Seashell Directors, Report and Financial Statements Ftriheye&T enw 31 Au9￿t 2023 Seashell Trust Regtslered Charity No: 1092655 R•gthed Conwany No: 04216714 *AcwfBxM* IW212024 COMPANIES HOUSE A7 #118 s￿&he11T￿lI tsradlsoknlty ChEstsre.SK86RQ TetO161610 0100 EM4n:irt￿￿￿￿itr￿Ltyg￿k Aurisii 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 inde￿ndent 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 chIld￿n and Yc￿]fig adults with the rnost complex neuro-disabilities and needs in our society. These needs are often ¢0￿c¢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 ￿sId￿nts 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 technoi0￿eS 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 am￿Ing 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, Hea￿h and Well￿1n9 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 intr￿uCe 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 se￿iCe 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 pr￿ramme. 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 al￿adY 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 sd￿1 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 r￿lconstruCtIon 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 inCo￿Orate 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. se￿ICe$ are offered on rhe b8sis of ne8d and suitability and are subj￿1 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 of the Companies Act 2019 in perfom)ing their duties. The Director5 recognise that the long-lerm Suc￿5 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 cOnsequen￿S of any decision in the tong-terni: b) The interests of the compan￿$ employees- c) The need to foster the cOrnpan￿S i￿sInesS relationships with suppliers. customers and others,. d} The impact ofthe CoMpan￿S 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 D1￿CtorS 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 Cul￿re. 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 V￿th 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 V￿th the coMpan￿S 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 A￿Unting 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 Direct￿5 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 Ac￿Unting 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 aCC￿ance 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 a￿1 appropriate to provtde 8 basts for our opinion. Conclusions relallng to going concern In auditing Ihe finan￿al 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, ex￿p1 lo the extent otherwise explicilly stated in OUr￿pOrt. 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 inconsisten￿eS 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 p￿paration of the fina￿101 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 finan￿81 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 a￿OrdanCe 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 nonJs. Depreuation In respect of depreriation, this is caleulaled by reference to an estimated useful economic life of each major asset category. Judgem8nl is appiied in the regular review of useful economic lives, t8king into accountfaclors such as actual orplanned changes in use of an asset, ongoing costs of maintenance. refurt)ishment and replacement of Ihat asset and by reference to anticipated residual vafues. Ass8ts in the course ofconstnKlh)n Assets in Ihe course of constnjction are slated at cost less any prowsion for impairment. The calculation of any impaiment provision in respecl of the costs of Project Transformation quires judgerDent abwl the value of those costs now that planning consent has been granted. This year's review considered that no impaimienl provision was required on the basis that these costs wll be of value in assisting the Trust in delivering Project Transformation. 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 Spe￿r￿ 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 d1￿C￿Y 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 T￿SforMatIon. I￿ring 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 (eX￿￿l￿g 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 resp￿1 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$ Per1￿j fol￿wIng practi￿1 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 Endo￿nent 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 (ransfe￿ed 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 (oul￿de 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 DireCtic￿S 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 Ed￿￿tIOn on 23 April 2019. A copy of the valuation report and supporting d0￿men￿tiOn 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.