land at Coventon Road is leasehold. The First Steps Appeal fund exists to provide resources to develop the Bradbury Campus at Wendover Road as a new Early Years Centre and Independence Training Centre. The funds are being released as the improvemenls are depreciated. The total fund al 31 August 2024 is the net depreciated amount. The Salary fund represents various donations to fund salaries in school and child and family during the year. The Other equlpment and services fund comprises various donalions to fund the purchase of teaching aids and equipment and olher services such as school holidays, visits, consullancy and training and our new minibus. The fund, summarised above, conlains the donations of many individuals, trusts and organisations. Page 39
THE PACE CENTRE LIMITED IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Summary of funds Summary of funds - current year Balance at 1 September 2023 Balance at Gainsl 31 August {Lossesl 2024 Income Expenditure General funds Reslricled funds 1,301,082 2,016,717 3,247,950 {3,380,7691 260,327 1378,3011 560 1,168,823 1,898,743 3,317,799 3,508,277 13,759,070) 560 3,067,S66 Summary of funds - prior year Balance al 1 September 2022 Balance al 31 August 2023 Income Expenditure General funds Restricted funds 904, 239 2, 182,283 3, 539,094 349, 798 (3, 142,251) (515,364) 1,301,082 2,016,717 3, 086, 522 3, 888,892 (3, 657, 615) 3,317, 799 21. Analysis of net assets between funds Analysis of net assets between funds - current period Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 1,771,294 127,449 91,947 1,493,268 (416,3921 1,863,241 1,620,717 {416,3921 Totsl 1,898.743 1,168,823 3,067,566 Page 40
THE PACE CENTRE LIMITED IA Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Analysis of net assets between funds {continued) Analysis of net assets beteen funds - prior period Reslricled Unrestricted funds runds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Credilors due within one year 1,862, 772 168,532 (14,587) 104, 052 2,085,024 (887, 994) 1,966,824 2,253,556 (902,581) Totsl 2,016,717 1,301,082 3,317,799 22. Reconciliation of net movement in funds to net cash flow from operatlng activities 2024 2023 Net incomelexpenditure for the period (as per Slalement of Financial Activities) 1250,233) 231,277 Adjustments for: Deprecialion charges Loss on the sale of fixed assets Decreasel(increase) in debtors Increasel(decrease) in creditors Interest receivable 103,515 68 (424,4151 (486,1891 {27,1361 105,420 244,328 72,843 (23,430) Net cash provided byl{used in) operating activities {1,084,390) 630,438 23. Analysis of cash and cash equivalents 2024 2023 Cash in hand Short term deposits 486,414 140,344 567,904 585, 783 Total cash and cash equlvalents 626,758 1, 153,687 Page 41
THE PACE CENTRE LIMITED (A Company Llm5ted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 24. Analysls of change5 In nèt debt Atl September 2023 Cash Ilows At31 August 2024 Cash al bank and in hand Liquid investments 1,153,687 878,990 1526,9291 1530,3251 626,7S8 348,665 2,032,677 11,057,254) 975,423 2S. Pension comm5tments The Charity operates a defined contributions scheme. The assets of the scheme are held separately from those of the Charity in an independently adminislered fund. The pension cost charge represents the contributions payable by the Charity to the fund and amounted lo £125,773 {2023'. £94,763). Contributions tolalling £15,568 {2023'. £15,217) were payable lo Ihe fund at the balance sheet date and are included in creditors. 26. Operating lease commltments Al 31 August 2024 the Company had commitments lo make future minimum lease payments under non- cancellable operating leases as follows.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 159,580 533,261 3,439,204 154, 790 522,308 3,566, 761 4,132,045 4,243,859 27. Members, Ilablllty In accordance wilh clause 6 of the Company's memorandum of Assoclalion, every m8mber of the Company undertakes lo contribute lo the assets of the Company in the event of the same being wound up during thè lime that they are a member, or within one year afterwards for payments of debts and liabilities of the Company contracted before the lime at which they ceased lo be a member, and of the costs, charges and expenses of winding up the same, and for the adjuslmenl of the rights of the conlribulorles, such amount as maybe required not exceeding one pound. Page 42