Charity rngistrntion number 1039622 Company registration number 02889781 (England andwales) Undershaw Education Trust Annual Report and Financial Statements For theyear Ended 31 Au8USt 2024 UNDERSHAW EDUCATIONTRUST LEGALANDADMINISTRATIVE INFORMATION Trustees C Cookson K Heath W Kar15en D Gerring O lones J Robards L Sheridan T Stone C Chesworth N Birchwood P Charles J Pickford (Appointed 26 September 2023) (Appointed l O October 2023) (Appointed 26 September 20231 (Appointed 26 September 20231 (Appointed 26 September 20231 (Appointed l O july 2024) (Appointed 6 January 2025) Charity number 1039622 Company number 02889781 Reglsterod offl¢e Undershaw Portsmouth Road Hindhead Surrey GU26 6AQ Audltor Westmore Accountlng Limlted Ryefield Cour¢ 81 Joel Street Northwood Hills Middlesex HA6 ILL UNDERSHAW EDUCATIONTRUST CONTENTS Page Trustee5' report Statement of tru5tees' responsibilities Independent auditor's report Statement of financial activitie5 Balance sheet Notes to the financlal statements UNDERSHAW EDUCATIONTRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 The trustees present their annual report and financial statements for the year ended 31 August 2024. The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the School's governing documenL the Companie5 Att 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Prnctice applicable to charitie5 preparing their ac¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Kepublic of Ireland {FRS 102)" (as amended for accourbtirbg periods commencing from I January 2016) Objectives and artivitles Under5haw Education Trust ("the School" known a5"undersha￿,) is an inclusive independent special needs school where the best interests of the child are at the heart of everything that we do. A school where we empower students to aspire and achieve. A caring and safe environment which allow5 students to thrive and flourish and prepare5 them to be Socially 2nd economically engaged in the future. The Trustees have paid due regard to guidance issued by the Chariry Commission in deciding what activÉtie5 the School should undertake. Undershaw is i specialist setting where children from Year 3 to Post 16 with mild to moderate learning difficulties and additional needs, such as ASD, cerebral pa15y, hemiplegia, and medical vulnerabilities can access the national curriculum and qualification pathway5 in a safe, Secure, and friendly environmenL Initialty established in 2004 and further expanded in 2016 (by t￿0 different charitable foundations), Under5haw contrnues to strive for excellence in delivering education 74nd life skill$ for students who have special edLEcational needs who all have an Education Health Care Plan. We aim to promote the rights, needs and aspirations of students and offer a package of high quality education. training. therapy and care in order for our Students to thrive. We measure our 5ucces5 as a School through the qualification and life outcome5 achieved by our students and aim for them to become fulty contributing members of their community and Society. The School is based in Hindhead, Surrey, on the border with Hampshire and close to West Sussex. Studenc5 are referred from all three of these local authoricies as well as further afield e.g. South London. The School initially established itself 85 a fir5r-cl25s provider of care and education for young people with hemiplegia but in recent ye2rs ha5 developed its skills and knowledge to meet the needs of students who have found their acce55 to education a challenge. We are able to make provision for Children with acuie or chronic medical condicions,ASD and a range of mild physical disabilities. Our expertise in these areas is increasingly recognised by families and local xuthorities resulting in large nLtmbers of applications for a placement with us. The School is spread over tsvo sites, within walking distance of each other. It has excellent facilities and er4jOy5 a great relationship with the local community. We are an educational community that is creatrve, 5UPPOrtive, Challenging and rewarding. Learning and teaching 15 based on shared values and beliefs, which provide a 5en5e of hope and high experlation5.we ensure we deliver these goals through a lear leadership and management $tructure that has developed and expanded.we are working hard to build and maintain effective partnerships with the families of the children. A5 a re5uIL their contributions are actively sought and Yalued by staff. Our Schoo15' curriculum is broad, balanced and relevanL well matched to the personal need5 of every studenL We tailor our provision to need. using our resources. teaching styles and scrntegie5 effectively, ensuring that the curriculum goes beyond entitlement; extending and enriching each child's experience. Access to learning 15 gready enhanced by the higher level of specialist therapeutic prov15ion we are now able to make. Our approach enables students to become more resilient in their attitudes and ability to learn and develop as responsible adults so that they may take their place and make a posivve contribution within their community.The Post-16 offer has been specifiC￿lY developed so as to support a successful trnnsition to further education or employment. A stronger emphasis on work related learning has seen a significant increase in busine$s and community links. UNDERSHAW EDUCATIONTRUST TRUSTEES. REpoirr (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and perforniance Financial review Total Income for the year was £3.591620 (U.947.158 in 2023). which includes £17,756 in Donations and Legacies (£93.734 in 2023). Income from lettings during the year was £60,675 {£66.648 in 2023). Total expenditu￿ for the year was 13,665,662 {£3.581491 in 2023): creating a deficit of £73,042 (a surplus of £364.667 in 2023). Reserves Policy The Charity's unrestricted funds were in surplus of £1,621.486 at 31 August 2024 (a SLbrplu5 of £1,683,970 at 31 August 2023} and restricted funds were £Nil (£10.558 at 31 Augus¢ 2023).The Chartty's policy is to m3intwn Sufficient reserve5 to mitigate against a tempornry shortfall in income (or unexpected exceptional costs) and to provide fvnding for planned development initiattves. Reflection During the academic year 2023-24. an average of l(X) young people were enrolled at the School. aged 7-19 years old. organised into 13 teaching groups according to their age.The khool 15 managed by a strong leadership team who continue to drive school development to mwntwn and exceed the OLrtcome of the 5ucce55ful Ofsted insperfion February 2025 (QLEtrome- Outstandin￿. The Governors have s¢rengthened the breadth of their sknlls set to further support and thallenge the Senior Leadership Team and have recruited new governor5 including parent governors and an ￿UMn1 governor to the Governing Body. Governors and management tontinue to focus on improving the core offering of the School with a view to the rbext stage of its development The school is determined to deliver ffs ambttious develoFment plan& buildirkg upon its firni foundations. The Trustees have produced a register of the signtfic2nt risks faced by the Chariry. As a resulo policies and procedures desI￿ed to minimise risk have been re￿eWed and, where approprixo. rew5ed to ensure that they remain effective. The Future The School was established and inirialty supported by the COINS (now known as Leo Lion Foundation) and DFN Charitable Foundations but 15 now Secure in its ability to fijnd firnjre developmerbts from its own re50urces.The School now has an agreed PAN of 115 to allow expansion of the Post 16 cohort in the future. The School admission's team continues to work closety with local authoritie5 and familie5 in order ro ensure that spaces are offered to young learners with SEND who meet the admission criteria of the School. Students, progress through each phase of their education with the of achieving academi¢ qualthcations and life skills that will allow them to access further education or emplo￿nent oppomntties and beyond. The School is proud to hold flagship status with The Skills Builder organi5ation and its principles are embedded throughout the 5th001'5 curriculum provision. Students are encouraged to Y￿rk on 8 essenti￿ sknlls that employers and colleges will look for when attracting young people to join their college or bu5ine55. This flagship status allow5 Staff at Under5haw to prowde outreath to support mainstream. SEND and employrnent prowder5 to access and implement this valuable skills framework Building on the success of the previous ac2demic year Y￿ continue to be ambrtious for the School and the rtudents. Our comprehensive School Development Plan identrfie5 the strate&'c direction of the SchsJoI and there are some exciting plans for the forthcoming year - to achieve reCO￿lt10n of the Mend Health provFsion in the sth¢)ol. achieve Healthy Schools status and the Rights, Respecting SchoolsAward. UNDERSHAW EDUCATIONTRUST TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 StructsJre• governance and management The School is a company limited by guarantee. The trustees. vtho are also the direcrors for the purpose of company law. and who seryed during the year and up to the date of signature of the financial statements V•tre: M Elms C Cookson C Baskerville K Heath W Kirlsen Cwestbury D Gerrlng N Ghalib O Jones J Robards L Sheridan T Stone C Che5VlOrth N Birchwood P Charles J Pickford (Resigned 26 September 2023) {Res￿ned l O July 2024) (Resigned 10 Juty 2024) (Reslgned 16 My 2024) (Appointed 26 September 2023) (Appointed l O October 2023) (Appointed 26 September 2023) (Appointed 26 September 2023) (Appointed 26 September 2023) (Appointed l O July 2024) (Appointed 6 January 2025) Method of Recrultment and Appolntment ofTrust•es The Governing board advert15e5 vacancie5 on the vrtbsite and throuzh partner organi5ations. Candidates are asked to provide an overview of thelr interest and qualifications in relation to the posrtlon and they ￿11 be Inrerviewed by the Chalr of Governors and visit the School. If the ￿¢an(Y is one of our Foundation-nominated places the succe5sfiJl candidate will be put fOr￿ard by the Foundation to the fvll Governing Board. Staff and parent governor5 are dected by the relevant stakeholder parries and nominated to the Board,. they too are interviev￿d for suitability by the Chair of Gns we require for our audic UNDERSHAW EDUCATIONTRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TOTHETRUSTEES OF UNDERSHAW EDUCATIONTRUST Responsibilities of trustee5 As explained more fully in the statement of trustee5' re5ponsibilttie& the trustees. vtho are a150 the directors of the School for the purpose 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 trustees deterniine is r￿ceSSary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or eTr￿r. In preparing the financial statements, the trustees are responsible for a$5essing the School's ability to continue as a going concern, disclosin& as applicable, matters related to going concem and using the going concem basis of accounting unless the tnjstees either intend to liquidate the charitable company or to cease operation& or have no realistic alternative but to do s Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Chartties Act 201 l and report in accordance with the Att and relevant regulations made or having effett thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemen¢ whether dLte to fraud or error, and to issue an auditor's report thar includes our opinion. Reasonable assurance is a high level of 3SSUfdnce but is not a guarantee that an audit conducred in accordance v14th ISAS (UK) will always detect a material misstatement vthen it exists. Misstatements can arise from fi7ud or error and are considered material if, individually or in the aggregate, they could r￿SOnablY be expetted to influence the economic decisions of users taken on the basis of these financial statements. Irregulartties, including fraud, are instances of non•compliance with the laws and regulations.we design procedure5 in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our pro¢edures are Capable of detectirbg irregularitie5. including fraud, is detailed below. Identified the legal and regulatory framework within which the school operates ta deterniine the material amounts and disclosures in the financial ststements- Reviewed the school's intsrnal control procedures in order to assess the level of risl including fraud risl. Tested sample items to supporting documentation, including third party confirniations and journ￿ entries: Perfom)ed ¥￿Ikthrough tests to determine the implementation of systems and controls: ssessed the accuracy of disclosures in the finanaal statements. Because Of the inherent limitation5 of an audi¢ there 55 a risk that we will not detert all irregulartties. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflerted in the financial statements, as we will be less likety to become of instances of non-compliance.The risk 15 also greater re￿rdIng irregularities occurring due to fraud rather than error, as frdud invofves Intention￿ concealmen¢ forgery. collusion. omission or misrepresentation. A further description of our responsibilities is available On the Financial Reporring Counci15 Webst￿ aL' ht¢psJlvhvw.frc.org.ukl auditorsresponsibilitie5. Thi5 description forms part of our auditor's reporL UNDERSHAW EDUCATIONTRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TOTHETRUSTEES OF UNDERSHAW EDUCATIONTRUST Use of our report This report is made solely to the Company's member5, a5 a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company's members those Mat￿r5 we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit worl for thi$ repor¢ or for opinions we have fornied. Simon Weston (Senior StatutoryAuditor) for and on behalf of We5¢more Accounting Limited Chartered Certified Accountants Ryefield Court 81 Joel Street Northwood Hi115 Middlesex HA6 ILL 20 May 2025 Westmore Accounting Limited is elisible for appointment a5 auditor of the School by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. UNDERSHAW EDUCATIONTRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrirted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donation5 and legacies Charitable artivrcie5 Other tr&ding activities Investments Other income 17,756 3,512,851 61,535 145 333 17,756 3.511851 61.535 145 333 66,440 3.786.689 66.648 87 27,294 93,734 3,786,689 66,648 87 Totsl income 3,592,620 3.592.620 3,919,864 27,294 3,947,158 Expenditure on: Charitable artivities 3,664,809 1,438 3,666,247 3.540.169 42,322 3,582,491 Total expenditure 3,664,809 1.438 3.666,247 3,540.169 42.322 3,581491 Net incomel{expenditur¢) (72,189) (1,438) (73,627) 379,695 (15,028) 364,667 Transfer5 between funds 20 9.120 {9,120) (25,586) 25,586 Net movement in funds 10 {63.069) (10,558) (73,624 354,109 10,558 364,667 Reconciliation of funds: Fund balances at I September 2023 1.683.970 10.558 1,694,528 1,329,861 1,329,861 Fund balances at 31 August 2024 1,620,901 1.620.901 1,683.970 10,558 1.694,528 The statement of financial activities includes all gains and losses re¢ogni5ed in the year.All income and expenditure derive from continijing activities. UNDERSHAW EDUCATIONTRUST BALANCE SHEET ASAT 31 AUGUST 2024 2024 2023 Notss Flxed assets Tangible assets Current assets Debtors Cash at bank and in hand 14 745.851 742,612 15 94,723 1.034.062 85,302 1.287,030 1.12&785 1,3n.332 Creditorn amounts falling due within one year 17 {153,735) Q20,416) Net current assets 975,050 1,151,916 Total assets les5 current liabilities 1.720.901 1,894.528 Creditor5: amounts falling due after more than one year 18 (i 00.￿)) (200.000) Net assets 1,620.901 1.694,528 Income funds Restricted fund5 Unrestricted funds 20 21 10.558 1.683.970 1.620,901 1.620,901 1,694.528 The compary 15 entitled to the exemption from the audit requirement contained in section 477 of the Companies Att 2C(J6, for the year ended 31 August 2024, although an avdit has been carrted out under section 144 of the Charities Act 20 51. The directors acknowledge their respon5ibilrries for Complying with the requirements of the Companies Att 2006 with respect to accounting records and the preparation of financial statements. These financid statements have been prepared in accordance with the provisions applicable to compantes Subject to the small ¢ompanies res4me. ccounts were approve "Vth( ( theTrustees on 20 May 2025 D Gerring Trustee Birchvn)o Company Re8iStrntion 02889781 10- UNDERSHAW EDUCATION TRUST BALANCE SHEET (CONTINUED) ASAT 31 AUGUST 2024 Critical accounting estimates and judgements In the applicatyon of the School's accounting policies, the trustees are required to make judgementy estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estirnates and a550ciated assumption5 are based on historical experience and other fattor5 that are considered to be relevanLActual results may dfftr from these estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recogn15ed in the period in which the estimate is revised where the revision affects onty that period. or in the period of the revision and future periods where the rerfision affects both cwrent and firtU￿ periods. Accounting policies Charity Inforniation Undershaw Education Tru5c is a private company limited by guarnntee incorpordted in England and Wales. The registered office is Undershaw. Portsmouth Road. Hindhead. Surre/. GU26 6AQ. 2.1 A¢¢ountlng convention The accounts have been prepared in accordance the khool's governing documenl the Companies Act 2006 and "Accounting and Reporting by Charities.. Ststement of Recommended Prd¢ti¢e applicable to chariues preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ￿ Ireland IFRS 102)" {as amended for accountyng periods commencing from l January 2016).The School is a Public Benefit Entity as defined by FRS 102. The School has taken adwdnt3ge of the prow5ions in the SORP for charitie5 aPP￿.ng FRS 102 Update Bulletyn I not to prepare a Statement of Cash Flow> The financial statements are prepared in 5terlin& vthich is the functionai currency crf the School. Monefary amounts in these financi￿ statements are rounded to the nearest L The financial statements have been prepared under the historical cost convention. [modified to include the revaluation of freehold properties and co include investment properties and ortain financial instruments at f￿r value].The principal accounting policies ad¢)pt¢d are set out below. 2.2 Going concern At the time of approving the financial statements. the trustees have a reasonable expectapon that the School has adequate resource5 to continue in operational existence for the foreseeable future.Thu5 the trustees continue to adopt the going concern basis of accounting in preparing the finanaal statements. 2.3 Charitable funds Unrestricted funds are awdilable ft>r use at the discretion of the trustees in furthernnce of their charitable objectives. Restrirted fijnds are Subject to specific condttions by donors or grantors as to how they may be used.The purposes and uses of the restritted fund5 are set out in the notes to the financial statements. Endowment fund$ are subjecc to spectfic condiuons by donors thac the capital must be maintained by the School. 2.4 Incoming resources Income is recognised vthen the School is legalty entided to it after any perfornunce conditions have been meL the amounts Can be measured reliably, and it is probable that inc<)me will be ￿CeiVed. Cash donations are recognised ¢)n re¢eipL Other donation5 are ￿08￿lSed once the School has been notified of the donation, unless perforniance ¢ondrtions require deferr￿ of the amount Income ttx recoverable in relation to donations received under GiftAid or deeds of covenant 15 recognised at the time of the donation. 11 UNDERSHAW EDUCATIONTRUST NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles (Continued) LeDcie5 are recogni5ed on receipt or othe￿iSe if the School has been notified of an Impending distribution. the amount 15 known, and receipt is expected. If the amount is not known, the legacy is treated a5 a contingent as$eL 2.5 Resources expended Expenditure Is recognised once there is a legal or constructive obligatlon to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in $ettlemenL and the amount of the obligation can be measured reliably. Expenditure is classified by activity.The costs of each activity are made up of the total of dirett costs and shared costs, including support costs involved in undercaking each activity. Direct costs attributable to a single activity are allocated dlrectly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basls of tlme spen( and depreciatyon charges are allocated on the portion of the asset's use. 2.6 Tangible fixed assets Tanglble fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreclation and any impairment losses. Depreciation is recognised $0 as to wrlte off the cost or valuation of assets less their residual values over their useful lives on the following bases: Land and buildings Leasehold land and buildings Plant and equipment Fixtures and fittlngs Computers Motor vehicles 50 years strdight line Over the remaining life of the lease 5 years str4ight Ilne 3 years straight line 3 years straight line 5 years strnight Ilne The gain or loss arising on the disposal of an asset is decermined as the difference between the sale proceeds and the carrying value of the asseL and 1$ recognised in the statement of financial activities. 2.7 Impalrment of Ilxed asstt5 At each reporting end date. the School reviews the carrying amounts of Its tangible assets to determine whether there Is any indication that those assets have suffered an impairm¢n¢10s5. If any such indlcation exisrs, the recoverable amount of the asset is es¢Smated in order to determine the extent of the impairment loss (if any). 2.8 Cash and &ish equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 2.9 Financial instrument5 The School ha5 elected to appty the provisions of Section I I 'Basic Financial Instruments. and Sertion 12 '0ther Financial Instruments lssue5' of FRS 102 to all of its financial instruments. Finan¢ial instruments are recognised in the School's balance sheet when the School becomes parry to the contfdctual provisions of the instrumenL Financial assets and liabiliues are offseE with the net amounts presented in the financial Statements. when there Is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liabiliry simultaneously. 12- UNDERSHAW EDUCATION TRUST NOTESTOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (Continued) Baslc financlol assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaction price including transact¢on costs and are subsequently carried at amortised ¢05t using the effective interest method unless the arrnngement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discountsd at a market r7te of interest. Financial a55ets classified a$ receivable within one year are not amortised. Boslc finonclal Ilabllltles Basic financial liabilitie& including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financirbg transaction, where the debt instrument is measured at the present value of the future payments discounted at i market rate of interest Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised COSL using the effective interest rnte method. Trade creditor5 are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers.Amounts payable are classified a5 current liabilities if payment is due within one year or less. If noc they are presented as non-¢urrent liabilities. Trnde creditors are recognised initially at trnnsaction price and subsequently measured at amorti$ed Cost using the effective interest method. Derecoznltion of financlal Ilabilities Financial Itabilities are derecognised when the School's contractual obligations expire or are discharged or cancelled. 2.1 O Employee benefits The ¢ost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately a$ an expense when the School 15 demonstrnbty committed to terminate the employment of an employee or to provide termination benefits. 2.1 l Retirement benefits Payments to defined contribution retirement benefit schemes are charged a5 arb expense as they fall due. Income from charltable activities School fees School fees 2024 2023 School fee$ Grdnts Other income 3.423,177 78,844 10.830 3,n5,096 61,593 3.511851 3.786.689 Analysis by fund Unrestricted funds 3,512.851 3,786,689 13- UNDERSHAW EDUCATIONTRUST NOTESTOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Income from other trading activities Unre5trirted Unrestrlrted funds funds 2024 2023 Letting and licensing arrnngements Trnding income 60,675 860 66.648 Other trading activities 61,535 66.648 Donations and lega¢le5 Unrestricted Unrestricted funds funds Restricted funds Total 2024 2023 2023 2023 Fundraising 17.756 66,440 27,294 93.734 Income frnm investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 145 87 Other income Unrestricted Unrestricted funds funds 2023 2024 Net gain on disposal of tangible fixed assets 333 14- UNDERSHAW EDUCATIONTRUST NOTESTOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 AUGUST 2024 Charitable activities Charitable Charltable Expendlture Expenditure 2024 2023 Staff costs Depreciation Therapy Genernl direc¢ costs Facilities costs Insurance Repairs and maintenance Administration costs Telecommunications Motor and travelling expenses Legal and professional Computer $Of￿are and maintenance Indirect staff costs Education Bank charges 2.756,101 65,730 60,992 38,595 204,884 69.379 131,869 24.221 15.274 8.288 63,256 102,117 47,573 65,074 1,202 2.527,614 66,723 120.501 26.034 224.697 61,882 192.751 26.548 13,135 11,615 54,199 105.611 44,190 98,215 1,623 3,654,55S 3,575.338 Share of support C05t5 (see note 9> Share of governance costs (see note 9) 4.732 6.960 433 6,720 3.666.247 3.582,491 Analysls by fund Unrestrictrd funds Restricted fvnds 3.664,809 1,438 3,540,169 42,322 3,666,247 3,582,491 Support costs allocated to activlti 2024 2023 Governance costs 11,692 7,153 Analysed between: School expenditure 11,692 7.153 15- UNDERSHAW EDUCATIONTRUST NOTESTOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Support tosts allocated to actFvities (Continued) 2024 2023 Governance costs comprise: Audit fees Governance costs 6,960 4.732 6.720 433 11.692 7,153 10 Net movement In funds 2024 202J The net movement in funds is ststed after chargingl(credi¢ing): Fees payable for the audit of the char￿S fina￿la1 statements Depreciation of ovmed tangible fixed assets Profit on disposal of tangfjble fixed as5eis 6,960 65,730 (333) 6,no 66,723 I l Trustees None of the (rustees (or any person$ connected with them) received any remuner&tion or benefits from the School during the year. 12 Emplo>*•s Th¢ average monthly number of employees during the year wu.. 2024 Number 2023 Number Education including therapixs Support and admini5tra0on 52 22 54 21 Total 74 75 Employmerrt costs 2024 2023 Wages and 5alarie5 Other pension costs 1488,958 267.143 2.293.811 233,803 1756.101 1527,614 16- UNDERSHAW EDUCATION TRUST NOTESTOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 12 Employ¢es (Continued) The number of employees whose annual remunerdtion was rnore than £60.000 is as follow5: 2024 Number 2023 Number Over £60,(KJO Remuneratlon of key management personnel The r•muneratyon of key management personnel was as follows: 2024 2023 Aggregate compensadon 408,122 401,114 l J Taxatlon The charity is exempt from taxati¢)n on its activities because all its income is applied for charitable purposes. 14 Tanglble flxed assets Land and Plant Ind FIx￿rn and Compirt•NMotor Y•hkl•i bulldln45 •9uipmeftt fittlny Totsl Cost At I September 2023 Additlons Disposals 725.899 41943 7,736 57.924 2.160 252.687 9.209 76,950 49,414 (31395) 1,1 $6,403 68,519 {31395) At 31 August 2024 725.899 50,679 261,896 93.969 1,192.527 Depreclatlon and Impalrnient At I September 2023 Depreciation Charged in the 61.552 15,196 53.901 213.226 69,466 413,341 17,181 2.834 23.512 13,519 65,730 Eliminated in respect of di5FK)sals (31395) (31395) At 31 August 2024 78.733 23.880 56.735 236,738 50,590 446,676 Carrying amount At 31 August 2024 647.166 2&799 3,349 25,158 43.379 745.851 At 31 August 2023 664.347 27,297 4.023 39.461 7,484 742,612 17- UNDERSHAW EDUCATIONTRUST NOTESTOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 14 Tangible fixed assets (Continued) The carrying Ydlue of land included in land and buildings comprises: 2024 2023 Freehold 581263 600,263 15 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments and accrued income 14.676 80,047 11.545 73.757 94.723 85,302 16 Loans and overdrafts 2024 2023 Other loans 2CQ.000 300.CM)O Payable within one year Payable after one year i 00.000 i 00.000 100,000 200,01)O 17 Creditor5: amounts falling due within one year 2024 2023 Borrowing5 Trdde ¢reditor5 Other creditors Accru￿5 and deferred income 100,000 78,168 934 41,314 38.586 1,492 13,657 153,735 220,416 18- UNDERSHAW EDUCATIONTRUST NOTESTOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 18 Creditor&' amounts falling due after more than one year 2024 2023 Borrowings i 00,000 200.000 19 Retirement benefit schemes 2024 2023 Defined contribution s¢heme$ Charge to profit or loss in respect of defined contrribution schemes 267,143 233,803 The School operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the School in an independently admini$tered fund. 20 Restricted funds The restricted funds of the charity Comprise the unexpended balances of donations and grants held on trust subjert to specific conditions by donors as to how they may be used. Atl September 2023 Incoming resources Resources expended Transfers At J l August 2024 Surrey Para Games Fund Regulation Room Fund Play Equipment Fund 4,841 2,145 3.572 (4,841) (1.825) (2.454) (320) 10,558 (1.438) (9,120) Previous year: Atl September 2022 Incoming resources Resources expended Transfers At 31 August 2023 Surrey Para Game5 Fund Regulation Room Fund Play Equipment Fund Library Fund 4,841 5.¢)00 11.862 5.591 4.841 2,145 3,572 {2.855) (29,143) (10.324) 20.853 4.733 27.294 {42.322) 25,586 10.558 19- UNDERSHAW EDUCATIONTRUST NOTESTOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 AUGUST 2024 21 Unrestricted funds The unrestricted fLtnds of the ¢harity comprise the unexpended balances of donatiorb5 and zrnnts which T4re not subject to specific conditions by donors and grantor5 as to how they may be used. These include deslgnated funds which have been set aside out of unrestricted funds by the trustees for specrfic purposes. Atl September Incoming reSoU￿e5 Resource$ expended Transfers At 31 August 2024 2023 Genernl fijnds 1,683,970 3,592.620 13,664,809) 9,120 1.620.901 Previous year: Atl September 2022 Incoming resources Resources expended Transfers At J l August 2023 Genernl funds 1.329.861 3,919,864 (3.540,169) (25.586) 1,683.970 22 Anatysis of net assets between funds Unrestricted fund$ 2024 Restrirted funds 2024 Total 2024 At 31 August 2024: Tangible assets Current assetsl(liabillties) Long term liabilities 745,851 975,050 { i 00,000) 745.851 975,050 (100,000) 1,620,901 1,620,901 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 August 2023: Tangible assets Current assetsl(liabilities) Long term liabilities 742,612 1,141,358 (200,000) 742.612 1,151.916 (200,000) 10,558 1.683,970 10,558 1.694,528 -20- UNDERSHAW EDUCATIONTRUST NOTESTOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 23 Opernting lease commitments Lessee At the reporring end trdte the School had outstanding c¢)mmr¢ments for future minimum lease payments under non- ¢ancellable operating lease& which fall due as follows: 2024 2023 Within one year 1£￿,000 100,000 21 UNDERSHAW EDUCATIONTRUST NOTESTOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 24 Related party transactions Trnnsaction$ with related parties Durlng th¢ year the School entered into the following transactions Wlth related parties.. Sale of goods 2024 Purchase of goods 2024 2023 2023 DFN Charitable Foundation 137,565 151,762 137,565 151,762 Donations received 2024 2023 2024 2023 DFN Charltable Foundatlon COINS Foundation 28,500 15,512 188 188 44,012 All of the above relited parties have significant influence over the Board of Undershaw Education Trust. The purchase of goods above relates to the rental paid to DFN Charltable Foundation for the school site located at Under5haw. During the year to 31 August 2020, COINS Foundation sold the Tower Road site to the School for 1600,Crf)O. A professional valuatlon wa5 undertaken and the Sale price wa5 based on this valuation. In order to facilltate the purchase of this property COINS Foundation extended a loan to the school of 1600,000.The loan agreement was signed by the relevant partSes on 17 June 2020 and as such the full amount has been included within the accounts as borrowings.The loan is interest free with the first payment due on I September 2020 and termty thereafter,. the final payment being on l May 2026. The value of the loan at the year ended 31 August 2024 amounted to £200,00012023 - £300,000). -22-