Reglstered number: 03734127 Charfty number: 1075464 THE JIGSAW TRUST (A company limited by guarantee) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
THE JIGSAWTRUST (A company limited by guarantee) CONTENTS Page Reference and adminlstratlve detsils of the charity, Its trustees and advisers Trustees. report 2-11 Independent audltors, report 12-15 Consolidated statement of financial activities 16 Consolidated balance sheet 17 Charity balance sheet 18 Consolidated statement of cash flows 19 Notes to the financlal statements 20-34
THE JIGSAW TRUST (A company Ilmlted by guarantee} REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trustees Miss R A G Amofa Mrs M Asante. Parent Trustee Mr B B B Ashmore-short {resigned October 4, 2022) Mr R P Jewell Mr A M C Jewsbury Mr C F A Keamey Ms J A Kiely. Chair Mr G Prothero. Vice Chair Company registered number 03734127 Charlty reglstered number 1075464 Registered office 19-20 Boume Court Southend Road Woodford Green Essex IG8 8HD Company se¢retsry Ms C F Grant Independent auditors Xeinadin Audit Limited. Statutory Auditor 8th Floor. Becket House 36 Old Jewry London EC2R 8DD Bankers Lloyds Bank PIC 25 Gresham Street London EC2V 7HN Page 1
THE JIGSAWTRUST (A company limlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and alms The objects of The Jigsaw Trust are to promote. maintain, improve and advance the education and wellbeing of those affected by an autism spectrum disorder. Jigsaw Trust is committed to raising awareness of autism and to providing facilities. services and resources for the educalion, integration, guidance. assessment, outreach and support of people affected by autism. Our Values We are person centred valuing each person. as an individual. respecting their aspirations and commitments in lrfe. and seeking to understand their priorities, needs. abilities and limits. We are caring and committed to acting with Compassion. integrity. honesty and high ethics in all situations, listening with respect to others and valuing differences. We believe in teamwork listening to and respecting each other whilst working with the individuals we support, their families and colleagues to achieve Ihe best results we can. We believe in integrity acting professionally at all times, ensuring we are providing the best possible service. We focus on continuous learning for all. We value learning, positive feedback. coaching and mentoring. The Jigsaw Trust is founded on the principle of excellence through continual learning and aspires to provide the highest quality of education and lrfelong leaming possible., to accelerate leaming and the ability to learn in new ways as well as acquiring the skills to leam independently through behavioural methods. To this end, we have established and developed services delivered through our school, our social enterprises and the centre for lrfelong leaming which provides services to adult learners through Jigsaw + a separate charity of which The Jigsaw Trust is the sole member. Further infonnation on Jigsaw + including the services provided can be found in the Trustees, Report for Jigsaw + Page 2
THE JIGSAWTRUST (A company limlted by guarantee) TRUSTEES, REPORT {¢ontinued) FOR THE YEAR ENDED 31 AUGUST 2024 Public benefit The Jigsaw Trust is established for the public benefit by way of the education and welfare of chlldren and young adults with autism spectwm disorders and related communication disorders. improving the lives of those affected by these lifelong disorders. The Jigsaw Twst has given a high priority to providing public benefit to a cross section of the community regardless of family background. but perhaps the greatest benefit that The Jigsaw Trust can offer is the provision of an education that maximises each student's potential. The Trustees have had due regard to the public benefit guidance produced by the Charity Commission for England and Wales. The activities that the charitable company provides that are considered for the public benefit in summary are.. A specialist day school for children wth autism spectrum disorders and related communication disorders based on the principles of applied behaviour analysis. It being acknowledged that there is a lack of state provided special educational provision for those on the autistic spectrum who are unable to manage within a mainstream educational setting Social enterprises Family support by way of outreach services and parent education sessions Training for professionals involved in the education and support of children with autism spectrum disorders Research opportunities for those wtth an interest in the education of children with autism and other autistic and related communication disorders Raising awareness of the difficulties faced by Ihose affected by autism and their familieslcarers. These activities are for the benefit of individuals with autism spectrum disorder and related communication disorders, either directly or indirectly by way of supporting parents. carers or professionals involved in the education and welfare of those with autism. The opportunity to benefrt is not restricted to any one local authority but is detemiined by the number of places available at Jigsaw CABAS@ School and pupils. journey times are generally expected to be no longer than one hour for primary aged children and 90 minutes for those secondary aged pupils or beyond. Pupils are expected to have an Educational Health Care Plan. There is no restriction by gender, although more beneficiaries are male rather than female due to the prevalence characteristics of autism. The fees payable to the Trust are significant and would be outside the funding capacity of all but a very few families. Fees are in the main fully paid by the placing Local Authority. Our Services The Jigsaw CABAS@ School The Jigsaw CABAS@School is an independent day school for children and young people with an autism spectrum disorder. We provide education services for pupils aged 4- 19 years. The Jigsaw CABAS@ SchcK)l is committed to providing a safe and caring environment where all our learners will be given an education of the highest standard and every opportunity to achieve their full potential. The School is a positive environment in vthich leaming both in and out of Ihe classroom is encouraged with the focus on improving outcomes in all areas of the Gurricula. Equal Opportunities policy The Trustees recognise that equal opportunities should be an integral part of good practice within the workplace. Jigsaw Tnjst aims to establish equal opportunities in all areas of its aclivities including creating a working environment in which the contributions and needs of all people are fully valued. Selected policies can be found on the Jigsaw CABAS@ School and The Jigsaw Trust websites. Page 3
THE JIGSAWTRUST (A company limited by guarantee) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 Social Enterprises Café on the Park is operated by Jigsaw Trading (2013) Limited, a wholly owned subsidiary of The Jigsaw Trust. The café is open to all those working and wsiting Dunsfold Park and provides work experience and life skills learning opportunities for pupils at The Jigsaw CABAS@ School. principally those in Key Stsges 4 and 5. The Trustees have accepted that Café on the Park has operated at a loss each year since this social enterprise was taken on. This is on the basis that the Café provides a significant benefit to those pupils and adult learners from Jigsaw + as part of their indiwdual learning plans for which no charge is made. The Trustees review and agree the acceplable level of loss for Café on the Park annually. GardenWORKS and ArtWORKS are likewise social enterprises that provide vocational and life learning opportunities for both pupils and adult leamers from Jigsaw+ Trust Shared Services There are a number of business support services provided by Jigsaw Trust to each of Jigsaw CABAS@ School, Jigsaw Trading (2013) Limited and Jigsaw + including CEO seNices. finance, facilities. HR and IT. Staff in these business areas are employed by Jigsaw Trust and the costs associated with these areas are apportioned beeen The Jigsaw CABAS@ School and Jigsaw + Alms of Jigsaw CABAS@ School To work logether as a team to ensure that every pupil achieves their full potential by providing- a safe. caring and enjoyable environment where all pupils can thrive and grow and become lifelong learners a specialist approach to leaming based on the proven principles of Applied Behaviour Analysis that encourages self esteem and respect for others an individual needs led programme designed around a broad and balanced curriculum that incorporates the National Curriculum. encourages curiosity and enthusiasm and promotes independence. confidence and resilience parent education and encouraging partnerships between parents and staff to ensure that pupils are equipped for future challenges a continuous learning and development programme for teaching staff leading to recognised qualifications. Our Strategy and Future Plans The strategy of Jigsaw Trust remains to support the growth and development of the charitys current activities and aspirations and to investigate ways in which the strategic vision of an integrated lifelong learning model for those on the autism spectrum throughout their lives can be taken forward. This also includes building on our existing staff learning and development capabilities and the launch of a training platform that can be a¢cessed by the wider community, thus providing an additional income stream. It is however. recognised that the impact both of the covid pandemic and Brexit on those looking to enter the educational and care sectors has resulted in a challenging recruitment market, and this together wlh restriclions on local authority funding has impacted our aspirations to develop an integrated lifelong learning model. Whilst this remains a medium term aim, the immediate focus continues to be on ensuring the efficient operation and grovAh of The Jigsaw CABAS@ School. We have continued to offer certified training for staff and have also taken the opportunity to publish our latest research in peer reviewed joumals to share best practice. We are committed to continuing to provide sustainable high-quality services and activities that promote the education and support for those individuals whose lives are affected by autism. In developing our strategic vision. Jigsaw Trust will continue in its commitment to providing demonstrable value for money to stakeholders. Page 4
THE JIGSAW TRUST (A company limited by guarantee) TRUSTEES, REPORT (continued} FOR THE YEAR ENDED 31 AUGUST 2024 Achievements and perfomiance Jigsaw CABAS@ School At Jigsaw CABAS@ School. our longest established activity. we have continued with our strong record of aGhievement. The number of pupils attending the school has increased during the 202324 academic year with 79 pupils on roll as at 31 st August 2024 compared to 76 at the start of the academic year. The Trust previously entered into an agreement with Surrey County Council that provides for a rebate on fees payable if a given number of pupils are placed for an entire academic year and other conditions are met. In the opinion of the Trustees this provides an element of certainty around pupil numbers and is of benefit to both parties. Negotiations were opened with Surrey County Council for a significant uplift in the overall fee payable for individual placements supported by a detailed business case. Whilst we wero able to secure a limited increase, this was substantially below that requested, however as part of the negotiations. Surrey County Council agreed to forfeit any rights under Ihe agreement to a rebate on fees. Under Ihe terms of the agreement wilh Surrey County Council, fees payable to the School increase in line with the National Association of Special Schools agreed formula each June effective from June 2024. The Trustees wish to sincerely thank all staff for their professionalism. dedication, resilience. and commitment in continuing to provide a high quality service throughout the year. Their commttment to the School and the leamers is clearly evident in the Outstanding rating following an Ofsled inspection in September 2023. This is the fifth consecutive Ofsted Outstanding rating and the Trustees and School Govemors are immensely proud of the staff and all they do to support and encourage the leamers. The School has continued to benefit from the close links maintained yth CABAS@ in the United States. Dr Grant Gautreaux from Nicholls State University provided invaluable consultancy services during the year ensuring that the teaching staff are at the forefront of developments in the field of ABA research. The School continues to support parents and carers with the outreach service that is available lo pupils and their families. We have regular information sessions for parents offering time for questions as well as regular workshopsleducation sessions for parents and other professionals. Fundraising activities With the ever growing pressure on local services. and uncertainty regarding the political and economic environment, the need for fundraising at Jigsaw Trust is increasing year on year, in particular for various projects that enhance the leaming environment and which are not covered within the fees received from local authorities. The focus for the fundraising team remains on securing grant funding and building and maintaining long term relationships with a variety of supporters and funders. The assistance of our supporters and funders is vital to the future of the charity and their support has a direct impact on the pupils and adult learners who use the services of The Jigsaw Trust. The overall strategy of the Fundraising Team remains lo seek to diversify fundraising income, significantly increase core income and build a strategic framework that will enable Jigsaw Trust's fundraising activities lo alleviate financial pressure across the Trust. We would like to thank the following organisations and supporters tor their help and kindness throughout the year: Guildford Lions, P.Mellstrom. Co-op, Percy BIon. Losely Christian Trust, Variety Golf, Ledmore. St. Nichollas Cranleigh, Steven Bloch Charitable Trust, Donald & Edna Wilson, Sport Systems. Loughborough Students, Vestis Cleaning. Wavedey B.C.. Global 4 Comms. Bloss Family Foundation, Vi Vinson Charity, HDH Wells, EF & MG Hall. S. Cripps. Mageri Trust. lan Atkins Trust, J.Wise Charity. Falcon energy, AJ Page, Vitrx,Wye Consulting, Line Management, S Donaldson, Overbury. M&C Wing. Elite OffiGe Systems, Strada Construction. H Sherlock. Page 5
THE JIGSAW TRUST (A company limited by guarantee) TRUSTEES. REPORT {¢ontinued} FOR THE YEAR ENDED 31 AUGUST 2024 We would also like to thank everyone who has supported Jtgsaw Trust in during the 2023 24 financial year. Whether you have taken on a half marathon for Jigsaw Trust. you are making a regular monthly donation, or you have helped us build links with a company or local school. we are incredibly grateful to you. Jigsaw Trust is fortunate to have such an amazing supportive community around us and we are incredibly grateful to all our benefactors. parents. family members, volunteers. staff, funders and our wonderful local ommunity. Total raised for Ihe Trust excluding other exceptional income below Made up of Unrestricted income Other donations Total raised for the twst £70,436 £71,045 £141,481 Significant supporters of the Trust include: Dunsfold Airport £54,526 Variety Golf £49,350 Guildford Lions £6,000 P. Mellstrom £5,000 C(Fop £3.880 Percy Bilton £3,468 Jigsaw Trust is very grateful to all those listed above and all those individuals who have supported Jigsaw Trust either directly through cash donations or gifts in kind or indirectty by taking part in the fundraising activities. FINANCIAL REVIEW Reserves pollcy The Trustees have agreed that the charitable company should maintain unrestricted funds. which are the free reseNes of the charitable company at a level equivalent to cover approximately three months running costs of The Jigsaw CABAS@ School. For the financial year 2023 24 three months running costs are estimated lo be £1,475.000 and the total free reserves as at 31 August 2024 were £723.574. Although reserves as at 31st August 2024 do not meet the desired level, the Twstees are committed to the reserves policy. While the challenges of Covid. the squeeze on Local Education Authority finances and recent increases in Employers Nl contributions have made it difficult lo build reserves to these levels, the Trustees are committed lo Ihe policy and focused on raising additional funds to improve reserves at the earliest opportunity. Financial Results The financial results for the year to 31 August 2024 are shown in the attached financial statements. The greater part of the Trust's income (959kn) is generated by the School vthich received the majority of its income from Local Authorities. Total income increased by 11% to £5.759.124 (2023 £5.179.890). School fee income increased by 11.9 % to £5,467.756 (2023 £4.884.429). There was an increase in the Café income of £21,717. There was a reduction in Fundraised Income and donations of £34,979. Total expenditure rose by 14°k to £5,901.120 (2023 £5,176,450), in line with the increase in pupil numbers and higher than expected staff costs at the Café due to the need to employ agency staff pending recruitment of permanent staff. The average number of pupils throughout the year was 77. The school started the academic year with 76 pupils. but numbers increased to the position where there were 79 pupils on roll at the year end. There was a net reduction in funds post depreciation of £141,996 {increase 2023 £3.440) total funds carried forward of £723,57412023 £865,570). Page 6
THE JIGSAW TRUST (A company limited by guarantee) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 VAT Following the imposition of VAT on private school fees with effect from 1st January 2025. the Trust is now registered for VAT and school fees for the spring 2025 temi were invoiced and paid inclusive of VAT. INDEPENDENT ASSURANCE Raffingers LLP have undertaken the statutory extemal audit of The Jigsaw Trust and its subsidiary Jigsaw Trading12013) Limited. They also report on the adequacy and effectiveness of The Jigsaw Trust's system of internal financial control through. rf considered necessary, the qualification of the annual financial accounts, the 'management letterf and ad hoc assessments and reviews. GOING CONCERN The Trustees have considered the financial position and prospects of the Trust. At the request of the Trustees of Jigsaw + of which The Jigsaw Trust is the sole member. the Trustees of The Jigsaw Trust have provided written assurance that the loan to Jigsaw+ recorded under note 21 to the financial statements below will not be called-in for the foreseeable future. Having considered the financial position. prospects, forecast and management plans for Jigsaw+ the Trustees are of the opinion that this loan will be repaid in full in due course. In conclusion. and after making appropriate enquiries. the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concem basis in preparing the financial statements for the year ended 31 August 2024. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. MATERIAL INVESTMENTS POLICY No investments have been made at this this time. STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUTION The charty is controlled by its goveming document. a deed of trust. and is constituted as a limited company. limited by guarantee, as defined by the Companies Act 2006. The Jigsaw Trust was incorporated on 17 March 1999. In the event of the company being wound up during the period of membership or within the year followng. the company members are required lo contribute an amount not exceeding £1. The company is registered under Ihe Companies Act. England and Wales (Company Regislralion Number 03734127) and wtth Ihe Charity Commission (Charity Registralion Number 1075464) and is governed by its memorandum and articles of asS(lation. The Jigsaw Trust has two subsidiaries both of which are wholly owned, Jigsaw Trading (2013) Limited and Jigsaw Training Limited. Jigsaw Trading (2013) Limited is constituted as a company limited by shares and was incorporated on 2 July 2013. The company is registered under the Companies Act, England and Wales (Company Registration Number 08594365). Jigsaw Training Limited is constituted as a company limited by shares and was incorporated on 25 May 2023. As wholly owned subsidiaries the financial statements of Jigsaw Trading {2013) Limited and Jigsaw Training Limited are incorporated within the consolidated accounts of The Jigsaw Trust. The CEO of The Jigsaw Trust is the sole director of both Jigsaw Trading (2013) Limited and Jigsaw Training Limited. Page 7
THE JIGSAW TRUST (A company Ilmited by guarantee) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 The Jigsaw Trust is the sole member of Jigsaw + Jigsaw + is constituted as a company limited by guarantee and was incorporated on 1 November 2012. The company is registered under the Companies Act, England and Wales (Company Registration Number 08278978) and Vth the Charity Commission (Charity Registration Number 1151727) and is governed by its memorandum and articles of association. It is the policy of the Board of Trustees of The Jigsaw Trust that a majority of the Trustees of Jigsaw + should be independent. The Jigsaw CABAS@ School Govemors have responsibility for the oversighl of the operation of the school including policies, staffing and use of resources. They enable the school to run as effectively as possible and monitor and evaluate performance. working wilh the CEO, the Director of Education and members of the school senior management team to support and challenge them in maintaining the effectiveness of the school. They ensure the school is accountable to all stakeholders. The following are members of the Board of Governors: Mr A M C Jewsbury (Co-chair) Ms Sarah Collyer (appointed 16 September 2024) Mr A J Dalton (Vice-chair) Mrs J A Kiely Dr J A Russell {retired 11 June 2024) Mrs L E Craven (retired 2 December 2024) Mr M P Jane (Parent Governor) Mr O L Lewis (Parent Governor} Mr Neville Moriarty (Co-chair) (appointed 16 September 2024) Mrs Victoria Woods {appointed 16 September 2024) Ms C F Grant (ex-officio, CEO) Ms E L Hawkins (ex-officio. Director of Education) Mrs H L Locke (Staff Govemor) School Governors work in monitoring groups focussing on the four areas of the Ofsted Framework.. Outcomes for Pupils. Pupil's Personal Development. Behaviour and Welfare- Quality of Teaching, Learning and Assessment: Leadership and Managemenl. Recrultment and appointment of new trustees The trustees are directors of the Gharitable company for the purposes of company law and trustees for the purpose of charity law. The Trustees (see Page 1) were in office at 31 August 2023 and served throughout the year unless otherwise indicated. The Articles of Association stipulate that there must be a minimum of three trustees and a maximum of thirty trustees. All trustees must be members of the charitable company. Additional Irustees may be appointed by the exisling trustees at any time. either to fill a casual vacancy or as an addition to the existing Irustees. Any trustees so appointed will hold office only until the next Annual General Meeting and will then be eligible for re- election. One third of the trustees are to retire by rotation at each Annual General Meeting. It is the policy of the Board of Trustees that the number of parent trustees (those who have children or young adults placed at the School or accessing Jigsaw +) shall be in the minority. Induction and tralning of new trustees Potential trustees are invited to informally attend trustee meetings prior to appointment and a comprehensive induction programme is available. Additionally, individual trustees may undertake external training in a particular area of their role on the Board of Trustees or where relevant. Ihe Governing Body of The Jigsaw CABAS@ School. Page 8
THE JIGSAW TRUST (A company limited by guarantee) TRUSTEES. REPORT {contlnued) FOR THE YEAR ENDED 31 AUGUST 2024 Organisational structure The principal activty of the charity during the year has been to promote. maintain. improve and advance the education and well being of those affected by an autism spectwm disorder. Overall responsibility for Jigsaw Trust lies wilh the Trustees, a number of whom are members of the Goveming Body of the Jigsaw CABAS@ School andlor on the Board of Trustees for Jigsaw + The Trustees fulfil a strategic role setting the vision. mission, goals and direction, general policy. approving annual budgets rnonitoring perfomanGe against the plan and budget. Each of the Trustees are responsible for the oversighl of one or more business areas acting as the link between the senior management of that area and Ihe Board of Trustees. These cover- Finance Human Resources Facilities and Health and Safety Business Development and Marketing Fundraising and PR School Adull Services Social Enterprise Trustees are assigned to an oversight role based on their individual skills and areas of expertise and are responsible for liaising with the relevant senior management and management staff within the Trust and Teporting progress and any significant issues at each Trusiee meeting. The Board of Trustees has reviewed and approved those matters reserved to the Board and established Committees to facilitate monitoring and reporting to the Board: the Finance, Audit and Risk Committee and the HR and Operations Committee. In addition. a Remuneration Committee considers matters relating to pay and performance. The Board is responsible for agreeing the membership of these Committees. which is based on Individual skills and areas of expertise. The Board of Jigsaw Trust meet four times a year or more frequently if required. The Governing Body of the Jigsaw CABAS@ School also meet four times a year. A minority of the Trustees have children or young adults who have been placed as pupils al the School or who are clients at Jigsaw +. Management responsibility for day to day operations for all services of The Jigsaw Trust are delegated by the Trustees lo the CEO of The Jigsaw Trust. and in respect of Jigsaw CABAS@ School to the Govemors. who in turn delegate responsibility for the day to day operation of the school to the Director of Education of Jigsaw CABAS@ School. The Trust employed 135 people as at 31 August 2024. 102 at Jigsaw CABAS@ School (P 19) 4 at Jigsaw Trading (P 2) 29 at Jigsaw Trust Shared Services (P 6) Full time 108 and part time 27 Jigsaw Trust does not discriminate unlawfully against leamers. staff. trustees or governors on the grounds of sexual orientation, race, disability. gender. religion and belief, or age. Jigsaw Trust has a written policy regarding race, disability and gender equality, arrangements to monitor its implementation and assess ils impact on staff, learners and parentslcarers. Jigsaw Trust complies with its general duties under Ihe Sex Discrimination Act 1975 {as amended) and specific duties in subordinate legislation made under those Acts and the requirements of the statutory codes of practice made under those Acts. Page 9
THE JIGSAW TRUST (A company limited by guarantee) TRUSTEES. REPORT {continued) FOR THE YEAR ENDED 31 AUGUST 2024 Selection criteria and procedures are regularly reviewed to ensure that individuals are recruited, promoted and treated on the basis of their relevant merits and abilities. Objective criteria are applied to assess merit and all staff follow behaviour analyknc training programmes to enable them to progress both within and outside the organisation. These training programmes provide rtifiCatiOn from the CABAS@ Board based at Columbia University Teachers College, or the Behaviour Analysis Certification Board {BACB). Staff are given equal opportunity to undertake further extemal training vthere appropriate. RELATED PARTIES None of the Trustees received any remuneration or reimbursement of any expenses resulting from their position as a Trustee during the financial year. Save as disclosed in this report as regards Parent Trustees and Truslees of the Jigsaw Trust who are also Trustees of Jigsaw + no Trustee had any beneficial interest in any contract with the charitable company during the year. Save as disclosed in Note 21 to the Financial Statements there were no related party transactions during the financial year. RISK MANAGEMENT The Trustees have assessed the major risks to vthich the company and the wider group is exposed, in particular those related to the operations and finances of the company and the group and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks identified. The Trustees recognise the absolute necessity of ensuring the protection and safety of the pupils at Jigsaw CABAS@ School and require that all employees and volunteers are subject to an enhanced disGlosure issued by the Disclosure and Barring Service (DBS) and receive training regarding safeguarding both on commencing employrnent and at least annually thereafter. Page 10
THE JIGSAW TRUST (A company limited by guarantee) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2024 TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees (who are also directors of The Jigsaw Trust for the purposes of company law) are responsible for prepartng the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable rnpanY and the group and of the incoming resources and application of resources. including the income and expenditure. of the charitsble group for that period. In preparing these financial statements. the Trustees are required to: select suitable accounting policies and then apply them consistently, observe the methods and principles in the Charities SORP: make judgments and accounting estimates that are reasonable and prudent" prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable group wll conlinue in operation. The Trustees are responsible for keeping adequate accounting records Ihat are sufficient to show and explain Ihe charitable company and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charilable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITORS Each of the persons who are Trustees at the time vthen this Trustees. report is approved has confirmed that: so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Twstee in order to be aware of any relevant audit infomiation and to establish that the charitable group's auditors are aware of that infomiation. This report w approved by the Trustees. on 12 May 2025 and signed on their behalf by: Mr G Prothero, Vice Chalr Page11
THE JIGSAW TRUST (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE JIGSAW TRUST OPINION We have audited the financial statements of The Jigsaw Trust (the 'parent charitv) and its subsidiaries (the 'group') for the year ended August 31. 2024 set out on pages 16 to 34. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards(United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stalements: give a true and fair view of the state of the group's and of the parent charttable companvs affairs as at August 31. 2024 and of Ihe group's incoming resources and applicalion of resources, including its income and expenditure for the year then ended" have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act2011. BASIS FOR OPINION We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS {UKI) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to 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 the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on Ihe charitable companls ability to continue as a going concern for a period of at least Ie1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees th respect to going concem are described in the relevant sections of this report. OTHER INFORMATION The Trustees are SponSIble for the other infomiation. The other infonnation Ixjmprises the infomiation included in the Annual report, other than the financial siatements and our Auditors, reporl thereon. Our opinion on the financial statements does not cover the other information and, except to the exlent otheVise explicitly Stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materialty inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material Page 12
THE JIGSAWTRUST (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE JIGSAWTRUST inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstalement in the financial slatements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. OPINION ON OTHER MArrERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion. based on the work undertaken in the course of the audit: the information given in the Trustees, report for the finanal year for which the financial statements are prepared is consistent with the financial statements. the Twstees. report has been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion- the parent charity has not kept adequate and sufficient accounting records. or retums adequate for our audit have not been received from branches not visited by us: or the parent charty financial statements are not in agreement with the accounting records and returns; or certain disclosures of Trustees, remuneration specified by law are not made: or we have not received all the information and explanations we require for our audit. or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, report and from the requirement to prepare a Group stralegic report. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees. responsibilities statement. the Trustees (who are also the directors of the charity 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 intemal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misslatement. whether due to fraud or error. In preparing the financial statements, the Twstees are responsible for assessing the group's and the parent charitable companvs ability to continue as a going concem. disclosing, as applicable. matters related to going concern and using the 90ing concern basis of accounting unless the Trustees either intend to liquidate the group or the parent charilable company or to cease operations. or have no realistic alternalive but to do so. Page 13
THE JIGSAWTRUST (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE JIGSAW TRUST AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are freg from material misstatement. whether due to fraud or error. and to issue an Auditors, report that 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 misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below- Our approach to identifwng and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: -the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. -we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the charity sector. -we focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Companies Act 2006, Charities Act 2011" Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019),. Employment Law; Data Protection Legislation,. The Code of Fundraising Practice: and Safeguarding Regulalions as they affect the direct charitable activities of the charity. -we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary. We assessed the susceptibility of the charitys financial statements to material misstatement, including obtaining an understanding of how fraud might occur. by: -making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud- and -considering the intemal controls in pla to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: -performed analytical procedures to identify any unusual or unexpected transactions. -tested the appropriateness of joumal entries: -tested authorisation of expenditure- -assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potenlial bias: and -investigated rrationale behind significant or unusual transactions. To address the risk that revenue could be misstated due to fraud, we: -obtained an understanding of the charitys revenue recognition policies and compared these to the accounting slandard., -performed a walkthrough to confinn our underslanding of the processes and controls through which the charity initiates. records, processes and reports revenue transactions; -tested a sample of revenue transactions to supporting evidence., and -tested, on sample basis, revenue related balances in the balance sheet. In response to the risk of irregularities and non-compliance wilh laws and regulations. we designed procedures which included, but were not limited to.. Page 14
THE JIGSAWTRUST (A Company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE JIGSAW TRUST which included, but were not limited to: -agreeing financial statement disclosures to underfying supporting documentation. -reading the minutes of meetings of those charged with govemance. -enquiring of management as to actual and potential litigation and claims-, and -reviewing Gorrespondence with HMRC. relevant regulators. and the companls legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identfy non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. We further description of our responsibiliti8s for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fomis part of our Report of the Independent Auditors. USE OF OUR REPORT This report is made solely to the charitable companys members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable companVs Trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable companls members those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent pemiitted by law. we do nol accepl or assume responsibility to anyone other Ihan the charitable company and its members. as a body, for our audit work, for this report. or for the opinions we have formed. Mr Suda Ratnam FCCA {Senlor Statutory Auditor) for and on behalf of Xeinadin Audit Limited, Statutory Auditor 8th Floor, Becket House 36 Old Jewry London EC2R 8DD Date: Xeinadin Audit Limited is eligible lo aci as auditors in temis of section 1212 of the Companies Acl 2006. Page 15
THE JIGSAW TRUST (A company Ilmited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note INCOME FROM: Donalions and legacies Charitable activities Other trading activities: Fundraising Trading activities Investments 71.045 5,467.756 71,045 5,467,756 121,355 4.884,429 70,436 135.652 14,235 70,436 135,652 14,235 55, 105 113,935 5.066 TOTAL INCOME 5,759,124 5,759,124 5,179.890 EXPENDITURE ON: Raising funds Charitable actlvities: Direct costs Governance costs 283,407 283,407 257. 795 5,436,638 131,075 50,000 5,486.638 131,075 4, 805,243 113,412 TOTAL EXPENDITURE 5.851,120 50,000 5,901,120 5, 176,450 NET INCOME I (EXPENDrruRE) BEFORE OTHER RECOGNISED GAINS AND LOSSES NET MOVEMENT IN FUNDS (91,996) (91,996) {so,000) (141,996) (50,000) (141,996) 3,440 3,440 RECONCILIATION OF FUNDS: Total funds brought forward 815.570 50,000 865,570 862, 130 TOTAL FUNDS CARRIED FORWARD 723.574 723,574 865.570 The notes on pages 20 to 34 fomi parl of these financial statements. Page 16
THE JIGSAWTRUST (A company limited by guarantee) REGISTERED NUMBER: 03734127 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note FIXED ASSETS Tangible assets CURRENT ASSETS Stocks Debtors Cash at bank and in hand 10 628.189 541,647 11 12 3,500 546,601 360,460 1,902 1,924,448 337,366 910,561 2,263,716 CREDITORS: amounts falling due within one year 13 (815,176) (1,939, 793) NET CURRENT ASSETS 95,385 323.923 NET ASSETS 723,574 865,570 CHARITY FUNDS Restricted funds Unrestricted funds 14 14 50,000 815,570 723,574 TOTAL FUNDS 723,574 865,570 The charitys financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf. by: 12 May 2025 Mr G Prothero, Vice Chair The notes on pages 20 lo 34 form part of these financial statements. Page 17
THE JIGSAWTRUST (A company limited by guarantee) REGISTERED NUMBER: 03734127 CHARITY BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note FIXED ASSETS Tangible assets 10 623,800 538.594 CURRENT ASSETS Deblors Cash at bank 12 926,872 351,260 2,241,000 325,058 1,278,132 2,566,058 CREDITORS: amounts falling due within one year 13 (804,460} (1.928,495) NET CURRENT ASSETS 473,672 637,563 NET ASSETS 1,097,472 1,176,157 CHARITY FUNDS Restricted funds Unrestricted funds 50,000 1,126.157 1.097,472 TOTAL FUNDS 1,097,472 1.176,157 The charitys financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf, by: 12 May 2025 Prothero, Vice Chair The notes on pages 20 to 34 form part of these financial statements. Page 18
THE JIGSAWTRUST (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Cash flows from operating activities Net cash provided byl(used in) operating activities 15 311,278 (180.057) Cash flows from invesllng activities: Purchase of tangible fixed assets (288,184) (160, 728) Net cash used in investing activities (288,184) (160. 728) Change in cash and cash equlvalents in the year Cash and cash equivalents brought fomrd 23,094 337,366 (340, 785) 678,151 Cash and cash equivalents carried forward 16 360,460 337,366 The notes on pages 20 to 34 fomi part of these financial statements. Page 19
THE JIGSAW TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES 1.1 Basls of preparation of financial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Jigsaw Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially re¢gnised at historical cost or transaction value unless otheise stated in the relevant accounting policy. The Statement of financial activities (SOFA) and Balance sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiaws are consolidated on a line by line basis. No separate SOFA has been presented for the charity alone as permitted by section 408 of the Companies Act 2006. 1.2 Company status The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up. the liability in respect of the guarantee is limited to £1 per member of the charity. 1.3 Golng concem The trustees, having made appropriate enquiries, consider that adequate resources exist for the charitable company to continue in operational existence for the foreseeable future and that, therefore. it is appropriate to adopt going concern basis in preparing Ihe financial statements as al and for the period ended 31 August 2023. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. The trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees are of the opinion that the charitable company will have sufficient resources to meet the liabilities as they fall due. Page 20
THE JIGSAWTRUST (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (CONTINUED) 1.4 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. For legacies, entitlement is taken as the earlier of Ihe date on which either- the charity is aware that probate has been granted. the estate has been finalised and notification has been made by the executorls) to the Trust that a distribution will be made. or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of Ihe executorfs intenlion to make a dislribution. Where legacies have been notified to the charity. or the charity is aware of the granting of probate, and the criteria for income recognition have not been met. then the legacy is treated as a contingent asset and disclosed if material. Donated serwces or facilities are COgniSed when the charity has control over the item, any conditions associated with the donated ttem have been met, the receipt of economic benefit from the use of the charity of tho item is probable and that economic benefit can be measured reliably. In accordarice with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees, report for more information about iheir contribution. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity vthich is the amount the charity would have been willing to pay to obtain services or facilities of equivalenl economic benefit on the open market. a corresponding amount is Ihen recognised in expenditure in the perii)d of receipt. Income lax recoverable in relation to donalions received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Grant income Government grants, including non-moneiary grants shall not be recognised until there is reasonable assurance that: (a} the entity will comply wilh the conditions attached to them: and (b) the grants will be received Page 21
THE JIGSAW TRUST (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (CONTINUED) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared Costs, including support costs involved in underiaking each activity. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Fundraising Costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable aGtivities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Govemance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Costs of generating funds are costs incurred in attrading voluntary income. and those incurred in trading activities that raise funds. Charitable activities and Govemance costs are costs incurred on the chariws educational operations, including support costs and costs relaling lo the govemance of the charity apportioned lo charitable activities. 1.6 Basls of consolidation The financial statements consolidate the accounts of The Jigsaw Trust and all of its subsidiary undertakings ('subsidiaries'). The charitable company has taken advantage of the exemption contained within section 408 of the_ Companies Act 2006 not to present its own Income and expenditure account. The income and expenditure acUnt for the year dealt wlh in the accounts of the charitable company was net expenditure of £78,683 (2023 - net income of £65,351). Page 22
THE JIGSAWTRUST (Acompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES (CONTINUED) 1.7 Tangible fixed assets and depreciation All assets costing more than £5.000 are capitalised. A review for irnpaimlent of a fixed asset is Caled out rf events or changes in circumstances indicate that the carrwng value of any fixed asset may not be recoverable. Shorlfalls beeen the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities. Tangible fixed assets are carried al cost. net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their eslimated residual value, over their expecled useful lives on the following bases- Improvement to property Plant and machinery Motor vehicles Fixtures and fittings School equipment 250/0 on cost 25 % on cost 20 % on cost 33Yo on cost 330/0 on cost 1.8 Interest receivable Interest on funds held on deposrt is included when receivable and the amount can be measured reliably by the charity- this is normalty upon notification of the interesl paid or payable by the Bank. 1.9 Operating leases Rentals under operating leases are charged to the Statement of financial activities on a straight line basis over the lease lemi. 1.10 Stocks Stocks are valued at the lower of cosl and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 1.11 Debtors Trade and other debtors are recognised at Ihe settlement amount after any trade discount offered. PrepayTnents are valued at the amount prepaid net of any trade discounts due. 1.12 Cash at bank and in hand Cash at bank and in hand includes cash and short temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 23
THE JIGSAW TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES {CONTINUED) 1.13 Liabilities and provisions Liabilities are recognised when there is an obligalion at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to setue the obligalion. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. 1.14 Flnancial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.15 Pensions The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity lo the fund in respect of the year. 1.16 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricled funds are funds which are to be used in accordance with specrfic restrictions imposed by donors or which have been raised by the charity 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 to the financial statements. 1.17 Critical accounting estimates and areas of judgment Preparation of the accounts requires the trustees and management to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include: determining the allocation of costs between different expenditure classifications- and estimaling the useful economic lrfe of tangible fixed assets for the purposes of detemiining the annual depreciation charge. Page 24
THE JIGSAW TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 INCOME FROM DONATIONS AND LEGACY Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations 71,045 71,045 121,355 Total 2023 71.355 50,000 121,355 INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Fees receivable 5,467.756 5.467.756 4,884.429 Total 2023 4,884.429 4,884,429 FUNDRAISING INCOME Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Fundraising events 70.436 70,436 55,105 Total 2023 55, 105 55, 105 Page 25
THE JIGSAWTRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 DIRECT COSTS Education and outreach support Total 2024 Total 2023 Other operating leases Insurance Light and heat Postage and stationery Sundries Recruilment costs Materials and activities Consultant fees and expenses Repairs and small equipment Conventions and exhibitions Training costs Depreciation of langible fixed assets Wages and salaries National insurance Pension cost 279,849 32,635 47,097 49,106 113.814 76,465 254,528 195,219 173,484 12,347 112,235 155,445 3,606,185 301,094 77,135 279,849 32,635 47,097 49,106 113,814 76,465 254.528 195,219 173,484 12,347 112,235 155,445 3,606,185 301,094 77,135 278,200 28,714 41,050 44, 739 105,123 158,338 209, 104 196,697 162,501 13,967 89.877 126,387 3,003, 825 281,026 65, 695 5,486,638 5,486,638 4,805, 243 Total 2023 4,805.243 4, 805,243 GOVERNANCE COSTS Total 2024 Total 2023 Governance Auditorfs remuneration Auditorfs non audit costs Postage and stationery Bank charges Wages and salaries National insurance Pension cost 10,445 13,361 10,580 1,111 86,015 7,794 1,769 10.445 13,361 10.580 1.111 86,015 7,794 1.769 11,963 12,481 9,336 772 70,972 6,376 1,512 131,075 131,075 113,412 Total 2023 113,412 113,412 Page 26
THE JIGSAW TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 GOVERNANCE COSTS (continued) During the year ended August 31, 2024. the charity incurred the following Govemance costs: £NIL (2023 - £NIL) included within the table above in respect of Direct costs. £NIL (2023 - £NIL) included within the table above in respect of Raising funds. NET INCOMEI(EXPENDrruRE) This is stated after charging= 2024 2023 Depreciation of tangible fixed assels- - owned by the charitable group 164,684 126,387 During the year. no Trustees received any remuneration (2023 - £NIL). During the year. no Trustees received any benefits in kind {2023- £NIL). During the year. no Trustees received any reimbursement of expenses (2023 - £NIL). AUDITORS. REMUNERATION The Auditor's remuneration amounts to an Audit fee of £10,445 (2023 £11.963). and fees for payroll services and the preparation of the accounts of the trading subsidiary of £13,361 (2023 - £12,481). Page 27
THEJIGSAWTRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 STAFF COSTS staff costs were as follows: 2024 2023 Wages and salaries Social security costs Other pension costs 3,692,199 308,888 78,905 3,074, 797 287,402 67,207 4,079,992 3,429,406 The average number of persons employed by Ihe charity during the year was as follows.. 2024 2023 Charitable 134 121 The number of higher paid employees was: 2024 2023 In the band £60,001- £70.000 In the band £70,001- £80,000 In the band £80.001- £90,000 In the band £100.001- £110.000 In the band £110.001- £120.000 10. TANGIBLE FIXED ASSETS Improve ment to property Plant and machinery Motor Fixlures and vehicles fittings School equipment Group Cost At September 1, 2023 Additions Disposals 716,750 95,536 305,T18 109,769 181.408 10,090 394,525 4,338 (46,196) 619,198 68,451 At August 31. 2024 812,286 415.547 191.498 352,667 687,649 Depreclatlon At September 1. 2023 Charge for the year On disposals 653,633 37.798 99,583 46,420 168.430 9,314 282,524 12,949 (9,239) 471,842 58.204 At August 31, 2024 691.431 146.003 177,744 286,234 530,046 Net book value Page 28
THE JIGSAW TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. TANGIBLE FIXED ASSETS {continued) At August 31, 2024 120.855 269,544 13.754 66,433 157,603 At August 31. 2023 63.117 206, 195 12.978 112,001 147,356 Total Group Cost At September 1. 2023 Additions Disposals 2,217,659 288,184 (46,196) At August 31. 2024 2.459,647 Depreciation At September 1. 2023 Charge for the year On disposals 1.676,012 164,685 (9,239) At August 31, 2024 1,831,458 Net book value At August 31. 2024 628,189 At August 31, 2023 541,647 Improvemen t to property Plant and machinery Motor Flxtures and vehicles fittings School equipment Charity Cost At September 1, 2023 Additions Disposals 715,759 95,536 294,783 106,690 181.408 10.090 373,696 4,338 (46,196} 619,198 68,451 At August 31, 2024 811,295 401,473 191,498 331,838 687,649 Depreciation At September 1. 2023 Charge for the year On disposals 652,642 37.798 89.023 45.541 168.430 9.314 264,313 12,085 (9,239) 471,842 58,204 At August 31. 2024 690.440 134,564 177.744 267,159 530,046 Net book value At August 31. 2024 120,855 266.909 13.754 64,679 157,603 Page 29
THE JIGSAW TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. TANGIBLE FIXED ASSETS (continued) At August 31. 2023 63,117 205. 760 12,978 109,383 147.356 Total Charity Cost At September 1. 2023 Additions Disposals 2,184,844 285,105 (46,196) At August 31. 2024 2.423,753 Depreciation At September 1, 2023 Charge for the year On disposals 1,646,250 162,942 {9,239) At August 31, 2024 1,799,953 Net book value At August 31, 2024 623,800 At August 31. 2023 538,594 11. STOCKS Grou Chari 2024 2023 2024 2023 Raw materials 3,500 1,902 12. DEBTORS Grou Chari 2024 2023 2024 2023 Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 193,862 1, 680.358 192,602 393,457 160,726 180,087 1, 679,359 322, 102 164,043 75,496 164.378 188.361 166,926 77. 164 546,601 1.924.448 926,872 2,241,000 Page 30
THE JIGSAW TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. CREDITORS: Amounts falling due withln one year Grou Charit 2024 2023 2024 2023 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 17.307 76,803 299,526 421.540 21.768 67,065 44. 702 1.806.258 9,337 75,819 298.266 421,038 12,727 65, 929 44,430 7,805.409 815,176 1.939, 793 804.460 1,928,495 Page 31
THE JIGSAW TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balance at September 1, 2023 Balance at August 31, 2024 Income Expenditure Designated funds Designated Funds 312,000 312,000 General funds Reserves 503,570 5.759,124 (5,851,120) 411,574 Total Unrestricted funds 815,570 5.759,124 (5,851,120) 723,574 Restricted funds Restricted Funds 50,000 (50,000) Total of funds 865,570 5.759,124 (5,901,120) 723,574 Restricted fund Restricted fund consists of funds for improvement of the arts room. STATEMENT OF FUNDS- PRIOR YEAR Balance al September - 1, 2022 Balance at August 31. 2023 Income Expenditure Designated Funds General funds Reserves 312.000 312,000 407.074 5, 129.890 (5.033.394) 503,570 Restricted funds Restricted Funds 143.056 50,000 (143,056) 50,000 Page 32
THE JIGSAW TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NEf CASH FLOW FROM OPERATING ACTIVITIES Grou 2023 2024 Net {expenditure)fincome for the year (as per Statement of Financial Activities) (141,996) 3,440 Adjustment for: Depreciation Gharges Loss on Ihe sale of fixed assets Increase in stocks Decreasel(increase) in debtors (Decrease)lincrease in creditors 164.685 36,957 (1,598) 1.377,847 (1.124,617) 126.387 (1.973,700) 7.603,816 Net cash provided byl{used in) operating activities 311,278 (180.057) 16. ANALYSIS OF CASH AND CASH EQUIVALENTS Grou 2024 2023 Cash at bank 360,460 337,366 Total 360,460 337,366 17. CONTINGENT LIABILITIES There were no contingent liabilities at the end of the financial year. 18. CAPITAL COMMITMENTS The company had no capital commitments as at the current and previous balance sheet date. 19. PENSION COMMITMENTS The Pensions, Trust This is a defined contribution pension scheme and contributions paid by the Charity amounted to £78,904 (2023- £67,207). Page 33
THE JIGSAWTRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. OPERATING LEASE COMMITMENTS At August 31, 2024 the total of the group's future minimum lease payments under non-cancellable operating leases was- 2024 2023 Group Amounts payable: Within 1 year Between 1 and 5 years 222,828 891,312 222,828 7. 114, 140 Total 1.114,140 1,336,968 Amounts payable: 21. RELATED PARTY TRANSACTIONS At the balance sheet date, the group was owed £152.189 (2023: £163.817) by Jigsaw + a sister charity. Jigsaw Trust is the sole member of Jigsaw + Page 34