Seashell Directors, Report and Financial Statements Ftriheye&T enw 31 Au9t 2023 Seashell Trust Regtslered Charity No: 1092655 R•gthed Conwany No: 04216714 AcwfBxM IW212024 COMPANIES HOUSE A7
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SEASHELL TRUST Seashell Trust {'Seashell' or 'the Trust.) is an education and care tharily founded in 1823 in anchester. originalty for the education of de8f children. Today. Seashell provsdes highly specialist education In its outstanding Don-mainlained speaal School, Royal Sehool Manchesterand in its indendent speaalisl further education college, Royal Colleg¢ Manchester. In addition, Seashell ha5 registered children's, adutt, and short breaks care homes those young people who cannot live wlh their ovm families. Placements range from one or Iwo nights to full 52 week all year-round care packages. Our 17 homes are sel up to be real homes in every respect and help our young people gain independence skills ready for when the time comes to move on from Seashell. We provide highly integrated education. heafth and care packages to chIldn and Yc]fig adults with the rnost complex neuro-disabilities and needs in our society. These needs are often ¢0c¢u[ring and include a combination of dealness. blindness. mulfi-sensory impaimient. autism. mental heamh issves, behavioural chailenges and profound Fthysical and Mu1b'p learning disabilities andlor difficulties IPMLDI. The vast majority of the children and young adults attendlng Seashell have little or no functional communication on their entry to the Trust. Se8shdl catets for those al the most severe end of the speGlrum of complex needs. Our education and care facilities are complement&J by ouroTrsiie Heath. Sport and Family Services facilities and by our Sensory Support Service which provide greater access for families and professionals to our specialist seryices. We aim. viilh the support of our families, staff, stakeM)klers. volunteers and donors, lo deliver real change and thus irrefutable drfference to ihe levels of independence and communication achieved by our children and young adults. This. in lum. ensures they are valued and valuable members of their families and the wider community. We believe Ihat Seashell is a Injty special place for very special people. Our students and sIdnts have incredibly challenglng needs and they. and Iheirfamilies. are soma of the most inspiring people you can ever meat. We need the best team, the best facHities. the best campus and the best technoi0eS to deliver all we can for these students, residents and their families.
SEASHELL TRUST Our Charity Mission Seashell helps children and young adults with the most complex needs, and their families, Irve their best lives. Our Charity Vision Seashell aims to be exceptional in educating and caring for children and young adults with the most complex needs. wth an amazing Workfor supporting families from its workl class campus, and to share its excellence on a nalional and international plaifomi. Our Charity Values strong charity values run through the core of Seashell. These are the things that are really important to us. Integrity Honesty. trust and commitment go to the heart of everything we do. We pride ourselves on ethical working and slrong leadership. We resFect our children and young adults. their families and our colleagues, and we promise to do our very test every day lo support the exlraordinary people in our ¢8re. Innovation Our ¢hildren and young adults are exceptional. and we are constantly strNing for pioneering new approaches, research and advances in both technology and differenl ways of caring. communicating and educating. We believe Ihal amIng people deserve amazing support. Involvemenl We pride ourselves on developing strong partnerships wrth children. young adults and their families to provide the very best support and lrfe outcomes. By working togelher and harnessing the best care and support. technology and knowledge, we Can help people live their best lives.
SEASHELL TRUST CHARITY ADMINISTRATION Dlrectors S Gillingham (>) Heath {2.. 4) C Hoggins (3) S Hurst N Masom (2) R Mcmillan (1. 6) J Munnelly L Perry (4". 5.) C Povey {1. 6 C Smale (1" 2, 3) (Chair) Kuus T INlkins (1. 2, 3) (Vice Chair) {reswJned 27 June 2023) {appointed 10 October 2022) {1) Member of Remuneration & Appointments Committee {2) Member of Audit & Finance Committee (3) Member of Transformation Project Steering Group (4) Member of RSM Governing Body (51 Member of RCM Goveming Body (6) Member of Safeguarding Board . Chair of relevant Board sub-committee Chief Executive Officer B Leigh Executive Leadership Team M Ascroft Director of Finance & Strategy (resigned 3 November 2022) Director of Finance (appointed 12 December 20221 Director of Strategy, Heah and Well1n9 Director of People & Workplace Director of Care Services {fesigned 31 March 2023) thredor of Fundraising, Marketing & Communications (appointed 2 March 2023) DirectOT of Care & Educalion B Boddi K Ouggan N Giles J Mccaffrey M Travers B White Address and Registered Office Stanley Road Cheadle Hulme Cheadle Cheshire SK8 6RQ
SEASHELL TRUST CHARrrY ADMINISTRATION Bankers Royal Bank of Scolland plc Sl Ann's Square Branch. PO Box 320 Sl Ann Street Manchester M60 2SS Barclays Bank plc CortM)rate Banking Level 11. 20 ChaFel Street Liverpool L3 9AG Auditors MaL2rs LLP One St Pelerfs Square Manchester M2 3DE Solicitors Eversheds Suthertand LLP 6 Stanley Sl Saword M3 5GX Veale Wa$lxough Vizards LLP Narrow Quay House Narrow Quay Bristol BS14QA Slater Heelis LLP Suité 2 Oakland House 34 Washway Road Sale Cheshire M33 6FS Company Registralion Number 04216714 Charity Registralion Number 1092655
SEASHELL TRUST Introduction from the Chalr of Trustees On behalf of the Trustees of Seashell Twsl, l am pleased to intruCe the Trust's Directors. Report and Financial Statements for the year ended 31 August 2023. As Chair, f( has given m8 great pleasure to oversee the FX)sitive development of the Trust in a number of important and exating areas duriro the year. Leadership We extend our thanks to Brandon Leigh for his highly effective leadership in his firstfull year as CEO, during which there have been several changes to the Executive Leadership Team. We thank the previous ELT members for their seiCe to the Trusl and offera warm welcome lo new ELT members. Brandon and the whole team are focussed on further developing and delivering the Trusys strategic PIIOfities and ensuring that the Trust provides exceptional services to ils beneficiarbes. Seryice delivery Seashell has a skilied, dedicated. and ilexible workfcffce thatenables Ihe Trust to provide high-quality support for our sludenls. residents, and their families. Attracting and retaining staff in our sector nevertheless remained a challenge during the year due to nationwide iabour constraints and we have therefore continued lo focus on developing and improwng our employee offer which complements competitive rates of pay with an inGreased range of supplementary well-being and welfare benefits. Inspectlons We had three Ofsted inspections during the year with Royal School Manchesler (result Outslandingl, Children's Short Breaks (result - Outslandingl and cMJr Children's homes (result Good) all being assessed. Seashell's Health Service was also assessed by CQC (result Oulstandingl. We were exlremety pleased with Ihese ouiix)mes which reflected very positively on the skill, care and dedicaliM of the teams involved and our sincere thanks go to all. Campus November 2022 saw the formal opening of our new Bradbury Cycling Centre. a new inclusive learn to ride track and wtder cyding trails. Chris 8oardman M8E, Chair of Sport England and Olympic champion, officially opened the centre whith was made possible thanks to grant funding support from the Bradbury Four7dalion and the Places lo Ride prramme. which is being delivered by British Cycling, Sport Engjand and the Department for DigFtsI. Cullure. Media & Sport. Our campus devek)pment look a further huge and exciting step forward in Febrnary 2023 with the opening of the Moulding Foundation 8uilding. This state-of-the-art faLility. sensitively designed by FaulknerBrowns Archilecls is the new home to Ihe Royal School Manchester. as well as providing shared spaces for Royal Colle9e Manchester and community users. The new, fully inclusive building promotes independence and gives greater a¢cess to enhanced sertsory and physical therapies. 11 Incorporal8s an assembly hall for 200 people. dining faulities, a high-lech audiology suite and swimming centre comprising both leamer and hydrotherapy pools. The building has recendy won a number of awards and eommendabons al the Education Estates Awards. The Moulding Foundation Building has aladY made a dramatic, positive difference lo its users with Ils low arousal, calm environment enabling staff to provide more effective behawour support. This has led 10 8 decrease in the number of incidents wlhin the dassroom. across the whole school cohort, since moving from the old sd1 building. The new building has been made possible through the signiffcanl financial donations to our Transfom)ing Lives Appeal, and remain hugety grateful lo all our supporters for their Incredible generosity to the TnF5t over the years. Plans for our new home for Royal College Manchester conlinue apace. with building work on the final design expected lo begin in the first quarter of 2024. The new college is needed more than
SEASHELL TRUST ever as a result of our existing college building having been deemed unsafe in April 2023 due io issues with old concrele rlconstruCtIon panels IRAAC). Whilsl the Trust has been able lo refLErbish ils old school building as a temporary home for college students, the accommodation 1$ gub-oplimal. The new college, which will be locaied next to the Moukling Foundation Building. will also include new sports facilities and m¢)dem work spaces for our support services teams. Financial Economic conditions were very challenging during the year. Inflation has been higher than we have seen for decades leading to Slgnificanl financial pressures ort the Trust's operations. Under these circumstances the Trust has retumed a strong result for the year. and I remain confident that the ELT has the plans and resources to ensure the Trust remains finanaally sound inlo the fthure. Chrls Smale Chair
SEASHELL TRUST CONTENTS Page Directors, Port, incfuding Directors. Strategic Rep(%t Slalemenl of Directors. duties in perf(wmance of S172 {1) Companies Act 14 Slatement of Directors, responsibilities 16 Independent audilorfs report 17 Statement of financial actiwlies 20 Balan sheet 21 Statement of cash flows 22 Notes to the financial slalements 24
SEASHELL TRUST Directors. Report The Directors. who are all Tnjslees for the purFoses of the Charities Act. are pleased lo present their annual report with the audited financial statements of the charity for the year ended 31 August 2023. The Trustees have adopted the prowsions of the Statement of Recommended Practice (SORP) °Accounling and Reporting by Charities. issued in 2019 in preparing tho annual report and financial statements of the charity- Our Charitable Objects Seashell's objects. as described in Tts AAemorandum and Arttcles of AssoL¥ation. are the advancement of the education (including social and physical training) andlor welfare of children and adults who. through any one or more fonns of disabilty. require special provision for their needs I"Beneficiaries"), and in furtherance of those objects to provide suitable faalities for assessment. nursery care. education. training. Work experiencg. recreation. care. residenlial accommodation and support for Beneficiaries. Our Servlces and facilities The Trust provides hlgh quality. spea81ist education and care lo chiklren and young adults with complex le8ming and communication difficullies. such as hearing, visual and multi-sensory impaimienls. physical disabililies, health needs and autism spectrum condition. The Trust's facilities comprise a School, Royal School Manchester ("RSM") {for students aged 2- 191. 8 College. Royal College Manchester ("RCM") (for students aged 19-251, Children's and Young Adult's Care Homes and our indusive sports facilities including the CADSTM (Children's Able and Disabled Sports) proJramme. Ourcare homes provide integrated care seTvices for students either in fvll tlme education or in receipt of short breaks. The short break provision is also available to families whose children or young adults are not students al the Trust. All aspects of our provision inCoOrate all-inclusive therapy and health services as well as a professional leaming and devel¢¥)ment provision for staff induction and training. Public Benefit The Directors ¢onfimi that they have complied wlh the duty in Seclion 4 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on Public Benefit. The Tnjst's charitable purpose is enshrined in its obiects and the Directors. logether with the Executive Leadership Team I"ELT), review the slralegy annualty to ensure that tt continues to support the Trust's ststed aims and objectives. Local Aulhorilies and the Education and Sknlls Funding Agency pay fees for the TrLFgt's seryices. Rigorous assessments a carried out prior lo offering pL4ces in the School and College. seICe$ are offered on rhe b8sis of ne8d and suitability and are subj1 to fvnding approvals by the rel&vant funding b(MJies. Appropriate use of our fac41ilies (e.g.. sp)rts> is also made available for use by the public.
SEASHELL TRUST Corporate Governance Our Board Assurance Frameworff is summarised in the diagram below. Board Assurance Framework Seashell Trus¢ee btrard ExecutrveleadershlpTe•m 4vtAIty.Dl¥+fy*r.& The duties and responsibilities of Trustee Board Directors aft enshrined in the Memorandum and Articles of Association of Ihe company. The duties 8nd reswnsibililies of the Governors are set oul in the Schem& of Delegation whth delegates operational management of RSM and RCM to the especlive Goveming Bodies. Those bodies meet temty. are chaired by L Perry, a Director, and include independenl govemors. M Heath. a Director. also sils on the RSM Goveming Body. There are four additional sub-committees ofthe Board, chaired by a Director to oversee govemance.. Safeguarding: Audit & Finan. Remuneration & Appointments.. and a Transfonnalion Project Steering Group {YPSG°) to ovew the delivery of Pr<ie¢t Transforniation. Dlreetors. Induction and responsibilities Potential new Directors are Klenlrfied based on the skills and knowledge required by the Charity to support its strategic aims. Candidates are invited for a site visit. encouraged lo attend at least one Board meeting and inleTviewed by the members ofthe Remuneralion and Appolntments Committee. On appointment. Directors may be allocated a speofic fo wthin the scheme of governance commillee structure, as appropnate. Training is offered to Dlrectors as required and an 'away day. is held for Directors. annually. to review and update Ihe Trust's slralegy. The Trustees are included in the Directors and Officers insurance cover, whh is mainfained by the Trust for all Officers, Directors and Trustees. Directors meet at least four times a year and at these meetings receive reports from ELT, Governing Bodies and from the Board's sub-commillees. Strategic deasions recommended by the svb- commillees or Governing Bodies must be ratified by the Directors. ExUtiVe Leadershlp Team ELT meets monthly. The remuneration ofthe CEO is agreed by the Chairofthe Board. vi8 the Trust's perfomiance r8Vtew process. The remuneration of indivKluals wthin ELT is approved by the CEO. All pay awards are made after making due reference to Trust perfomiance. individual personal performance. rnaet CA)nditions and external benchmarks. There are three advisory sub<ommitlees of ELT, as summarised in the diagram above, comprfslng.. Health & Safety- Health & Non-Regulaled Activities- and Equality. Dlversity & InclusKJn.
SEASHELL TRUST Directors, Strategic Report Employees and Volunteers We employ approximately 680 full and part time staff whose contribution and commitment to the Trust, its Children. young adults and their families, is twty inspiring. The Trustees would like lo ffymally place on rer Ihelr most sincere Ihanks to our staff for this work.. they really ar& our greatest asset. Communlcation wilh Employees and Staff Wellbeing Staff meetings lake place on a regular cycle and suprKJrt discussion and communication sharirMJ with employees foGussing on discussions relevant to differenl staff groups. A lortnighlly engagement survey is carried out which gives managets and ELT a snapshot on staff feedback and alerts them to any immediate aa$ of concem. The engagement tool also allows colleagues to feedback praise comments. The Trust newsletter and intemal intranet further enables stsff communlcation across the Trust. The Trijst has continued to develop ils staff engagemenl and wellbeing offer across the year. The Trust has a range of health and wellbeing benefits aVailae to staff which include counselling. acce55 lo physiolherapy, employee assistsnt programme and debrief support through the Positive Behawour Support team who wort stsff who sometimes can experience the challenging behavtour of some of our students. Recrultment The Tnjsl follows Safer Recruitment guidelines 8nd continuously reviews and ViseS its reffljitment and iThJuclion processes to ensure il attracts and retains the most Suitable empkjyees. The Trust is an equal opportunities employer ond welwnes applications from disabled candidates. Any disabled candidate meets the minimum crileria for Ihe person speciffcation wll be invtled lo inleryiew an(J suitable adaptations made to faulitsle this. Ilthe candidate is successful. reasonable workplace adaptations are pul in plae£ to ensure that the employee perfom thelrrole and access any training so that their personal development is not restricted. The recruitment of 5uitsbly qualified employees continues to be a challenge to the Trust, considering the growth in both the cohort of children and young adults with suth highly complex needs. and th8 increasing Complexity of their indimdual needs. This has been fijrther exacerbated by a Challenging labour market. in the care sector in particular. impacted by Covid 19 pandemic. Brexil, the current cost of living pressures and high employment rates. The Trust continues to WOTk tryW8rds the recruitment of dIllon31 stsff across all areas. The recruitment team has been enhanced and has used a variety of media and methods to allracl new employees through a number of channels induding direct recwitrnent campaigns, agency recruilment. social media campaigns. open recruilment days. CV search faGilities and working with local partners in sthools. colleges, universities, and rerAuitrnenl events. In addition, modifications have been made lo the induction processes for new starters and departmental inductions have been developed. The reward and benefits offer to staff has been revIevd in the year and will continue to be an area of focus and develapmenl in the coming year. However, staff retention and recruilmenl remain a key ¢hallenge and an area of significant focus for the TTht.
SEASHELL TRUST Leaming and Development The Trust provides highly specialist servrces and therefore qUIreS similarly qualrfied and speciali* skills amongst its staff. Accordingly. we invest appropriately in our staff training eaeh year. Our Learning and Development team supports stsff. governors. Directors. and volunteers through a robust induction process and provides on90ing training and support lo all staff to obtain qualifications relevant lo their role. The Tnjst launched its Apprenliceship Academy in January 2022. a small cohort of apprentices developing skills. knovAedge and training in care. education and other support functions with the aim of recruiting the apprenlices to Seashell upon successful completion of their qualificaliori. Apprentices are sijpported through the Apprenticeship Levy and also levy grants gifted to the Trust by extemal employers. The academy wll conlinue lo grow in the coming year and Is another Invested pipeline to delwer a highty skilled Workfor to the Trust and wider sector. A summary of leaming and development delNery for the year ended 31 August 2023 is detailed in the infographic below.. Training and Development highlights 136 •A•A•A•A 0874 4$ 6513 8593 5eashelltrust.or9.uk Seashell
SEASHELL TRUST Volunteers Volunleering ¢(11nueS to support the vision of Ihe Trust through volunteers and staff collaborating in every area of the Trusvs work. The volunteer offer h8s been reviewed and refreshed for this year to enable volunteers to undertake a wide variety of actiwties- from classroom support. lo office administration assistsnce, to support for our CADSTrA and sports activities as well as gardenin9 tasks. We have welcomed 101 Corporate Teams from 42 organisations, involving approximately 1,017 individuals who supported ourwork through one-off adivities such as those deScrid above. The lolal economic value of Ihe 5,268 hourn of voiunte8ring was approximalely £54,893. Fundraising Seashdl is vduntarity registered with the Fundraising Regulator and aclyvely seeks to lundraise in line with the Code of Fundraising Practice in a way that is legal, open, honest, and respectfvl. Wo a also an organisalional member of the Chartered Inslilute of Fundraising. We operate fundraising practices and standards that protect vulnerable people and other members of the public and have received no complaints in the year regarding our fundrdising activities. We work with a small number of organisalions to help us raise the most funds F#)ssible for our students and actively direct and monitor all the activities undertaken throLvJh Ular meetings and reports. ensuring the same high standards are maintained. Suppliers The Trust recognises its responsibilty to ensure rts charitable buslness actlvtlès are undèrtaken in accordance with regulatory requirements and best practi. The Trust's procurem&nl policy has been developed to help the Trust aChve besl value in Ihe use of limited resources to SUPPOrt the Trust in achieving its overall aims and objectives. It also supports addressing the requirements of the Charity Governance Code and the 2010 Bribery Act by emphasising the respjnsibility of all staff involved to ¢ondu¢t procurement lega15y and ethically as well as securing value for money. All procurement activity adheres to the following key principles- transparency- dear procedures to be followed and evidence of adherence retained for audit.. equal treatment- for all potential suppliets lo ensure a level playing field, no favourilism and to ensure best value is c4)tained'. wherever possible we erKleavour to souree potential suppliers from the local area where this can be jusltfied in tems of best value andlor socllal value.. suppliers are required to folk)w Tnjst safeguarding standards where appllcable.
SEASHELL TRUST Energy Usage and Sustainability Under the Companies {Directors' ReF)Ort) and Limited Liability Partnerships (Energy and Carbon) Regulation 2018, the Trust is required lo report ils annual UK energy consumption and Greenhouse Gas IGHGI emissions. Energy and GHG emissions have been independendy ¢alcuJated by a third party company for the year ended 31 August 2023. Reported energy and GHG emissions data is compliant with the requirernenls underlhe Streamlined Energy Carbon Reporting ISECRI regulations and has been calculated in acrA)rdance with the GHG Protocol and SECR guidelines. Energy and GHG emissions are reported from buildings and transport where operational control is held- this includes electriuty, natural gas and business travel in company-owned or grey-fleet vehirjes. The Total Energy Consumption ITEC) for the Trusl for the year ended 31 August 2023 was 5.629 Mwh (2021-22 5,7591 resulting in carbon emissions of 1,051 lonnes of carbon dioxide (2021-22 1.077 IofTrnes). Emissions per employee are considered to be at an appropriate intensity ratio- average emissions per employee for the year were 1.79kg (2021-22: 1.96kg). The decreased energy usage in Ihe year is the result of the reduced energy required for construction activities on Project Transfomialion. We expect higher levels of energy usage in the coming year as we continue lo buikl oul the campus as part of Project TranSf0mtion. However, in the medium and long term, this campus redevelopment is expected to result in significant reductrons in energy usage as many of our existing, energy ineffscienl and aged bsJildin9s are replaced. Project Transforn)atlon Project Tr8nsfomialk)n Is the name given to the programme to (xjmprehensively redevelop (Kjr campus in Che8dle Hulme. This development was initiated wilh the cOnStrOn of our new residential aCmmodatIon in 2016, continued with the construction of a new 3G sports pitth in 2019, and. in the year enijed 31 August 2023. the opening of our new ouldiM)r cycling facilities and the completion of the Moulding Foundation Building, Ihe new home for RSM inrating inlegraled swimming. hydrotherapy and refectory f8ulilies. which opened in Febtuary 2023. During the year ended 31 August 2023. £7.3m was spent on delivering Project Transformation. including £0.1m on the leam to ride and cycling faolity. £4.6m on the new Royal Sthool Manchester and £2.5m relating lo the planning and design of the new Royal College Manthester (which will include exlended and enh8nced sw15. training and administration faalitiesl. on which eonslruciion is planned lo begin in 2024. Project Tr8nsfomiation is part-funded by an agreement to sell appToximately 33 acres of the TTUSt's landholding lo Bloor Homes. Under the lerrns of this agreement, the land is to be sold in tranches.. approximately 24 acres have been transferred to dale- generating a nel receipt of c.£22m and approximately a further 9 acres are due to be transferred for a further consideration of c.£11m. The balance ol fun(iing for Project Translomialion is expected to come from other sources. including the Trusl's own cash reserves {£3m has already been inujrred lo date). potential bank borrowing and from donations arising from a capitsl fvndraising appeal. During the year, the Trust received a further £3.1 m of donations from trusl funds and foundatsons for Project Transforrnation, including £3m from The Moukjing Foundati¢)n.
SEASHELL TRUST Strategic Priorities Our strategic priorsties which shaped our plans during the year were.. 1. To provide exceptiM81 education. care and wellbeFng actNities for the children and young adults who altend Seashell's campus: 2. To work in partnership with children and young adults. and their famllies. to provlde support Ihrough a broad range of interventions". 3. To enhance life after college via devekymenl Offurth sod81 arKI employment opportunllies both on and off campus., 4. To further develop our campus with additional fa¢iltties and ensure Seashell plays an important role in the broader community.. S. To share our knovAedge and skills nationally arKI intemationally via in-person and digital information sharing and training. and 6. To be an employer of ch¢ice operating the hhOst level ofgwemance and safeguarding with a ltUre of continuous imkyovement.
SEASHELL TRUST Operational Perfomiance in the Year In the year ended 31 August 2023, the Trust has sought lo deliver its services in line wth the above strategic priorities. Good progress has been Inade in a number of key arKI important areas. Education RSM was inspected by Ofsled in Noven*)er 2022 and the judgement was Outstanding. RCM was not inspected by Ofsled during the year and so the existing judgement'Good' remains. The new home for RSM, the Moukling Foundabon Building was opened in February 2023.and has already made a dramatic, positive difference lo ils users with ils kjw arousal. calm enwronmenl enabling staff to provide more effective behaviour support. This has led lo a decrease in the number of iniridenls within the classrocrfn, across Ihe whole schcKsl cohort, since moving from the old school building. Student outcomes. in the fomi of in¢reased independence. improved communication skills and developmenl of life ski1Ss. have been good during the year. In addition. we have wnlinued the deployment of new lechnologies in both sellings in the year to facilitate beller recording of student progress and outcomes, delivering operation81 efficiencb8s and improved quality of the evidence of student rKogress. Care Servlces Our Children's Care semce was inspected by Ofsted during the year and maintained ils 'Good' judgement, reflecting the hard work and dedication of staff and the management team. Our Children's Short Break serwce was also inspected by Ofsted durlng the year and the judgment wa5 Outstanding. As expected, our young adults care serwces did not receive an inspection from CQC during the year and hence retains its exisling 'Good' judgement. The availability of suitably qualified and experienced care slaff remains a challenge lo the sector nationally and this is fell particularty so al Seashell due to the highly specialisl nature of the services we provide. Hèalth & Wellbelng Services Our newly registered Health SeNces team received IL8 first inspection from CQC in September 2022 and was judged 'Outslanding' in all areas. Within our Active provision, November 2022 saw the fom181 opening of our new Bradbury Cycling Cenlre. a leam lo ride track and wider cyding trails. The new centre will b8 open year-round and offers children and young adults from across the region an incfusive cycfing offer, which 8ims lo give them access lo a bike Suitab for their needs, the skills and confbdence lo use it. and somewhere local, safe and excitirKJ lo ride. Oryanlsatlonal culture and workforce managemenl Attracting and retaining appropriately qualified staff continues to be the key challenge facing the Trust. Fo(yJs remains on recrurtmenl and relention through the conlinued enhancement of our employee offer. which complements competitive rates of pay with increased health and wellbeing benefits. We continue to closely monitor key staff metrics such as training compliance. absence levels. utilisation. recruitment and retention.
SEASHELL TRUST student Numbers At the end of the year, the numbers of students and residents on roll vme as follows: 2023 2022 Royal School Manchester" Royal College Manchester- Children's Residential C8re Services Young Adult Residential Care seices 50 65 14 30 13 28 ' at the end of the summer tem Student numbers in Scho and college al the end of the year were slightly higher than 2022 levels. We expect that the numbers of sludents in school 11 continue to increase towards the 80 student capacity of tho new sthool building in the next Iwo years. As several of these new students will have residential placements, Children's Care resident numbers are expected lo increase towards its capacity of 24 beds. College student numbers are already al levels close to capacity {c.70 students). although the redevelopmenl of the college building as part of Project Transfomiation provides 8 potential opportunity to exparKI. Financial Review Incomo The unrestricted income lor the year ended 31 August 2023 and previous year is summarised in the table below: 2023 £'ooo 2022 Change £'ooo £'ooo Donations and legacies Charitable acliwties Oiher trading activities Interest InMe 722 17.305 414 118 2,387 {349) 61 19.692 65 Totsl Unrestslcted Income 20.663 18,446 2,217 Total Income from unrestricted funds increased by £2,217.000. This was largely due to increased incom8 from charitable activities. Whilst thanges in studenl numbers and their individual support needs contributed to some of this increase. the greater impact was a result of the revisions to the Trust's fee structure implemented from 2020-21. Income from donations. legacies and other trading activilies increased as activitres retumed to normal levels following the Covid lockdowns and disruptions ol previous years. Restricted income in the year was £3.694.OCK), as compared with £1,838,000 in the year ended 31 August 2022. bvhlch induded some particJJlady large, one-off donations towards Ihe new Royal School Manchester Iwilding as part of Project Transfomation and the Transfoming Lives Appeal. Expendlture Tolal unrestricted expenditure increased by £3.611,1J)O to £22.352.Crf)0. Thg Trust implemented an above inflation pay award to staff in the year. Unrestri¢ted funds net deflclt The nel deficit on unrestricted funds for the yearwas £1.689.000. an increase on th8 £296,000 defi¢il recorded in 2021-22. This reflects an increase in depreciation charge following the openlng of Ihe Mouldin9 Foundation Building and intyea$ing infiabon within operating costs.
SEASHELL TRUST The Trust aims to record a small financial surplus. before depreciation charges each year. and in the year reported a surplus before depreoation on unrestricted funds of £71.000 (2021-22 £764,000). Endowment Fund not surplus The endowment income of £3,059,000 recorded in 2022-23 represents the net profil arising on the disposal of the third tranche of land under the temis of the sale agreement with Bl(M)r lo part fund the costs of delivering Project Transf0mtion. Net assets Net assets inceSed by £4.307,C4)O in the year to £44,338,orxJ as al August 2023. cchmpared with £40.031,000 81 August 2022. This increase in net assets is the nel receipt of restiicted donalions for Project Transfonnalion offset by the defiril on unrestricted activities. Reserves The reseeS policy slates that. In the long temi. untestricted, undesignated reserves (exduding fixed asselsl should be maintained at a target level of £3 million. This is in order lo give the Trust sufficlent flexibility lo operate on a day-taY basis. to take any appropriate decisions lo further the Tnjsl's strategic development and in light of the risks Ihal the Tnjst manages. The policy also stales Ihal operating at levels below this long-lerm target level is aceeplable in the short term, as long as a long leym financial plan for re4)uilding these reserves exists. The Trust hos such a plan. Free reserves available for use by the charity exdude desi9naled and restricted fvnds as well as fixed assels. The majority of fixed assets are held as land and buildings. which are permanently endowed and so cannot be used for revenue purposes. The value of ourfree reseNes at 31 August 2023 is £2,819.000 {2022: £2.749.(NX)). held in the form of current assets, which are available for use by the charity. Of the remaining reserves. £98.IYXJ {2022'. £200.OOOJ are designated for site and strate9iC development initiatives. R•stTlct8d funds are funds subject to specific requirements specFfied by the donor at tha lime of grant and their lotsl value at 31 August 2023 was £353.0(MJ {2022: £416.0). Other Funds - Permanent Endowment- Ihis Is property. induding land. which the Directors may not spend as if it were income. As at 31 August 2023 the value of endowment Feserves was £40.871.000 {2022: £36.457,000). Golng concern The Directors have prepared budgets and projections 18knng into aGcounl possible changes to future income and expenditure %thich show that the Trust is able lo continue lo operate as a going concern for the foreseeable fvture. A reasonable worst-case sel of assumptions has been ¢xJnsidered in making this assessment on going concem. Therefore the Directors continue to adopt the gtyng concm basis of accounting in preparing the financial stslemenls. The Directors have considered a period in excess of 12 months from the date of the approval of the financial slatemenls in making their assessment. In particular, th? Dir6Glors do nol consider there lo be any material uncertainties in regard to the Trust b8in9 able lo continue to operate as a going concem for Ihe foreseeable fvlure. 10
SEASHELL TRUST Future Plans The environment within which the Trust operales continues to be one with both signlficant ch811enges and opportunities. Good progress has been made over recent finanal years in implementing changes lo the Trust's fee slructure. ils operating praclices and increasing its income from other services to address the financial deficits that the TnJst had recorded recent years and the Trust is now on a much more stable linancial fry)ting. The substsntial investment in the new and extended faaltiies provided by Proiect Transfomiation provides addib'onal t2pacity forgrovrth in income in future years and there continues to be increased demand for th8 servi¢es the Twst provides. Our abilty to meet this demand is subject to being able lo recruit and relain the appropriate levels of suitably qualified staff, the exlemal UK market forwhich remains Constrained. We are addressing Ihis challenge through various initiatives such as nlinuing lo improve lr overall employee offer (which includes a number of health and wèllbeing benefits in addition to a compelitive salary) arml kkIng lo seleded overseas markets for Ihe recruitment of certain roles. The Trust also implemenl•d a substantial, £1 million plus pay award in September 2022 and we have seen good signs that Ihis inveslment is impacting on improved recruitment and relentn melr7GS. New on-site facilities pro¥ided under Project Transfom7ation are also aiding our slaff recwitment and . retention objectives.
SEASHELL TRUST Rlsk Management The Trust ha$ 8 Risk Management Framework. which provides a rigorous arKI robust process around how risks across the Trust are identified. quantified. mitigated and reported. The identification of Ask is delegated lo the Execulive Leadership Team vdho report risk management to the Directors for their oversight. review and approval at Board Meetings. The most slgnificart risks Identlfied In the Current year and how these risks are managed by the Trust are as follows: Ke Rlsk A serious safeguarding incident occurs or is reported which causes significant reputational damage to the Trust. potentially impacting on the willingness ol Local Authorities to place children and young adults at the Trust. How this risk Is rnana The Trust places the grealesl of importance lo Ils obligations to ensure Ihe safety and well-being of the Children and young adults under ils care. However. the Directors recognise Ihal the controls and pftKedures that we have in place lo monitor and manage this risk, can be effective in reducing this risk. but cannot completely eknrninale it. These key CL)ntrols and procedures include.. We have a dedicated Safeguarding Board, including exlemal. independent representation- We have a Trust-wide role of Safeguarding Offior.. The Trusl has a welkestablished safeguarding policy. practices and reporting systems which are reviewed cnntinually: Progressive and developmental safeguarding training and development for all staff- Liaison 4•Mth Extem81 Safeguarding bodies for best practice inttialives and monitoring,. pruring appropriate levels of rnsurance cover to miligate against any financial risk that the Trust coukj be exposed to in the event of any allegations or claims- Exfemal reviews of our safeguarding practices and procedures. 8nd Obtaining expert legal athce and cunSel where conshlered appropriate. Continuing changes in government policy. which could result In reduced funding levels, additional regulatory requirements and additional costs, despite undedwng demand for the Trust's services increaslng. The Tnjsl actively maintains close and positive relationships with the educabon, health and care teams wrthin its principal Local Aulhorilies. to undetstand the dfiveTS impacling on their placement behaviour. During 2022123. we have had lo manage increasing costs such as staff cosls. energy. and other genefal costs due to high levels of inftalion. These costs are rdecled in our fee structure going forward lo ensure the Tnjsl remains financially viabla. In addibon, the Tnjsl has devdoped strong links nationally with sector organiSatn$ such as NASS. NATSPEC. CDC and NNPCF as well as close V•Drking relationships with the Depathenl for Educati. 12
SEASHELL TRUST Key Rlsk How this risk is managed The Inability lo recwit and retain slaff with the requisite skills lo meel the increasingly complex needs of our students. This poses a significant challerkge to the Trust, that if not adequately addressed could result in staffing shortfalls, reductions in the quality of care that the Trust prowdes, andl or additional costs in addressing staffing shortfalls by the use of higher-cost agency workers. We have conlinued to implement our'People Str8legy', whlch sets out a eomprehensive and overarching pkn to address issues associated with staff recruitrnent, tentiOn, reward. performance and welkbeing. This has included a number of initiatives such as: ExtendirvJ the number and scope of our management trainin9 programme5; Conducted the Job Evaluation Review, including a revised benchmarking exercise whereby salaries are compared wth extemal dala. Streamlined recruitment processes and a¢tions to 5ncrease the effectiveness of reuuilment activity and added extra resource to the recnjitmenl team; Implemented a significant uplift in base pay across the Trust effective September 2022.. and Continuation of rewitment actimties beyond the required staffing complement for key roles in order to create a staffing "buffer to mibgate the impact of slaff 8bsences and nations. Project TransfonatiOn is rK)w firmly in its implementation stage Wtth cnnstruction of the Moulding Foundation Building, the new home to RSM and shared facilities CoMpted in February 2023. The Trust is reliant on t delivery of Ihe site. redevelopment in order to continue to provide ils on-site based acliwties in the medium temi. Delays and cost overruns in delivering the redevelopment wll adversety impact the Trust's ability lo achieve ils aims and objectives. The Directors dosely monitor the progress of the varK)us elements of the proiect al each Board Meeting. The day-ttFday aspects of Project Transfomialion are Considered and managed by the"Transformation Project Steering Group" a sub<ommittee of the Board IlCh comprises a number of Trustees. members of ELT, relevant Heads of Setvice and Specialist Advisors. This group meets mtlY. with relevant inpul from appropriate professional advisors. This group reports to the Board of Directors al each Board Meetin and more f uentl then re uired. 13
SEASHELL TRUST STATEMENT OF THE DIRECTORS. OLrriES IN PERFORMANCE OF S172(11 COMPANIES ACT 2019 This Ststement is required under Section 414CZA. ofthe Companies Act 2019 and sets out how the Directors have had regard to the matters set out in section 172(1 > of the Companies Act 2019 in perfom)ing their duties. The Director5 recognise that the long-lerm Suc5 of the company is dependenl on having regaid to the interests of all of its stakeholders. As a registered charity. the Directors, responsibility also extend5 to ensuring that the affair5 and objectives of the Trust are managed in a way that enhances public trust and support. Keyslakeholders include the thildren and young adults educated and cared for by the Trust. their families. their carers. our workforcE, Local Aulhorilies and our regulators. The Board of Directors of Seashell Trust consKlerthat. both indiwdualty and collectively, for the year ended 31 August 2023 they have acted in the way that they believe, in good faith. would be the most likely lo promote the success of the company for the benefit of its members as a ole and having regard to Ihe mallers sel out in s17211) la) to {fj as below= a) The likely cOnsequenS of any decision in the tong-terni: b) The interests of the compan$ employees- c) The need to foster the cOrnpanS isInesS relationships with suppliers. customers and others,. d} The impact ofthe CoMpanS operations on the community and the environment: el The desirability of the C¢)mp8ny maintaining a reputstion for high standards of business conduct- and f) The need lo act fairly between meTrtss of the ¢xmpany. (8) The likely consequanGes ofanyde¢islon in the long tem?. The D1CtorS have regard to th8 likely consequences of their decisions on the long lemi objectives and suslain8bilily of the Trust. its stakeholders and Ihe community whilst also preserving its values and Culre. As a charity educatfftg and caring for some of the most vulnerable people in our society, the way we behave and our reputation ale of utmost importance to us and we consider the short and long term behavioural and repulalional impacts of all our decisions. We are dedicated to ensuring we maintsin our cullure whilst achieving our purwse. (b) The interests of the company's empkiyees. As referred lo above. our employees are fundamental to our success and it is very important that they have the right attitude and the drive to create ideas and set high standards. This requires that the Trust sets the righl environment and that this be led Yrom the top" All employees are encA)uraged to be honest and regular discussions are hekj Vth empbyees through various means, including regular te8m meetings. fomial stsff supervision sessions and wa our Staff Engagement Group. We have held the 'lnvestOls in People" standard ts several years and retained Ihe stsndard in the previous year. (c) The need to fosÈ8r the company's business Trlationships wilh supplieTr, Gustomers and others. We seek lo cary out our business wtth similar-minded people who share our vision to help the children. young adults and their families live their best lives. We encourage all those with whom we have significant business interests to visit our sile. meet our staff, chiklren and young adults and see for themselves the work that we do. We look to forge strong, open, transparent and lasting partnerships which is important for (yjr long4erm success. 14
SEASHELL TRUST (d) The impact of the companys opernlions on the community and the environment. We are proud to be part of the local and wider communities and have 8 Strong and developing community engagement programme led by our sports and fundraising teams. 11 is our aim lo crealg opportunities to recwil and develop local people and to understsnd the focal issues that are important to the community and what we can do to support it (ej The desirability of lh8 company maintaining a Trputabon forhigh standards of bu&ness conducl. All new employees gel a New Starter Pack which includes. amongst other things. our history. standards. equal opwrtunits8s and training programme. All employees have easy access to our Operating Procedures and Codes of Conduct via our Trust4¥ide Inlranel and understand the requirement for them to comply Vth the coMpanS high standards of business conduct at all times. Any issues of non-compliance with any of our policies can be dealt with in confidence. fl) The need to act fairty belween members ofth8 company. The eLJmpany aims lo act wlh integrity and courtesy in all of its relationships and will consider all mernbers and stakeholders when making decisions for the overall gc#)d of the Company. 15
SEASHELL TRUST STATEMENT OF DIRECTORS. RESPONSIBILMES Charity law requlres the Directors lo prepare accounts for each year whi¢h, in accordanee with United Kingdom Accounting Standards (United Kingdom Generally Accepted AUnting Practice) and Statement of Recommended Practice "AceA)unting and Reporting by Charities" give a true and fair view of the chariws financial activities during the year and the fi'nancial positK*ri at the end of the year. In preparfng those accounts. the Directors are required lo- selecl suitable accounting policies arxl then apply them consistently,. make judgements and estimates that are reasonable and pnKlent: stale whether applicable aGcounting standards have been fOll¢ed. subject to any material deparfures disclosed and explained in the accounts" and prapare the accounts on the goir4J concern basis unless it is inappropriate lo presume that the charity wll conkn'nue in business. The Directors are responsible for keeping proper accounting rewrds which diselose with reasonable accuracy al any lime Ihe financial position of the charity. 11 is also responsible for safeguarding the assets of the charity and hence for takiw reasonable steps for the prevention and detection ol fraud and other irregularities. The Direct5 confimi that: • as far as they are aware there is no relevant audit lnforynat1c of the charivs auditors are not aware,. and • they have taken an the steps they ought lo have taken to make themselves aware of any relevant audit infomialion and lo establish that the auditors are aware of that infomialion. In approving the Directors. Report. the Trustees are also approving Ihe Strategic RekKJrt in their capaeily as Company Directors. Approved by the Board and signed its behaw by". C Smale Chair 5 February 2024 16
SEASHELL TRUST INDEPENDENT AUDITOR'S REPORT Opinlon We have audited the financial statements of Seashell Trust {the 'charitl) for the year ended 31 August 2023 which comprise the Stslement of Finanaal Activilies, the Balance Sheet. Ihe Slalement of Cash Flows and notes to the financial statements. including a summary of significant accounting policies. The financ4al reporting framework that has been applied in their preparation is 8pplicable law and United Kingdom Accounting Standards, including FRS 102 °The Finan¢i81 Reporbng Standard applicable in the UK and Republic of Ireland" {Uniled Kingdom Generally Accepted AcUnting Practice). In our oplnion. the financial statements.. give a true and fair eW of the slate of the charivs affairs as at 31 August 2023 and of its income and expenditure for the year then ended- have been propety prepared in a¢cordan¢e with Unlted Kingdom Generally Accepted Accounting Practice" and have been prepared in accortlance with the requirements of the Companles Act 2006. Ba819 for oplnlon We ndUCted our audit in aCCance with Intemational Standards on Audiling (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards a fvrther described in the°Audilor's responsibilities for the audit of the finanoal slatemenls. section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRtts Ethical Slandard. and we have fvlfilled our other ethical responsibilities in accordance with Ihese requirernenls. We belbeve that the audit evidence we have obtained is suffiaent a1 appropriate to provtde 8 basts for our opinion. Conclusions relallng to going concern In auditing Ihe finanal statements. we have conduded that the directors. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to events or conditions IhaL individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from bthen the financial statements are authorised for issue. Our respjnsibilities and the responsibilities of the dire¢tors with respe¢t io going concern are described in Ihe relevant sections of Ihis reporL Other infomiation The other information Comprises the information included in lh8 Directors. Report. other than the financial ststemenls and our auditorfs report thereon. The directors are responsible for the other information. Our opinion on the financtal statements does not cover the other information and, exp1 lo the extent otherwise explicilly stated in OUrpOrt. we do not express any fomi ofassurance conclusion thereon. In connection with our audit of the financial stalernenls. our responsibility is lo ad the other infomiation and. in dThng so. consider whelher the other informakn'on is materially inconsistent with the financial stslemenls or our knovAedge obtsined in the course of the audii, or otherwise appears lo be materially misstated. If we identify such material inconsisteneS or apparent material misstatements. we are required lo detemiine whether there is a material misstatement In the financial statements or a material missL8tement of the other infomiation. If, based on the work we have performed, we conclude that there a materi81 misstatement of this other informaiion. we are required lo report that fac We have rnthing to report in this regard. 17
SEASHELL TRUST Opinions on other matters prescribed by thg Companies Act 2006 In our opinion, based on the woik undertaken in the course of the audit.. the information given in the directors. and trustees. report for the financial year for which the financial slalements are prepared is u)nsistenl with the financial statements., and the directors. and trustees. report have been prepared In accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Stralegic Report or the Directors. Report. We have nothing to report in respect of the following matters in relation lo which the Cc#np8nies Act 2006 require5 us lo report to you if. in our opinion-. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not wsiled by us.. or the financial statements a not in agreement the accounting rec(ffds and retums: or certain disclosures of directors. remuneration swrfied ty law are not made. or we have nol re¢eived all the infomation and explanati we requre for our audit. Responslblllties of Dlrectors As explained more fully in the directors. responsibllities ststement set out above. the directors (who are also the Iruslees of the charitable company for the purposes of ch8rity law) are responsible for the pparation of the fina101 statements and for being satisfied that they give a true and fair view, and for such intemal Control as the directors delerniine is necessary to enable the preparation of finan81 stalemenls that are free from material misstaiement. whelher due lo fraud or error. In preparing the financial ststements, the directors are resr*Msit4e for assessing the charitys ability lo continue as a going concern, disclosing, as applicable, matters related lo going concem and using the going concern basis of accounting unless the directors either intend to Itquidate the charity or to cease operalrons, or have no realistic aiiernative but to do so. Audllorfs responslblllties for the audlt of the financlal statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error. and to issue an audttorfs report that indudes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit condueled in aOrdanCe wth ISAS (UK) will always delect a material misstatementwhen il exists. Misstatements ean arise from fraud or error and are considered material if. individually or in the aggregate. they coukl reasonably be expected io influence the economic decisions of usets taken on the basis of the financial statements. Irregularities, including fraud, are instances of non-compliance wth laws and regulations. We design procedures in line with our responsibilities. outlined above. to delect material misstatements in respect of Irregularities. including fraud. Based on our understanding of the charity and ils activities, we identffied that the principal risks of non<ompliance wth laws and regulations related to the Charities Act 2011. the Charities Statement of Recommended PractiGe, UK lax legislation, pensions legislation, employment regulation and health and safety regulation. anti-bribery. eoriuption an fraud and money laundering. and we considered the extent lo which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial stalements. such as the Companies Act 2006. We evaluated the direcl¢XS' and management's incentives and OpptUnitieS for fraudulenl manipulation of the financial statements (including the risk of override of controls) and detemiined that the principal risks were related lo posting manual ioumal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates. in particular rdation lo use of restricied and endment funds. 8nd siwificant one or unusual Iransaclions. 18
SEASHELL TRUST Our audit procedures were designed to respond to those identified risks. including non-compliance with laws and regulations {irre9ularilies} and fraud that a m8teri81 to the finanual stslements. Our audit procedures included but were nol limited lo.. discussing with the directors and management their policies procedures regarding compliance wth laws and regulatK)ns' communicating identified laws and regulaticS throughout our engagement team and remaining alert lo any inditiOnS of non4cornpliance throughout our audil; and considering the risk of acts by the drity which were c(x)trary to applicable laws and regulations. including fraud. We also considered those laws and regulations that have a direct effecl on the preparatn of the financial slalements. such as Charities Act 2011 the charit$ StsterrEnl of Recommended Practice. UK tsx legislation, pensions legislation. employment regulation and health and safely regulation, anti-bribery, c(mJption and fraud. money laundering. In additi. we evaluated the directors, and management's incenllves and opportunilies for fraudulent manipulation of the finanaal stalemenls, including the risk of man8gemenl override of controls. and detemiined that the prinupal risks related lo posting manual ioumal entries to rnanipLFlale financial perfomiance. management bias through judgements and assUmptic$ in significant accounting estimates, in particular in relatron lo the Irealmenl of liabilities from multi-year granl commitments. Ihe treatment of apportionment of indirect costs, revenue recognition {which we pinpointed lo the cul-ofl assertion), and signtficant onethoff or unusual transactions. Our audit procedures in relation to fraud included bul were not limited lo.. making enquiries of the directors and management on whether they had kn¢)edge of any actual, suspected or alleged fraud: gaining an understanding of the internal controls established to mitigate risks related to fraud; discussing amongst the engagement team the risks ol fraud- and addressing the risks offraud through management override of controls by perfomiing joumal enlry lesling. There are inherent limitations in the audit procedures described above and Ihe primary responsibility for the prevention and detection of irregularities including fraud rests with managemenl. As with any audit, there remained a risk ofnon-deleclion of irnegulaiilies. as these may involve collusion, forgery, intentional omissions. misrepresentations or the override of inlemal controls. A further description of our responsibililies for the audil of the finanual sl8temenls i8 located on the Financial Reporting Counul's website at WW¥V.frc.org.uklauditorsrespmsibilities. This description forms part of our audilols report. Use of the audit report This report is made solely lo the charity's members as a body in accordance wilh Chapter 3 of Part 16 01 Ihe Companies Acl 2006. Our audit work has been undertaken so that we might slate to the charity's members those matters we are required lo stste lo them in an auditorfs report and for no other purpose. To the fUlst exlenl pemiilled by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's memiws as a body for our audit wo. for this rep. or for the opinions we have fomied. 14th•¢15pei8ht(F¢b Michael Speight (Senior Slatulory Auditor) for and on behalf of M32ars LLP Chartered AccntantS and Slatulory ALalor One St Peters Square Manchester M2 3DE 13-Feb-2024 19
SEASHELL TRUST STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account) For the year ended 31 August 2023 Un- Restricted Funds Endow- ment Funds £'ooo Restricted Funds £'ooo 2023 Total £'ooo 2022 Total £'ooo INCOME FROM: Donations and legacies 4,040 2,096 Charitable activities 19.692 494 20,186 17.769 Other trading activilies 65 414 Investments 66 Other income- profit on disposal of endowment land 3,059 3,059 Total Income 20.663 3.694 3.059 27,416 20.284 EXPENDITURE ON: Raising funds (576) (576) (467) Charllable activities (21.682) {757) (22.4391 {18,904) Other {94) (94) (611 Total Expendlture {22.352) (757) {23.109) (19,432) Net lexpendlturey Income (1.689) 2,937 3,059 4.307 852 Transfers between funds 1.645 (3.000) 1.355 Nèt movement in funds (44) (63) 4.414 4.307 852 Balanc8s brought forward 8.158 416 36.457 40,031 39,179 Balances carried fopNard 3.114 353 40.871 44.338 40,031 Al amounts in Ihe year are dwived from ¢)Jnknuing actbwibes. All 9ains and105ses re¢ognL8eL1 in the year are inc*Jded tn the Slatem8nt of Financi81 Activitles. An anatys&8 of th8 pr¥)r year activities by fund typ6 is disch)sed in ncle 2.
SEASHELL TRUST BALANCE SHEET As at 31 August 2023 COMPANY NUMBER: 04216714 2023 £'ooo 2022 £'ooo Note Fixed assets Tangible fixed assets 33,066 38,648 33,066 Current assets Debtors Cash at bank ¥fKI in hand 2,569 7,883 6.298 8.297 10,452 Credltors: amounts falling due V4rythin one year (2,607) 13,202) Net current assets 5.690 7.250 Total assets less Current liabilities and net assets 44.338 40.316 Credltors". amounts falling due after more than one year {285) N¢t Assets 10 44.338 40,031 Endowment funds 11 40.871 36,457 Restrlcted funds 12 353 416 Unrestricted funds Designated funds Unrestricted funds 13 13 200 2.958 3,016 Total funds 40,031 Approved on behalf of the Direclors C Smale Chair 5 Fobruary 2024 21
SEASHELL TRUST STATEMENT OF CASH FLOWS For the year ended 31 August 2023 2023 £'ooo 2022 £'ooo Ca$h flow from operating actlvities Net income Depreciation Interest income Gain on sale of fixed assets Decrease in debtors Increasel(Decrease) in creditors 4.307 1.760 {661 (3,0591 591 196 852 1.059 (5) 2,508 {100) Net cash infiow from operating activities 3.729 4.314 Cashflows from Investing activities Purchase of buiklings and other fixed assets Proceeds on sale of fixed assets 88nk inlerest received <8,6131 3.254 45 (15,887) {5.314) (15,8821 Net (decrease) In cash before financlng {1.585) (11,5681 Net <decrease) In cash & cash equivalents {1.$85J (11.S68) Cash at bank and in hand Balance at beginning of year Balance at end of year 19,451 7.883 {Decreasel in Cash In the year 11,585) {11.5681
SEASHELL TRUST STATEMENT OF CASH FLOWS For thè year ended 31 August 2023 2023 2022 £'ooo Recon¢S118tlon of net cash Ilow to movements in net lunds (Deu&asel in Gash in the year {1.585) 111,568) Movement In nel ndS In the year (1.585) 111.568) Balance al beginning of year 7,883 19,451 Nel funds at end of year 6,298 7,883 Analysis of net funds Cash al bank and in hand 6.298 7,883 Total 6.298 7.883 Analysls of net funds Decrease in cash In the year £'ooo Asat1 September 2022 Asat31 August 2023 £'ooo Cash at bank and in hand 7.883 {1.5851 6.298 Total 7.883 (1.585) 6,298
SEASHELL TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2023 ACCOUNTING POLICIES 8asls of preparation Seashell Trust is a th8ritable company limiled by guarantee and registered in England and Wales. The registered address is Stanley Road. Cheadle Hulme. Cheshire. SK8 6RQ. The financi81 Slalements have been prepared under Ihe histc*ical cost convention as modified to include fixed asset investments at fair value. The financial stslements are also prepared in accordance yth the Companies Act 2006 and the Slalernent of Rewmmended Practs'ce: "Accounting and Rewrting by Charities (SORP 2019). applicable lo charities preparing their financial ststemenls in accordance with Financial Reporting Standard applicab in the United Kingdom and Republic of Ireland (FRS1021. effective 1 January 2019. Seashell Trust meets the definition of a publ benefit entity under FRS102. The finanoal slatemenls indude land and buildings owned by Royal Schools for the Deaf, Manchester Trust (charity no 109265&1) of which Seashell Trust Icharily no 10926551 is a coTporale trustee. Golng concem The Directors have prepared budgets and projections tsking into acc¢yJnt possible changes to fulure income and expenditure, whith show that the Trust is able lo continue as a going concern for the foreseeable future. A reasonable worst-ease set of assumptions has been considered in making this assessment. Therefore. the Directors continue to adopt the going concern basis of accountsng in prepartng these financial statements. The Directors hav& consideTed a period excess of twebve months from Ihe date of the approv81 of these finanual slalements in making their assessment. In particular, the Diredors do not consider there lo be any material uncertainties in regard to the Trust being abie to operate as a going concern for the foreseeable future. Fund accountlng: UnTestricted fund$ - These are funds that can be used in accordance wth the charitable objects at the disuebon of the Directors. Designated funds - These are funds that are set aside by the Directors out of unrestricted general funds for specific lulure purposes or projects. As such they are not considere(I lo be part of the chanty's available free reserves. Restrlcted funds - These are funds comprising assets th81 have been given to the charily subject to certain conditions. They indude cash donations and legacies given for a speclfic purp¢)se. 24
SEASHELL TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2023 Continued Income: All income is included in the Statement of Financral AclNrties when the charity has enlillemenl to the funds. any perfornian condrtions attached to the income have been substantially mel, il is probable that the income will be received and the amount can be rneasud reliably. Income from donations and legacies is received by way of grants. donations and bequests and is included in lull when the Directors consider receipt of the funds lo be probable. Income received for the general PUTSe of the charity is credited to unrestricted income. Those amounts Ihal are subject to the specific wishes of the donors are included in either reslricled or endowment funds a¢¢ording to the nature of the receipt,. Income arising from other trading activities rs accounted for when eamed: Income from charitable actiwlies represents fees receNable and d)arges for services, accounted lor in the year in whith Ihe service is provided. For income receive¢J under contracts, income is recognised as the SeICe$ are perfom)ed.. Income from investments is induded when reeeiv8ble. Bank interest is accounted for on an accruals basis.. Income is deferred when the InMe recognitn criteria have not been met., Profits arising from the disposal of fixed assets are reeognised vh)en all C4)ndilions altaching to the sale have been satisfied and legal title has been transferred. The profil or loss is recorded net of the residual value of the related asset and any costs associated with its dlsFosal. Expendhure: Expenditure is accounted for on an accruais basis and provision against anticipated CAJsts is made when the Direct( consider such costs will likely be incurred. Expenditure indudes irrecoverable VAT. Costs of raising funds comprise costs 8SSOCi81ed with raising income from donations and legacies. Charitable activity expenditure is made up of those costs incurred by the charty in the delivery of ils acliwlies and services. It include5 both direcuy 8ttributable cosls and those which are not direcuy altributabfe. Such Supp costs are apportioned to the relevant activity on varwng bases. bul principally on the basis of the number of stsff each activity has w7lhin it. Tangiblo fixed assets Tangible fixed assels are ststed at Lx)st. net of depwalion and any provision for impairment. Costs of maintenance a charged to revenue as they are incurred. Fixed assets below a de- minimis limit of £2.CKJO are not C8Pitalised. Assets in the ¢ourse of ¢onstnJction are stated at cost less provision for Impairnient and are Ir2nsfeffed lo t4)mpleled assets when substsntially all the activities necessary lo get the asset ready for use are complete. Cost includes extemalty Inrred costs asscciated with the asset, including conslru¢lion related proiecl management costs, ar¢htte¢tural fees 2nd ¢onstruclion enabling works. Projects that 8re in the eady stages of planning are capitalised when the Directors are satisfied that the necessary consents will be re¢eived and the projects will be completed. Each ye8rlhe Oirectors review assels in the course ofconslruction forany potential impairment and make provision if deemed necÈssary. 25
SEASHELL TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2023 Continued Deyeclation is provided on ea¢h tangible fixed asset once ttTrat asset Is brought into use. other than freehold land. at rates CAlculated to write off the cost of each asset, less its estimated residual value evenly over its estirnaled useful economic lrfe, as follo$.. Freehold buildings including the Sports Hall Fixtures and equipment Motor vehides Hydrotherapy pwl Swimming pool &60 years 5 years 5 years 10 years 20 years Where a fixed asset is considered to have a useful lrfe in exrms of 50 years, an anr)ual irnpairrnenl review is performed to assess the carrying value of the residual fixed asset as recoverable. Fixed asset investments Listed investments are revalued to open matket value on an annual basis in accordance wtlh FRS102. Any gains or losses on revalualiorl are taken lo Ihe Slatemenl of Financial Activities and recorded under 'Nel gainsl (losses) on investrnents". Fixed asset investments include cash on deposit with a maturity in excess of 3 months al the ba18nce sheet dale. Pension schemes The Company partiClP8tes in a Mult1mpIOYer pension scheme. the Government's Teachers, Pension Defined 8enefits Scheme. for ils teaching staff. It 15 not FK)ssible to identify the assets and liabilities of the Scheme that a attributsble lo the charity. Accordingly. under FRS102 Ihe Scheme is accounted for as rf il were a defined contritrMJlTron scheme. The charity has arranged 8 Group Personal Pensbon Stheme V4ryth Legal & General. a defined conth'bulion scheme for those members of staff who are not eligit4e to join the Teachers, Pension Scheme. Pension ¢osts charged in the Statement of Financial Activitses represent the contributions payable by the charity in the year. Taxatlon Seashell Twst is a registered tharity and, as such. is not liable for taxation on its charilable inwme. Flnancial instruments The Company only holds basi¢ finanaal instruments as defined in FRS102. The financial assets and financi81 liabilities of the Charity and their measurement basis are as follows.. Flnanclal Assets- fees, accrved income and other debtors are basic fin8nci81 instruments and aTr debt inslruments measured al amortised Cost as detailed in note Cash at bank- ts classrfied as a basic financial instrument and is Measured at fa value. Financlal Ilabllltle$- trade creditors and other creditors are financial trurnents and are measured at amorb.sed cost as detailed in Note 8.
SEASHELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2023
Contbnued
Operating leases
Rentals paid under operating leases are charged to the Ststemenl of Financial Activities in
equal annual inslalmenls over the peric#J of the lease.
Crltlcal accounting judgernents and key sources of estimation un¢ertalnty
Accoundng Judgements
Recognthon ofprofft on the sale of endowmenl land
The contract under which the Trust has agreed to sell part of ils land-holding. provides thal the
land be transferred to the F)urchaser in Ir8nches. Vth legal title of each tranche only being
completed upon the satisfactory completion of Certain eonditions. Not all of these conditions
are wholly wlhin the control of the Trust. Consequently. profit on the sale of endowment land
is only recogni5ed when all conditions attaching to ils sale have been satisfied and legal title
Iransferred. The profil on sale is calculated net of the carryTng value attaching to the land sold.
logelher with assixialed planning. legal and other disposal costs. in proportion to the amounl
of land legally sdd.
Estlmatlon Uncertainly
Use of estimates in detemiining canwng amounts of 8SS8ts and liabilities
In the application of the COmpanS accounting policies, the Directors are required to make
judgements. estimates and assumptions about the carying amounts of assets and liabilitses
that are not readily apparent from olher sources. The estimates and associated assumptions
are based on historical eXpernCe and other factors thal are consioérèd w) be relevant. ALiu
SEASHELL TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2023 Analysls of Prioryear Statement of Financlal Aclivltles UTr- Endow- ment Funds £'ooo Restricted Funds £'coo Restricted Funds £'ooo 2022 Total Note INCOME FROM: Donations and legacies 722 1.374 2.096 Charitable a¢tithe$ 17,305 17.769 Other trading activities 414 414 Interest Olher income- profil on distM)sal of endowmenl land Total Income 18.446 1.838 20,284 EXPENDIT RE ON.. Raising funds (467) (4671 Charitsble aclivilres (18.213) (690) (18,9041 Other (61) (61) Totsl Expenditure {18.741) 1690) (19.4321 Nel gains on investments Net {expendlturell Sncome (296) 1.147 852 Transfers betwoen funds 931 {3,2231 2.292 Not movornent in funds 636 {2,076) 2.292 852 Balances brought forward 2.522 2,492 34,165 39,179 BalanGes Garrled forward 3.158 416 36,457 40,031
SEASHELL TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Augu 2023 ANALYSIS OF EXPENDITURE (a) Analysis of total expenditure: Staff Costs £'ooo Support cosis £'OCKJ direct 2023 Total £'ooo 2022 Total £'ooo £'ooo Unrestricted fund5 Expenditure on raising fvnds Expenditure on Charitable aclivilies Other expenditure 335 128 113 576 467 15.641 2,423 3.618 21,682 18.213 61 Total unrestricted expenditure 15,976 2.551 3.825 22.351 18,741 Reslrlded funds Charitable activilies 277 757 691 Total restricted expenditure 277 757 691 Total expenditure 16.253 2,551 4.305 23.109 19,432 (b) Support costs Suwort costs relate to non-slaffing costs that are incurred by the Trust that are not direclly attributable to a Sper activity. such as overh8ads induding costs of central support funclions {Finance. IT, HR elG) and site related costs {general ulilily costs, insurance. site security etc.). (c) Other direct costs Other dirert costs include non-staffing costs. including the costs of agency supply workers. whlch are d1CY incurred by the relevant acliwlies of the Trust and include items such as catering and cleaning costs. wrchase of educational 8nd training materials. maintenance 8XP8ndilure and deweaatl costs.
SEASHELL TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2023 NET INCOME I EXPENDITURE Nel income l expenditure Is stated after Charg1((redibng)". 2023 £'ooo 2022 £'ooo Auditors, remuneration- audit seTvices Auditors, remuneration- assurance servKes Depreciation Hire costs Profit on disposal of lOwment land 26 22 1.760 1.059 15 {3,059) In the year ended 31 Augusl 2020. the Trust entered into a conditional agreement to sell approximaiely 33 acres ol ils land lo Bkxjr Homes Limited. The agreement allows for the sale of these 33 aGres irk discrete tranches. with the sale of each tranche being linked lo. and conditional on. the Twst entering into legally binding contracts for the construction of individual elements of Project TSforMatIon. Iring the yearended 31 Augusl 2023. the conditions attathing to a further tranche ofthe land sale were satisfied. This resulled in the 81 transfer of approximately 3 acres of land to Bloor Homes Limited. The income received in respect of this land transfer was £3.3 million. In previous years, the Trust had incurred £1.858.000 of costs in concluding an agreement for the disF4)sal of the 33 acres of land. These costs indijde legal costs in relation lo the sale agreement, planning admsory and consultancy costs. associated legal and planning application fees in progressing the planning applic81ion through ils various stages. including the costs of the public planning inquiry in 2019. and land agent fees. These costs have been capitalised within assets under construction. These costs are being expensed lo the Statement of Financial Activities in line wtyth the proportion of land that is sold and onsequenlty, an amount of £0.2m wa5 deducted from the proceeds of the land transfer in arriving al the net profit on the sale of endowment land as recorded in the Ststement of Financial Activities for the year ended 31 August 2023.
SEASHELL TRUST NOTES TO THE FINANCIAL STATEMENTS For the ar ended 31 August 2023 EMPLOYMENT COSTS 2023 £'IMJo 2022 £'ooo Wages and salaries Social security costs Pension contr*Julions 14.285 1.231 736 12,473 1,054 673 16.253 14.200 The average monthly number of employees in the year was 586 (2022: 549). of which. 37 were qualified teaGhers and 42 were bank staff {2022-. 37 and 34 respectively) without specified conlractual hours. As al 31 August 2023. the lotal number of employees was 680 {2022.. 617). Neither the Directors nor persons CL)nnected with them received any remuneration or other beneffts. The sum of £1,729 (2022.. £715) was reimbursed for travel expense5 incurred by two {2022: two) Directors during the year. The number of employees whose emoluments (eXlg pension contributions) exceeded £60.000 during the year was: 2023 Number 2022 Number £60.001- £70.IXJO £70.001 - £80,000 £80,001 - £90,000 £90,001- £100.000 £100,001 - £110,000 £110.001 - £120.000 £180,001- £190.000 The amount of pension contributions paid into the Pension Scheme for these Individuals amunted lo £94.00012022: £82.(MXI). The key management personnel is considered by the Directots to te ihe members of the Trust's Exe(yJtive Leadership Team as disclosed in the Directors. Report. The total remuneration {induding pension and employer national insurance contributions) of the key management personnel for the year was £776,0(K) {2022.' £924.000). 31
SEASHELL TRUST NOTES TO THE FINANCIAL STATEMENTS Forthe yeargnded 31 August 2023 FIXED ASSETS Freehokj land & buildings £'ooo Motor vehicles Fix1u$ & Assets under equipment Construct facilibes Total £'ooo Cast At 1 September 2022 Additions Disposals Transfers 14,723 2.816 533 17 22.845 7.434 (195) (24.607) 43.761 7,536 (195) 85 24.607 At 31 August 2023 39,330 2.816 550 2,930 5.477 51.102 Depreclatlon Al 1 September 2022 Charge for year Disp05als 6.239 1.572 1288 73 464 2.704 67 10,695 1.760 At 31 Augusl 2023 7.811 1.361 512 2.771 12.455 Net book value At 31 August 2022 8,484 1,528 69 140 22,845 33,066 At 31 August 2023 31,519 1.454 38 159 5,477 38.648 The land and buildings are legalby owned by Royal Schools for the Deaf Manthesler Trust {charity no 109265&1) of which Seashell Trust (charity no 10g2655) is a corrK)rate Trustee. The land on which the sports pitch and cycle track are eonstruded are subject lo gaI charges in favour of two third parties.
SEASHELL TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2023 DEBTORS 2023 £'(N)o 2022 £'ooo Fees Accrued income Other debtors an(i prepaymenls 1.262 102 635 2.055 148 366 2.569 Where debtor5 arise from fees in respect of future peri($ they are a150 induded in deferr&l income within creditors." amounts lalling due within one year as disclosed in Note 8. 33
SEASHELL TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2023 CREDITORS: amounts falling due within one year 2023 £'O¢XI 2022 £'ooo Trade creditors Taxation and Social Security Oeferred income Other creditors and accruals 558 329 233 1.487 663 263 439 1.837 2.607 3.202 2023 £'ooo 2022 £'ooo Deferred Income: Balance at 1 September Amount released lo income Amount deferred in year 439 1439) 233 570 (570) 439 Balance al 31 August 233 439 Deferred irujme includes amounts inv(Mced in •Jvance in resp1 of student fees. CREDITORS: amounts falling due after more than one year 2023 £'ooo 2022 Other creditors and accruals 285 28S Other creditors and accruals rdale to retention amounts payable to the Contractor of the new Royal School Manehester building falling due upon the satisfactory expiration of Ihe relevant defeGl$ Per1j folwIng practi1 Gomplelion of Ihal buikying.
SEASHELL TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2023 10. ALLOCATION OF THE CHARITYS NET ASSEtS Tangibl rixed assets £'ooo Net other assets As at 31 August 2023 Total £'ooo Endonent funds Restricted funds Unrestrieled funds Unrestricted design8ted 38.451 2,420 353 2.819 98 40.871 353 3.016 98 197 Total nel assets 38.648 5.690 44,338 Tanglble fixed assets £'ooo Net other assets £'oc As at 31 August 2022 Total £'ooo Endowment fvnd$ Reslricled funds Unrestricted funds Unrestricted designated 32.857 36,457 416 2.958 200 416 2,749 200 209 Total net assets 33.066 40,031
SEASHELL TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2023 11. ENDOWAIENT FUNDS Balanc* at 31 August 2023 Balan at 1 September 2022 Income Expense Transfers £'o £'ooo Royal Schwls for the Deaf Endowment 36.457 3.059 1,355 40,871 36,457 3,059 1.355 40,871 Balance at August 2021 In(x)me £'ocKJ Balance at 31 August 2022 £'ooo 31 Expense £'ooo Transfers £'O¢)O Royal SCh]s for the Deaf Endowment 34.165 2,292 36,457 34.165 2.292 36.457 Royal Scht)ols for the Deaf Endowment In accordance wlh the Charity Commission's view that the land and buildings are presumed to be endowed unless evidence exisls to the contrary. £1.355.OCNJ has been (ransfeed lo endowment funds from reslricted aNI unreslricled reserves during the year, reflecting the land and building additions in the year and restricted donations relating to Project Transf¢Jrmation nol yel spent, net of the depreaation charge during the year in respect of endowed fixed 8ssels.
SEASHELL TRUST NOTES TO THE FINANCIAL STATEMENTS For the yèar ended 31 August 2023 12. RESTRICTED FUNDS At1 September 2022 A131 August 2023 £'ooo Income £'ooo Expenditure £'ooo Transfers £'ooo Transfomiing Lives App8al Phase 2 Sundry Funds 138 278 3.199 495 12051 ($521 {3.C(101 132 221 416 3.694 1757) (3.0001 353 The Trust's policy is that once restricled funds have been used for the purpose for which they were intended any assets purchased are held in unrestricted funds provided that there is no indication that the donor intended the usage to be restricted. During the year £3.000.CiIO of Transfomiing Lives Appeal Phase 2 funds has been transferred to Endowment Funds relating to the costs of Project Transformati(. A11 September 2021 £'ooo A131 August 2022 £'ooo Income £'ooo Expenditure £'o(x) Transfers £'ooo Transfomilng kn.ves Appeal Phase 2 Sundry Funds 2.109 1.393 445 11411 (sso) {3.223) 138 278 2.492 1.838 (6911 13,2231 416 37
SEASHELL TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2023 13. UNRESTRICTED FUNDS Balance al Balance at 31 August 2023 £'ooo Seplemt 2022 Income Expenditure Transfers £'ooo Deslgnated Strategy Development Unrestricted funds 200 (1021 2.958 20.663 {22.352) 1.747 3.016 3,158 20.663 (22.352) 1.645 3.114 Balance at Balan at 31 August 2022 £'c()o September 2021 £'ooo Income Expenditure Transfers £'ooo £'ooo £'ooo Designated Strategy Development Unrestricted funds 550 (350) 200 1.972 18,446 (18.741) 1,281 2.958 2.522 18.446 {18,741) 931 3,158 Unrestricted designated Strategy Development Fund= this designated fvnd was eslabllshed lo ring-fence funds for the future development of the Trust's strategy induding Site development costs and start-up cnsls for the development of new seivices to the Trust (oulde of Project Transfomialionl. 11 is expected that the balance of these funds will be used vAthin the next year. During the year. £102k has been transferred to endowment funds to reflect site investrnents made during the year. Unrestrictgd The Unrestricted Funds indude £342.645 in respect of grants received for the rebuilding of the schools on th8 sile at Stanley Road. Cheadle Hulme. They are repayable lo HM Govemment only in the evenl Ihal the buildings are sold al some future dale. In the opIn)n of the Diredors this evenlualily is so remote as to enable the funds lo be c4tegorised as unrestrÉcled. The transfer of £1,747,000 primarity represents the transfer of depreciation d)arge relaliNJ to endowed assets to the Endowment Fund. 38
SEASHELL TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2023 14. OTHER FINANCIAL COMMITMENTS At 31 August 2023, total o)mmitments under non-eancellable operating leases are as follows: other 2023 £'ooo Amounts payable wthln 2022 Less than 1 year Two to five years 15. CAPITAL COMMITMENTS Amounts contracted for but not provided forin the finanual statements amounted lo £Nil {2022'. £2,901.000) in respect of Project Transfomiation. 16. PENSION COMMITMENTS The charily participates in the TeadErs' Pension Scheme lTrS). The TPS is a statutory. contributory. defined berbefit Scheme. govemed by the Teachers, Pensions Regulations 2014. These regulations apply to teachers in schools and other educational establishments, including academies. in England and Wales Ihat are maintained by Local Authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some estsblishments of fvrther and higher education may be eligible for membership. Membership is automatic for ftjll-time teachers and lecturers in academles an¢Y, since 1 January 2007. automatic too for teachers and lecturers in part-lime employment following appointrnent or a dwnge of contracL Teachers and lecturers are able lo opt out of the TPS. The TPS 1$ an unfunded s¢heme and members contribute on a 'pay as you go, basis- these contributions along with those made by employers are uediled to the Exchequer. Retirement and other pension benefits are paid by public funds wovided by Parliament. Valuatlon of the Teachers, Pension Scheme The Govemment Actuary. using normal actuarial principles, conducts a fomal actuarial review of the TPS in accordance with the Public Service Pensions (Valualions and Employer Cost Capl DireCticS 2014 published by HM Treasury. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs. design of benefits and many other faclois. The latest acluarial valuation of the TPS was carried out as al 31 March 2016 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014. The valuation report was published by the Department for EdtIOn on 23 April 2019. A copy of the valuation report and supporting d0mentiOn is on the Teathers. Pensions websile.
SEASHELL TRUST NOTES TO THE FINANCIAL STATEMENTS For thg year ended 31 August 2023 16. PENSION COMMITMENTS <¢onllnued) The key elements of the valuation and the subsequent rA)nsultation are.. employer contribution rates were set al 23.68% of pensionable pay {induding a 0.08% levy for adminislralion). an inuease from the pre¥)S rate of 16.48%., total scheme liabilities (pensions currenty in payment and the estimated cost of future benefits) for service to Ihe effective date of £218.1 billion, and notion81 assels leslimaled future contributions together with the notional investments held at the valuation dale) of £196.1 billion, giving a notional past seNice deficit of £22.0 billion., an employer cost cap of 7.3QA of pensionable pay wll be applied lo future valuations. the assumed real rale of retum is 2_40h in eX$S of prices and 2.0% in excess of earnings. The rale of real earnings growth is assumed to be 2.2%. The assumed nominal rale of return is 4.86%. Under the definitions set out in FRS 102. the TPS is an unfunded muKi¥employer pension scheme. The Twsl has accounted for its contributions lo the scheme as if it were a defined contribution scheme and has therefore sel out above the infomalion available on the TPS. The pensions charge includes contributions payable to the TPS fund of £342,000 (2021-22: £337.000). £55.000 (2021-22: £52.000} of these TPS Contributions were reimbursed to Seashell by the Department for Education. Contributions payable to the scheme at the year- end amounted to £40.000 {2022: £40,000). The charity also operates a defined contribution pension scheme for those st8ff not eligible to join the Teachers. Pension Scheme. The cost forthe yearrepresenls the charitys conlribulions lo the Scheme of £460,000 {2021-22- £406.0001- Contributions payable to the stheme at the year*nd amounted to £84.000 {2022.' £67.000). 17. RELATED PARTY TRANSACTIONS There have been no related paty transactions in the year that require disdosure.