SHINE SHINE: Support and Help IN Educatlon Report and Financial Ststements 31 August 2020
SHINE: Support and Help IN Education REPORT AND FINANCIAL STATEMENTS 2020 CONTENTS Page Rofer•nco and administrative detsils Trust8as' rèport Incorporatlng th8 stratèglc report 2-10 Independent auditorfs report Consolidated statgment of financial activitigs (incorporating summary income and expenditure accounti 14 Consolldated balance shoot 16 Company balance sheat 16 Statement of ca8h Ilows 17 Notes to tho account8 18-29
SHINE: Support and Help IN Educatlon REFERENCE AND ADMINISTRATIVE DETAILS TRUSTEES cameron Ogden David Blood Gavin Boyle Lorna Fitzsimons Mark Heffeman Sarah Loftus Ann Mroz Lord J O'NeiM Raksha Pettni Stephen Shield$ Prof Samantha Twiselton OBE Chairman Resigned 16.06.2020 Resigned 16.ce.2020 Appointments m8de since the end of the financial year.. Kavita Gupta Appointed 15 12.2020 In view of their long Servi and outstanding contributions to the charity since its inception. both David Blood and Gavin Boyle were appointed as Emeritus Trustees on steppsng down from the Board. There is no formal legal responsibility attached to this role, but both will remain closely involved with SHINE into the future. PATRONS David Beckham OBE Sir How8rd Bemstein Sarah Brown Prof Gavin Blown Gavyn Davies, OBE Prof Chris Day Sir Alex Ferguson, CBE Prof Chris Husbands Sir Alan Langlands Prof Susan Lea Anne Longfield Gary Neville The Lord O'Donnell, GCB Sir Peter Ogden George Osborne Prof Dame Alison Richard, DBE DL Nick Robinson Prof Dame Nancy Rothwell June Sarpong Nicola Shindler Dr Sushil Vvadhwani CBE CHIEF EXECUTIVE AND COMPANY SECRETARY Fiona Spellman OFFICE ADDRESS bHIN 2 Princes Exchange Prin$ Square Leeds LS14HY BANKERS Barclays Bank PIC Epsom Branch 82-84 High Street Epsom Kr19 8BH SOLICITORS Bates, Wells & Brai(hwaite 10 Queen stet Place London EC4R 1BE AUDITORS Rees Pollock 35 New Bridge Street London EC4V 8BW
SHINE: Support and Help IN Education TRUSTEES, REPORT The trustees present their annual report and the audited financial slatements for the year ended 31 August 2020. The report and financial statements havo been prepared in accordance with the accounting policies sel out in nole 1 to the accounts, and comply with the charity's governing documents, the Charities Act 2011 and the Statement of Recommended Practice.. AOUntIng and Reporting by Charities {FRS 102) revised 2019. The trustees who served throughout the last financial year were.. David Blood (resigned 16.06.2020}, Gavin Boyle (resigned 16.06.2020}, Lorna Fitzsimons, Mark Heffernan, Sarah Loftus, Ann Mroz, Cameron Ogden, Lord O'Neill, Raksha Pattni, Stephen Shields and Professor Samantha Twiselton. There were no new appointments to the Board during this year. In view of their long seNice and outstanding contributions to the charity since its inception, both David Blood and Gavin Boyle were appointed as Emeritus Trustees on stepping down from the Board. There is no fomal legal responsibility attached to this role, but both will remain closely involved with SHINE into the future. STRUCTURE, GOVERNANCE AND MANAGEMENT SHINE is a registered charity {no.10827771 and a company limited by guarantee {no. 40535091 and is governed by its Memorandum and Articles ofAssociation. The declaration of trust was made on 17 March 1999 and the charitable company was incorporated on 16 August 2000. Trustees are appointed by the board of trustees following a iwo-sta9e interview process including the Chairman and at least one other trustee. The induction process for new trustees comprises an initial meeting with the Chairman, followed by a formal welcome and induction meeting with the Chief Executive, at which point the following is provided.. an infomation pack about SHINE., copies of the original Trust deed and the charitable company's Memorandum and Articles of Association- copies of the most recent trustees, report and audited financial statements., and copies ofthe relevant Charity Commission and Companies House guidance booklets °The Essential Tmstee.. What you need to know" and "The Directors (and Secretaries) Guide" The board of trustees is led by the Chairman who is elected to serve for a term of three years initially. The board of trustees sets the policy framework for the charitable company and the Chief Executive leads the staff team in day to day operations. The board also periodically reviews the policy framework and keeps it up to date so that it remains relevant to the work of SHINE and the context wrthin which the charitable company is working. The board allocates responsibility for different aspects of SHINE'S business to a number of sub-committeeslcluslers (membership of committees is made up of trustees with support from officers).. the investment and finan cluster, the grant-making cluster and the fundraising Cluster. These groups report to the full board. The full board meets at least three times each year. The sub-committees meet on a regular basis throughout the year. One third of the board of trustees is required to retire by rotation at each AGM meeting, at which point they may put themselves fonNard for re-appointment to the board.
SHINE: Support and Help IN Education Related p8rties None of our trustees receive remuneration or other benefit from their work with the charity. All trustees and staff must complete a declaration of interest fom upon appointment. The Chief Executive holds and updates the register of interests on an annual basis. Other than trivial travel costs reimbursement. no such related paty transactions were reported. The charity's wholly owned subsidiary, SHINE.. Support and Help in Education Trading Limited, was established to receive non-charilable income such as sponsorship. The Directors of the subsidiary are Cameron Ogden and David Blood (resigned 16.06.2020) and Fiona Spellman is the Company Secretary. Income from the subsidiary is donated to the Charity. As noted below it has been decided since the year end that the subsidiary is no longer required by the charity and will therefore be closed in the forthcoming year. Pay and remun8r8tion The pay of the Chief Executive is reviewed annually by the Chair. The pay of staff is reviewed annually by the Chief ExecLrtive. Each year staff will nomially receive a cost of living pay increase. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Irustees (who are also the directors of SHINE.. Support and Help IN Education for the purposes of company law} are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practice). Under company law the trustees must not approve the financial statements of the charitable company unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including Ihe income and expenditure of the Charitable company for that period. In preparing those financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently.. observe the methods and principles of the Charities SORP., make judgements and estimates that are reasonable and prudent.. state whether applicable accounting standards have been followed., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper adequate accounting records thal are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 olher irregularities. The trustees are responsible for the Maintenan and integrity of the corporale and financial information included on the charitable company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements differs from legislation in other jurisdictions.
SHINE: Support and Help IN Educatlon STRATEGIC REPORT OBJECTIVES. ACTIVITIES AND PUBLIC BENEFIT SHINE was first established in 1999 by a group of committed philanthropists who wanted to improve th8 attainment of children from low income homes. Since then, we have invested £32 million in projects benefiting almost 1.4 million children from over 20.000 schools. 200,000 of these children have been reached by SHINE-funded programmes in schools; and in addition, almost 1.2 million disadvantaged children have benefrted from access to SHINE-funded programmes online. SHINE has identified and helped Io sc8lepUP some of the most successful edu¢ation programmes in the UK, including the Tutor Trust, Intouniversity, Hegartymaths and Times Tables Rockstars. We specialise in spotting early po*ential and then helping new innovations expand across the system. In 2017, SHINE took a bold decision to relocate out of London 2nd focus on tackling educational inequality across the Northern Powerhouse, where the need is greatest and where therè are fewer locally-based funders able to he5p tackle the issue. SHI NE is run on a number of core principles which underpin everything we do.. SHINE cares deeply about giving children fair chances to succeed in education. SHINE is passionate about supporting great educational practi to change children's lives. SHINE applies business skills to education, supporting rigorous, sustainable interventions that can be scaled up On proven. SHINE'S trustees pay for the operating costs of the charity so that 100.10 of all donations go directly to supporting the children who need it most. In reviewing our charitable objectives and planning our activities, the trustees of SHINE have taken into account the Charity Commission's general guidance on public benefit and its supplementary guidance on the advanment of education for public benefit. In the Autumn of 2018. SHINE published a strategy framework which sets out our goals to 2025. These are.. 1) We will improve the attainment of children from disadvantaged backgrounds across the Northem Powerhouse. We wll do this by.. Catalysing an investment of at least £25 million into education across the North. Raising awareness of the educational barriers facing children from disadvantaged backgrounds. Building partnerships with others who share our vision and objectives. 21 We will further the knowledge base of what works in overcoming educational barriers. We will do this by: Assessing the impact of everything we do. Sharing our key successes and learning with the widesl possible audience. Supporting programmes all over the varied contexts of the North, from urban crties like Leeds and Newcastle to rural and coastal areas like Cumbria and Scarborough.
SHINE: Support and Help IN Edu¢atlon 3) We will champion the power of great teaching to change children's lives. We will do this by.. Supporting inspirational teachers to apply eViden-baSed approaches in the classroom. Developing teachers as innovalors, helping them to improve the education system from within. Building a movement of excellent teachers with a shared belief in the most disadvantaged children. ACHIEVEMENTS AND PERFORMANCE Some of the highlights from the 2019-20 academic year include-. SHINE held a launch Dinner in Manchester in October 2019, bringing together key leaders from across the North to unite behind SHINE'S vision to tackle educational equality. We invested almost £3 million in new programmes across the varied contexts of the North. backing teachers to scale-up promising innovations, and targeting specffi¢ areas of the North for more strategic investmenls. Together with our partners at the Steve Morgan Foundation, we embarked upon Ihe single biggest partnership in the charity's history., a £2.6 million programme for Right to Succeed in North 8irkenhead to drive improvements to children's outcomes, from Cradle to Career. This has been matched by more than £2.5 million from public resource, making the programme worth £5 million over three and a half years. We supported more than 500 teachers in their work to help the most disadvantaged children and respond to their needs through the COVID-19 pandemic. School closures significantly affected the delivery of SHINE'S funded projects in 2019- 20. We worked with all grantees to agree a flexible approach to milestones and deadlines and to adapt delivery wherever possible to better meet the unprecedented circumstances. Our report against the objectives we set last year is below. Objective 1 To conduct a review of SHINE'S grant-making in the North thus far and reshape our strategy as needed in lioht of our learning over the pasttwo years. SHINE undertook this review in the autumn and spring, with sign-off by the Board taking place in March 2020. Through this review we decided lo focus SHINE'S future grant-making on three distinct areas where we have seen the greatest impact from SHINE'S work in the North so far.. 11 Nurturing great ideas developed by teachers and schools in the North. Focusing the national Let Teachers SHINE competition on achieving impact in the North from the outset and offering mulli-year funding io competition winners in order to give them longer to try out ideas before applying to scale-up practi. 2) Supporting children in key transition points, where statistically they are currently falling behind. Backing schools and partnerships of schools to improve outcomes in the pre- school transition and in the move bemeen primary and secondary school. 31 Working with other5 in areas of greatest need. Proactively instigating partnerships where we can work on common challenges together in specific geographie5. We believe that by foctjsing our efforts on these areas of specialism. we can maximise SHINE'S impact on children in the North.
SHINE: Support and Help IN Education Objectlve 2 - To launch a new website with more accessible, engaging content which better reflects SHINE'S new strategy and priortties. SHINE'S new website went live in November 2019 and we have made signifieant progress in building our online content, including new videos, relatable stories and a map of all SHINE programmes. This has already begun to drive additional traffic to the site, wf(h a 49 /0 increase in new website users in summer 2020 compared to summer 2019. Objective 3 To raise the profile of SHINE and its grantees as part of changing the narrative on education in the North. In 2019-20 we have seen a significant increase in the profile of SHINE and f(s grantees, and this is enabling us to have a stronger influence on the education debate in the North. COVID- 19 has shone a harsh spotlight on educational inequality, and in particular the dIfferenS between children's experienS beyond school. SHINE'S following on Twitter has grown by 56% in a year, our impressions on Linkedln are up by over a 1,000 /0, and we have achieved coverage in regional news, television and radio. As part of our response to the pandemic, we decided to lend our plafform to teachers in the North who were battling significanl issues through locKdown, and this has enabled us to help share their stories and experiences as well as our own. Objectlve 4 - To collaborate with other funding partners to catalyse impact beyond our own direct capacity and resources. SHINE has launched a number of new partnerships this year with like-minded philanthropists who share our commitment to a brighler future for disadvantaged students. Beginning with a Launch Dinner, Ihat raised over £200,000, we have successfully begun to broaden the neOrk offundin9 partners around SHINE and to ensure ourwork is able to have a bigger impact than if we were to work alone. Objectlve 5 - To catalyse an investment of at least £25 million to education in the North by 2025. We have now raised £9 million towards this target, which places us on track for the targels we sel for this stage in our cycle, desplte the challenges presented by COVID. The need for SHINE'S work has never been greater, and we are determined to play the biggest role we can in helping disadvantaged children Ihrough these most dtfficult of times. FINANCIAL REVIEW The results for the year are set out on page 14 of the financial statements. The net incoming resources for the year after net investment gains are £2,084,541 12019-. outgoing resources £687,431). This is due to significant new multi-year partnerships secured in year, including almost £3 million in new pledges from two majorfunding partners, a £500,000 repayment of a grant, and £500,000 in leveraged funds from SHINE'S Founding Trustees to help unlock new philanthropy in the North. This. combined with SHINE'S expendable endowment value of almost £5.7 million, places our charity in a robust financial position for the future.
SHINE: Support and Help IN Education The trustees are grateful to the large number of individuals, companies, trusts and foundations who have generously supported SHINE in the last year. Our special thanks to the following partners and supporters in 2019-20". The Bedford Famity Foundats'on, Dawn Capital, French Huguenot Church of London Charitable Tru*. the Grace Trust. John Armitage Charitable Trust, John Horseman Trust. London School of Economics, Nerd Nite, the Ogden Trust, Orbis Investments and Allan and Gray Philanthropy, Teachers Group Educational Trust, TES and the UBS Optimus Foundation. In addition, we are very gratefvl to the Steve Morgan Foundation for co-funding a major partnership wrth SHINE in North Birkenhead this year. Principal risks The trustees have a risk management strategy which comprises.. a full annual review of the principal risks and uncertainties that the charity and its subsidiary faces, ongoing reviews of any areas identified as being of higher risk, especially relating io Ihe COVID-19 pandemic, the establishment of polices, systems and procedures to mitigate those risks, and the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise. A summary of the main risks and their mitigation are outlined below. Major data protection breach Policy agreed by the Board Registered with Information Commissioners Office Retainer with specialist consultant to uphold compliance IT security maintained through contractor Lack of liquidity to tover cash flow needs Investment policy agreed by the Board Sufficient levels of liquidity maintained within the overall investment portfolio Committee meets and reviews cashflow regulady Intemal Fraud (theft or misappropriation of funds) Expenditure I cheque signatory authorisation limits sel at the bank and agreed by the Board . Annual budget approved by th8 Board, and perfonnance measured vs. the budget at rogu12r int•rv)14 Written statement of policy and practi on income receipt {donationsl and payment procedures (invoices, expenses, petty cashl exists, and these prOureS are clarified during staff induction .Comprehensive financial records maintained. These are reviewed on a quarterfy basis by the Finance Cluster who report to the wider Board following each meeting. Unsatisfactory fundraising returns Maintsin high standards, brand quality and gocxj reputation through contact with donors Active involvement of the Board Broaden the donor base Vary l expand fundraising approaches l events Implemenl fundraising plan Regular reporting to the Board against targS Fundraising at SHINE is conducted in accordan with agreed policies and procedures as OLrtlined further below.
SHINE: Support and Help IN Education Poor returns on SHINE'S investments Experienced Finan Cluster members Investments diversified • Committee meets and reviews performan regularly and meets with the investment managers as needed to agree future strategies. In April 2020, Trustees agreed an updated Risk Register to include the key risks posed by COVID-19. This resulted in the following additional procedures.. Finan Cluster agreed to meel and review SHINE'S investment performance outside of the main Board meeting structure as needed. SHI NE slaff agreed to maintain close relationships and contact with key supporters. SHINE'S Data Protection and Health and Safety policies were updated to cover home working. Any additional workload demands on the team were assessed based on the assumption of 60-70 /0 slaff capacity. We agreed closer monitoring and support lo existing SHINE grant holders to identfy key risks for project delivery and mitigate those risks wherever possible. This included altering payment schedules and increasing grants in some cases. These mitigation measures were successful in managing the key risks for the charty and the crisis did not impact on SHINE'S ability to continue its core functions in any significant way. ReseThes Excluding restricted funds, the trLSSte8s oversee investments of £5,667,717 {2019: £5,302,420), the majorty of which comprise the expendable endowment funds. The trustees regard the level of the endowment as sufficient.. to make up for any shortfall in budgeted income in a particular year,. and to cover any unbudgeted expenditure whiGh may become necessary. This policy, which is designed to ensure that SHINE can meet these eventualities in any financial year, is reviewed by the trustees on a regular basis. Additionally, SHINE'S annual administrative, management and staff costs will continue to be met in full by donations from certain trustees and from unrestricted reseNes held in the expendable endowment. This allows every penny of every non-trustee donation to reach the projects we fund. The financial $tgtements inGlude donations totglling £340.000 {2019.. £395,000> within reetricted funds towards these expenses. Net funds increased by £2,084,541 this year, ending al £6,458.993 compared with £4,374,452 at 31 August 2019. SHINE took the decision to establish a dedicated Fundraising Clusler of Trustees this year and to add specialist fvndraising capacity to the staffing team. In addition, we ran an event in October 2019 to help raise awareness and attract new supporters to SHINE. Our renewed focus on funding partnerships this year have helped SHINE to attract major gifts from philanthropists who share our passion to help deliver greater fairness in education. These partnerships have taken SHINE significantly fomards on our ambitions to catalyse at least £25 million into educalion in the North by 2025. SHINE received a repaymenl of £500,000 from a previous grantee this year, owing to clauses in their grant agreement relating to Private Benefit. This has been included in the financial slatements as part of SHINE'S restricted funds to support future grant payments.
SHINE: Support and Help IN Education Investment All monies will be invested in accordan with SHINE'S Articles of Association. The Finance Cluster monitors the endowment alongside our commitments to funding projects. The trustees acknowledge that investment market movements could impact the endowment and Ihal this is not within our control. The committee has overseen the sucSsful management of these funds through our various fund managers. The Trustees use asset allocation and diversification to achieve a balance beeen capital prèservation and capital appreciation. The estimated total returrt on the investment portfolio, net of fees, for the financial period was Due to thg volalility of the market resulting from COVID-19, Trustees monitored SHINE'S investment performance more closely than in previous years to ensure that any nessary changes could be expedited quickly rf required. In the event, SHINE'S investments continued to perform well given the external environment and no suGh Ghanges took place. On a rolling one-year basis, it is the inlention of the Trustees to hold all monies committed to projects, net of related co-funding commitments, for the subsequent 12 months in 'safe', liquid interest bearing bank deposits, short dated gilt-edged or corporate securities, or in funds who invest in such strate9ies, with a maturity profile reasonably matched to thè disbursement schedule. The target asset allocation for SHINE'S investments is as follows.. Cash and equivalents Current income I hedge funds 15-45°/0 Equity related 40-75°/, Fundraising SHINE Trust is rggistered with the Fundraising Regulator which is the independent regulator of charitable fundraising. The Board approved a Strategic Plan (the Plan) in 2019 which includes the approach we take to fundraising in the organisation. Our approach to delivering the Plan meets the requirements of the Charity Commission, Fundraising Regulator and Information Commissioner's Office. Almost all income generation activity will be done by SHINE'S staff directty or on our behalf through introductions made by ambassadors and professional advisors. We will also connect lo potential donor3 and partners through networking and by raising our profile through communications. When and if we enter into commercial participation arrangements, we will have formal agreements in place that deal with risks to the charity and ensure transparency. Some fundraising will be done for SHINE by third parties, for example personal fundraising challengeslevents, in support of our general cause. When we become aware of such fundraising acttvities, we give guidance to those undertaking such activities to ensure we, and they, are compliant. We will not.. use direct marketing, telephone, doorstep or on-street fundraising,. employ for- profit agencies to raise income on our behalf,. or share information about donors or supporters without their express permission. SHINE maintains records of all complaints reiVed during the year. SHINE reports this information annually to the Fundraising Regulator if requested. No such complaints were received in the year related to SHINE'S fundraising activities.
SHINE: Support and Help IN Education PLANS FOR FUTURE PERIODS The trustees have sel a number of objectives for the following year.. Identify other areas of the North where SHINE could look to make a more strateglc impact, based on the North Birkenhead model.. Develop a new website for Let Teachers SHINE to promote the competition using relatable stories from previous winners., Build on SHINE'S presence as an influencer in the education debate in the North, and work with aligned partners to advocate for broader policy changes as needed., Continue developing new funding partnerships to Cataly impact beyond our direct means., Update SHINE'S Articles of Association to reflect current best practice in the sector as described in the Charrty Governan¢e Code,. and Explore opportunities to add new skills and experience to the B08rd. In January 2021 the Trustees of SHINE decided to close SHINE.. Support and Help in Education Trading Limited as the trading subsidiary was no longer in use. It is expected that the company will be formally struck off in spring 2021. PROVISION OF INFORMATION TO AUDITORS Each of the persons who is a trustee at the date of approval of this report confirms that.. so far as the trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware-, the trustee has taken all steps that helshe ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the auditors are aware of that infomiation. This confinnation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006. AUDITORS A resolution to appoint auditors for the nexi financial year will be proposed al the next Annual General Meeting in Septsmber 2021 This trustees report, which incorporates the Strategic Report, was approved by and signed on behalf of the board of trustees on 24 March 2021. Cameron Ogden Chairman 10
SHINE: Support and Help IN Educatlon Independent Auditor's Report to the Members of SHINE.. Support and Help IN Education Opinion We have audited the financi81 statements of SHINE-. Support and Help IN Education I'the Parent Company) and its subsidiaries I'the Group'l for the year ended 31 August 2020 which comprise the Consolidated Statement of Financial Activities (including Consolidated Income and Expenditure AGcountl, the Consolidated and Company Balance Sheets, the Group and Company Statement of Cash Flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, {United Kingdom Generally Accepted Accountsng Practice). In our opinion the financial statements.. give a true and fair view of the slate of the Group's and of the Parent Company's affairs as at 31 August 2020 and of the Group's incoming resources and application of resources, including its income and expenditure, for the period then ended- have been propedy prepared in accordan with United Kingdom Generally Acceoed Accounling Practi. and have been prepared in accordance wilh the requirements of the Companies Act 2006. Basis of opinion We conducted our audit in accord8nce with International Slandards on Auditing {UKI I'ISAS IUK'I and applicable law. Our responsibilities under Ihoge standards are further described in the Audilorfs respongibilities for the audit of the financial slalements section of our report. We are independent of the Group and Parent Company in accordance with Ihe ethical requirements that are relevant to our audit of the financial statements in Ihe United Kingdom, incSuding the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities i accordance wrth these requirements. We believe that the audit eviden we have oblained is sufficient and appropriate to provide 8 basis for our opinion. Conclusions relating to going concern We have nothing lo report in respect of the following matters in relation to which the ISAS IUKI require us to report to you were.. the trustees, use of the going concern basis of accounling in the preparation of the financial statements is not appropriate", or the trustees have not disclosed in the financlal slalements any identified material UnrtaInlieS that may cast significant doLJbt about the Group's or the Parent Company's ability lo conlinue to adopt the going concem basis of accounting for a period of at least twelve months from the tlate when the flnanclal statements are authoriaed for i¥suE. Other infomialion The trustees are responsible for the other information. The other informalion comprises the information included in the Annual Report, other than the Parent Company and Group financial ststements and our auditors, report thereon. Our opinion on the Parent Company and Group financial statements does not cover the other informab'on and, exp1 to the extent otherwise explicitly stated in our report, we do nol express any form of assurance conclusion thereon. In connection with our audit of the Parent Company and the Group financial StatenntS. our responsibility is to read the other infofmation and, in doing so, consider whether Ihe other information is materially inconsistent with the Parent Company and the Group financial statements or our knowledge obtained in the audit or otherwise appears to be malerially misstated. If we identify such material inconsistencies or apparent material misstalenEnts, we are required to detemine whelherthere is a malerial misstatement in Ihe Parent Company and the Group financial statements or a material misstatement of the other infomiation. If, based on the work we have performed, we Conclude that there is a malerial misstatement of this olher informalion, we are required lo report that fact. We have nothing lo reFXJrt in this regard.
SHINE: Support and Help IN Educatlon Independent Auditoi's Report to the Members of SHINE: Support and Help IN Education Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the illforrnalion given in the Strategic Report and the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial slatemenls., and the Strategic ReFXIrt and the Trustees, Report have been prepared in accordance with the applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and underslanding of the Group and the Parent Company and their environment obtained in the Goutse of the audit, we have not identified material misstatements in the strateg Report or the TTUStees' Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been reiVed from branches not visited by us., or the Parent Company financial statements are not in agreement with the accounting records and returns., or rtain disdosures of truslees, remuneration specified by law are not made", or we have not received all the infomiation and explanations we requi for our audit. Responsibilities of trustees As explained more fully in the statement of Irustees, responsibilities slalement on page 3, the trustees (who are also the directors of the Parent Company for the purposes of company lawl are responsible for the preparation of financial statements and for being satisfied that they give a Iwe and fair view, and for such internal as the trustees determine is necessaryto enable the preparation of financial statements that are free from material misstslement, whether due to fraud or error. In preparing the Group and Parent Company financial statements, the trustees are responsible for assessing the Group's and the Parent Company's ability to conlinve as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of ccounting un14XÈ tho trugt4)Oe Oithar intgnd to liquidat• th• Group or th• Pgr•nt Compgny Cjr cease operations, or have no realistic attemative but to do so. Auditors, responsibilitie$ for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as whole are free from material misstatement, whether due to fraud or error, and lo issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will ahmays 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 reasonabty be expected to Influen the economic decisions of users taken on the basis of these financial statements. A further description of our resp)nsibililies for the audit of the financial statements is lo(3ted on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibilities. This description fom)s part of our auditors, report. 12
SHINE: Support and Help IN Education
Independent Auditor's Report to the Members of SHINE: Support and Help IN Education
Use of our Report
This report is made solely to the Parent 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 Parent 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 Parent Company and the Parent Company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Alexander Macpherson (Senior Statutory Auditor) for and on behalf of Rees Pollock, Statutory Auditor 35 New Bridge Street London EC4V 88W 26 March 2021
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SHINE: Support and Help IN Education Report and Financial StateEnts 2020 Consolidated Statement of Financial Activities including Consolidated In(x)me and Expenditure Account For the year ended 31 August 2020 Expendable Restrided Endowment 2020 2020 Unrestricted 2020 Total 2020 Total 2019 Note Incomo and gxpfynditure account Ineomè r•soure8s Incoming resources from generated fund: Voluntary income Gifts and donation$ Investment income 733,950 4,451 4,013,148 4,747,098 1,394,020 4,451 4,198 Total incoming resources 738.401 4.013,148 4,751,549 1.398,218 Resources expended Costs of generating funds: Costs of generating voluntary income Charitable actlvities: Granl-making 244,040 244,040 93,381 20.708 2,647,035 2,667.743 2.176,246 Total resources expended 20.708 2,891,075 2.911.783 2.269,627 Net gains on investments 244,775 244,775 183,978 Net Incomellexpenditure) 717,693 1,122,073 244,775 2.084,541 {687,4311 Transfers beeen funds 1717,6931 717,693 Net movement in funds for the year 1,122,073 962,468 2,084,541 1687,431) Total funds brought forward 414,924 3,959,528 4,374,452 5,061.883 Total funds c8r¥ied fonNard 13 1,536.997 4,921,996 6,458,993 4,374.452 All of the above results are derived from continuing activit'es. The charitable company has no other compfehensive income other than those stated above in the current and preceding year. Comparative infomiation for the previous financial year is provided at Note 8. All support Costs, including the salaries of the SHINE staff team, are met by specrfic donations from the trustees so that all other income goes directty lo grant funding for projects. The notes on pages 18 10 29 fomi an integral part of these financial stslements. 14
SHINE: Support and Help IN Education Report and Financial Statements Consolidated Balance Sheet As al 31 August 2020 Expendable Restricted Endowment 2020 2020 Unrestricted 2020 Total 2020 Total 2019 Note Fixed Assots Tangible assets Investments 4,587 4,587 4.965 5,667,717 5,667,717 S,302.420 10 Total fixed 88sets 4.587 5,667,717 5,672,304 5,307,385 Current Assets Debtors 11 3,152,619 186,846 3,339,465 1,049,336 Cash at bank and in hand 1,089,258 231,556 1,320,814 7%,634 Tot81 current assets 4,241,877 418.402 4.660,279 1.845,970 Llabllltles Creditors. Amounts due within one year 12 1869,9531 11,048,434> 11,918,387} {1.701,172} Net ¢urrent assetsl 3,371,924 (630,032) 2,741.892 144,798 Total assets les$ current liabilities 3,376,511 5,037.685 8,414,196 5,452,183 CTed(cors". Amounts due after more than one year 12 11,839,514) 1115,689) 11,955,203) 11,077.731) Net assots 1,536,997 4,921,996 6,458,993 4,374,452 Thg Funds ofthg Charity Expendablè endowment funds Und•&i9natad Designated Restricted in¢ome fund8 Unrestricted funds 4,94Q.436 4,840.43S 3,OSQ.S28 72,560 72,560 1,536,997 13 13 1,536,997 414,924 Total charity funds 1,536,997 4.921,996 6,458,993 4,374,452 These financial slalemenls were approved by the Board of trustees on 24 March 2021. Signed on behalf of the Board of trustees C8meron Ogden Chairman The notes on pages 18 to 29 fomi an integral part of these financial statements.
SHINE: Support and Help IN Education Report and Financial Statements Company Balance Sheet As at 31 August 2020 Expandabla Restricted Endowment 2020 2020 Unrestrided 2020 Total 2020 To181 2019 Note Flxed Assets Tangible assets Investments 4,587 4,587 4,965 5.667,717 5,667,717 5,302.420 10 Total fixed assels 4,587 5,667,717 5,672,304 5,307.385 Current Assgts Debtors 3,1 S4,943 186,846 3.341,789 1,051,660 Cash at bank and in hand 1,086,654 231,556 1.318,210 794.030 Total current assets 4,241,597 418.402 4,659,999 1.845,690 Llabilities Creditors. Amounts due within one year 12 1869,9531 11,048,434111.918,387} {1,701,1721 Net ¢urr•nt assetsl 3,371,644 (630,D32) 2,741,612 144,518 Total assets les8 curront 3,376,231 5,037,685 8,413,916 5,451,903 Creditors.. Amount5 due after more than one year 12 11,839,514) 1115,6891 {1,955,2031 (1,077,731) Net a88ets 1,536,717 4,921.996 6,458,713 4,374,172 The Funds of the Charity Expèndable 8ndowmenl funds Undesignated 13 Designated Restricted income funds Unrestricted funds 4,849,436 4,849,436 3,959,528 72.560 72,560 1,536,717 13 13 1.536.717 414,924 Total charity funds 1,536,717 4,921,996 6,458,713 4,374,172 In accordance with s408 of the Companies Act 2006, the charity has not presented ils unconsolKlated stslemenl of financial activities. The net incoming resources forthe charity in the year were £2,084,541 12019 net outgoing £687,295). These financial statements were approved by the Board of trustees on 24 March 2021. Signed on behalf of the Board of trustees Cameron Ogden hairman The notes on pages 18 to 29 fomi an integral part of these financial statements. 16
SHINE: Support and Help IN Education Report and Financial Statements Statement of Cash Flows Year ended 31 August 2020 Group 2020 Company 2020 Group 2019 Cornpany 2019 Rg¢on¢iliation of net incomellexp•nditure} to not cash flow8 from oparating activitios Net Incomellexpendilure) 2,084,541 2.084.541 1687,4311 {687,2951 Adlustments for Depreryation of tangible assets Interest receivable (Gains) on investments (IneaSe)IdeCrease in debtors Increaselldecreasel in creditors 1,457 1,457 1,520 14,451} 14,451) 14,1981 1244,7751 (244,7751 1183,9781 {2.290,1291 (2,290,129) 186.0071 1,094,687 1.094.687 756,507 1,520 14,1981 (183,9781 188,331) 756,507 Nel cash inflow I loutnowl from operating acts'vilies 641,330 641,330 1203,5871 1205.775} Cash flow statement Net cash loufflowl from operating activities 641,330 641,330 {203,5871 {205,7751 Nel cash transferred fromlllo} investment portfolio (44,1421 (44.142} Proceeds on sale of investments Purchase of fixed assets Purchase of investments 59,449 59,449 2,035.850 2.035,850 11,0791 11,0791 16,206) 16,2061 117S,5201 {175,520112,005,7011 12,005,701) Net cash inflow from investing activities 1117,1501 {117,1501 120,1991 120, 1991 Increaselldecreasel in eash 524.180 524.180 1223,7861 1225,974} Cash and cash equivalents al 1 September 2019 796.634 794,030 1,020,420 1,020,004 Cash and cash equivalents al 31 August 2020 1,320,814 1.318,210 7*,834 794,030 Analysis of cash and cash equlvalonts Cash at bank and in hand 1,320,814 1,318,210 796,634 794,030 The notes on pages 18 to 29 form an integral part of these financial statements. 17
SHINE: Support and Help IN Education R&wrt and Financial Statements Notes to the Financial Statements Year ended 31 August 2020 Accounting policies Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practi leffe¢live 1 January 201SI applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, Charities SORP FRS 102, the Financia1 Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} and the Companies Act 2006. SHINE meets the definition of a public benefit entity under FRS 102. Assets and liabilities are Initially recognised al historical cost or transaction value. with the eXpIlOn of fixed asset investments, which are re-measured al fair value. Charitabl• status and general infomiation SHINE is a charity registered at the Charty Commission and a company limited by guarantee incorporated in the United Kingdom and registered in England and Wales. The address of the registered offiee $ provided on page 1 and details of the principal activities are discussed in the Trustees. Report. Income accounting policy All incoming resou5 are included in the Statement of Financial Activitses when the charity 18 legally entitled lo the income and the amount be quantrfied with reasonablo a¢¢uracy. Fund accounting Unrestricted funds are available for use at the discretion of the liustees in furtherance of the general objectives of the charitable ¢ompany. Endowment funds relate lo funds donated where the capital is retained and the income is for use by the Iruslees in furthering the objects of the charitsble company. W)ere the trustees have a right lo ulilise capital. these funds a shown as expendable endowments. Vvhere the trustees have designated such funds for the award of grants, but these have not yel been formally awarded to specific tneficiar18S, they are recognised as designated expendable endowments. Restricted funds comprise those funds which are subject to specrfic wnditions imrosed by donors or by the purpose of the appeal. All income and expenditure is shown in the Ststement of FTnancial Activities. Judgements and estimat The accounts are prepared on an accruals basis. Mulli-year grant commrtments are accrued in full in the financial year that they ar@ awarded. Resources expended charitab expenditure comprises expenditure related to the direct furtherance of the company's charitable objectwes. They include support costs and Ihosg incurred in connection with the management of the charitable company's assets and organisalional administTalion. Fundraising activity costs aff those incurred in seeking voluntsry contributions for the charitable company and in publ181n9 the charitsble company. Grants awarded are shown in the Slalement of Financial Aclivllies, nor[h$tandin9 that a proportion will be paid in future accounting periods and may be condfiional on future performanco by the grantee. 18
SHINE: Support and Help IN Education Report and Financial Statements Notes to the Financial Statements Year ended 31 Augusl 2020 Accounting policies- continued Governance costs comprise all costs identified wholly or mainly attributable lo ensuring the public accountability of the charity and its compliance with regulation. These costs have been allocated as support costs to fundraising activities and grant administration in proportion to the related stsff time. B•$i$ of Consolidation The financial statements Consolidate thè accounts of SHINE.. Support and Help IN Education and ts trading subsidiary Trading income relates lo corporate support to Let Teachers SHINE. The company has taken advantage of the exemption within 408 of the Companies Act 2008 not to present rts own income and expenditure. Tanglble flxgd assats Tangible fixed assets are stated at cost includin9 any incidental expenses of acquiwlion. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows.. Office equipment 5 years Subsidiary The charity operates a wholly owned subsKliary called SHINE-. Support and Help IM Education Trading Limited, company number 09124560, established in England and Wales. Investments Listed inveslmgnts are slated al fair value as at the balance sheet dale. The value of investments are determined by the valuations submilled monthly by the managers of the individual investments. The Ststement of Financial Activities includes realised and unrealised gains and losses arising from the revaluation of the investment portfolio throughout the year. Disclosure is made in note 10 of the movement in market value of the Investments during the year. The investments were wholly in Managed Funds. Other flnanclal Instruments Other financial instruments arise directty from the company's charitable activities. All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impaimenl where there is objective eviden based on observable dats that the balance may be impaired. No collateral is held against trade and other receivables so the exposure lo credit risk is the net balan of trade and other debtors after allowance for impaimienl. The company's cash holdings comprise on demand balanS only. All cash is held with banks with strong external credit ratings. Cash held to meet medium lemi gTant commitments is classified fixed asset investments as part of the charitable company's expendable endowment. Trade and other creditors and accruals are initially recognised at transaction value as none represent a fi'nancing tr8nsaclw)n. They are only derecognised when they are extinguished. Oporating leases Rentsls applicable to operating leases are charged to the Statement of Fin8nci81 ActWTlies over the period in whi¢h Ihg cost is incurred on a slraighl line basis. even if the payments are not made on Such a basi¢. 19
SHINE: Support and Help IN Educatlon Repjrt and Financial Statements Notes to the Financial Statements Year ended 31 August 2020 Accounting policies- ¢ontinued Pentsion$ For defined contribution schemes the amount charged lo the Statement of Financial Activities in respect of pension cos15 and other posl-relirement benefits in the amount of contribution5 payable in the year. Differences beiween contributions payable in the year and Gontribulions actually paid in the year are shown as either accruals or prepayments in the balance sheet. Foreign exchange Monetary assets and liabilities denominated in forei9n currencies are translated into sterling al rates of exchange ruling at the balance sheet dale. Transactions in foreign currencies are translated into sterling al the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the profil and loss account. Reclasslflcatlon of comparatives In the prior year governance costs of £62,716 were shown separately on the face of the Slalemenl of Financial Aclivilies. A reclassification adjustment has been made to the current year comparatives, with governance eosls now apportioned lo the activities of the charity in aecordance with the Charities SORP FRS102. Further details are provided in note 5. This reclassrficalion has no impact on the previously reported net incoming resources or fund balans. Investment income 2020 2019 Interest and dividends 4.451 4,198 Trading activities Unrestricted funds 2020 Restricted funds 2020 Total funds 2020 Total funds 2019 Charity trading income Let Teachers SHINE 12,500 Charity trading exponsgs Bank charges 1137) 12,363 Net income 2020 2019 Nel income is slated after charging.. Auditors, remuneration for audit $ervi¢es Operating lease costs Depreciatlon (see note 91 17,700 27,757 1,457 15,800 25,4L 1,520 20
SHINE: Support and Help IN Education Rewrt and Financial Statements Notes to the Financial Statements Year ended 31 August 2020 Total resources expended Other direct costs Staff costs Total 2020 Total 2019 Grants Costs of gonerating funds Fundraising activities Support St$ G0Veman costs allocated 98,580 17,920 12,053 98.580 125,158 20,302 107,238 8,249 76.046 17,335 115,487 128,553 244,040 93,381 Charitable expenditure Grants Support costs Gov8¥nance costs allocAted 2,355,078 2,355,078 1,877,126 277,982 253,739 34,683 45,381 183,198 14.092 94,784 20,591 197,290 2,355,078 115,375 2,667,743 2,176,246 Total 312,777 2,355,078 243.928 2,911,783 2.269.627 The allocation of st8ff costs and governance costs beeen activities is on the basis of an apportionment of staff lime. Tol81 governance costs for the year were £54,98512019.. £62,716). 2020 2019 Grants Oulslanding Siabililies al 1 September New giants awarded during the year Underspends P21d durino the yéar 2,707,178 1.960,040 2,952,921 1,879,790 175,933) 12,6641 11.740.086) 11.129.988) Outstsnding liabilities at 31 August 3,844,080 2,707.178 Awards falling due wrthin one year Awards falling after more than one year 1,888,877 1,629,447 1,955,203 1,077,731 3,844.080 2,707,178 21
SHINE: Support and Help IN Education Report and Financial Statements Notes to the Financial Statements Year ende(131 Augusl 2020 Total resources expended (continued) Grants.. the trustees lake decisions on applications based on the recommendations of the 8xeculive team. Al grants approved in Ihe period a listed below. 2020 2019 Boromi 15,000 Hegartymalhs @ H & A Learning Lld Character Counts Easy Peasy 5,000 Right to Succeed Clapgate Primary School 13,640 Easy Peasy Lightning Maths 30,469 Allerton High School Oxford Youth Lab (Right lo Succeed) 2.S61,172 Pakeman School Spelling Beats CIC 132,652 SEERIH Iuniversity of Manchester) Sl Paul's C of E Primary School 40,000 Future First Support Costs for teacher 7,500 NUSTEM (University of Northumbria) University of Manchester 2,000 Sheffield Hallam University Watercliffe Meadow Primary School 15,078 Schools North East Wyvern College 30,410 Learning by Questions Let Teachers SHINE126 grants) University of Manchester Voice 21 Parklands Primary Arvon st Mary's, Blackpool St Edmund's Nursery Monteney Primary School Pocklington School and Chatta Watercliffe School York City Counci Pennine Way GMEEB Centre for Effective Philanthropy 60.000 26S,798 53.660 23.800 15,000 99,487 25,310 60,761 46,150 138,750 154,117 409,704 20,000 17,732 41,412 31,500 72,952 96,000 80,000 49,178 52,400 56,452 2,2Tt 5,000 1.350 Gros$ award$ 2,9S2.921 Gross awards 1.879,790 Le88 - underspends and 8djustsn8nls in respect of previous year award8 Underspends 175,9331 12.6641 Gran15 repaid Accrual reversal and other adjustments 1500,0001 {21,9101 Net grants recognlsod 2,355,078 1.877.126 22
SHINE: Support and Help IN Education Report and Financial Statem8nls Notes to the Financial Statements Year ended 31 August 2020 Staff eosls 2020 2019 Wages and salaries Social security costs Pension costs 268,211 27,696 16,870 198,626 15,732 10,531 312,777 224,889 Pension costs represent the Gharilable company's contribution lo the defined contribution personal pension plans of employee8. The number of employees, analysed by function was." 2020 2019 Number Number Generating funds Grant making Governan Number of staff who earned between.. £60,001 £70,000 {pro-ratal Key management personnel received aggregate reMUneraln of £72,19812019'. £78.9041 in the period. This figure is inclusive of salary, social security costs and employer's pension COntributns. Taxation As a registered charity. SHINE is exempl from taxation of in(x>me and gains falling within Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent these are applied lo its Charitable purposes. No tax charge has aTlSen in the year. 23
SHINE: Support and Help IN Education Report and Financial staleNnts Notes to the Financial Stalements Year ended 31 August 2020 Comparats"ve information - statement of financial activities 2019 Year ended 31 August 2019 Expendable Endowment 2019 Unrestricted 2019 Restricted 2019 Total 2019 Income and expendituro account Incoming rèsources Incoming resour¢es from Voluntsry income other gifts and donations Sponsorship Investment income 117,919 1.276,101 1,394,020 4,198 4,198 Total incoming resources 122,117 1,276,101 1,398.218 Resources expended Costs of generating funds- Costs of generating voluntary income 93,381 93,381 Charltable activitiO$'. Gnt-rnaking 1,295,904 880,342 2,176,246 Total resources expended 1,295,904 973,723 2.269,627 Net gains on investmen15 183,978 183,978 Nel incomellexpenditurel Transfers beeen funds (1,173,787) 1,173.787 302,378 183,978 1687.4311 11,173.7871 Nel movemer*l in funds for the year Total funds brought forw8rd 302,378 112,546 {989,8091 {687,4311 4,S49,337 5,061,883 Total funds carried forward 414,924 3,959,528 4,374,452 24
SHINE: Support and Help IN Education Report and Financial Statements Noles to the Financial Statements Year ended 31 August 2020 Tangible assets Group and company". Office equipment Total Cost At 1 September 2019 Additions 21.107 1,079 21,107 1,079 Al 31 August 2020 22,186 22,186 Depreciation At 1 September 2019 Charge for period 16.142 1,457 16,142 1,457 At 31 August2020 17,599 17,599 Net book value Al 31 Augu512020 4,587 4,587 At31 Augu$t2019 4,965 4,965 10. Fixed asset investments Group and company.. Investments analy81S 2020 2019 Listed inv$ IdomicilÉS nts and fijnds valued b reference to such investments Egerton Capital Equity Fund Ilrelandl Bridges Community Development IBCDI Venture Fund111 {UK} Magnitude International Class F Icayman Islands) CF Ruffer Total Return Fund IUKI Veritas 1,438,593 1,266,587 208,193 278,303 1,076,937 1,040,065 810.157 765,239 1,183,211 1,114,379 Market value of listed investments 4,717,091 4,464,573 Other investments Blackrock Sleding Liquidity First Ilrelandl 950,626 837,847 Total investments 5,667,717 5,302,420 25
SHINE: Support and Help IN Educatlon Report and Financial Statsments Notes to the Financial Stslements Year ended 31 August 2020 10. Fixed asset investments- continued Further analYsS of listed investments-. 2020 2019 Market value brought foTward Purchased during year Sales I realisalions during year Net gain on revaluation 4,464,573 4,310,745 8,596 2.005,701 1853112,035,851} 244,775 183,978 Market value at 4,717,091 4,464,573 Historical cost at 3.463,768 3,456,025 Accumulated unrealised investment gains at 1,253,323 1.008,548 Debtors Group 2020 2019 Prep8ymenls and other debtors 3.339.465 1.049,336 Prepayments and other debtors due within one year are £1,763,61612019.. £757,336) and more than one year £1.575.849 {2019.. £292,000). Company 2020 2019 Prepaym8nts and other debtors 3,341,789 1,051,680 Prepayments and other debtors due within one year are £1.765,94012019.. £759,660) and moTe than one year are £1,575,84912019: £292,000) 26
SHINE: Support and Help IN Education Report and Financial Statements Notes to the Financial Statements Year ended 31 AugLASt 2020 12. Creditors Group 2020 2019 Grant commitments due within one year Taxation and social security costs Other creditors Accruals 1,888,877 1,629,447 6.984 4,683 3,576 26,863 18,950 40.179 Amounts due within one year 1,918,387 1,701,172 Grant commitments duè after more than one year 1.955.203 1.077,731 Company 2020 2019 Gr8nl commitments due within one year Taxation and s(Kial security costs Other creditors Accruals 1,888,877 1,629,447 6,984 4,683 3,576 26,863 18.950 40,179 Amounts due within one year 1,918,387 1.701,172 Grant commitments due after more than one year 1.955,203 1.077.731 Creditors will be mel from the expendable endowment if th8re are insufficient income funds in the future. 27
SHINE: Support and Help IN Education Report and FinanGial Statements Notes to the Financial Statements Year ended 31 August 2020 13. Statement of funds Group Balance 1 Sept Incoming Out90ing 2019 resources resources Net investment 9ains Balance 31 August 2020 Transfers Expendable Endowment.. Undesignaled 3,959,528 Oesignated Restricted funds.. Operating and projects Unreslricled funds 244,775 645,133 4.849.436 72,560 72,560 414,924 4,013,148 12,891,075) 738.401 120,7081 1,536,997 1717,693) Total funds 4,374,452 4,751,549 12,911.7831 244,775 5,458,993 Company Balance 1 Sept Incoming Outgoing 2019 resources resources Net investment gains Balance 31 August 2020 Transfers Expendable Endowment.. Undesignaled 3,959,528 Designated Restricted funds.. Operating and projects Unreslri¢led funds 244,775 645,133 4,849,436 72,560 72,560 414,644 4,013,148 12,891,075) 738.401 120.7081 1,536,717 1717,6931 Total funds 4.374.172 4.751.S49 12.911.783) 244.775 6.458.712 Included within the expendable endowment in both the Group and Company are nel unrealised gains and losses on the revaluation of fixed asset investments. Details are shown above in note 10. The designated expendable endowment balance relates to funds designated for grants by the trustees al the balance sheet date, bul not formally awarded lo SpLfiC beneficiaries. 28
SHINE: Support and Help IN Educatlon Report and Financial Statements Notes to the Financial Slatements Year ended 31 August 2020 14. Trustees and related paty disckjsures During the period the charity received £Nil12019.' £12.5001 in donatsons from SHINE.. Support and Help IN Education Trading Limited, its subsidiary company. During the pellod the Charity received £340,00012019-. £395,000) in donations from Irust8es and honorary Offi holders. One trustee was reimbursed for travel and subsistence expenses totalling £53312019.. £1,013). Financial commitments Annual eommitments under nOrt-cancellab operating leases are as follows.. Land and building8 2020 2019 within one year 31,200 31,200 29