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2023-08-31-accounts

The Complete Works Limited

Annual Report and Financial Statements

For The Year Ended 31 August 2023

Charity Registration No. 1081200 Company Registration No. 03805365 (England and Wales)

The Complete Works Limited Legal And Administrative Information

Trustees:

Susan Clark

Jacqueline Justice-Chrisp (appointed 9 November 2022) Shahpur Kabraji (appointed 3 May 2023) Kala Patel (resigned 13 November 2023) Margaret Pitfield Reji Vettasseri

Charity Number: 1081200

Company Number: 03805365 Principal Address and Registered Office: 3 Floor, Universal House 88-94 Wentworth Street London E1 7SP

Chief Executive Officer: Chrissie Roberts

Headteacher: Adam Dalton Auditor: Azets Audit Services Heathrow Office Gladstone House 77-79 High Street Egham Surrey TW20 9HY

Bankers: HSBC 60 High Street Harlesden London NW10 4LL

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The Complete Works Limited Contents

Page
Trustees’ Report 3
Independent Auditor's Report 17
Statement Of Financial Activities 20
Balance Sheet 22
Statement Of Cash Flows 23
NotesToTheAccounts 24

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The Complete Works Limited Trustees’ Report (Including Directors’ Report) (continued) For The Year Ended 31 August 2023

The Trustees present their report and accounts for the year ended 31 August 2023. This report serves the purposes of both Trustees’ Report and a Directors’ Report under company law.

The accounts have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (2019).

Objectives And Activities

Our Aims

‘

The Complete Works (TCW) charitable objective is the advancement of education for people of all ages and abilities.

The Trustees believe that advancing education through creative means and focussing efforts primarily on the education of young people is an exemplary way to further this charitable objective.

TCW’s goal is to reach every young person who is referred to us. To this end, we work tirelessly to find the creative spark which will ignite their interest in learning and empower them fo realise their full potential.

This is reflected in our school crest ‘learning creatively — achieving academically’.

Our Objectives

TCW’s approach is to give students a complete educational experience: academic and vocational learning delivered in a flexible, inclusive and bespoke way to celebrate the unique learning style of every student. TCW aims to create a safe environment where young people feel supported, then nurture their creativity and give them opportunities to increase their knowledge. This allows students to gain confidence and build self-esteem and enables them to develop their communication skills and ability to work with others.

TCW's over-arching objectives are to:

In setting our objectives and planning our activities, the Trustees have given careful consideration to the Charity Commission’s public benefit guidance.

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The Complete Works Limited Trustees’ Report (Including Directors’ Report) (continued) For The Year Ended 31 August 2023

Our Activities

The Complete Works was inspected by Ofsted during this academic year, and was once again graded as ‘good’, with the inspectors highlighting in their feedback the remarkable care taken by TCW staff over students’ welfare.

The school is split between two Education Teams, one for North London, which incorporates learning hubs in Shoreditch, and one for South London, which incorporates learning hubs in Bermondsey and Lewisham. In addition to our hub buildings, education takes place at a number of venues throughout London such as youth clubs, community centres and libraries. There are also a significant number of students who receive education in their home.

The TCW Creative Hub is one of the hubs in North London and is open to students overseen by both Education Teams. Due to the success of running small group, specialist lessons in this Hub, TCW set about identifying a venue suitable to create a similar Creative Hub in the South London campus area to allow more students to access the wonderful facilities available. During the Summer Term, a suitable location was identified and work began to secure the lease, which was agreed over the Summer break. Work has now begun on transforming the space into a Creative Hub, and the plan is that this site became operational during the Autumn 2 Term of the 2023/24 academic year. The lease on the site in Lewisham came to an end at the end of this academic year, and it was decided not to renew this lease, but instead to focus on getting the new South Creative Hub up and running, and then working to identify a new, slightly larger site in the Lewisham area.

A broad and balanced curriculum is offered, which accommodates the requirements of the National Curriculum and the needs of all who study at TCW. Many students have missed out on large parts of their education, for reasons including mental or physical health or issues relating to their personal circumstances. Some may have special educational needs and others may have disabilities and difficulties.

TCW caters to the needs of students of all abilities, providing a learning environment that challenges each individual to succeed to the very best of their ability.

It is important that all achievements are recognised and that all students are supported to attain the qualifications necessary to enable them to move on to the next stage of their career development. The school is registered as an exam centre, and students are able to sit GCSE, BTEC, entry level and Functional Skills examinations at TCW. BTECs have proved popular with students and the subjects we are offering BTECs in will again be expanded in the coming year. Students were able to sit GCSE examinations in Maths, English Literature, English Language, Biology, Chemistry, Physics, Art & Design, and History this year. BTECs were offered this year in Business, Home Cooking Skills, Construction, Creative Digital Media Production, Information & Communication Technology, Hospitality and Tourism, Land-Based Studies, and Music; in the coming year, students will be able to study all of these subjects at a Level 1, and the number of courses being offered at a Level 2 is being increased to include all of these subjects with the exception of Construction and Hospitality & Tourism. Students are also able to study to achieve the Arts Award and AQA unit Qualification.

The school participates in the Jack Petchey Award Scheme, an award and recognition initiative that enables schools and youth organisations to celebrate the achievements of young people and school leaders and to receive additional funding.

TCW recognises the importance of ensuring teachers are proficient in lesson planning, marking students’ coursework, and meeting syllabus requirements. Advisory teachers, who hold

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The Complete Works Limited Trustees’ Report (Including Directors’ Report) (continued) For The Year Ended 31 August 2023

qualified teacher status, oversee all of the teachers at TCW and ensure that the work delivered is of the highest standard and challenges all of the school’s students to achieve.

Safeguarding the young people attending TCW is of utmost importance to the school. All staff undergo clearance through the Disclosure and Barring Service (DBS) and receive training in child protection. The DSL (Designated Safeguarding Lead) is a non-teaching role in order to give the safeguarding of TCW Students the full attention it needs. Safeguarding is audited by the Founder and a key member of the Trustee board on a quarterly basis.

Achievements And Performance

To work towards achieving our goal and over-arching objectives, a set of specific objectives are set for the year. For the year ended 31 August 2023, our objectives were:

  1. Return to a breakeven position within the next two years;

  2. Improve recruitment and retention of staff; 3. Review the structure of the school to provide further opportunities for expansion; 4. Prepare TCW for Government expectations for the next few years;

  3. Distil and capture the difference TCW makes to our students’ education and lives; and 6. Review and improve data protection controls across the company.

Objective 1. Return to a breakeven position within the next two years

The pandemic had a significant impact on TCW, with a loss of teaching staff as they moved out of London, leading to a fall in student numbers, and a corresponding impact on the finances of the charity. Work has been done this year to return to a breakeven position, which has been successfully achieved. The high rates of inflation have had an ongoing impact on the finances, and this will continue to impact the next year as costs continue to rise and income continues to be squeezed.

Objective 2. Improve recruitment and retention of staff

Recruitment of new staff and retention of existing staff has been a key focus this year. Different avenues of advertising for new staff have proved successful, albeit expensive, with a number of new staff commencing in the latter part of the year, with more coming on board at the start of the next academic year.

The cost of living remains an issue affecting staff retention, and work continues to improve staff retention during the coming year. TCW developed the hybrid approach to staff training this year, with a number of sessions taking place in person for all staff, with the exception of the small number of staff who work exclusively remotely. A weekly “Good News Friday” gathering for all staff who wish to attend has been held, and a small number of social functions which all staff are invited to attend, have helped staff to feel a part of the TCW community, and have been well received by staff who have been able to attend them.

Objective 3. Review the structure of the school to provide further opportunities to expand

The demographic of TCW students has changed since the pandemic, and the number of students with Education, Health and Care Plans (EHCPs) has increased significantly. With this

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The Complete Works Limited Trustees’ Report (Including Directors’ Report) (continued) For The Year Ended 31 August 2023 in mind, the decision has been taken to increase the number of staff in the SEN Team, to provide capacity to educate an increased number of students with special educational needs.

The new South Creative Hub will allow an increase in the number of students able to receive education in small groups, and will also increase the capacity for students being taught in 1:1 carousel sessions. The increase in recruitment adds to this, with new teachers being available to work with these students. However, this is an ongoing plan and will not be fully realised for a couple of years.

Objective 4. Prepare TCW for Government expectations for the next few years

The structure of the school has been reviewed as part of the development plan and discussed at the TCW Development day. The idea of a Free School was explored earlier in the year and rejected as not the right path for our organisation to take. It has been agreed that TCW will look to increase its onsite school facilities in London before exploring opportunities to replicate this model outside of London.

Objective 5. Distil and capture the difference TCW makes to our students’ education and lives

The communications officer for TCW increased their recording and documenting of student events, parent comments, teacher feedback through the weekly ‘Good News Friday’ staff gathering and parent feedback. The increased frequency and popularity of the assemblies has allowed students to express themselves creatively more regularly throughout the year. This feedback then informs the website, weekly bulletin and the parent termly newsletter.

The Creative Coordinator has done an excellent job in bringing groups of students together for workshops and creative activities, and alongside the Poet in Residence has created an anthology of students’ work and feelings, resulting in a showcase that is fully stocked with examples of how our young people have developed and grown in confidence. The showcase is an excellent visual example of the difference TCW can make to students’ lives.

Next year is our 25th anniversary and an excellent opportunity to escalate our celebration of staff, student and company success.

Objective 6. Review and improve data protection controls across the company

Judicum, who operate as our Data Protection Officer, conducted their annual data protection audit and we started reviewing and updating the data policies and updating lesson tracker permissions. We were pleased to reach a financial position where we were able to advertise for a Data Protection Lead. The interviews took place at the end of the academic year and the new person in post joined the team ready to start in September.

Further achievements

The TCW team continues to ensure that all students are able to engage in their education, and that the challenges constantly arising have been dealt with efficiently. This year has seen somewhat of a return to normality. Students have been able to benefit from taking part in a large number of visits throughout the year and have enjoyed this immensely.

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The Complete Works Limited Trustees’ Report (Including Directors’ Report) (continued) For The Year Ended 31 August 2023

Our Students

This year has seen a small increase in the number of students receiving their education with TCW. Across the year we worked with 122 students.

TCW students sit their exams in places familiar to them, and so for some students who receive their education at home, this means sitting their exams at home, whilst other students sit their exams in one of our centres. The exams and teaching team once again worked hard to ensure that students were able to sit their papers, and that papers were in the right location at the right time. This involves a large amount of coordination, planning and taxis! This year, 24 students sat GCSE qualifications this year, and 23 achieved a pass at grade 1-9. 11 students achieved a grade 4 or higher and 6 passes were at grade 7 or above.

Our BTEC students also performed well, with 15 students achieving a pass this year, including 3 students who achieved a merit.

The TCW academic year ends with an opportunity for all students to demonstrate their creative abilities at the TCW Showcase. The showcase returned to a theatre show, with a full capacity at the theatre, for the first time since the pandemic. Students once again stepped up to perform, incorporating the mediums of singing, demonsirating sports skills, poetry recitals, multimedia creations and spoken word. The showcase was live-streamed to those students and audience members who were unable to attend in person. It was also recorded so that those who were unable to watch the live-stream could enjoy the show at their convenience. As always, the feedback was that the show was thoroughly enjoyed by all who watched, whether in person or remotely, and that the TCW students put on a remarkable show once again.

The achievements of TCW students cannot be expressed in terms of exam results alone. There are always some amazing individual success stories that speak of a student's personal journey and achievement.

Student A - Single roll

Student A was 18 years old and had an Education, Health and Care Plan (EHCP) as they were diagnosed with language and communication difficulties, and Autism Spectrum Disorder (ASD). They also had SEMH needs, specifically emotional regulation - high anxiety and experienced psychosis. They were NEET (Not in Education, Employment or Training) for a long period of time (over one year) and had been bullied in a mainstream provision which led to a fear of any academic setting and anxiety around peers and public spaces. Student A was, at first, educated in the home, enabling a gradual trust to build up with their teachers. TCW started by delivering remote sessions whilst safe means of travel were put in place for Student A to leave the home. TCW provided consistent communication via a translator, provided by the local authority. TCW provided counselling sessions so Student A could work on their emotions in order to access the education sessions effectively. Student A started to access one of our onsite hubs but maintained one-to-one sessions with their teachers. They had regular meetings with TCW’s Poet in Residence, which provided them with a much valued creative output for their thoughts and feelings. Student A creatively connected with their peers during these sessions, which gave Student A confidence to connect outside of the music studio, too. The student has also acknowledged how these sessions improved their verbal communication.

Scaffolded lessons, in line with Student A’s needs and interests, as well as the inclusion of Life and Independence Skills (e.g, science lessons which involved changing a lightbulb) alongside a flexible timetable and long-term planning in partnership with Student A and their family,

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The Complete Works Limited Trustees’ Report (Including Directors’ Report) (continued) For The Year Ended 31 August 2023 enabled Student A to holistically develop their experience of education, and build upon their life skills to enable more independence. Student A had weekly meetings with their TCW Student Welfare Officer who worked with student A to set targets to supplement their personal development. By the end of the academic year, Student A’s attendance was 95.49%. They accessed group education; they actively participated in the TCW student community, welcoming peers into the school learning environment and initiated joint creative sessions in the music studio. Student A made friends at TCW and their progress was a testament to their resilience, determination and growth and as a result of TCW staff working together as a ‘Team around the Child’, using every available resource to help this student to succeed.

Student B - Single roll

Student B arrived at TCW having been previously homeschooled. Student B has a diagnosis of ASD with traits of ADHD including oppositional behaviour. They feel things very intensely, are outspoken and have had limited time with other young people in an academic environment. Student B's rigidity in their thinking, difficulty in coping with noise and sharing their space with groups of people made the initial few weeks challenging for them and their teachers. Student B would often dominate their 1:1 lessons and find it hard to focus on the instructions of the teacher. They felt compelled to control their environment and became easily overwhelmed with the new dynamics of attending school. We introduced them gradually to the group sessions and the culture of TCW. We began by inviting Student B to join the cohort for lunch each day, when they were close by the centres. As familiarity with this set up grew, they ventured out from the provided quiet spaces and tried to strike up conversations with their peers. Their enthusiasm and drive would startle some of the other students but Student B had by then grown sure enough of the teachers to check in with them on how these social interactions could work better for them. They took on board the concepts of reciprocity when interacting with others and following this, their social understanding began to grow. Their vocabulary, zest for life and sense of humour were in abundance, so it wasn't long before we saw Student B begin to make connections with other young people. As part of the LGBTQ+ community, Student B benefited from being part of a group that is strongly represented and supported at TCW. They've grown more confident in themselves as a result and it is wonderful to see their improved interactions and how they refer to their peers as ‘friends’. It seems to have also helped them to regulate their emotions, something they have struggled with in the past. Although they continue to sense-check some of their choices regarding words or topics with peers, it is fantastic progress to see them embrace this as a learning exercise, rather than a reason to self criticise. Student B has difficult days when their school day suffers due to their struggle with family relationships, but they now have meaningful engagement with the TCW counselling team. There has been flexibility for Student B, who can access support outside of these scheduled sessions too, if needed. This has helped them finish their school day successfully and gain much needed perspectives. Adapting to working in pairs or small groups with other young people has beena long standing target for Student B and it is one they have now met, wholeheartedly. They collaborate with two other students, all day, in a GCSE group and again in Photography each week. This has taken an incredible amount of effort from Student B alongside support from their teacher. It has been so impressive to witness the change in their interactions that used to be very one way, almost monologues, Student B now listens to others and attempts to take on their perspectives. When they fail at this, they have the self awareness to unpack and discuss with staff.

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The Complete Works Limited Trustees’ Report (Including Directors’ Report) (continued) For The Year Ended 31 August 2023

It's with genuine excitement that Student B's teaching team have worked together to further develop their academic and social skills this year. Student B’s trust in them and their own determination to engage will likely go on to reap great rewards.

Student C - Dual roll

Student C does not have an EHCP but it is thought that they have social, emotional, mental health needs. Student C struggled to cope in a mainstream setting and although they remained on roll they were referred to TCW on a part-time basis in order to support their learning. There were multiple incidents of Student C bullying students. It was reported that they would disrupt other students in class and would struggle to take responsibility for their actions.

Student C was previously subject to a Child in Need (CIN) plan but this came to an end due to family non-engagement. They were previously open to CAMHS due to mental health concerns and suicidal ideation. Student C is supported by a local authority Education Welfare Officer who TCW liaises with regularly throughout the week.

Student C began learning offsite at home. Their lessons moved to a nearby library when they had established a trusting relationship with staff. Student C began by learning at our smaller hub one day per week and then, when ready, moved to having their lessons at the larger South London hub. Weekly counselling sessions were put in place when Student C started at TCW. After six sessions, they felt they no longer needed this support. However, the school counsellor remains available onsite at the Hub to check-in with Student C should they need this.

Student C is now learning onsite full-time across two of the larger Hubs. They have opportunities for peer interaction onsite, whilst also learning on a one-to-one basis which is the learning style that their mainstream school feels works best for them at this time. Student C’s attendance at their mainstream school was 47%. Their attendance at TCW is 79%. They have built positive relationships with staff and have grown in confidence as a learner.

Student D - Dual roll, leading to single roll

Student D has a EHCP for High functioning Autism and associated anxiety. Student D was referred to us initially on a dual roll part-time basis due to not being able to manage in a mainstream setting. They were having difficulties with their mental health and finding the learning environment overwhelming.

From initial meetings with the student and their family It was clear that Student D was academically able, but had large gaps in their learning due to missing a significant amount of school as a result of their anxiety. Student D was later referred to TCW on a single roll basis when their EHCP was finalised. Initially home-learning was put in place to enable Student D to get to know their teachers in a familiar space. The teachers then encouraged Student D to try their one-to-one lessons onsite and trips out into the community were set as targets. Student D began accessing their favourite subject as part of a group as a way of establishing a positive onsite experience. Student D finished the year accessing onsite for the majority of their education programme and only one day of home-learning. Student D achieved 7 GCSEs and won the Jack Petchey Award for their academic achievements and now sits on a prestigious youth panel.

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The Complete Works Limited Trustees’ Report (Including Directors’ Report) (continued) For The Year Ended 31 August 2023

Creative Opportunities For Young People

Creativity is at the core of TCW, and students were once again able to access many creative projects. These included regular school-wide assemblies, with students performing as part of these, setting up TCW Radio, money management workshops, print design workshops and a drum and bass workshop. Students have also taken part in a wide range of activities, from tree planting to collating and handing out wellbeing packs in the local community; writing collaborative stories, taking part in national student challenges, and experiencing trips to the theatre, museums and Go Ape.

Students were also able to work on the TCW music album and the TCW creative writing anthology, which is published every year. This year’s theme for both was “The Journey”. Students were also able to contribute artwork and curate an exhibition at a local gallery for the public to come along and view.

Final Overview This year has been a much more settled year again than recent times, and this has been extremely beneficial for TCW students. However, a number of students continue to be impacted by the challenges of the last few years, and there remains an increased level of anxiety for many students. This year has also been impacted significantly by the high levels of inflation and the “cost of living crisis”, with financial hardship facing students and their families, staff, and referrers alike.

The TCW staff team are hard-working and dedicated in supporting the well-being and academic achievements of the students, and this is demonstrated by the positive comments received at the end of the year from students, families and referrers. Please see a small sample of the wonderful feedback received:

“V'd like to thank you for all your care, kindness and patience with XXXX. It's the first time she's been happy in a setting for a long time and that's all thanks to all the brilliant teachers at TCW. * (XXXX - Parent) “I would like to thank all of Bermondsey Hub staff and anyone else who has worked with XXXX. You guys have been fantastic and | can't thank you enough for all you have done and taught him.”

(XXXX - Parent)

“Your staff really do deserve celebrating. We would like to thank all of XXXX’'s teachers, Every one of them has been so understanding and flexible, which has meant that instead of seeing school as an impossible challenge, XXXX has built her confidence up to a point where she is really sure she can manage Art college from September. The teachers have been creative, patient and kind, always celebrating her successes and making her feel that she can achieve, despite the difficult limitations of her illness. They have even been able to persuade her that she still has the skills to achieve qualifications in English and Maths and to take on a role as assistant curator for the end of year exhibition. We can't thank you enough for getting XXXX through what has been a very traumatic time and helping her to adapt to new ways of working, while still challenging herself to achieve her goal of becoming an artist. | will be forever grateful to you all.” (XXXX - Parent)

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The Complete Works Limited Trustees’ Report (Including Directors’ Report) (continued) For The Year Ended 31 August 2023

“Thank you for giving us a platform to share kind words about the amazing teachers at TCW. XXXxX, is kind, fair, fun, honest, professional, a great leader and easily approachable. XXXX has been a rock in my relationship with TCW, she has an amazing rapport and she makes it easy to talk about tough subjects. | am extremely thankful for all that she has given to myself, my child/ren and our family over the years that my child/ren have been with TCW and we cannot praise her highly enough. You have given our child a voice even when he never knew he had one, this is life changing stuff and what teaching is all about. Thank you TCW, we think you're absolutely brilliant.

XXXX has been a teacher for my child over the years in TCW, she taught him Maths and now cooking and throughout she has been a constant in his life, making lessons fun, interesting and enjoyable. She is a fantastic teacher and we are so thankful for all of her input into our child's life.

XXXX has been wonderful in working so hard to engage my children. She has made an effort over and above what is expected and we will always be thankful for her care and interest in my children’s lives.

XXXX has worked hard at making lessons accessible to my children, by working hard to get to know them and by showing care and making lessons interesting and fun. Thank you XXXX, you are a great teacher.

XXXX has been pivotal in my child's confidence and how he has grown in his ability to talk and rap and share his point of view, even with the challenges that he faces, XXXX has encouraged him to speak up and to rap even when we never believed this to be possible. We are so thankful for all of his input into our child's life and for his encouragement with my other child in their poetry and to be able to share their poetry with everyone in TCW through all of the challenges life has thrown at them, they felt heard, which is so important and life changing. Thank you.

What | would like to add is that we are humbled and full of gratitude for all the hard work and care that the staff show. There have been struggles and difficult times that we have faced and throughout all of this we have worked in partnership with the teachers at TCW who have all shown compassion and kindness and truly worked above what was expected. Our praise for your teaching staff is ongoing and we will always champion TCW for the difference you have all made.

Thank you”

XXXX AND XXXX -Parents)

“| would like to thank TCW who has found a way - or more likely many ways - to motivate XXXX, both finding and bringing out the best in him academically and informing us of his progress consistently.” (XXXX - Parent)

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The Complete Works Limited Trustees’ Report (Including Directors’ Report) (continued) For The Year Ended 31 August 2023

“Teachers at TCW have bent over backwards to support XXXX, they have all been phenomenal. XXXX is now saying to mum that he wants to stay at TCW, rather than go back to mainstream school. He struggles to trust adults and he was used to negativity from staff at his previous school. Mum said TCW teachers are great at focussing on the positives and being patient with him. She appreciates getting the positive messages about things he has done well, as it helps her to reinforce this at home. Although XXXxX is still only managing shorter sessions onsite and offsite, mum feels he has started to build trust with his teachers which is a big step.” (XXXX- Sister)

“t am deeply grateful for TCW’s willingness to look beyond the behaviour to see the person underneath it and to set boundaries in a way that still offers my child respect and empathy, even in the most challenging circumstances.” (XXX - Parent)

The new year will, no doubt, provide us with another set of new challenges, and, as they always do, the TCW team will pull together and come up with new and innovative ways in which to face them head-on, and continue to thrive in the face of adversity.

Financial Review

During the year, TCW has faced recruitment challenges, as have so many organisations postpandemic. This has been a key factor in the finances this year, and continues to be a key focus for the school.

Total incoming resources were £4,229,868 compared to £3,816,560 in the previous year.

Funding is primarily from local authorities or their agents who refer students to TCW.

Fundraising activities are not carried out by TCW, as funding is primarily from local authorities. However, should any fundraising activities take place, due regard will be given to Charity Commission guidance on fundraising.

Resources expended totalled £4,107,450, compared to £3,875,244 in the previous year.

A surplus of £122,418 has increased total reserves to £2,604,875 at the end of the year. Of these, £nil relates to restricted reserves. Unrestricted reserves total £2,604,875. Within unrestricted reserves, some amounts are designated by the Trustees for specific purposes. These designated funds are £55,082 assigned to the value of Fixed Assets, and £1,562,739 designated for current lease commitments. This leaves available unrestricted reserves of £987,054.

Unrestricted reserves equate to approximately seven months’ of the 2023/24 budgeted operating costs, with free reserves equating to approximately three months of the 2023/24 budgeted operating costs. The reserves continue to provide TCW with resilience against the impact that the current challenging economic climate has had on the school and its finances. The Trustees policy for reserves has been reviewed during the year, and the policy is to move towards having six months’ operating costs held in free reserves, with a designated reserve to meet lease commitments up to the next break clause in all leases. This has been agreed given the large financial commitment leases create for The Complete Works, and to

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The Complete Works Limited Trustees’ Report (Including Directors’ Report) (continued) For The Year Ended 31 August 2023

ensure that contractual lease liabilities are able to be met, whilst providing resilience against a future drop in student numbers and funding.

The Trustees believe that TCW remains a going concern at the time of signing these financial statements.

Principal Risks And Uncertainties

The Trustees review the risks and uncertainties faced by the charitable company and consider that the principal risks are:

There is a strong focus on safeguarding, with robust policies, procedures and training for all staff and Trustees. All people directly involved with the charitable company have Disclosure and Barring Service (DBS) checks and there is a Safeguarding sub-committee of the Trustee Board to support the day-to-day operations in this area.

Plans For Future Periods

The TCW objective of reaching every young person who is referred to us remains relevant and appropriate. To this end, TCW and its staff work tirelessly to find the creative spark that will ignite an interest in learning for all young people working with us, and empower them to realise their full potential.

The objectives for the academic and financial year to 31 August 2025 are:

  1. Increase school capacity, including opening a South Creative Hub 2. Expand TCW’s horizons, including exploring new areas of operation

  2. Develop the Teaching & Learning, and Curriculum within the school, in line with Ofsted recommendations

  3. Improve data security policies and compliance

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The Complete Works Limited Trustees’ Report (Including Directors’ Report) (continued) For The Year Ended 31 August 2023

Structure, Governance And Management

TCW is a company limited by guarantee, without share capital, and is governed by its Memorandum and Articles of Association.

The Trustees, who are also the Directors for the purpose of company law, who served during the year were:

Susan Clark Jacqueline Justice-Chrisp (appointed 9 November 2022)

Shahpur Kabraji (appointed 3 May 2023)

Kala Patel

Margaret Pitfield

Reji Vettasseri

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £10 in the event of a winding up.

The charitable company has a number of dormant subsidiary companies, the details of which are found in Note 20 to the Financial Statements.

Trustee appointments are based on the need for the Board to have the skills and experience to provide the appropriate oversight and scrutiny, governance and leadership to TCW in pursuit of its strategies to fulfil its charitable purpose. All Trustees undertake an induction programme, including spending time at the charity sites and meeting members of staff, to ensure they understand the activities of the charitable company and their roles as Trustee.

The Trustees are responsible for the overall control and management of the charitable company and meet four times a year. All Trustees give their time freely. The Trustees determine the general policies of the charitable company and are responsible for overall oversight and leadership to ensure the charitable company achieves its goal and delivers public benefit.

Trustee Indemnity Insurance is paid for by TCW. The cost of this insurance to TCW is £448 and Trustees are covered for claims made against them for alleged wrongful acts, legal costs, expenses and court awards for employment practice violations, up to a liability of £1,000,000.

The key management personnel during the year were:

Chrissie Roberts Chief Executive Officer Adam Dalton Headteacher

The pay levels of the key management personnel are agreed by the Trustees annually and are set with reference to guidance provided by the Charity Commission and the Headteacher Leadership Pay Scale.

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The Complete Works Limited Trustees’ Report (Including Directors’ Report) (continued) For The Year Ended 31 August 2023

Statement Of Trustees’ Responsibilities

The Trustees, who are also the Directors of The Complete Works Limited for the purposes of company law, are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare Financial Statements for each financial year. Under that law, the Trustees have elected to prepare the Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these Financial Statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

As far as each of the Trustees is aware:

Page 15

The Complete Works Limited Trustees’ Report (Including Directors’ Report) (continued) For The Year Ended 31 August 2023

Audit

Azets Audit Services will be reappointed as auditors.

This report has been prepared in accordance with Part 15 of the Companies Act 2006 relating to small companies.

Approved by the Trustees on 24 (gvanba- 262%

and signed on their behalf by:

Reji Vettasseri

Chair of Trustees

Page 16

Independent Auditor’s Report to the Members of The Complete Works Limited

Opinion

We have audited the financial statements of The Complete Works Limited (the ‘charitable company’) for the year ended 31 August 2023 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the trustees report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

Page 17

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the 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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 14, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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.

Extent to which the audit was considered capable of detecting irregularities, including

fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Page 18

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in 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 reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Prete Paar Sues

Paul Creasey (Senior Statutory Auditor) For and on behalf of Azets Audit Services Chartered Accountants and Statutory Auditor Egham [Date] 2% November 2422

Page 19

The Complete Works Limited Statement Of Financial Activities Including Income And Expenditure Account For The Year Ended 31 August 2023

Notes Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ £ a
income from:
Donations and Legacies
3 3,557 4,138 7,695 5,442
Charitable Activities 4 4,194,353 - 4,194,353 3,809,851
Investments 5 27,820 - 27,820 1,267
Total Income 4,225,730 4,138 4,229,868 — 3,816,560
Expenditure On:
Charitable Activities		 6 (4,103,312) (4,138) (4,107,450) (3,875,244)
Total Resources Expended (4,103,312) (4,138) (4,107,450) (3,875,244)
Net Income/ (Expenditure) For
The Year/ Net Movement In
Funds 122,418 - 122,418 (58,684)
Fund Balances as at
1 September 2022 2,482,457 + 2,482,457— 2,541,141
Fund Balances as at
31August2023 2,604,875 - 2,604,875— 2,482,457—

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The Statement of Financial Activities complies with the requirements for an Income and Expenditure Account under the Companies Act 2006.

Page 20

The Complete Works Limited Statement Of Financial Activities Including Income And Expenditure Account Comparative For The Year Ended 31 August 2022

Notes Unrestricted Restricted Total Total
Funds Funds 2022 2021
£ £ £ £
Income from:
Donations and Legacies
3 4,221 1,221 5,442 2,739
Charitable Activities 4 3,809,851 - 3,809,851 3,523,565
Investments 5 1,267 - 1,267 a12
Total Income 3,815,339 1,221 3,816,560 3,526,616
Expenditure On:
Charitable Activities 6 (3,873,708) (1,536) (3,875,244) (3,956,996)
Total Resources Expended (3,873,708) (1,536) (3,875,244) (3,956,996)
Net Income/ (Expenditure) For
The Year/ Net Movement In
Funds (58,369) (315) (58,684) (430,380)
Fund Balances as at
1 September2021 2,540,826 315 2,541,141 2,971,521
Fund Balances as at
31August2022 2,482,457 - 2,482,457 2,541,141

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The Statement of Financial Activities complies with the requirements for an Income and Expenditure Account under the Companies Act 2006.

Page 21

The Complete Works Limited Balance Sheet

As At 31 August 2023

2023 2023 2022
Notes £ Ee £ £
Fixed Assets
Intangible Assets
Tangible Assets
Investments		 10
11
12		 33,563
21,513
6		 32,021
27,440
6
55,082 59,467
Current Assets
Debtors Falling Due After 14
One Year 119,240 104,240
Debtors Falling Due
Within One Year		 14 159,828 141,466
Cash At Bank and In
Hand 2,542,192 2,431,170
2,821,260 2,676,876
Creditors: Amounts
Falling Due Within
One Year		 15 (246,189) _ (253,886)
NetCurrentAssets __2,575,071 2,422,990
Total Assets Less
Current Liabilities 2,630,153 2,482,457
Provisions for Liabilities 16 (25,278) -
NetAssets 2,604,875 2,482,457
Income Funds
Restricted Funds - -
Unrestricted Funds:
General Funds 2,604,875 2,482,457
Designated Funds - _ -
TotalFunds 2,604,875 2,482,457

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. The,accounts were approved by the Trustees on 14 November 2623 Ya 1 beseees

Company Number 03805365 (England and Wales)

Page 22

The Complete Works Limited Statement Of Cash Flows For The Year Ended 31 August 2023

2023 2022
Notes E £ 3 z
Cash Flows From
Operating Activities
Cash (Used In)/Provided By
Activities 20 123,554 72,290
Investing Activities
Purchase of Intangible Fixed
Assets (18,729) (41,399)
Purchase ofTangible Fixed
Assets (21,623) (2,394)
Proceeds from Disposal of
Tangible Fixed Assets - -
Interest Received 27,820 1,267
Net Cash Used In
Investing Activities (12,532) (45,526)
Change In Cash And Cash
Equivalents 111,022 29,764
Cash And Cash Equivalents
At Beginning OfYear 2,431,170 2,401,406
Cash And Cash
Equivalents At End Of
Year 2,542,192 2,431,170

Page 23

The Complete Works Limited Notes To The Financial Statements For The Year Ended 31 August 2023

1. Accounting Policies

Charity Information

The Complete Works Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 3 Floor, Universal House, 88-94 Wentworth Street, London, E1 7SA.

The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounts 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)” (2019). The charity is a Public Benefit Entity as defined by FRS 102. The accounts have been prepared under the historical cost convention.

The accounts contain information about The Complete Works Limited as an individual company and does not contain consolidated financial information as the parent ofa group. The charity is exempt, under Section 399(2A) of the Companies Act 2006, from the requirements to prepare consolidated accounts.

At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees therefore continue to adopt the going concern basis of accounting in preparing the accounts.

1.4 Charitable Funds

Unrestricted Funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Where Restricted Funds have been provided to the charity for particular purposes, it is the policy of the Board of Trustees to carefully monitor the application of those funds, as and when received, in accordance with the restrictions placed upon them.

Incoming Resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless the performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of donation.

Page 24

The Complete Works Limited Notes To The Financial Statements (Continued) For The Year Ended 31 August 2023

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grant Income is recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entittement is not met then these amounts are deferred.

Income from Charitable Activities is measured at the fair value of the consideration received or receivable for services rendered and is recognised as the services are delivered.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. These are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Central Office. Where support costs cannot be directly attributed to particular headings, they have been allocated to expenditure on charitable activities on a basis consistent with use of the resources.

1.7 Tangible Fixed Assets

Tangible Fixed Assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Leasehold|improvements|Straight|line|to|the|first|break|clause| |Fixtures,|fittings|and|equipment|Straight|line|over three|years|

----- End of picture text -----

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.

Intangible Fixed Assets are initially recognised at cost and subsequently measured at cost or valuation, net of amortisation and any impairment losses.

Page 25

The Complete Works Limited Notes To The Financial Statements (Continued) For The Year Ended 31 August 2023

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software

Straight line over three years

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Investments in subsidiaries are held at cost less impairment.

A subsidiary is an entity controlled by the Charity. Control is the power given to govern the financia! and operating policies of the entity so as to obtain benefits from its activities.

1.10 Impairment Of Fixed Assets

At each reporting end date, the Charity reviews the carrying amounts of its Tangible and Intangible Assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.12 Financial Instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments’ of FRS102 to all of its Financial Instruments.

Financial Instruments are recognised in the Charity's Balance Sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial Assets and Liabilities are offset, 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 liability simultaneously.

Basic Financial Assets

Basic Financial Assets, which include Debtors and Cash and Bank balances, are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at

Page 26

The Complete Works Limited Notes To The Financial Statements (Continued) For The Year Ended 31 August 2023

the present value of the future receipts discounted at a market rate of interest. Financial Assets classified as receivable within one year are not amortised.

Basic Financial Liabilities

Basic Financial Liabilities, including Creditors and Bank Loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments, discounted at a market rate of interest. Financial Liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as Current Liabilities if payment is due within one year or less. If not, they are presented as Non-Current Liabilities. Trade Creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

De-recognition Of Financial Liabilities

Financial Liabilities are de-recognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.13 Taxation

The Charity is an exempt charity within the meaning of Schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and it therefore meets the definition of a charitable company for UK Corporation Tax purposes.

1.14 Employee Benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15 Retirement Benefits

Payments to defined contribution retirement benefits schemes are charged as an expense as they fall due.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of minimum lease payments.

Page 27

The Complete Works Limited Notes To The Financial Statements (Continued) For The Year Ended 31 August 2023

The related liability is included in the Balance Sheet as a Finance Lease Obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net income/(expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income and expenditure on a straight line basis over the term of the relevant lease.

Critical Accounting Estimates And Judgements

In the application of the Charity’s Accounting Policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

It has been judged that the fair value of all assets and liabilities is equal to book value, and a number of estimates have been made to calculate Accruals as at 31 August 2023.

3; Donations And Legacies

Unrestricted Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ E .
Grants Received For Core Activities
Educational Grants and
Awards _3,557 3,557 4,138 7,695 5,442
3,557 4,138 i 7,695 5,442

Page 28

The Complete Works Limited Notes To The Financial Statements (Continued) For The Year Ended 31 August 2023

4. Charitable Activities

Unrestricted Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ £ £
Education Services
Provided 4,194,353 - 4,194,353 3,809,851
Total 4,194,353 - 4,194,353 3,809,851
5. Investments
Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ £ £
Interest Receivable ___ 27,820 - 27,820 1,267
6. Charitable Activities
Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ £ £
Staff Costs 2,784,548 - 2,784,548 2,608,153
AgencyWorkers and 583 - 583
Consultants 666
Teaching Costs 621,292 4,138 625,430 574,194
3,406,423 4,138 3,410,561 3,183,013
Share ofSupport Costs 679,400 - 679,400 678,428
Share of Governance
Costs 17,489 - 17,489 13,803
Total 4,103,312 4,138 4,107,450 3,875,244

Page 29

The Complete Works Limited Notes To The Financial Statements (Continued) For The Year Ended 31 August 2023

.< Support Costs

Unrestricted Unrestricted Restricted Restricted Total Total
Funds Funds 2023 2022
z £ £ £
Support Costs
Staff Costs		 230,442 - 230,442 234,002
Loss On Disposal Of
Fixed Assets 345 - 345 757
Depreciation and
Amortisation
Operating Leases
Premises Costs		 44,392
245,460
83,359		 -
-
-		 44,392
245,460
83,359		 101,461
242,616
44,214
Other Cosis 75,402 — - 75,402 55iolo_
Total Support Costs - 679,400 - 679,400
Governance Costs
Audit Fees 12,088 : 12,088 9,123
Non-Audit Services
Provided ByAuditors
Accountancy
Trustees’ Expenses		 720
4,530
151		 -
-
-		 720
4,530
151		 - -
4,680
=.
Total Governance
Costs 17,489 - 17,489
696,889 - 696,889 692,231

8. Trustees

None of the Trustees (nor any persons connected with them) received any remuneration during the current and preceding year.

Two trustees (2022: none) were reimbursed, a total of £151 (2022: Enil) for travelling and subsistence expenses.

Page 30

  1. Employees

The Complete Works Limited Notes To The Financial Statements (Continued) For The Year Ended 31 August 2023

Number Of Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Employees 103 106

During the year, there were an average of 31 (2022: 33) bank staff employed, who are all employed on flexible contracts; there were an average of 72 (2022: 73) salaried staff, of which 20 (2022: 18) were employed part-time and 52 (2022: 55) were employed full-time.

During the year, there were an average of 31 (2022: 33) staff employed in the Central Office, including the Headteacher, Assistant Headteachers, Education Support Officers, Designated Safeguarding Lead, and Teaching and Learning Team, who are ail directly involved in the welfare and education of students, but do not provide students with education.

Employment Costs

Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ x 5
WagesAnd Salaries 2,719,606 - 2,719,606 2,565,894
Social Security Costs 241,137 - 241,137 223,263
Other Pension Costs 54,247 - 54,247 52,998
3,014,990 - 3,014,990 2,842,155_

The number of employees whose total employee benefits (excluding employer pension costs) exceeded £60,000 for the year, shown within bands of £10,000, is:

2023 2022
Number Number
£60,001 - £70,000 - 1
£70,001 - £80,000 1 -
£80,001 - £90,000 1 2
£90,001 - £100,000 1 oo
Total 3 3

Page 31

The Complete Works Limited Notes To The Financial Statements (Continued) For The Year Ended 31 August 2023

10. Intangible Fixed Assets

Software Total
£ £
Cost
At1September 2022
Additions		 45,799
18,729		 45,799
18,729
At31 August2023 64,528 64,528
Amortisation And Impairment
At
1 September 2022		 13,778 13,778
Charged InThe Year 17,187 17,187
At31 August 2023 30,965 30,965
Net Book Value
At31 August 2023 33,563. 33,563
At31August2022 - 32,021 32,021

Page 32

The Complete Works Limited Notes To The Financial Statements (Continued) For The Year Ended 31 August 2023

11. Tangible Fixed Assets

Leasehold Fixtures, Total
Improvements Fittings
And
Equipment
£ £ £
Cost
At
1 September2022		 285,060 162,702 447,762
Additions
Disposals		 7,840
=		 13,783
(26,982)		 21,623
(26,982)
At 31 August 2023 292,900 149,503 442,403,
Depreciation And Impairment
At 1 September2022 275,745 144,577 420,322
Charged In The Year 9,315 17,890 27,205
Eliminated In Respect Of
Disposals -— (26,637) (26,637)
At 31 August 2023 285,060 135,830
Net Book Value
At 31 August2023 7,840 13,673 21,513
At31August2022 9,315 18,125 27,440

Page 33

The Complete Works Limited Notes To The Financial Statements (Continued) For The Year Ended 31 August 2023

12. Fixed Asset Investments
Other
Investments
2
Cost Or Valuation
At 1 September2022 and 31 August2023 —_ 6
Carrying Amount
At 31 August2023		 a 6
At 31 August 2022 _ 6
Other Investments comprise:
2023 2022
Notes E £
Investments In Subsidiaries 20 6 6
13. Financial Instruments
2023 2022
£ E
Carrying AmountOf Financial Assets
Debt Instruments Measured At Amortised Cost		 207,972 151,843
Carrying Amount Of Financial Liabilities
Measured At Amortised Cost		 150,190_ 175,603

Page 34

The Complete Works Limited Notes To The Financial Statements (Continued) For The Year Ended 31 August 2023

14. Debtors

2023 2022
£ £
Amounts Falling Due Within OneYear
Trade Debtors 74,818 69,170
Provision For Doubtful Debts (400) (194)
Other Debtors 14,314 1,026
Prepayments 71,096 71,464
159,828 141,466
Amounts Falling Due After More Than OneYear
Other Debtors 119,240 104,240
Total Debtors __ 279,068 __ 245,706
Debtors Due After More Than One Year consists of deposits on rental premises.
15. Creditors: Amounts Falling Due Within OneYear
2023 2022
£ £
Trade Creditors 36,435 48,500
Amounts Owed To Group
Undertakings 6 6
Other Taxation And Social
Security 95,993 77,990
Accruals 89,005 98,782
Other Creditors 24,750 28,608©
246,189 253,886
16. Provisions
2023 2022
£ £
ProvisionsDueWithinOneYear 25,278 oe

Provisions relate to flood damage at 38 Commercial Street in July 2023.

Page 35

The Complete Works Limited Notes To The Financial Statements (Continued) For The Year Ended 31 August 2023

Ai; Retirement Benefit Schemes

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

The charge to the Statement Of Financial Activities in respect of defined contribution pension schemes was £54,247 (2022: £52,998).

  1. Operating Lease Commitments At 31 August 2023, the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023 2022
£ £
Within One Year 426,813 427,471
Between Two And Five Years 982,979 1,487,591
In MoreThan Five Years — - 932,693
1,409,792 2,847,755

Operating lease costs charged to the Statement of Financial Activities during the year total £415,851 (2022: £462,553). The operating leases comprise leases of premises and equipment. The leases are for periods up to twelve years, with rent reviews due within five years. The premises leases include upwards rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.

Page 36

The Complete Works Limited Notes To The Financial Statements (Continued) For The Year Ended 31 August 2023

19. Related Party Transactions

Remuneration Of Key Management Personnel

Key Management Personnel are as disclosed in the Trustees’ Report and the Legal : and Administrative Information. The remuneration of key management personnel is as follows:

Aggregate Compensation

2023 2022
£ £
202,444 188,055

The Chief Executive and Headteacher are included within Key Management Personnel.

Transactions With Related Parties

There are no transactions with related parties other than those disclosed under Note 9 as Trustees’ Expenses. No Trustee (2022: none) is owed money (2022: Enil) at the 31 August 2023.

Page 37

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The Complete Works Limited Notes To The Financial Statements (Continued) For The Year Ended 31 August 2023

21, Cash Generated From Operations

2023 2022
£ £
Net Movement In Funds 122,418 (58,684)
Adjustments for:
Investment Income Recognised In
Statement Of Financial Activities (27,820) (1,267)
Depreciation And Impairment Of
Tangible Fixed Assets 27,205 90,016
Amortisation And Impairment Of
Intangible Fixed Assets 17,187 11,445
Loss On Disposal Of Fixed Assets 345 fot
Movements In Working Capital:
(Increase)/Decrease In Debtors (33,362) 41,423
Increase/(Decrease) In Creditors (7,697) (11,400)
Increase/(Decrease) In Provisions 25,278 -
Cash Generated From
Operations 123,554 72,290

Page 39

The Complete Works Limited Notes To The Financial Statements (Continued) For The Year Ended 31 August 2023

22. Analysis of Funds 22.1. Movement in Statement Of Financial Activities

Fund Balance Incoming Incoming Resources
At Resources Expended
1 September 2022
£ £ £
Unrestricted Funds 2,482,457
_		 4,225,730 (4,103,312)-
_
Restricted Funds
Jack Petchey
Team London Young		 -
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500		 (3,638)
(500)
Ambassadors _ —
Total Restricted Funds - — 4,138 (4,138)
_
TotalFunds 7 2,482,457 4,229,868 (4,107,450)_

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