**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.u￿v11rIleI5023S387
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, per￿ptIOn, 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"
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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)
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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
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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 CoMpan￿S 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 fO￿ard
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
re￿1vable 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 li￿nce 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 bet￿een 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